Profile: Brandywine Realty Trust (BDN_pe.N)
10 Mar 2014
Brandywine Realty Trust, incorporated on February 26, 1986, is a self-administered and self-managed REIT, which provides leasing, property management, development, redevelopment, acquisition and other tenant-related services for a portfolio of office, mixed-use and industrial properties. As of December 31, 2012, the Company owned 221 properties, consisting of 193 office properties, 19 industrial facilities, five mixed-use properties, two redevelopment properties and two re-entitlement properties (the Properties) containing an aggregate of approximately 25.1 million net rentable square feet. As of December 31, 2012, it owned economic interests in 19 unconsolidated real estate ventures that contain approximately 7.0 million net rentable square feet (the Real Estate Ventures). As of December 31, 2012, it also owned 434 acres of undeveloped land, and held options to purchase approximately 52 additional acres of undeveloped land. The Properties and the properties owned by the Real Estate Ventures are located in or near Philadelphia, Pennsylvania; Metropolitan Washington, D.C.; Southern and Central New Jersey; Richmond, Virginia; Wilmington, Delaware; Austin, Texas, and Oakland, Concord, Carlsbad and Rancho Bernardo, California. The Company owns its assets and conducts its operations through the Operating Partnership and subsidiaries of the Operating Partnership. The Company is the sole general partner of the Operating Partnership and, as of December 31, 2012, owned a 98.1% interest in the Operating Partnership. As of December 31, 2012, the Company was managing approximately 7.4 million net rentable square feet of office and industrial properties for third parties and the Real Estate Ventures.
On December 31, 2012, the Company acquired a two-building office property totaling 136,075 of net rentable square feet in Austin, Texas known as 7000 West at Lantana. On December 11, 2012, it acquired an office property containing 456,922 net rentable square feet in Philadelphia, Pennsylvania known as 1900 Market Street. On November 20, 2012, it acquired a ten-acre parcel of land in Herndon, Virginia. On January 6, 2012, it acquired a vacant office property containing 154,392 net rentable square feet in Plymouth Meeting, Pennsylvania known as 660 West Germantown Pike. On July 18, 2012, it sold a portfolio of 11 flex/office properties, totaling 466,719 square feet, in Exton, Pennsylvania. On June 22, 2012, it sold Pacific Ridge Corporate Center, a 121,381 net rentable square feet, two-building office property located in Carlsbad, California. On March 22, 2012, it sold South Lake at Dulles Corner, a 268,240 net rentable square feet office property located in Herndon, Virginia. On January 17, 2012, it sold 304 Harper Drive, a 32,978 net rentable square feet office property located in Moorestown, New Jersey.
As of December 31, 2012, the Company manages its portfolio within seven segments: Pennsylvania Suburbs, Philadelphia Central Business District (CBD), Metropolitan Washington D.C., New Jersey/Delaware, Richmond, Virginia, Austin, Texas and California. The Pennsylvania Suburbs segment includes properties in Chester, Delaware, and Montgomery counties in the Philadelphia suburbs. The Philadelphia CBD segment includes properties located in the City of Philadelphia in Pennsylvania. The Metropolitan Washington, D.C. segment includes properties in Northern Virginia and suburban Maryland. The New Jersey/Delaware segment includes properties in Burlington, Camden and Mercer counties in New Jersey, and in New Castle county in the state of Delaware. The Richmond, Virginia segment includes properties primarily in Albemarle, Chesterfield, Goochland and Henrico counties and Durham, North Carolina. The Austin, Texas segment includes properties in Austin. The California segment includes properties in Oakland, Concord, Carlsbad and Rancho Bernardo.
The Company conducts its third-party real estate management services business primarily, through six management companies (collectively, the Management Companies): Brandywine Realty Services Corporation (BRSCO), BTRS, Inc. (BTRS), Brandywine Properties I Limited, Inc. (BPI), BDN Brokerage, LLC (BBL), Brandywine Properties Management, L.P. (BPM) and Brandywine Brokerage Services, LLC (BBS). Each of BRSCO, BTRS and BPI is a taxable REIT subsidiary. As of December 31, 2012, the Operating Partnership owned, directly and indirectly, 100% of each of BRSCO, BTRS, BPI, BBL and BPM. As of December 31, 2012, the Management Companies managed properties containing an aggregate of approximately 32.5 million net rentable square feet, of which approximately 25.1 million net rentable square feet related to Properties owned by the Company and approximately 7.4 million net rentable square feet related to properties owned by third parties and the Real Estate Ventures.
Brandywine Realty Trust
Suite 100, 555 East Lancaster Av
RADNOR PA 19087