We have moved our speculative revenue target of 6.2% to $34.4 million and we are 94% executed on that planned component. Our same-store has improved from our original forecast and from last quarter. We are now projecting a same-store GAAP NOI decline of 3% to 4% versus our originally forecasted 4% to 6%, and a cash-based decline of 4.4% to 5.5% versus 5% to 7% previously forecasted.Capital costs are up quarter-over-quarter, George will outline the detail in a few minutes, but note that we have accelerated leasing activity and while doing so, have increased the average length of our lease by about 20%. We’re up to 5.4 years on average versus our 2011 business plan. More importantly, we’re up 35% from the 4.0 year average lease term that we experienced in 2010.
Brandywine Realty Trust's CEO Discusses Q2 2011 Results - Earnings Call Transcript
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