PHILADELPHIA (AP) _ Brandywine Realty Trust (BDN) on Wednesday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.
The Philadelphia-based real estate investment trust said it had funds from operations of $57.7 million, or 34 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 34 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $3.9 million, or 2 cents per share.
The real estate investment trust posted revenue of $136.8 million in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $140.8 million.
Brandywine Realty Trust expects full-year funds from operations to be $1.38 to $1.44 per share.
The company's shares have dropped 31% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $10.85, a decrease of 24% in the last 12 months.