Strong Market Positioning and Leasing Activity
Brandywine executed over 99% of their spec revenue target with a tenant retention rate of 68%, expecting to end the year at the upper end of their range. Leasing activity for the quarter approximated 343,000 square feet.
Improved Liquidity and Debt Management
No outstanding balance on the $600 million line of credit and $300 million of bonds issued, which generated $296 million of gross proceeds, used to repay a secured CMBS loan.
Positive Leasing Trends
51% of all new leases were the result of a flight to quality, with a solid leasing pipeline of 1.7 million square feet.
Asset Sales Exceed Expectations
Brandywine sold $73 million of properties, exceeding their anticipated $50 million of asset sales.
FFO Beats Consensus
FFO for the quarter was $0.16 per share, $0.01 above consensus.