Brandywine Realty Trust (BDN) saw its loss narrow to $12.26 million, or $0.08 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $62.14 million, or $0.37 a share. Revenue during the quarter dropped 14.23 percent to $132.09 million from $153.99 million in the previous year period.
Cost of revenue dropped 14.88 percent or $9.29 million during the quarter to $53.14 million. Gross margin for the quarter expanded 31 basis points over the previous year period to 59.77 percent.
Total expenses were $133.41 million for the quarter, down 36.06 percent or $75.24 million from year-ago period. Operating margin for the quarter stood at negative 1 percent as compared to a negative 35.49 percent for the previous year period.
Operating loss for the quarter was $1.32 million, compared with an operating loss of $54.66 million in the previous year period.
For financial year 2017, the company forecasts diluted earnings per share to be in the range of $0.24 to $0.34.
Revenue from real estate activities during the quarter declined 13.54 percent or $20.55 million to $131.21 million.
Income from operating leases during the quarter dropped 16.07 percent or $19.75 million to $103.18 million. Revenue from tenant reimbursements was $17.31 million for the quarter, down 20.27 percent or $4.40 million from year-ago period.
Income from management fees during the quarter jumped 50.75 percent or $3.02 million to $8.98 million. Revenue from other real estate activities during the quarter was $1.73 million, up 50.26 percent or $0.58 million from year-ago period.
"The conclusion of 2016 has seen us achieve strong fourth quarter operating metrics in our same store portfolio and significant progress with our development projects," stated Gerard H. Sweeney, president and chief executive officer for Brandywine Realty Trust. "Our Core portfolio results were strong with accelerating same store cash NOI growth, rental rate mark-to-market and tenant retention. In addition, we made significant strides with our development pipeline especially at FMC Tower as we are now 96% leased with our office component, our residential component commenced operations this month and we announced signing a Michelin-rated chef to open a world-class 3,000 square foot restaurant in the next several months. While timing of our dispositions caused us to be below our 2016 target, we continue to experience strong investment sales demand and the anticipated 2016 transactions will occur in the first quarter of 2017 as we currently have $170 million either closed or under contract.
Net receivables were at $12.45 million as on Dec. 31, 2016, down 27.33 percent or $4.68 million from year-ago.
Total assets stood at $4,099.21million as on Dec. 31, 2016. On the other hand, total liabilities were at $2,215.78 million as on Dec. 31, 2016.
Return on assets was at 0.21 percent in the quarter. Return on equity was negative at 0.75 percent in the quarter.
Debt comes downTotal debt was at $2,013.11 million as on Dec. 31, 2016, down 15.58 percent or $371.60 million from year-ago. Shareholders equity was at $1,883.44 million as on Dec. 31, 2016. Meanwhile, debt to equity ratio was at 1.07 percent in the quarter. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
