-----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, S28dp7TvCG8dpygzQauo798jFN432KRbtdh8I9lDMJI5T3JwvfL2nvdm1t9fy5gF y7bTk2bZN1wHdxUUOUThUg== 0000912057-97-028880.txt : 19970825 0000912057-97-028880.hdr.sgml : 19970825 ACCESSION NUMBER: 0000912057-97-028880 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970815 ITEM INFORMATION: Other events FILED AS OF DATE: 19970822 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 SEC ACT: 1934 Act SEC FILE NUMBER: 001-09106 FILM NUMBER: 97668348 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 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) August 15, 1997 BRANDYWINE REALTY TRUST (Exact name of registrant as specified in its charter)
MARYLAND 1-9106 23-2413352 -------- ------ ---------- (State or other jurisdiction of (Commission file number) (I.R.S. Employer Identification incorporation) Number)
16 Campus Boulevard, Newtown Square, Pennsylvania 19073 (Address of principal executive offices) (610) 325-5600 (Registrant's telephone number, including area code) Page 1 of 4 pages Item 5. Other Events On August 15, 1997, Brandywine Operating Partnership, L.P. (the "Operating Partnership"), a limited partnership of which Brandywine Realty Trust (the "Company") is the sole general partner, acquired two office properties located in Fort Washington, Pennsylvania ("500 and 501 Office Center Drive" or the "Properties") containing approximately 211,000 net rentable square feet. As of August 15, 1997, the Properties were approximately 97% leased to 45 tenants. Advanta and Aetna Insurance each individually occupy more than 10% of the total net rentable area of the Properties. The purchase price for 500 and 501 Office Center Drive totaled $16.9 million. The Operating Partnership paid the purchase price and closing expenses using borrowings under its existing revolving credit facility. The seller of 500 and 501 Office Center Drive, Canada Life Assurance Company (the "Seller"), is a party unaffiliated with the Company and the Operating Partnership. The Company based its determination of the purchase price of the Properties on the expected cash flow, physical condition, location, competitive advantages, existing tenancies and opportunities to retain and attract additional tenants. The purchase price was determined by arm's-length negotiation between the Company and the Seller. -2- The table set forth below shows certain information regarding rental rates and lease expirations for 500 and 501 Office Center Drive. Scheduled Lease Expirations (500 and 501 Office Center Drive)
RENTABLE SQUARE YEAR OF NUMBER OF LEASES FOOTAGE SUBJECT FINAL ANNUALIZED PERCENTAGE OF TOTAL LEASE EXPIRING WITHIN TO EXPIRING BASE RENT UNDER FINAL ANNUALIZED BASE RENT EXPIRATION THE YEAR AT (1) LEASES EXPIRING LEASES (2) UNDER EXPIRING LEASES ---------- ---------------- --------------- ------------------- -------------------------- 1997 16 86,207 $ 833,515 40.6% 1998 16 44,521 443,547 21.6% 1999 9 24,363 258,130 12.6% 2000 8 33,970 354,531 17.3% 2001 2 13,066 137,173 -- 2002 1 2,604 27,342 1.3% 2003 -- -- -- -- 2004 -- -- -- -- 2005 -- -- -- -- 2006 and Thereafter -- -- -- -- -------- ------- --------- -------- Total 52 204,731 $ 2,054,238 100.0% -------- ------- --------- -------- -------- ------- --------- --------
(1) A lease is considered to expire if, and at any time, it is terminable by the tenant without payment of penalty or premium. (2) "Final Annualized Base Rent" for each lease scheduled to expire represents the cash rental rate in the final month prior to expiration multiplied by twelve. After giving effect to the acquisition of 500 and 501 Office Center Drive, the Company's portfolio consists of 76 office properties and 9 industrial properties that contain an aggregate of approximately 5.3 million net rentable square feet. -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 thereunto duly authorized. BRANDYWINE REALTY TRUST Date: August 22, 1997 By: /s/ Gerard H. Sweeney --------------- -------------------------------------------- Gerard H. Sweeney, President and Chief Executive Officer (Principal Executive Officer) Date: August 22, 1997 By: /s/ Mark S. Kripke --------------- -------------------------------------------- Mark S. Kripke, Chief Financial Officer and Secretary (Principal Financial and Accounting Officer) -4- -----END PRIVACY-ENHANCED MESSAGE-----