Brandywine completes stock offer, updates outlook (AP)
Tue, 2 Jun 2009 21:52:51 Etc/GMT
The real estate investment trust said it completed an offer of 40.25 million shares of stock at $6.30 per share. From the offer, it raised $242.5 million in net proceeds, which were used to reduce borrowings under a $600 million revolving credit facility, and for general corporate purposes.
The company, which focuses on managing office space, announced that it started the offer Wednesday.
With its increased share count, the company said it now expects its funds from operations to be between $1.60 and $1.74 per share for the year. Previously Brandywine expected $2 to $2.17 per share.
Funds from operations adds such items as amortization and depreciation to net income. It is considered a key measure of strength for real estate investment trusts because it gives a more accurate picture of cash performance.
Analyst expect $1.95 per share, according to Thomson Reuters.
Separately, Brandywine announced a quarterly cash dividend of 10 cents. The dividend is payable July 17 to shareholders of record as of July 3.
In aftermarket trading, Brandywine Realty shares fell 2 cents to $7.13.
source: http://biz.yahoo.com/ap/090602/us_brandywine_realty_outlook.html?.v=3