December 19, 2014 1:40 AM ET

Real Estate Investment Trusts (REITs)

Company Overview of Brandywine Operating Partnership LP

Company Overview

Brandywine Operating Partnership LP, a real estate investment trust, provides leasing, property management, development, redevelopment, acquisition, and other tenant-related services for a portfolio of office and industrial properties in the United States. As of December 31, 2008, it owned 214 office properties, 22 industrial facilities, and 1 mixed-use property. The company’s properties are located in Philadelphia, Pennsylvania; Metropolitan Washington, D.C.; southern and central New Jersey; Richmond, Virginia; Wilmington, Delaware; Austin, Texas; and Oakland, Carlsbad, and Rancho Bernardo, California. Brandywine Realty Trust serves as the general partner of Brandywine Operating Partnership...

555 East Lancaster Avenue

Suite 100

Radnor, PA 19087

United States

Founded in 1996

406 Employees

Phone:

610-325-5600

Fax:

610-325-4313

Key Executives for Brandywine Operating Partnership LP

Chief Executive Officer of Brandywine Realty Trust
Age: 57
Chief Financial Officer of Brandywine Realty Trust and Executive Vice President of Brandywine Realty Trust
Age: 52
Executive Vice President and Senior Managing Director of New Jersey & Delaware Region
Age: 54
Chief Accounting Officer of Brandywine Realty Trust and Vice President of Corporate Accounting of Brandywine Realty Trust
Age: 40
Executive Vice President of Brandywine Realty Trust
Age: 58
Compensation as of Fiscal Year 2014.

Brandywine Operating Partnership LP Key Developments

randywine Realty Trust and Brandywine Operating Partnership LP Announces Executive Changes

On November 24, 2014, Brandywine Realty Trust and Brandywine Operating Partnership LP determined that Gabriel J. Mainardi, vice president, chief accounting officer and treasurer, employment will terminate. This determination was not the result of any disagreement on any matter relating to operations, policies or practices. The company have commenced a search for a new chief accounting officer. Upon the date that Mr. Mainardi’s employment terminates, Thomas E. Wirth, executive vice president and chief financial officer, has assumed on November 24, 2014 the additional role of, and responsibilities associated with, principal accounting officer. Mr. Wirth has served as executive vice president and chief financial officer since march 10, 2014. Prior to that time, and since December 2009, Mr. Wirth served as executive vice president, portfolio management and investments where he directed portfolio management, acquisition and disposition activities and assisted in formulating capital allocation tactics, including structuring joint ventures and construction financings.

Brandywine Operating Partnership LP Completes Notes Offering

Brandywine Operating Partnership LP completed its offering of $250 million of its 4.10% guaranteed notes due 2024 and $250 million of its 4.55% guaranteed notes due 2029. The 2024 notes will bear interest at a rate of 4.10% per year, and the 2029 notes will bear interest at a rate of 4.55% per year. Interest on the notes is payable in cash semiannually in arrears on each of April 1 and Oct. 1, commencing April 1, 2015. The 2024 notes will mature on Oct. 1, 2024, and the 2029 notes will mature on Oct. 1, 2029. The net proceeds from the offering amounted to approximately $492 million, and the operating partnership used a portion to fund its cash tender offer for any and all of its outstanding 5.40% guaranteed notes due 2014 and 7.50% guaranteed notes due 2015, as well as to repay its three-year unsecured term loan due Feb. 1, 2015, and four-year unsecured term loan due Feb. 1, 2016. The operating partnership intends to use the remaining net proceeds to fund the redemption of the 2014 notes and 2015 notes that were not tendered in the tender offer and for other general corporate purposes.

Brandywine Operating Partnership, L.P. Intends to Redeem All of the Outstanding 5.40% Guaranteed Notes Due 2014 and 7.50% Guaranteed Notes Due 2015

Brandywine Realty Trust announced that its operating partnership, Brandywine Operating Partnership, L.P. intends to redeem all of the outstanding 5.40% Guaranteed Notes due 2014 and 7.50% Guaranteed Notes due 2015 issued by the Operating Partnership. The redemption date will be October 16, 2014. The 2014 Notes will be redeemed at a redemption price equal to $1,002.13 per $1,000 principal amount of 2014 Notes representing the sum of (i) 100% of the aggregate principal amount being redeemed plus accrued but unpaid interest thereon to the Redemption Date, and (ii) the amount of the excess, if any, of (x) the aggregate present value as of the Redemption Date of the principal amount of 2014 Notes being redeemed and applicable interest payable thereon (exclusive of interest accrued to the Redemption Date) that would have been payable in respect of such principal amount if such redemption had not been made, discounted on a semi-annual basis at the reinvestment in the 2014 Notes, determined on the third Business Day preceding the date of the Notice of Redemption, from the respective dates on which such principal and interest would have been payable if such redemption had not been made, to the Redemption Date, over (y) the aggregate principal amount of 2014 Notes being redeemed. The 2015 Notes will be redeemed at a redemption price equal to the greater of: (i) 100% of the principal amount of the 2015 Notes to be redeemed, and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2015 Notes to be redeemed (not including any portion of such payments of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate in the 2015 Notes determined as of the third business day preceding the Redemption Date plus 75 basis points, plus, in the case of either (i) or (ii) above, accrued and unpaid interest on the principal amount being redeemed to the Redemption Date. From and after the Redemption Date, interest will cease to accrue, and on and after the Redemption Date the only remaining rights of holders of Notes will be to receive payment of the applicable redemption price. The notice of redemption and other materials relating to the redemption of the Notes will be mailed on or about September 16, 2014. As will be specified in the notice of redemption, payment of the redemption price will be made only upon presentation and surrender of the Notes to The Bank of New York Mellon by hand or by mail at the address in such notice. Notes that are held through the Depository Trust Company (DTC) will be redeemed in accordance with the applicable procedures of DTC.

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