Brandywine Realty Trust (NYSE: BDN) reported Q4 EPS of $0.09, $0.05 better than the analyst estimate of $0.04. Revenue for the quarter came in at $147.04 million versus the consensus estimate of $147.11 million.

“We completed 2019 accomplishing many of our key business plan objectives,” stated Jerry Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. “Our markets continue to improve, which allowed us to achieve our 2019 speculative revenue target and generate strong rental rate growth throughout the year. Turning to 2020, we have already achieved 73% of our speculative revenue target and our 2020 business plan anticipates continued strong rental rate growth throughout our portfolio. In addition to strong market fundamentals, we continue to look for development opportunities and have two planned starts for 2020 that will accelerate our growth over the next several years. Based on the fourth quarter activity and our outlook for 2020, we are maintaining our current FFO guidance range of $1.41 to $1.51.”

GUIDANCE:

Brandywine Realty Trust sees FY2020 EPS of $0.26-$0.36, versus the consensus of $0.11.

Our 2020 FFO key assumptions include:

• Core Occupancy improving to a range of 94-95% by year-end 2020 and 95-96% leased;
• 17-19% GAAP increase in overall lease rates;
• 8-10% cash increase in overall lease rates;
• 2-4% increase in 2020 same store GAAP NOI;
• 0-2% increase in 2020 same store cash NOI
  • Excluding 1676 International Drive, 2.5% to 4.5% increase in cash NOI;
• Speculative Revenue Target: $31.0 million, 73% achieved;
• Acquisition Activity: $20.0 million (250 King of Prussia Road, Radnor, PA)
• Disposition Activity: none;
• Two development starts; and
• Annual earnings and FFO per diluted share based on 179.0 million fully diluted weighted average common shares.

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