2024-07-24 15:14:05 ET
Brandywine Realty Trust (BDN)
Q2 2024 Earnings Conference Call
July 24, 2024, 09:00 AM ET
Company Participants
Jerry Sweeney - President and CEO
George Johnstone - EVP of Operations
Daniel Palazzo - Senior Vice President and Chief Accounting Officer
Tom Wirth - EVP and CFO
Conference Call Participants
Anthony Paolone - JPMorgan
Steve Sakwa - Evercore ISI
Michael Griffin - Citi
Dylan Burzinski - Green Street
Omotayo Okusanya - Deutsche Bank
Michael Lewis - Truist Securities
Gabby Horvath - KeyBanc
Presentation
Operator
Good day and thank you for standing by. Welcome to Brandywine Realty Trust, Second Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's 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
Gigi, thank you very much. Good morning, everyone, and thank you for participating in our second quarter 2024 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 the federal securities law. Although we believe estimates reflected in these statements are based on reasonable assumptions, we cannot give assurances 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.
Well, first and foremost, we hope that you and yours are doing well. Your summer is off to a great start and are looking forward to a successful and ever improving second half of 2024. During our prepared comments, we'll briefly review our results for the quarter and progress on our 2024 business plan.
Tom will then briefly review second quarter financial results and frame out the key assumptions driving the balance of our '24 guidance. After that, Dan, George, Tom and I are available to answer any questions.
Well, similar to last quarter's call, we want to start off by addressing the key themes that guide our thinking every day. Our focus remains on three key areas, liquidity, development lease up and portfolio stability. First, on liquidity, our recent bond issuance cleared the decks on any bond maturities through November 2027.
During the quarter, we fully redeemed our October '24 bonds. As such, we anticipate maintaining minimal balances on our line of credit over the next several years to ensure ample liquidity, and believe that that liquidity will be further enhanced by our asset sales program and other deleveraging initiatives. ...
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Brandywine Realty Trust (BDN) Q2 2024 Earnings Call Transcript