0000790816-22-000013 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2022	Apr. 19, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity Registrant Name	Brandywine Realty Trust
Entity Incorporation, State or Country Code	MD
Entity File Number	001-9106
Entity Tax Identification Number	23-2413352
Entity Address, Address Line One	2929 Arch Street
Entity Address, Address Line Two	Suite 1800
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19104
City Area Code	610
Local Phone Number	325-5600
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	BDN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		171,383,912
Entity Central Index Key	0000790816
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Document Information [Line Items]
Entity Registrant Name	Brandywine Operating Partnership, L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	000-24407
Entity Tax Identification Number	23-2862640
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001060386

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real estate investments:
Operating properties	$ 3,517,995	$ 3,472,602
Accumulated depreciation	(980,860)	(957,450)
Right of use asset - operating leases, net	20,150	20,313
Operating real estate investments, net	2,557,285	2,535,465
Construction-in-progress	283,323	277,237
Land held for development	94,411	114,604
Prepaid leasehold interests in land held for development, net	27,762	27,762
Total real estate investments, net	2,962,781	2,955,068
Assets held for sale, net	25,205	562
Cash and cash equivalents	39,306	27,463
Accounts receivable	14,214	11,875
Accrued rent receivable, net of allowance of $4,081 and $4,133 as of March 31, 2022 and December 31, 2021, respectively	170,275	167,210
Investment in unconsolidated real estate ventures	461,389	435,506
Deferred costs, net	87,652	86,862
Intangible assets, net	25,580	28,556
Other assets	148,493	133,094
Total assets	3,934,895	3,846,196
LIABILITIES AND EQUITY
Unsecured credit facility	156,000	23,000
Unsecured term loan, net	249,738	249,608
Unsecured senior notes, net	1,580,845	1,580,978
Accounts payable and accrued expenses	130,073	150,151
Distributions payable	32,814	32,765
Deferred income, gains and rent	24,758	23,849
Intangible liabilities, net	12,085	12,981
Lease liability - operating leases	23,014	22,962
Other liabilities	49,705	48,683
Total liabilities	2,259,032	2,144,977
Commitments and contingencies (See Note 15)
Equity:
Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 171,383,912 and 171,126,257 issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	1,714	1,712
Additional paid-in-capital	3,147,231	3,146,786
Deferred compensation payable in common shares	19,386	18,491
Common shares in grantor trust, 1,185,541 and 1,169,703 issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	(19,386)	(18,491)
Cumulative earnings	1,128,465	1,122,372
Accumulated other comprehensive income (loss)	1,920	(2,020)
Cumulative distributions	(2,611,294)	(2,578,583)
Total Brandywine Realty Trust's equity	1,668,036	1,690,267
Noncontrolling interests	7,827	10,952
Total beneficiaries' equity	1,675,863	1,701,219
Total liabilities and beneficiaries' equity	$ 3,934,895	$ 3,846,196

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue
Revenue	$ 127,505	$ 120,769
Operating expenses
Property operating expenses	31,548	28,935
Real estate taxes	13,813	14,761
Third party management expenses	2,557	2,978
Depreciation and amortization	43,782	40,343
General and administrative expenses	10,000	6,584
Total operating expenses	101,700	93,601
Gain on sale of real estate
Net gain on disposition of real estate	0	74
Net gain on sale of undepreciated real estate	897	1,993
Total gain on sale of real estate	897	2,067
Operating income	26,702	29,235
Other income (expense):
Interest and investment income	440	1,674
Interest expense	(15,742)	(16,293)
Interest expense - amortization of deferred financing costs	(709)	(709)
Equity in loss of unconsolidated real estate ventures	(4,563)	(6,924)
Net income before income taxes	6,128	6,983
Income tax provision	(27)	(19)
Net income	6,101	6,964
Net income attributable to noncontrolling interests	(8)	(43)
Net income attributable to Brandywine Realty Trust	6,093	6,921
Nonforfeitable dividends allocated to unvested restricted shareholders	(148)	(146)
Net income attributable to Common Partnership Unitholders of Brandywine Operating Partnership, L.P.	$ 5,945	$ 6,775
Basic income per Common Share (in dollars per share)	$ 0.03	$ 0.04
Diluted income per Common Share (in dollars per share)	$ 0.03	$ 0.04
Basic weighted average shares outstanding (in shares)	171,294,949	170,624,741
Weighted average units outstanding, diluted (in shares)	172,888,994	171,636,120
Rents
Revenue
Revenue	$ 115,901	$ 113,484
Third party management fees, labor reimbursement and leasing
Revenue
Revenue	5,108	6,651
Other
Revenue
Revenue	$ 6,496	$ 634

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Statement of Comprehensive Income [Abstract]

Net income

$ 6,101

$ 6,964

Other Comprehensive Income (Loss) Net of Tax, Period Change [Abstract]

Unrealized gain on derivative financial instruments

3,764

910

Amortization of interest rate contracts

^[1]

188

Other comprehensive income

3,952

1,098

Comprehensive income

10,053

8,062

Comprehensive income attributable to noncontrolling interest

(20)

(49)

Comprehensive income attributable to Brandywine Realty Trust

$ 10,033

$ 8,013

[1]	Amounts reclassified from comprehensive income to interest expense within the Consolidated Statements of Operations.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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CONSOLIDATED STATEMENTS OF BENEFICIARIES’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Rabbi Trust/Deferred Compensation Shares	Additional Paid-in Capital	Common Shares in Grantor Trust	Cumulative Earnings	Accumulated Other Comprehensive Income (Loss)	Cumulative Distributions	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2020		170,572,964	1,160,494
Beginning balance at Dec. 31, 2020	$ 1,804,648	$ 1,707	$ 17,516	$ 3,138,152	$ (17,516)	$ 1,110,083	$ (7,561)	$ (2,448,238)	$ 10,505
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,964					6,921			43
Other comprehensive income	1,098						1,092		6
Share-based compensation activity (in shares)		108,345	12,719
Share-based compensation activity	2,502			2,502
Share Issuance from/(to) Deferred Compensation Plan (in shares)		(18,058)	(61,436)
Share Issuance from/(to) Deferred Compensation Plan	(198)		$ 142	(198)	(142)
Distributions declared	(32,760)							(32,573)	(187)
Ending balance (in shares) at Mar. 31, 2021		170,663,251	1,111,777
Ending balance at Mar. 31, 2021	1,782,254	$ 1,707	$ 17,658	3,140,456	(17,658)	1,117,004	(6,469)	(2,480,811)	10,367
Beginning balance (in shares) at Dec. 31, 2021		171,126,257	1,169,703
Beginning balance at Dec. 31, 2021	1,701,219	$ 1,712	$ 18,491	3,146,786	(18,491)	1,122,372	(2,020)	(2,578,583)	10,952
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,101					6,093			8
Other comprehensive income	3,952						3,940		12
Redemption of LP Units	(4,006)								(4,006)
Share-based compensation activity (in shares)		277,061	68,540
Share-based compensation activity	1,655	$ 2		1,653
Share Issuance from/(to) Deferred Compensation Plan (in shares)		(19,406)	(52,702)
Share Issuance from/(to) Deferred Compensation Plan	(249)		$ 895	(249)	(895)
Reallocation of Noncontrolling interest	0			(959)					959
Distributions declared	(32,809)							(32,711)	(98)
Ending balance (in shares) at Mar. 31, 2022		171,383,912	1,185,541
Ending balance at Mar. 31, 2022	$ 1,675,863	$ 1,714	$ 19,386	$ 3,147,231	$ (19,386)	$ 1,128,465	$ 1,920	$ (2,611,294)	$ 7,827

Consolidated Statements of Beneficiaries' Equity (Parenthetical) - $ / shares		3 Months Ended
	Feb. 23, 2022	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Distributions declared (in dollars per share)	$ 0.19	$ 0.19	$ 0.19

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 6,101	$ 6,964
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	43,782	40,343
Amortization of deferred financing costs	709	709
Amortization of debt discount/(premium), net	(488)	(488)
Amortization of stock compensation costs	3,280	2,606
Straight-line rent income	(3,149)	(4,085)
Amortization of acquired above (below) market leases, net	(875)	(1,350)
Ground rent expense	205	297
Provision for doubtful accounts	0	253
Net gain on sale of interests in real estate	(897)	(2,067)
Loss from unconsolidated real estate ventures, net of distributions	4,563	6,924
Income tax provision	27	19
Changes in assets and liabilities:
Accounts receivable	(2,609)	(939)
Other assets	(9,208)	(10,491)
Accounts payable and accrued expenses	(14,550)	4,991
Deferred income, gains and rent	992	1,302
Other liabilities	632	(3,812)
Net cash provided by operating activities	28,515	41,176
Cash flows from investing activities:
Acquisition of properties	(3,446)	0
Proceeds from the sale of properties	1,481	79
Payments for Tenant Improvements	(15,148)	(7,202)
Capital expenditures for redevelopments	(31,942)	(6,339)
Capital expenditures for developments	(30,455)	(6,681)
Advances for the purchase of tenant assets, net of repayments	270	(443)
Investment in unconsolidated real estate ventures	(26,762)	(1,884)
Deposits for real estate	(2,550)	0
Capital distributions from unconsolidated real estate ventures	3,010	3,934
Leasing costs paid	(5,245)	(2,713)
Net cash used in investing activities	(110,787)	(21,249)
Cash flows from financing activities:
Proceeds from credit facility borrowings	138,000	33,000
Repayments of credit facility borrowings	(5,000)	(20,000)
Exercise of stock options, net	0	(63)
Shares used for employee taxes upon vesting of share awards	(2,103)	(758)
Redemption of limited partnership units	(4,006)	0
Distributions paid to shareholders	(32,604)	(32,516)
Distributions to noncontrolling interest	(157)	(187)
Net cash provided by (used in) financing activities	94,130	(20,524)
Increase/(Decrease) in cash and cash equivalents and restricted cash	11,858	(597)
Cash and cash equivalents and restricted cash at beginning of period	28,300	47,077
Cash and cash equivalents and restricted cash at end of period	40,158	46,480
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	27,463	46,344
Restricted cash, beginning of period	837	733
Cash and cash equivalents, end of period	39,306	45,717
Restricted cash, end of period	852	763
Cash and cash equivalents and restricted cash, end of period	40,158	46,480
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the three months ended March 31, 2022 and 2021 of $2,186 and $1,421, respectively	9,637	10,106
Cash paid for income taxes	1	1
Supplemental disclosure of non-cash activity:
Distributions payable	32,814	32,763
Change in investment in real estate ventures as a result of deconsolidation	0	32,761
Change in operating real estate from deconsolidation of operating properties	0	(30,073)
Change in other assets as a result of deconsolidation of operating properties	0	(2,688)
Change in capital expenditures financed through accounts payable at period end	(909)	(4,827)
Change in capital expenditures financed through retention payable at period end	$ (1,475)	$ (3,752)

CONSOLIDATED BALANCE SHEETS - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real estate investments:
Operating properties	$ 3,517,995	$ 3,472,602
Accumulated depreciation	(980,860)	(957,450)
Right of use asset - operating leases, net	20,150	20,313
Operating real estate investments, net	2,557,285	2,535,465
Construction-in-progress	283,323	277,237
Land held for development	94,411	114,604
Prepaid leasehold interests in land held for development, net	27,762	27,762
Total real estate investments, net	2,962,781	2,955,068
Assets held for sale, net	25,205	562
Cash and cash equivalents	39,306	27,463
Accounts receivable	14,214	11,875
Accrued rent receivable, net of allowance of $4,081 and $4,133 as of March 31, 2022 and December 31, 2021, respectively	170,275	167,210
Investment in unconsolidated real estate ventures	461,389	435,506
Deferred costs, net	87,652	86,862
Intangible assets, net	25,580	28,556
Other assets	148,493	133,094
Total assets	3,934,895	3,846,196
LIABILITIES AND EQUITY
Unsecured credit facility	156,000	23,000
Unsecured term loan, net	249,738	249,608
Unsecured senior notes, net	1,580,845	1,580,978
Accounts payable and accrued expenses	130,073	150,151
Distributions payable	32,814	32,765
Deferred income, gains and rent	24,758	23,849
Intangible liabilities, net	12,085	12,981
Lease liability - operating leases	23,014	22,962
Other liabilities	49,705	48,683
Total liabilities	2,259,032	2,144,977
Commitments and contingencies (See Note 15)
Equity:
Accumulated other comprehensive income (loss)	1,920	(2,020)
Total liabilities and beneficiaries' equity	3,934,895	3,846,196
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Real estate investments:
Operating properties	3,517,995	3,472,602
Accumulated depreciation	(980,860)	(957,450)
Right of use asset - operating leases, net	20,150	20,313
Operating real estate investments, net	2,557,285	2,535,465
Construction-in-progress	283,323	277,237
Land held for development	94,411	114,604
Prepaid leasehold interests in land held for development, net	27,762	27,762
Total real estate investments, net	2,962,781	2,955,068
Assets held for sale, net	25,205	562
Cash and cash equivalents	39,306	27,463
Accounts receivable	14,214	11,875
Accrued rent receivable, net of allowance of $4,081 and $4,133 as of March 31, 2022 and December 31, 2021, respectively	170,275	167,210
Investment in unconsolidated real estate ventures	461,389	435,506
Deferred costs, net	87,652	86,862
Intangible assets, net	25,580	28,556
Other assets	148,493	133,094
Total assets	3,934,895	3,846,196
LIABILITIES AND EQUITY
Unsecured credit facility	156,000	23,000
Unsecured term loan, net	249,738	249,608
Unsecured senior notes, net	1,580,845	1,580,978
Accounts payable and accrued expenses	130,073	150,151
Distributions payable	32,814	32,765
Deferred income, gains and rent	24,758	23,849
Intangible liabilities, net	12,085	12,981
Lease liability - operating leases	23,014	22,962
Other liabilities	49,705	48,683
Total liabilities	2,259,032	2,144,977
Commitments and contingencies (See Note 15)
Redeemable limited partnership units at redemption value; 516,467 and 823,983 issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	7,338	11,140
Equity:
General Partnership Capital; 171,383,912 and 171,126,257 units issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	1,664,107	1,689,611
Accumulated other comprehensive income (loss)	1,586	(2,366)
Total Brandywine Operating Partnership, L.P.'s equity	1,665,693	1,687,245
Noncontrolling interest - consolidated real estate ventures	2,832	2,834
Total partners' equity	1,668,525	1,690,079
Total liabilities and beneficiaries' equity	$ 3,934,895	$ 3,846,196

CONSOLIDATED BALANCE SHEETS - BRANDYWINE OPERATING PARTNERSHIP, L.P. (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued rent receivable, allowance	$ 4,081	$ 4,133
Common stock, shares issued (in shares)	171,383,912	171,126,257
Common stock, shares outstanding (in shares)	171,383,912	171,126,257
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Accrued rent receivable, allowance	$ 4,081	$ 4,133
Redeemable limited partnership units issued (in units)	516,467	823,983
Redeemable limited partnership units outstanding (in units)	516,467	823,983

CONSOLIDATED STATEMENTS OF OPERATIONS - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue
Revenue	$ 127,505	$ 120,769
Operating expenses
Property operating expenses	31,548	28,935
Real estate taxes	13,813	14,761
Third party management expenses	2,557	2,978
Depreciation and amortization	43,782	40,343
General and administrative expenses	10,000	6,584
Total operating expenses	101,700	93,601
Gain on sale of real estate
Net gain on disposition of real estate	0	74
Net gain on sale of undepreciated real estate	897	1,993
Total gain on sale of real estate	897	2,067
Operating income	26,702	29,235
Other income (expense):
Interest and investment income	440	1,674
Interest expense	(15,742)	(16,293)
Interest expense - amortization of deferred financing costs	(709)	(709)
Equity in loss of unconsolidated real estate ventures	(4,563)	(6,924)
Net income before income taxes	6,128	6,983
Income tax provision	(27)	(19)
Net income	6,101	6,964
Nonforfeitable dividends allocated to unvested restricted shareholders	(148)	(146)
Net income attributable to Common Partnership Unitholders of Brandywine Operating Partnership, L.P.	$ 5,945	$ 6,775
Basic income per Common Share (in dollars per share)	$ 0.03	$ 0.04
Diluted income per Common Share (in dollars per share)	$ 0.03	$ 0.04
Basic weighted average shares outstanding (in shares)	171,294,949	170,624,741
Weighted average units outstanding, diluted (in shares)	172,888,994	171,636,120
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Revenue	$ 127,505	$ 120,769
Operating expenses
Property operating expenses	31,548	28,935
Real estate taxes	13,813	14,761
Third party management expenses	2,557	2,978
Depreciation and amortization	43,782	40,343
General and administrative expenses	10,000	6,584
Provision for impairment	0	0
Total operating expenses	101,700	93,601
Gain on sale of real estate
Net gain on disposition of real estate	0	74
Net gain on sale of undepreciated real estate	897	1,993
Total gain on sale of real estate	897	2,067
Operating income	26,702	29,235
Other income (expense):
Interest and investment income	440	1,674
Interest expense	(15,742)	(16,293)
Interest expense - amortization of deferred financing costs	(709)	(709)
Equity in loss of unconsolidated real estate ventures	(4,563)	(6,924)
Net income before income taxes	6,128	6,983
Income tax provision	(27)	(19)
Net income	6,101	6,964
Net loss attributable to noncontrolling interests - consolidated real estate ventures	2	1
Net income attributable to Brandywine Operating Partnership	6,103	6,965
Nonforfeitable dividends allocated to unvested restricted shareholders	(148)	(146)
Net income attributable to Common Partnership Unitholders of Brandywine Operating Partnership, L.P.	$ 5,955	$ 6,819
Basic income per Common Share (in dollars per share)	$ 0.03	$ 0.04
Diluted income per Common Share (in dollars per share)	$ 0.03	$ 0.04
Basic weighted average shares outstanding (in shares)	171,927,588	171,606,375
Weighted average units outstanding, diluted (in shares)	173,521,633	172,617,754
Rents
Revenue
Revenue	$ 115,901	$ 113,484
Rents \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Revenue	115,901	113,484
Third party management fees, labor reimbursement and leasing
Revenue
Revenue	5,108	6,651
Third party management fees, labor reimbursement and leasing \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Revenue	5,108	6,651
Other
Revenue
Revenue	6,496	634
Other \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Revenue	$ 6,496	$ 634

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Net income

$ 6,101

$ 6,964

Comprehensive income:

Unrealized gain on derivative financial instruments

3,764

910

Amortization of interest rate contracts

^[1]

188

Total comprehensive income

3,952

1,098

Comprehensive income

10,053

8,062

Comprehensive loss attributable to noncontrolling interest - consolidated real estate ventures

(20)

(49)

Comprehensive income attributable to Brandywine Realty Trust

10,033

8,013

BRANDYWINE OPERATING PARTNERSHIP, L.P.

Net income

6,101

6,964

Comprehensive income:

Unrealized gain on derivative financial instruments

3,764

910

Amortization of interest rate contracts

^[1]

188

Total comprehensive income

3,952

1,098

Comprehensive income

10,053

8,062

Comprehensive loss attributable to noncontrolling interest - consolidated real estate ventures

Comprehensive income attributable to Brandywine Realty Trust

$ 10,055

$ 8,063

[1]	Amounts reclassified from comprehensive income to interest expense within the Consolidated Statements of Operations.

- Definition

+ References + Details

- Definition

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY - USD ($) $ in Thousands	Total	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest - Consolidated Real Estate Ventures	General Partner Capital	BRANDYWINE OPERATING PARTNERSHIP, L.P.	BRANDYWINE OPERATING PARTNERSHIP, L.P. Accumulated Other Comprehensive Income (Loss)	BRANDYWINE OPERATING PARTNERSHIP, L.P. Noncontrolling Interest - Consolidated Real Estate Ventures	BRANDYWINE OPERATING PARTNERSHIP, L.P. General Partner Capital
Beginning balance (in shares) at Dec. 31, 2020								170,572,964
Beginning Balance at Dec. 31, 2020					$ 1,793,082	$ (7,935)	$ 72	$ 1,800,945
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	$ 6,964		$ 43		6,964		(1)	$ 6,965
Other comprehensive income (loss)	1,098	$ 1,092	6		1,098	1,098
Deferred compensation obligation (in shares)								(18,058)
Deferred compensation obligation	(198)				(198)			$ (198)
Share-based compensation activity (in shares)								108,345
Share-based compensation activity	2,502				2,502			$ 2,502
Adjustment of redeemable partnership units to liquidation value at period end					(1,294)			(1,294)
Distributions declared to general partnership unitholders					(32,573)			$ (32,573)
Ending balance (in shares) at Mar. 31, 2021								170,663,251
Ending Balance at Mar. 31, 2021					1,769,581	(6,837)	71	$ 1,776,347
Beginning balance (in shares) at Dec. 31, 2021								171,126,257
Beginning Balance at Dec. 31, 2021					1,690,079	(2,366)	2,834	$ 1,689,611
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	6,101		8		6,101		(2)	$ 6,103
Other comprehensive income (loss)	3,952	$ 3,940	$ 12		3,952	3,952
Deferred compensation obligation (in shares)								(19,406)
Deferred compensation obligation	(249)				(249)			$ (249)
Repurchase and retirement of LP units (in shares)				(307,516)
Repurchase and retirement of LP units					(4,006)			$ (4,006)
Share-based compensation activity (in shares)								277,061
Share-based compensation activity	$ 1,655				1,655			$ 1,655
Adjustment of redeemable partnership units to liquidation value at period end					3,704			3,704
Distributions declared to general partnership unitholders					(32,711)			$ (32,711)
Ending balance (in shares) at Mar. 31, 2022								171,383,912
Ending Balance at Mar. 31, 2022					$ 1,668,525	$ 1,586	$ 2,832	$ 1,664,107

CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
BRANDYWINE OPERATING PARTNERSHIP, L.P. \| General Partner Capital
Distributions to general partnership unitholders (USD per share)	$ 0.19	$ 0.19

CONSOLIDATED STATEMENTS OF CASH FLOWS - BRANDYWINE OPERATING PARTNERSHIP L.P. - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 6,101	$ 6,964
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	43,782	40,343
Amortization of deferred financing costs	709	709
Amortization of debt discount/(premium), net	(488)	(488)
Amortization of stock compensation costs	3,280	2,606
Straight-line rent income	(3,149)	(4,085)
Amortization of acquired above (below) market leases, net	(875)	(1,350)
Ground rent expense	205	297
Provision for doubtful accounts	0	253
Net gain on sale of interests in real estate	(897)	(2,067)
Loss from unconsolidated real estate ventures, net of distributions	4,563	6,924
Income tax provision	27	19
Changes in assets and liabilities:
Accounts receivable	(2,609)	(939)
Other assets	(9,208)	(10,491)
Accounts payable and accrued expenses	(14,550)	4,991
Deferred income, gains and rent	992	1,302
Other liabilities	632	(3,812)
Net cash provided by operating activities	28,515	41,176
Cash flows from investing activities:
Acquisition of properties	(3,446)	0
Proceeds from the sale of properties	1,481	79
Capital expenditures for tenant improvements	(15,148)	(7,202)
Capital expenditures for redevelopments	(31,942)	(6,339)
Capital expenditures for developments	(30,455)	(6,681)
Advances for the purchase of tenant assets, net of repayments	270	(443)
Investment in unconsolidated real estate ventures	(26,762)	(1,884)
Deposits for real estate	(2,550)	0
Capital distributions from unconsolidated real estate ventures	3,010	3,934
Leasing costs paid	(5,245)	(2,713)
Net cash used in investing activities	(110,787)	(21,249)
Cash flows from financing activities:
Proceeds from credit facility borrowings	138,000	33,000
Repayments of credit facility borrowings	(5,000)	(20,000)
Exercise of stock options, net	0	(63)
Shares used for employee taxes upon vesting of share awards	(2,103)	(758)
Redemption of limited partnership units	(4,006)	0
Distributions paid to shareholders	(32,604)	(32,516)
Net cash provided by (used in) financing activities	94,130	(20,524)
Increase/(Decrease) in cash and cash equivalents and restricted cash	11,858	(597)
Cash and cash equivalents and restricted cash at beginning of period	28,300	47,077
Cash and cash equivalents and restricted cash at end of period	40,158	46,480
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	27,463	46,344
Restricted cash, beginning of period	837	733
Cash and cash equivalents and restricted cash at beginning of period	28,300	47,077
Cash and cash equivalents, end of period	39,306	45,717
Restricted cash, end of period	852	763
Cash and cash equivalents and restricted cash at end of period	40,158	46,480
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the three months ended March 31, 2022 and 2021 of $2,186 and $1,421, respectively	9,637	10,106
Cash paid for income taxes	1	1
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid	32,814	32,763
Change in investment in real estate ventures as a result of deconsolidation	0	32,761
Change in operating real estate from deconsolidation of operating properties	0	(30,073)
Change in other assets as a result of deconsolidation of operating properties	0	(2,688)
Change in capital expenditures financed through accounts payable at period end	(909)	(4,827)
Change in capital expenditures financed through retention payable at period end	(1,475)	(3,752)
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Cash flows from operating activities:
Net income	6,101	6,964
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	43,782	40,343
Amortization of deferred financing costs	709	709
Amortization of debt discount/(premium), net	(488)	(488)
Amortization of stock compensation costs	3,280	2,606
Straight-line rent income	(3,149)	(4,085)
Amortization of acquired above (below) market leases, net	(875)	(1,350)
Ground rent expense	205	297
Provision for doubtful accounts	0	253
Net gain on sale of interests in real estate	(897)	(2,067)
Loss from unconsolidated real estate ventures, net of distributions	4,563	6,924
Income tax provision	27	19
Changes in assets and liabilities:
Accounts receivable	(2,609)	(939)
Other assets	(9,208)	(10,491)
Accounts payable and accrued expenses	(14,550)	4,991
Deferred income, gains and rent	992	1,302
Other liabilities	632	(3,812)
Net cash provided by operating activities	28,515	41,176
Cash flows from investing activities:
Acquisition of properties	(3,446)	0
Proceeds from the sale of properties	1,481	79
Capital expenditures for tenant improvements	(15,148)	(7,202)
Capital expenditures for redevelopments	(31,942)	(6,339)
Capital expenditures for developments	(30,455)	(6,681)
Advances for the purchase of tenant assets, net of repayments	270	(443)
Investment in unconsolidated real estate ventures	(26,762)	(1,884)
Deposits for real estate	(2,550)	0
Capital distributions from unconsolidated real estate ventures	3,010	3,934
Leasing costs paid	(5,245)	(2,713)
Net cash used in investing activities	(110,787)	(21,249)
Cash flows from financing activities:
Proceeds from credit facility borrowings	138,000	33,000
Repayments of credit facility borrowings	(5,000)	(20,000)
Exercise of stock options, net	0	(63)
Shares used for employee taxes upon vesting of share awards	(2,103)	(758)
Redemption of limited partnership units	(4,006)	0
Distributions paid to shareholders	(32,761)	(32,703)
Net cash provided by (used in) financing activities	94,130	(20,524)
Increase/(Decrease) in cash and cash equivalents and restricted cash	11,858	(597)
Cash and cash equivalents and restricted cash at beginning of period	28,300	47,077
Cash and cash equivalents and restricted cash at end of period	40,158	46,480
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	27,463	46,344
Restricted cash, beginning of period	837	733
Cash and cash equivalents and restricted cash at beginning of period	28,300	47,077
Cash and cash equivalents, end of period	39,306	45,717
Restricted cash, end of period	852	763
Cash and cash equivalents and restricted cash at end of period	40,158	46,480
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the three months ended March 31, 2022 and 2021 of $2,186 and $1,421, respectively	9,637	10,106
Cash paid for income taxes	1	1
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid	32,814	32,763
Change in investment in real estate ventures as a result of deconsolidation	0	32,761
Change in operating real estate from deconsolidation of operating properties	0	(30,073)
Change in other assets as a result of deconsolidation of operating properties	0	(2,688)
Change in capital expenditures financed through accounts payable at period end	(909)	(4,827)
Change in capital expenditures financed through retention payable at period end	$ (1,475)	$ (3,752)

CONSOLIDATED STATEMENTS OF CASH FLOWS - BRANDYWINE OPERATING PARTNERSHIP L.P. (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Capitalized interest	$ 2,186	$ 1,421
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Capitalized interest	$ 2,186	$ 1,421

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accrued rent receivable, allowance	$ 4,081	$ 4,133
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	171,383,912	171,126,257
Common stock, shares outstanding (in shares)	171,383,912	171,126,257
Common shares in grantor trust, issued and outstanding (in shares)	1,185,541	1,169,703

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Cash Flows [Abstract]
Capitalized interest	$ 2,186	$ 1,421

ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP

1. ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP

Brandywine Realty Trust (the "Parent Company") is a self-administered and self-managed real estate investment trust (“REIT”) engaged in the acquisition, development, redevelopment, ownership, management, and operation of a portfolio of office and mixed-use properties. The Parent Company owns its assets and conducts its operations through Brandywine Operating Partnership, L.P. (the "Operating Partnership") and subsidiaries of the Operating Partnership. The Parent Company is the sole general partner of the Operating Partnership and, as of March 31, 2022, owned a 99.7% interest in the Operating Partnership. The Parent Company’s common shares of beneficial interest are publicly traded on the New York Stock Exchange under the ticker symbol “BDN.” The Parent Company, the Operating Partnership, and their consolidated subsidiaries are collectively referred to as the "Company."

As of March 31, 2022, the Company owned 81 properties that contained an aggregate of approximately 13.7 million net rentable square feet (collectively, the “Properties”). The Company’s core portfolio of operating properties (the “Core Properties”) excludes development properties, redevelopment properties, and properties held for sale. The Properties were comprised of the following as of March 31, 2022:


	Number of Properties	Rentable Square Feet
Office properties	72	12,097,300
Mixed-use properties	5	942,334

Core Properties	77	13,039,634
Development property	1	205,803
Redevelopment properties	3	432,699

The Properties	81	13,678,136

In addition to the Properties, as of March 31, 2022, the Company owned 169.4 acres of land held for development, of which 0.8 acres were held for sale. The Company also held a leasehold interest in one land parcel totaling 0.8 acres, acquired through a prepaid 99-year ground lease, and held options to purchase approximately 55.5 additional acres of undeveloped land. As of March 31, 2022, the total potential development that this inventory of land could support under current zoning and entitlements, including the parcels under option, amounted to an estimated 13.4 million square feet, of which 0.2 million square feet relates to the 0.8 acres held for sale.

As of March 31, 2022, the Company also owned economic interests in ten unconsolidated real estate ventures (see Note 4, ''Investment in Unconsolidated Real Estate Ventures” for further information). The Properties and the properties owned by the unconsolidated real estate ventures are primarily located in or near Philadelphia, Pennsylvania; Austin, Texas; Metropolitan Washington, D.C.; Southern New Jersey; and Wilmington, Delaware.

The Company conducts its third-party real estate management services business primarily through wholly-owned management company subsidiaries. As of March 31, 2022, the management company subsidiaries were managing properties containing an aggregate of approximately 23.1 million net rentable square feet, of which approximately 13.7 million net rentable square feet related to Properties owned by the Company and approximately 9.4 million net rentable square feet related to properties owned by third parties and unconsolidated real estate ventures.

Unless otherwise indicated, all references in this Form 10-Q to square feet represent net rentable area.

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 31, 2022
Accounting Policies [Abstract]
BASIS OF PRESENTATION	2. BASIS OF PRESENTATION Basis of Presentation The consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments consist solely of normal recurring matters, and result in a fair statement of the financial position of the Company as of March 31, 2022, the results of its operations for the three months ended March 31, 2022 and 2021 and its cash flows for the three months ended March 31, 2022 and 2021. The results of operations for such interim periods are not necessarily indicative of the results for a full year. These consolidated financial statements should be read in conjunction with the Parent Company’s and the Operating Partnership’s consolidated financial statements and footnotes included in their combined Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 24, 2022. The consolidated balance sheet at December 31, 2021 has been derived from the audited financial statements as of that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. The Company's Annual Report on Form 10-K for the year ended December 31, 2021 contains a discussion of its significant accounting policies under Note 2, "Summary of Significant Accounting Policies". There have been no significant changes in the Company's significant accounting policies since December 31, 2021. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply elections as applicable as additional changes in the market occur.

REAL ESTATE INVESTMENTS

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

REAL ESTATE INVESTMENTS

3. REAL ESTATE INVESTMENTS

As of March 31, 2022 and December 31, 2021, the gross carrying value of the operating properties was as follows (in thousands):


	March 31, 2022		December 31, 2021
Land	$	410,103	$	410,144
Building and improvements	2,696,233		2,653,492
Tenant improvements	411,659		408,966


Total	$	3,517,995	$	3,472,602

Acquisitions

The following table summarizes the property acquisitions during the three months ended March 31, 2022 (dollars in thousands):

Property/Portfolio Name

Acquisition Date

Location

Property Type

Rentable Square Feet/Acres

Purchase Price

631 Park Avenue

January 21, 2022

King of Prussia, PA

Land

3.3 acres

3,650

Dispositions

The following table summarizes the property dispositions during the three months ended March 31, 2022 (dollars in thousands):

Property/Portfolio Name

Disposition Date

Location

Property Type

Rentable Square Feet/Acres

Sales Price

Gain/(Loss) on Sale (a)

Gateway G & H

January 20, 2022

Richmond, VA

Land

10.0 acres

1,600

897

(a)Gain/(Loss) on Sale is net of closing and other transaction related costs.

One Uptown Venture

On December 1, 2021, the Company entered into two joint venture agreements with affiliates of Canyon Partners Real Estate to commence development of One Uptown, a $328.4 million mixed-used project in Austin, Texas. One Uptown has been designed to deliver 348,000 square feet of Class-A workspace and 15,000 square feet of street-level retail space (through the "office" joint venture) and 341 apartment residences and a public park (through the "multifamily" joint venture) and a six-story parking garage to be shared by the two joint ventures. The Company's partner in each of the two joint ventures has agreed, subject to customary funding conditions, including closing of the applicable construction loan, to fund approximately $57.5 million of the combined project costs in exchange for a 50% preferred equity interest in each of the two joint ventures, with the Company retaining a 50% common equity interest in each. The Company is in the process of securing a construction loan for each of the two joint ventures that would total approximately $213.4 million, representing 65% of the combined project costs. Under the terms of each of the joint venture agreements, the joint venture partner has no obligation to fund any portion of the applicable

project costs until the closing of the applicable construction loan. This right prevents the Company from meeting the sale recognition criteria of ASC 606 until the applicable closings of the construction loans.

Held for Sale

As of March 31, 2022, the Company determined that the sale of one parcel of land within the Metropolitan Washington, D.C. segment totaling 0.8 acres was probable and classified the property as held for sale. As such, $25.2 million was classified as “Assets held for sale, net” on the consolidated balance sheet. The Company closed on the sale of the parcel of land on April 14, 2022 for an aggregate sales price of $29.7 million.

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

4. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

As of March 31, 2022, the Company held ownership interests in ten unconsolidated real estate ventures for a net aggregate investment balance of $434.6 million, which includes a negative investment balance in one unconsolidated real estate venture of $26.8 million, reflected within "Other liabilities" on the consolidated balance sheets. As of March 31, 2022, five of the real estate ventures owned properties that contained an aggregate of approximately 9.1 million net rentable square feet of office space; two real estate ventures owned 1.4 acres of land held for development; one real estate venture owned 1.0 acres of land in active development; one real estate venture owned a mixed used tower comprised of 250 apartment units and 0.2 million net rentable square feet of office/retail space; and one real estate venture owned a residential tower that contained 321 apartment units.

The Company accounts for its interests in the unconsolidated real estate ventures, which range from 15% to 70%, using the equity method. Certain of the unconsolidated real estate ventures are subject to specified priority allocations of distributable cash.

The Company earned management fees from the unconsolidated real estate ventures of $1.9 million and $2.0 million for the three months ended March 31, 2022 and 2021, respectively.

The Company earned leasing commissions from the unconsolidated real estate ventures of $0.4 million and $1.3 million for the three months ended March 31, 2022 and 2021, respectively.

The Company had outstanding accounts receivable balances from the unconsolidated real estate ventures of $2.6 million and $2.5 million as of March 31, 2022 and December 31, 2021, respectively.

The amounts reflected in the following tables (except for the Company’s share of equity in income) are based on the financial information of the individual unconsolidated real estate ventures.

The following is a summary of the financial position of the unconsolidated real estate ventures in which the Company held interests as of March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022		December 31, 2021
Net property	$	1,939,193	$	1,563,263
Other assets	519,361		434,687
Other liabilities	403,715		331,947
Debt, net	1,210,476		956,668
Equity (a)	844,363		709,335

(a)This amount does not include the effect of the basis difference between the Company's historical cost basis and the basis recorded at the real estate venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from the impairment of investments, purchases of third party interests in existing real estate ventures and upon the transfer of assets that were previously owned by the Company into a real estate venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the real estate venture level.

The following is a summary of results of operations of the unconsolidated real estate ventures in which the Company held interests during the three month periods ended March 31, 2022 and 2021 (in thousands):


	Three Months Ended March 31,
	2022		2021
Revenue	$	53,216	$	53,357
Operating expenses	(28,592)		(28,987)
Interest expense, net	(7,469)		(7,374)
Depreciation and amortization	(21,283)		(24,893)


Net loss	$	(4,128)	$	(7,897)
Ownership interest %	Various		Various
Company's share of net loss	$	(4,617)	$	(6,541)

Basis adjustments and other	54		(383)
Equity in loss of unconsolidated real estate ventures	$	(4,563)	$	(6,924)

Cira Square Venture

On March 17, 2022, the Company formed a joint venture, Cira Square REIT, LLC (“Cira Square Venture”), for the purpose of acquiring Cira Square, an office property located at 2970 Market Street in Philadelphia, Pennsylvania containing 862,692 rentable square feet for a gross purchase price of $383.0 million. The Company owns a 20% common equity interest in Cira Square Venture and provided an initial capital contribution of $28.6 million on the closing date.

On the closing date, Cira Square Venture also obtained $257.7 million of third-party debt financing secured by the property. The loan bears interest at 3.50% over one-month term Secured Overnight Financing Rate ("SOFR") per annum and matures in March 2024.

Based on the facts and circumstances at the formation of Cira Square Venture, the Company determined that the venture is not a variable interest entity ("VIE") in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the voting interest model under the accounting standard for consolidation in order to determine whether to consolidate Cira Square Venture. Based upon each member's substantive participating rights over the activities of Cira Square Venture under the operating and related agreements, it is not consolidated by the Company, and is accounted for under the equity method of accounting.

LEASES

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

LEASES

5. LEASES

Lessor Accounting

The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the three months ended March 31, 2022 and 2021 (in thousands):


	Three Months Ended March 31,
Lease Revenue	2022		2021
Fixed contractual payments	$	88,763	$	86,380
Variable lease payments	24,331		24,148
Total	$	113,094	$	110,528

INTANGIBLE ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

6. INTANGIBLE ASSETS AND LIABILITIES

As of March 31, 2022 and December 31, 2021, the Company’s intangible assets/liabilities were comprised of the following (in thousands):


	March 31, 2022
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	63,601	$	(38,245)	$	25,356
Tenant relationship value	167		(98)		69
Above market leases acquired	486		(331)		155


Total intangible assets, net	$	64,254	$	(38,674)	$	25,580

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	24,485	$	(12,400)	$	12,085


	December 31, 2021
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	72,376	$	(44,066)	$	28,310
Tenant relationship value	167		(97)		70
Above market leases acquired	486		(310)		176


Total intangible assets, net	$	73,029	$	(44,473)	$	28,556

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	27,025	$	(14,044)	$	12,981

As of March 31, 2022, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):


	Assets		Liabilities
2022 (nine months remaining)	$	6,665	$	1,691
2023	6,724		1,540
2024	4,433		1,321
2025	3,255		1,044
2026	1,195		754
Thereafter	3,308		5,735


Total	$	25,580	$	12,085

DEBT OBLIGATIONS

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

DEBT OBLIGATIONS

7. DEBT OBLIGATIONS

The following table sets forth information regarding the Company’s consolidated debt obligations outstanding as of March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022		December 31, 2021		Effective Interest Rate	Maturity Date












UNSECURED DEBT
$600 million Unsecured Credit Facility	$	156,000	$	23,000	LIBOR + 1.10%	July 2022	(a)
Term Loan - Swapped to fixed	250,000		250,000		2.87%	October 2022
$350.0M 3.95% Guaranteed Notes due 2023	350,000		350,000		3.87%	February 2023
$350.0M 4.10% Guaranteed Notes due 2024	350,000		350,000		3.78%	October 2024
$450.0M 3.95% Guaranteed Notes due 2027	450,000		450,000		4.03%	November 2027
$350.0M 4.55% Guaranteed Notes due 2029	350,000		350,000		4.30%	October 2029
Indenture IA (Preferred Trust I)	27,062		27,062		LIBOR + 1.25%	March 2035
Indenture IB (Preferred Trust I)	25,774		25,774		LIBOR + 1.25%	April 2035
Indenture II (Preferred Trust II)	25,774		25,774		LIBOR + 1.25%	July 2035
Principal balance outstanding	1,984,610		1,851,610
Plus: original issue premium (discount), net	7,699		8,187
Less: deferred financing costs	(5,726)		(6,211)
Total unsecured indebtedness	$	1,986,583	$	1,853,586

(a)The Company has the right to extend the term of the Unsecured Credit Facility until July 2023 through two successive six-month extension options. The extension fees amount to 0.0625% and 0.0750% of the $600.0 million borrowing capacity for the first and second six-month extension, respectively.

The Company utilizes borrowings under its unsecured credit facility (the “Unsecured Credit Facility”) for general business purposes, including to fund costs of acquisitions, developments and redevelopments of properties, fund share repurchases and repay other debt. The Unsecured Credit Facility provides for borrowings of up to $600.0 million and the per annum variable interest rate on borrowings is LIBOR plus 1.10%. The interest rate and facility fee are subject to adjustment upon a change in the Company’s unsecured debt ratings. During the three months ended March 31, 2022, the weighted-average interest rate on Unsecured Credit Facility borrowings was 1.30% resulting in $0.3 million of interest expense.

The Parent Company unconditionally guarantees the unsecured debt obligations of the Operating Partnership (or is a co-borrower with the Operating Partnership) but does not by itself incur unsecured indebtedness. The Parent Company has no material assets other than its investment in the Operating Partnership.

The Company was in compliance with all financial covenants as of March 31, 2022. Certain of the covenants restrict the Company’s ability to obtain alternative sources of capital.

As of March 31, 2022, the aggregate scheduled principal payments on the Company's debt obligations were as follows (in thousands):


2022 (nine months remaining)	$	406,000
2023	350,000
2024	350,000
2025	—
2026	—
Thereafter	878,610
Total principal payments	1,984,610
Net unamortized premiums/(discounts)	7,699
Net deferred financing costs	(5,726)
Outstanding indebtedness	$	1,986,583

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

8. FAIR VALUE OF FINANCIAL INSTRUMENTS

Financial assets and liabilities recorded on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:

•Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access;

•Level 2 inputs are inputs, other than quoted prices included in Level 1, which are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals; and

•Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity or information.

The Company determined the fair values disclosed below using available market information and discounted cash flow analyses as of March 31, 2022 and December 31, 2021, respectively. The discount rate used in calculating fair value is the sum of the current risk free rate and the risk premium on the date of measurement of the instruments or obligations. Considerable judgment is necessary to interpret market data and to develop the related estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that the Company could realize upon disposition. The use of different estimates and valuation methodologies may have a material effect on the fair value amounts shown. The Company believes that the carrying amounts reflected in the consolidated balance sheets at March 31, 2022 and December 31, 2021 approximate the fair values for cash and cash equivalents, accounts receivable, other assets and liabilities, accounts payable and accrued expenses because they are short-term in duration. The following are financial instruments for which the Company’s estimates of fair value differ from the carrying amounts (in thousands):


	March 31, 2022				December 31, 2021
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
Unsecured notes payable	$	1,502,235	$	1,515,265	$	1,502,368	$	1,588,780
Variable rate debt	$	484,348	$	466,999	$	351,218	$	344,754

Notes receivable (b)	$	44,430	$	44,862	$	44,430	$	45,230

(a)Net of deferred financing costs of $5.5 million and $5.8 million for unsecured notes payable and $0.3 million and $0.4 million for variable rate debt as of March 31, 2022 and December 31, 2021.

(b)For further detail, refer to Note , ''Debt and Preferred Equity Investments."

On June 26, 2018, the Company provided a $44.4 million mortgage loan to Brandywine 1919 Ventures, an unconsolidated real estate venture in which the Company holds a 50% ownership interest, and recorded a related party note receivable of $44.4 million within 'Other assets' on the consolidated balance sheets. Refer to Note 5, ''Debt and Preferred Equity Investments" to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 for further detail regarding this financing.

The Company used quoted market prices as of March 31, 2022 and December 31, 2021 to value the unsecured notes payable and, as such, categorized them as Level 2.

The inputs utilized to determine the fair value of the Company’s variable rate debt are categorized as Level 3. The fair value of the variable rate debt was determined using a discounted cash flow model that considered borrowing rates available to the Company for loans with similar terms and characteristics.

The inputs utilized to determine fair value of the Company's notes receivable are unobservable and, as such, were categorized as Level 3. Fair value was determined using a discounted cash flow model that considered the contractual interest and principal payments discounted at a blended interest rate of the notes receivable.

For the Company’s Level 3 financial instruments for which fair value is disclosed, an increase in the discount rate used to determine fair value would result in a decrease to the fair value. Conversely, a decrease in the discount rate would result in an increase to the fair value.

Disclosure about the fair value of financial instruments is based upon pertinent information available to management as of March 31, 2022 and December 31, 2021. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts were not comprehensively revalued for purposes of these financial statements since March 31, 2022. Current estimates of fair value may differ from the amounts presented herein.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

DERIVATIVE FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

9. DERIVATIVE FINANCIAL INSTRUMENTS

The following table summarizes the terms and fair values of the Company’s derivative financial instruments as of March 31, 2022 and December 31, 2021. The notional amounts provide an indication of the extent of the Company’s involvement in these instruments at that time, but do not represent exposure to credit, interest rate or market risks (amounts presented in thousands).


Hedge Product	Hedge Type	Designation		Notional Amount				Strike		Trade Date	Maturity Date	Fair value
				3/31/2022		12/31/2021						3/31/2022		12/31/2021



Liabilities
Swap	Interest Rate	Cash Flow	(a)	$	250,000	$	250,000	2.868	%	October 8, 2015	October 8, 2022	$	(545)	$	(2,461)
				$	250,000	$	250,000

(a)Hedging unsecured variable rate debt.

The Company measures its derivative instruments at fair value and records them in “Other assets” and (“Other liabilities”) on the Company’s consolidated balance sheets.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that the inputs utilized to determine the fair value of derivative instruments are classified in Level 2 of the fair value hierarchy.

LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY	3 Months Ended
	Mar. 31, 2022
Noncontrolling Interest [Abstract]
LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY	10. LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY Noncontrolling interests in the Parent Company’s financial statements relate to redeemable common limited partnership interests in the Operating Partnership held by parties other than the Parent Company and properties which are consolidated but not wholly owned by the Operating Partnership. Operating Partnership During the three months ended March 31, 2022, 307,516 Class A units of limited partnership interest held by unaffiliated third parties were redeemed for a total cash payment of $4.0 million. The aggregate book value of the noncontrolling interests associated with the redeemable common limited partnership interests in the accompanying consolidated balance sheet of the Parent Company was $5.0 million and $8.2 million as of March 31, 2022 and December 31, 2021, respectively. Under the applicable accounting guidance, the redemption value of limited partnership units are carried at fair value. The Parent Company believes that the aggregate settlement value of these interests (based on the number of units outstanding and the average closing price of the common shares during the last five business days of the quarter) was approximately $7.3 million and $11.1 million as of March 31, 2022 and December 31, 2021, respectively.

BENEFICIARIES' EQUITY OF THE PARENT COMPANY

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

BENEFICIARIES' EQUITY OF THE PARENT COMPANY

11. BENEFICIARIES' EQUITY OF THE PARENT COMPANY

Earnings per Share (EPS)

The following table details the number of shares and net income used to calculate basic and diluted earnings per share (in thousands, except share and per share amounts; results may not add due to rounding):


	Three Months Ended March 31,
	2022				2021
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	6,101	$	6,101	$	6,964	$	6,964
Net income attributable to noncontrolling interests	(8)		(8)		(43)		(43)
Nonforfeitable dividends allocated to unvested restricted shareholders	(148)		(148)		(146)		(146)


Net income attributable to common shareholders	$	5,945	$	5,945	$	6,775	$	6,775
Denominator
Weighted-average shares outstanding	171,294,949		171,294,949		170,624,741		170,624,741
Contingent securities/Share based compensation	—		1,594,045		—		1,011,379
Weighted-average shares outstanding	171,294,949		172,888,994		170,624,741		171,636,120
Earnings per Common Share:
Net income attributable to common shareholders	$	0.03	$	0.03	$	0.04	$	0.04

Redeemable common limited partnership units totaling 516,467 at March 31, 2022 and 981,634 at March 31, 2021, were excluded from the diluted earnings per share computations because they are not dilutive.

Unvested restricted shares are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For the three months ended March 31, 2022 and 2021, earnings representing nonforfeitable dividends as noted in the table above were allocated to the unvested restricted shares issued to the Company’s executives and other employees under the Company's shareholder-approved long-term incentive plan.

Common Shares

On February 23, 2022, the Parent Company declared a distribution of $0.19 per common share, totaling $32.8 million, which was paid on April 20, 2022 to shareholders of record as of April 6, 2022.

The Parent Company maintains a common share repurchase program under which the Board of Trustees has authorized the Parent Company to repurchase common shares. On January 3, 2019, the Board of Trustees authorized the repurchase of up to $150.0 million common shares from and after January 3, 2019. During the three months ended March 31, 2022 and March 31, 2021, the Company did not repurchase any common shares.

PARTNERS' EQUITY OF THE PARENT COMPANY

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

PARTNERS' EQUITY OF THE PARENT COMPANY

12. PARTNERS' EQUITY OF THE PARENT COMPANY

Earnings per Common Partnership Unit

The following table details the number of units and net income used to calculate basic and diluted earnings per common partnership unit (in thousands, except unit and per unit amounts; results may not add due to rounding):


	Three Months Ended March 31,
	2022				2021
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	6,101	$	6,101	$	6,964	$	6,964
Net loss attributable to noncontrolling interests	2		2		1		1
Nonforfeitable dividends allocated to unvested restricted unitholders	(148)		(148)		(146)		(146)


Net income attributable to common unitholders	$	5,955	$	5,955	$	6,819	$	6,819
Denominator
Weighted-average units outstanding	171,927,588		171,927,588		171,606,375		171,606,375
Contingent securities/Share based compensation	—		1,594,045		—		1,011,379
Total weighted-average units outstanding	171,927,588		173,521,633		171,606,375		172,617,754
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	0.03	$	0.03	$	0.04	$	0.04

Unvested restricted units are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per unit. For the three months ended March 31, 2022 and 2021, earnings representing nonforfeitable dividends were allocated to the unvested restricted units issued to the Parent Company's executives and other employees under the Parent Company's shareholder-approved long-term incentive plan.

Common Partnership Units

On February 23, 2022, the Operating Partnership declared a distribution of $0.19 per common partnership unit, totaling $32.8 million, which was paid on April 20, 2022 to unitholders of record as of April 6, 2022.

In connection with the Parent Company’s common share repurchase program, one common unit of the Operating Partnership is retired for each common share repurchased. During the three months ended March 31, 2022 and March 31, 2021, the Company did not repurchase any units.

SHARE BASED COMPENSATION

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

SHARE BASED COMPENSATION

13. SHARE BASED COMPENSATION

Restricted Share Rights Awards

As of March 31, 2022, 777,423 restricted share rights ("Restricted Share Rights") were outstanding under the Company's long term equity incentive plan. These Restricted Share Rights vest over one to three years from the initial grant dates. The remaining compensation expense to be recognized with respect to these awards at March 31, 2022 was $3.5 million and is expected to be recognized over a weighted average remaining vesting period of 1.15 years. During the three months ended March 31, 2022 and 2021, the amortization related to outstanding Restricted Share Rights was $2.5 million (of which $0.3 million was capitalized) and $2.3 million (of which $0.3 million was capitalized), respectively. Compensation expense related to outstanding Restricted Share Rights is included in general and administrative expense.

The following table summarizes the Company’s Restricted Share Rights activity during the three months ended March 31, 2022:


	Shares	Weighted Average Grant Date Fair Value
Non-vested at January 1, 2022	474,978	$	13.51
Granted	306,555	$	13.30
Vested	(3,440)	$	13.30
Forfeited	(670)	$	14.96
Non-vested at March 31, 2022	777,423	$	13.43

On March 3, 2022, the Compensation Committee of the Parent Company’s Board of Trustees awarded to officers of the Company an aggregate of 258,427 Restricted Share Rights, which vest over three years from the grant date. Each Restricted Share Right entitles the holder to one common share upon settlement. The Parent Company pays dividend equivalents on the Restricted Share Rights prior to the settlement date. Vesting and/or settlement would accelerate if the recipient of the award were to die, become disabled or, in the case of certain of such Restricted Share Rights, retire in a qualifying retirement prior to the vesting or settlement date. Qualifying retirement generally means the recipient’s voluntary termination of employment after reaching at least age 57 and accumulating at least 15 years of service with the Company. In addition, vesting would also accelerate if the Parent Company were to undergo a change of control and, on or before the first anniversary of the change of control, the recipient’s employment were to cease due to a termination without cause or resignation with good reason.

The Restricted Share Rights granted in 2022, 2021, and 2020 to certain senior executives include an “outperformance feature” whereby additional shares may be earned, up to 200% of the shares subject to the basic award, based on the Company’s achievement of earnings-based targets and development, or investment, based targets during a three-year performance period with an additional 366 days of service generally required to fully vest. In addition to the basic award, up to an aggregate of 406,179, 388,840, and 316,236 shares may be awarded under the outperformance feature for the 2022, 2021, and 2020 awards, respectively, to those senior officers whose Restricted Share Rights awards include the "outperformance feature." As of March 31, 2022, the Company has not recognized any compensation expense related to the outperformance feature for the 2020-2022 awards. The Company will continue to evaluate progression towards achievement of the performance metrics on a quarterly basis and recognize compensation expense for the outperformance feature of these awards should it be determined that achievement of these metrics is probable.

In addition, on March 3, 2022, the Compensation Committee awarded non-officer employees an aggregate of 48,128 Restricted Share Rights that generally vest in three equal annual installments. Vesting of these awards is subject to acceleration upon death, disability or termination without cause within one year following a change of control.

In accordance with the accounting standard for share-based compensation, the Company amortizes share-based compensation costs through the qualifying retirement dates for those executives and Trustees who meet the conditions for qualifying retirement during the scheduled vesting period and whose award agreements provide for vesting upon a qualifying retirement.

Restricted Performance Share Units Plan

The Compensation Committee of the Parent Company’s Board of Trustees has granted performance share-based awards (referred to as Restricted Performance Share Units, or RPSUs) to officers of the Parent Company. The RPSUs are settled in common shares, with the number of common shares issuable in settlement determined based on the Company’s total shareholder return over specified measurement periods compared to total shareholder returns of comparative groups over the measurement periods. The table below presents certain information as to unvested RPSU awards.


	RPSU Grant Date
	3/5/2020		3/5/2021		3/3/2022		Total
(Amounts below in shares, unless otherwise noted)
Non-vested at January 1, 2022	314,055		374,161		—		688,216
Granted	—		—		516,852		516,852


Non-vested at March 31, 2022	314,055		374,161		516,852		1,205,068
Measurement Period Commencement Date	1/1/2020		1/1/2021		1/1/2022
Measurement Period End Date	12/31/2022		12/31/2023		12/31/2024
Granted	319,600		380,957		516,852
Fair Value of Units on Grant Date (in thousands)	$	5,389	$	6,389	$	7,551

The Company values each RPSU on its grant date using a Monte Carlo simulation. The fair values of each award are being amortized over the three year performance period. For the 2020 and 2021 awards, dividend equivalents are credited as additional RPSUs during the performance period, subject to the same terms and conditions as the original RPSUs. The performance period will be abbreviated and the determination and delivery of earned shares will be accelerated in the event of a change in control or if the recipient of the award were to die, become disabled or retire in a qualifying retirement prior to the end of the otherwise applicable three year performance period; provided that, in the case of qualifying retirement for the March 2022, 2021 and 2020 grants, the number of shares deliverable will be pro-rated based on the portion of the performance period actually worked before retirement. In accordance with the accounting standard for share-based compensation, the Company amortizes stock-based compensation costs for the February 2019 grant through the qualifying retirement date for those executives who meet the conditions for qualifying retirement during the scheduled vesting period.

For the three months ended March 31, 2022, the Company recognized amortization of the 2022, 2021 and 2020 RPSU awards of $1.2 million, of which $0.1 million was capitalized consistent with the Company’s policies for capitalizing eligible portions of employee compensation. For the three months ended March 31, 2021, amortization for the 2021, 2020 and 2019 RPSU awards was $0.8 million, of which $0.1 million was capitalized consistent with the Company’s policies for capitalizing eligible portions of employee compensation.

The remaining compensation expense to be recognized with respect to the non-vested RPSUs at March 31, 2022 was approximately $12.6 million and is expected to be recognized over a weighted average remaining vesting period of 2.01 years.

The Company issued 277,061 common shares on February 1, 2022 in settlement of RPSUs that had been awarded on February 21, 2019 (with a three-year measurement period ended December 31, 2021). Holders of these RPSUs also received a cash dividend of $0.19 per share for these common shares on January 19, 2022.

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

14. SEGMENT INFORMATION

As of March 31, 2022, the Company owns and manages properties within five segments: (1) Philadelphia Central Business District ("Philadelphia CBD"), (2) Pennsylvania Suburbs, (3) Austin, Texas (4) Metropolitan Washington, D.C. and (5) Other. The Philadelphia CBD segment includes properties located in the City of Philadelphia, Pennsylvania. The Pennsylvania Suburbs segment includes properties in Chester, Delaware, and Montgomery counties in the Philadelphia suburbs. The Austin, Texas segment includes properties in the City of Austin, Texas. The Metropolitan Washington, D.C. segment includes properties in the District of Columbia, Northern Virginia and Southern Maryland. The Other segment includes properties located in Camden County, New Jersey and New Castle County, Delaware. In addition to the five segments, the corporate group is responsible for cash and investment management, development of certain real estate properties during the construction period, and certain other general support functions. Land held for development and construction in progress is transferred to operating properties by region upon completion of the associated construction or project.

The following tables provide selected asset information and results of operations of the Company's reportable segments (in thousands):


Real estate investments, at cost:
	March 31, 2022		December 31, 2021
Philadelphia CBD	$	1,494,819	$	1,460,510
Pennsylvania Suburbs	859,470		866,223
Austin, Texas	791,600		778,145
Metropolitan Washington, D.C.	285,386		280,921
Other	86,720		86,803


Operating Properties	$	3,517,995	$	3,472,602

Corporate
Right of use asset - operating leases, net	$	20,150	$	20,313
Construction-in-progress	$	283,323	$	277,237
Land held for development	$	94,411	$	114,604
Prepaid leasehold interests in land held for development, net	$	27,762	$	27,762

Net operating income:


	Three Months Ended March 31,
	2022						2021
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	53,471	$	(19,743)	$	33,728	$	51,227	$	(17,411)	$	33,816
Pennsylvania Suburbs	31,807		(10,158)		21,649		31,740		(10,694)		21,046
Austin, Texas	24,915		(10,293)		14,622		26,175		(9,720)		16,455
Metropolitan Washington, D.C.	5,195		(3,428)		1,767		4,675		(4,199)		476
Other	3,604		(2,010)		1,594		3,213		(2,282)		931
Corporate	8,513		(2,286)		6,227		3,739		(2,368)		1,371
Operating properties	$	127,505	$	(47,918)	$	79,587	$	120,769	$	(46,674)	$	74,095

Includes property operating expenses, real estate taxes and third party management expense.


Unconsolidated real estate ventures:
	Investment in real estate ventures				Equity in income (loss) of real estate venture
	As of				Three Months Ended March 31,
	March 31, 2022		December 31, 2021		2022		2021
Philadelphia CBD	$	343,502	$	317,959	$	(2,772)	$	(4,279)
Metropolitan Washington, D.C.	85,976		85,867		(186)		(417)
Mid-Atlantic Office JV	31,911		31,680		418		207
MAP Venture	(26,834)		(24,396)		(2,023)		(2,435)


Total	$	434,555	$	411,110	$	(4,563)	$	(6,924)

Net operating income (“NOI”) is a non-GAAP financial measure, which we define as total 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 presented by the Company may not be comparable to NOI reported by other companies that define NOI differently. NOI is the primary measure that is used by the Company’s management to evaluate the operating performance of the Company’s real estate assets by segment. The Company believes NOI provides useful information to investors regarding the financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. While NOI is a relevant and widely used measure of operating performance of real estate investment trusts, it does not represent cash flow from operations or net income as defined by GAAP and should not be considered as an alternative to those measures in evaluating our liquidity or operating performance. NOI does not reflect interest expenses, real estate impairment losses, depreciation and amortization costs, capital expenditures and leasing costs. The

Company believes that net income (loss), as defined by GAAP, is the most appropriate earnings measure. The following is a reconciliation of consolidated net income (loss), as defined by GAAP, to consolidated NOI, (in thousands):


	Three Months Ended March 31,
	2022		2021
Net income	$	6,101	$	6,964
Plus:
Interest expense	15,742		16,293
Interest expense - amortization of deferred financing costs	709		709

Depreciation and amortization	43,782		40,343
General and administrative expenses	10,000		6,584
Equity in loss of unconsolidated real estate ventures	4,563		6,924


Less:
Interest and investment income	440		1,674
Income tax provision	(27)		(19)

Net gain on disposition of real estate	—		74
Net gain on sale of undepreciated real estate	897		1,993


Consolidated net operating income	$	79,587	$	74,095

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is involved from time to time in litigation on various matters, including disputes with tenants, vendors and disputes arising out of agreements to purchase or sell properties. Given the nature of the Company’s business activities, these lawsuits are considered routine to the conduct of its business. The result of any particular lawsuit cannot be predicted, because of the very nature of litigation, the litigation process and its adversarial nature, and the jury system. The Company will establish reserves for specific legal proceedings when it determines that the likelihood of an unfavorable outcome is probable and when the amount of loss is reasonably estimable. The Company does not expect that the liabilities, if any, that may ultimately result from such legal actions will have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state, and local governments. The Company’s compliance with existing laws has not had a material adverse effect on its financial condition and results of operations, and the Company does not believe it will have a material adverse effect in the future. However, the Company cannot predict the impact of unforeseen environmental contingencies or new or changed laws or regulations on its current Properties or on properties that the Company may acquire. Debt Guarantees As of March 31, 2022, the Company’s unconsolidated real estate ventures had aggregate indebtedness of $1,217.2 million. These loans are generally mortgage or construction loans, most of which are nonrecourse to the Company, except for customary recourse carve-outs. In addition, during construction undertaken by the unconsolidated real estate ventures, including the 3025 JFK Venture, the Company has provided, and expects to continue to provide, cost overrun and completion guarantees, as well as customary environmental indemnities and guarantees of customary exceptions to nonrecourse provisions in loan agreements. In the agreement with its partner in the 3025 JFK Venture, the Company agreed to provide cost overrun and completion guaranties for the project under development. With respect to the construction loan obtained by 3025 JFK Venture on July 23, 2021, the Company has also provided a carry guarantee and limited payment guarantee up to 25% of the principal balance of the $186.7 million construction loan. Impact of Natural Disasters and Casualty The Company carries liability insurance to mitigate its exposure to certain losses, including those relating to property damage. The Company records the estimated amount of expected insurance proceeds for property damage and other losses incurred as an asset (typically a receivable from the insurer) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. Any amount of insurance recovery in excess of the amount of the losses is considered a gain contingency and is not recorded until the proceeds are received. In February 2021, one of the Company's properties in Austin, Texas sustained damage from the winter storms and resulting power grid failures. As a result of the damage, during the year ended December 31, 2021, the Company recorded a fixed asset write-off totaling $1.2 million and recorded an estimated $7.2 million of restoration costs, of which $1.9 million is included in Accounts payable and accrued expenses on the consolidated balance sheets as of December 31, 2021. The Company also sustained business interruption loss of $3.9 million related to unpaid rent, which is also fully covered under the insurance policy. During the year ended December 31, 2021, the Company received $15.3 million of insurance proceeds, resulting in full recovery of the costs incurred to date. The $3.0 million of insurance proceeds received in excess of the fixed asset write-off, total business interruption, and total estimated restoration cost during the year ended December 31, 2021 is included in Other income on the consolidated statement of operations. During the three months ended March 31, 2022, the Company recognized a $0.8 million reduction of the previously estimated restoration costs and also received $2.4 million of additional insurance proceeds. The reduction of the restoration costs and additional insurance proceeds are included in Other income on the consolidated statement of operations. Other Commitments or Contingencies Under the terms of each of the One Uptown joint venture agreements, the joint venture partner is not required to fund project costs until the closing of the applicable construction loans. In the event that the Company does not close on the applicable construction loan for each of the joint ventures by June 30, 2022, the joint venture partner could elect to assign its interest in the project to the Company and have no obligation to fund the project costs. In addition, the Company has provided cost overrun and completion guarantees, as well as customary environmental indemnities, in favor of the joint venture partner, for each of the One Uptown joint ventures. In connection with the Schuylkill Yards Project, the Company entered into a neighborhood engagement program and, as of March 31, 2022, had $7.0 million of future fixed contractual obligations. The Company also committed to fund additional contributions under the program. As of March 31, 2022, the Company estimates that these additional contributions, which are not fixed under the terms of agreement, will be $2.3 million. In connection with the formation of the Commerce Square Venture, the Company has committed to investing an additional $20.0 million of preferred equity in the properties on a pari passu basis with its joint venture partner of which $4.7 million has been contributed by the Company as of March 31, 2022. The Company invests in its properties and regularly incurs capital expenditures in the ordinary course of business to maintain the properties. The Company believes that such expenditures enhance its competitiveness. The Company also enters into construction, utility and service contracts in the ordinary course of business which may extend beyond one year. These contracts typically provide for cancellation with insignificant or no cancellation penalties.

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments consist solely of normal recurring matters, and result in a fair statement of the financial position of the Company as of March 31, 2022, the results of its operations for the three months ended March 31, 2022 and 2021 and its cash flows for the three months ended March 31, 2022 and 2021. The results of operations for such interim periods are not necessarily indicative of the results for a full year. These consolidated financial statements should be read in conjunction with the Parent Company’s and the Operating Partnership’s consolidated financial statements and footnotes included in their combined Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 24, 2022. The consolidated balance sheet at December 31, 2021 has been derived from the audited financial statements as of that date but does not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. The Company's Annual Report on Form 10-K for the year ended December 31, 2021 contains a discussion of its significant accounting policies under Note 2, "Summary of Significant Accounting Policies". There have been no significant changes in the Company's significant accounting policies since December 31, 2021.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04 Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments provide practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance is optional and is effective between March 12, 2020 and December 31, 2022. The guidance may be elected over time as reference rate reform activities occur. The Company continues to evaluate the impact of the guidance and may apply elections as applicable as additional changes in the market occur.

ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP (Tables)

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Core Portfolio of Operating Properties and Excludes Development, Redevelopment and Held for Sale

The Company’s core portfolio of operating properties (the “Core Properties”) excludes development properties, redevelopment properties, and properties held for sale. The Properties were comprised of the following as of March 31, 2022:


	Number of Properties	Rentable Square Feet
Office properties	72	12,097,300
Mixed-use properties	5	942,334

Core Properties	77	13,039,634
Development property	1	205,803
Redevelopment properties	3	432,699

The Properties	81	13,678,136

REAL ESTATE INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

Gross Carrying Value of Operating Properties

As of March 31, 2022 and December 31, 2021, the gross carrying value of the operating properties was as follows (in thousands):


	March 31, 2022		December 31, 2021
Land	$	410,103	$	410,144
Building and improvements	2,696,233		2,653,492
Tenant improvements	411,659		408,966


Total	$	3,517,995	$	3,472,602

Summary of Properties Acquired

The following table summarizes the property acquisitions during the three months ended March 31, 2022 (dollars in thousands):

Property/Portfolio Name

Acquisition Date

Location

Property Type

Rentable Square Feet/Acres

Purchase Price

631 Park Avenue

January 21, 2022

King of Prussia, PA

Land

3.3 acres

3,650

Summary of Properties Sold

The following table summarizes the property dispositions during the three months ended March 31, 2022 (dollars in thousands):

Property/Portfolio Name

Disposition Date

Location

Property Type

Rentable Square Feet/Acres

Sales Price

Gain/(Loss) on Sale (a)

Gateway G & H

January 20, 2022

Richmond, VA

Land

10.0 acres

1,600

897

(a)Gain/(Loss) on Sale is net of closing and other transaction related costs.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Summary of Financial Position of Real Estate Ventures

The following is a summary of the financial position of the unconsolidated real estate ventures in which the Company held interests as of March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022		December 31, 2021
Net property	$	1,939,193	$	1,563,263
Other assets	519,361		434,687
Other liabilities	403,715		331,947
Debt, net	1,210,476		956,668
Equity (a)	844,363		709,335

Summary of Results Of Unconsolidated Real Estate Ventures


	Three Months Ended March 31,
	2022		2021
Revenue	$	53,216	$	53,357
Operating expenses	(28,592)		(28,987)
Interest expense, net	(7,469)		(7,374)
Depreciation and amortization	(21,283)		(24,893)


Net loss	$	(4,128)	$	(7,897)
Ownership interest %	Various		Various
Company's share of net loss	$	(4,617)	$	(6,541)

Basis adjustments and other	54		(383)
Equity in loss of unconsolidated real estate ventures	$	(4,563)	$	(6,924)

LEASES (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Schedule of Lease Income

The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the three months ended March 31, 2022 and 2021 (in thousands):


	Three Months Ended March 31,
Lease Revenue	2022		2021
Fixed contractual payments	$	88,763	$	86,380
Variable lease payments	24,331		24,148
Total	$	113,094	$	110,528

INTANGIBLE ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets and Liabilities

As of March 31, 2022 and December 31, 2021, the Company’s intangible assets/liabilities were comprised of the following (in thousands):


	March 31, 2022
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	63,601	$	(38,245)	$	25,356
Tenant relationship value	167		(98)		69
Above market leases acquired	486		(331)		155


Total intangible assets, net	$	64,254	$	(38,674)	$	25,580

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	24,485	$	(12,400)	$	12,085


	December 31, 2021
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	72,376	$	(44,066)	$	28,310
Tenant relationship value	167		(97)		70
Above market leases acquired	486		(310)		176


Total intangible assets, net	$	73,029	$	(44,473)	$	28,556

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	27,025	$	(14,044)	$	12,981

Summary of Amortization for Intangible Assets and Liabilities

As of March 31, 2022, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):


	Assets		Liabilities
2022 (nine months remaining)	$	6,665	$	1,691
2023	6,724		1,540
2024	4,433		1,321
2025	3,255		1,044
2026	1,195		754
Thereafter	3,308		5,735


Total	$	25,580	$	12,085

DEBT OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Consolidated Debt Obligations

The following table sets forth information regarding the Company’s consolidated debt obligations outstanding as of March 31, 2022 and December 31, 2021 (in thousands):


	March 31, 2022		December 31, 2021		Effective Interest Rate	Maturity Date












UNSECURED DEBT
$600 million Unsecured Credit Facility	$	156,000	$	23,000	LIBOR + 1.10%	July 2022	(a)
Term Loan - Swapped to fixed	250,000		250,000		2.87%	October 2022
$350.0M 3.95% Guaranteed Notes due 2023	350,000		350,000		3.87%	February 2023
$350.0M 4.10% Guaranteed Notes due 2024	350,000		350,000		3.78%	October 2024
$450.0M 3.95% Guaranteed Notes due 2027	450,000		450,000		4.03%	November 2027
$350.0M 4.55% Guaranteed Notes due 2029	350,000		350,000		4.30%	October 2029
Indenture IA (Preferred Trust I)	27,062		27,062		LIBOR + 1.25%	March 2035
Indenture IB (Preferred Trust I)	25,774		25,774		LIBOR + 1.25%	April 2035
Indenture II (Preferred Trust II)	25,774		25,774		LIBOR + 1.25%	July 2035
Principal balance outstanding	1,984,610		1,851,610
Plus: original issue premium (discount), net	7,699		8,187
Less: deferred financing costs	(5,726)		(6,211)
Total unsecured indebtedness	$	1,986,583	$	1,853,586

Schedule of Maturities of Long-term Debt

As of March 31, 2022, the aggregate scheduled principal payments on the Company's debt obligations were as follows (in thousands):


2022 (nine months remaining)	$	406,000
2023	350,000
2024	350,000
2025	—
2026	—
Thereafter	878,610
Total principal payments	1,984,610
Net unamortized premiums/(discounts)	7,699
Net deferred financing costs	(5,726)
Outstanding indebtedness	$	1,986,583

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments with Fair Values Different from their Carrying Amount

The following are financial instruments for which the Company’s estimates of fair value differ from the carrying amounts (in thousands):


	March 31, 2022				December 31, 2021
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
Unsecured notes payable	$	1,502,235	$	1,515,265	$	1,502,368	$	1,588,780
Variable rate debt	$	484,348	$	466,999	$	351,218	$	344,754

Notes receivable (b)	$	44,430	$	44,862	$	44,430	$	45,230

(a)Net of deferred financing costs of $5.5 million and $5.8 million for unsecured notes payable and $0.3 million and $0.4 million for variable rate debt as of March 31, 2022 and December 31, 2021.

(b)For further detail, refer to Note , ''Debt and Preferred Equity Investments."

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value


Hedge Product	Hedge Type	Designation		Notional Amount				Strike		Trade Date	Maturity Date	Fair value
				3/31/2022		12/31/2021						3/31/2022		12/31/2021



Liabilities
Swap	Interest Rate	Cash Flow	(a)	$	250,000	$	250,000	2.868	%	October 8, 2015	October 8, 2022	$	(545)	$	(2,461)
				$	250,000	$	250,000

(a)Hedging unsecured variable rate debt.

BENEFICIARIES' EQUITY OF THE PARENT COMPANY (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Earnings Per Share (EPS), Basic and Diluted


	Three Months Ended March 31,
	2022				2021
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	6,101	$	6,101	$	6,964	$	6,964
Net income attributable to noncontrolling interests	(8)		(8)		(43)		(43)
Nonforfeitable dividends allocated to unvested restricted shareholders	(148)		(148)		(146)		(146)


Net income attributable to common shareholders	$	5,945	$	5,945	$	6,775	$	6,775
Denominator
Weighted-average shares outstanding	171,294,949		171,294,949		170,624,741		170,624,741
Contingent securities/Share based compensation	—		1,594,045		—		1,011,379
Weighted-average shares outstanding	171,294,949		172,888,994		170,624,741		171,636,120
Earnings per Common Share:
Net income attributable to common shareholders	$	0.03	$	0.03	$	0.04	$	0.04


	Three Months Ended March 31,
	2022				2021
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	6,101	$	6,101	$	6,964	$	6,964
Net loss attributable to noncontrolling interests	2		2		1		1
Nonforfeitable dividends allocated to unvested restricted unitholders	(148)		(148)		(146)		(146)


Net income attributable to common unitholders	$	5,955	$	5,955	$	6,819	$	6,819
Denominator
Weighted-average units outstanding	171,927,588		171,927,588		171,606,375		171,606,375
Contingent securities/Share based compensation	—		1,594,045		—		1,011,379
Total weighted-average units outstanding	171,927,588		173,521,633		171,606,375		172,617,754
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	0.03	$	0.03	$	0.04	$	0.04

PARTNERS' EQUITY OF THE PARENT COMPANY (Tables)

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Schedule of Earnings Per Share (EPS), Basic and Diluted


	Three Months Ended March 31,
	2022				2021
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	6,101	$	6,101	$	6,964	$	6,964
Net income attributable to noncontrolling interests	(8)		(8)		(43)		(43)
Nonforfeitable dividends allocated to unvested restricted shareholders	(148)		(148)		(146)		(146)


Net income attributable to common shareholders	$	5,945	$	5,945	$	6,775	$	6,775
Denominator
Weighted-average shares outstanding	171,294,949		171,294,949		170,624,741		170,624,741
Contingent securities/Share based compensation	—		1,594,045		—		1,011,379
Weighted-average shares outstanding	171,294,949		172,888,994		170,624,741		171,636,120
Earnings per Common Share:
Net income attributable to common shareholders	$	0.03	$	0.03	$	0.04	$	0.04


	Three Months Ended March 31,
	2022				2021
	Basic		Diluted		Basic		Diluted
Numerator
Net income	$	6,101	$	6,101	$	6,964	$	6,964
Net loss attributable to noncontrolling interests	2		2		1		1
Nonforfeitable dividends allocated to unvested restricted unitholders	(148)		(148)		(146)		(146)


Net income attributable to common unitholders	$	5,955	$	5,955	$	6,819	$	6,819
Denominator
Weighted-average units outstanding	171,927,588		171,927,588		171,606,375		171,606,375
Contingent securities/Share based compensation	—		1,594,045		—		1,011,379
Total weighted-average units outstanding	171,927,588		173,521,633		171,606,375		172,617,754
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	0.03	$	0.03	$	0.04	$	0.04

SHARE BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of Company's Restricted Share Activity

The following table summarizes the Company’s Restricted Share Rights activity during the three months ended March 31, 2022:


	Shares	Weighted Average Grant Date Fair Value
Non-vested at January 1, 2022	474,978	$	13.51
Granted	306,555	$	13.30
Vested	(3,440)	$	13.30
Forfeited	(670)	$	14.96
Non-vested at March 31, 2022	777,423	$	13.43

Schedule of Restricted Performance Share Units Plan

The table below presents certain information as to unvested RPSU awards.


	RPSU Grant Date
	3/5/2020		3/5/2021		3/3/2022		Total
(Amounts below in shares, unless otherwise noted)
Non-vested at January 1, 2022	314,055		374,161		—		688,216
Granted	—		—		516,852		516,852


Non-vested at March 31, 2022	314,055		374,161		516,852		1,205,068
Measurement Period Commencement Date	1/1/2020		1/1/2021		1/1/2022
Measurement Period End Date	12/31/2022		12/31/2023		12/31/2024
Granted	319,600		380,957		516,852
Fair Value of Units on Grant Date (in thousands)	$	5,389	$	6,389	$	7,551

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Real Estate Investments, Net Operating Income and Unconsolidated Real Estate Ventures of Reportable Segments

The following tables provide selected asset information and results of operations of the Company's reportable segments (in thousands):


Real estate investments, at cost:
	March 31, 2022		December 31, 2021
Philadelphia CBD	$	1,494,819	$	1,460,510
Pennsylvania Suburbs	859,470		866,223
Austin, Texas	791,600		778,145
Metropolitan Washington, D.C.	285,386		280,921
Other	86,720		86,803


Operating Properties	$	3,517,995	$	3,472,602

Corporate
Right of use asset - operating leases, net	$	20,150	$	20,313
Construction-in-progress	$	283,323	$	277,237
Land held for development	$	94,411	$	114,604
Prepaid leasehold interests in land held for development, net	$	27,762	$	27,762

Net operating income:


	Three Months Ended March 31,
	2022						2021
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	53,471	$	(19,743)	$	33,728	$	51,227	$	(17,411)	$	33,816
Pennsylvania Suburbs	31,807		(10,158)		21,649		31,740		(10,694)		21,046
Austin, Texas	24,915		(10,293)		14,622		26,175		(9,720)		16,455
Metropolitan Washington, D.C.	5,195		(3,428)		1,767		4,675		(4,199)		476
Other	3,604		(2,010)		1,594		3,213		(2,282)		931
Corporate	8,513		(2,286)		6,227		3,739		(2,368)		1,371
Operating properties	$	127,505	$	(47,918)	$	79,587	$	120,769	$	(46,674)	$	74,095

Includes property operating expenses, real estate taxes and third party management expense.


Unconsolidated real estate ventures:
	Investment in real estate ventures				Equity in income (loss) of real estate venture
	As of				Three Months Ended March 31,
	March 31, 2022		December 31, 2021		2022		2021
Philadelphia CBD	$	343,502	$	317,959	$	(2,772)	$	(4,279)
Metropolitan Washington, D.C.	85,976		85,867		(186)		(417)
Mid-Atlantic Office JV	31,911		31,680		418		207
MAP Venture	(26,834)		(24,396)		(2,023)		(2,435)


Total	$	434,555	$	411,110	$	(4,563)	$	(6,924)

Reconciliation of Consolidated Net Income to Consolidated NOI

The following is a reconciliation of consolidated net income (loss), as defined by GAAP, to consolidated NOI, (in thousands):


	Three Months Ended March 31,
	2022		2021
Net income	$	6,101	$	6,964
Plus:
Interest expense	15,742		16,293
Interest expense - amortization of deferred financing costs	709		709

Depreciation and amortization	43,782		40,343
General and administrative expenses	10,000		6,584
Equity in loss of unconsolidated real estate ventures	4,563		6,924


Less:
Interest and investment income	440		1,674
Income tax provision	(27)		(19)

Net gain on disposition of real estate	—		74
Net gain on sale of undepreciated real estate	897		1,993


Consolidated net operating income	$	79,587	$	74,095

ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP- Narrative (Details)	3 Months Ended
	Mar. 31, 2022 ft² a property parcel
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of real estate properties \| property	81
Rentable area (in square feet)	13,678,136
Unconsolidated Properties \| Unconsolidated Real Estate Ventures
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of real estate properties \| property	10
Parent Company
Organization of The Parent Company and The Operating Partnership [Line Items]
Areas of land held for development (in acres) \| a	169.4
Area of land held for sale \| a	0.8
Lease agreement term	99 years
Area of additional undeveloped parcels of land with option to purchase (in acres) \| a	55.5
Total potential development capacity (in square feet)	13,400,000
Parent Company \| Parcel of land
Organization of The Parent Company and The Operating Partnership [Line Items]
Lease agreement term	99 years
Parent Company \| Held-for-sale
Organization of The Parent Company and The Operating Partnership [Line Items]
Total potential development capacity (in square feet)	200,000
Parent Company \| Leashold Interest Land
Organization of The Parent Company and The Operating Partnership [Line Items]
Areas of land held for development (in acres) \| a	0.8
Number of parcels of land \| parcel	1
Wholly-owned Management Company Subsidiaries
Organization of The Parent Company and The Operating Partnership [Line Items]
Rentable area (in square feet)	23,100,000
Wholly-owned Management Company Subsidiaries \| Wholly Owned Properties
Organization of The Parent Company and The Operating Partnership [Line Items]
Rentable area (in square feet)	13,700,000
Wholly-owned Management Company Subsidiaries \| Partially Owned Properties
Organization of The Parent Company and The Operating Partnership [Line Items]
Rentable area (in square feet)	9,400,000
Brandywine Operating Partnership LP
Organization of The Parent Company and The Operating Partnership [Line Items]
Ownership in the operating partnership	99.70%

ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP - Summary of Core Portfolio of Operating Properties and Excludes Development, Redevelopment and Held for Sale (Details)	Mar. 31, 2022 ft² property
Real Estate Properties [Line Items]
Number of Properties \| property	81
Rentable area (in square feet) \| ft²	13,678,136
Office properties
Real Estate Properties [Line Items]
Number of Properties \| property	72
Rentable area (in square feet) \| ft²	12,097,300
Mixed-use properties
Real Estate Properties [Line Items]
Number of Properties \| property	5
Rentable area (in square feet) \| ft²	942,334
Core Properties
Real Estate Properties [Line Items]
Number of Properties \| property	77
Rentable area (in square feet) \| ft²	13,039,634
Development property
Real Estate Properties [Line Items]
Number of Properties \| property	1
Rentable area (in square feet) \| ft²	205,803
Redevelopment properties
Real Estate Properties [Line Items]
Number of Properties \| property	3
Rentable area (in square feet) \| ft²	432,699

REAL ESTATE INVESTMENTS - Gross Carrying Value of Operating Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land	$ 410,103	$ 410,144
Building and improvements	2,696,233	2,653,492
Tenant improvements	411,659	408,966
Total	$ 3,517,995	$ 3,472,602

REAL ESTATE INVESTMENTS - Summary of Properties Acquired (Details) $ in Thousands		3 Months Ended
	Jan. 21, 2022 USD ($) a	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Real Estate [Line Items]
Purchase Price		$ 3,446	$ 0
Land \| 631 Park Avenue
Real Estate [Line Items]
Rentable Square Feet/Acres \| a	3.3
Purchase Price	$ 3,650

REAL ESTATE INVESTMENTS - Summary of Property Dispositions (Details) $ in Thousands		3 Months Ended
	Jan. 20, 2022 USD ($) a	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Sale		$ 0	$ 74
Land \| Gateway G & H
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable Square Feet/Acres \| a	10.0
Sales Price	$ 1,600
Gain (Loss) on Sale	$ 897

REAL ESTATE INVESTMENTS - Textual (Details) $ in Thousands	Apr. 14, 2022 USD ($)	Mar. 31, 2022 USD ($) ft² a parcel	Dec. 31, 2021 USD ($)	Dec. 01, 2021 USD ($) ft² property apartment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investment in real estate ventures		$ 434,555	$ 411,110
Rentable area (in square feet) \| ft²		13,678,136
Principal balance outstanding		$ 1,984,610
Assets held for sale, net		25,205	$ 562
Held-for-sale \| Other - Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net		$ 25,200
Held-for-sale \| Other - Land \| Metropolitan Washington, D.C. Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of parcels of land \| parcel		1
Area of land (in acres) \| a		0.8
Held-for-sale \| Other - Land \| Metropolitan Washington, D.C. Segment \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of land	$ 29,700
One Uptown Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investment in real estate ventures				$ 328,400
Number of apartment residence \| apartment				341
Joint venture, funding committed by other party				$ 57,500
Construction loan, percentage of total cost				65.00%
One Uptown Venture \| Construction Loans
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Principal balance outstanding				$ 213,400
One Uptown Venture \| Preferred Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, ownership percentage				50.00%
One Uptown Venture \| Common Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment, ownership percentage				50.00%
One Uptown Venture \| Class A Workspace
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable area (in square feet) \| ft²				348,000
One Uptown Venture \| Street Level Retail
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable area (in square feet) \| ft²				15,000
Canyon Partners Real Estate \| One Uptown Venture
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of joint ventures \| property				2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Narrative (Details) $ in Thousands		3 Months Ended
	Mar. 17, 2022 USD ($) ft²	Mar. 31, 2022 USD ($) ft² a property apartment	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of real estate properties \| property		81
Investment in unconsolidated real estate ventures		$ 461,389		$ 435,506
Accounts receivable		$ 14,214		11,875
Rentable area (in square feet) \| ft²		13,678,136
Purchase Price		$ 3,446	$ 0
Real Estate Venture
Schedule of Equity Method Investments [Line Items]
Accounts receivable		2,600		$ 2,500
Management Fees \| Real Estate Venture
Schedule of Equity Method Investments [Line Items]
Service and other revenue		1,900	2,000
Leasing Commission Income \| Real Estate Venture
Schedule of Equity Method Investments [Line Items]
Service and other revenue		400	$ 1,300
Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated real estate ventures		$ 434,600
Unconsolidated Real Estate Ventures \| Minimum
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		15.00%
Unconsolidated Real Estate Ventures \| Maximum
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		70.00%
Unconsolidated Real Estate Ventures \| Office properties
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated investments in Real Estate Ventures \| property		5
Rentable area (in square feet) \| ft²		9,100,000
Unconsolidated Real Estate Ventures \| Other Liabilities
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated real estate ventures		$ 26,800
Unconsolidated Real Estate Ventures \| Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Number of real estate properties \| property		10
Number of properties with negative investment balances \| property		1
Unconsolidated Real Estate Ventures \| Land Held For Development
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated investments in Real Estate Ventures \| property		2
Area of land (in acres) \| a		1.4
Unconsolidated Real Estate Ventures \| Land Under Active Development
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated investments in Real Estate Ventures \| property		1
Area of land (in acres) \| a		1.0
Unconsolidated Real Estate Ventures \| Mixed Use Tower
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated investments in Real Estate Ventures \| property		1
Rentable area (in square feet) \| ft²		200,000
Number of apartment units (in units) \| apartment		250
Unconsolidated Real Estate Ventures \| Residential Tower
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated investments in Real Estate Ventures \| property		1
Number of apartment units (in units) \| apartment		321
Cira Square REIT, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	20.00%
Gross purchase price	$ 383,000
Purchase Price	28,600
Cira Square REIT, LLC \| Secured Debt
Schedule of Equity Method Investments [Line Items]
Debt instrument, face amount	$ 257,700
Cira Square REIT, LLC \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Schedule of Equity Method Investments [Line Items]
Spread on variable rate	3.50%
Cira Square REIT, LLC \| Office properties
Schedule of Equity Method Investments [Line Items]
Rentable area (in square feet) \| ft²	862,692

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Summary of Financial Position of Real Estate Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Net property	$ 2,962,781	$ 2,955,068
Other assets	148,493	133,094
Other liabilities	49,705	48,683
Debt, net	1,986,583
Equity	1,675,863	1,701,219	$ 1,782,254	$ 1,804,648
Investment In Nonconsolidated Real Estate
Schedule of Equity Method Investments [Line Items]
Net property	1,939,193	1,563,263
Other assets	519,361	434,687
Other liabilities	403,715	331,947
Debt, net	1,210,476	956,668
Equity	$ 844,363	$ 709,335

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Summary of Results of Operations of Real Estate Ventures with Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of Equity Method Investments [Line Items]
Revenue	$ 127,505	$ 120,769
Operating expenses	(101,700)	(93,601)
Interest expense	(15,742)	(16,293)
Depreciation and amortization	(43,782)	(40,343)
Net income	6,101	6,964
Equity in loss of unconsolidated real estate ventures	(4,563)	(6,924)
Investment In Nonconsolidated Real Estate
Schedule of Equity Method Investments [Line Items]
Revenue	53,216	53,357
Operating expenses	(28,592)	(28,987)
Interest expense	(7,469)	(7,374)
Depreciation and amortization	(21,283)	(24,893)
Net income	(4,128)	(7,897)
Company's share of net loss	(4,617)	(6,541)
Basis adjustments and other	54	(383)
Equity in loss of unconsolidated real estate ventures	$ (4,563)	$ (6,924)

LEASES (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Fixed contractual payments	$ 88,763	$ 86,380
Variable lease payments	24,331	24,148
Total	$ 113,094	$ 110,528

INTANGIBLE ASSETS AND LIABILITIES - Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Intangible Assets [Line Items]
Intangible assets, total cost	$ 64,254	$ 73,029
Intangible assets, accumulated amortization	(38,674)	(44,473)
Intangible Assets, net	25,580	28,556
Intangible liabilities, total cost	24,485	27,025
Intangible liabilities, accumulated amortization	(12,400)	(14,044)
Intangible Liabilities, net	12,085	12,981
In-place lease value
Intangible Assets [Line Items]
Intangible assets, total cost	63,601	72,376
Intangible assets, accumulated amortization	(38,245)	(44,066)
Intangible Assets, net	25,356	28,310
Tenant relationship value
Intangible Assets [Line Items]
Intangible assets, total cost	167	167
Intangible assets, accumulated amortization	(98)	(97)
Intangible Assets, net	69	70
Above market leases acquired
Intangible Assets [Line Items]
Intangible assets, total cost	486	486
Intangible assets, accumulated amortization	(331)	(310)
Intangible Assets, net	$ 155	$ 176

INTANGIBLE ASSETS AND LIABILITIES - Annual Amortization of Intangible Assets, Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
2022 (nine months remaining)	$ 6,665
2023	6,724
2024	4,433
2025	3,255
2026	1,195
Thereafter	3,308
Intangible Assets, net	25,580	$ 28,556
Liabilities
2022 (nine months remaining)	1,691
2023	1,540
2024	1,321
2025	1,044
2026	754
Thereafter	5,735
Intangible Liabilities, net	$ 12,085	$ 12,981

DEBT OBLIGATIONS - Consolidated Debt Obligations Outstanding (Details)	3 Months Ended
	Mar. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Consolidated debt obligations
Principal balance outstanding	$ 1,984,610,000
Plus: original issue premium (discount), net	(7,699,000)
Less: deferred financing costs	(5,726,000)
Debt, net	1,986,583,000
Unsecured Debt
Consolidated debt obligations
Principal balance outstanding	1,984,610,000	$ 1,851,610,000
Plus: original issue premium (discount), net	7,699,000	8,187,000
Less: deferred financing costs	(5,726,000)	(6,211,000)
Debt, net	1,986,583,000	1,853,586,000
Unsecured Debt \| $600 million Unsecured Credit Facility
Consolidated debt obligations
Debt instrument, face amount	600,000,000
Principal balance outstanding	$ 156,000,000	23,000,000
Number of extensions \| property	2
Extension term	6 months
Debt extension fees for first six months, percentage	0.0625%
Debt extension fees for next six months, percentage	0.075%
Unsecured Debt \| $600 million Unsecured Credit Facility \| LIBOR
Consolidated debt obligations
Spread on variable rate	1.10%
Unsecured Debt \| Term Loan - Swapped to fixed
Consolidated debt obligations
Principal balance outstanding	$ 250,000,000	250,000,000
Effective interest rate	2.87%
Unsecured Debt \| $350.0M 3.95% Guaranteed Notes due 2023
Consolidated debt obligations
Debt instrument, face amount	$ 350,000,000.0
Debt instrument, interest rate, stated percentage	3.95%
Principal balance outstanding	$ 350,000,000	350,000,000
Effective interest rate	3.87%
Unsecured Debt \| $350.0M 4.10% Guaranteed Notes due 2024
Consolidated debt obligations
Debt instrument, face amount	$ 350,000,000.0
Debt instrument, interest rate, stated percentage	4.10%
Principal balance outstanding	$ 350,000,000	350,000,000
Effective interest rate	3.78%
Unsecured Debt \| $450.0M 3.95% Guaranteed Notes due 2027
Consolidated debt obligations
Debt instrument, face amount	$ 450,000,000.0
Debt instrument, interest rate, stated percentage	3.95%
Principal balance outstanding	$ 450,000,000	450,000,000
Effective interest rate	4.03%
Unsecured Debt \| $350.0M 4.55% Guaranteed Notes due 2029
Consolidated debt obligations
Debt instrument, face amount	$ 350,000,000.0
Debt instrument, interest rate, stated percentage	4.55%
Principal balance outstanding	$ 350,000,000	350,000,000
Effective interest rate	4.30%
Unsecured Debt \| Indenture IA (Preferred Trust I)
Consolidated debt obligations
Principal balance outstanding	$ 27,062,000	27,062,000
Unsecured Debt \| Indenture IA (Preferred Trust I) \| LIBOR
Consolidated debt obligations
Spread on variable rate	1.25%
Unsecured Debt \| Indenture IB (Preferred Trust I)
Consolidated debt obligations
Principal balance outstanding	$ 25,774,000	25,774,000
Unsecured Debt \| Indenture IB (Preferred Trust I) \| LIBOR
Consolidated debt obligations
Spread on variable rate	1.25%
Unsecured Debt \| Indenture II (Preferred Trust II)
Consolidated debt obligations
Principal balance outstanding	$ 25,774,000	$ 25,774,000
Unsecured Debt \| Indenture II (Preferred Trust II) \| LIBOR
Consolidated debt obligations
Spread on variable rate	1.25%

DEBT OBLIGATIONS - Textual (Details) - Revolving Credit Facility	3 Months Ended
	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity (up to)	$ 600,000,000
Weighted average interest rate	1.30%
Interest expense, debt	$ 300,000
LIBOR
Debt Instrument [Line Items]
Spread on variable rate	1.10%

DEBT OBLIGATIONS - Aggregate Scheduled Principal Payments of Debt Obligation, Excluding Amortization of Discounts and Premiums (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2022 (nine months remaining)	$ 406,000
2023	350,000
2024	350,000
2025	0
2026	0
Thereafter	878,610
Total principal payments	1,984,610
Net unamortized premiums/(discounts)	7,699
Net deferred financing costs	(5,726)
Debt, net	$ 1,986,583

FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instruments for which Estimates of Fair Value Differ from Carrying Amounts (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Deferred financing costs, net	$ 5,726
Unsecured notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Deferred financing costs, net	5,726	$ 6,211
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	44,430	44,430
Carrying Amount \| Unsecured notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable	1,502,235	1,502,368
Deferred financing costs, net	5,500	5,800
Carrying Amount \| Variable rate debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Variable rate debt	484,348	351,218
Deferred financing costs, net	300	400
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, fair value	44,862	45,230
Fair Value \| Unsecured notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	1,515,265	1,588,780
Fair Value \| Variable rate debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ 466,999	$ 344,754

Fair Value of Financial Instruments - Textual (Details) - Brandywine 1919 Ventures - USD ($) $ in Millions	Dec. 31, 2021	Jun. 26, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan		$ 44.4
Equity method investment, ownership percentage		50.00%
Other Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note receivable	$ 44.4

- Definition

Amount, before allowance for credit loss, of financing receivable.

+ References + Details

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Notional Amount	$ 250,000,000	$ 250,000,000
Swap \| Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Notional Amount	$ 250,000,000	250,000,000
Strike	2.868%
Fair value	$ (545,000)	$ (2,461,000)

LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Redemption of limited partnership units	$ 4,006	$ 0
Aggregate amount related to non-controlling interests classified within equity	5,000		$ 8,200
Settlement value of non controlling interest in operating partnership	$ 7,300		$ 11,100
General Partner Capital
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Repurchase and retirement of LP units (in shares)	307,516

BENEFICIARIES' EQUITY OF THE PARENT COMPANY - Number of Shares and Net Income Used to Calculate Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Net income	$ 6,101	$ 6,964
Net income attributable to noncontrolling interests	(8)	(43)
Nonforfeitable dividends allocated to unvested restricted shareholders, Basic	(148)	(146)
Net income attributable to noncontrolling interests, Diluted	(8)	(43)
Nonforfeitable dividends allocated to unvested restricted shareholders, Diluted	(148)	(146)
Net income attributable to Common Partnership Unitholders of Brandywine Operating Partnership, L.P.	5,945	6,775
Net income attributable to common shareholders, diluted	$ 5,945	$ 6,775
Denominator
Weighted average units outstanding, basic (in shares)	171,294,949	170,624,741
Contingent securities/Share based compensation (in shares)	1,594,045	1,011,379
Weighted average units outstanding, diluted (in shares)	172,888,994	171,636,120
Earnings per Common Share:
Net income attributable to common shareholders, Basic (in dollars per share)	$ 0.03	$ 0.04
Net income attributable to common shareholders, Diluted (in dollars per share)	$ 0.03	$ 0.04

BENEFICIARIES' EQUITY OF THE PARENT COMPANY - Narrative (Details) - USD ($)			3 Months Ended
	Apr. 20, 2022	Feb. 23, 2022	Mar. 31, 2022	Mar. 31, 2021	Jan. 03, 2019
Class of Stock [Line Items]
Distributions declared (in dollars per share)		$ 0.19	$ 0.19	$ 0.19
Dividends, common stock		$ 32,800,000
Stock repurchase program, authorized amount					$ 150,000,000
Shares repurchased and retired (in shares)			0	0
Subsequent Event
Class of Stock [Line Items]
Dividends paid in cash (in dollars per share)	$ 0.19
Redeemable Common Limited Partnership Units
Class of Stock [Line Items]
Redeemable common limited partnership units (in shares)			516,467	981,634

PARTNERS' EQUITY OF THE PARENT COMPANY- Number of Units and Net Income Used to Calculate Basic and Diluted Earnings Per Common Partnership Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Net income	$ 6,101	$ 6,964
Nonforfeitable dividends allocated to unvested restricted shareholders, Basic	(148)	(146)
Nonforfeitable dividends allocated to unvested restricted shareholders, Diluted	$ (148)	$ (146)
Denominator
Weighted average units outstanding, basic (in shares)	171,294,949	170,624,741
Contingent securities/Share based compensation (in shares)	1,594,045	1,011,379
Weighted average units outstanding, diluted (in shares)	172,888,994	171,636,120
Earnings per Common Partnership Unit:
Net income attributable to common shareholders, Basic (in dollars per share)	$ 0.03	$ 0.04
Net income attributable to common shareholders, Diluted (in dollars per share)	$ 0.03	$ 0.04
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Numerator
Net income	$ 6,101	$ 6,964
Net (income) loss attributable to noncontrolling interests	2	1
Nonforfeitable dividends allocated to unvested restricted shareholders, Basic	(148)	(146)
Nonforfeitable dividends allocated to unvested restricted shareholders, Diluted	(148)	(146)
Net income (loss) attributable to common unitholders, Basic	5,955	6,819
Net income (loss) attributable to common unitholders, Diluted	$ 5,955	$ 6,819
Denominator
Weighted average units outstanding, basic (in shares)	171,927,588	171,606,375
Contingent securities/Share based compensation (in shares)	1,594,045	1,011,379
Weighted average units outstanding, diluted (in shares)	173,521,633	172,617,754
Earnings per Common Partnership Unit:
Net income attributable to common shareholders, Basic (in dollars per share)	$ 0.03	$ 0.04
Net income attributable to common shareholders, Diluted (in dollars per share)	$ 0.03	$ 0.04

PARTNERS' EQUITY OF THE PARENT COMPANY - Textual (Details) $ / shares in Units, $ in Millions			3 Months Ended
	Apr. 20, 2022 $ / shares	Feb. 23, 2022 USD ($) $ / shares	Mar. 31, 2022 $ / shares	Mar. 31, 2021 $ / shares
Earnings Per Common Partnership Unit [Line Items]
Distributions declared (in dollars per share)		$ 0.19	$ 0.19	$ 0.19
Dividends, common stock \| $		$ 32.8
Subsequent Event
Earnings Per Common Partnership Unit [Line Items]
Dividends paid in cash (in dollars per share)	$ 0.19
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Earnings Per Common Partnership Unit [Line Items]
Dividends, common stock \| $		$ 32.8
Repurchase program, ratio of mirror unit of operating partnership retired for each common share repurchased		1
BRANDYWINE OPERATING PARTNERSHIP, L.P. \| Dividend declared
Earnings Per Common Partnership Unit [Line Items]
Distributions declared (in dollars per share)		$ 0.19

SHARE BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Millions				3 Months Ended
	Mar. 03, 2022 installment shares	Feb. 01, 2022 shares	Jan. 19, 2022 $ / shares	Mar. 31, 2022 USD ($) shares	Mar. 31, 2021 USD ($)	Dec. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Voluntary termination of employment age limit				57
Number of vesting installments \| installment	3
Vesting acceleration period	1 year
Restricted Share Rights Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share rights outstanding (in shares) \| shares				777,423		474,978
Unrecognized compensation expenses \| $				$ 3.5
Weighted average period over which options will be recognized				1 year 1 month 24 days
Share-based compensation expense \| $				$ 2.5	$ 2.3
Share-based compensation expense, capitalized \| $				$ 0.3	$ 0.3
Granted (in shares) \| shares	258,427			306,555
Ratio of restricted share right will get settled for common share	1
Accumulated service period for voluntary termination				15 years
Restricted Share Rights Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year
Restricted Share Rights Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years			3 years
Restricted Performance Share Units Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					3 years
Unrecognized compensation expenses \| $				$ 12.6
Weighted average period over which options will be recognized				2 years 3 days
Share-based compensation expense \| $				$ 1.2	$ 0.8
Share-based compensation expense, capitalized \| $				$ 0.1	$ 0.1
Share-based compensation activity (in shares) \| shares		277,061
Dividends paid in cash (in dollars per share) \| $ / shares			$ 0.19
Restricted Performance Share Units Plan \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share rights outstanding (in shares) \| shares				1,205,068		688,216
Granted (in shares) \| shares				516,852
Performance earning potential				200.00%
Outperformance feature measurement term				3 years
Vesting period after outperformance feature measurement term				366 days
Restricted Performance Share Units Plan \| Executive Officer \| 2022 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issuable under outperformance feature (in shares) \| shares				406,179
Share-based compensation expense recognized to date \| $				$ 0.0
Restricted Performance Share Units Plan \| Executive Officer \| 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issuable under outperformance feature (in shares) \| shares				388,840
Share-based compensation expense recognized to date \| $				$ 0.0
Restricted Performance Share Units Plan \| Executive Officer \| 2020 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issuable under outperformance feature (in shares) \| shares				316,236
Share-based compensation expense recognized to date \| $				$ 0.0
Restricted Performance Share Units Plan \| Non Officer Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share rights outstanding (in shares) \| shares	48,128

SHARE BASED COMPENSATION - Restricted Share Activity (Details) - Restricted Share Rights Awards - $ / shares		3 Months Ended
	Mar. 03, 2022	Mar. 31, 2022
Shares
Beginning balance (in shares)		474,978
Granted (in shares)	258,427	306,555
Vested (in shares)		(3,440)
Forfeited (in shares)		(670)
Ending balance (in shares)		777,423
Weighted Average Grant Date Fair Value
Non-vested at beginning of year (in dollars per shares)		$ 13.51
Granted (in dollars per shares)		13.30
Vested (in dollars per shares)		13.30
Forfeited (in dollars per shares)		14.96
Non-vested at end of year (in dollars per shares)		$ 13.43

SHARE BASED COMPENSATION - Restricted Performance Share Units (Details) - Executive Officer - Restricted Performance Share Units Plan - USD ($) $ in Thousands				3 Months Ended
	Mar. 03, 2022	Mar. 05, 2021	Mar. 05, 2020	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)				688,216
Granted (in shares)				516,852
Ending balance (in shares)				1,205,068
March 5, 2020 RSPU Grant
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)				314,055
Granted (in shares)				0
Ending balance (in shares)				314,055
Granted (in shares)			319,600
Fair Value of Units on Grant Date			$ 5,389
March 5, 2021 RSPU Grant
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)				374,161
Granted (in shares)				0
Ending balance (in shares)				374,161
Granted (in shares)		380,957
Fair Value of Units on Grant Date		$ 6,389
March 3, 2022 Grant
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)				0
Granted (in shares)				516,852
Ending balance (in shares)				516,852
Granted (in shares)	516,852
Fair Value of Units on Grant Date	$ 7,551

SEGMENT INFORMATION -Textual (Details)	3 Months Ended
SEGMENT INFORMATION -Textual (Details)	Mar. 31, 2022 segment
Segment Reporting [Abstract]
Number of reportable segments	5

SEGMENT INFORMATION - Real Estate Investments, at Cost of Company's Reportable Segments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Operating properties	$ 3,517,995	$ 3,472,602
Right of use asset - operating leases, net	20,150	20,313
Construction-in-progress	283,323	277,237
Land held for development	94,411	114,604
Prepaid leasehold interests in land held for development, net	27,762	27,762
Philadelphia CBD
Segment Reporting Information [Line Items]
Operating properties	1,494,819	1,460,510
Pennsylvania Suburbs
Segment Reporting Information [Line Items]
Operating properties	859,470	866,223
Austin, Texas
Segment Reporting Information [Line Items]
Operating properties	791,600	778,145
Metropolitan Washington, D.C.
Segment Reporting Information [Line Items]
Operating properties	285,386	280,921
Other
Segment Reporting Information [Line Items]
Operating properties	$ 86,720	$ 86,803

SEGMENT INFORMATION - Net Operating Income of Company's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Total revenue	$ 127,505	$ 120,769
Operating expenses	(47,918)	(46,674)
Net operating income	79,587	74,095
Operating Segments \| Philadelphia CBD
Segment Reporting Information [Line Items]
Total revenue	53,471	51,227
Operating expenses	(19,743)	(17,411)
Net operating income	33,728	33,816
Operating Segments \| Pennsylvania Suburbs
Segment Reporting Information [Line Items]
Total revenue	31,807	31,740
Operating expenses	(10,158)	(10,694)
Net operating income	21,649	21,046
Operating Segments \| Austin, Texas
Segment Reporting Information [Line Items]
Total revenue	24,915	26,175
Operating expenses	(10,293)	(9,720)
Net operating income	14,622	16,455
Operating Segments \| Metropolitan Washington, D.C.
Segment Reporting Information [Line Items]
Total revenue	5,195	4,675
Operating expenses	(3,428)	(4,199)
Net operating income	1,767	476
Operating Segments \| Other
Segment Reporting Information [Line Items]
Total revenue	3,604	3,213
Operating expenses	(2,010)	(2,282)
Net operating income	1,594	931
Corporate
Segment Reporting Information [Line Items]
Total revenue	8,513	3,739
Operating expenses	(2,286)	(2,368)
Net operating income	$ 6,227	$ 1,371

SEGMENT INFORMATION - Unconsolidated Real Estate Ventures of Company's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Investment in real estate ventures	$ 434,555		$ 411,110
Equity in income (loss) of real estate venture	(4,563)	$ (6,924)
Philadelphia CBD
Segment Reporting Information [Line Items]
Investment in real estate ventures	343,502		317,959
Equity in income (loss) of real estate venture	(2,772)	(4,279)
Metropolitan Washington, D.C.
Segment Reporting Information [Line Items]
Investment in real estate ventures	85,976		85,867
Equity in income (loss) of real estate venture	(186)	(417)
Mid-Atlantic Office JV
Segment Reporting Information [Line Items]
Investment in real estate ventures	31,911		31,680
Equity in income (loss) of real estate venture	418	207
MAP Venture
Segment Reporting Information [Line Items]
Investment in real estate ventures	(26,834)		$ (24,396)
Equity in income (loss) of real estate venture	$ (2,023)	$ (2,435)

SEGMENT INFORMATION - Reconciliation of Consolidated Net Income to Consolidated NOI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting [Abstract]
Net income	$ 6,101	$ 6,964
Plus:
Interest expense	15,742	16,293
Interest expense - amortization of deferred financing costs	709	709
Depreciation and amortization	43,782	40,343
General and administrative expenses	10,000	6,584
Equity in loss of unconsolidated real estate ventures	4,563	6,924
Less:
Interest and investment income	440	1,674
Income tax provision	(27)	(19)
Net gain on disposition of real estate	0	74
Net gain on sale of undepreciated real estate	897	1,993
Consolidated net operating income	$ 79,587	$ 74,095

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Feb. 28, 2021 property	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jul. 23, 2021 USD ($)
Loss Contingencies [Line Items]
Limited payment guarantee, percent of principle balance (up to)				25.00%
One and Two Commerce Square \| Preferred Equity Investment
Loss Contingencies [Line Items]
Other commitments		$ 20.0
Amount committed to date		4.7
Drexel Square
Loss Contingencies [Line Items]
Other commitments		7.0
Estimated potential additional contribution obligation		2.3
Winter Storm
Loss Contingencies [Line Items]
Number of properties damaged \| property	1
Write-off of fixed assets			$ 1.2
Restoration liability		0.8	7.2
Business interruption costs			3.9
Insurance proceeds		2.4	15.3
Winter Storm \| Other Income
Loss Contingencies [Line Items]
Insurance proceeds			3.0
Winter Storm \| Accounts Payable and Accrued Liabilities
Loss Contingencies [Line Items]
Restoration liability			$ 1.9
3025 JFK Venture
Loss Contingencies [Line Items]
Construction loan amount				$ 186.7
Unconsolidated Real Estate Ventures
Loss Contingencies [Line Items]
Unconsolidated real estate venture debt at 100%, gross		$ 1,217.2