Brandywine Realty Trust reports news on its real estate investment trust operations, including ownership, development, leasing and management of urban, town center and transit-oriented properties with core markets in Philadelphia and Austin.
Recurring updates cover quarterly results and FFO, leasing activity, portfolio recycling, development and redevelopment projects, property financing, common dividends, distribution tax characteristics and conference presentations on operating conditions and investment activity.
Brandywine Realty Trust (NYSE: BDN) reported its Q2 2024 financial results, narrowing its 2024 FFO guidance to $0.91-$0.96 per diluted share. Key highlights include:
- Net income of $29.9 million, or $0.17 per diluted share
- FFO of $38.0 million, or $0.22 per diluted share
- Core portfolio 87.3% occupied and 88.5% leased
- Rental rate mark-to-market increased 10.8% on an accrual basis
- Same-store NOI decreased 1.3% on an accrual basis, increased 2.4% on a cash basis
The company completed a $400 million offering of 8.875% Guaranteed Notes due 2029 and recapitalized its MAP Joint Venture. BDN raised its full-year speculative revenue target to $25.5 million and anticipates positive mark-to-market rental rate increases for 2024.
Brandywine Realty Trust (NYSE:BDN) announced a quarterly cash dividend of $0.15 per common share and OP Unit, payable on July 18, 2024, to holders of record on July 3, 2024. This dividend equates to an annual rate of $0.60 per share. The company also confirmed it will release its second quarter 2024 earnings after the market closes on July 23, 2024. A conference call to discuss these results will be held on July 24, 2024, at 9:00 a.m. Eastern Time, accessible via phone and webcast.
Brandywine Realty Trust is a leading REIT in the United States, operating primarily in Philadelphia and Austin, managing a portfolio of 156 properties and 22.3 million square feet as of March 31, 2024. The company focuses on urban, town center, and transit-oriented developments.
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