Brandywine Realty Trust reported strong leasing momentum on Investing.com

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

Between last quarter and year-to-date, the company has executed 650,000 square feet of leases in its portfolio, demonstrating the strength of Brandywine’s core portfolio and continued growth of lease executions in its development pipeline. Fourth quarter leasing activity was the highest in 2024 and 18% higher than the fourth quarter of 2023. The average lease term for the quarter was 9.4 years, with total leasing activity for 2024 at 2.2 million square feet.

Brandywine’s core portfolio remains a strong foundation for the company, with over 82% of new lease activity coming from tenants moving into high-quality space. In addition to strong lease agreements in our existing properties, we will continue to make lease improvements in our development projects, which will strengthen the long-term value of the mixed-use strategy. These large tenant requirements are now targeting 2026 residential which will stabilize commercial development projects in 2026.

“We are pleased with the continued leasing momentum across our portfolio, reflecting the strength of both our high-quality properties and our dynamic and mixed-use developments,” said Jerry Sweeney, president and CEO of Brandywine Realty Trust. Our core portfolio remains the foundation of our business. Although stabilization of our commercial projects is now expected in 2026, the pace of leasing we are seeing confirms the desirability of our projects and the prospect of long-term value creation of our investments. Our strategy of managing mixed locations positions us for 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 significant focus in the Philadelphia and Austin markets. Organized as a real estate investment trust (REIT), as of September 30, 2024, we own, develop, lease and manage an urban, city center and transit-oriented portfolio comprising 147 properties and 21.1 million square feet. Connecting and inspiring the world around us through knowledge, the relationships we foster, the communities we live and work in, and the stories we build together. For more information, please visit www.brandywinerealty.com.

Forward-looking statements

This press release Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, contain certain forward-looking statements. Such forward-looking statements may generally be identified by our use of forward-looking terminology such as will, strategy, expects, will, believe, potential or other similar words. Because such statements involve known and unknown risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or future projections expressed or implied by the actual forward-looking statements. These forward-looking statements, including our 2025 guidance, are based on management’s current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and uncertainties, many of which are difficult to predict and beyond our control. Such risks, uncertainties and contingencies include: risks related to the impact of potential future contagion on our financial condition, results of operations and cash flows and those of our tenants, as well as the economy and real estate and financial markets; Decreased demand for office space and price pressures, including from competitors, may limit our ability to lease space or drive rents at expected levels or result in rental declines. the impact of inflation and interest rate fluctuations on our debt financing and restructuring costs, including uncertainty and volatility in the capital and credit markets, changes that reduce availability, and increase costs, delay the receipt of capital or future debt financing and restructuring; bankruptcy or insolvency of tenants or inability of tenants to meet rent and other rental obligations; risks of acquisitions and dispositions, including contingent liabilities and merger costs; completion delays and cost increases incurred in connection with our development and redevelopment; Disputes with partners; unexpected operating and capital expenditures; uninsured casualty losses and our ability to obtain adequate insurance, including coverage for acts of terrorism, additional property impairments; our dependence on certain geographic markets; changes in government regulations, tax laws and rates and similar matters; Unexpected costs of REIT compliance; costs and disruptions due to a cyber security incident or other technology disruption; Trust in key personnel; and failure to maintain an effective internal control system, including internal control over financial reporting. The declaration and payment of future dividends (timing and amount) will be determined by the Board of Directors, taking into account various factors, including financial condition, historical and forecast operating results and cash flow. as well as any applicable laws and contractual obligations and any other relevant factors. The Board’s procedure regarding dividend declaration may be amended at any time and from time to time. Additional information that may affect us on Form 10-K for the year ended December 31, 2023 and the forward-looking statements contained therein are included in our filing with the Securities and Exchange Commission. In the year Quarter ended September 30, 2024. Except as required by law, we undertake no obligation to update or supplement any forward-looking statements that may prove untrue as a result of subsequent events.

Company/Investor Relationship:
Tom Wirth
EVP and CFO
610-832-7434
Tom.wirth@bdnreit.com

Heather Crowell
Gregory F.C.A
215-316-6271
heather@gregoryfca.com

Source: Brandywine Realty Trust