Brandywine Realty Trust
(
BDN
) recently completed the sale of a two-building office property --
Pacific Ridge Corporate Center, located in Carlsbad, California --
for $29 million. The net proceeds from the transaction will be used
by Brandywine for general corporate purposes. At the time of
closing of the transaction, the 121,381 square foot property was
84% leased.
Through this strategic initiative, Brandywine expects to enhance
the quality of its portfolio and use the additional capital, which
it generates for other investment activities. The asset divestiture
strengthens the company's financial flexibility by providing it
with additional liquidity. The portfolio repositioning strategy on
the company's part is to sell the non-core properties and recycle
capital into lucrative markets.
With this deal, Brandywine completed its $123 million worth
property sales in 2012, and remains well placed to achieve its
target of asset sale worth $175 million in 2012 as per its business
strategy.
During the first quarter of 2012, the company completed the
disposition of a fully leased; 268,240 square foot office building
located in Herndon, Virginia for $91.1 million and also completed
the disposition of a 32,978 square foot office building in
Moorestown, New Jersey for $3.0 million.
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
306 properties totalling 34.6 million square feet.
Brandywine Realty currently retains a Zacks #3 Rank, which
translates into a short-term Hold rating. We also have a long-term
Neutral recommendation on the stock. One of its competitors,
Mack-Cali Realty Corp.
(
CLI
) holds a Zacks #4 Rank, which translates into a short-term Sell
rating
BRANDYWINE RT (BDN): Free Stock Analysis Report
BRANDYWINE RT (BDN): Free Stock Analysis Report
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