brandywine realty trust (BDN) Key Developments
Brandywine Realty Trust Promotes William D. Redd as Executive Vice President and Senior Managing Director of Richmond and Austin
Mar 16 15
Brandywine Realty Trust announced that William D. Redd has been promoted to the position of Executive Vice President and Senior Managing Director - Richmond and Austin. Bill began his career at Brandywine in 1999 as Vice President of Richmond operations. In 2008, he was named Senior Vice President and Managing Director of Richmond and Austin. Bill has been instrumental in the successful growth of Brandywine's portfolio in the Austin market, of which are now the large landlord of Class A properties. Prior to joining Brandywine, Bill was a partner from 1988 until 1999 with Childress Klein Properties. From 1985 until 1988, he was with the Trammell Crow Company. Bill serves on the Board of Directors and is President for the Legal Information Network for Cancer (LINC). He is also a member of the Virginia Commonwealth University Real Estate Circle of Excellence, Richmond Real Estate Group, Real Estate Council of Austin (RECA) and ULI (Richmond /Austin). Bill holds a law degree from the University of Virginia, a B.A. degree from Hampden-Sydney College, and Virginia law and real estate licenses.
Brandywine Realty Trust Announces Quarterly Cash Dividend, Payable on April 20, 2015; Declares Quarterly Dividend on 6.90% Series E Cumulative Redeemable Preferred Share, Payable on April 15, 2015
Mar 11 15
Brandywine Realty Trust announced that the Board of Trustees has declared a quarterly cash dividend of $0.15 per common share, payable on April 20, 2015 to holders of record on April 6, 2015.
The Board of Trustees also declared a quarterly dividend of $0.43125 for each 6.90% Series E Cumulative Redeemable Preferred Share, payable on April 15, 2015 to holders of record on March 30, 2015.
Brandywine Reportedly Puts Lake Merritt Tower Up For Sale
Feb 9 15
Brandywine Realty Trust (NYSE:BDN) is reportedly seeking to sell Lake Merritt Tower in 2015. Lake Merritt Tower would be first major Oakland office building to hit the market in 2015. HFF is acting as marketing broker for the property. HFF and Brandywine didn't immediately respond to a request for comment.
Brandywine Seeks Acquisitions
Feb 5 15
Brandywine Realty Trust (NYSE:BDN) is looking for acquisition. Jerry Sweeney, President and Chief Executive Officer of Brandywine, states, "We do expect continued progress in our land sales efforts as well as several additional land acquisitions."
Brandywine Realty Trust Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Revised Earnings Guidance for 2015
Feb 4 15
Brandywine Realty Trust announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. Funds from Operations (FFO) available to common shares and units in the fourth quarter of 2014 totaled $54.1 million or $0.30 per diluted share against $46.8 million or $0.29 per diluted share in the fourth quarter of 2013. FFO for the fourth quarter of 2014 was impacted by a $5.1 million loss on the early extinguishment of debt and $0.4 million of various transaction costs. FFO for the fourth quarter of 2013 was impacted by a $1.0 million loss on the early extinguishment of debt and $1.8 million of various transaction costs. Net loss allocated to common shares totaled $3.6 million or $0.02 per share in the fourth quarter of 2014 compared to a net income of $19.0 million or $0.12 per diluted share in the fourth quarter of 2013. Total revenue was $147.810 million against $138.658 million a year ago. Operating income was $31.268 million against $28.028 million a year ago. Net loss from continuing operations was $1.869 million against net income of $20.770 million a year ago. Total revenue maintaining capital expenditures were $32.929 million against $20.009 million a year ago. For the fourth quarter, the company incurred $32.9 million of revenue maintaining capital expenditures.
FFO available to common shares and units in 2014 totaled $227.7 million or $1.34 per diluted share against $210.4 million or $1.35 per diluted share in 2013. FFO for 2014 was impacted by (i) $8.9 million loss on the early extinguishment of debt (ii) G&A expense includes $0.6 million due to employee severance costs, (iii) $1.2 million gain on the sale of a vacant land parcel, (iv) $0.8 million of unrecovered weather-related costs, primarily snow removal, and (v) $0.7 million of transaction costs associated with various joint venture and wholly-owned acquisitions. Net loss allocated to common shares totaled $0.3 million or $0.00 per diluted share in 2014 compared to net income of $35.5 million or $0.23 per diluted share in 2013. Total revenue was $596.982 million against $562.210 million a year ago. Operating income was $125.669 million against $115.792 million a year ago. Net income from continuing operations was $6.024 million against $38.982 million a year ago. Total revenue maintaining capital expenditures were $84.395 million against $67.007 million a year ago.
Based on the continued solid operating performance, the company is increasing the lower end 2015 FFO guidance range by $0.01 from $1.38 to $1.48 per diluted share to $1.39 to $1.48 per diluted share. Adjusted FFO per diluted share will be in a range of $1.28 to $1.37.