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FORM 3
OMB APPROVAL
OMB Number 3235-0104
Expires: September 30, 1998
Estimated average burden
hours per response..........0.5
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of theSecurities Exchange Act of 1934, Section
17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of
the Investment Company Act of 1940
(Print or Type Responses)
<TABLE>
<S> <C> <C>
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1. Name and Address of Reporting Person* 2. Date of Event 4. Issuer Name and Ticker or Trading Symbol
Requiring Statement
Murry N. Gunty ("Gunty") (Month/Day/Year) Brandywine Realty Trust (NYSE: BDN)
09/28/98
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(Last) (First) (Middle) 3. I.R.S. 5. Relationship of Reporting Person(s) to Issuer
Identification (Check all applicable)
c/o LF Strategic Realty Investors L.P. Number of Reporting
Lazard Freres Person, if an entity X Director 10% Owner
Thirty Rockefeller Plaza, 63rd Floor (voluntary) ------ ------
Officer X Other
------ ------
(give title below) (specify below)
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New York, New York 10020 See (1) and (2) below.
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(City) (State) (Zip)
6. If Amendment, Date of Original
(Month/Day/Year)
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7. Individual or Joint/Group Filing
(Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
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</TABLE>
Table I -- Non-Derivative Securities Beneficially Owned
<TABLE>
<S> <C> <C> <C>
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1. Title of Security 2. Amount of Securities 3. Ownership 4. Nature of Indirect Beneficial Ownership
(Instr. 4) Beneficially Owned Form: (Instr. 5)
Direct (D) or
(Instr. 4) Indirect (I)
(Instr. 5)
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Common Shares 1,339,285 (see (4) below) I See (1) and (2) below.
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<FN>
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. (Over)
*If the Form is filed by more than one Reporting Person, see Instruction 5(b)(v) SEC 1473 (7/97)
Potential persons who are to respond to the collection of information contained in this form are not required to respond
unless the form displays a currently valid OMB control number. Potential persons who are to respond to the collection of
information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
</FN>
</TABLE>
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FORM 3 (continued) Table II -- Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible
securities)
<TABLE>
<S> <C> <C>
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1.Title of Derivative Security 2.Date Exercisable and 3.Title and Amount of Securities Underlying
(Instr. 4) Expiration Date Derivative Security
(Month/Day/Year) (Instr. 4)
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Date Exer- Expira- Amount or
cisable tion Date Title Number of Shares
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See (3) None. Common Shares 1,339,285 (see
Convertible Preferred Shares below. (4) below)
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Convertible Preferred Units See (5) None. Common Shares 2,767,857 (see
below (6) below)
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4.Conversion or 5. Ownership Form of 6. Nature of
Exercise Price of Derivative Security: Indirect
Derivative Security Direct (D) or Indirect (I) Beneficial
(Instr. 5) Ownership
(Instr. 5)
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See (3) below. I. See (1) and (2) below.
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See (5) below. I. See (1) and (5) below.
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</TABLE>
Explanation of Responses:
(1) Gunty is a Trustee of Brandywine Realty Trust ("Issuer"). In addition, he
is a Principal of Lazard Freres Real Estate Investors, L.L.C. ("LFREI"), which
is a general partner of LF Strategic Realty Investors L.P. ("LFSRI"), which is
the sole member of Prometheus AAPT Holdings, L.L.C. ("Holdings").
(2) Pursuant to that certain Purchase and Contribution Agreement, dated August
6, 1998 (the "Purchase and Contribution Agreement"), by and among Holdings,
LFSRI, Issuer and others, Holdings directly acquired 750,000 shares of 7.25%
Series A Cumulative Convertible Preferred Shares ("Convertible Preferred
Shares") of Issuer on September 28, 1998. Such Convertible Preferred Shares
are immediately convertible into common shares ("Common Shares") of Issuer.
Gunty disclaims beneficial ownership of any such shares except to the extent
of his pro rata interest in such shares.
(3) The Convertible Preferred Shares are immediately convertible at Holdings'
option into Common Shares at a conversion price of $28.00 per share; provided,
that if the Common Shares have traded at $23.00 per share or lower during the
60 day trading period ending December 31, 2003, such conversion price is
reduced to $26.50. The Convertible Preferred Shares have an initial
liquidation preference of $50.00 per share. In addition, Issuer may redeem the
Convertible Preferred Shares for cash at anytime on or after January 2, 2004
or upon the satisfaction of certain market conditions.
(4) Number of Common Shares beneficially owned calculated based on a $28.00
per share conversion price.
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(5) Pursuant to the Purchase and Contribution Agreement, Commonwealth Atlantic
Land IV Inc., Commonwealth Atlantic Land II Inc., Commonwealth Atlantic
Development Inc., Commonwealth Atlantic Operating Properties Inc. and
Commonwealth Atlantic Land Company (collectively, the "Commonwealth Sellers")
acquired an aggregate of 1,550,000 shares of Series B Preferred Units
("Convertible Preferred Units") of Brandywine Operating Partnership, L.P., a
direct subsidiary of Issuer, on September 28, 1998 and may acquire an
additional 400,000 shares of Convertible Preferred Units in connection with
the post-closing transfer of certain assets in accordance with the terms of
the Purchase and Contribution Agreement. Each of the Commonwealth Sellers is a
direct or indirect wholly-owned subsidiary of Commonwealth Atlantic Properties
Inc. ("CAPI"). CAPI, in turn, is a direct subsidiary of LF Strategic Realty
Investors L.P., the general partner of which is LFREI. Such Convertible
Preferred Units are convertible into Common Shares on and after September 28,
1999 at a conversion price of $28.00 per share; provided, that if the Common
Shares have traded at $23.00 per share or lower during the 60 day trading
period ending December 31, 2003, such conversion price is reduced to $26.50.
The Convertible Preferred Units have an initial liquidation preference of
$50.00 per unit. In addition, Issuer may redeem the Convertible Preferred
Units for cash at anytime on or after January 2, 2004 or upon the satisfaction
of certain market conditions. Gunty disclaims beneficial ownership of any such
shares except to the extent of his pro rata interest in such shares.
(6) Number of Common Shares into which the Convertible Preferred Units are
convertible were calculated based on a $28.00 per share conversion price.
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a)
Note: File three copies of this Form, one of which must be manually signed. If
space provided is insufficient, See Instruction 6 for procedure.
Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays a
currently valid OMB Number.
Murry N. Gunty 10/8/98
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** Signature of Reporting Person Date
Murry N. Gunty,
Trustee of Brandywine Realty Trust and
Principal,
Lazard Freres Real Estate Investors L.L.C.,
as general partner of LF Strategic Realty Investors L.P.,
as sole member of Prometheus AAPT Holdings, L.L.C.
