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PHILADELPHIA, May 20, 2020 (GLOBE NEWSWIRE) -- Brandywine Realty Trust (BDN) announced today that its Board of Trustees has declared a quarterly cash dividend of $0.19 per common share and OP Unit payable on July 22, 2020 to holders of record on July 8, 2020. The quarterly dividend is equivalent to an annual rate of $.76 per share.
April and May Collections Update
“We took early action to mitigate the potential impacts and risks of COVID-19, and continue to assess the ongoing effects to our business plan and our tenants,” stated Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. “The safety and wellbeing of our employees and tenants has remained our top priority. We are focused on the safe return to the workplace and have designed a multi-faceted program which includes upgraded building systems, enhanced cleaning protocols in accordance with CDC guidelines, increased health and safety training of personnel, and safe distancing protocols and directional signage. We continue a robust two-way dialogue with our tenants to proactively meet unique needs, and have designed a variety of tools to help tenants and their employees prepare for their safe return, including our property-by-property “Safe & Smooth Return to the Office Handbook” and Building Safety instructional videos. This unique circumstance has underscored Brandywine’s dedication to being a strategic workplace partner as we continue to provide a myriad of solutions and resources to our tenants – from COVID-19 space planning expertise, to forthcoming virtual health and wellness classes. Where appropriate, we have provided limited rent deferrals and, to date, the financial impact to Brandywine has not been material and overall rent collections continue to be strong.”
The following is an update of our April and May 2020 consolidated cash-based rent collections as of May 18, 2020:
April Collections: Overall, we have now received 99% of April rents.
May Collections: We have received 96% of May rents which includes a 97% collection rate from our office tenants.
Conference Call and Audio Webcast
We will release our second quarter earnings after the market close on Wednesday, July 22, 2020, and will hold our second quarter conference call on Thursday, July 23, 2020 at 9:00 a.m. Eastern. The conference call can be accessed by dialing 1-833-818-6810 and providing conference ID: 1490094. Beginning two hours after the conference call, a taped replay of the call can be accessed through Friday, August 7, 2020, by calling 1-855-859-2056 and entering access code 1490094. The conference call can also be accessed via a webcast on our website at www.brandywinerealty.com.
About Brandywine Realty Trust
Brandywine Realty Trust (BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia, Austin and Washington, D.C. Markets. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 172 properties and 24.1 million square feet as of March 31, 2020, which excludes assets held for sale. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together. For more information, please visit www.brandywinerealty.com.
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. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. Because such statements involve known and unknown risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These forward-looking statements, including our 2020 guidance, are based upon 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 generally not within our control. Such risks, uncertainties and contingencies include, among others: risks related to the impact of COVID-19 and other potential future outbreaks of infectious diseases on our financial condition, results of operations and cash flows and those of our tenants as well as on the economy and real estate and financial markets; reduced demand for office space and pricing pressures, including from competitors, that could limit our ability to lease space or set rents at expected levels or that could lead to declines in rent; uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital; the potential loss or bankruptcy of tenants or the inability of tenants to meet their rent and other lease obligations; risks of acquisitions and dispositions, including unexpected liabilities and integration costs; delays in completing, and cost overruns incurred in connection with, our developments and redevelopments; unanticipated operating and capital costs; uninsured casualty losses our ability to obtain adequate insurance, including coverage for terrorist acts; asset impairments; our dependence upon certain geographic markets; changes in governmental regulations, tax laws and rates and similar matters; unexpected costs of REIT qualification compliance; and costs and disruptions as the result of a cybersecurity incident or other technology disruption. The declaration and payment of future dividends (both timing and amount) is subject to the determination of our Board of Trustees, in its sole discretion, after considering various factors, including our financial condition, historical and forecast operating results, and available cash flow, as well as any applicable laws and contractual covenants and any other relevant factors. Our Board’s practice regarding declaration of dividends may be modified at any time and from time to time. Additional information on factors which could impact 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, 2019. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events except as required by law.
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