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Brandywine to Raise $57M in Public Stock Offering

PLYMOUTH MEETING, PA-The REIT offers 2.25 million shares of common stock at $25.29 a share through Legg Mason Wood Walker and McDonald Investments. Proceeds will buy a 248,000-sf office property and/or pay down debt.

By Marita Thomas | Updated on October 15, 2003

PLYMOUTH MEETING, PA-Locally based Brandywine Realty Trust will sell 2.25 million of its shares of common stock in a public offering at $25.29 a share. The underwriters are Baltimore-based Legg Mason Wood Walker and McDonald Investments Inc., a KeyCorp company based in Cleveland. The underwriters have the option of acquiring an additional 337,500 shares to cover over-allotments.

The approximately $56.9 million in proceeds will be used for the planned acquisition of an unidentified 248,000-sf office property that is 95% leased and/or to reduce debt in the REIT’s revolving credit facility, according to a statement. Shares covering over-allotments could add another $8.6 million to Brandywine’s gains.

In announcing the offering, Brandywine also said it anticipated full-year earnings per share of between $1.16 and $1.23 and funds from operation of between $2.64 and $2.69 a share.

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