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RADNOR, PA-Brandywine Property Trust’s first-quarter net income spiked to $19.4 million, compared with a $2.6-million loss in the same quarter a year ago. The rise came primarily from a $26-million gain on the sale of properties, compared with none in the prior year quarter. Funds from operations rose 6.2% to $58.6 million, and revenue was up 13% to $163.1 million.

The sales pace continued this year with the April sale of Cityplace in Dallas, which completes the REIT’s exit from that market. Over the past 12 months Brandywine has disposed of $750 million in property and projects the sale of an additional $250 million in the remainder of this year. This is in keeping with “asset recycling” plans to build “a higher quality portfolio,” said Jerry Sweeney, CEO, during a conference call.

Continuing cap-rate compression, however, has “dampened our view of acquisitions,” he said. “We will be very selective and very disciplined,” he added, noting that in evaluating $2.6-billion in properties aggregating 11 million sf, the company only acquired its remaining 49%-stake in a one-million-sf portfolio from ABP for $63.5 million, as previously reported in GlobeSt.com.

There are six properties in the development pipeline aggregating 960,293 sf, and seven others where land preparation and project design is under way. Twelve properties aggregating nearly 1.8 million sf are slated for redevelopment. The estimated total investment in ground-up and redeveloped projects is north of $445 million.

Sweeney said there is a steady recovery under way in all markets in which the company operates. “CBD Philadelphia is showing surprising strength,” he said. “Elsewhere there’s nothing truly dramatic, just a nice progression.”

Occupancy in the full portfolio reached 93% and it was 94% leased at the end of the first quarter, which compares with 90% a year ago. Rates for new leases and renewals during the quarter averaged $23.26 per sf on a cash basis, up 20% versus the prior-year’s opening quarter.

At mid-day May 2, shares of BDN were trading at $32.91 per share on the NYSE. The 52-week trading range is between $37.05 per share on this Feb. 26 and $27.24 per share a year ago on May 3, 2006.

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