Brandywine Realty Trust (BDN, Financial) filed Quarterly Report for the period ended 2010-06-30.
Brandywine Realty Trust has a market cap of $1.52 billion; its shares were traded at around $11.54 with a P/E ratio of 7.9 and P/S ratio of 2.6. The dividend yield of Brandywine Realty Trust stocks is 5.2%.BDN is in the portfolios of Jim Simons of Renaissance Technologies LLC, John Buckingham of Al Frank Asset Management, Inc., Bruce Kovner of Caxton Associates, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
At June 30, 2010, we were proceeding on two developments and one redevelopment sites aggregating 1.4 million square feet with total projected costs of $356.4 million of which $54.5 million remained to be funded. These amounts include $342.0 million of total project costs for the combined 30th Street Post Office (100% pre-leased to the Internal Revenue Service) and Cira South Garage (93.2% pre-leased to the Internal Revenue Service) in Philadelphia, Pennsylvania of which $53.5 million remained to be funded at June 30, 2010. We are completing the lease-up of six recently completed developments, aggregating 0.9 million square feet, for which we expect to spend an additional $15.6 million in 2010. We are actively marketing space at these projects to prospective tenants but can provide no assurance as to the timing or terms of any leases of space at these projects.
As of June 30, 2010, two of our building properties located in King of Prussia, Pennsylvania are currently undergoing demolition and the remaining land balances are now presented as land inventory in our consolidated balance sheets. We have determined that there was a change in the estimated useful lives of the properties resulting from the ongoing demolition causing an acceleration of depreciation expense. During the three months ended June 30, 2010, we recognized the remaining depreciation of both properties amounting to $2.7 million with the land values of $1.1 million being reclassified to land inventory for potential future development. All related demolition costs are charged to earnings.
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Brandywine Realty Trust has a market cap of $1.52 billion; its shares were traded at around $11.54 with a P/E ratio of 7.9 and P/S ratio of 2.6. The dividend yield of Brandywine Realty Trust stocks is 5.2%.BDN is in the portfolios of Jim Simons of Renaissance Technologies LLC, John Buckingham of Al Frank Asset Management, Inc., Bruce Kovner of Caxton Associates, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
In the event of a tenant default, we may experience delays in enforcing our rights as a landlord and may incur substantial costs in protecting our investment. Our management regularly evaluates our accounts receivable reserve policy in light of our tenant base and general and local economic conditions. Our accounts receivable allowance was $15.6 million or 12.7% of total receivables (including accrued rent receivable) as of June 30, 2010 compared to $16.4 million or 14.3% of total receivables (including accrued rent receivable) as of December 31, 2009.At June 30, 2010, we were proceeding on two developments and one redevelopment sites aggregating 1.4 million square feet with total projected costs of $356.4 million of which $54.5 million remained to be funded. These amounts include $342.0 million of total project costs for the combined 30th Street Post Office (100% pre-leased to the Internal Revenue Service) and Cira South Garage (93.2% pre-leased to the Internal Revenue Service) in Philadelphia, Pennsylvania of which $53.5 million remained to be funded at June 30, 2010. We are completing the lease-up of six recently completed developments, aggregating 0.9 million square feet, for which we expect to spend an additional $15.6 million in 2010. We are actively marketing space at these projects to prospective tenants but can provide no assurance as to the timing or terms of any leases of space at these projects.
As of June 30, 2010, two of our building properties located in King of Prussia, Pennsylvania are currently undergoing demolition and the remaining land balances are now presented as land inventory in our consolidated balance sheets. We have determined that there was a change in the estimated useful lives of the properties resulting from the ongoing demolition causing an acceleration of depreciation expense. During the three months ended June 30, 2010, we recognized the remaining depreciation of both properties amounting to $2.7 million with the land values of $1.1 million being reclassified to land inventory for potential future development. All related demolition costs are charged to earnings.
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