[GRAPHIC OMITTED]                                          FOR IMMEDIATE RELEASE







Contact:

Press Contact:                                  Investor Contact:

--------------                                  -----------------

          Michael Beckerman                           Gerard H. Sweeney

          Beckerman Public Relations                  Christopher P. Marr

          908-781-6420                                Brandywine Realty Trust

          michael@beckermanpr.com                     610-325-5600

                                                      info@brandywinerealty.com









          Brandywine Realty Trust Announces First Quarter 2004 Earnings



PLYMOUTH MEETING, PA, April 22, 2004 - Brandywine Realty Trust (BDN-NYSE)

announced today that net income was $12.5 million for the first quarter of 2004,

a decrease of $1.4 million, as compared to $13.9 million for the first quarter

of 2003. In accordance with Emerging Issues Task Force ("EITF") Topic D-42, the

Company incurred a gain to Earnings Per Share (EPS) for the first quarter of

2004 of $4.5 million associated with the redemption of Series B Preferred Units

in February 2004. Fully diluted EPS (which includes the gain of $0.10 per share)

was $0.34 for the first quarter of 2004, an increase of $0.04 per share as

compared to $0.30 for the first quarter of 2003.



Fully diluted funds from operations (FFO) including a $0.09 per share gain

associated with the redemption of the Series B Preferred Units were $34.4

million or $0.72 per share for the first quarter 2004 as compared to $30.1

million or $0.65 per share for the first quarter of 2003.



Excluding this gain related to EITF Topic D-42, FFO for the first quarter of

2004 was $29.9 million or $0.63 per share as compared to $30.1 million or $0.65

per share for the comparable period in 2003.



FFO represents a non-generally accepted accounting principle (GAAP) financial

measure. A table reconciling FFO to net income, the GAAP measure that the

Company believes to be most directly comparable, is within the consolidated

financial statements included in this release.



Brandywine President and Chief Executive Officer, Gerard H. Sweeney, commented,

"The first quarter was an active one for the Company. We seized the

opportunities the strong capital markets afforded us and completed the remaining

steps in our balance sheet strengthening program. Raising $120 million of common

equity and an additional $56 million of perpetual preferred at pricing levels

that are even more attractive when viewed by the standards of today's markets is

very satisfying. These activities, when combined with all of the accomplishments

of 2003, resulted in both Standard & Poor's and Fitch initiating coverage of the

Company with BBB- ratings."







{PAGE}





Brandywine Realty Trust Summary Portfolio Performance



o Payout ratio of FFO (excluding redemption gain) was 70.2% for the quarter

o Quarterly rental rate growth on new leases was negative 3.5% on a

  straight-line basis and negative 11.1% on a cash basis

o Quarterly rental rate growth on renewals was positive 1.6% on a straight-line

  basis and negative 4.5% on a cash basis

o Quarterly retention rate was 76.4%

o Portfolio was 90.0% occupied and 90.9% leased as of March 31, 2004

o Leases expired or were terminated for approximately 971,000 square feet during

  the quarter

o Leases were renewed for 742,000 square feet during the quarter and new leases

  were signed for 121,000 square feet during the quarter



Distributions



On March 25, 2004, the Board of Trustees declared a regular quarterly dividend

distribution of $0.44 per common share that was paid April 15, 2004 to

shareholders of record as of April 6, 2004. The Company also announced its

dividend for the first quarter of 2004 was $.46875 per 7.50% Series C Cumulative

Redeemable Preferred Shares and $.17413 per 7.375% Series D Cumulative

Redeemable Preferred Shares (with such per share amount reflecting the issuance

of the Series D Preferred Shares on February 27, 2004) that was paid on April

15, 2004 to holders of record of the Series C and Series D Preferred Shares as

of April 5, 2004.



Capital Transactions



On January 12, 2004, the Company consummated a public offering of 2,300,000

Common Shares, plus an over-allotment option of an additional 345,000 Common

Shares, with net proceeds to the Company of $69.3 million. Bear, Stearns & Co.

Inc. served as the underwriter for this transaction. Proceeds from this offering

were used to reduce indebtedness under the Company's revolving credit facility

incurred in connection with the Series B Preferred Share redemption and the

funding of a property acquisition in Lawrenceville, New Jersey in December 2003.



In February 2004, the Company redeemed all of the outstanding Series B Preferred

Units in our operating partnership (the "Series B Preferred Units") for an

aggregate price of $93.0 million, together with accrued but unpaid distributions

from January 1, 2004. The Series B Preferred Units had an aggregate stated value

of $97.5 million and accrued distributions at 7.25% per annum. In accordance

with EITF Topic D-42, the Company recorded a gain of $4.5 million related to the

redemption, which was included in EPS and FFO per share for the first quarter of

2004.



On February 27, 2004, the Company issued 2,000,000 shares, plus an

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC