Brandywine Realty Trust Announces Common Quarterly Dividend, and Confirms Fourth Quarter 2024 Earnings Release and Conference Call

Rhea-AI Summary

Brandywine Realty Trust (NYSE:BDN) has declared a quarterly cash dividend of $0.15 per common share and OP Unit, payable on January 23, 2025, to holders of record on January 8, 2025. The dividend equates to an annual rate of $0.60 per share.

The company will release its fourth quarter earnings after market close on February 4, 2025, followed by a conference call on February 5, 2025. As of September 30, 2024, Brandywine owns, develops, leases and manages an urban portfolio of 147 properties spanning 21.1 million square feet, primarily focused in Philadelphia and Austin markets.

Positive

• Maintains quarterly dividend of $0.15 per share
• Large portfolio of 147 properties with 21.1 million square feet

Negative

• None.

Insights

Financial Analyst

The quarterly dividend announcement of $0.15 per share maintains Brandywine Realty Trust's annual dividend rate at $0.60 per share. For a REIT with a market cap of approximately $990 million, this translates to a dividend yield of about 10%, which is notably high for the commercial real estate sector. This elevated yield could signal market concerns about the dividend's sustainability, particularly given the challenges in the office real estate market.

The company's portfolio concentration in Philadelphia and Austin markets presents both opportunities and risks. While Austin continues to show strength as a growing tech hub, the Philadelphia office market faces headwinds from hybrid work trends. With 21.1 million square feet under management, maintaining strong occupancy rates and rental income will be important for supporting the current dividend level.

PHILADELPHIA, Dec. 10, 2024 (GLOBE NEWSWIRE) -- Brandywine Realty Trust (NYSE:BDN) announced today that its Board of Trustees has declared a quarterly cash dividend of $0.15 per common share and OP Unit payable on January 23, 2025 to holders of record on January 8, 2025. The quarterly dividend is equivalent to an annual rate of $0.60 per share.

Conference Call and Audio Webcast

We will release our fourth quarter earnings after the market close on Tuesday February 4, 2025 and will hold our fourth quarter conference call on Wednesday February 5, 2025 at 9:00 a.m. Eastern Time. To access the conference call by phone, please visit link here, and you will be provided with dial in details. A live webcast of the conference call will also be available on the Investor Relations page of our website at www.brandywinerealty.com.

About Brandywine Realty Trust

Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia and Austin markets. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 147 properties and 21.1 million square feet as of September 30, 2024. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together. For more information, please visit www.brandywinerealty.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward- looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. Because such statements involve known and unknown risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These forward- looking statements, including our 2024 guidance, are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and not within our control. Such risks, uncertainties and contingencies include, among others: risks related to the impact of other potential future outbreaks of infectious diseases on our financial condition, results of operations and cash flows and those of our tenants as well as on the economy and real estate and financial markets; reduced demand for office space and pricing pressures, including from competitors, that could limit our ability to lease space or set rents at expected levels or that could lead to declines in rent; uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital or that delay receipt of future debt financings and refinancings; the effect of inflation and interest rate fluctuations, including on the costs of our planned debt financings and refinancings; the potential loss or bankruptcy of tenants or the inability of tenants to meet their rent and other lease obligations; risks of acquisitions and dispositions, including unexpected liabilities and integration costs; delays in completing, and cost overruns incurred in connection with, our developments and redevelopments; disagreements with joint venture partners; unanticipated operating and capital costs; uninsured casualty losses and our ability to obtain adequate insurance, including coverage for terrorist acts; additional asset impairments; our dependence upon certain geographic markets; changes in governmental regulations, tax laws and rates and similar matters; unexpected costs of REIT qualification compliance; costs and disruptions as the result of a cybersecurity incident or other technology disruption; reliance on key personnel; and failure to maintain an effective system of internal control, including internal control over financial reporting. The declaration and payment of future dividends (both timing and amount) is subject to the determination of our Board of Trustees, in its sole discretion, after considering various factors, including our financial condition, historical and forecast operating results, and available cash flow, as well as any applicable laws and contractual covenants and any other relevant factors. Our Board’s practice regarding declaration of dividends may be modified at any time and from time to time. Additional information on factors which could impact us and the forward-looking statements contained herein are included in our filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2023. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events except as required by law.

Company/Investor Contact:

Tom Wirth
EVP & CFO 610-832-7434
tom.wirth@bdnreit.com

FAQ

What is Brandywine Realty Trust's (BDN) dividend amount for Q4 2024?

Brandywine Realty Trust declared a quarterly cash dividend of $0.15 per common share and OP Unit, equivalent to an annual rate of $0.60 per share.

When will Brandywine Realty Trust (BDN) release Q4 2024 earnings?

Brandywine Realty Trust will release its fourth quarter earnings after market close on Tuesday, February 4, 2025.

What is the size of Brandywine Realty Trust's (BDN) property portfolio as of September 2024?

As of September 30, 2024, Brandywine Realty Trust owns and manages 147 properties comprising 21.1 million square feet, focused in Philadelphia and Austin markets.