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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, 2022
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)
001-9106
23-2413352
Delaware
(Brandywine Operating Partnership, L.P.)
000-24407
23-2862640
(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 companyEmerging 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 171,569,807 Common Shares of Beneficial Interest, par value $0.01 per share of Brandywine Realty Trust, were outstanding as of October 21, 2022.


EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2022 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, 2022, 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.
To help investors understand the significant 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:
2

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

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,
2022
December 31,
2021
ASSETS
Real estate investments:
Operating properties$3,587,083 $3,472,602 
Accumulated depreciation(1,034,681)(957,450)
Right of use asset - operating leases, net19,826 20,313 
Operating real estate investments, net2,572,228 2,535,465 
Construction-in-progress227,231 277,237 
Land held for development74,272 114,604 
Prepaid leasehold interests in land held for development, net35,576 27,762 
Total real estate investments, net2,909,307 2,955,068 
Assets held for sale, net19,534 562 
Cash and cash equivalents31,198 27,463 
Accounts receivable11,398 11,875 
Accrued rent receivable, net of allowance of $4,048 and $4,133 as of September 30, 2022 and December 31, 2021, respectively
175,908 167,210 
Investment in unconsolidated real estate ventures579,457 435,506 
Deferred costs, net95,470 86,862 
Intangible assets, net20,383 28,556 
Other assets131,532 133,094 
Total assets$3,974,187 $3,846,196 
LIABILITIES AND BENEFICIARIES' EQUITY
Unsecured credit facility$246,000 $23,000 
Unsecured term loan, net248,144 249,608 
Unsecured senior notes, net1,580,579 1,580,978 
Accounts payable and accrued expenses125,889 150,151 
Distributions payable32,805 32,765 
Deferred income, gains and rent22,913 23,849 
Intangible liabilities, net10,723 12,981 
Liabilities related to assets held for sale, net36  
Lease liability - operating leases23,116 22,962 
Other liabilities49,033 48,683 
Total liabilities$2,339,238 $2,144,977 
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; 171,569,807 and 171,126,257 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
1,716 1,712 
Additional paid-in-capital3,151,177 3,146,786 
Deferred compensation payable in common shares19,601 18,491 
Common shares in grantor trust, 1,179,643 and 1,169,703 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
(19,601)(18,491)
Cumulative earnings1,146,543 1,122,372 
Accumulated other comprehensive income (loss)4,525 (2,020)
Cumulative distributions(2,676,702)(2,578,583)
Total Brandywine Realty Trust's equity1,627,259 1,690,267 
Noncontrolling interests7,690 10,952 
Total beneficiaries' equity$1,634,949 $1,701,219 
Total liabilities and beneficiaries' equity$3,974,187 $3,846,196 
The accompanying notes are an integral part of these consolidated financial statements.
5

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,
2022202120222021
Revenue
Rents$117,481 $112,159 $350,279 $336,878 
Third party management fees, labor reimbursement and leasing6,872 6,500 17,904 19,778 
Other1,216 1,759 8,933 4,633 
Total revenue125,569 120,418 377,116 361,289 
Operating expenses
Property operating expenses32,624 30,304 97,283 88,503 
Real estate taxes12,313 13,421 39,872 42,784 
Third party management expenses2,549 3,327 7,898 9,866 
Depreciation and amortization45,134 48,175 132,875 131,303 
General and administrative expenses7,564 7,076 25,892 22,016 
Total operating expenses100,184 102,303 303,820 294,472 
Gain on sale of real estate
Net gain on disposition of real estate8,669  8,813 142 
Net gain on sale of undepreciated real estate2,983 910 8,007 2,903 
Total gain on sale of real estate11,652 910 16,820 3,045 
Operating income37,037 19,025 90,116 69,862 
Other income (expense):
Interest and investment income498 4,494 1,387 7,845 
Interest expense(17,061)(15,190)(49,144)(46,973)
Interest expense - amortization of deferred financing costs(745)(709)(2,259)(2,127)
Equity in loss of unconsolidated real estate ventures(6,260)(6,634)(15,804)(20,798)
Net income before income taxes13,469 986 24,296 7,809 
Income tax (provision) benefit9 (12)(66)(46)
Net income13,478 974 24,230 7,763 
Net income attributable to noncontrolling interests(37)(7)(59)(42)
Net income attributable to Brandywine Realty Trust13,441 967 24,171 7,721 
Nonforfeitable dividends allocated to unvested restricted shareholders(105)(91)(351)(331)
Net income attributable to Common Shareholders of Brandywine Realty Trust$13,336 $876 $23,820 $7,390 
Basic income per Common Share$0.08 $0.01 $0.14 $0.04 
Diluted income per Common Share$0.08 $0.01 $0.14 $0.04 
Basic weighted average shares outstanding171,569,807 170,907,018 171,464,936 170,794,585 
Diluted weighted average shares outstanding172,152,256 172,237,194 172,435,153 172,077,950 
 
The accompanying notes are an integral part of these consolidated financial statements.
6

BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Net income$13,478 $974 $24,230 $7,763 
Comprehensive income:
Unrealized gain on derivative financial instruments490 911 6,001 2,681 
Amortization of interest rate contracts (1)188 188 564 564 
Total comprehensive income678 1,099 6,565 3,245 
Comprehensive income14,156 2,073 30,795 11,008 
Comprehensive income attributable to noncontrolling interest(39)(12)(79)(59)
Comprehensive income attributable to Brandywine Realty Trust$14,117 $2,061 $30,716 $10,949 
(1)Amounts reclassified from comprehensive income to interest expense within the Consolidated Statements of Operations.
The accompanying notes are an integral part of these consolidated financial statements.
7

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, 2021171,126,257 1,169,703 $1,712 $3,146,786 $18,491 $(18,491)$1,122,372 $(2,020)$(2,578,583)$10,952 $1,701,219 
Net income6,093 8 6,101 
Other comprehensive income3,940 12 3,952 
Redemption of LP Units(4,006)(4,006)
Share-based compensation activity277,061 68,540 2 1,653 1,655 
Share Issuance from/(to) Deferred Compensation Plan(19,406)(52,702)(249)895 (895)(249)
Reallocation of Noncontrolling interest(959)959 
Distributions declared $0.19 per share)
(32,711)(98)(32,809)
BALANCE, March 31, 2022171,383,912 1,185,541 $1,714 $3,147,231 $19,386 $(19,386)$1,128,465 $1,920 $(2,611,294)$7,827 $1,675,863 
Net income4,637 14 4,651 
Other comprehensive income1,929 6 1,935 
Share-based compensation activity191,368 16,844 2 1,915 1,917 
Share Issuance from/(to) Deferred Compensation Plan215 (215) 
Distributions declared $0.19 per share)
(32,705)(98)(32,803)
BALANCE, June 30, 2022171,575,280 1,202,385 $1,716 $3,149,146 $19,601 $(19,601)$1,133,102 $3,849 $(2,643,999)$7,749 $1,651,563 
Net income13,441 37 13,478 
Other comprehensive income676 2 678 
Share-based compensation activity1,100 2,094 2,094 
Share Issuance from/(to) Deferred Compensation Plan(6,573)(22,742)(63)(63)
Distributions declared $0.19 per share)
(32,703)(98)(32,801)
BALANCE, September 30, 2022171,569,807 1,179,643 $1,716 $3,151,177 $19,601 $(19,601)$1,146,543 $4,525 $(2,676,702)$7,690 $1,634,949 
The accompanying notes are an integral part of these consolidated financial statements.
8

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, 2020170,572,964 1,160,494 $1,707 $3,138,152 $17,516 $(17,516)$1,110,083 $(7,561)$(2,448,238)$10,505 $1,804,648 
Net income6,921 43 6,964 
Other comprehensive income1,092 6 1,098 
Share-based compensation activity108,345 12,719 2,502 2,502 
Share Issuance from/(to) Deferred Compensation Plan(18,058)(61,436)(198)142 (142)(198)
Distributions declared ($0.19 per share)
(32,573)(187)(32,760)
BALANCE, March 31, 2021170,663,251 1,111,777 $1,707 $3,140,456 $17,658 $(17,658)$1,117,004 $(6,469)$(2,480,811)$10,367 $1,782,254 
Net loss(167)(8)(175)
Other comprehensive income1,042 6 1,048 
Issuance of partnership interest in consolidated real estate ventures2,289 2,289 
Redemption of LP Units(2,334)(2,334)
Share-based compensation activity237,240 63,566 2 688 690 
Share Issuance from/(to) Deferred Compensation Plan833 (833) 
Reallocation of Noncontrolling interest(569)569  
Distributions declared ($0.19 per share)
(32,562)(157)(32,719)
BALANCE, June 30, 2021170,900,491 1,175,343 $1,709 $3,140,575 $18,491 $(18,491)$1,116,837 $(5,427)$(2,513,373)$10,732 $1,751,053 
Net income967 7 974 
Other comprehensive income1,094 5 1,099 
Issuance of Common Shares of Beneficial Interest226,695 3 3,049 3,052 
Issuance of partnership interest in consolidated real estate ventures476 476 
Share-based compensation activity(929)(5,640)1,585 1,585 
Distributions declared $0.19 per share)
(32,606)(156)(32,762)
BALANCE, September 30, 2021171,126,257 1,169,703 $1,712 $3,145,209 $18,491 $(18,491)$1,117,804 $(4,333)$(2,545,979)$11,064 $1,725,477 

The accompanying notes are an integral part of these consolidated financial statements.
9

BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands) 
Nine Months Ended September 30,
20222021
Cash flows from operating activities:
Net income$24,230 $7,763 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization132,875 131,303 
Amortization of deferred financing costs2,259 2,127 
Amortization of debt discount/(premium), net(1,463)(1,463)
Amortization of stock compensation costs7,232 5,732 
Straight-line rent income(8,958)(10,641)
Amortization of acquired above (below) market leases, net(2,189)(3,929)
Ground rent expense611 712 
Provision for doubtful accounts 940 
Total gain on sale of real estate(16,820)(3,045)
Loss from unconsolidated real estate ventures, net of distributions15,049 20,798 
Income tax provision66 46 
Changes in assets and liabilities:
Accounts receivable933 672 
Other assets(9,949)(8,562)
Accounts payable and accrued expenses3,240 3,650 
Deferred income, gains and rent(666)914 
Other liabilities1,712 (6,298)
Net cash provided by operating activities148,162 140,719 
Cash flows from investing activities:
Acquisition of properties(3,446) 
Proceeds from the sale of properties35,462 10,303 
Proceeds from insurance 1,250 
Proceeds from note receivable 50,000 
Capital expenditures for tenant improvements(67,782)(30,168)
Capital expenditures for redevelopments(74,383)(18,705)
Capital expenditures for developments(82,507)(26,694)
Advances for the purchase of tenant assets, net of repayments(447)279 
Investment in unconsolidated real estate ventures(43,681)(27,210)
Deposits for real estate(7,450) 
Capital distributions from unconsolidated real estate ventures8,930 7,499 
Leasing costs paid(20,096)(11,475)
Net cash used in investing activities(255,400)(44,921)
Cash flows from financing activities:
Proceeds from credit facility borrowings260,000 116,000 
Repayments of credit facility borrowings(37,000)(116,000)
Debt financing costs paid(6,641) 
Exercise of stock options, net (63)
Shares used for employee taxes upon vesting of share awards(2,941)(1,762)
Partner contributions to consolidated real estate venture 2,765 
Redemption of limited partnership units(4,006)(2,334)
Distributions paid to shareholders(98,020)(97,637)
Distributions to noncontrolling interest(353)(547)
Net cash provided by (used in) financing activities111,039 (99,578)
Increase/(Decrease) in cash and cash equivalents and restricted cash3,801 (3,780)
Cash and cash equivalents and restricted cash at beginning of period28,300 47,077 
Cash and cash equivalents and restricted cash at end of period$32,101 $43,297 
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period$27,463 $46,344 
Restricted cash, beginning of period837 733 
Cash and cash equivalents and restricted cash, beginning of period$28,300 $47,077