-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, N3FsO88xG1pGX8t2KTP9ZzZ4mxAu5qIqrNoLwOrJKzEBwbw143FzN9taWgt+SWUt kuPIHH23l5rN/3LIaCy6mQ== 0000912057-97-024707.txt : 19970723 0000912057-97-024707.hdr.sgml : 19970723 ACCESSION NUMBER: 0000912057-97-024707 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970307 ITEM INFORMATION: Acquisition or disposition of assets FILED AS OF DATE: 19970722 SROS: AMEX FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRANDYWINE REALTY TRUST CENTRAL INDEX KEY: 0000790816 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 232413352 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-09106 FILM NUMBER: 97643393 BUSINESS ADDRESS: STREET 1: 16 CAMPUS BOULEVARD STREET 2: STE 100 CITY: NEWTOWN SQUARE STATE: PA ZIP: 19073 BUSINESS PHONE: 1-610-325-5600 MAIL ADDRESS: STREET 1: TWO GREENTREE CENTRE STREET 2: SUITE 100 CITY: MARLTON STATE: NJ ZIP: 08053 FORMER COMPANY: FORMER CONFORMED NAME: LINPRO SPECIFIED PROPERTIES DATE OF NAME CHANGE: 19920703 8-K/A 1 8-K/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A No.1 Current Report Filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) March 7, 1997 BRANDYWINE REALTY TRUST (Exact name of registrant as specified in its charter) MARYLAND 1-9106 23-2413352 (State or Other Jurisdiction (Commission (I.R.S. Employer of Incorporation) file number) Identification Number) 10 Campus Boulevard, Newtown Square, Pennsylvania 19073 (Address of principal executive offices) (610) 325-5600 (Registrant's telephone number, including area code) ITEM 5. Other Events. On March 7, 1997 Brandywine Realty Trust (the "Company") acquired a 6.763 acre parcel of undeveloped land located in Horsham Township, Montgomery County, Pennsylvania for approximately $1.0 million. The seller was Horsham Valley, Inc. The purchase price was paid through a combination of approximately $645,000 in cash and a promissory note for $369,166 to be paid, without interest, upon the earlier of: (i) the issuance by Horsham Township of a building permit in connection with the construction of the second building on the parcel of land or (ii) March 1, 1998. The purchase price for the property was determined by negotiation between the Company and the seller. Mr. Nichols Sr., the Company's Chairman, holds an approximately 25% interest in the seller. On April 18, 1997 the Company acquired Greentree Executive Campus and Five Eves Drive (the "Acquisition Properties") aggregating approximately 202,000 net rentable square feet located in Marlton, New Jersey, for an aggregate cash purchase price of approximately $14.5 million. The purchase prices for the Acquisition Properties were determined by arm's-length negotiations between the Company and the sellers. Set forth below are brief descriptions of the Acquisition Properties. - 1000 Greentree Executive Campus, Evesham, New Jersey, a multi-building garden office complex, was acquired for approximately $2.1 million. The seller was Ira M. Lubert and Karen L. Lubert. The property is comprised of 31,846 net rentable square feet and, at April 30, 1997, was 100% leased. Major tenants of the property include Nevyas Eye Assoc. and Occupational TG Center. - 2000 Greentree Executive Campus, Evesham, New Jersey, a multi-building garden office complex, was acquired for approximately $2.1 million. The seller was Howard E. Needleman. The property is comprised of 28,155 net rentable square feet and, at April 30, 1997, was 100% leased. Major tenants of the property include Kam Marketing and First Bankers Mortgage. - 3001, 3002 and 3003 Greentree Executive Campus, Evesham, New Jersey, a multi-building garden office complex, was acquired for approximately $2.7 million. The seller was 3001-2-3 Greentree Associates, L.P. The property is comprised of 36,070 net rentable square feet and, at April 30, 1997, was 100% leased. Major tenants of the property include Abo, Uris and Allenburger and Medical Billing. - 4000 and 5000 Greentree Executive Campus, Evesham, New Jersey, a multi-building garden office complex, was acquired for approximately $4.2 million. The seller was 4000-5000 Greentree Executive Campus 2 Associates, L.P. The property is comprised of 60,010 net rentable square feet and, at April 30, 1997, was 90.5% leased. Major tenants of the property include Vitro Corporation and JA Alternatives. - 5 Eves Drive located in the Evesham Corporate Center, Marlton, New Jersey, a three story mid-rise office building, was acquired for approximately $3.4 million. The seller was LAKN Marlton Associates, L.P. The property is comprised of 45,889 net rentable square feet and, at April 30, 1997, was 65.1% leased. Major tenants of the property include ADP Financial Information and McCay Corporation. The table set forth below shows scheduled lease expirations for leases in place at April 30, 1997 for the Acquisition Properties for each of the next ten years beginning May 1, 1997, assuming none of the tenants exercise renewal options or termination rights, if any, at or prior to scheduled expirations. Scheduled Lease Expirations
Percentage of Total Number of Net Rentable Square Final Annualized Final Annualized Year of Lease Leases Expiring Footage Subject Base Rent Under Base Rent Under Expiration Within the Year to Expiring Leases Expiring Leases(1) Expiring Leases Cumulative % - -------------- --------------- ------------------ ------------------ --------------- ------------ 1997 25 38,750 508,626 22.00% 22% 1998 34 58,573 752,259 32.00% 54% 1999 17 33,663 455,728 19.00% 73% 2000 6 16,831 243,844 10.00% 83% 2001 5 16,738 194,324 8.00% 91% 2002 2 5,590 65,992 3.00% 94% 2003 - - - - 94% 2004 1 5,150 61,800 3.00% 97% 2005 - - - - 97% 2006 2 4,950 80,343 3.00% 100% 2007 & thereafter - - - - 100% --- ------- ---------- ------- 22 180,245 $2,362,916 100.00%
- -------------- (1) Final Annualized Base Rent" for each lease scheduled to expire represents the cash rental rate of base rents, excluding tenant reimbursements, in the final month prior to expiration multiplied by twelve. Tenant reimbursements generally include payments on account of real estate taxes, operating expense escalations and common area utility charges. 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. BRANDYWINE REALTY TRUST Date: July 21, 1997 By: /s/ Gerard H. Sweeney ---------------------------- Title: President and Chief Executive Officer 4 -----END PRIVACY-ENHANCED MESSAGE-----