The company increased the size of its secondary offering to 19 million shares from 18 million shares. Brandywine Realty priced the offering for gross proceeds of $296.4 million. The underwriters of the offering have a 30-day option to purchase up to 2.85 million additional shares.
Brandywine Realty Trust will contribute the net proceeds from the offering to Brandywine Operating Partnership in exchange for partnership units. Brandywine Operating Partnership will use the proceeds for working capital, capital expenditures, and general corporate purposes.
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TheStreet Ratings team rates BRANDYWINE REALTY TRUST as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate BRANDYWINE REALTY TRUST (BDN) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, poor profit margins and feeble growth in the company's earnings per share."