Brandywine Realty Trust Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Revises Earnings Guidance for 2018
January 25, 2018 at 09:44 pm
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Brandywine Realty Trust reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, total revenue was $133,344,000 against $132,086,000 a year ago. Operating income was $26,231,000 against loss of $1,322,000 a year ago. Net income before income taxes was $74,248,000 against loss of $12,370,000 a year ago. Net income attributable to Brandywine Realty Trust was $73,219,000 against loss of $12,255,000 a year ago. Diluted income per common share was $0.41 against loss of $0.08 per basic and diluted share a year ago. Funds from operations available to common share and unit holders were $53,749,000 or $0.30 per diluted share against $62,963,000 or $0.35 per diluted share a year ago. Same store net operating income was $65,597,000 against $67,152,000 a year ago.
For the year, total revenue was $520,493,000 against $525,463,000 a year ago. Operating income was $103,542,000 against $59,226,000 a year ago. Net income before income taxes was $121,231,000 against $40,501,000 a year ago. Net income attributable to Brandywine Realty Trust was $120,850,000 against $40,191,000 a year ago. Diluted income per common share was $0.65 against $0.19 per basic and diluted share a year ago. Funds from operations were $229,867,000 against $167,436,000 a year ago. Funds from operations available to common share and unit holders were $229,219,000 or $1.29 per diluted share against $166,979,000 or $0.94 per diluted share a year ago. Same store net operating income was $269,399,000 against $266,351,000 a year ago.
The company is adjusting 2018 net income guidance of $0.34 - $0.44 to $0.29 - $0.39 per diluted share and 2018 FFO guidance of $1.36 - $1.46 to $1.33 - $1.43 per diluted share. The company expects real estate depreciation, amortization of $1.04 per share.
Brandywine Realty Trust is a self-administered and self-managed real estate investment trust (REIT) engaged in the acquisition, development, redevelopment, ownership, management, and operation of a portfolio of office, life science/lab, residential and mixed-use properties. It operates through four segments: Philadelphia Central Business District (Philadelphia CBD), Pennsylvania Suburbs, Austin, Texas, and Other. The Philadelphia CBD segment includes properties located in the City of Philadelphia in Pennsylvania. The Pennsylvania Suburbs segment includes properties in Chester, Delaware and Montgomery counties in the Philadelphia suburbs. The Austin, Texas segment includes properties in the City of Austin, Texas. The Other segment includes properties in Northern Virginia, Washington, D.C., Southern Maryland, Camden County, New Jersey and New Castle County, Delaware. It owns, develops, leases and manages an urban, town center and transit-oriented portfolio comprising 158 properties.
Brandywine Realty Trust Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Revises Earnings Guidance for 2018