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After speaking with Gerard Sweeney, the CEO of Brandywine Realty Trust (NYSE: BDN) (Cramer's Take), a classic commercial real estate operator of office buildings, it is more clear to me than ever that the woes of commercial real estate are directly related to when a property was bought not what it is. In other words, if you bought an office building between 2005 and 2007, you are probably going to default. But if you didn't, and you just own a lot of buildings at decent prices, you are probably just going to make less money than you would have otherwise, as you are losing a tenant here and a tenant there, and it's crimping business.
Plus, according to Sweeney, it has gotten better, not worse, in the last few months, with prospective tenants actually kicking the tires, something that didn't happen for a year. Most important, in his key markets of Pennsylvania, New Jersey and Delaware, business is up nicely year over year. No wonder if you participated in his recent underwriting, you caught almost a double.
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