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Brandywine Operating Partnership, L.P. (1060386) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 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 Second Quarter Results

And Narrows 2019 Guidance

 

 

Philadelphia, PA, July 22, 2019

— Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three and six-month periods ended June 30, 2019.

Management Comments

“We have made excellent progress on our 2019 business plan,” stated Gerard H. Sweeney, President and Chief Executive Officer for Brandywine Realty Trust.  “Market conditions remain strong and we are now 99% executed on our 2019 speculative revenue target.  In addition, we are increasing several of our key leasing plan metrics, including our mark-to-market rents on both a GAAP and cash basis.  Our development pipeline aggregating $214 million is over 65% leased at a weighted-average cash yield on cost of 8.9%.  In Philadelphia, Pennsylvania, we achieved a significant milestone by receiving zoning approval for our entire Schuylkill Yards development site that will allow us to continue transforming University City.  With the Schuylkill Yards zoning approval, we can now move forward on our mixed-use development totaling more than five million square feet featuring office, resident and life science components.  After a productive second quarter we are narrowing our current 2019 FFO guidance range from $1.39-$1.45 to $1.40-$1.44 per diluted share.”

Second Quarter Highlights

Financial Results

 

Net income to common shareholders: $6.1 million, or $0.03 per share.

 

Funds from Operations (FFO): $62.2 million, or $0.35 per share.

Portfolio Results

 

Core Portfolio: 93.0% occupied and 95.9% leased.

 

New and Renewal Leases Signed: 651,000 square feet

 

Tenant Retention Ratio: 100%

 

Rental Rate Mark-to-Market: Increased 12.1% / 8.5% on GAAP/cash basis

2019 Business Plan Revisions

 

Rental Rate Mark-to-Market:  Increased range from 9-11% to 11-12% on a GAAP basis and from 2-4% to 4-5% on a cash basis.

 

Tenant Retention:  Increased target from 61% to 65%.

Recent Transaction Activity

Joint Venture Activity

 

Our Northern Virginia joint venture in which we own a 15% equity interest, completed two portfolio mortgages with $207.3 million of initial borrowings.  The first portfolio mortgage totaled $113.1 million and closed on March 29, 2019 and the second portfolio mortgage totaled $94.2 million and closed on April 11, 2019.  After closing costs, we received net proceeds totaling $30.5 million in April 2019.

 

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 Friday, July 26, 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 - Balance Sheet (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 - Schedule Of Lease Payments On Non-Cancellable Leases Under Topic 840 (Details)
Basis Of Presentation - Statement Of Beneficiaries' Equity (Details)
Basis Of Presentation - Statement Of Partners' Equity (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)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
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, Redevelopment And Held For Sale (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)
CIK: 1060386
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-029452
Submitted to the SEC: Tue Aug 06 2019 5:07:25 PM EST
Accepted by the SEC: Tue Aug 06 2019
Period: Sunday, June 30, 2019
Industry: Real Estate Investment Trusts

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