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Brandywine Realty (BDN)
NYSE:BDN
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Earnings Data
Report Date
Feb 04, 2025After Close Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-$0.08Last Year’s EPS
-$0.91Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 22, 2024
|% Change Since: -14.04%
|Next Earnings Date:Feb 04, 2025
Earnings Call Sentiment|Neutral
The earnings call demonstrated a strong liquidity position and progress in development lease-ups and leasing activity. However, significant impairment charges and challenges in the Austin market, along with an adjustment to FFO guidance, indicate a mixed outlook for the company.Company Guidance
During Brandywine Realty Trust's Q3 2024 earnings call, the company provided detailed guidance and updates on their financial and operational metrics. They reported third-quarter FFO of $0.23 per share and revised their 2024 FFO guidance to a range of $0.89 to $0.92 per share. The company highlighted a robust liquidity position with no unsecured bond maturities for over three years and a forecasted liquidity that includes proceeds from asset sales. They raised their 2024 asset sales target to $150 million, having already sold a Class B portfolio for over $65 million. The company also reported a 159 million reduction in joint venture debt attribution since the start of the year. On the development front, they noted a strong pipeline, with Schuylkill Yards and Uptown ATX in advanced negotiations for sizable lease agreements. Brandywine's wholly owned portfolio occupancy levels were at 94%, with a notable 5% annual rollover through 2026. The company's net debt-to-EBITDA ratio decreased to 7.5x in Q3, with core EBITDA at 6.6x. They expect their development projects to contribute to a 15.5% increase in income stream upon stabilization, despite short-term earnings drag due to carrying non-revenue-producing capital.Strong Liquidity Position
Brandywine Realty Trust maintained a strong liquidity position with no unsecured bond maturities for over 3 years and minimal balances on the line of credit. The company raised its 2024 sales target to a midpoint of $150 million.
Development Lease-Up Progress
The company reported progress in its development lease-ups, with 200,000 square feet in advanced negotiations at Schuylkill Yards and a residential component reaching over 80% leased.
Leasing and Occupancy Success
The wholly owned portfolio leasing level and occupancy levels are at about 94%. The company executed 298,000 square feet of leases, including 125,000 square feet of new leases.
Debt and Interest Coverage Improvements
Consolidated debt is 94% fixed at a 6.2% rate. The quarterly rate mark-to-market was 14.9% on a GAAP basis and 8.9% on a cash basis.
Increased Sales Target Achieved
The company sold a noncore Class B portfolio for over $65 million and anticipates additional sales closing at an 8% cap rate.
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BDN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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BDN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 22, 2024 | $6.27 | $5.42 | -13.56% |
| Jul 23, 2024 | $4.73 | $4.56 | -3.59% |
| Apr 17, 2024 | $4.02 | $3.99 | -0.75% |
| Jan 31, 2024 | $4.31 | $4.00 | -7.19% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Brandywine Realty (BDN) report earnings?
Brandywine Realty (BDN) is schdueled to report earning on Feb 04, 2025, After Close Not Confirmed.
What is Brandywine Realty (BDN) earnings time?
Brandywine Realty (BDN) earnings time is at Feb 04, 2025, After Close Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BDN EPS forecast?
BDN EPS forecast for the fiscal quarter 2024 (Q4) is -$0.08.
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