PHILADELPHIA, Jan. 21, 2025 (GLOBE NEWSWIRE) — Brandywine Realty Trust (NYSE: NYSE:) today announced strong leasing activity across its portfolio, reflecting continued demand for high-quality office, and mixed-use spaces.

Since last quarter and to date, the Company has executed 650,000 square feet of leasing activity across its portfolio, highlighting the strength of Brandywine’s core portfolio while demonstrating continued progress in the execution of those leasing content in its development pipeline. Fourth quarter leasing activity was the highest in 2024 and 18% higher than the fourth quarter of 2023. The weighted average lease term for the quarter was 9.4 year with total leasing activity for 2024 of 2.2 million square feet.

Brandywine’s core portfolio remains a strong foundation for the company, with over 82% of new lease activity from tenants, who have moved into higher quality space. In addition to strong leasing within our existing properties we continue to generate leasing growth within our development projects, strengthening the long-term value strategy which is mixed with its use. These greater tenant requirements are now targeting occupancy by 2026 which will likely result in stabilization of commercial development projects during the 2026 period.

We are pleased with the continued leasing momentum in our portfolio, which reflects the strength of our high-quality properties and the appeal of our dynamic, mixed-use developments, said Jerry Sweeney, President and CEO of Brandywine Realty Trust. Our core portfolio remains the foundation of our business. While the stabilization of our commercial projects is now expected in 2026, the rental momentum we have seen reaffirms the desirability of our projects and the long-term value creation prospects of our investments. Our strategy of curating mixed-use environments positions us to capture future growth as the office market continues to stabilize.

About Brandywine Realty Trust

Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a primary focus in the Philadelphia and Austin markets. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio consisting of 147 properties and 21.1 million square feet. since September 30, 2024. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we develop, the communities in which we are live and work, and the history we build together. For more information, please visit www.brandywinerealty.com.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are generally identified by our use of forward-looking terminology such as will, strategy, expect, seek, believe, potential, or other similar words. . Because such statements involve known and unknown risks, uncertainties and events, actual results may differ materially from the expectations, intentions, beliefs, plans or forecasts of future expressed or implied in such forward-looking statements. These forward-looking statements, including our 2025 guidance, are based on the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict. and is out of our control. Such risks, uncertainties and contingencies include, among others: risks related to the impact of other possible future outbreaks of infectious diseases on our financial condition, results of operations and cash flows and on our tenants as well as the economy and real estate and financial markets; decreased demand for office space and pricing pressures, including from competitors, changes in tenant employment patterns that may limit our ability to lease space or set rents at the expected level or which may lead to a reduction in rent; uncertainty and volatility in the capital and credit markets, including changes that could reduce the availability of, and increase the cost of, capital or that delay the receipt of future debt financing and refinancing; the impact of inflation and interest rate fluctuations, including the costs of our planned debt financing and refinancing; the potential bankruptcy or bankruptcy of tenants or the inability of tenants to meet their rent and other lease obligations; risks of acquisitions and dispositions, including unexpected liabilities and merger costs; delays in the completion of, and cost overruns incurred in, our improvements and renovations; disagreements among joint venture partners; unexpected operating and capital costs; uninsured casualty losses and our ability to obtain adequate insurance, including coverage for acts of terrorism; increased asset impairment; our reliance on certain geographic markets; changes in government regulations, tax laws and fees and similar matters; unexpected costs of complying with REIT qualification; costs and disruption as a result of a cybersecurity incident or other technology disruption; confidence in key personnel; and failure to maintain an effective system of internal control, including internal control over financial reporting. The declaration and payment of future dividends (both timing and amount) is subject to the determination of our Board of Trustees, in its sole discretion, after considering various factors, including our financial condition, historical and forecast results. of operations, and available cash flow, as well as any applicable laws and contractual agreements and any other relevant factors. Our Board’s practice regarding the declaration of dividends may be changed at any time and from time to time. Additional information on factors that may affect us and the forward-looking statements contained herein are included in our filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2023 and our Form 10-Q for the quarter ended September 30, 2024. We undertake no obligation to update or supplement forward-looking statements that may prove incorrect as a result of subsequent events. unless required by law.

Company / Investor Contact:
Tom Wirth
EVP and CFO
610-832-7434
[email protected]

Heather Crowell
Gregory FCA
215-316-6271
[email protected]

Source: Brandywine Realty Trust