The company will known test the market and see what it can dispose of based on size, quality and location. "Our first wave of properties is on the market, and we should have more clarity on pricing and velocity over the next several months," he said.
Meanwhile, the Brandywine will not pursue any new developments beyond its two developments and six redevelopments underway priced at $440.7 million. "Our major focus is on 2010," Sweeney said.
So far this year Brandywine has signed 1.1 million square feet of leases. About 8.7% of the company's leases remain set for a rollover this year. "Our concern remains the velocity of new lease transactions," Sweeney said, pointing out that tenant credit is a high priority in today's economic environment.
Brandywine's fourth-quarter net income came in at $14.7 million, down from $31.9 million in the same year-ago period, but FFO was $57.8 million, an increase from $53.8 million in the Q4 of 2007. The REIT owns 39 million square feet of offices, mainly in the Northeast.
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