"We do expect fundamentals to continue firming," said Gerard Sweeney, president and chief executive officer, during the company's first-quarter conference call. "We believe the worst is generally behind us."
Brandywine's year-over-year occupancy rate fell to 87.8% during the quarter from 91.2%. The office REIT recorded a net loss of $2.5 million, better than Q1 2009's $2.8 million drop, and FFO fell to $45.6 million from $50.5 million.
Most of Brandywine's 241 assets are on the East Coast, but it does own 11 in California that it is looking to sell, and for good reason. The buildings there have a 77.4% occupancy rate.
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