10-Q 1 bdn-20240930.htm 10-Q bdn-20240930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________________________________________________________________________________
FORM 10-Q
_____________________________________________________________________________________________
(Mark One)
☒
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2024
or
☐
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
_____________________________________________________________________________________________
Brandywine Realty Trust
Brandywine Operating Partnership, L.P.
(Exact name of registrant as specified in its charter)
_____________________________________________________________________________________________
Registrant’s telephone number, including area code (610) 325-5600
_____________________________________________________________________________________________
Maryland
(Brandywine Realty Trust)
001-910623-2413352
Delaware
(Brandywine Operating Partnership, L.P.)
000-2440723-2862640
(State or Other Jurisdiction of Incorporation
or Organization)
(Commission file number)
(I.R.S. Employer Identification Number)
2929 Arch Street
Suite 1800
Philadelphia, PA 19104
(Address of principal executive offices) (Zip Code)
(610) 325-5600
(Registrant’s telephone number, including area code)
Securities registered pursuant to section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares of Beneficial InterestBDNNYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Brandywine Realty TrustYes
☒  No ☐
Brandywine Operating Partnership, L.P.Yes
☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Brandywine Realty TrustYes
☒  No ☐
Brandywine Operating Partnership, L.P.Yes
☒  No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Brandywine Realty Trust:
Large accelerated filer☒
Accelerated filer ☐
Non-accelerated filer ☐
Smaller reporting company☐Emerging growth company ☐
Brandywine Operating Partnership, L.P.:
Large accelerated filer☐
Accelerated filer ☐
Non-accelerated filer
 ☒
Smaller reporting company☐Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Brandywine Realty TrustYes   ☐
 No ☒
Brandywine Operating Partnership, L.P.Yes   ☐
 No ☒
A total of 172,666,038 Common Shares of Beneficial Interest, par value $0.01 per share of Brandywine Realty Trust, were outstanding as of October 31, 2024.

EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2024 of Brandywine Realty Trust (the “Parent Company”) and Brandywine Operating Partnership L.P. (the “Operating Partnership”). The Parent Company is a Maryland real estate investment trust, or REIT, that owns its assets and conducts its operations through the Operating Partnership, a Delaware limited partnership, and subsidiaries of the Operating Partnership. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company”. In addition, as used in this report, terms such as “we”, “us”, and “our” may refer to the Company, the Parent Company, or the Operating Partnership.
The Parent Company is the sole general partner of the Operating Partnership and, as of September 30, 2024, owned a 99.7% interest in the Operating Partnership. The remaining 0.3% interest consists of common units of limited partnership interest issued by the Operating Partnership to third parties in exchange for contributions of properties to the Operating Partnership. As the sole general partner of the Operating Partnership, the Parent Company has full and complete authority over the Operating Partnership’s day-to-day operations and management.
Management operates the Parent Company and the Operating Partnership as one enterprise. The management of the Parent Company consists of the same members as the management of the Operating Partnership.
As general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements. The separate discussions of the Parent Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company’s operations on a consolidated basis and how management operates the Company.
The Company believes that combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into a single report will:
•facilitate a better understanding by the investors of the Parent Company and the Operating Partnership by enabling them to view the business as a whole in the same manner as management views and operates the business;
•remove duplicative disclosures and provide a more straightforward presentation in light of the fact that a substantial portion of the disclosure applies to both the Parent Company and the Operating Partnership; and
•create time and cost efficiencies through the preparation of one combined report instead of two separate reports.
There are few differences between the Parent Company and the Operating Partnership, which are reflected in the footnote disclosures in this report. The Company believes it is important to understand the differences between the Parent Company and the Operating Partnership in the context of how these entities operate as an interrelated consolidated company. The Parent Company is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time (and contributing the net proceeds of such issuances to the Operating Partnership) and guaranteeing the debt obligations of the Operating Partnership. The Operating Partnership holds substantially all the assets of the Company, including the Company’s ownership interests in the real estate ventures described below. The Operating Partnership conducts the operations of the Company’s business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness (directly and through subsidiaries) and through the issuance of partnership units of the Operating Partnership or equity interests in subsidiaries of the Operating Partnership.
The equity and non-controlling interests in the Parent Company and the Operating Partnership’s equity are the main areas of difference between the consolidated financial statements of the Parent Company and the Operating Partnership. The common units of limited partnership interest in the Operating Partnership are accounted for as partners’ equity in the Operating Partnership’s financial statements while the common units of limited partnership interests held by parties other than the Parent Company are presented as non-controlling interests in the Parent Company’s financial statements. The differences between the Parent Company and the Operating Partnership’s equity relate to the differences in the equity issued at the Parent Company and Operating Partnership levels.
2
To help investors understand the differences between the Parent Company and the Operating Partnership, this report presents the following as separate notes or sections for each of the Parent Company and the Operating Partnership:
•Consolidated Financial Statements; and
•Notes to the Parent Company’s and Operating Partnership’s Equity.
This report also includes separate Item 4. (Controls and Procedures) disclosures and separate Exhibit 31 and 32 certifications for each of the Parent Company and the Operating Partnership in order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that the Parent Company and Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. § 1350.
In order to highlight the differences between the Parent Company and the Operating Partnership, the separate sections in this report for the Parent Company and the Operating Partnership specifically refer to the Parent Company and the Operating Partnership. In the sections that combine disclosures of the Parent Company and the Operating Partnership, this report refers to such disclosures as those of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and real estate ventures and holds assets and incurs debt, reference to the Company is appropriate because the business is one enterprise and the Parent Company operates the business through the Operating Partnership.
3
TABLE OF CONTENTS
Page
Filing Format
This combined Form 10-Q is being filed separately by Brandywine Realty Trust and Brandywine Operating Partnership, L.P.
4




Glossary

Defined terms used in this Report:

Average annual rent
Represents total initial contractual rental rate under the applicable leases (as impacted by free rent) plus contractual fixed rent increases due under the applicable leases averaged over the total terms (without regard to extension options) of the applicable leases. For comparison purposes, the Company excludes new leases of space when the previous lease of such space ended more than 12 months prior to the signing date for the new leases.
Core Portfolio/Core Properties
Includes all wholly-owned operating properties.
Funds From Operations (FFO)
Is a non-GAAP financial measure,which the Company believes is useful to investors. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (NAREIT), which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company. NAREIT defines FFO as net income (loss) before noncontrolling interests of unitholders (preferred and common) and excluding gains (losses) on sales of depreciable operating property, impairment losses on depreciable consolidated real estate, impairment losses on investments in unconsolidated real estate ventures and extraordinary items (computed in accordance with GAAP); plus real estate related depreciation and amortization (excluding amortization of deferred financing costs), and after adjustment for unconsolidated real estate ventures. Net income, the GAAP measure that the Company believes to be most directly comparable to FFO, includes depreciation and amortization expenses, gains or losses on property sales and noncontrolling interests. FFO per share is calculated by dividing FFO by fully diluted shares available to common shareholders and limited partnership unitholders. See Management’s
Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of this
Report for a reconciliation of net income attributable to common shares and common
unitholders to FFO.
Net Operating Income (NOI)
Is a non-GAAP financial measure, which the Company defines as total property revenue less property operating expenses, real estate taxes and third-party management expenses. Property operating expenses that are included in determining NOI consist of costs that are necessary and allocable to our operating properties such as utilities, property-level salaries, repairs and maintenance, property insurance and management fees. General and administrative expenses that are not reflected in NOI primarily consist of corporate-level salaries, amortization of share awards and professional fees that are incurred as part of corporate office management. NOI is a non-GAAP financial measure that we report because we believe it is useful to our investors. See Note 13, “Segment Information,” to our Consolidated Financial Statements for a reconciliation of NOI to our consolidated net income as defined by GAAP.
Rental Rate
Includes base rent plus reimbursement for operating expenses and real estate taxes.
Same Store Properties
We refer to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by us through the end of the latest period presented as Same Store Properties. Same Store Properties therefore exclude properties placed in-service, acquired, repositioned, held for sale or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store Properties.
5
PART I - FINANCIAL INFORMATION
Item 1. — Financial Statements


BRANDYWINE REALTY TRUST
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share information)
September 30,
2024		December 31,
2023
ASSETS
Real estate investments:
Operating properties$3,409,605 $3,542,232 
Accumulated depreciation(1,156,992)(1,131,792)
Right of use asset - operating leases, net18,565 19,031 
Operating real estate investments, net2,271,178 2,429,471 
Construction-in-progress166,278 135,529 
Land held for development78,259 82,510 
Prepaid leasehold interests in land held for development, net27,762 27,762 
Total real estate investments, net2,543,477 2,675,272 
Cash and cash equivalents36,498 58,319 
Restricted cash and escrows6,195 9,215 
Accounts receivable8,669 11,977 
Accrued rent receivable, net of allowance of $1,332 and $2,672 as of September 30, 2024 and December 31, 2023, respectively
187,873 186,708 
Investment in unconsolidated real estate ventures602,700 601,227 
Deferred costs, net86,390 95,984 
Intangible assets, net6,249 7,694 
Other assets121,509 86,051 
Total assets$3,599,560 $3,732,447 
LIABILITIES AND BENEFICIARIES' EQUITY
Secured debt, net
$272,181 $255,671 
Unsecured credit facility40,000 — 
Unsecured term loans, net
331,797 318,499 
Unsecured senior notes, net1,617,795 1,564,662 
Accounts payable and accrued expenses137,406 123,825 
Distributions payable26,230 26,017 
Deferred income, gains and rent21,453 24,248 
Intangible liabilities, net7,558 8,270 
Lease liability - operating leases23,502 23,369 
Other liabilities16,908 63,729 
Total liabilities$2,494,830 $2,408,290 
Commitments and contingencies (See Note 14)
Brandywine Realty Trust's Equity:
Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 172,665,995 and 172,097,661 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
1,724 1,719 
Additional paid-in-capital3,178,214 3,163,949 
Deferred compensation payable in common shares20,456 19,965 
Common shares in grantor trust, 1,221,333 and 1,194,127 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
(20,456)(19,965)
Cumulative earnings827,991 979,406 
Accumulated other comprehensive loss(3,773)(668)
Cumulative distributions(2,905,554)(2,827,022)
Total Brandywine Realty Trust's equity1,098,602 1,317,384 
Noncontrolling interests6,128 6,773 
Total beneficiaries' equity$1,104,730 $1,324,157 
Total liabilities and beneficiaries' equity$3,599,560 $3,732,447 
The accompanying notes are an integral part of these consolidated financial statements.
6
BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except share and per share information)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenue
Rents$117,958 $121,661 $354,975 $360,642 
Third party management fees, labor reimbursement and leasing6,093 6,553 17,685 18,782 
Other7,731 1,158 10,952 5,057 
Total revenue131,782 129,372 383,612 384,481 
Operating expenses
Property operating expenses31,900 31,123 95,532 96,608 
Real estate taxes11,892 12,808 37,019 38,981 
Third party management expenses2,487 2,468 7,456 7,664 
Depreciation and amortization44,301 48,966 133,530 141,645 
General and administrative expenses12,681 8,069 32,726 26,911 
Provision for impairment37,980 11,666 44,407 16,134 
Total operating expenses141,241 115,100 350,670 327,943 
Gain on sale of real estate
Net gain on sale of undepreciated real estate— — — 781 
Total gain on sale of real estate— — — 781 
Operating income (loss)(9,459)14,272 32,942 57,319 
Other income (expense):
Interest and investment income639 293 2,572 1,318 
Interest expense(30,561)(24,355)(85,104)(70,677)
Interest expense - amortization of deferred financing costs(1,247)(1,110)(3,753)(3,251)
Equity in loss of unconsolidated real estate ventures(125,862)(10,739)(153,957)(24,504)
Net gain on real estate venture transactions770 — 54,503 181 
Gain on early extinguishment of debt— — 941 — 
Net loss before income taxes(165,720)(21,639)(151,856)(39,614)
Income tax benefit (provision)— 3 (11)(35)
Net loss(165,720)(21,636)(151,867)(39,649)
Net loss attributable to noncontrolling interests500 82 452 140 
Net loss attributable to Brandywine Realty Trust(165,220)(21,554)(151,415)(39,509)
Nonforfeitable dividends allocated to unvested restricted shareholders(276)(159)(889)(433)
Net loss attributable to Common Shareholders of Brandywine Realty Trust$(165,496)$(21,713)$(152,304)$(39,942)
Basic loss per Common Share$(0.96)$(0.13)$(0.88)$(0.23)
Diluted loss per Common Share$(0.96)$(0.13)$(0.88)$(0.23)
Basic weighted average shares outstanding172,668,731 172,097,661 172,480,325 171,912,552 
Diluted weighted average shares outstanding172,668,731 172,097,661 172,480,325 171,912,552 
 
The accompanying notes are an integral part of these consolidated financial statements.
7
BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net loss$(165,720)$(21,636)$(151,867)$(39,649)
Comprehensive income (loss):
Unrealized gain (loss) on derivative financial instruments(9,919)2,885 (3,112)4,240 
Total comprehensive income (loss)(9,919)2,885 (3,112)4,240 
Comprehensive loss(175,639)(18,751)(154,979)(35,409)
Comprehensive loss attributable to noncontrolling interest529 106 459 128 
Comprehensive loss attributable to Brandywine Realty Trust$(175,110)$(18,645)$(154,520)$(35,281)

The accompanying notes are an integral part of these consolidated financial statements.
8
BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF BENEFICIARIES’ EQUITY
(unaudited, in thousands, except number of shares)
Number of Common SharesNumber of Rabbi
Trust/Deferred
 Compensation Shares		Common Shares of
 Brandywine Realty
Trust's beneficial interest		Additional Paid-in
Capital		Deferred Compensation
 Payable in Common
 Shares		Common Shares in
 Grantor Trust		Cumulative EarningsAccumulated Other
Comprehensive Income (Loss)		Cumulative DistributionsNoncontrolling InterestsTotal
BALANCE, December 31, 2023172,097,661 1,194,127 $1,719 $3,163,949 $19,965 $(19,965)$979,406 $(668)$(2,827,022)$6,773 $1,324,157 
Net loss(16,368)(46)(16,414)
Other comprehensive income6,007 19 6,026 
Share-based compensation activity194,480 7,148 2 4,829 4,831 
Share Issuance from/(to) Deferred Compensation Plan(21,234)(56,154)(100)31 (31)(100)
Reallocation of Noncontrolling interest(17)17— 
Distributions declared $0.15 per share)
(26,177)(77)(26,254)
BALANCE, March 31, 2024172,270,907 1,145,121 $1,721 $3,168,661 $19,996 $(19,996)$963,038 $5,339 $(2,853,199)$6,686 $1,292,246 
Net income30,173 94 30,267 
Other comprehensive income 778 3 781 
Repurchase and retirement of Common Shares of Beneficial Interest— 
Share-based compensation activity407,226 107,389 3 2,356 2,359 
Share Issuance from/(to) Deferred Compensation Plan(43)(43)460 (460)— 
Reallocation of Noncontrolling interest(6)6 — 
Distributions declared $0.15 per share)
(26,179)(77)(26,256)
BALANCE, June 30, 2024172,678,090 1,252,467 $1,724 $3,171,011 $20,456 $(20,456)$993,211 $6,117 $(2,879,378)$6,712 $1,299,397 
Net loss(165,220)(500)(165,720)
Other comprehensive loss(9,890)(29)(9,919)
Share-based compensation activity7,284 7,284 
Share Issuance from/(to) Deferred Compensation Plan(12,095)(31,134)(59)(59)
Reallocation of Noncontrolling interest(22)22 — 
Distributions declared $0.15 per share)
(26,176)(77)(26,253)
BALANCE, September 30, 2024172,665,995 1,221,333 1,724 3,178,214 20,456 (20,456)827,991 (3,773)(2,905,554)6,128 1,104,730 
The accompanying notes are an integral part of these consolidated financial statements.
9
BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENT OF BENEFICIARIES’ EQUITY
(unaudited, in thousands, except number of shares)
Number of Common SharesNumber of Rabbi
Trust/Deferred
Compensation Shares		Common Shares of
Brandywine Realty
Trust's beneficial
interest		Additional Paid-in
Capital		Deferred Compensation
 Payable
in Common
 Shares		Common Shares in
 Grantor Trust		Cumulative EarningsAccumulated Other
Comprehensive Income (Loss)		Cumulative DistributionsNoncontrolling InterestsTotal
BALANCE, December 31, 2022
171,569,807 1,179,643 $1,716 $3,153,229 $19,601 $(19,601)$1,176,195 $3,897 $(2,709,405)$7,702 $1,633,334 
Net loss
(5,259)(17)(5,276)
Other comprehensive income (loss)
(5,307)16 (5,291)
Share-based compensation activity171,318 22,449 1 3,370 3,371 
Share Issuance from/(to) Deferred Compensation Plan(13,422)(48,733)(88)145 (145)(88)
Reallocation of Noncontrolling interest(4)4— 
Distributions declared ($0.19 per share)
(32,734)(98)(32,832)
BALANCE, March 31, 2023
171,727,703 1,153,359 $1,717 $3,156,507 $19,746 $(19,746)$1,170,936 $(1,410)$(2,742,139)$7,607 $1,593,218 
Net loss(12,696)(41)(12,737)
Other comprehensive income6,626 20 6,646 
Share-based compensation activity374,226 54,056 2 2,614 2,616 
Share Issuance from/(to) Deferred Compensation Plan219 (219)— 
Reallocation of Noncontrolling interest155(155)— 
Distributions declared ($0.19 per share)
(32,985)(98)(33,083)
BALANCE, June 30, 2023172,101,929 1,207,415 $1,719 $3,159,276 $19,965 $(19,965)$1,158,240 $5,216 $(2,775,124)$7,333 $1,556,660 
Net loss(21,554)(82)(21,636)
Other comprehensive income (loss)
2,909 (24)2,885 
Share-based compensation activity2,506 2,506 
Share Issuance from/(to) Deferred Compensation Plan(4,268)(13,288)(20)(20)
Reallocation of Noncontrolling interest(194)194 — 
Distributions declared $0.15 per share)
(25,950)(77)(26,027)
BALANCE, September 30, 2023172,097,661 1,194,127 1,719 3,161,568 19,965 (19,965)1,136,686 8,125 (2,801,074)7,344 1,514,368 

The accompanying notes are an integral part of these consolidated financial statements.
10
BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands) 
Nine Months Ended September 30,
20242023
Cash flows from operating activities:
Net loss$(151,867)$(39,649)
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization133,530 141,645 
Amortization of deferred financing costs3,753 3,251 
Amortization of debt discount/(premium), net(2,540)(774)
Amortization of stock compensation costs13,068 8,305 
Straight-line rent income(5,745)(6,612)
Amortization of acquired above (below) market leases, net(706)(993)
Ground rent expense589 601 
Net gain on real estate venture transactions(54,503)(181)
Total gain on sale of real estate— (781)
Gain on early extinguishment of debt(941)— 
Provision for impairment44,407 16,134 
Loss from unconsolidated real estate ventures, including income distributions153,957 24,504 
Income tax provision11 35 
Changes in assets and liabilities:
Accounts receivable1,787 (2,362)
Other assets(14,343)(24,619)
Accounts payable and accrued expenses4,851 (8,992)
Deferred income, gains and rent(1,740)(1,196)
Other liabilities634 3,089 
Net cash provided by operating activities124,202 111,405 
Cash flows from investing activities:
Proceeds from the sale of properties45,250 51,285 
Capital expenditures for tenant improvements(55,214)(34,219)
Capital expenditures for redevelopments(8,747)(42,592)
Capital expenditures for developments(29,580)(30,149)
Advances for the purchase of tenant assets, net of repayments1,377 (9,292)
Investment in unconsolidated real estate ventures(143,751)(72,715)
Deposits for real estate— 3,500 
Capital distributions from unconsolidated real estate ventures3,941 2,700 
Leasing costs paid(6,307)(7,969)
Net cash used in investing activities(193,031)(139,451)
Cash flows from financing activities:
Proceeds from credit facility borrowings131,000 172,000 
Repayments of credit facility borrowings(91,000)(260,500)
Proceeds from unsecured notes400,000 — 
Repayments of unsecured notes(339,059)(54,301)
Proceeds from unsecured term loan13,000 70,000 
Proceeds from secured term loan— 245,000 
Proceeds from construction loan
15,943 — 
Debt financing costs paid(6,334)(4,371)
Shares used for employee taxes upon vesting of share awards(1,028)(952)
Distributions paid to shareholders(78,303)(98,306)
Distributions to noncontrolling interest(231)(294)
Net cash provided by financing activities43,988 68,276 
Increase/(Decrease) in cash and cash equivalents and restricted cash(24,841)40,230 
Cash and cash equivalents and restricted cash at beginning of period67,534 18,387 
Cash and cash equivalents and restricted cash at end of period$42,693 $58,617 
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period$58,319 $17,551 
Restricted cash, beginning of period9,215 836 
Cash and cash equivalents and restricted cash, beginning of period$67,534 $18,387 
Cash and cash equivalents, end of period$36,498 $47,872 
Restricted cash, end of period6,195 10,745 
Cash and cash equivalents and restricted cash, end of period$42,693 $58,617 
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2024 and 2023 of $13,866 and $12,602, respectively
$86,398 $73,217 
Cash paid for income taxes— 550 
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid26,230 26,027 
Change in investment in real estate ventures as a result of deconsolidation— 8,595 
Change in operating real estate from deconsolidation of operating properties— (7,814)
Change in notes receivable from sale of properties19,919 — 
Change in capital expenditures financed through accounts payable at period end8,383 4,276 
Change in capital expenditures financed through retention payable at period end(2,331)2,587 
The accompanying notes are an integral part of these consolidated financial statements.
11


BRANDYWINE OPERATING PARTNERSHIP, L.P.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except unit and per unit information)
September 30,
2024		December 31,
2023
ASSETS
Real estate investments:
Operating properties$3,409,605 $3,542,232 
Accumulated depreciation(1,156,992)(1,131,792)
Right of use asset - operating leases, net18,565 19,031 
Operating real estate investments, net2,271,178 2,429,471 
Construction-in-progress166,278 135,529 
Land held for development78,259 82,510 
Prepaid leasehold interests in land held for development, net27,762 27,762 
Total real estate investments, net2,543,477 2,675,272 
Cash and cash equivalents36,498 58,319 
Restricted cash and escrows6,195 9,215 
Accounts receivable8,669 11,977 
Accrued rent receivable, net of allowance of $1,332 and $2,672 as of September 30, 2024 and December 31, 2023, respectively
187,873 186,708 
Investment in unconsolidated real estate ventures602,700 601,227 
Deferred costs, net86,390 95,984 
Intangible assets, net6,249 7,694 
Other assets121,509 86,051 
Total assets$3,599,560 $3,732,447 
LIABILITIES AND PARTNERS' EQUITY
Secured debt, net
$272,181 $255,671 
Unsecured credit facility40,000 — 
Unsecured term loans, net
331,797 318,499 
Unsecured senior notes, net1,617,795 1,564,662 
Accounts payable and accrued expenses137,406 123,825 
Distributions payable26,230 26,017 
Deferred income, gains and rent21,453 24,248 
Intangible liabilities, net7,558 8,270 
Lease liability - operating leases23,502 23,369 
Other liabilities16,908 63,729 
Total liabilities$2,494,830 $2,408,290 
Commitments and contingencies (See Note 14)
Redeemable limited partnership units at redemption value; 515,595 and 515,595 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
2,773 2,785 
Brandywine Operating Partnership, L.P.'s equity:
General Partnership Capital; 172,665,995 and 172,097,661 units issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
1,103,266 1,319,572 
Accumulated other comprehensive loss(4,122)(1,010)
Total Brandywine Operating Partnership, L.P.'s equity1,099,144 1,318,562 
Noncontrolling interest - consolidated real estate ventures2,813 2,810 
Total partners' equity$1,101,957 $1,321,372 
Total liabilities and partners' equity$3,599,560 $3,732,447 
The accompanying notes are an integral part of these consolidated financial statements.
12
BRANDYWINE OPERATING PARTNERSHIP, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except unit and per unit information)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Revenue
Rents$117,958 $121,661 $354,975 $360,642 
Third party management fees, labor reimbursement and leasing6,093 6,553 17,685 18,782 
Other7,731 1,158 10,952 5,057 
Total revenue131,782 129,372 383,612 384,481 
Operating expenses
Property operating expenses31,900 31,123 95,532 96,608 
Real estate taxes11,892 12,808 37,019 38,981 
Third party management expenses2,487 2,468 7,456 7,664 
Depreciation and amortization44,301 48,966 133,530 141,645 
General and administrative expenses12,681 8,069 32,726 26,911 
Provision for impairment37,980 11,666 44,407 16,134 
Total operating expenses141,241 115,100 350,670 327,943 
Gain on sale of real estate
Net gain on sale of undepreciated real estate— — — 781 
Total gain on sale of real estate— — — 781 
Operating income (loss)(9,459)14,272 32,942 57,319 
Other income (expense):
Interest and investment income639 293 2,572 1,318 
Interest expense(30,561)(24,355)(85,104)(70,677)
Interest expense - amortization of deferred financing costs(1,247)(1,110)(3,753)(3,251)
Equity in loss of unconsolidated real estate ventures(125,862)(10,739)(153,957)(24,504)
Net gain on real estate venture transactions770 — 54,503 181 
Gain on early extinguishment of debt— — 941 — 
Net loss before income taxes(165,720)(21,639)(151,856)(39,614)
Income tax benefit (provision)— 3 (11)(35)
Net loss(165,720)(21,636)(151,867)(39,649)
Net (income) loss attributable to noncontrolling interests - consolidated real estate ventures3 20 (3)21 
Net loss attributable to Brandywine Operating Partnership, L.P.(165,717)(21,616)(151,870)(39,628)
Nonforfeitable dividends allocated to unvested restricted unitholders(276)(159)(889)(433)
Net loss attributable to Common Partnership Unitholders of Brandywine Operating Partnership, L.P.$(165,993)$(21,775)$(152,759)$(40,061)
Basic loss per Common Partnership Unit$(0.96)$(0.13)$(0.88)$(0.23)
Diluted loss per Common Partnership Unit$(0.96)$(0.13)$(0.88)$(0.23)
Basic weighted average common partnership units outstanding173,184,325 172,614,128 172,995,920 172,429,019 
Diluted weighted average common partnership units outstanding173,184,325 172,614,128 172,995,920 172,429,019 
The accompanying notes are an integral part of these consolidated financial statements.
13
BRANDYWINE OPERATING PARTNERSHIP, L.P.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Net loss$(165,720)$(21,636)$(151,867)$(39,649)
Comprehensive income (loss):
Unrealized gain (loss) on derivative financial instruments(9,919)2,885 (3,112)4,240 
Total comprehensive income (loss)(9,919)2,885 (3,112)4,240 
Comprehensive loss(175,639)(18,751)(154,979)(35,409)
Comprehensive (income) loss attributable to noncontrolling interest - consolidated real estate ventures3 20 (3)21 
Comprehensive loss attributable to Brandywine Operating Partnership, L.P.$(175,636)$(18,731)$(154,982)$(35,388)

The accompanying notes are an integral part of these consolidated financial statements.
14
BRANDYWINE OPERATING PARTNERSHIP, L.P.
CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY
(unaudited, in thousands, except number of units)
General Partner Capital
UnitsAmountAccumulated Other Comprehensive IncomeNoncontrolling Interest - Consolidated Real Estate VenturesTotal Partners' Equity
BALANCE, December 31, 2023172,097,661 $1,319,572 $(1,010)$2,810 $1,321,372 
Net loss(16,417)3 (16,414)
Other comprehensive income6,026 6,026 
Deferred compensation obligation(21,234)(100)(100)
Share-based compensation activity194,480 4,831 4,831 
Adjustment of redeemable partnership units to liquidation value at period end316 316 
Distributions declared to general partnership unitholders ($0.15 per unit)
(26,177)(26,177)
BALANCE, March 31, 2024172,270,907 $1,282,025 $5,016 $2,813 $1,289,854 
Net income30,264 3 30,267 
Other comprehensive income781 781 
Deferred compensation obligation(43)— 
Share-based compensation activity407,226 2,359 2,359 
Adjustment of redeemable partnership units to liquidation value at period end16 16 
Distributions declared to general partnership unitholders ($0.15 per unit)
(26,179)