Brandywine Operating Partnership, L.P. 10-K Annual Report February 2019

— Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three and twelve-month periods ended December 31, 2018.

Management Comments

“We had a very active and successful final quarter of 2018 as we closed several significant transactions while achieving or exceeding many of our 2018 business plan goals,” stated Jerry Sweeney, President and Chief Executive Officer for Brandywine Realty Trust. “In addition to the previously announced transactions, we continued to increase our presence in Austin through the acquisition of a 121,000 square foot office property in close proximity to our Broadmoor campus. Also consistent with our business strategy, we sold a 510,000 square foot portfolio located in Silver Spring, Maryland that was owned in a joint venture. We are excited to announce the commencement of our development of 405 Colorado, a 200,000 square foot office building located in the heart of Austin’s CBD. With the additional net sales activity, we used that liquidity to opportunistically repurchase over 3.0 million common shares at a weighted-average price of $12.76 per share which is well below our current net asset value. Based on the fourth quarter activity and our outlook for 2019, we are maintaining our current FFO guidance range of $1.37 to $1.47.”

Fourth Quarter 2018 Highlights

Financial Results

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Net income allocated to common shareholders; $121.8 million, or $0.68 per diluted share. Our fourth quarter results include net gains on sale of real estate totaling $107.9 million, or $0.60 per diluted share.

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Funds from Operations (FFO); $64.3 million, or $0.36 per diluted share.

Fourth Quarter Portfolio Results

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Core Portfolio: 93.3% occupied and 95.5% leased.

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Signed approximately 613,000 square feet of new and renewal leases.

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Tenant Retention Ratio: 83% in fourth quarter and 73% for 2018.

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Rental Rate Mark-to-Market: 10.8% on a GAAP basis and (4.1%) on a cash basis.

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Same Store Net Operating Income Growth: 2.3% on a GAAP basis and 8.7% on a cash basis.

2019 Business Plan Revisions

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Speculative Revenue: An increase from $31.0 million to $31.5 million, 77% achieved.

2929 Walnut Street, Suite 1700, Philadelphia, PA 19104 Phone: (610) 325-5600 • Fax: (610) 325-5622

The following information was filed by Brandywine Operating Partnership, L.P. on Tuesday, February 5, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Brandywine Operating Partnership, L.P. provided additional information to their SEC Filing as exhibits

Exhibit 3.2.19: Articles Of Incorporation

Exhibit 10.2: Material Contract

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 23.2: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.3: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.4: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 32.3: Section 1350 Certification

Exhibit 32.4: Section 1350 Certification

Exhibit 99.1: Additional Exhibits

CIK: 1060386
Form Type: 10-K Annual Report
Accession Number: 0001564590-19-003921
Submitted to the SEC: Fri Feb 22 2019 5:33:53 PM EST
Accepted by the SEC: Fri Feb 22 2019
Period: Monday, December 31, 2018
Industry: Real Estate Investment Trusts

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Brandywine Operating Partnership, L.P. (1060386) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

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