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Brandywine Realty posts YOY rise in Q3 FFO, narrows FY'18 FFO guidance

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Brandywine Realty posts YOY rise in Q3 FFO, narrows FY'18 FFO guidance

Brandywine Realty Trust disclosed funds from operations available to common share and unit holders for the third quarter of $63.2 million, or 35 cents per share, compared with $61.9 million, or 35 cents per share, in the 2017 third quarter.

The S&P Global Market Intelligence consensus FFO estimate for the quarter was 35 cents per share.

In reporting results, Brandywine said it expects FFO per share in the range of $1.36 to $1.40 for the full year, compared with previous guidance in the range of $1.35 to $1.41. The company also forecasts FFO for the 2019 full year at between $1.37 per share and $1.47 per share.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the full year 2018 is $1.37, while analysts expect FFO per share for the 2019 full year at $1.44.

The office real estate investment trust on Oct. 17 agreed to acquire its partner's 50% interest in the 12 remaining buildings within the DRA Austin real estate venture containing 1,570,123 square feet in Austin, Texas, valuing the portfolio at $537.0 million.

Brandywine expects the transaction to close in the fourth quarter. It will fund the acquisition with cash on hand, along with proceeds from its unsecured line of credit and from its pending $312.0 million sale of eight Northern Virginia properties to Rockpoint Group.

The portfolio deal with Rockpoint was entered into Oct. 16 and pertains to 1,293,197 square feet, with Brandywine saying it retained a 15% equity interest in the portfolio through an unconsolidated real estate venture.