PHILADELPHIA—Leaders of two of the largest office property REITs in the Philadelphia market say they are “keeping powder dry” and accumulating funds to ensure they have sufficient capital to withstand any downturn in the market over the next 18 to 24 months.
William Hankowsky, president, chairman and CEO of Liberty Property Trust, and Gerald Sweeney, president, CEO, and trustee, Brandywine Realty Trust, participated in a panel, “Where are the capital markets now and where are they going?” at the Urban Land Institute's Spring Conference, held here last week.
Noting that Liberty had made a decision to change its strategic direction several years ago, Hankowsky said sales of some $2.5 billion in non-core properties over the last several years, and expected sales between $900 million and $1.2 billion this year were funding its current activities.
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