Brandywine Realty Trust(US:BDN) Globenewswire·2025-02-04 22:02Core Insights - Brandywine Realty Trust reported financial and operational results for the year ending December 31, 2024, highlighting achievements in revenue, tenant retention, and leasing activity [1][2]. Financial Results - The company experienced a net loss available to common shareholders of $(43.3) million, or $(0.25) per share, in Q4 2024, compared to a net loss of $(157.4) million, or $(0.91) per share, in Q4 2023 [6][8]. - Funds from Operations (FFO) available to common shareholders totaled $29.9 million, or $0.17 per diluted share, down from $47.2 million, or $0.27 per diluted share, in the same quarter of the previous year [9][11]. - For the full year 2024, the net loss was $(195.6) million, or $(1.13) per share, compared to $(197.4) million, or $(1.15) per share, in 2023 [10][11]. Portfolio Performance - The core portfolio was 87.8% occupied and 89.9% leased as of December 31, 2024, with a tenant retention ratio of 76% in Q4 and 63% for the full year [12][17]. - Same Store Net Operating Income (NOI) decreased by (1.6)% on an accrual basis but increased by 0.5% on a cash basis [12][44]. Leasing Activity - In Q4 2024, the company signed new and renewal leases totaling 486,000 square feet, with a total of 1,306,000 square feet for the full year [13][15]. - The rental rate mark-to-market increased by 5.9% on an accrual basis and 1.1% on a cash basis [14]. Transaction Activity - The company completed over $300 million in dispositions, exceeding its initial target of $90 million [2]. - Significant sales included the sale of One and Two Barton Skyway for $107.6 million and a 50% interest in 4040 Wilson for $190.5 million [6][7]. Guidance for 2025 - The company provided 2025 guidance for loss per share of $(0.60) to $(0.48) and FFO guidance of $0.60 to $0.72 per diluted share [19][20]. - Key assumptions for 2025 include a year-end core occupancy range of 88-89% and a tenant retention rate range of 59-61% [20].