NYSE$BDN
Brandywine Realty Trust · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Reported financial and operating results for the third quarter of 2023 and narrowed 2023 guidance.
Brandywine Realty Trust reported a net loss of $(21.7) million, or $(0.13) per share, for the third quarter of 2023. FFO was $50.6 million, or $0.29 per diluted share. The company narrowed its 2023 FFO guidance to $1.15 to $1.17 per diluted share.
- Net loss available to common shareholders was $(21.7) million, or $(0.13) per share, including an $11.7 million non-cash impairment charge.
- Funds from Operations (FFO) was $50.6 million, or $0.29 per diluted share.
- Core Portfolio was 88.3% occupied and 90.4% leased.
- Same Store NOI increased 1.7% on an accrual basis and 7.0% on a cash basis.
Headline financials
Revenue & EPS history
Brandywine · Revenue · Quarterly
$129M
Revenue by segment
Brandywine · $119M total across 2 segments · Q3 2022
- Rents$117M—99.0%
- Other Revenue$1.22M—1.0%
Forward guidance
Brandywine Realty Trust is increasing and narrowing its 2023 loss per share guidance from ($0.16) - ($0.12) per share to ($0.19) - ($0.17) per share due to property-level impairments as well as projected higher depreciation and amortization expense and narrowing its 2023 FFO guidance from $1.14 - $1.18 per diluted share to $1.15 - $1.17 per diluted share.
Tailwinds
- Year-end Core Leased Range: 91-92%
- Rental Rate Growth (accrual): 11-13%
- Rental Rate Growth (cash): 4-6%
- Same Store (accrual) NOI Growth Range: Adjusted from 0-2% to 2-3%
- Same Store (cash) NOI Growth Range: Adjusted from 2.5-4.5% to 5-6%
Headwinds
- Year-end Core Occupancy Range: Adjusted from 90-91% to 89-90%
- Property Acquisition Activity: None
- Property Sales Activity: $100 - $125 million; $53.3 million completed
- Development Starts: None
- Share Buyback Activity: None
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2023
-0.1%
Avg return
Earnings day
-0.4%
Avg return
5 days after
-0.7%
Avg return
30 days after
43%
30 / 69 earnings
Positive
+7.9%
Q4 2022
Best reaction
-15.3%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +4.4% | +2.4% | +2.0% | |
| Q4 2025 | +5.4% | +14.5% | +8.5% | |
| Q3 2025 | -4.2% | -7.3% | -10.1% | |
| Q2 2025 | -0.7% | -1.0% | +12.1% | |
| Q1 2025 | +2.1% | +4.1% | +5.4% | |
| Q4 2024 | -5.0% | -7.6% | -12.9% | |
| Q3 2024 | -15.3% | -19.1% | -13.4% | |
| Q2 2024 | -2.1% | +6.1% | +6.7% | |
| Q1 2024 | +0.5% | +5.5% | +14.0% | |
| Q4 2023 | -12.0% | -15.8% | -14.0% | |
| Q3 2023 | -1.8% | -2.8% | +4.9% | |
| Q2 2023 | +5.6% | +7.3% | +1.9% | |
| Q1 2023 | +0.0% | -3.6% | -12.3% | |
| Q4 2022 | +7.9% | +2.7% | -10.4% | |
| Q3 2022 | +3.6% | +5.9% | +6.4% | |
| Q2 2022 | -2.7% | -0.7% | -13.0% | |
| Q1 2022 | +0.6% | -2.0% | -16.8% | |
| Q4 2021 | -0.5% | +0.0% | +4.1% | |
| Q3 2021 | -2.2% | -4.3% | +4.1% | |
| Q2 2021 | -0.1% | -0.1% | +0.1% | |
| Q1 2021 | -0.5% | +1.7% | +5.5% | |
| Q4 2020 | +0.7% | +3.4% | +14.1% | |
| Q3 2020 | -0.9% | -6.2% | +9.6% | |
| Q2 2020 | +5.0% | +2.2% | +3.2% | |
| Q1 2020 | +3.8% | +10.1% | -1.7% | |
| Q4 2019 | -3.1% | -2.4% | -15.6% | |
| Q3 2019 | +0.3% | +1.0% | +5.2% | |
| Q2 2019 | +1.0% | +2.4% | +0.1% | |
| Q1 2019 | -1.5% | -2.0% | -2.9% | |
| Q4 2018 | -0.6% | +1.6% | +2.8% | |
| Q3 2018 | -2.2% | -3.5% | -2.8% | |
| Q2 2018 | -1.8% | -2.8% | +2.6% | |
| Q1 2018 | +0.3% | +1.1% | +1.0% | |
| Q4 2017 | -0.6% | -2.8% | -8.5% | |
| Q3 2017 | -2.8% | -2.6% | -3.0% | |
| Q2 2017 | -2.5% | -2.5% | -4.1% | |
| Q1 2017 | -0.6% | +0.4% | +2.4% | |
| Q4 2016 | -1.4% | -0.6% | +2.2% | |
| Q3 2016 | -0.4% | +0.8% | -2.6% | |
| Q2 2016 | -0.5% | -0.5% | -1.1% | |
| Q1 2016 | +2.4% | — | — | |
| Q4 2015 | -1.2% | — | — | |
| Q3 2015 | +4.2% | — | — | |
| Q2 2015 | +0.6% | — | — | |
| Q1 2015 | -0.7% | — | — | |
| Q4 2014 | -0.5% | — | — | |
| Q3 2014 | +3.8% | — | — | |
| Q2 2014 | +0.4% | — | — | |
| Q1 2014 | +2.2% | — | — | |
| Q4 2013 | -1.1% | — | — | |
| Q3 2013 | +2.6% | — | — | |
| Q2 2013 | -0.5% | — | — | |
| Q1 2013 | +0.7% | — | — | |
| Q4 2012 | +0.8% | — | — | |
| Q3 2012 | -3.4% | — | — | |
| Q2 2012 | +3.5% | — | — | |
| Q1 2012 | +0.8% | — | — | |
| Q4 2011 | -0.5% | — | — | |
| Q3 2011 | +6.4% | — | — | |
| Q2 2011 | -11.1% | — | — | |
| Q1 2010 | -1.0% | — | — | |
| Q1 2011 | -0.4% | — | — | |
| Q4 2008 | +4.0% | — | — | |
| Q4 2010 | +4.0% | — | — | |
| Q3 2009 | +0.1% | — | — | |
| Q3 2010 | +0.1% | — | — | |
| Q2 2010 | -0.3% | — | — | |
| Q4 2009 | -0.3% | — | — | |
| Q2 2009 | -0.3% | — | — |
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