Brandywine Realty Trust: 2Q Earnings Snapshot
PHILADELPHIA (AP) _ Brandywine Realty Trust (BDN) on Monday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The Philadelphia-based real estate investment trust said it had funds from operations of $62.2 million, or 35 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 36 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $6.2 million, or 4 cents per share.
The real estate investment trust posted revenue of $144.2 million in the period. Its adjusted revenue was $137.8 million, also falling short of Street forecasts. Four analysts surveyed by Zacks expected $138.3 million.
Brandywine Realty Trust expects full-year funds from operations to be $1.40 to $1.44 per share.
The company’s shares have risen 11% since the beginning of the year. In the final minutes of trading on Monday, shares hit $14.32, a decrease of 12% in the last 12 months.