(Above photo shows Brandywine's Class A, 42-story, 1.3-million-sf City Place office building at 2711 N. Haskell Ave., Dallas, TX. Photo at right below is the 464,470-sf Walnut Glen Tower at 8144 Walnut Hill Lane, Dallas.)
NEW YORK, NY-- Although its debt service coverage and leverage metrics have moderated since the closin
g of the Prentiss Properties acquisition, Brandywine Realty Trust (Brandywine) maintains a geographically diverse portfolio of well-leased assets to support its borrowings, according to the latest credit analysis update by Fitch Ratings.Fitch affirmed Brandywine’s IDR at ‘BBB-’ on April 7, 2008 and revised the REIT’s Rating Outlook to Stable from Positive.
Fitch's latest credit analysis update on Brandywine, which provides more detail supporting Fitch’s ratings, is available on the Fitch Ratings web site at 'www.fitchratings.com'.
Fitch currently rates Brandywine as follows:
Brandywine Realty Trust
--IDR ‘BBB-’.
Brandywine Operating Partnership, L.P.
--IDR ‘BBB-’.
Primary credit strengths include the following:
--Increased scale and geographic diversity following the Prentiss acquisition;--Solid leasing profile;
--Manageable lease expiration schedule; --Sizable unencumbered asset pool.
(Photo at left is the 176,803-sf 11400 Burnet Road office building, Austin, TX)
Primary credit concerns include the following:
--Declining debt service coverage ratios;
--Focus on suburban locations with relatively low barriers to entry;
--Weak risk-adjusted capitalization;
--Limited leasing activity to date in most recent development projects.
(The 40-story, 1.02-million-sf Burnett Plaza, 801 Cherry St., Fort Worth, TX, is at right below)
CONTACTS:
Sandro Scenga
Director, Corporate Communications
Fitch Ratings
+1-212-908-0278
Janice Svec
+1-212-908-0304 or
Steven Marks
+1-212-908-9161
New York
No comments:
Post a Comment