Brandywine Realty Trust (NYSE:BDN)
$ 5.18 -0.22 (-4.07%) Market Cap: 894.45 Mil Enterprise Value: 3.13 Bil PE Ratio: 0 PB Ratio: 0.69 GF Score: 74/100
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Q2 2024 Brandywine Realty Trust Earnings Call Transcript

Jul 24, 2024 / 01:00PM GMT
Release Date Price: $4.68 (-3.70%)

Key Points

Positve
  • Brandywine Realty Trust (BDN) successfully redeemed its October 2024 bonds, eliminating near-term maturity risks.
  • The company has resolved two non-recourse mortgages, reducing debt attribution by $101 million.
  • Development lease-up activities are progressing well, with a strong pipeline and advanced lease negotiations for 200,000 square feet.
  • The residential components of their projects are performing well, with high absorption and rent rates.
  • Brandywine Realty Trust (BDN) reported second-quarter FFO of $0.22 per share, in line with consensus estimates.
Negative
  • The Austin portfolio remains a challenge with an 80% occupancy rate, below historical levels.
  • The company faces liquidity and valuation challenges in the commercial real estate sector.
  • Quarterly rental rate mark-to-market was negative 0.4% on a cash basis, impacted by a lease renewal in Austin.
  • Occupancy rates decreased slightly to 87.3% from the previous quarter.
  • The leasing activity for the quarter totaled 164,000 square feet, which may be considered low.
Operator

Good day, and thank you for standing by. Welcome to Brandywine Realty Trust Second Quarter 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jerry Sweeney, President and CEO. Please go ahead.

Gerard Sweeney
Brandywine Realty Trust - President, Chief Executive Officer, Trustee

G.G, thank you very much. Good morning, everyone, and thank you for participating in our second quarter 2024 earnings call. On today's call with me are George Johnstone, our Executive Vice President of Operations; Dan Palazzo, our Senior Vice President and Chief Accounting Officer; and Tom Wirth, our Executive Vice President and Chief Financial Officer.

Prior to beginning, certain information discussed during our call may constitute forward-looking statements within the meaning of the federal securities law. Although we believe estimates reflected in these statements are based on reasonable assumptions, we cannot give assurances that the anticipated results

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