Brandywine Realty Trust Reports Q4 Loss

By Bobby Samwell • Thursday, February 06 10:29 • Permanent Link

Brandywine Realty Trust (NYSE:BDN) has released its financial and operating results for the fourth quarter and full year 2024, as well as its 2025 guidance. The company reported a net loss available to common shareholders of $(43.3) million, or $(0.25) per share for the fourth quarter of 2024, compared to a net loss of $(157.4) million or $(0.91) per share in the same period of 2023. Funds from operations (FFO) available to common shareholders were $29.9 million, or $0.17 per diluted share in the fourth quarter, down from $47.2 million or $0.27 per diluted share in the fourth quarter of 2023.

The core portfolio was 87.8% occupied and 89.9% leased at the end of 2024. The company signed leases for 486,000 square feet in the fourth quarter and 1,306,000 square feet for the full year 2024 in its wholly-owned portfolio. Rental rate mark-to-market increased by 5.9% on an accrual basis and 1.1% on a cash basis. The tenant retention ratio was 76% in the fourth quarter and 63% for the full year 2024.

Brandywine Realty Trust completed over $300 million of dispositions in 2024, exceeding its initial $90 million midpoint business plan target. The company had no outstanding balance on its $600.0 million unsecured revolving credit facility as of December 31, 2024, and had $90.2 million of cash and cash equivalents on hand.

For the full year 2024, the company reported a net loss of $(195.6) million or $(1.13) per share, compared to a net loss of $(197.4) million or $(1.15) per share in 2023. FFO available to common shareholders and units for the twelve months ended 2024 totaled $148.9 million, or $0.85 per diluted share, down from $198.3 million, or $1.15 per diluted share for the year ended 2023.

Looking ahead, Brandywine Realty Trust provided its 2025 guidance, with a loss per share projected to be in the range of $(0.60) to $(0.48) and FFO guidance of $0.60 to $0.72 per diluted share. The company's 2025 FFO key assumptions include a year-end core occupancy range of 88-89%, year-end core leased range of 89-90%, and speculative revenue target of $27.0 * $28.0 million.

The company's purpose is to shape, connect, and inspire the world around it through its expertise, relationships, and the communities in which it operates. The market has reacted to these announcements by moving the company's shares -2.2% to a price of $4.98. If you want to know more, read the company's complete 8-K report here.

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