| Thursday | ||||
Truist analyst Michael… Truist analyst Michael Lewis lowered the firm's price target on Brandywine Realty to $11 from $14 and keeps a Hold rating on the shares as part of a broader research note on Office REITs that assumes higher debt costs and a slower assumed occupancy recovery. While a potential recession may still not be "fully baked into estimates", the new price targets reflect elevated risk via higher DCF discount rates, lower NAV estimates, larger assumed discounts to NAV and lower target FFO multiples, the analyst tells investors in a research note. | ||||
| Over a week ago | ||||
Credit Suisse analyst… Credit Suisse analyst Tayo Okusanya initiated coverage of Brandywine Realty with a Neutral rating and $10 price target. The analyst that the company's inability to grow earnings has lead to questions regarding capital allocations. Okusanya noted, however, tha thte company's early efforts to establish Schuylkill Yards as a life science hub have proved successful. | ||||
| Over a month ago | ||||
Brandywine Realty Trust… Brandywine Realty Trust announces the commencement of a redevelopment project at 2340 Dulles Corner Boulevard in Herndon, Virginia in Metro DC, a 265,000 square foot office building that is currently vacant. The redevelopment is commencing with execution on an anchor lease from a leading telecommunications company for 221,000 square feet representing 85% of the property. The 11-year lease will commence upon tenant occupancy which is planned for Q2 2023. "We are delighted to announce that we have signed an anchor lease with a leading telecommunications company at our 2340 Dulles Corner Property," stated Gerard H. Sweeney, President, and Chief Executive Officer for Brandywine Realty Trust. "This redevelopment will bring an exceptional workplace experience to this growing company and is representative of forward-thinking companies' investment in people, culture, and brand." | ||||
Reports Q1 revenue… Reports Q1 revenue $127.505M, consensus $120.94M. "We continue to experience increased levels of physical occupancy and traffic as tenants focus on higher quality, well amenitized buildings," stated Gerard H. Sweeney, President and Chief Executive Officer for Brandywine Realty Trust. "During the first quarter, we made excellent progress on our 2022 business plan. At the midpoint of our range, we have achieved 84% of our speculative revenue target and, for the quarter, experienced mark-to-market rents increase 20.4% and 12.9% on an accrual and cash basis, respectively. From a development standpoint our 405 Colorado project in Austin, Texas is now over 80% leased and our development projects continue to see increasing tenant activity. Turning to capital markets, we are excited to acquire a 20% interest in Cira Square with two high quality partners and control an 863,000 square foot property in University City. We funded our portion of the acquisition through the sale of a vacant land parcel located in Washington, DC. Our balance sheet and liquidity remain strong during the quarter and we continue to make excellent progress on our life science development initiatives." | ||||
| Over a quarter ago | ||||
In a regulatory filing,… In a regulatory filing, Crown Electrokinetics (CRKN) announced that on March 25, it entered into a Master Supply Agreement with Brandywine Operating Partnership, L.P. (BDN), to install its Smart Window Inserts powered by DynamicTint in Brandywine office buildings. The MSA provides the master terms and conditions under which Crown would supply units in order to retrofit certain windows at locations indicated in the purchase orders. In the future, the parties may enter into multiple specific transactions by executing purchase orders for additional buildings, Crown said in a statement. | ||||
Sees FY22 tenant… Sees FY22 tenant retention rate 58%-60%. | ||||
Reports Q4 revenue… Reports Q4 revenue $125.53M, two estimates $124.31M. "With the office market continuing its recovery, we ended 2021 exceeding our business plan revenue target and our forward-leasing pipeline achieving pre-pandemic levels," stated Jerry Sweeney, president and CEO of Brandywine Realty. "We accomplished many of our 2021 business plan objectives including exceeding our cash and accrual rent growth targets which increased 10.3% and 16.2% during 2021. In addition, our core portfolio experienced 116,000 square feet of net absorption during the fourth quarter, allowing us to reach our year-end occupancy range. Turning to capital markets, we are delighted to have announced the commencement of our first ground-up project at Uptown ATX in Austin, Texas and also entering into a preferred equity partnership to fund a portion of the development costs. Our 50,000 square foot life science incubator, B.Labs, successfully opened in January 2022 and is currently 95% leased. Looking ahead, we are introducing our 2022 FFO guidance range of $1.37 to $1.45 per diluted share." | ||||
Truist analyst Michael… Truist analyst Michael Lewis downgraded Brandywine Realty to Hold from Buy with an unchanged $15 price target as part of a broader research note previewing the 2022 outlook for REITs. The sector should perform roughly in line with the broader market as an improving economy supports healthy occupancy and rent growth, while rising interest rates weigh on the cost of capital and already-elevated REIT stock valuations, the analyst tells investors in a research note. Lewis adds that he sees a modest occupancy decline for Brandywine in 2022, also noting that with 75% of its portfolio in Philadelphia and 22% in Austin, the REIT may not "neatly" fit a Sunbelt secular growth theme. | ||||
Consensus $1.36. The… Consensus $1.36. The company said, "Based on current plans and assumptions and subject to the risks and uncertainties more fully described in our Securities and Exchange Commission filings, we are adjusting our 2021 earnings per share guidance of $0.25 - $0.31 to $0.20 - $0.24 per diluted share and 2021 FFO guidance of $1.34 - $1.40 to $1.35 - $1.39 per diluted share. This guidance is provided for informational purposes and is subject to change." | ||||
