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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
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) April 3, 1997
BRANDYWINE REALTY TRUST
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(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)
16 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 April 3, 1997, the Company purchased 201 and 221 King Manor Drive
(the "Properties"), two industrial facilities containing an aggregate of
approximately 124,960 net rentable square feet located in the King Manor
Industrial Campus in King of Prussia, Montgomery County, Pennsylvania for
approximately $3.5 million. The seller was Mellon Bank, N.A., Not Personally,
But as Trustee of the Westinghouse Electric Corporation Master Trust Fund, which
is not affiliated with the Company. Major tenants at the Properties include
Reber- Friel Company, General Insulation Company and Central Sprinkler
Corporation. The purchase price for the Properties was determined by
arm's-length negotiation between the Company and the seller.
The table set forth below shows scheduled lease expriations for leases
in place at March 31, 1997 for the Properties for each of the next ten years
beginning April 1, 1997, assuming none of the tenants exercise renewal options
or termination rights, if any, at or prior to scheduled expirations:
Scheduled Lease Expirations
Percentage of Total
Final Annualized Final Annualized
Base Base Rent From
Year of Number of Leases Net Rentable Square Rent From Properties Properties Under
Lease Expiring Within Footage Subject to Under Expiring Expiring Cumulative
Expiration the Year Expiring Leases Leases(1) Leases %
---------- ---------------- ------------------- -------------------- ------------------- ----------
1997 1 10,000 30,000 6.46% 6%
1998 -- -- -- -- 6%
1999 4 55,920 242,868 52.26% 59%
2000 -- -- -- -- 59%
2001 1 34,540 112,255 24.15% 83%
2002 -- -- -- -- 83%
2003 1 24,500 79,625 17.13% 100%
2004 -- -- -- -- 100%
2005 -- -- -- -- 100%
2006 -- -- -- -- 100%
2007 and thereafter -- -- -- -- 100%
---- ------- -------- -------
Total 7 124,960 $464,748 100.00%
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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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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits.
1.1 Agreement of Sale for 201 and 221 King Manor
Drive, King of Prussia, Upper Merion
Township, Montgomery county, Pennsylvania,
dated as of February 21, 1997, by and
between Brandywine Realty Trust, as Buyer,
and Mellon Bank, N.A., Not Personally, But
as Trustee of the Westinghouse Electric
Corporation master Trust Fund, as Seller.
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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: April 18, 1997 By: /s/ Gerard H. Sweeney
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Title: President and Chief Executive
Officer
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