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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Spekulatius who wrote (33908)	3/21/2009 12:35:37 PM
From: peter michaelson	Read Replies (1) \| Respond to of 78740

Spekulatius: Have you tried to buy any of those BDN bonds? While BDN senior bonds with a 20% YTM sound attractive, I have often discovered those posted yields to be inaccurate or not an accurate reflection of the bond's true pricing. cxa.marketwatch.com That display shows some bonds at a 20% ytm, but others at only 13%, 14%, or even 7%. If 20% is real though, I'm thinking if buying the bonds and a little common stock is a better deal than buying the preferreds. Maybe you can get the same upside, with better downside protection. Peter

To: Spekulatius who wrote (33908)	4/1/2009 5:24:52 PM
From: Grommit	Respond to of 78740

BDN. They just secured most of the funding that was maturing in 2009. from the Q4 conf call on 2/19 ...we have about a $70 million principle mortgage maturing in July. We’ve got a refinancing lined up that will actually slightly increase the proceeds reflective of a reasonable loaned value. And we hope to close that some time in the second quarter. That would leave us with about $90 million of additional mortgage financing. We’re going to market with a particular situation we think could raise as much as 50. And that would leave as yet unspecified $40 million in one to two other situations. And we may exceed that, but that’s what we’ve built in right now. Today they announced this mortgage, which seems to be the $70 million+ mentioned above: April 1 -- Brandywine Realty Trust announced today that it has closed an $89.8 million first mortgage financing on Two Logan Square, a 702,006 square foot, 99.1% leased, class A, office tower in Philadelphia, PA. The new loan features a 7.57% rate and a seven-year term with three years of interest only payments followed by a thirty-year amortization schedule. $68.6 million of the proceeds was used to repay without penalty the balance of the former Two Logan first mortgage loan and $21.2 million was used for general corporate purposes including the repayment of existing indebtedness. "We are very pleased to close this $89.8 million mortgage loan," stated Howard M. Sipzner, Executive Vice President and Chief Financial Officer of Brandywine Realty Trust. "It represents half of our goal for new 2009 mortgage loan originations..."