Dane Bowler
Value, hedge fund analyst, REITs, long/short equity

A Critical Yet Bullish Look At Brandywine Realty

Along with the 4th quarter earnings report, Brandywine Realty (NYSE:BDN) put out an ambitious 2013 guidance of $1.41 to $1.48 of FFO/diluted share. Via a presentation on 2/26/13, Brandywine laid out its plan on how it intends to meet this guidance. We will begin by showing BDN's intentions, and use fundamental analysis to ascertain the plausibility of reaching or beating the 2013 guidance.

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BDN is on track to meet its guidance, but the office sector is facing a powerful headwind and weak fundamentals. In the sections below, we will discuss the difficulties facing the sector and show how Brandywine is positioned to overcome them.

Headwind: Sequestration

SNL Financial published a report on the effects of...

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