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Brandywine Realty Trust's CEO Discusses Q1 2012 Results - Earnings Call Transcript

In other markets were we’re accelerating absorption through aggressively gaining market share, results along these lines remain measurable and positive. And in these markets, particularly in New Jersey and Northern Virginia, while we recognize we have marginal current pricing power, we are well positioned to achieve above market absorption levels and position those portfolios for long term growth.

Our watchword remains aggressive pursuit of tenants with the goal of meeting all of our business plan targets. Based on our year-to-date activity and forward pipeline, as evidence of our confidents we did increase our 2012 speculative revenue target by 2% and year-to-date we’ve achieved 80% of this new annual target.

Looking at the quarter, we had good leasing benchmarks and solid operating metrics. Most notably, our pipeline of transactions which we defined is prospects of an issued proposals remains consistent 3.4 million square feet.

The number and square footage of prospects touring or inquiring about our properties during the quarter averaged 37 companies and 400,000 square feet per week. For the quarter, these numbers were 26% greater than in the fourth quarter of 2011. So while general market activity leasing levels were generally down, we had a very good quarter of tenant inquires and inspections evidencing from our standpoint continued emergence of tenant demand and as previously mentioned flight the quality product and landlords.

Our goal of having positive same-store growth for 2011 remains on track, mark-to-market leasing spreads were consistent with our 2012 business plan albeit lower for the quarter particularly on a cash basis than our target of run rate for the year. For the balance of the year, we expect better forward leasing spread based upon the position of our projected leasing activity.

Concession package remained fairly steady, where we’re seeing higher capital cost we’re attempting to mitigate that through extended lease terms. Our TI cost for the quarter were in line with our business plan assumptions but continue to be an area of heightened focus.

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