Brandywine Realty announces joint venture disposition
"In addition to the progress on our 2017 operating plan, we have commenced our anticipated development start in Austin, Texas and accelerated our disposition program well above the $200M goal outlined in our 2017 Business Plan. Taking advantage of the current investment sales market, we are increasing our anticipated 2017 disposition target by $230M to $430M, highlighted by a $333M portfolio sale within our Austin Joint Venture where we have a 50% ownership position. Our latest development project is a 165,000 square foot, 100% pre-leased office building on one of our development sites at our Four Points project with an existing tenant that needs expansion. As a result of the increased sales activity, we are revising and narrowing our 2017 FFO guidance range from $1.34 to $1.38 per share to $1.32 to $1.34 per share. We are also introducing our 2018 FFO guidance range of $1.36 to $1.46 per share which includes the effects of our increased 2017 sales activity. Reflecting confidence in our business plan and strong cash flow outlook, our Board of Trustees intends to increase our quarterly cash dividend rate by $0.02 per common share, or 12.5%, commencing in calendar year 2018, from an annualized rate of $0.64 per common share to an annualized rate of $0.72 per common share. Dividends will continue to be declared and paid quarterly and remain, as always, subject to the discretion of the Board as to both timing and amount," stated Gerard H. Sweeney, President and CEO of Brandywine Realty Trust.