Brandywine Realty Trust Announces Expiration of Tender Offer for Any and All of its Outstanding 4.10% Guaranteed Notes due 2024 With Approximately $221.6 Million Having Been Tendered

PHILADELPHIA, April 22, 2024 (GLOBE NEWSWIRE) -- Brandywine Realty Trust (the “Company”) (NYSE:BDN) announced today the expiration of the previously announced cash tender offer (the “Tender Offer”) by its operating partnership, Brandywine Operating Partnership, LP (the “Operating Partnership”), for any and all of its outstanding 4.10% Guaranteed Notes due October 1, 2024 (the “Notes”). The Tender Offer expired at 5:00 p.m., New York City time, on Friday, April 19, 2024 (the “Expiration Date”). As of the expiration of the Tender Offer, $221,601,000 or 66.13% of the $335,100,000 aggregate principal amount of the Notes had been validly tendered and not withdrawn in the Tender Offer (excluding $75,000 in aggregate principal amount of the Notes submitted pursuant to the guaranteed delivery procedures described in the Operating Partnership’s Offer to Purchase, dated April 15, 2024 (the “Offer to Purchase”) and the related Notice of Guaranteed Delivery (together with the Offer to Purchase, the “Offer Documents”)). The Operating Partnership accepted for purchase all of the Notes validly tendered and delivered (and not validly withdrawn) in the Tender Offer at or prior to the Expiration Date. Payment for the Notes purchased pursuant to the Tender Offer is intended to be made on April 23, 2024 (the “Settlement Date”).

Certain information regarding the Notes is set forth in the table below.

Title of Security	CUSIP Number	Aggregate Principal Amount Outstanding		Aggregate Principal Amount Accepted for Purchase(1)		Percentage of Aggregate Principal Amount Outstanding(1)
4.10% Guaranteed Notes due October 1, 2024	105340 AN3	$335,100,000		$221,601,000		66.13%

(1) Not including any amount of Notes submitted pursuant to the guaranteed delivery procedures described in the Offer Documents.

The consideration to be paid under the Tender Offer will be $994.48 per $1,000 principal amount of Notes (the “Purchase Price”), plus accrued and unpaid interest to, but not including, the Settlement Date. The total Tender Offer consideration of $220,932,996.21 including the Purchase Price and accrued and unpaid interest (excluding consideration and accrued and unpaid interest for the Notes delivered pursuant to the Notice of Guaranteed Delivery) will be funded with net proceeds the Company received from the sale of $400,000,000 aggregate principal amount of its 8.875% Guaranteed Notes due 2029.