Brandywine Realty Trust (BDN) has reported 54.05 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $21.10 million, or $0.11 a share in the quarter, compared with $45.92 million, or $0.25 a share for the same period last year. Revenue during the quarter dropped 4.09 percent to $130.92 million from $136.50 million in the previous year period.
Cost of revenue dropped 6.74 percent or $3.69 million during the quarter to $51.08 million. Gross margin for the quarter expanded 111 basis points over the previous year period to 60.98 percent.
Total expenses were $109.13 million for the quarter, down 9.18 percent or $11.03 million from year-ago period. Operating margin for the quarter expanded 467 basis points over the previous year period to 16.65 percent.
Operating income for the quarter was $21.79 million, compared with $16.34 million in the previous year period.
For financial year 2017, the company projects diluted earnings per share to be in the range of $0.24 to $0.31.
Revenue from real estate activities during the quarter declined 5.11 percent or $6.96 million to $129.25 million.
Income from operating leases during the quarter dropped 6.20 percent or $6.83 million to $103.33 million. Revenue from tenant reimbursements was $18.54 million for the quarter, down 7.57 percent or $1.52 million from year-ago period.
Income from management fees during the quarter increased 23.88 percent or $1.25 million to $6.48 million. Revenue from other real estate activities during the quarter was $0.90 million, up 18.39 percent or $0.14 million from year-ago period.
"We started the year with a very solid first quarter and we are very much on track to meet our 2017 business plan objectives," stated Gerard H. Sweeney, president and chief executive officer for Brandywine Realty Trust. "We made excellent progress and are now 90% complete on our 2017 speculative revenue target. Our portfolio repositioning has left us with a portfolio that generated a strong 9.4% same store cash NOI growth during this quarter. During the first quarter, we also completed $133 million or 66% of our $200 million disposition target. Balance sheet metric improvement continues and we have retired our 6.9% perpetual preferred shares at par with cash-on-hand to improve our coverage ratios. This redemption of the perpetual preferred shares created a one-time, non-cash $0.02 per share charge related to the write-off of original issuance costs during the second quarter and we are revising our 2017 FFO guidance to reflect that charge. Our current 2017 FFO guidance range of $1.35 to $1.42 is now adjusted to $1.33 to $1.40."
Receivables remain almost stableNet receivables stood at $12.10 million as on Mar. 31, 2017. Total assets stood at $4,101.86 million as on Mar. 31, 2017. On the other hand, total liabilities were at $2,222.30 million as on Mar. 31, 2017.
Return on assets was at 0.01 percent in the quarter. At the same time, return on equity was at 1.03 percent in the quarter.
Total debt was at $2,012.67 million as on Mar. 31, 2017. Shareholders equity was at $1,879.57 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 1.07 percent in the quarter.
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