Brandywine Realty (BDN) Completes 40.25M Share Offering; Declares Qtr. Dividend of $0.10; Cuts FY09 FFO Outlook

June 2, 2009 5:18 PM EDT

Brandywine Realty Trust (NYSE: BDN) 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.

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.

Lowers its FY09 FFO guidance from $2.00-$2.17 to $1.60-$1.74. On an adjusted basis, Brandywine sees FY09 FFO of $1.63-$1.77, which compares to the Street estimate of $1.99.

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