Brandywine Realty Trust (BDN) Completes Public Offering; Approves $0.10 Per Share Dividend & Lowers FY09 Outlook

June 2, 2009 5:30 PM EDT

Brandywine Realty Trust (NYSE: BDN) 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.

Based on current plans and assumptions and subject to the risks and uncertainties more fully described in our SEC filings, we are updating our previously announced FFO guidance for full year 2009 to reflect the share count dilution from the aforementioned offering of 40,250,000 common shares to now be in a range of $1.60 to $1.74 per diluted share versus the prior range of $2.00 to $2.17 per diluted share including the effect of impairment charges in both cases.(Consensus is $1.99)

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