Brandywine Realty Trust (NYSE:BDN) Q4 2023 Earnings Conference Call February 1, 2024 9:00 AM ET

Company Participants

Jerry Sweeney - President & Chief Executive Officer

Tom Wirth - Executive Vice President & Chief Financial Officer

George Johnstone - Executive Vice President of Operations

Conference Call Participants

Anthony Paolone - JPMorgan

Michael Griffin - Citi

Dylan Burzinski - Green Street

Steve Sakwa - Evercore ISI

Upal Rana - KeyBanc

Bill Crow - Raymond James

Omotayo Okusanya - Deutsche Bank

Operator

Good day and thank you for standing by. Welcome to the Brandywine Realty Trust Fourth Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. [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

Michelle, thank you very much. Good morning, everyone, and thank you for participating in our fourth 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 that will be 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.

First and foremost, we hope that you and yours are well and are looking forward to a successful and ever-improving 2024. During our prepared comments, we'll briefly review our fourth quarter results and then spend time to outline the key assumptions of our 2024 business plan. After that Dan, Tom, George and I will be available to answer any questions.

And looking at 2023, we posted fourth quarter FFO of $0.27 per share and full year FFO of $1.15 per share. Our combined leasing activity for the quarter totaled 550,000 square feet. During the quarter we exited 240,000 square feet of leases, including 66,000 square feet of new leases in our wholly-owned portfolio. In our joint venture portfolios, we achieved 312,000 square feet of lease executions, including 140,000 square feet of new leasing activity.