Brandywine Realty Trust Announces Common Quarterly Dividend, and Confirms Third Quarter 2023 Earnings Release and Conference Call
September 20 2023 - 4:19PM
Brandywine Realty Trust (NYSE:BDN) announced today that its Board
of Trustees has declared a quarterly cash dividend of $0.15 per
common share and OP Unit payable on October 18, 2023 to holders of
record on October 4, 2023. The quarterly dividend is equivalent to
an annual rate of $0.60 per share.
“Our 2023 business plan remains on target with a
continuation of strong leasing and operating metrics,” stated
Gerard H. Sweeney, President and Chief Executive Officer for
Brandywine Realty Trust. “However, current capital market
conditions are such that further enhancing our already strong
liquidity position makes sense. As such, we are adjusting our
quarterly dividend rate to $0.15 per share that represents the
minimum dividend payout level we expect to maintain for the
foreseeable future.”
Conference Call and Audio
WebcastWe will release our third quarter earnings after
the market close on Tuesday October 24, 2023 and will hold our
third quarter conference call on Wednesday October 25, 2023 at 9:00
a.m. Eastern Time. To access the conference call by phone, please
visit this link here, and you will be provided with dial in
details. A live webcast of the conference call will also be
available on the Investor Relations page of our website at
www.brandywinerealty.com.
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 core 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 comprising 162
properties and 22.8 million square feet as of June 30, 2023 which
excludes assets held for sale. Our purpose is to shape, connect and
inspire the world around us through our expertise, the
relationships we foster, the communities in which we live and work,
and the history we build together. For more information, please
visit www.brandywinerealty.com.
Forward-Looking StatementsThis
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 can generally be
identified by our use of forward-looking terminology such as
“will,” “strategy,” “expects,” “seeks,” “believes,” “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 predictions of the future expressed or implied by such
forward-looking statements. These forward-looking statements,
including our 2023 guidance and the progress of our projects under
development, are based upon 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 not within our control. Such
risks, uncertainties and contingencies include, among others: risks
related to the impact of COVID-19 and other potential future
outbreaks of infectious diseases on our financial condition,
results of operations and cash flows and those of our tenants as
well as on the economy and real estate and financial markets;
reduced demand for office space and pricing pressures, including
from competitors, that could limit our ability to lease space or
set rents at expected levels or that could lead to declines in
rent; uncertainty and volatility in capital and credit markets,
including changes that reduce availability, and increase costs, of
capital or that delay receipt of our planned debt financings and
refinancings; the effect of inflation and interest rate
fluctuations, including on the costs of our planned debt financings
and refinancings; the potential loss 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 integration costs; delays in completing,
and cost overruns incurred in connection with, our developments and
redevelopments; disagreements with joint venture partners;
unanticipated operating and capital costs; uninsured casualty
losses and our ability to obtain adequate insurance, including
coverage for terrorist acts; asset impairments; our dependence upon
certain geographic markets; changes in governmental regulations,
tax laws and rates and similar matters; unexpected costs of REIT
qualification compliance; and costs and disruptions as the result
of a cybersecurity incident or other technology disruption. 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
operating results, and available cash flow, as well as any
applicable laws and contractual covenants and any other relevant
factors. Our Board’s practice regarding declaration of dividends
may be modified at any time and from time to time. Additional
information on factors which could impact 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, 2022. We assume no
obligation to update or supplement forward-looking statements that
become untrue because of subsequent events except as required by
law.
Company / Investor Contact: |
|
Tom WirthEVP & CFO610-832-7434 tom.wirth@bdnreit.com |
Brandywine Realty (NYSE:BDN)
Historical Stock Chart
From Apr 2024 to May 2024
Brandywine Realty (NYSE:BDN)
Historical Stock Chart
From May 2023 to May 2024