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Brandywine Realty Trust prices 4 million share public offering.

NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)--Nov. 26, 1996--Brandywine Realty Trust, a real estate investment trust (AMEX:BDN) announced Tuesday that it has priced its public offering of 4 million common shares of beneficial interest ("Common Shares") at $16.50 per share.

Smith Barney Inc. and Legg Mason Wood Walker Inc. have acted as managing underwriters for the offering. The offering is expected to close on Dec. 2, 1996. The company has also granted to the underwriters an option, exercisable for a period ending on Dec. 26, 1996, to purchase up to 600,000 Common Shares solely for the purpose of covering overallotments. All of such shares are being sold by the company.

The number of shares sold and the price per share reflect consummation of the previously announced one-for-three reverse share split, which was effected on Nov. 25, 1996 following the close of trading on the American Stock Exchange.

The company plans to use the net proceeds of the offering, together with the proceeds of two private placements that are expected to close simultaneously, primarily to repay approximately $49.2 million of mortgage indebtedness and to complete acquisitions of four office buildings having an aggregate purchase price of approximately $23 million.

Anthony A. Nichols Sr., chairman of Brandywine, stated that "We are extremely pleased with the success of our offering, which represents the next step in our growth plan." Gerard H. Sweeney, president and chief executive officer of Brandywine, added that "We expect the offering to increase liquidity, improve our access to capital and enhance institutional participation in our company."

Brandywine is a self-administered and fully integrated real estate investment trust that is one of the largest owners and operators of office and industrial properties in suburban Philadelphia. Following the consummation of the offering, it is expected that the company will own 37 commercial and industrial properties containing approximately 2.0 million net rentable square feet.

The company expects that it will continue its strategy of making opportunistic acquisitions of office and industrial properties in suburban Philadelphia. The common shares of the company trade on the American Stock Exchange under the symbol "BDN."

CONTACT: Brandywine Realty Trust

Gerard H. Sweeney, president/CEO, 610/325-5600
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Publication:Business Wire
Date:Nov 26, 1996
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