Brandywine Sells Assets in Virginia - Analyst Blog


Brandywine Realty Trust ( BDN ) , recently completed the sale of an office building in Herndon, Virginia for $91.1 million. The 268,240 square foot property is known as South Lake at Dulles Corner. The net proceeds from the transaction will be used by Brandywine for general corporate purposes.

Through this strategic initiative, the company expects to enhance its portfolio quality and use the additional capital, which it generates for other investment activities. The sale strengthens the company's financial flexibility by providing it with additional liquidity.

During fourth quarter of 2011, the company completed disposition of its three office properties - 442 Creamery Way in Exton, PA and Lake Center II, Five Greentree Center, both in Marlton, and one land parcel in Dallas, TX for $30.8 million, bringing the total amount realized from disposition activity in 2011 to $36.7 million.

The company reported funds from operations (FFO) of $47.4 million or 32 cents per share in the fourth quarter of 2011 compared with $47.9 million or 33 cents per share in the year-earlier quarter. Funds from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization  as well as other non-cash expenses to the net income.

Brandywine Realty is one of the largest, publicly traded integrated real estate companies in the United States.  The company owns, develops, manages and has ownership interests in a primarily Class A, suburban and urban office portfolio comprising 305 properties totalling 34.6 million square feet.

Brandywine Realty currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Mack- Cali Realty Corp. ( CLI ) also holds a Zacks #3 Rank.

BRANDYWINE RT ( BDN ): Free Stock Analysis Report
MACK CALI CORP ( CLI ): Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Business , Stocks

Referenced Stocks: BDN , CLI

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