On Wednesday, Shares of Brandywine Realty Trust (NYSE:BDN), gained 3.71% to $13.42.
Brandywine Realty Trust (BDN), declared a series of disposition transactions for five office properties that contain an aggregate of 1,216,800 rentable square feet and are presently 82% leased and a 1.6 acre development site. The property dispositions, not taking into account the development site, total $389.0 million, or $320 per square foot, representing a capitalization rate of 5.2% for both cash and GAAP based on net operating income.
Disposition Transactions
- We have reached a contract to dispose of our interests in Cira Square located in the University City submarket of Philadelphia, Pennsylvania for $354.0 million, or $410 per square foot. The property totals 862,700 square feet and is 100% leased to the General Services Administration and occupied by the Internal Revenue Service. We anticipate this transaction closing, subject to customary closing conditions, in the first half of the first quarter 2016. In connection with the anticipated sale, we plan to prepay the current mortgage totaling $177.4 million. After the transaction, Brandywine will continue to provide administration services at the property. In a related transaction, we anticipate prepaying the Cira Centre South Garage mortgage totaling $35.5 million unencumbering our 1,662 space facility.
- We have sold three office properties located in Carlsbad, California for $30.4 million, or $155 per square foot. The three properties total 196,100 square feet and are 65% leased.
- We have sold a 1.6 acre development site located at the corner of 2nd and King Streets in Wilmington, Delaware for $6.5 million.
- We have sold a flex/office property located in King of Prussia, Pennsylvania for $4.6 million, or $29 per square foot. The property totals 158,000 square feet and will be 100% vacant on January 1, 2016 and is being purchased by an owner/occupant.
Brandywine anticipates these transactions to result in a net gain of about $96.7 million. After paying off $212.9 million in mortgage debt, we expect to receive $124.5 million of net proceeds. The prepayment of the mortgages will result in an estimated $51.2 million cash charge for the early extinguishment of debt and an estimated $13.4 million charge for the write-off of unamortized debt costs. Brandywine anticipates to use the net proceeds to fund current development commitments, reduce debt and general corporate purposes.
Brandywine Realty Trust is a publically owned real estate investment trust. The firm invests in real estate markets of the United States. It makes investments in office, mixed-use, and industrial properties. Brandywine Realty Trust was founded in 1985 and is based in Radnor, Pennsylvania with additional offices in Mount Laurel, New Jersey; Richmond, Virginia; Dallas, Texas; Falls Church, Virginia; Oakland, California; Austin, Texas, and Carlsbad, California.
Shares of Stem Cells Inc (NASDAQ:STEM), declined -10.84% to $0.423, during its last trading session.
Stem Cells, declared a planned realignment to fully focus the Company’s resources on its proprietary HuCNS-SC® platform technology for the treatment of chronic spinal cord injury (SCI).
Evidence of efficacy from the Company’s ongoing clinical trials in chronic SCI offers therapeutic promise to restore lost function formerly considered unrecoverable. StemCells recently stated a pattern of improvements in both strength and motor function, six months post-transplant of its proprietary HuCNS-SC cells, in the first cohort of its Phase II Pathway™ Study in cervical spinal cord injury. These interim findings are especially compelling given that all patients were treated between 10 to 23 months post-injury. Spontaneous motor recovery is not predictable in SCI at this late stage after injury. Moreover, the emerging Phase II data are compriseent with the evolution of positive outcomes seen in the Company’s previous Phase I/II study in thoracic SCI, in which measurable sensory gains were stated in the majority of patients, and two of the seven patients enrolled with complete injuries (AIS A) converted to incomplete injuries (AIS B).
“The decision to prioritize our spinal cord injury program required some difficult choices, counting the suspension of the Company’s Phase II Radiant™ Study in geographic atrophy of age-related macular degeneration (GA-AMD) while we seek a partner to fund continued development in retinal disorders,” said Stem Cells’ CEO Martin McGlynn. “Given the strength of our clinical findings for the safety and preliminary efficacy of our HuCNS-SC platform technology in treating chronic spinal cord injury, we have decided that now is the time to narrow our focus. Our overall mission remains the same: to realize the full potential of cell-based therapeutics as a one-time intervention yielding a long-term benefit for millions of patients affected by intractable diseases and disorders of the central nervous system. While our programs addressing neurodegenerative diseases and retinal disorders have also shown great promise, we have concluded that the most effective way to accomplish our objective is by concentrating our limited corporate resources on the program with which we are making the most rapid progress — chronic spinal cord injury.”
Stem Cells, Inc., a biopharmaceutical company, researches, develops, and commercializes cell-based therapeutics and related technologies for stem cell-based research and drug discovery and development. It engages in clinical development of its platform technology, HuCNS-SC, a purified human neural stem cells used as a potential treatment for disorders of the central nervous system.
Finally, Discover Financial Services (NYSE:DFS), ended its last trade with 1.50% gain, and closed at $54.80.
Discover Student Loans is assisting parents and students prepare for college financial aid with the introduction of the FAFSA Assistant, a free interactive online tool that offers tips and advice families can use when preparing to complete their Free Application for Federal Student Aid (FAFSA)®. Using several key personal questions, the tool will provide families with customized feedback to ensure they have the necessary documents at the ready when filling out the FAFSA on January 1.
The Department of Education provides more than $150 billion in grants, loans, and work-study funds each year. Concluding the FAFSA is the first step in applying for federal student aid, and Discover Student Loans encourages families to complete it as soon as it’s available to take advantage of all aid programs and deadlines.
“The FAFSA provides students access to the largest source of college financial aid and is a critical step when planning for college,” said Andrew Hopkins, vice president of Discover Student Loans. “We strongly encourage all college-bound families to fill out the FAFSA but recognize that concluding the FAFSA can sometimes be confusing and stressful. Discover Student Loans introduced this new tool to provide families with the information they need, in an easy to understand format, so they can be prepared to complete the FAFSA.”
Discover Financial Services operates as a direct banking and payment services company in the United States. It operates in two segments, Direct Banking and Payment Services. The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, counting private student loans, personal loans, home loans, home equity loans, prepaid cards, and other consumer lending, in addition to deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.
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