brandywine realty trust (BDN) Key Developments
Brandywine Realty Trust Presents at REITWEEK 2015: NAREIT's Investor Forum, Jun-09-2015
May 30 15
Brandywine Realty Trust Presents at REITWEEK 2015: NAREIT's Investor Forum, Jun-09-2015 . Venue: New York Hilton Midtown, 1335 Avenue of the Americas, New York, NY 10019, United States.
Brandywine Realty Trust Declares Dividend on Common Stock and 6.90% Series E Cumulative Redeemable Preferred Shares, Payable on 20 July 2015 and 15 July 2015 Respectively
May 29 15
Brandywine Realty Trust's board of trustees authorized a common stock cash dividend of USD 0.15 per share for the quarter. This dividend will be paid on 20 July 2015 to all shareholders of record on 6 July 2015.
Additionally, the board approved a quarterly dividend of USD 0.43125 per share on the company's 6.90% series E cumulative redeemable preferred shares that will be paid on 15 July 2015 to shareholders of record on 30 June 2015.
Brandywine Realty Trust Enters into a $600 Million Unsecured Revolving Credit Facility
May 21 15
Brandywine Realty Trust announced that effective May 15, 2015 it has entered into a $600 million four-year unsecured revolving credit facility. The new facility replaces the company's existing $600 million unsecured revolving credit facility that was scheduled to mature on February 1, 2016. The company's borrowing rate for the new unsecured revolving credit facility is based on a spread over the London Interbank Offering Rate equal to 120 basis points based on the Company's current investment grade rating, a 30 basis point improvement as compared to the previous credit facility. The company may extend the maturity date of the unsecured revolving credit facility for two additional six- month periods. The covenant calculations, terms and conditions in the new unsecured revolving credit facility reflect current conventions and generally provide enhanced flexibility for the company. The unsecured revolving credit facility was arranged jointly by Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets Inc. with Bank of America, N.A. serving as Administrative Agent, Citibank, N.A. serving as Syndication Agent, and Citizens Bank, N.A., PNC Bank, National Association, Royal Bank of Canada, and The Bank of New York Mellon serving as Co-Documentation Agents.
Brandywine Realty Trust Reports Unaudited Consolidated Financial Results for the First Quarter Ended March 31, 2014; Revised Earnings Guidance for Fiscal 2015
Apr 22 15
Brandywine Realty Trust reported unaudited consolidated financial results for the first quarter ended March 31, 2014. Total revenue was $150,406,000 against $152,114,000 for the same period of last year. Operating income was $29,961,000 against $29,389,000 for the same period of last year. Net income from continuing operations was $8,594,000 against loss from continuing operations of $2,237,000 for the same period of last year. Funds from Operations (FFO) available to common shares and units totaled $58.5 million or $0.32 per diluted share versus $53.6 million or $0.34 per diluted share in the first quarter of 2014. Net income allocated to common shares totaled $6.7 million or $0.04 per diluted share compared to a net loss of $4.0 million or $0.03 per diluted share in the first quarter of 2014. Revenue maintaining capital expenditures totaled $12.8 million which along with other adjustments to FFO, resulted in $39.5 million or $0.22 per diluted share of Cash Available for Distribution (CAD). In the first quarter of 2014, revenue maintaining capital expenditures totaled $14.7 million and resulted in $34.5 million or $0.22 per diluted share of CAD. Net Operating Income excluding termination revenues and other income items increased 2.2% on a GAAP basis and increased 0.6% on a cash basis for 185 same store properties, which were 90.2% and 88.9% occupied on March 31, 2015 and March 31, 2014, respectively.
Based on current plans and assumptions and subject to the risks and uncertainties more fully described in Securities and Exchange Commission filings, the company is narrowing previously issued 2015 guidance from $1.39 to $1.48 per diluted share to $1.40 to $1.46 per diluted share. This guidance is provided for informational purposes and is subject to change. Earnings per diluted share allocated to common shareholders are expected to be in the range of $0.13 to $0.19 per share. Adjusted FFO per diluted share expected to be in the range of $1.29 to $0.35 per share. Real estate depreciation and amortization expected to be in the range of $1.29 to $0.35 per share. 2015 FFO guidance does not include income arising from the sale of un-depreciated real estate. 2015 earnings and FFO per diluted share each reflect $0.11 per diluted share of non-cash income attributable to the fifth of five annual recognitions of 20% of the net benefit of the rehabilitation tax credit financing on the 30th Street Post Office.
Brandywine Realty Trust, Annual General Meeting, May 28, 2015
Apr 10 15
Brandywine Realty Trust, Annual General Meeting, May 28, 2015., at 10:00 US Eastern Standard Time. Location: Four Seasons Hotel, One Logan Square. Agenda: To elect eight Trustees to serve as members of Board of Trustees until the next annual meeting of shareholders and until their successors are elected and qualified; to ratify the Audit Committee's appointment of PricewaterhouseCoopers LLP as independent registered public accounting firm for calendar year 2015; and to consider to hold an advisory, non-binding vote on executive compensation.