Brandywine Realty Trust (NYSE:BDN) Q2 2023 Earnings Conference Call July 26, 2023 9:00 AM ET
Company Participants
Gerard Sweeney - President, CEO
George Johnstone - EVP, Operations
Thomas Wirth - EVP, CFO
Conference Call Participants
Steve Sakwa - Evercore ISI
Camille Bonnel - Bank of America
Michael Griffin - Citi
Michael Lewis - Truist Securities
Bill Crow - Raymond James
Dylan Burzinsk - Green Street
Anthony Paolone - JPMorgan
Operator
Good day and thank you for standing by. Welcome to the Brandywine Realty Trust Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there’ll 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.
Gerard Sweeney
Tania, thank you very much. Good morning, everyone, and thank you all for participating in our second quarter 2023 earnings call. On today’s call with me are George Johnstone, our Executive Vice President of Operations; Dan Palazzo, our 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 that 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 file with the SEC.
During our prepared comments, Dan will review our second quarter results and progress on 2023 business plan. Tom will then review second quarter financial results and frame out the key assumptions driving our 2023 guidance for the balance of the year. And after that Dan, George, Tom and I are certainly available for any questions.
So, moving to our prepared comment, the second quarter saw continued leasing momentum throughout our portfolio. During the quarter, we executed 568,000 square feet of leases, including a 177,000 square feet of new leases within our wholly-owned portfolio. Our joined venture portfolio achieved a very strong 401,000 square feet of lease execution including a 139,000 square feet of new leases.
The combined activity totaled 969,000 square feet. And as we showed on Page one of our SIP, these are highest combined leasing volumes for the past four quarters. The operating metrics were strong as well. For the second quarter, we posted rental rate mark-to-market of 17.6% on a GAAP basis and 5.8% on a GAAP basis.