RADNOR, Pa., June 2 /PRNewswire-FirstCall/ -- Brandywine Realty Trust (the "Company") announced today that it has completed its previously announced public offering of 40,250,000 common shares at a public offering price of $6.30 per share, including 5,250,000 shares issued and sold to the underwriters to cover overallotments. The net proceeds to the Company from the offering, after deducting underwriting commissions and discounts and offering expenses totaled approximately $242.5 million. The Company used the net proceeds from the offering to reduce outstanding borrowings under its $600 million unsecured revolving credit facility and for general corporate purposes.
Merrill Lynch & Co., J.P.Morgan and Citi acted as the joint book-running managers. Copies of the final prospectus supplement and accompanying prospectus relating to these securities may be obtained by contacting Merrill Lynch & Co., Attention: Prospectus Department, 4 World Financial Center, New York, NY 10080; J.P.Morgan, Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245, (718) 242-8002; and Citi, Attention: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, NY 11220. ABN AMRO Incorporated, BNY Mellon Capital Markets, LLC, Deutsche Bank Securities, Janney Montgomery Scott LLC, Morgan Keegan & Company, Inc., PNC Capital Markets LLC, Piper Jaffray, and TD Securities acted as senior co-managers for the transaction, and BMO Capital Markets, Comerica Securities, Inc., Commerzbank Corporates & Markets, FTN Equity Capital Markets, Raymond James, RBC Capital Markets, Santander Investment, Stifel Nicolaus and SunTrust Robinson Humphrey acted as co-managers.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Quarterly Dividend Declaration
Brandywine also announced today that its Board of Trustees has declared a quarterly cash dividend of $0.10 per common share, payable on July 17, 2009 to holders of record on July 3, 2009. The Board of Trustees intends to match aggregate 2009 common share dividends to 2009 taxable income and will evaluate the mix of cash and common shares on an ongoing basis. The Board of Trustees also declared quarterly dividends of $0.46875 and $0.460938 for the 7.50% Series C Cumulative Redeemable Preferred Shares and 7.375% Series D Cumulative Redeemable Preferred Shares, respectively, each payable on July 15, 2009 to holders of record on June 30, 2009 of the Series C and Series D Preferred Shares.
Second Quarter 2009 Earnings Release and Conference Call Information
The Company will release its second quarter earnings after the market close on Tuesday, July 28, 2009, and will hold its second quarter conference call on Wednesday, July 29, 2009, at 10:00 a.m. EDT. The conference call can be accessed by dialing 1-800-683-1525 and providing conference ID: 12136187. Beginning two hours after the conference call, a taped replay of the call can be accessed through Wednesday, August 12, 2009, by calling 1-800-642-1687 and entering access code 12136187. The conference call can also be accessed via a web cast on our website at http://www.brandywinerealty.com/.
2009 FFO Guidance
Based on current plans and assumptions and subject to the risks and uncertainties more fully described in our Securities and Exchange Commission filings, we are updating our previously announced FFO guidance for full year 2009 to reflect the share count dilution from the aforementioned offering of 40,250,000 common shares to now be in a range of $1.60 to $1.74 per diluted share versus the prior range of $2.00 to $2.17 per diluted share including the effect of impairment charges in both cases. This guidance is provided for informational purposes and is subject to change. The following is a reconciliation of the calculation of FFO per diluted share and earnings per diluted share:
Guidance for 2009 Range or Value ----------------- -------------- Earnings(loss) per diluted share allocated to common shareholders $(0.15) to $(0.01) Plus: real estate depreciation and amortization 1.75 1.75 ---- ---- FFO per diluted share $1.60 to $1.74 Plus: impairment charges (incurred to date) 0.03 0.03 ---- ---- Adjusted FFO per diluted share $1.63 to $1.77 ===== =====
This updated FFO guidance otherwise confirms our previously announced FFO guidance. Our 2009 FFO guidance does not include any income from the sale of undepreciated real estate in accordance with our current practice, and does not include any income, loss or impairments from the sale of real estate not previously disclosed.
About Brandywine Realty Trust
Brandywine Realty Trust is one of the largest, publicly traded, full-service, integrated real estate companies in the United States. Organized as a real estate investment trust and operating in select markets, Brandywine owns, develops and manages a primarily Class A, suburban and urban office portfolio aggregating approximately 37.3 million square feet, including 26.1 million square feet which it currently owns on a consolidated basis. For more information, visit our website at http://www.brandywinerealty.com/.
Forward-Looking Statements
Certain statements in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of the Company and its affiliates or industry results to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors relate to, among others, the Company's ability to lease vacant space and to renew or relet space under expiring leases at expected levels, the potential loss of major tenants, interest rate levels, the availability and terms of debt and equity financing, competition with other real estate companies for tenants and acquisitions, risks of real estate acquisitions, dispositions and developments, including cost overruns and construction delays, unanticipated operating costs and the effects of general and local economic and real estate conditions. Additional information or factors which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
Brandywine Realty Trust
CONTACT: Investor-Press Contact, Marge Boccuti, Manager, Investor
Relations, +1-610-832-7702, marge.boccuti@bdnreit.com, or Company Contact,
Howard M. Sipzner, EVP & CFO, +1-610-832-4907, howard.sipzner@bdnreit.com,
both of Brandywine Realty Trust
Web Site: http://www.brandywinerealty.com/
