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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A No.1
Current Report
Filed pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 7, 1997
BRANDYWINE REALTY TRUST
(Exact name of registrant as specified in its charter)
MARYLAND 1-9106 23-2413352
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) file number) Identification Number)
10 Campus Boulevard, Newtown Square, Pennsylvania 19073
(Address of principal executive offices)
(610) 325-5600
(Registrant's telephone number, including area code)
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ITEM 5. Other Events.
On March 7, 1997 Brandywine Realty Trust (the "Company") acquired a
6.763 acre parcel of undeveloped land located in Horsham Township, Montgomery
County, Pennsylvania for approximately $1.0 million. The seller was Horsham
Valley, Inc. The purchase price was paid through a combination of approximately
$645,000 in cash and a promissory note for $369,166 to be paid, without
interest, upon the earlier of: (i) the issuance by Horsham Township of a
building permit in connection with the construction of the second building on
the parcel of land or (ii) March 1, 1998. The purchase price for the property
was determined by negotiation between the Company and the seller. Mr. Nichols
Sr., the Company's Chairman, holds an approximately 25% interest in the seller.
On April 18, 1997 the Company acquired Greentree Executive Campus and
Five Eves Drive (the "Acquisition Properties") aggregating approximately 202,000
net rentable square feet located in Marlton, New Jersey, for an aggregate cash
purchase price of approximately $14.5 million. The purchase prices for the
Acquisition Properties were determined by arm's-length negotiations between the
Company and the sellers. Set forth below are brief descriptions of the
Acquisition Properties.
- 1000 Greentree Executive Campus, Evesham, New Jersey, a multi-building
garden office complex, was acquired for approximately $2.1 million.
The seller was Ira M. Lubert and Karen L. Lubert. The property is
comprised of 31,846 net rentable square feet and, at April 30, 1997,
was 100% leased. Major tenants of the property include Nevyas Eye
Assoc. and Occupational TG Center.
- 2000 Greentree Executive Campus, Evesham, New Jersey, a multi-building
garden office complex, was acquired for approximately $2.1 million.
The seller was Howard E. Needleman. The property is comprised of
28,155 net rentable square feet and, at April 30, 1997, was 100%
leased. Major tenants of the property include Kam Marketing and First
Bankers Mortgage.
- 3001, 3002 and 3003 Greentree Executive Campus, Evesham, New Jersey, a
multi-building garden office complex, was acquired for approximately
$2.7 million. The seller was 3001-2-3 Greentree Associates, L.P. The
property is comprised of 36,070 net rentable square feet and, at April
30, 1997, was 100% leased. Major tenants of the property include Abo,
Uris and Allenburger and Medical Billing.
- 4000 and 5000 Greentree Executive Campus, Evesham, New Jersey, a
multi-building garden office complex, was acquired for approximately
$4.2 million. The seller was 4000-5000 Greentree Executive Campus
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Associates, L.P. The property is comprised of 60,010 net rentable
square feet and, at April 30, 1997, was 90.5% leased. Major tenants
of the property include Vitro Corporation and JA Alternatives.
- 5 Eves Drive located in the Evesham Corporate Center, Marlton, New
Jersey, a three story mid-rise office building, was acquired for
approximately $3.4 million. The seller was LAKN Marlton Associates,
L.P. The property is comprised of 45,889 net rentable square feet
and, at April 30, 1997, was 65.1% leased. Major tenants of the
property include ADP Financial Information and McCay Corporation.
The table set forth below shows scheduled lease expirations for leases in
place at April 30, 1997 for the Acquisition Properties for each of the next ten
years beginning May 1, 1997, assuming none of the tenants exercise renewal
options or termination rights, if any, at or prior to scheduled expirations.
Scheduled Lease Expirations
<TABLE>
<CAPTION> Percentage of Total
Number of Net Rentable Square Final Annualized Final Annualized
Year of Lease Leases Expiring Footage Subject Base Rent Under Base Rent Under
Expiration Within the Year to Expiring Leases Expiring Leases(1) Expiring Leases Cumulative %
- -------------- --------------- ------------------ ------------------ --------------- ------------
<S> <C> <C> <C> <C> <C>
1997 25 38,750 508,626 22.00% 22%
1998 34 58,573 752,259 32.00% 54%
1999 17 33,663 455,728 19.00% 73%
2000 6 16,831 243,844 10.00% 83%
2001 5 16,738 194,324 8.00% 91%
2002 2 5,590 65,992 3.00% 94%
2003 - - - - 94%
2004 1 5,150 61,800 3.00% 97%
2005 - - - - 97%
2006 2 4,950 80,343 3.00% 100%
2007 & thereafter - - - - 100%
--- ------- ---------- -------
22 180,245 $2,362,916 100.00%
</TABLE>
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(1) Final Annualized Base Rent" for each lease scheduled to expire represents
the cash rental rate of base rents, excluding tenant reimbursements, in the
final month prior to expiration multiplied by twelve. Tenant reimbursements
generally include payments on account of real estate taxes, operating expense
escalations and common area utility charges.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BRANDYWINE REALTY TRUST
Date: July 21, 1997 By: /s/ Gerard H. Sweeney
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Title: President and Chief
Executive Officer
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