Brandywine Realty Trust reported a total revenue of $505.5 million for the fiscal year ending December 31, 2024, a decrease of 1.8% from $514.7 million in 2023. The company's net loss attributable to common shareholders was $197.7 million, slightly improved from a loss of $197.9 million in the previous year. The decline in revenue was primarily attributed to increased vacancies and the sale of several properties, which collectively reduced rental income by approximately $10.6 million. Despite these challenges, the company maintained a net operating income (NOI) of $318.2 million, down 2.0% from $324.7 million in 2023.
In terms of operational performance, Brandywine's occupancy rate across its core properties was 87.8% as of December 31, 2024, a slight decrease from 88.0% in the prior year. The company reported a tenant retention rate of 63.0%, up from 49.3% in 2023, indicating improved lease renewals. However, net absorption remained negative at -128,494 square feet for the year, reflecting ongoing challenges in the office market, particularly in light of changing work patterns and economic conditions.
Strategically, Brandywine Realty Trust has focused on enhancing its portfolio through targeted acquisitions and developments. The company completed the acquisition of three properties in 2024, contributing $16.7 million to revenue. Additionally, Brandywine has been active in managing its existing properties, with significant capital expenditures aimed at improving tenant amenities and operational efficiencies. The company also recognized a provision for impairment of $44.1 million during the year, primarily related to properties in its Austin segment.
Looking ahead, Brandywine Realty Trust anticipates continued challenges due to macroeconomic factors such as inflation and rising interest rates, which could impact its ability to maintain occupancy and rental rates. The company plans to leverage its existing portfolio and explore new development opportunities to drive revenue growth. Management remains focused on maintaining liquidity and has a robust capital structure, with $90.2 million in cash and $560.8 million available under its unsecured credit facility as of year-end 2024. The outlook suggests a cautious approach as the company navigates a competitive real estate landscape while aiming to enhance shareholder value.
About BRANDYWINE REALTY TRUST
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