This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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

Looking at the operational components of our business plan several of our markets have a positive pricing dynamic and in these markets we continued seeing encouraging signs of rental rate growth. In all of our markets we continued to benefit from a flight up the quality curve. Our leasing approach remains tactical and is sub-market driven. Our stronger markets Austin, Philadelphia, CBD and the Crescent markets in the Pennsylvania suburbs are experiencing increasing rental rates, lengthening of lease terms and downward pressure on capital concessions.

In other markets we continued to pursue absorption through expanding our market share of current tenant activity levels. Levels of activity in the Philadelphia, CBD the Pennsylvania suburbs and Austin Texas is strong and solid. These three operations will exceed our original business plan revenue forecast. Conversely we have not seen a continuation of leasing activity that we saw last year in Northern Virginia. In particular activities and levels in that market are below our expectations and we will not achieving the 2012 spec revenue levels that we originally anticipated.

Additionally our operations in Richmond are beginning to fall a bit behind plan due a lower level of anticipated tenant activity in our Southwest Richmond market in particular. Our Southern New Jersey operation we continued to experience strong leasing activity significantly above last year’s levels. We anticipate meeting our business plan projections in our New Jersey, Delaware operations. And given the current high activity levels have a potential to perform to the upside. Our expectation is that out-performance in our strongly performing markets will overcome any anticipated shortfalls in either Northern Virginia or Richmond. As such we are maintaining our $44.9 million spec revenue goal and are 87% executed on that target.

From operational and leasing standpoints notable accomplishments during the quarter, the transaction pipeline remained steady at 3.1 million square feet. During the quarter we had a solid 73% customer retention rate which brings us to year-to-date average of 69%. Even given no move-outs, we’re now forecasting an overall improvement to our 2012 retention rate of 60% which is up from 57% in our last forecast. George will outline the operational improvements in more detail. But given the strengthening of the portfolio’s overall metrics we’ve increased our same store NOI growth range on both GAAP and cash basis and we’ve also improved the range of our rental rate mark-to-market.

Read the rest of this transcript for free on seekingalpha.com

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,578.10 -76.67 -0.46%
S&P 500 1,984.56 -3.10 -0.16%
NASDAQ 4,817.6020 +4.8940 0.10%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs