PHILADELPHIA, PA — Brandywine Realty Trust (NYSE: BDN) has reported its financial and operational results for the fourth quarter and full-year 2024, showcasing major achievements in dispositions, leasing activity, and development completions, despite reporting a net loss for the year.
The company recorded a net loss of $(43.3) million, or $(0.25) per share for the fourth quarter, including a $(23.8) million non-cash impairment charge linked to unconsolidated joint ventures in the Metropolitan D.C. area. For the full year, net losses totaled $(195.6) million or $(1.13) per share. Funds from Operations (FFO) for Q4 reached $29.9 million, or $0.17 per diluted share, while full-year FFO totaled $148.9 million, or $0.85 per diluted share.
“We accomplished or exceeded many of our full-year 2024 business plan objectives,” said Jerry Sweeney, President and CEO of Brandywine Realty Trust. He highlighted achievements in speculative revenue, tenant retention, and same-store NOI goals, along with surpassing a $300 million target for property dispositions.
Leasing and Development Activity
Brandywine reported significant leasing momentum, completing 486,000 square feet of leases in Q4 and 1.3 million square feet for the full year. Its core portfolio was 87.8% occupied and 89.9% leased as of the year-end. The company also completed all current development projects, including the 3151 Market Street life sciences project in Philadelphia.
“We recently announced 783,000 square feet of commercial leasing,” Sweeney shared, emphasizing the 130,000 square feet of signed leases within its developments commencing in 2026.
Disposition Achievements
The trust capitalized on extensive property sales during the year, including the $107.6 million sale of One and Two Barton Skyway in Austin and the $190.5 million sale of its 50% interest in 4040 Wilson in Arlington, among others. Proceeds from these sales boosted Brandywine’s liquidity position, leaving the company with $90 million in cash-on-hand and no borrowings under its $600 million unsecured credit line.
Looking Forward
For 2025, Brandywine issued FFO guidance of $0.60 to $0.72 per diluted share, reflecting higher expenses from completed development projects and partner returns on preferred equity investments. The company’s plans include maintaining occupancy at 88-89%, achieving speculative revenue goals of up to $28 million, and refinancing $70 million in unsecured term loans.
With its robust leasing pipeline, completed developments, and increased financial flexibility, Brandywine continues to demonstrate resilience and strategic focus in navigating a challenging real estate environment. The company remains committed to delivering long-term value for shareholders and stakeholders alike.
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