Exhibit 99.1
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Prentiss Properties Trust Brandywine Realty Trust
3890 West Northwest Hwy. Suite 400 14 Campus Blvd. Suite 100
Dallas, TX 75220 Newtown Square, PA 19073
www.prentissproperties.com www.brandywinerealty.com
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NYSE: PP NYSE: BDN
AT PRENTISS: AT BRANDYWINE:
Thomas F. August Gerard H. Sweeney
President & Chief Executive Officer President & Chief Executive Officer
(214) 654-5709 (610) 325-5600
FOR IMMEDIATE RELEASE
Tuesday, April 10, 2001
PRENTISS PROPERTIES TRUST AND BRANDYWINE REALTY TRUST CLOSE ASSET EXCHANGE
April 10, 2001 -- Prentiss Properties Trust (NYSE: PP) and Brandywine Realty
Trust (NYSE: BDN) announced today consummation of their previously announced
asset exchange. In the transaction, as consummated, Brandywine acquired
substantially all of the operating assets of Prentiss in Pennsylvania, New
Jersey and Delaware, along with approximately 6.9 acres of developable land, and
Prentiss acquired Brandywine's Northern Virginia assets. The operating assets in
Pennsylvania, New Jersey and Delaware acquired by Brandywine consist of
approximately 1.6 million square feet in 30 existing office buildings, and the
Northern Virginia portfolio acquired by Prentiss consists of approximately
657,400 square feet in four existing office buildings and an interest in a joint
venture that owns two additional office buildings containing approximately
451,600 square feet.
In addition to the assets that closed today, Prentiss has entered into a
separate contract to sell a 206,000 square foot office development to
Brandywine, of which the first phase of 103,000 square feet is currently under
construction by Prentiss.
About Prentiss Properties Trust
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Prentiss Properties Trust is a self-administered and self-managed real estate
investment trust ("REIT") which focuses on the ownership and development of
office properties. Prentiss owns interests in 146 operating properties with
approximately 17.5 million net rentable square feet and 7 development projects
containing 1.1 million net rentable square feet. Prentiss Property Services, the
real estate services subsidiary of the Trust, is one of the 20 largest managers
of office and industrial properties in the U.S., managing approximately 40
million square feet of office and industrial properties owned by Prentiss, its
affiliates and third parties.
With its headquarters in Dallas, Texas, Prentiss Properties focuses on real
estate investments in Washington D.C., Chicago, Dallas/Fort Worth, Austin,
Northern California and Southern California. It is a full service real estate
company with in-house expertise in areas such as acquisitions, development,
facilities management, property management and leasing.
Additional information on Prentiss Properties Trust including more information
on the assets that acquired from Brandywine is available on the Company's Web
site at http://www.prentissproperties.com.
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About Brandywine Realty Trust
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Brandywine Realty Trust, with headquarters in Newtown Square, PA and regional
offices in King of Prussia, PA, Mt. Laurel, NJ and Richmond, VA, is one of the
Mid-Atlantic region's largest full-service real estate companies. Brandywine
Realty Trust owns 275 commercial and industrial properties, manages 44
properties for third parties, and is a partner in seven operating joint ventures
containing an aggregate of 21.7 million rentable square feet.
For more information, visit Brandywine's website at www.brandywinerealty.com
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Note: Certain statements in this release constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that may cause the actual results, performance, achievements or
transactions of the Company and its affiliates or industry results to be
materially different from any future results, performance, achievements or
transactions expressed or implied by such forward-looking statements. Such
risks, uncertainties and other factors relate to, among others, the Company's
ability to lease vacant space and to renew or relet space under expiring leases
at expected levels, the potential loss of major tenants, interest rate levels,
the availability and terms of debt and equity financing, competition with other
real estate companies for tenants and acquisitions, risks of real estate
acquisitions, dispositions and developments, including cost overruns and
construction delays, unanticipated operating costs and the effects of general
and local economic and real estate conditions. Additional information or factors
which could impact the Company and the forward-looking statements contained
herein are included in the Company's filings with the Securities and Exchange
Commission. The Company assumes no obligation to update or supplement
forward-looking statements that become untrue because of subsequent events.
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