Bearish stock to watch: Brandywine Realty Trust (NYSE: BDN)

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Brandywine Realty Trust (NYSE: BDN) stock lost over 1.2% on 18th October, 2019 (as of 11:55 am GMT-4; Source: Google finance) after the company reduced the guidance for FY 19. For FY 19, the forecast has been revised downwards due to risks and uncertainties. The company expects 2019 net income from $0.17 – $0.21 to be now in the range of $0.14 – $0.16 per diluted share and 2019 FFO guidance of $1.40 – $1.44 to be now in the range of $1.41 – $1.43 per diluted share. For 2019, the Core Occupancy is expected to improve to a range of 94-95% and 95-96% leased. There is an expectation of 11-12% increase in overall lease rates on a GAAP basis, 4-5% increase in overall lease rates on a cash basis, 0-2% increase in 2019 same store GAAP NOI, 1-3% increase in 2019 same store cash NOI, Speculative Revenue Target to be $32.0 million, if 100% achieved, Change in Lease Accounting Treatment to be  $7.9 million decrease to earnings, or $0.04 per diluted share, Tenant Retention Rate to be of 66%, will able to declare $0.19 per share quarterly dividend, Disposition Activity of  $36.4 million and One Development Start to be at  405 Colorado, Austin, Texas.

Net income allocated to common shares totaled $6.7 million in the third quarter of 2019 compared to a net loss of ($43.3) million in the third quarter of 2018, including the 2018 impairment charge totaling ($56.9) million.

BDN in the third quarter of FY 19 has reported the adjusted funds from operations per share of 36 cents, which is in line with the analysts’ estimates for the adjusted funds from operations per share of 36 cents, as per Zacks Investment Research. The company had reported the adjusted revenue of $139.23 million in the third quarter of FY 19, beating the analysts’ estimates for revenue by 0.64%.

For fiscal 2020, the company expects net income to be in the range of $0.24 to $0.34 per diluted share and 2020 FFO guidance expected to be of range $1.41 – $1.51 per diluted share.

Meanwhile, during the third quarter, BDN had leased approximately 577,000 square feet and commenced occupancy on 518,000 square feet during the third quarter of 2019. The company have an additional 383,000 square feet of executed new leasing scheduled to commence subsequent to September 30, 2019.

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