Brandywine Realty Trust Announces Sale of California Property
Published on Monday, 25 June 2012 18:24 Written by TradersHuddle Staff
RADNOR, Pa., June 25, 2012 /PRNewswire/ -- Brandywine Realty Trust (NYSE: BDN) announced today that it has completed the sale of Pacific Ridge Corporate Center, a two building office property totaling 121,381 square feet located in Carlsbad, California for $29 million or $239 per square foot on June 22, 2012. The property was 84% leased at the time of closing. The net sale proceeds of this sale, after customary pro-rations and closing costs, will be used by Brandywine for general corporate purposes.
"The sale of Pacific Ridge is a continuation of our objective to sell non-core properties and recycle capital into our target markets," stated Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. "With this deal, we have now completed $123 million of property sales in 2012 which puts us closer to achieving our target goal of $175 million in our 2012 business plan. Moving forward, we will continue to explore selling non-core properties on a selective basis in order to maximize value as well as improve the overall quality of our portfolio."
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, leases and manages an urban, town center and suburban office portfolio comprising 306 properties and 34.6 million square feet, including 231 properties and 25.1 million square feet owned on a consolidated basis and 52 properties and 6.5 million square feet in 18 unconsolidated real estate ventures as of March 31, 2012. For more information, please visit www.brandywinerealty.com.
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, including our Form 10-K for the year ended December 31, 2011. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
SOURCE Brandywine Realty Trust
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