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Brandywine 'Making Excellent Progress': Sweeney

RADNOR, PA—Brandywine Realty Trust says its financial performance in the second quarter was largely flat compared with the same period last year. Gerard H. Sweeney, president and chief executive officer, says the company "continued to make excellent progress" on its 2015 business plan.

By Steve Lubetkin | Updated on July 22, 2015

RADNOR, PA—Brandywine Realty Trust says its financial performance in the second quarter was largely flat compared with the same period last year. Funds from operations were $57.4 million or $0.32 per diluted share vs. $57.3 million or $0.36 per diluted share in the second quarter of 2014. Net income jumped to $1.3 million or $0.01 per diluted share in the second quarter of 2015 vs. $0.4 million or $0.00 per diluted share in the second quarter of 2014.

“During the second quarter, we continued to make excellent progress on our 2015 business plan,” says Gerard H. Sweeney, president and chief executive officer of Brandywine Realty Trust. “We continue to capitalize on improving market conditions and raised our speculative revenue target by 2.1 percent, having already achieved 98 percent of our 2015 speculative revenue target.  We have also seen an acceleration in our portfolio disposition program and given the current strength of the investment market, have increased our sales goal to $300 million. Given our strong operating results coupled with our accelerated dispositions, we are maintaining our 2015 FFO guidance range to $1.40 to $1.46 per diluted share.”

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