Brandywine Realty Trust Earnings: Everything You Must Know Now

Brandywine Realty Trust (NYSE:BDN) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company.

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Brandywine Realty Trust Earnings Cheat Sheet

Results: Adjusted Earnings Per Share increased 9.37% to $0.35 in the quarter versus EPS of $0.32 in the year-earlier quarter.

Revenue: Decreased 0.71% to $140.6 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Brandywine Realty Trust reported adjusted EPS income of $0.35 per share. By that measure, the company beat the mean analyst estimate of $0.34. It missed the average revenue estimate of $141.73 million.

Quoting Management: “During the first quarter of 2013, we continued to achieve outstanding results on operations, transactional activity and balance sheet management,” stated Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. “We achieved particularly strong results on same store NOI growth, rental rate increases and forward leasing, which reinforce our confidence in the 2013 business plan. The first quarter sales of the Princeton Pike portfolio in central New Jersey and of One/Three Christina in Wilmington, Delaware where we had a 20% interest bring us to 63% achieved on our 2013 $221.0 million disposition goal and continue our steady migration to a higher quality, more urban-oriented office portfolio. While the economic backdrop is challenging, our combination of superior product, people and process continues to benefit our leasing efforts. In early April, we took advantage of favorable market conditions and raised $181.7 million of net proceeds through the offering of 12,650,000 common shares, thereby accelerating our deleveraging program, improving our credit metrics and creating greater liquidity and financial flexibility. As a result and specifically reflecting the dilution from the unplanned equity offering, we are revising our FFO guidance for 2013 to a range of $1.35 to $1.42 per diluted share versus the prior range of $1.41 to $1.48.”

Key Stats (on next page)…

Revenue increased 16.8% from $120.38 million in the previous quarter. EPS increased 6.06% from $0.33 in the previous quarter.

Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.34 and has not changed. For the current year, the average estimate is a profit of $1.43, which is the same with that ninety days ago.

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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)

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