Philadelphia, January 21, 2025 (GLOBE NEWSWIRE) — Brandywine Realty Trust (NYSE:) today announced strong leasing activity across its portfolio, reflecting continued demand for high-quality office and mixed-use space.
From Q4 to date, the company has executed 650,000 square feet of leasing activity across its portfolio, underscoring the strength of Brandywine's core portfolio while demonstrating continued progress in executing leases within its development pipeline. Leasing activity in the fourth quarter was the highest in 2024 and up 18% from 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 on leasing within our development projects, enhancing the long-term value of its mixed-use strategy. These larger tenant requirements are now targeting occupancy in 2026, which will likely lead to a stabilization of commercial development projects through 2026.
“We are pleased with the continued leasing momentum across our portfolio, which reflects 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 our commercial projects are now expected to stabilize in 2026, the leasing momentum we are seeing reaffirms the desirability of our projects and the long-term value creation prospects of our investments. Our strategy of curating mixed-use environments enables us to achieve 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 primary focus on the Philadelphia and Austin markets. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, downtown and transportation-oriented portfolio of 147 properties and 21.1 million square feet as of September 30, 2024. Our purpose is to shape, connect and inspire the world around us through our expertise, relationships that 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 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. These forward-looking statements can generally be identified by our use of forward-looking terminology such as will, strategy, expect, seek, believe, potential or other similar words. Because such statements involve known and unknown risks, uncertainties and contingencies, actual results may differ materially from the future expectations, intentions, beliefs, plans or forecasts expressed or implied by such forward-looking statements. These forward-looking statements, including our 2025 guidance, are based on 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 are not within our control. These risks, uncertainties and contingencies include, among others: risks related to the impact of other potential infectious disease outbreaks in the future on our financial condition, results of operations and cash flows and those of our tenants as well as on the economy, real estate and financial markets; decreased demand for office space, pricing pressures, including from competitors, and changes in tenant business patterns that could limit our ability to lease space or set rents at expected levels or that could result in lower rent; uncertainty and volatility in the capital and credit markets, including changes that reduce the availability of capital and increase its costs or that delay the receipt of future debt financing and refinancing; the impact of inflation and interest rate fluctuations, including debt financing costs and planned refinancings; the potential loss or bankruptcy of tenants or the inability of tenants to meet their rental and other lease obligations; acquisition and disposition risks, including unanticipated liabilities and integration costs; delays in completion 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 acts of terrorism; impairment of additional assets; our dependence on certain geographic markets; changes in governmental regulations, tax laws, rates and similar matters; unexpected costs of complying with REIT qualifications; costs and disruptions as a result of a cybersecurity incident or other technology outage; Dependence 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 timing and amount) is subject to the decision of our Board of Trustees, in its sole discretion, after considering various factors, including our financial condition, historical and projected operating results, and available cash flow, as well as any applicable laws and contractual covenants. And any other relevant factors. The practices of the Board of Directors regarding the declaration of dividends may be amended at any time and from time to time. Additional information about the 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 year ended December 31, 2023. Quarter ending September 30, 2024. We undertake no obligation to update or supplement forward-looking statements that become incorrect due to subsequent events except as Required by law.
Company/investor contact:
Tom Wirth
Executive Vice President and Chief Financial Officer
610-832-7434
tom.wirth@bdnreit.com
Heather Crowell
Gregory FCA
215-316-6271
Heather@gregoryfca.com
Source: Brandywine Realty Trust
