Brandywine Realty Trust (NYSE:BDN) announced today changes to the composition of its Board of Trustees. Michael J. Joyce, a member of the Board since 2004, has been elected to serve as the Chairman and Lead Independent Trustee of the Board. Filling the audit committee Chairman position made vacant by Mr. Joyce's election will be H. Richard Haverstick, Jr., an Independent Trustee who was elected to the Board in December 2016.
These appointments follow Walter D'Alessio's retirement from the Company's Board. The Company determined Mr. D'Alessio was no longer an independent trustee by virtue of his position with a firm that served as a real estate advisor to a third party tenant with whom Brandywine executed an arm's length lease transaction. Mr. D'Alessio's non-independence resulted in the non-compliance with the New York Stock Exchange's ("NYSE") independent director requirements. The Company communicated this to the NYSE as soon as it became aware. Following Mr. D'Alessio's retirement and the appointments of Messrs. Joyce and Haverstick, the Company regained compliance with the NYSE Listing Standards.
"Maintaining the highest standards of corporate governance is a top priority for Brandywine," said Mr. Joyce. "On behalf of the entire Board, I want to thank Walt for his service and the significant contributions he has made to the Company over the many years. We all wish him the best in his future endeavors."
Mr. D'Alessio stated, "It has been an honor to serve on the Board. I am and will remain a strong supporter of Brandywine. I am confident that the Company's best days are ahead of it and I look forward to witnessing its continued success."
About Brandywine Realty Trust
Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia, Washington, D.C., and Austin markets. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 210 properties and 27.6 million square feet as of December 31, 2016, which excludes assets held for sale. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together. For more information, please visit www.brandywinerealty.com.
