Brandywine Realty Trust - BDN STOCK NEWS

Brandywine Realty Trust (NYSE: BDN) has announced a 119,000-square-foot lease with a global industrial solutions leader at 250 Radnor, achieving 100% occupancy. The 168,000-square-foot building, converted from a medical office to a state-of-the-art lab facility, hosts tenants including West Pharmaceutical, Quanta Therapeutics, and Penn Medicine. Located within the 26.6-acre Radnor Life Science Center, the property features extensive amenities and is part of a mixed-use, transit-oriented campus. The campus also includes 155 Radnor, a 145,000-square-foot office building fully leased to Arkema S.A., set to welcome employees this fall.

Brandywine Realty Trust (NYSE:BDN) reported its Q3 2024 financial results, adjusting and narrowing its 2024 FFO guidance to $0.89-$0.92 per share. Key highlights include:

- Net loss of $(165.5) million, or $(0.96) per share, including $(161.4) million in non-cash impairment charges
- FFO of $39.8 million, or $0.23 per diluted share
- Core portfolio 87.2% occupied and 88.7% leased
- Raised speculative revenue target to $26.3 million, 100% achieved
- Increased annual tenant retention rate by 3.0%
- Completed sale of five Class-B office properties for $65.5 million
- Raised 2024 asset sales target to $150 million at midpoint

The company reported strong progress on its 2024 business plan, exceeding many targets. However, it removed land sales from the plan, impacting earnings by approximately $0.03 per share.

Brandywine Realty Trust (NYSE:BDN) has announced a quarterly cash dividend of $0.15 per common share and OP Unit, payable on October 24, 2024, to holders of record on October 9, 2024. This dividend is equivalent to an annual rate of $0.60 per share. The company will release its third quarter earnings after market close on October 22, 2024, followed by a conference call on October 23, 2024, at 9:00 a.m. Eastern Time.

Brandywine Realty Trust is a publicly traded, full-service, integrated real estate company focusing on the Philadelphia and Austin markets. As of June 30, 2024, the company owns, develops, leases, and manages an urban, town center, and transit-oriented portfolio comprising 156 properties and 22.3 million square feet.

Brandywine Realty Trust (NYSE: BDN) reported its Q2 2024 financial results, narrowing its 2024 FFO guidance to $0.91-$0.96 per diluted share. Key highlights include:

- Net income of $29.9 million, or $0.17 per diluted share
- FFO of $38.0 million, or $0.22 per diluted share
- Core portfolio 87.3% occupied and 88.5% leased
- Rental rate mark-to-market increased 10.8% on an accrual basis
- Same-store NOI decreased 1.3% on an accrual basis, increased 2.4% on a cash basis

The company completed a $400 million offering of 8.875% Guaranteed Notes due 2029 and recapitalized its MAP Joint Venture. BDN raised its full-year speculative revenue target to $25.5 million and anticipates positive mark-to-market rental rate increases for 2024.

Brandywine Realty Trust (NYSE:BDN) announced a quarterly cash dividend of $0.15 per common share and OP Unit, payable on July 18, 2024, to holders of record on July 3, 2024. This dividend equates to an annual rate of $0.60 per share. The company also confirmed it will release its second quarter 2024 earnings after the market closes on July 23, 2024. A conference call to discuss these results will be held on July 24, 2024, at 9:00 a.m. Eastern Time, accessible via phone and webcast.

Brandywine Realty Trust is a leading REIT in the United States, operating primarily in Philadelphia and Austin, managing a portfolio of 156 properties and 22.3 million square feet as of March 31, 2024. The company focuses on urban, town center, and transit-oriented developments.

Brandywine Realty Trust plans to redeem all outstanding 4.10% Guaranteed Notes due 2024, offering a redemption price based on present values and accrued interest. The redemption date is set for June 7, 2024, ceasing interest accrual post-redemption. Shareholders will receive the redemption price and accrued interest.

Brandywine Realty Trust announced the expiration of its cash tender offer for its outstanding 4.10% Guaranteed Notes due 2024, with approximately $221.6 million tendered. The company accepted all validly tendered notes, totaling 66.13% of the aggregate principal amount. The total consideration for the tender offer is $994.48 per $1,000 principal amount of notes, funded by the sale of $400 million in new guaranteed notes due 2029. Notes submitted via guaranteed delivery procedures will be purchased later. The operating partnership plans to retire 66.13% of the notes outstanding through the offer, with the remaining notes set for redemption on June 7, 2024.

Brandywine Realty Trust announced the pricing terms of a tender offer for its outstanding 4.10% Guaranteed Notes due 2024, offering to purchase any and all of the Notes for cash. The Purchase Price for each $1,000 principal amount of the Notes was determined based on specific criteria. The Tender Offer will expire on April 19, 2024, and holders who validly tender their Notes will receive the Purchase Price and accrued interest. The funding for the Purchase Price will come from the sale of new Guaranteed Notes due 2029.

Brandywine Realty Trust reported its first quarter 2024 financial results, achieving 98% of its speculative revenue target. The company experienced positive mark-to-market rental rate increases and issued a $400 million unsecured bond, strengthening its balance sheet. FFO was $0.24 per diluted share, with a net loss of ($0.10) per share. The core portfolio was 87.7% occupied and 89.0% leased, with rental rate mark-to-market increasing 16.9% on an accrual basis. The company also completed a public offering of $400 million aggregate principal amount of 8.875% guaranteed Notes due 2029. The net loss allocated to common shares totaled ($16.7) million, or ($0.10) per diluted share, in the first quarter of 2024. FFO available to common shares and units was $41.2 million, or $0.24 per diluted share. The company's 2024 FFO guidance was narrowed from $0.90 - $1.00 to $0.90 - $0.97 per diluted share.