Brandywine Realty Trust (BDN) Misses Q2 EPS by 2c; Narrows Outlook

Brandywine Realty Trust (NYSE: BDN) reported Q2 EPS of ($0.01), $0.02 worse than the analyst estimate of $0.01. Funds from Operations (FFO): $55.9 million, or $0.32 per share.

“We are excited to see an increasing number of our tenants returning to the workplace. As physical building occupancy increases, we will continue to prioritize the safety of our employees, tenants and stakeholders,” stated Gerard H. Sweeney, President and Chief Executive Officer for Brandywine Realty Trust. “We are making excellent progress on our 2021 business plan. We have narrowed our speculative revenue guidance range while increasing the midpoint by $0.5 million and we are now 98% complete at the revised midpoint. During the quarter, we continued to experience positive mark-to-market rents increasing 22% and 14% on an accrual and cash basis. Based on signed leases, we anticipate that during the second half of 2021, we will experience increased occupancy and higher same-store cash NOI growth. Our balance sheet and liquidity remained strong during the quarter and we continue to make excellent progress on our life science and other development initiatives. Based on our first quarter progress, we are narrowing our 2021 FFO guidance of $1.33 to $1.41 per share to $1.34 to $1.40 per share.”

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

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