Brandywine Realty Trust (BDN - Snapshot Report), a real estate investment trust (REIT), recently reported its total record of leasing activities in the second quarter of 2012. Brandywine Realty stated that it has signed leasing agreements for approximately 709,207 square feet of space, comprising 239,871 square feet of new leases and 469,336 square feet of renewed leases.
To date, the company has signed over 1.4 million square feet of leasing agreement, taking into account 740,168 square feet of lease agreements signed in the first quarter of 2012. Including the latest leasing agreements, Brandywine Realty has achieved 87% of its targeted leasing in 2012.
Of the new lease agreements, 28,478 square feet of space was leased in the second quarter of 2012 and for another 211,393 square feet of space, the leasing period will start in the coming quarters of 2012 and beyond. Of the renewed lease agreements, leasing period for 49,623 square feet of space commenced in second quarter 2012 and for 419,623 square feet of space it will start later in 2012 and beyond.
Brandywine Realty primarily focuses on strong leasing activity and high tenant retention. Along with these, the company is focused on returning shareholders’ value through high-quality asset management, exceptional market knowledge and commitment to the soundest investment strategies.
The company signed lease agreements for properties situated in core markets across the United States. The company leased 149,421 square feet in Pennsylvania, 113,081 square feet in Metro DC, 112,675 square feet in Austin, 109,899 square feet in Richmond in Virginia, 90,537 square feet in Philadelphia CBD, 81,916 square feet in New Jersey and 51,678 square feet in California. Some of the renowned tenants of Brandywine Realty are Johnson Controls, Inc. (JCI - Analyst Report), Intel Corporation (INTC - Analyst Report), Vion Corporation, Edison Ventures, Hankins and Anderson and others.
Radnor, Pennsylvania-based Brandywine Realty is one of the largest, publicly traded integrated real estate companies in the United States. Brandywine Realty owns, develops, manages and has ownership interests in a primarily Class A, suburban and urban office portfolio in vibrant markets across U.S. As of March 31, 2012, the company’s portfolio comprised 306 properties totaling 34.6 million square feet.
Brandywine Realty is scheduled to release its second quarter 2012 earnings on July 25. The Zacks Consensus Estimate for the second quarter 2012 FFO (fund from operations) is pegged at 30 cents per share. Funds from operations, a widely accepted and reported measure of REIT’s performance, is derived by adding depreciation, amortization and other non-cash expenses to net income. We presently have a long-term Neutral recommendation on the stock. Also, it holds a Zacks #3 Rank (a short-term Hold rating).