Brandywine Realty Trust (NYSE:BDN) Q3 2023 Earnings Conference Call October 25, 2023 9:00 AM ET

Company Participants

Jerry Sweeney - President & CEO

George Johnstone - EVP, Operations

Dan Palazzo - SVP & CAO

Tom Wirth - EVP & CFO

Conference Call Participants

Steve Sakwa - Evercore ISI

Camille Bonnel - Bank of America

Anthony Paolone - J.P. Morgan

Michael Griffin - Citi

Michael Lewis - Truist Securities

Dylan Burzinski - Green Street Advisors

Upal Rana - KeyBanc

Operator

Good day and thank you for standing by. Welcome to the Brandywine Realty Trust Third Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Jerry Sweeney, President and CEO. Please go ahead.

Jerry Sweeney

Liz, thank you very much. Good morning, everyone, and thank you for participating in our third quarter 2023 earnings call.

On today's call with me today is George Johnstone, our Executive Vice President of Operations; Dan Palazzo, Senior Vice President and Chief Accounting Officer; and Tom Wirth, our Executive Vice President and Chief Financial Officer.

Prior to beginning, certain information discussed during our call may constitute forward-looking statements within the meaning of the federal securities law. Although, we believe estimates reflected in these statements are based on reasonable assumptions, we cannot give assurance that the anticipated results will be achieved. For further information on factors that could impact our anticipated results, please reference our press release, as well as our most recent annual and quarterly reports that we filed with the SEC.

So to start off this morning, during our prepared comments as we always do, we'll review quarterly results and provide an update on our 2023 business plan. Tom will then review third quarter financial results and frame out the remaining key assumptions that drive our 2023 guidance. After that, Tom, Dan, George and I are available for any questions.

So the third quarter saw additional progress on our 2023 business plan. Our combined leasing activity for the quarter totaled 624,000 square feet. During the quarter, we executed 351,000 square feet of leases, including 118,000 square feet of new leasing within our wholly-owned portfolio. Our joint venture portfolio achieved 273,000 square feet of lease executions, including 108,000 square feet of new leasing activity.