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Brandywine Realty Trust Announces Second Quarter Results

PHILADELPHIA, July 23, 2024 (GLOBE NEWSWIRE) — Brandywine Realty Trust (NYSE: BDN) today reported its financial and operating results for the three and six-month periods ended June 30, 2024.

Management Comments

“We continue to make excellent progress on our 2024 business plan highlighted by exceeding our speculative revenue target at the midpoint of our guidance,” stated Gerard H. Sweeney, President and Chief Executive Officer for Brandywine Realty Trust. “Based on our 2024 first half leasing performance, we are raising our full year midpoint target by $1.0 million from $24.5 million to $25.5 million. We continue to make progress on other business plan metrics anticipating positive mark-to-market rental rate increases on both a cash and accrual basis for 2024. We continue to make progress on addressing our joint venture debt portfolio maturities with a new mortgage at Cira Square and a recapitalization of our MAP joint venture. We continue to address our forward lease expirations and our average annual lease expirations through 2026 is 5.7%, one of the lowest in the office sector.  Our liquidity is in excellent shape as we completed our previously announced refinancing of our 2024 unsecured bonds and we now have no unsecured bonds maturing until November 2027.  Based on the progress made on our 2024 business plan we are narrowing our FFO range from $0.90 to $0.97 per share to $0.91 to $0.96 per share.”

Second Quarter Highlights

Financial Results

Portfolio Results

Recent Transaction Activity

Joint Venture Activity

2024 Finance / Capital Markets Activity

Results for the Three and Six Month Periods Ended June 30, 2024

Net Income allocated to common shares totaled $29.9 million, or $0.17 per diluted share, in the second quarter of 2024 compared to a net loss of ($12.9) million, or ($0.08) per diluted share, in the second quarter of 2023. Our 2024 results includes the one-time, non-cash income amount totaling $53.8 million, or $0.31 per diluted share, related to the reversal of our negative investment balance in the MAP joint venture.

FFO available to common shares and units totaled $38.0 million, or $0.22 per diluted share, in the second quarter of 2024 as compared to $49.6 million, or $0.29 per diluted share, for the second quarter of 2023. Our second quarter 2024 payout ratio ($0.15 common share distribution / $0.22 FFO per diluted share) was 68.2%.

Net Income allocated to common shares totaled $13.2 million, or $0.08 per diluted share, in the first six months of 2024 compared to net loss of ($18.2) million, or ($0.11) per diluted share, in the first six months of 2023. Our 2024 results includes the one-time, non-cash income amount totaling $53.8 million, or $0.31 per diluted share discussed above.

Our FFO available to common shares and units for the first six months of 2024 totaled $79.2 million, or $0.45 per diluted share, versus $100.4 million, or $0.58 per diluted share, in the first six months of 2023. Our payout ratio for the first half 2024 ($0.30 common share distribution / $0.45 FFO per diluted share) was 66.7%.

Operating and Leasing Activity

In the second quarter of 2024, our same store Net Operating Income (NOI) excluding termination revenues and other income items decreased (1.3%) on an accrual basis and increased 2.4% on a cash basis for our 68 same store properties, which were 87.2% and 89.7% occupied on June 30, 2024 and 2023, respectively.

We leased approximately 164,000 square feet and commenced occupancy on 355,000 square feet during the second quarter of 2024. The second quarter occupancy activity includes 230,000 square feet of renewals, 88,000 square feet of new leases and 37,000 square feet of tenant expansions. We have an additional 144,000 square feet of executed new leasing scheduled to commence subsequent to June 30, 2024.

Our second quarter tenant retention ratio was 67% in our core portfolio with net negative absorption of (44,000) square feet during the second quarter of 2024. Second quarter rental rate growth increased 10.8% as our renewal rental rates increased 8.7% and our new lease/expansion rental rates increased 28.0%, all on an accrual basis.

At June 30, 2024, our core portfolio of 69 properties comprises 12.7 million square feet was 87.3% occupied and, as of July 19, 2024, we are now 88.5% leased (reflecting new leases commencing after June 30, 2024).

Dividend Distributions

On May 23, 2024, our Board of Trustees declared a quarterly dividend distribution of $0.15 per common share that was paid on July 18, 2024 to shareholders of record as of July 3, 2024.

2024 Earnings and FFO Guidance

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 2024 loss per share guidance from $(0.36) – $(0.29) to $(0.01) – $0.04 per share and narrowing our 2024 FFO guidance from $0.90 – $0.97 to $0.91 – $0.96 per diluted share. This guidance is provided for informational purposes and is subject to change. The following is a reconciliation of the calculation of 2024 FFO and earnings per diluted share:

       
Guidance for 2024   Range  
       
(Loss) Income per diluted share allocated to common shareholders $(0.01) to $ 0.04
Plus: real estate depreciation, amortization 1.23   1.23
Less: net gain on real estate venture transactions (0.31)   (0.31)
FFO per diluted share      $0.91 to $0.96
       

Our 2024 FFO key assumptions include:

About Brandywine Realty Trust

Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia and Austin markets. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 156 properties and 22.3 million square feet as of June 30, 2024. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together. For more information, please visit www.brandywinerealty.com.

Conference Call and Audio Webcast

We will hold our second quarter conference call on Wednesday July 24, 2024 at 9:00 a.m. Eastern Time. To access the conference call by phone, please visit this link here, and you will be provided with dial in details. A live webcast of the conference call will also be available on the Investor Relations page of our website at www.brandywinerealty.com.

Looking Ahead – Third Quarter 2024 Conference Call

We expect to release our third quarter 2024 earnings on Tuesday, October 22 2024 after the market close and will host our third quarter 2024 conference call on Wednesday October 23, 2024 at 9:00 a.m. Eastern Time. We expect to issue a press release in advance of these events to reconfirm the dates and times and provide all related information.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. Because such statements involve known and unknown risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These forward-looking statements, including our 2024 guidance, are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and not within our control. Such risks, uncertainties and contingencies include, among others: risks related to the impact of other potential future outbreaks of infectious diseases on our financial condition, results of operations and cash flows and those of our tenants as well as on the economy and real estate and financial markets; reduced demand for office space and pricing pressures, including from competitors, that could limit our ability to lease space or set rents at expected levels or that could lead to declines in rent; uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital or that delay receipt of future debt financings and refinancings; the effect of inflation and interest rate fluctuations, including on the costs of our planned debt financings and refinancings; the potential loss or bankruptcy of tenants or the inability of tenants to meet their rent and other lease obligations; risks of acquisitions and dispositions, including unexpected liabilities and integration costs; delays in completing, and cost overruns incurred in connection with, our developments and redevelopments; disagreements with joint venture partners; unanticipated operating and capital costs; uninsured casualty losses and our ability to obtain adequate insurance, including coverage for terrorist acts; additional asset impairments; our dependence upon certain geographic markets; changes in governmental regulations, tax laws and rates and similar matters; unexpected costs of REIT qualification compliance; costs and disruptions as the result of a cybersecurity incident or other technology disruption; reliance on key personnel; and failure to maintain an effective system of internal control, including internal control over financial reporting. The declaration and payment of future dividends (both timing and amount) is subject to the determination of our Board of Trustees, in its sole discretion, after considering various factors, including our financial condition, historical and forecast operating results, and available cash flow, as well as any applicable laws and contractual covenants and any other relevant factors. Our Board’s practice regarding declaration of dividends may be modified at any time and from time to time. Additional information on factors which could impact us and the forward-looking statements contained herein are included in our filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2023. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events except as required by law.

Non-GAAP Supplemental Financial Measures

We compute our financial results in accordance with generally accepted accounting principles (GAAP). Although FFO and NOI are non-GAAP financial measures, we believe that FFO and NOI calculations are helpful to shareholders and potential investors and are widely recognized measures of real estate investment trust performance. At the end of this press release, we have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measure.

Funds from Operations (FFO)

We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (NAREIT), which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than us. NAREIT defines FFO as net income (loss) before non-controlling interests and excluding gains (losses) on sales of depreciable operating property, impairment losses on depreciable consolidated real estate, impairment losses on investments in unconsolidated real estate ventures and extraordinary items (computed in accordance with GAAP); plus real estate related depreciation and amortization (excluding amortization of deferred financing costs), and after similar adjustments for unconsolidated joint ventures. Net income, the GAAP measure that we believe to be most directly comparable to FFO, includes depreciation and amortization expenses, gains or losses on property sales, extraordinary items and non-controlling interests. To facilitate a clear understanding of our historical operating results, FFO should be examined in conjunction with net income (determined in accordance with GAAP) as presented in the financial statements included elsewhere in this release. FFO does not represent cash flow from operating activities (determined in accordance with GAAP) and should not be considered to be an alternative to net income (loss) (determined in accordance with GAAP) as an indication of our financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available for our cash needs, including our ability to make cash distributions to shareholders. We generally consider FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.

Net Operating Income (NOI)

NOI (accrual basis) is a financial measure equal to net income available to common shareholders, the most directly comparable GAAP financial measure, plus corporate general and administrative expense, depreciation and amortization, interest expense, non-controlling interest in the Operating Partnership and losses from early extinguishment of debt, less interest income, development and management income, gains from property dispositions, gains on sale from discontinued operations, gains on early extinguishment of debt, income from discontinued operations, income from unconsolidated joint ventures and non-controlling interest in property partnerships. In some cases we also present NOI on a cash basis, which is NOI after eliminating the effects of straight-lining of rent and deferred market intangible amortization. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income as an indication of our performance or to cash flows as a measure of the Company’s liquidity or its ability to make distributions. We believe NOI is a useful measure for evaluating the operating performance of our properties, as it excludes certain components from net income available to common shareholders in order to provide results that are more closely related to a property’s results of operations. We use NOI internally to evaluate the performance of our operating segments and to make decisions about resource allocations. We concluded that NOI provides useful information to investors regarding our financial condition and results of operations, as it reflects only the income and expense items incurred at the property level, as well as the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unlevered basis.

Same Store Properties

In our analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by us throughout each period presented. We refer to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by us through the end of the latest period presented as Same Store Properties. Same Store Properties therefore exclude properties placed in-service, acquired, repositioned, held for sale or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store Properties.

Core Portfolio

Our core portfolio is comprised of our wholly-owned properties, excluding any properties currently in development, re-development or re-entitlement.

 
BRANDYWINE REALTY TRUST
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share data)
 
  June 30, 2024   December 31, 2023
ASSETS      
Real estate investments:      
Operating properties $ 3,546,602     $ 3,542,232  
Accumulated depreciation   (1,192,146 )     (1,131,792 )
Right of use asset – operating leases, net   18,720       19,031  
Operating real estate investments, net   2,373,176       2,429,471  
Construction-in-progress   152,888       135,529  
Land held for development   83,051       82,510  
Prepaid leasehold interests in land held for development, net   27,762       27,762  
Total real estate investments, net   2,636,877       2,675,272  
Cash and cash equivalents   30,369       58,319  
Restricted cash and escrow   6,144       9,215  
Accounts receivable   10,867       11,977  
Accrued rent receivable, net of allowance of $1,332 and $2,672 as of June 30, 2024 and December 31, 2023, respectively   191,802       186,708  
Investment in unconsolidated real estate ventures   680,136       601,227  
Deferred costs, net   92,931       95,984  
Intangible assets, net   6,672       7,694  
Other assets   98,382       86,051  
Total assets $ 3,754,180     $ 3,732,447  
LIABILITIES AND BENEFICIARIES’ EQUITY      
Secured debt, net $ 267,851     $ 255,671  
Unsecured credit facility   25,000        
Unsecured term loan, net   331,646       318,499  
Unsecured senior notes, net   1,617,063       1,564,662  
Accounts payable and accrued expenses   115,531       123,825  
Distributions payable   26,234       26,017  
Deferred income, gains and rent   26,236       24,248  
Intangible liabilities, net   7,786       8,270  
Lease liability – operating leases   23,459       23,369  
Other liabilities   13,977       63,729  
Total liabilities $ 2,454,783     $ 2,408,290  
Brandywine Realty Trust’s Equity:      
Common Shares of Brandywine Realty Trust’s beneficial interest, $0.01 par value; shares authorized 400,000,000; 172,678,090 and 172,097,661 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively   1,724       1,719  
Additional paid-in-capital   3,171,011       3,163,949  
Deferred compensation payable in common shares   20,456       19,965  
Common shares in grantor trust, 1,252,467 and 1,194,127 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively   (20,456 )     (19,965 )
Cumulative earnings   993,211       979,406  
Accumulated other comprehensive income   6,117       (668 )
Cumulative distributions   (2,879,378 )     (2,827,022 )
Total Brandywine Realty Trust’s equity   1,292,685       1,317,384  
Noncontrolling interests   6,712       6,773  
Total beneficiaries’ equity $ 1,299,397     $ 1,324,157  
Total liabilities and beneficiaries’ equity $ 3,754,180     $ 3,732,447  
       
BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except share and per share data)
 
  Three Months Ended June 30,   Six Months Ended June 30,
  2024   2023   2024   2023
Revenue              
Rents $ 118,009     $ 118,133     $ 237,017     $ 238,981  
Third party management fees, labor reimbursement and leasing   5,698       6,227       11,592       12,229  
Other   1,639       1,522       3,221       3,899  
Total revenue   125,346       125,882       251,830       255,109  
Operating expenses              
Property operating expenses   31,353       31,891       63,632       65,485  
Real estate taxes   12,535       11,571       25,127       26,173  
Third party management expenses   2,426       2,557       4,969       5,196  
Depreciation and amortization   44,187       47,079       89,229       92,679  
General and administrative expenses   8,941       9,360       20,045       18,842  
Provision for impairment   6,427       4,468       6,427       4,468  
Total operating expenses   105,869       106,926       209,429       212,843  
Gain on sale of real estate              
Net gain on sale of undepreciated real estate                     781  
Total gain on sale of real estate                     781  
Operating income   19,477       18,956       42,401       43,047  
Other income (expense):              
Interest and investment income   1,512       520       1,933       1,025  
Interest expense   (29,494 )     (23,669 )     (54,543 )     (46,322 )
Interest expense – amortization of deferred financing costs   (1,415 )     (1,114 )     (2,506 )     (2,141 )
Equity in loss of unconsolidated real estate ventures   (14,507 )     (7,598 )     (28,095 )     (13,765 )
Net gain on real estate venture transactions   53,762       181       53,733       181  
Gain on early extinguishment of debt   941             941        
Net income ( loss) before income taxes   30,276       (12,724 )     13,864       (17,975 )
Income tax provision   (9 )     (13 )     (11 )     (38 )
Net income (loss)   30,267       (12,737 )     13,853       (18,013 )
Net (income) loss attributable to noncontrolling interests   (94 )     41       (48 )     58  
Net income (loss) attributable to Brandywine Realty Trust   30,173       (12,696 )     13,805       (17,955 )
Nonforfeitable dividends allocated to unvested restricted shareholders   (277 )     (204 )     (613 )     (274 )
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust $ 29,896     $ (12,900 )   $ 13,192     $ (18,229 )
PER SHARE DATA              
Basic income (loss) per Common Share $ 0.17     $ (0.08 )   $ 0.08     $ (0.11 )
Basic weighted average shares outstanding   172,563,136       171,962,162       172,385,087       171,818,463  
Diluted income (loss) per Common Share $ 0.17     $ (0.08 )   $ 0.08     $ (0.11 )
Diluted weighted average shares outstanding   174,695,651       171,962,162       174,342,151       171,818,463  
                               
BRANDYWINE REALTY TRUST
FUNDS FROM OPERATIONS
(unaudited, in thousands, except share and per share data)
 
  Three Months Ended June 30,   Six Months Ended June 30,
  2024   2023   2024   2023
Net income (loss) attributable to common shareholders $ 29,896     $ (12,900 )   $ 13,192     $ (18,229 )
Add (deduct):              
Net income (loss) attributable to noncontrolling interests – LP units   91       (41 )     42       (57 )
Nonforfeitable dividends allocated to unvested restricted shareholders   277       204       613       274  
Net loss on real estate venture transactions   (53,762 )     (181 )     (53,733 )     (181 )
Provision for impairment   6,427       4,468       6,427       4,468  
Depreciation and amortization:              
Real property   38,368       39,119       77,485       77,749  
Leasing costs including acquired intangibles   4,904       7,103       9,923       13,243  
Company’s share of unconsolidated real estate ventures   12,294       12,145       26,146       23,709  
Partners’ share of consolidated real estate ventures         (4 )           (8 )
Funds from operations $ 38,495     $ 49,913     $ 80,095     $ 100,968  
Funds from operations allocable to unvested restricted shareholders   (467 )     (309 )     (886 )     (533 )
Funds from operations available to common share and unit holders (FFO) $ 38,028     $ 49,604     $ 79,209     $ 100,435  
FFO per share – fully diluted $ 0.22     $ 0.29     $ 0.45     $ 0.58  
Weighted-average shares/units outstanding — fully diluted   175,211,246       172,797,873       174,857,745       172,811,483  
Distributions paid per common share $ 0.15     $ 0.19     $ 0.30     $ 0.38  
FFO payout ratio (distributions paid per common share/FFO per diluted share)   68 %     66 %     67 %     66 %
                               
BRANDYWINE REALTY TRUST
SAME STORE OPERATIONS – 2nd QUARTER
(unaudited and in thousands)
 

Of the 72 properties owned by the Company as of June 30, 2024, a total of 68 properties (“Same Store Properties”) containing an aggregate of 12.4 million net rentable square feet were owned for the entire three months ended June 30, 2024 and 2023. As of June 30, 2024, two properties were recently completed, and two properties were in development/redevelopment. The Same Store Properties were 87.2% and 89.7% occupied as of June 30, 2024 and 2023, respectively. The following table sets forth revenue and expense information for the Same Store Properties:

 
  Three Months Ended June 30,
  2024   2023
Revenue      
Rents $ 109,488     $ 109,595  
Other   306       251  
Total revenue   109,794       109,846  
Operating expenses      
Property operating expenses   28,922       28,464  
Real estate taxes   11,976       10,774  
Net operating income $ 68,896     $ 70,608  
Net operating income – percentage change over prior year (2.4 )%    
Net operating income, excluding other items $ 69,568     $ 70,479  
Net operating income, excluding other items – percentage change over prior year (1.3 )%    
Net operating income $ 68,896     $ 70,608  
Straight line rents & other   46       (1,872 )
Above/below market rent amortization   (235 )     (285 )
Amortization of tenant inducements   220       143  
Non-cash ground rent expense   240       251  
Cash – Net operating income $ 69,167     $ 68,845  
Cash – Net operating income – percentage change over prior year   0.5 %    
Cash – Net operating income, excluding other items $ 69,599     $ 67,980  
Cash – Net operating income, excluding other items – percentage change over prior year   2.4 %    
  Three Months Ended June 30,
  2024   2023
Net income (loss): $ 30,267     $ (12,737 )
Add/(deduct):      
Interest and investment income   (1,512 )     (520 )
Interest expense   29,494       23,669  
Interest expense – amortization of deferred financing costs   1,415       1,114  
Equity in loss of unconsolidated real estate ventures   14,507       7,598  
Net gain on real estate venture transactions   (53,762 )     (181 )
Gain on early extinguishment of debt   (941 )      
Depreciation and amortization   44,187       47,079  
General & administrative expenses   8,941       9,360  
Income tax provision   9       13  
Provision for impairment   6,427       4,468  
Consolidated net operating income   79,032       79,863  
Less: Net operating income of non-same store properties and elimination of non-property specific operations   (10,136 )     (9,255 )
Same store net operating income $ 68,896     $ 70,608  
       
BRANDYWINE REALTY TRUST
SAME STORE OPERATIONS – SIX MONTHS
(unaudited and in thousands) 
 

Of the 72 properties owned by the Company as of June 30, 2024, a total of 68 properties (“Same Store Properties”) containing an aggregate of 12.4 million net rentable square feet were owned for the entire six months ended June 30, 2024 and 2023. As of June 30, 2024, two properties were recently completed, and two properties were in development/redevelopment. The Same Store Properties were 87.2% and 89.7% occupied as of June 30, 2024 and 2023, respectively. The following table sets forth revenue and expense information for the Same Store Properties:

 
  Six Months Ended June 30,
  2024   2023
Revenue      
Rents $ 220,865     $ 222,185  
Other   576       536  
Total revenue   221,441       222,721  
Operating expenses      
Property operating expenses   58,246       58,959  
Real estate taxes   24,025       24,181  
Net operating income $ 139,170     $ 139,581  
Net operating income – percentage change over prior year (0.3 )%    
Net operating income, excluding other items $ 139,805     $ 139,377  
Net operating income, excluding other items – percentage change over prior year   0.3 %    
Net operating income $ 139,170     $ 139,581  
Straight line rents & other   (914 )     (4,733 )
Above/below market rent amortization   (481 )     (571 )
Amortization of tenant inducements   370       281  
Non-cash ground rent expense   483       504  
Cash – Net operating income $ 138,628     $ 135,062  
Cash – Net operating income – percentage change over prior year   2.6 %    
Cash – Net operating income, excluding other items $ 138,612     $ 133,497  
Cash – Net operating income, excluding other items – percentage change over prior year   3.8 %    
  Six Months Ended June 30,
  2024   2023
Net income (loss): $ 13,853     $ (18,013 )
Add/(deduct):      
Interest income   (1,933 )     (1,025 )
Interest expense   54,543       46,322  
Interest expense – amortization of deferred financing costs   2,506       2,141  
Equity in loss of unconsolidated real estate ventures   28,095       13,765  
Net gain on real estate venture transactions   (53,733 )     (181 )
Net gain on sale of undepreciated real estate         (781 )
Gain on early extinguishment of debt   (941 )      
Depreciation and amortization   89,229       92,679  
General & administrative expenses   20,045       18,842  
Income tax provision   11       38  
Provision for impairment   6,427       4,468  
Consolidated net operating income   158,102       158,255  
Less: Net operating income of non-same store properties and elimination of non-property specific operations   (18,932 )     (18,674 )
Same store net operating income $ 139,170     $ 139,581  
               

Company / Investor Contact:
Tom Wirth
EVP & CFO
610-832-7434
tom.wirth@bdnreit.com


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