The approximately $56.9 million in proceeds will be used for the planned acquisition of an unidentified 248,000-sf office property that is 95% leased and/or to reduce debt in the REIT's revolving credit facility, according to a statement. Shares covering over-allotments could add another $8.6 million to Brandywine's gains.
In announcing the offering, Brandywine also said it anticipated full-year earnings per share of between $1.16 and $1.23 and funds from operation of between $2.64 and $2.69 a share.
The REIT trades under BDN on the NYSE. The stock opened at $25.45 a share on Oct. 15. The 52-week high is $26.06. The 52-week low, $18.75 a share, occurred in October 2002.
Brandywine has regional offices in Mt. Laurel, NJ and Richmond, VA. It owns, manages or has an ownership interest in 283 office and industrial properties aggregating 20.4 million sf, which makes it one of the largest full-service real estate companies in the Mid-Atlantic.
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