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 Announces Amendment of Bylaws
Mar 30 15
On March 26, 2015, the Board of Trustees of Brandywine Realty Trust amended Section 8 of Article II of the Bylaws of the company to change the vote required for the election of a Trustee in an uncontested election from a plurality of votes cast to the affirmative vote of a majority of the total votes cast for or against such nominee.
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.