Brandywine Realty Trust (BDN) Reports In-Line Q1 FFO; Boosts FFO Outlook

Brandywine Realty Trust (NYSE: BDN) reported Q1 EPS of $0.31, in-line with the analyst estimate of $0.31. Revenue for the quarter came in at $136.5 million versus the consensus estimate of $133.32 million.

"During the first quarter, we have executed several landmark transactions that transformed our balance sheet, improved our operating platform and provided additional growth opportunities going forward," stated Gerard H. Sweeney, President and Chief Executive Officer for Brandywine Realty Trust. "We made excellent progress on our 2016 business plan completing 90% of our $850 million disposition target as we continue reducing or exiting non-core markets. Our remaining portfolio has produced strong operating results. We have increased our speculative revenue target by 12.9% and have completed 76% of our operational business plan. Leasing at FMC was strong with 85,000 square feet of leases signed during the quarter bringing us to 75% leased. We are also excited about being selected by Drexel University as the Master Developer for Schuylkill Yards, a 14-acre site in the heart of University City that will provide excellent growth for years to come. Based on our strong first quarter results, we are raising our 2016 adjusted FFO guidance from $1.23 to $1.30 per diluted share to $1.26 to $1.32 per diluted share."

GUIDANCE:

Brandywine Realty Trust raises FY2016 FFO to $1.26-$1.32, versus the consensus of $1.27.

For earnings history and earnings-related data on Brandywine Realty Trust (BDN) click here.

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