The REIT was projected to report FFO of $1.10, according to the average estimate of 15 analysts in a Bloomberg survey. The results run counter to the broader U.S office market, where vacancies rose to a five year high in the third quarter, according to property research firm Reis Inc. Boston Properties' focus on high end buildings such as New York's Citigroup Center and San Francisco's Embarcadero Center means it will have an easier time leasing space, said Jordan Sadler, a REIT analyst with Keybanc Capital Markets Inc. "Tenants want the nicest space at the best value," he said. "Boston Properties is going to be able to steal tenancy away from lower quality buildings if they're willing to price aggressively." Sadler has a "hold" rating on the stock. 
Share:  The REIT was projected to report FFO of $1.10, according to the average estimate of 15 analysts in a Bloomberg survey. <span class="sent"> The results run counter to the broader U.S office market, where vacancies rose to a five year high in the third quarter, according to property research firm Reis Inc. <span class="company">Boston</span> Properties' focus on high end buildings such as New York's Citigroup Center and San Francisco's Embarcadero Center means it will have an easier time leasing space, said <span class="analyst">Jordan Sadler</span>, a REIT analyst with Keybanc Capital Markets Inc. </span> "Tenants want the nicest space at the best value," he said. "<span class="company">Boston</span> Properties is going to be able to steal tenancy away from lower quality buildings if they're willing to price aggressively." Sadler has a "hold" rating on the stock. ...The REIT was projected to report FFO of $1.10, according to the average estimate of 15 analysts in a Bloomberg survey. <span class="sent"> The results run counter to the broader U.S office market, where vacancies rose to a five year high in the third quarter, according to property research firm Reis Inc. <span class="company">Boston</span> Properties' focus on high end buildings such as New York's Citigroup Center and San Francisco's Embarcadero Center means it will have an easier time leasing space, said <span class="analyst">Jordan Sadler</span>, a REIT analyst with Keybanc Capital Markets Inc. </span> "Tenants want the nicest space at the best Tweet this 

Brandywine Realty Trust ( BDN ) . Q2 2009 Earnings Call Executives Gerard H. Sweeney , President and Chief Executive Officer Howard Sipzner , Chief Financial Officer George D. Johnstone , Senior Vice President of Operations & Asset Management Analysts Jordan Sadler , KeyBanc Capital Markets David Shapiro , BGB Security Michael Bilerman , Citigroup Inc. James Feldman , Banc of America Richard C. Anderson , BMO Capital Market Corp. Daniel P. Donlan , Janney Montgomery Scott John Stewart , Green Street Advisors Brendan Maiorana , Wells Fargo Securities Presentation Operator Good morning. 
Share:  Brandywine Realty Trust ( BDN ) . <span class="sent">Q2 2009 Earnings Call Executives Gerard H. Sweeney , President and Chief Executive Officer Howard Sipzner , Chief Financial Officer George D. Johnstone , Senior Vice President of Operations & Asset Management Analysts <span class="analyst">Jordan Sadler</span> , KeyBanc Capital Markets David Shapiro , BGB Security Michael Bilerman , Citigroup Inc. James Feldman , Banc of America Richard C. Anderson , BMO Capital Market Corp. </span>Daniel P. Donlan , Janney Montgomery Scott John Stewart , Green Street Advisors Brendan Maiorana , Wells Fargo Securities Presentation Operator Good morning. Tweet this 

"But you don't have to be at 25% to run a well capitalized company that can be positioned for growth and also weather a down cycle." General Growth Properties Inc., a mall owner that filed for bankruptcy protection last month, had an overall debt to value ratio of more than 80% after taking on $27 billion, largely to fund acquisitions. Because REITs are expected to ask investors for billions of dollars in fresh equity over the next few years, the debate over how much or how little leverage they should have has broad implications. Jordan Sadler, an analyst for KeyBanc Capital Markets, pegs the optimum debt load for a REIT at roughly four times earnings before interest, taxes, depreciation and amortization. Right now, the average REIT's debt load is about eight times Ebitda. 
Share:  "But you don't have to be at 25% to run a well capitalized company that can be positioned for growth and also weather a down cycle." <span class="company">General Growth Properties Inc</span>., a mall owner that filed for bankruptcy protection last month, had an overall debt to value ratio of more than 80% after taking on $27 billion, largely to fund acquisitions. Because REITs are expected to ask investors for billions of dollars in fresh equity over the next few years, the debate over how much or how little leverage they should have has broad implications. <span class="sent"> <span class="analyst">Jordan Sadler</span>, an analyst for KeyBanc Capital Markets, pegs the optimum debt load for a REIT at roughly four times earnings before interest, taxes, depreciation and amortization. </span> Right now, the average REIT's debt load is about eight times Ebitda. Tweet this 

Over the past month, his real estate investment trust has taken hefty write-downs on three midtown towers and pulled the plug on construction of two others. Meanwhile, the REIT is scrambling to contain fallout from the implosion of Lehman Brothers, a major Manhattan tenant, and the troubles of its biggest leaseholder, Citigroup. "In better times, [financial services] companies are high-quality tenants," says Jordan Sadler, an analyst at KeyBanc Capital Markets. "Today, many of them are struggling." 
Share:  Over the past month, his real estate investment trust has taken hefty write-downs on three midtown towers and pulled the plug on construction of two others. Meanwhile, the REIT is scrambling to contain fallout from the implosion of <span class="company">Lehman Brothers</span>, a major Manhattan tenant, and the troubles of its biggest leaseholder, Citigroup. <span class="sent"> "In better times, [financial services] companies are high-quality tenants," says <span class="analyst">Jordan Sadler</span>, an analyst at KeyBanc Capital Markets. </span> "Today, many of them are struggling." Tweet this