RADNOR, Pa., Feb. 1, 2013 /PRNewswire/ -- Brandywine Realty Trust (NYSE:BDN) announced today that it has entered into a definitive agreement to sell Princeton Pike Corporate Center, an eight-building, 800,546 square foot office park located in Lawrenceville, New Jersey, for $121.0 million or $151 per square foot. The sale is expected to close within the next thirty days with the net proceeds used to retire existing debt including balances under our unsecured revolving credit facility. As part of the transaction, we granted the purchaser a 7.5-year option to acquire our three remaining development parcels in the park.
We also completed the following additional investment activities:
During the fourth quarter we also completed the following capital market transactions:
We will recognize in our results for the fourth quarter of 2012 a total of $26.6 million of non-recurring cash and accelerated charges related to the preferred share redemption, unsecured note tenders, early debt repayments and termination of interest rate hedge contracts. As a result of these various investment and capital market activities, we ended 2012 with a $69.0 million outstanding balance on our $600.0 million unsecured revolving credit facility.
"The sale of Princeton Pike reduces New Jersey's contribution to just 5.5% of overall Company revenues and amplifies our shift to a more urban and transit-oriented portfolio with better growth characteristics," stated Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. "Within our consolidated portfolio, we ended 2012 as a $97.7 million net seller, in line with our capital recycling and disposition goals. Our Philadelphia and Austin acquisitions reflect value creation, market positioning and pricing below replacement costs. Our fourth quarter capital market activity reduced our overall cost of capital, improved our coverage ratios, mitigated the risk of rising rates, expanded our unencumbered asset pool and lengthened our maturity profile with no maturities until November 2014. Our 2013 objectives are on track and we look forward to continued improvement of our operating metrics and balance sheet."
About Brandywine Realty Trust
Brandywine Realty Trust is one of the largest, publicly traded, full-service, integrated real estate companies in the United States. Organized as a real estate investment trust and operating in select markets, Brandywine owns, leases and manages an urban, town center and suburban office portfolio comprising 297 properties and 34.6 million square feet, including 221 properties and 25.1 million square feet owned on a consolidated basis and 57 properties and 7.0 million square feet in 19 unconsolidated real estate ventures all as of December 31, 2012. For more information, please visit www.brandywinerealty.com.
Certain statements in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, achievements or transactions of the Company and its affiliates or industry results to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Such risks, uncertainties and other factors relate to, among others, the Company's ability to lease vacant space and to renew or relet space under expiring leases at expected levels, the potential loss of major tenants, interest rate levels, the availability and terms of debt and equity financing, competition with other real estate companies for tenants and acquisitions, risks of real estate acquisitions, dispositions and developments, including cost overruns and construction delays, unanticipated operating costs and the effects of general and local economic and real estate conditions. Additional information or factors which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2011. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
SOURCE Brandywine Realty Trust