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Brandywine Realty Trust's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: BDN

Prior to beginning our prepared comments, I would like to remind everyone that certain information discussed during our call may constitute forward-looking statements within the meaning of the federal securities law. Although, we believe the estimates reflected in these statements are based on reasonable assumptions, we cannot give assurance that the anticipated results will be achieved.

For further information on factors that could impact our anticipated results, please reference our press release, as well as our most recent annual and quarterly reports filed with the SEC.

We made significant progress on all aspects of our 2012 business plan during the second quarter. Our objectives remain very much on track and we are well positioned to finish the year strong. I’ll provide an overview of our three business plan components that is operations, balance sheet management and investments, then George and Howard will discuss our operating and financial results in more detail and Tom is certainly also available to discuss investment market activity.

Overall, the macroeconomic picture remains the biggest risk to our business plan and frankly the business plans of every other company. Data continues to shift like you we track it daily and try to discern the impact of this ever changing climate on our business plan. Due to the many conflicting data points in which we are all familiar, the word uncertainty has begun to creep back into some customer conversations during the last quarter. So, while we continue to be very pleased with the level of tenant activity through our portfolio, we fully understand the impact that macroeconomic data can have on tenant psychology. As such accelerating leasing absorption is our continual priority. And from an overall standpoint we still believe that the moderate recovery in our office markets remains well underway. Vacancy rates continued to decline in most of our markets and total leasing activity remained solid through most of our portfolio.

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