Sunday, August 23, 2009

Cramer discusses CRE...

...generally just do the opposite.

Although, in all fairness, Brandywine is positioned pretty good relative to some other REITs.
CMBS: They have 10 loans maturing in 2015 through 2017 (none later) in CMBS worth about $230 mm, they have 3 loans maturing over the next couple of year worth $61.475mm (see below), and 1 that matured this year (One & Three Christina Centre matured in January, paid down in March - JV with Maguire, looks like a 1% loss was incurred by the Trust, but I'm not familiar with the story here).

Corporate Debt $2.6 billion, staggered maturies starting 11/1/09, 2010, 2012, 2014, 2016, 2017, and 2026.

Equity: $1.32 billion, trading at a discount to NAV of $1.8 billion, for whatever that is worth.

They look a lot better from a maturing debt standpoint than most of their peers, but there are better places to get long commercial real estate than any REIT equity right now.

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