UPDATE: Ladenburg Thalmann Initiates Coverage on Brandywine Realty Trust

According to a research report published earlier today, Ladenburg Thalmann has initiated Brandywine Realty Trust

with a Neutral rating and $11.50 PT. In the report, Ladenburg Thalmann said, “We believe BDN's portfolio performance is on the upswing, having bottomed in late 2010/early 2011. Occupancy levels remain low, both versus historical levels and as compared to other office REITs, but we believe they should continue moving higher from here. As occupancy, same-store NOI, and earnings improve, we expects BDN's multiple - currently well below the average of the peer group - to increase.” Brandywine Realty Trust is currently trading at $11.23.