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Brandywine Operating Partnership, L.P. (1060386) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Brandywine Operating Partnership, L.P.

CIK: 1060386

Exhibit 99.1

 

 

Company / Investor Contact:

Tom Wirth

EVP & CFO

610-832-7434

tom.wirth@bdnreit.com

 

 

 

Brandywine Realty Trust Announces First Quarter Results

And Narrows 2019 Guidance

 

 

Philadelphia, PA, April 24, 2019

— Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three months ended March 31, 2019.

Management Comments

“Our 2019 business plan is off to an excellent start,” stated Gerard H. Sweeney, President and Chief Executive Officer for Brandywine Realty Trust. “From an operating perspective, we are now 92% complete on our 2019 speculative revenue target and have experienced positive mark-to-market rent growth on both a cash and accrual basis. Based on our current leasing activity, for the second consecutive quarter, we are increasing our speculative revenue target by $0.5 million to $32.0 million.  In addition to our positive operating results, we continue to increase our presence in Austin through our development pipeline.  We commenced operations of Four Points 3 which is a fully-leased 165,000 square foot building located in Northwest Austin.  We are also excited to have commenced our 204,000 square foot development located at 405 Colorado in Austin’s CBD and we signed a lease with our anchor tenant who will occupy 35% of the building.  After a productive first quarter, we are narrowing our current 2019 guidance range from $1.37-$1.47 to $1.39-$1.45.”

First Quarter 2019 Highlights

Financial Results

 

Net income allocated to common shareholders; $3.9 million, or $0.02 per diluted share.

 

Funds from Operations (FFO); $60.1 million, or $0.34 per diluted share.  

Portfolio Results

 

Core portfolio was 92.1% occupied and 95.2% leased.

 

New and renewal leases signed:  930,000 square feet.

 

Tenant retention ratio:  66%.

 

Rental rate mark-to-market increased 14.6% on an accrual basis and increased 3.7% on a cash basis.

 

Same store net operating income: (0.1%) on an accrual basis and 4.0% on a cash basis.

2019 Business Plan Revisions

 

Speculative Revenue:  An increase from $31.5 million to $32.0 million, 92% achieved.

 

Renewal Rate MTM:  Increase range from 8-10% to 9-11% on an accrual basis.

 

Tenant Retention:  Increase from 57% to 61%.

 

 

 

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 Thursday, April 25, 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-Q Quarterly 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-Q Quarterly Report

Document And Entity Information Document
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Beneficiaries' Equity
Consolidated Statements Of Beneficiaries' Equity (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Operations
Consolidated Statements Of Partners' Equity
Consolidated Statements Of Partners' Equity (Parenthetical)
Basis Of Presentation
Basis Of Presentation (Policies)
Basis Of Presentation (Tables)
Basis Of Presentation (Textual) (Details)
Basis Of Presentation - Schedule Of Allocation Of Lease Revenue Recognized Between Fixed Contractual Payments And Variable Lease Payments (Details)
Basis Of Presentation - Schedule Of Lease Payments On Non-Cancellable Leases (Details)
Basis Of Presentation - Summary Of Operating Lease Cost Recognized Through Property Operating Expenses (Details)
Beneficiaries Equity Of The Parent Company
Beneficiaries Equity Of The Parent Company (Tables)
Beneficiaries Equity Of The Parent Company (Textual) (Details)
Beneficiaries Equity Of The Parent Company - Number Of Shares And Net Income Used To Calculate Basic And Diluted Earnings Per Share (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies (Textual) (Details)
Commitments And Contingencies - Lease Payments On Non-Cancelable Leases (Details)
Debt Obligations
Debt Obligations (Tables)
Debt Obligations (Textual) (Details)
Debt Obligations - Aggregate Scheduled Principal Payments Of Debt Obligation, Excluding Amortization Of Discounts And Premiums (Details)
Debt Obligations - Consolidated Debt Obligations Outstanding (Details)
Debt Obligations - Consolidated Debt Obligations Outstanding (Parenthetical) (Details)
Fair Value Of Derivative Financial Instruments
Fair Value Of Derivative Financial Instruments (Tables)
Fair Value Of Derivative Financial Instruments - Terms And Fair Values Of Derivative Financial Instruments (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments (Textual) (Details)
Fair Value Of Financial Instruments - Financial Instruments For Which Estimates Of Fair Value Differ From Carrying Amounts (Details)
Fair Value Of Financial Instruments - Financial Instruments For Which Estimates Of Fair Value Differ From Carrying Amounts (Parenthetical) (Details)
Intangible Assets And Liabilities
Intangible Assets And Liabilities (Tables)
Intangible Assets And Liabilities - Annual Amortization Of Intangible Assets, Liabilities (Details)
Intangible Assets And Liabilities - Intangible Assets And Liabilities (Details)
Investment In Unconsolidated Real Estate Ventures
Investment In Unconsolidated Real Estate Ventures (Tables)
Investment In Unconsolidated Real Estate Ventures (Textual) (Details)
Investment In Unconsolidated Real Estate Ventures - Summary Of Financial Position Of Real Estate Ventures (Details)
Investment In Unconsolidated Real Estate Ventures - Summary Of Financial Position Of Real Estate Ventures (Parenthetical) (Details)
Investment In Unconsolidated Real Estate Ventures - Summary Of Results Of Operations Of Real Estate Ventures With Interests (Details)
Investment In Unconsolidated Real Estate Ventures - Summary Of Results Of Operations Of Real Estate Ventures With Interests (Parenthetical) (Details)
Limited Partners' Non-Controlling Interests In The Parent Company
Limited Partners' Non-Controlling Interests In The Parent Company (Textual) (Details)
Organization Of The Parent Company And The Operating Partnership
Organization Of The Parent Company And The Operating Partnership (Tables)
Organization Of The Parent Company And The Operating Partnership (Textual) (Details)
Organization Of The Parent Company And The Operating Partnership - Summary Of Core Portfolio Of Operating Properties And Excludes Development And Redevelopment Properties Under Construction (Details)
Partners Equity Of The Operating Partnership
Partners Equity Of The Operating Partnership (Tables)
Partners Equity Of The Operating Partnership (Textual) (Details)
Partners Equity Of The Operating Partnership - Number Of Units And Net Income Used To Calculate Basic And Diluted Earnings Per Common Partnership Unit (Details)
Real Estate Investments
Real Estate Investments (Tables)
Real Estate Investments - (Textuals) (Details)
Real Estate Investments - Gross Carrying Value Of Operating Properties (Details)
Real Estate Investments - Summary Of Land Parcels Sold (Details)
Real Estate Investments - Summary Of Land Parcels Sold (Parenthetical) (Details)
Segment Information
Segment Information (Tables)
Segment Information (Textual) (Details)
Segment Information - Net Operating Income Of Company's Reportable Segments (Details)
Segment Information - Net Operating Income Of Company's Reportable Segments (Parenthetical) (Details)
Segment Information - Real Estate Investments, At Cost Of Company's Reportable Segments (Details)
Segment Information - Real Estate Investments, At Cost Of Company's Reportable Segments (Parenthetical) (Details)
Segment Information - Reconciliation Of Consolidated Net Income To Consolidated Noi (Details)
Segment Information - Unconsolidated Real Estate Ventures Of Company's Reportable Segments (Details)
Segment Information - Unconsolidated Real Estate Ventures Of Company's Reportable Segments (Parenthetical) (Details)
Share Based Compensation
Share Based Compensation (Tables)
Share Based Compensation (Textual) (Details)
Share Based Compensation - Restricted Performance Share Units (Details)
Share Based Compensation - Restricted Share Activity (Details)
Subsequent Events
Subsequent Events (Textual) (Details)
CIK: 1060386
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-015450
Submitted to the SEC: Thu May 02 2019 6:42:12 PM EST
Accepted by the SEC: Fri May 03 2019
Period: Sunday, March 31, 2019
Industry: Real Estate Investment Trusts

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