Brandywine Realty Trust (BDN, Financial) filed Quarterly Report for the period ended 2009-06-30.
Brandywine Realty Trust is a self-administered self-managed and fully integrated Real Estate Investment Trust active in acquiring developing redeveloping leasing and managing suburban office and industrial properties. The company\'s portfolio includes approximately 151 office properties and 28 industrial facilities. Certain of the Properties serve as flex facilities accommodating office use warehouse space and research and development activities. Brandywine Realty Trust has a market cap of $1.28 billion; its shares were traded at around $9.99 with a P/E ratio of 3.9 and P/S ratio of 2.1. The dividend yield of Brandywine Realty Trust stocks is 4.1%. Brandywine Realty Trust had an annual average earning growth of 4.4% over the past 10 years.
We plan to reduce capital expenditures during 2009 compared to prior years by concentrating only on those capital expenditures that are absolutely necessary. At June 30, 2009, we were proceeding on two developments and seven redevelopments sites aggregating 2.3 million square feet with total projected costs of $445.1 million of which $243.6 million remained to be funded. These amounts include $355.4 million of total project costs for the combined 30th Street Post Office (100% pre-leased to the Internal Revenue Service) and Cira South Garage (94.3% pre-leased to the Internal Revenue Service) in Philadelphia, Pennsylvania of which $215.8 million remained to be funded at June 30, 2009. See Note 7 to our consolidated financial statements and the liquidity and capital resources section herein for a description of the forward financing commitment that we entered into during the quarter ended June 30, 2009 related to these projects. We are also finishing the lease-up of four recently completed developments for which we expect to spend an additional $16.9 million in the remainder of 2009. We are actively marketing space at these projects to prospective tenants but can provide no assurance as to the timing or terms of any leases of space at these projects.
On April 29, 2009, we sold 7735 Old Georgetown Road, an office property located in Bethesda, Maryland containing 122,543 net rentable square feet, for a sales price of $26.5 million. At March 31, 2009, we incurred an impairment charge of $3.7 million to record this building to its fair market value.
Read the The complete ReportBDN is in the portfolios of David Einhorn of Greenlight Capital Inc.
Brandywine Realty Trust is a self-administered self-managed and fully integrated Real Estate Investment Trust active in acquiring developing redeveloping leasing and managing suburban office and industrial properties. The company\'s portfolio includes approximately 151 office properties and 28 industrial facilities. Certain of the Properties serve as flex facilities accommodating office use warehouse space and research and development activities. Brandywine Realty Trust has a market cap of $1.28 billion; its shares were traded at around $9.99 with a P/E ratio of 3.9 and P/S ratio of 2.1. The dividend yield of Brandywine Realty Trust stocks is 4.1%. Brandywine Realty Trust had an annual average earning growth of 4.4% over the past 10 years.
Highlight of Business Operations:
In the event of a tenant default, we may experience delays in enforcing our rights as a landlord and may incur substantial costs in protecting our investment. Our management regularly evaluates our accounts receivable reserve policy in light of our tenant base and general and local economic conditions. Our accounts receivable allowance was $17.5 million or 15.7% of total receivables (including accrued rent receivable) as of June 30, 2009 compared to $15.5 million or 13.6% of total receivables (including accrued rent receivable) as of December 31, 2008.We plan to reduce capital expenditures during 2009 compared to prior years by concentrating only on those capital expenditures that are absolutely necessary. At June 30, 2009, we were proceeding on two developments and seven redevelopments sites aggregating 2.3 million square feet with total projected costs of $445.1 million of which $243.6 million remained to be funded. These amounts include $355.4 million of total project costs for the combined 30th Street Post Office (100% pre-leased to the Internal Revenue Service) and Cira South Garage (94.3% pre-leased to the Internal Revenue Service) in Philadelphia, Pennsylvania of which $215.8 million remained to be funded at June 30, 2009. See Note 7 to our consolidated financial statements and the liquidity and capital resources section herein for a description of the forward financing commitment that we entered into during the quarter ended June 30, 2009 related to these projects. We are also finishing the lease-up of four recently completed developments for which we expect to spend an additional $16.9 million in the remainder of 2009. We are actively marketing space at these projects to prospective tenants but can provide no assurance as to the timing or terms of any leases of space at these projects.
On April 29, 2009, we sold 7735 Old Georgetown Road, an office property located in Bethesda, Maryland containing 122,543 net rentable square feet, for a sales price of $26.5 million. At March 31, 2009, we incurred an impairment charge of $3.7 million to record this building to its fair market value.
Read the The complete ReportBDN is in the portfolios of David Einhorn of Greenlight Capital Inc.
