Brandywine Realty Trust (BDN) recently announced that it has executed five additional leases for a total space of 224,426 square feet at Three Logan Square in Philadelphia, PA.
Three Logan Square is currently 88% leased with three new leases encompassing 178,279 square feet of space for new tenants and the renewal of two leases by the existing tenants. The recent leasing strategy is expected to enhance the company's portfolio going forward.
The company primarily focuses on maximizing shareholders' value, driven by high-quality asset management, exceptional market knowledge, and commitment to the soundest investment strategies.
The company reported funds from operations (FFO) of $60.3 million or 41 cents per share in the third quarter of 2011 compared with $45.6 million or 32 cents per share in the year-earlier quarter. Funds Fom Operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
Brandywine Realty is one of the largest, publicly traded integrated real estate companies in the United States. Brandywine owns, develops, manages and has ownership interests in a primarily Class A, suburban and urban office portfolio comprising 311 properties spanning 35.5 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.