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 space.
Year-to-date last quarter, the company executed 650,000 square feet of leasing activity across its portfolio, highlighting the strength of Brandywine’s core portfolio while demonstrating continued progress in executing leasing within its development pipeline. Leasing activity in the fourth quarter was the highest in 2024 and 18% higher than in the fourth quarter of 2023. The weighted 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 solid foundation for the company, with more than 82% of new leasing activity coming from tenants moving into higher quality space. In addition to strong leasing within our existing assets, we continue to make progress in leasing within our development projects, strengthening the long-term value of our mixed-use strategy. These higher tenant demands are now targeting occupancy by 2026, which is likely to result in a stabilization of commercial development projects through 2026.
We are pleased with the continued leasing momentum in our portfolio, which reflects both the strength of our high-quality assets and the appeal of our dynamic mixed-use projects, said Jerry Sweeney, president and CEO of Brandywine Realty Trust. Our core portfolio remains the foundation of our business. While stabilization of our commercial projects is now expected in 2026, the leasing momentum we are seeing reaffirms the desirability of our projects and the long-term prospects for value creation of our investments. Our mixed-use development strategy allows 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, 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, downtown and transit portfolio consisting of 147 properties and 21.1 million square feet as of September 30, 2024. Our purpose is to shape , we connect and inspire the world around us with our expertise, the relationships we nurture, the communities we live and work in, and the history we build together. For more information, 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 generally can 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 expressed or implied by such forward-looking statements. These forward-looking statements, including our 2025 guidance, are based on our management’s current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and beyond our control. Such risks, uncertainties and contingencies include, but are not limited to: risks related to the impact of 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 the economy and real estate and financial markets; reduced demand for office space and pricing pressures, including from competitors, changes in tenant operating patterns that could limit our ability to lease space or set rents at expected levels or that could cause rents to decline; uncertainty and volatility in the capital and credit markets, including changes that reduce the availability and increase the cost of capital or that delay the receipt of future debt financing and refinancing; the effect of inflation and interest rate fluctuations, including the costs of our planned debt financing and refinancing; the tenant’s potential loss or bankruptcy or the tenant’s inability to meet their lease and other lease obligations; acquisition and disposal risks, including unexpected liabilities and integration costs; delays in completion and cost overruns incurred in connection with our development and redevelopment; disagreements with joint venture partners; unforeseen operating and capital costs; uninsured casualty losses and our ability to obtain adequate insurance, including coverage for terrorist attacks; additional asset impairments; our dependence on certain geographic markets; changes in government regulations, tax laws and rates and similar matters; unexpected costs of complying with REIT qualification; costs and disruptions as a result of a cybersecurity incident or other technology disruption; reliance on 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 the timing and amount) are subject to the discretion of our Board of Trustees, in its sole discretion, after consideration of various factors, including our financial condition, historical and projected operating results and available cash flow, as well as all applicable laws and contractual liabilities and all other relevant factors. Our board’s dividend declaration practices may change at any time and from time to time. Additional information about factors that could 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 amend forward-looking statements that become untrue as a result of subsequent events, unless required to do so the law.
Company / Contact with the investor:
Tom Wirth
EVP and CFO
610-832-7434
tom.wirth@bdnreit.com
Heather Crowell
Gregory FCA
215-316-6271
heather@gregoryfca.com
Source: Brandywine Realty Trust
