The following is a summary of the Brandywine Realty Trust (BDN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Brandywine Realty Trust reported a net loss of $16.7 million or $0.10 per share in Q1 2024.

• The company had an FFO of $41.2 million or $0.24 per diluted share, meeting the consensus.

• A $400 million bond offering was concluded to pay due bonds, repay credit balance and provide additional liquidity.

• The upper end of FFO guidance was reduced by $0.03 due to early bond financing and increased interest rate for floating rate debt, putting the revised FFO guidance at $0.90 to $0.97 per share.

Business Progress:

• Brandywine leased 359,000 square feet in Q1, including 101,000 square feet of new leases.

• Debt was reduced by $61.6 million through joint ventures supporting the goal to eliminate $100 million venture debt by 2024.

• All development projects are expected fully delivered within a few quarters. The projects are projected to generate $54 million of additional GAAP NOI.

• They plan aggressive marketing for properties, with an occupancy level of 87.7%.

• Plans to sell non-core land parcels predicting $80 million to $100 million of sales during the year.

• Leasing velocity is accelerating especially in higher quality properties and a positive near and intermediate-term outlook for additional leasing prospects was noted.

• Despite macroeconomic uncertainties prolonging leasing cycles, especially for larger tenants, the company is investing in rapidly growing markets such as Austin.

• Units at One Uptown will be available in the second quarter or early third quarter, expecting 50% occupancy by the end of the year.

• Comfort about year-end occupancy has been increased due to executed renewals, meeting the original business plan range.

More details: Brandywine Realty Trust IR

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