Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PLYMOUTH MEETING, PA-Locally based Brandywine Realty Trust’s earnings reportfor the first quarter of the year reflects the difficult office market inthe Philadelphia metro market. The REIT’s first-quarter 2003 earnings per sharewere 30¢, a decline of 25¢ in comparison with 55¢ -per-sharefor the first quarter a year ago.

Net income dropped to $13.9 million for this year’s first quarter, down $9.6million in comparison with $23.5 million for the same quarter of 2002. Thesharp decrease in both income and earnings per share this year is attributedto a net gain of just $600,000 on the disposition of discontinuedoperations, compared with a net gain of $8.4 million on disposition of discontinuedoperations during first quarter 2002.

Funds from operations dropped to $30.1 million in first quarter 2003, downfrom $32.4 million in the same quarter a year ago. “Our occupancy at the endof the (2003) quarter slightly exceeded our expectations,” said Gerard H.Sweeney, president and CEO. “We executed very well against our first quarter2003 business plan in what continues to remain a challenging leasingenvironment.

“Capital costs and lease rates remain under pressure,” he said, and alsonoted that the financial results, “especially on a same store basis, wereimpacted by heavy snow removal.” The REIT’s portfolio was 91.7% leased as ofMarch 31, 2003.

Brandywine anticipates a continuing challenging environment throughout thisyear and expects occupancy to decline slightly in comparison with 2002 and adecrease of between 1.5% and 3% in same-store net operating income.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.