From GlobeNewswire: 2025-02-04 17:02:00

Brandywine Realty Trust reported financial results for the three and twelve-month periods ending December 31, 2024. Despite a net loss available to common shareholders of $(43.3) million, the company achieved many business plan objectives, including completing over $300 million in dispositions exceeding the target. FFO was $29.9 million, or $0.17 per diluted share. Portfolio results showed core properties were 87.8% occupied and 89.9% leased, with a 5.9% rental rate mark-to-market on an accrual basis. Tenant retention ratio was 76% in the fourth quarter.

In the fourth quarter, Brandywine Realty Trust sold properties, including office buildings in Austin to the City of Austin for $107.6 million and an unconsolidated joint venture interest in Arlington for $95.25 million. They also sold a portfolio of industrial/flex buildings for $66.8 million. The company had no outstanding balance on their $600 million unsecured credit facility and held $90.2 million in cash and cash equivalents as of December 31, 2024.

Net loss for the fourth quarter was $(43.3) million, or $(0.25) per share, compared to $(157.4) million, or $(0.91) per share in the fourth quarter of 2023. FFO for the fourth quarter was $29.9 million, or $0.17 per diluted share, compared to $47.2 million, or $0.27 per diluted share in the fourth quarter of 2023. For the year ended 2024, net loss was $(195.6) million, or $(1.13) per share, compared to $(197.4) million, or $(1.15) per share in 2023. FFO for the year ended 2024 was $148.9 million, or $0.85 per diluted share, compared to $198.3 million, or $1.15 per diluted share in 2023.

In the fourth quarter of 2024, Brandywine Realty Trust’s net operating income decreased (1.6)% on an accrual basis and increased 0.5% on a cash basis for their same store properties. They leased approximately 486,000 square feet and achieved a 76% tenant retention ratio. For the year ended 2024, they leased 1,306,000 square feet and achieved 87.8% occupancy in their core portfolio. The company emphasized their leasing pipeline momentum with announced leases commencing in 2026.

For the twelve-month period ending December 31, 2024, Brandywine Realty Trust’s same store net operating income was $261.5 million, a decrease of 1.0% compared to 2023. Cash net operating income for the same period was $263.0 million, an increase of 1.8% compared to 2023. The company’s occupancy rate for same store properties was 87.6% for the year ended 2024.

Overall, Brandywine Realty Trust’s financial performance in 2024 showed a mix of achievements and challenges, with a focus on leasing, dispositions, and maintaining a strong liquidity position. Their strategic approach to managing their portfolio and operations will be key in achieving their goals for 2025.



Read more at GlobeNewswire:: Brandywine Realty Trust Announces Fourth Quarter, Full Year