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EX - 99.1 2 bdnearningsrelease - ex991q1.htm EX - 99.1 brandywine REALTY TRUST Exhibit 99.1 Company / Investor Contact : Tom Wirth EVP & CFO 610-832-7434 tom.wirth@bdnreit.com Brandywine Realty Trust Announces First Quarter Results And Narrows 2021 Guidance - Philadelphia , PA , April 21 , 2021 · Brandywine Realty Trust ( NYSE : BDN ) today reported its financial and operating results for the three months ended March 31 , 2021 . Management Comments " With the accelerated availability of vaccinations and the easing of government restrictions , we are excited to see an increasing number of our tenants begin returning to the workplace . As this transition advances , we will continue to prioritize the safety of our employees , tenants and stakeholders , " stated Gerard H. Sweeney , President and Chief Executive Officer for Brandywine Realty Trust . " We are making excellent progress on our 2021 business plan . Based on the midpoint of our range , we have now completed 91 % of our speculative revenue target and continue to experience positive mark - to - market rents increasing 8.3 % and 5.0 % on an accrual and cash basis . While our first quarter same - store net operating income and mark- to - market rents were below our 2021 business plan ranges , that first quarter performance was expected , and based on current executed leases and future leasing activity , we will achieve our business plan ranges . Our balance sheet and liquidity remain strong during the quarter , we continued to make excellent progress on our life science and other development initiatives . Based on our first quarter progress , we are narrowing our 2021 FFO guidance of $ 1.32 to $ 1.42 per share to $ 1.33 to $ 1.41 per share . " First Quarter 2021 Highlights Financial Results • Net income allocated to common shareholders ; $ 6.8 million , or $ 0.04 per diluted share . • Funds from Operations ( FFO ) ; $ 60.2 million , or $ 0.35 per diluted share . Portfolio Results • Core Portfolio : 90.3 % occupied and 92.5 % leased . • New and renewal leases signed : 493,251 square feet . • Tenant retention ratio : 52 % . • Rental rate mark - to - market increased 8.3 % on an accrual basis and 5.0 % on a cash basis . • Same store net operating income : ( 0.9 % ) on an accrual basis and ( 1.5 % ) on a cash basis . COVID - 19 Update We continue to monitor events related to COVID - 19 and take steps to reduce risks to Brandywine and our tenants . While the duration and economic impact of the COVID - 19 pandemic remains unknown , we believe that