Brandywine Realty reports Q3 FFO 23c vs 26c last year

Reports Q3 revenue $117.96M vs. $121.66M last year. Reports Q3 Same Store results down (2.0%) on an accrual basis and up 1.6% on a cash basis. “During the Q3 we made strong progress on our 2024 business plan highlighted by exceeding many of our targets and for the second consecutive quarter raising both our speculative revenue target and our annual tenant retention rate,” stated Gerard H. Sweeney, President and CEO. “Based on our 2024 leasing activity, we are raising our speculative revenue target to $26.3M and this revised target is 100% achieved and represents a 7% increase over our original business plan. In addition, we increased our annual tenant retention rate by 3.0% placing us over 10 percentage points above our original 2024 business plan target. Turning to the capital markets, we made progress on our asset sales target by selling an office portfolio in the Pennsylvania suburbs for $65.5 million and, at the midpoint, we have raised our 2024 asset sales target from $90M to $150M. Despite continued improvement in the real estate sales market, we are removing land sales from our 2024 business plan that were projected to generate approximately $5.0M of earnings, or 3c per share. Based on the changes made to our 2024 business plan we are adjusting and further narrowing our FFO range from 91c-96c per share to 89c-92c per share.”