Brandywine Realty Trust (NYSE:BDN) Q4 2023 Earnings Call Transcript

So if we think we’re going to do a bond deal or a secured financing in the second quarter, whether it’s unsecured or secured. That will add about $8 million over those two quarters to the bond deal in mid-October. So that is a big charge. On the SOFR side, we — as we mentioned, we may be using the line a little bit more this year versus last year. We do have floating rate debt at the JV level. Not all of that debt is fixed. So we have been taking SOFR charges there. And then the normalization of the –and we have been using the curve, Tayo when we go through our numbers we do try to use the curve with a little bit of cushion on there. But I would say, also the biggest thing in the JVs was the Commerce Square loan, which was partially in 2023 full year effect in 2024.

So we we’re looking at roughly — we’re looking at over $6 million of interest charges year-over-year because of that and because of SOFR.

Omotayo Okusanya: That’s all. Thank you.

Tom Wirth: Thank you, Tayo.

Operator: Thank you. There are no further questions. I’d like to turn the call over to Jerry Sweeney for closing remarks.

Jerry Sweeney: Great. Well, Michelle, thank you for your help, and thank you all for participating in our call. Wish you a good day and we look forward to updating you on our business plan on our next quarterly earnings conference call. Thank you.

Operator: Thank you for your participation. This does conclude the program and you may now disconnect. Everyone have a great day.