Brandywine Realty Trust recently reported its financial and operating results for the three and six-month periods ended June 30, 2018. According to Gerald Sweeney, president and CEO, the company remains excited about its strong progression of its 2018 business plan.
“Market conditions remain strong and we continue to have a robust leasing pipeline,” he says. “Our 2018 revenue target is now 92% executed resulting in strong quarterly metrics, including a 22.8% increase in quarterly GAAP mark-to-market rents. Our development pipeline aggregating $270 million is now 92% leased at a weighted-average cash yield on cost of 9.2%.”
In Austin, TX, Sweeney says that the company has “achieved a significant milestone by receiving zoning approval for our Broadmoor campus that will allow us to transform the property into a six million square foot, mixed-use, transit-oriented urban environment. Our balance sheet strengthening strategy was further enhanced by extending our unsecured line of credit through July 2022 while reducing borrowing costs. After a successful second quarter we are narrowing our 2018 FFO guidance range from $1.34 to $1.42 to $1.35 to $1.41 per diluted share.”
Based on current plans and assumptions and subject to the risks and uncertainties more fully described in our Securities and Exchange Commission filings, the company is narrowing its 2018 net income guidance of $0.29 – $0.37 to $0.29 – $0.35 per diluted share and 2018 FFO guidance of $1.34 – $1.42 to $1.35 – $1.41 per diluted share.