0000790816-23-000025 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 19, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		171,914,939
Entity Central Index Key	0000790816
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
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 Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001060386

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real estate investments:
Operating properties	$ 3,632,495	$ 3,617,240
Accumulated depreciation	(1,096,199)	(1,063,060)
Right of use asset - operating leases, net	19,505	19,664
Operating real estate investments, net	2,555,801	2,573,844
Construction-in-progress	236,040	218,869
Land held for development	67,923	76,499
Prepaid leasehold interests in land held for development, net	27,762	35,576
Total real estate investments, net	2,887,526	2,904,788
Cash and cash equivalents	96,945	17,551
Restricted cash and escrows	16,126	0
Accounts receivable	13,446	11,003
Accrued rent receivable, net of allowance of $3,828 and $3,947 as of March 31, 2023 and December 31, 2022, respectively	182,523	179,771
Investment in unconsolidated real estate ventures	583,775	567,635
Deferred costs, net	95,037	96,639
Intangible assets, net	16,394	18,451
Other assets	95,339	78,667
Total assets	3,987,111	3,874,505
LIABILITIES AND BENEFICIARIES' EQUITY
Secured term loan, net	241,231	0
Unsecured credit facility	0	88,500
Unsecured term loan, net	317,848	248,168
Unsecured senior notes, net	1,574,221	1,628,370
Accounts payable and accrued expenses	114,370	132,440
Distributions payable	32,823	32,792
Deferred income, gains and rent	24,039	25,082
Intangible liabilities, net	9,921	10,322
Lease liability - operating leases	23,218	23,166
Other liabilities	56,222	52,331
Total liabilities	2,393,893	2,241,171
Commitments and contingencies (See Note 15)
Brandywine Realty Trust's Equity:
Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 171,727,703 and 171,569,807 issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	1,717	1,716
Additional paid-in-capital	3,156,507	3,153,229
Deferred compensation payable in common shares	19,746	19,601
Common shares in grantor trust, 1,153,359 and 1,179,643 issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	(19,746)	(19,601)
Cumulative earnings	1,170,936	1,176,195
Accumulated other comprehensive income (loss)	(1,410)	3,897
Cumulative distributions	(2,742,139)	(2,709,405)
Total Brandywine Realty Trust's equity	1,585,611	1,625,632
Noncontrolling interests	7,607	7,702
Total beneficiaries' equity	1,593,218	1,633,334
Total liabilities and beneficiaries' equity	$ 3,987,111	$ 3,874,505

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accrued rent receivable, allowance	$ 3,828	$ 3,947
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)	171,727,703	171,569,807
Common stock, shares outstanding (in shares)	171,727,703	171,569,807
Common shares in grantor trust, issued and outstanding (in shares)	1,153,359	1,179,643

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Total revenue	$ 129,227	$ 127,505
Operating expenses
Property operating expenses	33,594	31,548
Real estate taxes	14,602	13,813
Third party management expenses	2,639	2,557
Depreciation and amortization	45,600	43,782
General and administrative expenses	9,482	10,000
Total operating expenses	105,917	101,700
Gain on sale of real estate
Net gain on sale of undepreciated real estate	781	897
Total gain on sale of real estate	781	897
Operating income	24,091	26,702
Other income (expense):
Interest and investment income	505	440
Interest expense	(22,653)	(15,742)
Interest expense - amortization of deferred financing costs	(1,027)	(709)
Equity in loss of unconsolidated real estate ventures	(6,167)	(4,563)
Net income (loss) before income taxes	(5,251)	6,128
Income tax provision	(25)	(27)
Net income (loss)	(5,276)	6,101
Net (income) loss attributable to noncontrolling interests	17	(8)
Net income (loss) attributable to Brandywine Realty Trust	(5,259)	6,093
Nonforfeitable dividends allocated to unvested restricted shareholders	(70)	(148)
Net income (loss) attributable to common shareholders, basic	$ (5,329)	$ 5,945
Basic income (loss) per Common Share (in dollars per share)	$ (0.03)	$ 0.03
Diluted income (loss) per Common Share (in dollars per share)	$ (0.03)	$ 0.03
Basic weighted average shares outstanding (in shares)	171,673,167	171,294,949
Diluted weighted average shares outstanding (in shares)	171,673,167	172,888,994
Rents
Revenue
Total revenue	$ 120,848	$ 115,901
Third party management fees, labor reimbursement and leasing
Revenue
Total revenue	6,002	5,108
Other
Revenue
Total revenue	$ 2,377	$ 6,496

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

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ (5,276)

$ 6,101

Comprehensive income (loss):

Unrealized gain (loss) on derivative financial instruments

(5,291)

3,764

Amortization of interest rate contracts

^[1]

188

Total comprehensive income (loss)

(5,291)

3,952

Comprehensive income (loss)

(10,567)

10,053

Comprehensive (income) loss attributable to noncontrolling interest

(20)

Comprehensive income (loss) attributable to Brandywine Realty Trust

$ (10,550)

$ 10,033

[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, 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 (loss)	6,101					6,093			8
Other comprehensive income (loss)	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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions declared (in dollars per share)	$ 0.19
Beginning balance (in shares) at Dec. 31, 2022	171,569,807	171,569,807	1,179,643
Beginning balance at Dec. 31, 2022	$ 1,633,334	$ 1,716	$ 19,601	3,153,229	(19,601)	1,176,195	3,897	(2,709,405)	7,702
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(5,276)					(5,259)			(17)
Other comprehensive income (loss)	(5,291)						(5,307)		16
Share-based compensation activity (in shares)		171,318	22,449
Share-based compensation activity	3,371	$ 1		3,370
Share Issuance from/(to) Deferred Compensation Plan (in shares)		(13,422)	(48,733)
Share Issuance from/(to) Deferred Compensation Plan	(88)		$ 145	(88)	(145)
Reallocation of Noncontrolling interest	0			(4)					4
Distributions declared	$ (32,832)							(32,734)	(98)
Ending balance (in shares) at Mar. 31, 2023	171,727,703	171,727,703	1,153,359
Ending balance at Mar. 31, 2023	$ 1,593,218	$ 1,717	$ 19,746	$ 3,156,507	$ (19,746)	$ 1,170,936	$ (1,410)	$ (2,742,139)	$ 7,607
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions declared (in dollars per share)	$ 0.19

CONSOLIDATED STATEMENTS OF BENEFICIARIES’ EQUITY (Parenthetical) - $ / shares		3 Months Ended
	Feb. 16, 2023	Mar. 31, 2023	Mar. 31, 2022
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, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ (5,276)	$ 6,101
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	45,600	43,782
Amortization of deferred financing costs	1,027	709
Amortization of debt discount/(premium), net	(258)	(488)
Amortization of stock compensation costs	3,398	3,280
Straight-line rent income	(2,835)	(3,149)
Amortization of acquired above (below) market leases, net	(376)	(875)
Ground rent expense	201	205
Total gain on sale of real estate	(781)	(897)
Loss from unconsolidated real estate ventures, including income distributions	6,167	4,563
Income tax provision	25	27
Changes in assets and liabilities:
Accounts receivable	(2,416)	(2,609)
Other assets	(16,040)	(9,208)
Accounts payable and accrued expenses	(19,911)	(14,550)
Deferred income, gains and rent	(960)	992
Other liabilities	(2,190)	632
Net cash provided by operating activities	5,375	28,515
Cash flows from investing activities:
Acquisition of properties	0	(3,446)
Proceeds from the sale of properties	0	1,481
Capital expenditures for tenant improvements	(13,637)	(15,148)
Capital expenditures for redevelopments	(14,114)	(31,942)
Capital expenditures for developments	(4,588)	(30,455)
Advances for the purchase of tenant assets, net of repayments	(26)	270
Investment in unconsolidated real estate ventures	(10,627)	(26,762)
Deposits for real estate	0	(2,550)
Capital distributions from unconsolidated real estate ventures	300	3,010
Leasing costs paid	(2,331)	(5,245)
Net cash used in investing activities	(45,023)	(110,787)
Cash flows from financing activities:
Proceeds from credit facility borrowings	115,000	138,000
Repayments of credit facility borrowings	(203,500)	(5,000)
Repayments of unsecured notes	(54,301)	0
Proceeds from unsecured term loan	70,000	0
Proceeds from secured term loan	245,000	0
Debt financing costs paid	(4,414)	0
Shares used for employee taxes upon vesting of share awards	(652)	(2,103)
Redemption of limited partnership units	0	(4,006)
Distributions paid to shareholders	(32,703)	(32,604)
Distributions to noncontrolling interest	(98)	(157)
Net cash provided by financing activities	134,332	94,130
Increase in cash and cash equivalents and restricted cash	94,684	11,858
Cash and cash equivalents and restricted cash at beginning of period	18,387	28,300
Cash and cash equivalents and restricted cash at end of period	113,071	40,158
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	17,551	27,463
Restricted cash, beginning of period	836	837
Cash and cash equivalents and restricted cash at beginning of period	18,387	28,300
Cash and cash equivalents, end of period	96,945	39,306
Restricted cash, end of period	16,126	852
Cash and cash equivalents and restricted cash at end of period	113,071	40,158
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the three months ended March 31, 2023 and 2022 of $4,072 and $2,186, respectively	17,007	9,637
Cash paid for income taxes	1	1
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid	32,823	32,814
Change in investment in real estate ventures as a result of deconsolidation	8,595	0
Change in operating real estate from deconsolidation of operating properties	(7,814)	0
Change in capital expenditures financed through accounts payable at period end	451	(909)
Change in capital expenditures financed through retention payable at period end	$ 255	$ (1,475)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Capitalized interest	$ 4,072	$ 2,186

CONSOLIDATED BALANCE SHEETS - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real estate investments:
Operating properties	$ 3,632,495	$ 3,617,240
Accumulated depreciation	(1,096,199)	(1,063,060)
Right of use asset - operating leases, net	19,505	19,664
Operating real estate investments, net	2,555,801	2,573,844
Construction-in-progress	236,040	218,869
Land held for development	67,923	76,499
Prepaid leasehold interests in land held for development, net	27,762	35,576
Total real estate investments, net	2,887,526	2,904,788
Cash and cash equivalents	96,945	17,551
Restricted cash and escrows	16,126	0
Accounts receivable	13,446	11,003
Accrued rent receivable, net of allowance of $3,828 and $3,947 as of March 31, 2023 and December 31, 2022, respectively	182,523	179,771
Investment in unconsolidated real estate ventures	583,775	567,635
Deferred costs, net	95,037	96,639
Intangible assets, net	16,394	18,451
Other assets	95,339	78,667
Total assets	3,987,111	3,874,505
LIABILITIES AND BENEFICIARIES' EQUITY
Mortgage notes payable, net	241,231	0
Unsecured credit facility	0	88,500
Unsecured term loan, net	317,848	248,168
Unsecured senior notes, net	1,574,221	1,628,370
Accounts payable and accrued expenses	114,370	132,440
Distributions payable	32,823	32,792
Deferred income, gains and rent	24,039	25,082
Intangible liabilities, net	9,921	10,322
Lease liability - operating leases	23,218	23,166
Other liabilities	56,222	52,331
Total liabilities	2,393,893	2,241,171
Commitments and contingencies (See Note 15)
Brandywine Operating Partnership, L.P.'s equity:
Accumulated other comprehensive income (loss)	(1,410)	3,897
Total liabilities and beneficiaries' equity	3,987,111	3,874,505
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Real estate investments:
Operating properties	3,632,495	3,617,240
Accumulated depreciation	(1,096,199)	(1,063,060)
Right of use asset - operating leases, net	19,505	19,664
Operating real estate investments, net	2,555,801	2,573,844
Construction-in-progress	236,040	218,869
Land held for development	67,923	76,499
Prepaid leasehold interests in land held for development, net	27,762	35,576
Total real estate investments, net	2,887,526	2,904,788
Cash and cash equivalents	96,945	17,551
Accounts receivable	13,446	11,003
Accrued rent receivable, net of allowance of $3,828 and $3,947 as of March 31, 2023 and December 31, 2022, respectively	182,523	179,771
Investment in unconsolidated real estate ventures	583,775	567,635
Deferred costs, net	95,037	96,639
Intangible assets, net	16,394	18,451
Other assets	95,339	78,667
Total assets	3,987,111	3,874,505
LIABILITIES AND BENEFICIARIES' EQUITY
Mortgage notes payable, net	241,231	0
Unsecured credit facility	0	88,500
Unsecured term loan, net	317,848	248,168
Unsecured senior notes, net	1,574,221	1,628,370
Accounts payable and accrued expenses	114,370	132,440
Distributions payable	32,823	32,792
Deferred income, gains and rent	24,039	25,082
Intangible liabilities, net	9,921	10,322
Lease liability - operating leases	23,218	23,166
Other liabilities	56,222	52,331
Total liabilities	2,393,893	2,241,171
Commitments and contingencies (See Note 15)
Redeemable limited partnership units at redemption value; 516,467 and 516,467 issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	2,318	3,195
Brandywine Operating Partnership, L.P.'s equity:
General Partnership Capital; 171,727,703 and 171,569,807 units issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	1,589,791	1,623,738
Accumulated other comprehensive income (loss)	(1,722)	3,569
Total Brandywine Operating Partnership, L.P.'s equity	1,588,069	1,627,307
Noncontrolling interest - consolidated real estate ventures	2,831	2,832
Total partners' equity	1,590,900	1,630,139
Total liabilities and beneficiaries' equity	$ 3,987,111	$ 3,874,505

CONSOLIDATED BALANCE SHEETS - BRANDYWINE OPERATING PARTNERSHIP, L.P. (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued rent receivable, allowance	$ 3,828	$ 3,947
Common stock, shares issued (in shares)	171,727,703	171,569,807
Common stock, shares outstanding (in shares)	171,727,703	171,569,807
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Accrued rent receivable, allowance	$ 3,828	$ 3,947
BRANDYWINE OPERATING PARTNERSHIP, L.P. \| Class A Units
Redeemable limited partnership units issued (in units)	516,467	516,467
Redeemable limited partnership units outstanding (in units)	516,467	516,467

CONSOLIDATED STATEMENTS OF OPERATIONS - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Total revenue	$ 129,227	$ 127,505
Operating expenses
Property operating expenses	33,594	31,548
Real estate taxes	14,602	13,813
Third party management expenses	2,639	2,557
Depreciation and amortization	45,600	43,782
General and administrative expenses	9,482	10,000
Total operating expenses	105,917	101,700
Gain on sale of real estate
Net gain on sale of undepreciated real estate	781	897
Total gain on sale of real estate	781	897
Operating income	24,091	26,702
Other income (expense):
Interest and investment income	505	440
Interest expense	(22,653)	(15,742)
Interest expense - amortization of deferred financing costs	(1,027)	(709)
Equity in loss of unconsolidated real estate ventures	(6,167)	(4,563)
Net income (loss) before income taxes	(5,251)	6,128
Income tax provision	(25)	(27)
Net income (loss)	(5,276)	6,101
Nonforfeitable dividends allocated to unvested restricted shareholders	(70)	(148)
Net income (loss) attributable to common shareholders, basic	$ (5,329)	$ 5,945
Basic income (loss) per Common Partnership Units (in dollars per share)	$ (0.03)	$ 0.03
Diluted income (loss) per Common Partnership Units (in dollars per share)	$ (0.03)	$ 0.03
Basic weighted average common partnership units outstanding (in shares)	171,673,167	171,294,949
Diluted weighted average common partnership units outstanding (in shares)	171,673,167	172,888,994
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Total revenue	$ 129,227	$ 127,505
Operating expenses
Property operating expenses	33,594	31,548
Real estate taxes	14,602	13,813
Third party management expenses	2,639	2,557
Depreciation and amortization	45,600	43,782
General and administrative expenses	9,482	10,000
Total operating expenses	105,917	101,700
Gain on sale of real estate
Net gain on sale of undepreciated real estate	781	897
Total gain on sale of real estate	781	897
Operating income	24,091	26,702
Other income (expense):
Interest and investment income	505	440
Interest expense	(22,653)	(15,742)
Interest expense - amortization of deferred financing costs	(1,027)	(709)
Equity in loss of unconsolidated real estate ventures	(6,167)	(4,563)
Net income (loss) before income taxes	(5,251)	6,128
Income tax provision	(25)	(27)
Net income (loss)	(5,276)	6,101
Net loss attributable to noncontrolling interests - consolidated real estate ventures	1	2
Net income (loss) attributable to Brandywine Operating Partnership	(5,275)	6,103
Nonforfeitable dividends allocated to unvested restricted shareholders	(70)	(148)
Net income (loss) attributable to common shareholders, basic	$ (5,345)	$ 5,955
Basic income (loss) per Common Partnership Units (in dollars per share)	$ (0.03)	$ 0.03
Diluted income (loss) per Common Partnership Units (in dollars per share)	$ (0.03)	$ 0.03
Basic weighted average common partnership units outstanding (in shares)	172,189,634	171,927,588
Diluted weighted average common partnership units outstanding (in shares)	172,189,634	173,521,633
Rents
Revenue
Total revenue	$ 120,848	$ 115,901
Rents \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Total revenue	120,848	115,901
Third party management fees, labor reimbursement and leasing
Revenue
Total revenue	6,002	5,108
Third party management fees, labor reimbursement and leasing \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Total revenue	6,002	5,108
Other
Revenue
Total revenue	2,377	6,496
Other \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Total revenue	$ 2,377	$ 6,496

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

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Net income (loss)

$ (5,276)

$ 6,101

Comprehensive income (loss):

Unrealized gain (loss) on derivative financial instruments

(5,291)

3,764

Amortization of interest rate contracts

^[1]

188

Total comprehensive income (loss)

(5,291)

3,952

Comprehensive income (loss)

(10,567)

10,053

Comprehensive loss attributable to noncontrolling interest - consolidated real estate ventures

(20)

Comprehensive income (loss) attributable to Brandywine Realty Trust

(10,550)

10,033

BRANDYWINE OPERATING PARTNERSHIP, L.P.

Net income (loss)

(5,276)

6,101

Comprehensive income (loss):

Unrealized gain (loss) on derivative financial instruments

(5,291)

3,764

Amortization of interest rate contracts

^[2]

188

Total comprehensive income (loss)

(5,291)

3,952

Comprehensive income (loss)

(10,567)

10,053

Comprehensive loss attributable to noncontrolling interest - consolidated real estate ventures

Comprehensive income (loss) attributable to Brandywine Realty Trust

$ (10,566)

$ 10,055

[1]	Amounts reclassified from comprehensive income to interest expense within the Consolidated Statements of Operations.
[2]	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	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, 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 (loss)	$ 6,101		$ 8	6,101		(2)	$ 6,103
Other comprehensive 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				(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 unit holders				(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
Increase (Decrease) in Partners' Capital [Roll Forward]
Distributions to general partnership unitholders (USD per share)							$ 0.19
Beginning balance (in shares) at Dec. 31, 2022							171,569,807
Beginning Balance at Dec. 31, 2022				1,630,139	3,569	2,832	$ 1,623,738
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	(5,276)		(17)	(5,276)		(1)	$ (5,275)
Other comprehensive loss	(5,291)	$ (5,307)	$ 16	(5,291)	(5,291)
Deferred compensation obligation (in shares)							(13,422)
Deferred compensation obligation	(88)			(88)			$ (88)
Share-based compensation activity (in shares)							171,318
Share-based compensation activity	$ 3,371			3,371			$ 3,371
Adjustment of redeemable partnership units to liquidation value at period end				779			779
Distributions declared to general partnership unit holders				(32,734)			$ (32,734)
Ending balance (in shares) at Mar. 31, 2023							171,727,703
Ending Balance at Mar. 31, 2023				$ 1,590,900	$ (1,722)	$ 2,831	$ 1,589,791
Increase (Decrease) in Partners' Capital [Roll Forward]
Distributions to general partnership unitholders (USD per share)							$ 0.19

CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ (5,276)	$ 6,101
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	45,600	43,782
Amortization of deferred financing costs	1,027	709
Amortization of debt discount/(premium), net	(258)	(488)
Amortization of stock compensation costs	3,398	3,280
Straight-line rent income	(2,835)	(3,149)
Amortization of acquired above (below) market leases, net	(376)	(875)
Ground rent expense	201	205
Total gain on sale of real estate	(781)	(897)
Loss from unconsolidated real estate ventures, including income distributions	6,167	4,563
Income tax provision	25	27
Changes in assets and liabilities:
Accounts receivable	(2,416)	(2,609)
Other assets	(16,040)	(9,208)
Accounts payable and accrued expenses	(19,911)	(14,550)
Deferred income, gains and rent	(960)	992
Other liabilities	(2,190)	632
Net cash provided by operating activities	5,375	28,515
Cash flows from investing activities:
Acquisition of properties	0	(3,446)
Proceeds from the sale of properties	0	1,481
Capital expenditures for tenant improvements	(13,637)	(15,148)
Capital expenditures for redevelopments	(14,114)	(31,942)
Capital expenditures for developments	(4,588)	(30,455)
Advances for the purchase of tenant assets, net of repayments	(26)	270
Investment in unconsolidated real estate ventures	(10,627)	(26,762)
Deposits for real estate	0	(2,550)
Capital distributions from unconsolidated real estate ventures	300	3,010
Leasing costs paid	(2,331)	(5,245)
Net cash used in investing activities	(45,023)	(110,787)
Cash flows from financing activities:
Proceeds from credit facility borrowings	115,000	138,000
Repayments of credit facility borrowings	(203,500)	(5,000)
Repayments of unsecured notes	(54,301)	0
Proceeds from unsecured term loan	70,000	0
Proceeds from secured term loan	245,000	0
Debt financing costs paid	(4,414)	0
Shares used for employee taxes upon vesting of share awards	(652)	(2,103)
Redemption of limited partnership units	0	(4,006)
Distributions paid to shareholders	(32,703)	(32,604)
Net cash provided by financing activities	134,332	94,130
Increase in cash and cash equivalents and restricted cash	94,684	11,858
Cash and cash equivalents and restricted cash at beginning of period	18,387	28,300
Cash and cash equivalents and restricted cash at end of period	113,071	40,158
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	17,551	27,463
Restricted cash, beginning of period	836	837
Cash and cash equivalents and restricted cash at beginning of period	18,387	28,300
Cash and cash equivalents, end of period	96,945	39,306
Restricted cash, end of period	16,126	852
Cash and cash equivalents and restricted cash at end of period	113,071	40,158
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the three months ended March 31, 2023 and 2022 of $4,072 and $2,186, respectively	17,007	9,637
Cash paid for income taxes	1	1
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid	32,823	32,814
Change in investment in real estate ventures as a result of deconsolidation	8,595	0
Change in operating real estate from deconsolidation of operating properties	(7,814)	0
Change in capital expenditures financed through accounts payable at period end	451	(909)
Change in capital expenditures financed through retention payable at period end	255	(1,475)
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Cash flows from operating activities:
Net income (loss)	(5,276)	6,101
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	45,600	43,782
Amortization of deferred financing costs	1,027	709
Amortization of debt discount/(premium), net	(258)	(488)
Amortization of stock compensation costs	3,398	3,280
Straight-line rent income	(2,835)	(3,149)
Amortization of acquired above (below) market leases, net	(376)	(875)
Ground rent expense	201	205
Total gain on sale of real estate	(781)	(897)
Loss from unconsolidated real estate ventures, including income distributions	6,167	4,563
Income tax provision	25	27
Changes in assets and liabilities:
Accounts receivable	(2,416)	(2,609)
Other assets	(16,040)	(9,208)
Accounts payable and accrued expenses	(19,911)	(14,550)
Deferred income, gains and rent	(960)	992
Other liabilities	(2,190)	632
Net cash provided by operating activities	5,375	28,515
Cash flows from investing activities:
Acquisition of properties	0	(3,446)
Proceeds from the sale of properties	0	1,481
Capital expenditures for tenant improvements	(13,637)	(15,148)
Capital expenditures for redevelopments	(14,114)	(31,942)
Capital expenditures for developments	(4,588)	(30,455)
Advances for the purchase of tenant assets, net of repayments	(26)	270
Investment in unconsolidated real estate ventures	(10,627)	(26,762)
Deposits for real estate	0	(2,550)
Capital distributions from unconsolidated real estate ventures	300	3,010
Leasing costs paid	(2,331)	(5,245)
Net cash used in investing activities	(45,023)	(110,787)
Cash flows from financing activities:
Proceeds from credit facility borrowings	115,000	138,000
Repayments of credit facility borrowings	(203,500)	(5,000)
Repayments of unsecured notes	(54,301)	0
Proceeds from unsecured term loan	70,000	0
Proceeds from secured term loan	245,000	0
Debt financing costs paid	(4,414)	0
Shares used for employee taxes upon vesting of share awards	(652)	(2,103)
Redemption of limited partnership units	0	(4,006)
Distributions paid to shareholders	(32,801)	(32,761)
Net cash provided by financing activities	134,332	94,130
Increase in cash and cash equivalents and restricted cash	94,684	11,858
Cash and cash equivalents and restricted cash at beginning of period	18,387	28,300
Cash and cash equivalents and restricted cash at end of period	113,071	40,158
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	17,551	27,463
Restricted cash, beginning of period	836	837
Cash and cash equivalents and restricted cash at beginning of period	18,387	28,300
Cash and cash equivalents, end of period	96,945	39,306
Restricted cash, end of period	16,126	852
Cash and cash equivalents and restricted cash at end of period	113,071	40,158
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the three months ended March 31, 2023 and 2022 of $4,072 and $2,186, respectively	17,007	9,637
Cash paid for income taxes	1	1
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid	32,823	32,814
Change in investment in real estate ventures as a result of deconsolidation	8,595	0
Change in operating real estate from deconsolidation of operating properties	(7,814)	0
Change in capital expenditures financed through accounts payable at period end	451	(909)
Change in capital expenditures financed through retention payable at period end	$ 255	$ (1,475)

CONSOLIDATED STATEMENTS OF CASH FLOWS - BRANDYWINE OPERATING PARTNERSHIP L.P. (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Capitalized interest	$ 4,072	$ 2,186
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Capitalized interest	$ 4,072	$ 2,186

ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP

3 Months Ended

Mar. 31, 2023

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, 2023, owned a 99.7% interest in the Operating Partnership. The Parent Company’s common shares of beneficial interest (“common shares”) 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, 2023, the Company owned 77 properties that contained an aggregate of approximately 13.6 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, 2023:


	Number of Properties	Rentable Square Feet
Office properties	67	11,848,707
Mixed-use properties	5	942,334

Core Properties	72	12,791,041
Development property	2	350,488
Redevelopment properties	3	436,659


The Properties	77	13,578,188

In addition to the Properties, as of March 31, 2023, the Company owned 159.9 acres of land held for development. 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 55.1 additional acres of undeveloped land. As of March 31, 2023, 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 11.9 million net rentable square feet.

As of March 31, 2023, the Company also owned economic interests in eleven 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, 2023, the management company subsidiaries were managing properties containing an aggregate of approximately 23.0 million net rentable square feet, of which approximately 13.6 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, 2023
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 (“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, 2023, the results of its operations for the three months ended March 31, 2023 and 2022 and its cash flows for the three months ended March 31, 2023 and 2022. 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, 2022 filed with the SEC on February 21, 2023. The consolidated balance sheet at December 31, 2022 has been derived from the audited financial statements as of that date but does not include all the information and footnotes required by GAAP for complete financial statements. The Company’s Annual Report on Form 10-K for the year ended December 31, 2022 contains a discussion of the Company’s significant accounting policies under Note 2, “Summary of Significant Accounting Policies”. There have been no material changes in the Company’s significant accounting policies since December 31, 2022. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The estimates and assumptions include, but are not limited to, common development cost estimates for the Company’s contributions to development joint ventures. The common development cost estimates for development joint venture contributions are highly judgmental, covering significant future time horizons and are sensitive to cost escalation, sales price escalation and absorption, which are affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates.

REAL ESTATE INVESTMENTS

3 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

REAL ESTATE INVESTMENTS

3. REAL ESTATE INVESTMENTS

As of March 31, 2023 and December 31, 2022, the gross carrying value of the operating properties was as follows (in thousands):


	March 31, 2023		December 31, 2022
Land	$	407,336	$	403,998
Building and improvements	2,765,681		2,760,357
Tenant improvements	459,478		452,885


Total	$	3,632,495	$	3,617,240

During the first quarter of 2023, the Company deconsolidated $7.8 million recorded in “Prepaid leasehold interests in land held for development, net” on the consolidated balance sheets. This deconsolidation reflects the Company’s contribution, in January 2023, of 200,000 square feet of buildable floor to area ratio (“FAR”) to the Company’s unconsolidated real estate venture, referred to in Note 4 below as the 3151 Market Street Venture, for use by this unconsolidated real estate venture in the development of 3151 Market Street. Upon contribution at fair market value, we recognized a gain, net of transaction costs, of $0.8 million in “Net gain on sale of undepreciated real estate” on the consolidated statements of operations.

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

4. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

As of March 31, 2023, the Company held ownership interests in eleven unconsolidated real estate ventures, with a net aggregate investment balance of $545.5 million, which includes a negative investment balance in one unconsolidated real estate venture of $38.3 million, reflected within “Other liabilities” on the consolidated balance sheets. As of March 31, 2023, 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; four real estate ventures owned 7.5 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.

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 $2.1 million and $1.9 million for the three months ended March 31, 2023 and 2022, respectively.The Company earned leasing commissions from the unconsolidated real estate ventures of $0.7 million and $0.4 million for the three months ended March 31, 2023 and 2022, respectively

The Company had outstanding accounts receivable balances from the unconsolidated real estate ventures of $2.9 million for both March 31, 2023 and December 31, 2022, 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, 2023 and December 31, 2022 (in thousands):


	March 31, 2023		December 31, 2022
Net property	$	2,188,884	$	2,117,226
Other assets	521,301		506,213
Other liabilities	448,507		446,101
Debt, net	1,236,629		1,198,213
Equity (a)	1,025,049		979,125

(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, 2023 and 2022 (in thousands):


	Three Months Ended March 31,
	2023		2022
Revenue	$	57,886	$	53,216
Operating expenses	(28,851)		(28,592)
Interest expense, net	(15,891)		(7,469)
Depreciation and amortization	(24,174)		(21,283)


Net loss	$	(11,030)	$	(4,128)
Ownership interest %	Various		Various
Company's share of net loss	$	(6,124)	$	(4,617)

Basis adjustments and other	(43)		54
Equity in loss of unconsolidated real estate ventures	$	(6,167)	$	(4,563)

Commerce Square Venture

The properties held by the venture are encumbered by existing mortgages that were set to expire on April 5, 2023. The lender of the mortgages provided the venture with a two month extension until June 5, 2023. The venture is actively working to satisfy the mortgage debt prior to maturity but there can be no assurances the mortgage debt will be satisfied or additional extension options will be provided by the existing lender. The mortgage debt is non-recourse to Company.

LEASES

3 Months Ended

Mar. 31, 2023

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, 2023 and 2022 (in thousands):


	Three Months Ended March 31,
Lease Revenue	2023		2022
Fixed contractual payments	$	91,682	$	88,763
Variable lease payments	26,515		24,331
Total	$	118,197	$	113,094

INTANGIBLE ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

6. INTANGIBLE ASSETS AND LIABILITIES

As of March 31, 2023 and December 31, 2022, the Company’s intangible assets/liabilities were comprised of the following (in thousands):


	March 31, 2023
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	54,131	$	(37,883)	$	16,248
Tenant relationship value	167		(106)		61
Above market leases acquired	295		(210)		85


Total intangible assets, net	$	54,593	$	(38,199)	$	16,394

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	20,957	$	(11,036)	$	9,921


	December 31, 2022
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	55,715	$	(37,437)	$	18,278
Tenant relationship value	167		(104)		63
Above market leases acquired	331		(221)		110


Total intangible assets, net	$	56,213	$	(37,762)	$	18,451

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	20,985	$	(10,663)	$	10,322

As of March 31, 2023, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):


	Assets		Liabilities
2023 (nine months remaining)	$	4,863	$	1,126
2024	4,138		1,299
2025	3,002		1,023
2026	1,094		739
2027	809		623
Thereafter	2,488		5,111


Total	$	16,394	$	9,921

DEBT OBLIGATIONS

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022 (in thousands):


	March 31, 2023		December 31, 2022		Effective Interest Rate	Maturity Date
SECURED DEBT:



$245.0M 5.88% Secured Term Loan due 2028	$	245,000	—		5.88%	February 2028


Less: deferred financing costs	(3,769)		—
Total Secured indebtedness	$	241,231	$	—

UNSECURED DEBT
$600 million Unsecured Credit Facility	$	—	$	88,500	SOFR + 1.15%	June 2026	(a)
Term Loan - Swapped to fixed	250,000		250,000		SOFR + 1.30%	June 2027	(b)
$70.0 million Term Loan	70,000		—		SOFR + 1.85%	February 2024	(a)(c)
$350.0M 3.95% Guaranteed Notes due 2023	—		54,301		3.87%	February 2023	(d)
$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 7.55% Guaranteed Notes due 2028	350,000		350,000		7.73%	March 2028
$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	1,898,610		1,971,411
Plus: original issue premium (discount), net	2,676		2,934
Less: deferred financing costs	(9,217)		(9,307)
Total unsecured indebtedness	$	1,892,069	$	1,965,038
Total Debt Obligations	$	2,133,300	$	1,965,038

(a)Spread includes a 10 basis point daily SOFR adjustment.

(b)On November 23, 2022, the unsecured term loan of $250.0 million was swapped to a fixed rate of 5.01% and matures on June 30, 2027. The effective date of the swap was January 31, 2023.

(c)The maturity date of the Unsecured Term Loan is subject to a 12 month optional extension upon customary terms and conditions.

(d)On January 20, 2023, the Company redeemed in full its then outstanding 3.95% Guaranteed Notes due 2023 (the “2023 Notes”). The redemption price of the 2023 Notes was approximately $55.2 (approximately $54.3 million in principal and approximately $0.92 million of accrued and unpaid interest).

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 SOFR plus 1.05% plus a spread adjustment of 0.10%. 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, 2023, the weighted-average interest rate on Unsecured Credit Facility borrowings was 3.58% resulting in $0.3 million of interest expense.

Secured Facility due 2028

On January 19, 2023, seven indirect wholly-owned subsidiaries of the Company entered into a term loan agreement secured by seven operating properties in the aggregate principal amount of $245.0 million (the “Secured Facility”). The Secured Facility has a scheduled maturity date of February 6, 2028 and may be prepaid in full on or after March 6, 2025, subject to a prepayment premium, and may be prepaid in full on or after August 6, 2027 without any prepayment premium. The Secured Facility bears interest at 5.88% per year through the maturity date and is interest-only (payable monthly) through the maturity date.

2023 Unsecured Term Loan

On March 1, 2023, the Company entered into an unsecured one-year term loan agreement in the aggregate principal amount of $70.0 million (the “2023 Term Loan”). The 2023 Term Loan has a scheduled maturity date of February 28, 2024 with an option to extend for an additional twelve months upon customary terms and conditions. The 2023 Term Loan bears interest at Daily Simple SOFR plus 1.75% with a 0.10% SOFR adjustment per year through the maturity date and is interest-only (payable monthly) through the maturity date.

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, 2023. Certain of the covenants restrict the Company’s ability to obtain alternative sources of capital.

As of March 31, 2023, the aggregate scheduled principal payments on the Company’s consolidated debt obligations were as follows (in thousands):


2023 (nine months remaining)	$	—
2024	420,000
2025	—
2026	—
2027	700,000
Thereafter	1,023,610
Total principal payments	2,143,610
Net unamortized premiums/(discounts)	2,676
Net deferred financing costs	(12,986)
Outstanding indebtedness	$	2,133,300

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Subparagraph (b)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022, 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, 2023 and December 31, 2022 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, 2023				December 31, 2022
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
Unsecured notes payable	$	1,495,611	$	1,254,570	$	1,549,760	$	1,411,351
Variable rate debt	$	396,458	$	356,855	$	415,278	$	386,988
Secured fixed rate debt	$	241,231	$	227,226	$	—	$	—

(a)Net of deferred financing costs of $7.1 million and $7.5 million for unsecured notes payable, $2.2 million and $1.8 million for variable rate debt and $3.8 million and $0.0 million for secured fixed rate debt as of March 31, 2023 and December 31, 2022.

The Company used quoted market prices as of March 31, 2023 and December 31, 2022 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, 2023 and December 31, 2022. 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, 2023. 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, 2023

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, 2023 and December 31, 2022. 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
				3/31/2023		12/31/2022						3/31/2023		12/31/2022



Assets/(Liabilities)
Swap	Interest Rate	Cash Flow	(a)	$	250,000	$	250,000	3.729	%	November 23, 2022	June 30, 2027	$	(3,003)	$	255
				$	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, 2023
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 The aggregate book value of the noncontrolling interests associated with the redeemable common limited partnership units in the accompanying consolidated balance sheet of the Parent Company was $4.8 million and $4.9 million as of March 31, 2023 and December 31, 2022, respectively. Under the applicable accounting guidance, the redemption value of the redeemable common limited partnership units are carried at fair value. The Parent Company believes that the aggregate settlement value of these units (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 ended March 31, 2023) was approximately $2.3 million and $3.2 million as of March 31, 2023 and December 31, 2022, respectively.

BENEFICIARIES' EQUITY OF THE PARENT COMPANY

3 Months Ended

Mar. 31, 2023

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,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(5,276)	$	(5,276)	$	6,101	$	6,101
Net (income) loss attributable to noncontrolling interests	17		17		(8)		(8)
Nonforfeitable dividends allocated to unvested restricted shareholders	(70)		(70)		(148)		(148)


Net income (loss) attributable to common shareholders	$	(5,329)	$	(5,329)	$	5,945	$	5,945
Denominator
Weighted-average shares outstanding	171,673,167		171,673,167		171,294,949		171,294,949
Contingent securities/Share based compensation	—		—		—		1,594,045
Weighted-average shares outstanding	171,673,167		171,673,167		171,294,949		172,888,994
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	(0.03)	$	(0.03)	$	0.03	$	0.03

Redeemable common limited partnership units totaling 516,467 at March 31, 2023 and March 31, 2022, 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, 2023 and 2022, 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 equity incentive plan.

Common Shares

On February 16, 2023, the Parent Company declared a distribution of $0.19 per common share, totaling $32.8 million, which was paid on April 19, 2023 to shareholders of record as of April 5, 2023.

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, 2023 and March 31, 2022, the Company did not repurchase any common shares.

PARTNERS' EQUITY OF THE PARENT COMPANY

3 Months Ended

Mar. 31, 2023

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,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(5,276)	$	(5,276)	$	6,101	$	6,101
Net loss attributable to noncontrolling interests	1		1		2		2
Nonforfeitable dividends allocated to unvested restricted unitholders	(70)		(70)		(148)		(148)


Net income (loss) attributable to common unitholders	$	(5,345)	$	(5,345)	$	5,955	$	5,955
Denominator
Weighted-average units outstanding	172,189,634		172,189,634		171,927,588		171,927,588
Contingent securities/Share based compensation	—		—		—		1,594,045
Total weighted-average units outstanding	172,189,634		172,189,634		171,927,588		173,521,633
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders	$	(0.03)	$	(0.03)	$	0.03	$	0.03

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, 2023 and 2022, 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 16, 2023, the Operating Partnership declared a distribution of $0.19 per common partnership unit, totaling $32.8 million, which was paid on April 19, 2023 to unitholders of record as of April 5, 2023.

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, 2023 and March 31, 2022, the Company did not repurchase any units.

SHARE BASED COMPENSATION

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

SHARE BASED COMPENSATION

13. SHARE BASED COMPENSATION

Restricted Share Rights Awards

As of March 31, 2023, 1,163,050 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, 2023 was $3.3 million and is expected to be recognized over a weighted average remaining vesting period of 0.84 years. During the three months ended March 31, 2023 and 2022, the amortization related to outstanding Restricted Share Rights was $2.8 million (of which $0.4 million was capitalized) and $2.5 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, 2023:


	Shares	Weighted Average Grant Date Fair Value
Non-vested at January 1, 2023	553,893	$	13.22
Granted	621,293	$	6.74
Vested	(9,786)	$	6.74
Forfeited	(2,350)	$	12.78
Non-vested at March 31, 2023	1,163,050	$	9.81

On February 16, 2023, the Compensation Committee of the Parent Company’s Board of Trustees awarded to officers of the Company an aggregate of 528,590 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 2023, 2022, and 2021 to certain senior executives include an “outperformance feature” whereby additional shares may be earned, up to 225% 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 925,642, 406,179, and 388,840 shares may be awarded under the outperformance feature for the 2023, 2022, and 2021 awards, respectively, to those senior officers whose Restricted Share Rights awards include the “outperformance feature.” As of March 31, 2023, the Company has not recognized any compensation expense related to the outperformance feature for the 2021-2023 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 February 16, 2023, the Compensation Committee awarded non-officer employees an aggregate of 92,703 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
	3/5/2021		3/3/2022		2/16/2023		Total
(Amounts below in shares, unless otherwise noted)
Non-vested at January 1, 2023	371,239		513,038		—		884,277
Granted	—		—		1,057,173		1,057,173
Units Vested	—		—		—		—
Units Cancelled	—		—		—		—
Non-vested at March 31, 2023	371,239		513,038		1,057,173		1,941,450
Measurement Period Commencement Date	1/1/2021		1/1/2022		1/1/2023
Measurement Period End Date	12/31/2023		12/31/2024		12/31/2025
Granted	380,957		516,852		1,057,173
Fair Value of Units on Grant Date (in thousands)	$	6,389	$	6,872	$	7,125

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 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 2023, 2022 and 2021 grants, the number of shares deliverable will be pro-rated based on the portion of the performance period actually worked before retirement.

For the three months ended March 31, 2023, the Company recognized amortization of the 2023, 2022 and 2021 RPSU awards of $1.4 million, of which $0.2 million was capitalized consistent with the Company’s policies for capitalizing eligible portions of employee compensation. For the three months ended March 31, 2022, amortization for the 2022, 2021 and 2020 RPSU awards was $1.2 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, 2023 was approximately $12.9 million and is expected to be recognized over a weighted average remaining vesting period of 2.2 years.

The Company issued 171,318 common shares on February 1, 2023 in settlement of RPSUs that had been awarded on March 5, 2020 (with a three-year measurement period ended December 31, 2022). Holders of these RPSUs also received a cash dividend of $0.19 per share for these common shares on January 19, 2023.

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

14. SEGMENT INFORMATION

As of March 31, 2023, the Company owns and manages properties within four segments: (1) Philadelphia Central Business District (“Philadelphia CBD”), (2) Pennsylvania Suburbs, (3) Austin, Texas and (4) 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 Other segment includes properties located in the District of Columbia, Northern Virginia, Southern Maryland Camden County, New Jersey and New Castle County, Delaware. In addition to the four 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 Company’s segments are based on the Company’s method of internal reporting which classifies its operations by geographic area. Beginning on January 1, 2023, the properties that were historically part of the Metro Washington D.C. segment are reflected in the other reportable segment. The operations for the Metro Washington D.C. segment for the three months ended March 31, 2022 and real estate investments as of March 31, 2023 and December 31, 2022 as detailed below, have been included in the Other reportable segment. 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, 2023		December 31, 2022
Philadelphia CBD	$	1,519,693	$	1,517,801
Pennsylvania Suburbs	886,165		878,546
Austin, Texas	853,677		851,835
Total Core Segments	3,259,535		3,248,182
Other	372,960		369,058
Operating Properties	$	3,632,495	$	3,617,240

Corporate
Right of use asset - operating leases, net	$	19,505	$	19,664
Construction-in-progress	$	236,040	$	218,869
Land held for development	$	67,923	$	76,499
Prepaid leasehold interests in land held for development, net	$	27,762	$	35,576

Net operating income:


	Three Months Ended March 31,
	2023						2022
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	56,227	$	(20,586)	$	35,641	$	53,471	$	(19,743)	$	33,728
Pennsylvania Suburbs	32,771		(9,779)		22,992		31,807		(10,158)		21,649
Austin, Texas	25,237		(11,294)		13,943		24,915		(10,293)		14,622
Other	9,389		(5,412)		3,977		8,799		(5,438)		3,361

Corporate	5,603		(3,764)		1,839		8,513		(2,286)		6,227
Operating properties	$	129,227	$	(50,835)	$	78,392	$	127,505	$	(47,918)	$	79,587

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, 2023		December 31, 2022		2023		2022
Philadelphia CBD	$	404,838	$	387,301	$	(3,259)	$	(2,772)
Metropolitan Washington, D.C.	82,281		83,903		(1,176)		(186)
Mid-Atlantic Office JV	30,591		31,005		190		418
MAP Venture	(38,284)		(35,411)		(1,922)		(2,023)

Austin, Texas	66,065		65,426		—		—
Total	$	545,491	$	532,224	$	(6,167)	$	(4,563)

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,
	2023		2022
Net income (loss)	$	(5,276)	$	6,101
Plus:
Interest expense	22,653		15,742
Interest expense - amortization of deferred financing costs	1,027		709

Depreciation and amortization	45,600		43,782
General and administrative expenses	9,482		10,000
Equity in loss of unconsolidated real estate ventures	6,167		4,563


Less:
Interest and investment income	505		440
Income tax provision	(25)		(27)


Net gain on sale of undepreciated real estate	781		897


Consolidated net operating income	$	78,392	$	79,587

- 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
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2023
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 and Equity Funding Commitments As of March 31, 2023, the Company’s unconsolidated real estate ventures had aggregate indebtedness of $1,234.9 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 and the 3151 Market Street 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 guarantees for the project under development. Similarly, in the agreement with its partner in the 3151 Market Street 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. As of March 31, 2023, total estimated costs to develop 3151 Market Street are approximately $316.9 million and as of such date, the Company has fully funded its share of equity. The partner is responsible for up to $52.2 million of additional construction costs. Thereafter, if a construction loan has not been obtained, the Company would be responsible to fund the balance of the development costs. In addition, with respect to the One Uptown Ventures, the Company has provided completion guarantees and environmental indemnities in favor of its partner. Furthermore, in addition to completion guarantees, environmental indemnities and guarantees of exceptions to nonrecourse loan provisions in favor of the lenders for the One Uptown Ventures, the Company has provided, in favor of the lenders, carry guarantees and limited payment guarantees up to 30% and 15% of the principal balance of the $121.7 million and $85.0 million construction loans, respectively. 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. Other Commitments or Contingencies In connection with the Schuylkill Yards Project, the Company entered into a neighborhood engagement program and, as of March 31, 2023, had $6.6 million of future fixed contractual obligations. The Company also committed to fund additional contributions under the program. As of March 31, 2023, the Company estimates that these additional contributions, which are not fixed under the terms of agreement, will be $2.2 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 $9.5 million has been contributed by the Company as of March 31, 2023. 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, 2023
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 (“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, 2023, the results of its operations for the three months ended March 31, 2023 and 2022 and its cash flows for the three months ended March 31, 2023 and 2022. 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, 2022 filed with the SEC on February 21, 2023. The consolidated balance sheet at December 31, 2022 has been derived from the audited financial statements as of that date but does not include all the information and footnotes required by GAAP for complete financial statements. The Company’s Annual Report on Form 10-K for the year ended December 31, 2022 contains a discussion of the Company’s significant accounting policies under Note 2, “Summary of Significant Accounting Policies”. There have been no material changes in the Company’s significant accounting policies since December 31, 2022.
Use of Estimates	Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The estimates and assumptions include, but are not limited to, common development cost estimates for the Company’s contributions to development joint ventures. The common development cost estimates for development joint venture contributions are highly judgmental, covering significant future time horizons and are sensitive to cost escalation, sales price escalation and absorption, which are affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates.

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

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule 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, 2023:


	Number of Properties	Rentable Square Feet
Office properties	67	11,848,707
Mixed-use properties	5	942,334

Core Properties	72	12,791,041
Development property	2	350,488
Redevelopment properties	3	436,659


The Properties	77	13,578,188

REAL ESTATE INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

Schedule of Gross Carrying Value of Operating Properties

As of March 31, 2023 and December 31, 2022, the gross carrying value of the operating properties was as follows (in thousands):


	March 31, 2023		December 31, 2022
Land	$	407,336	$	403,998
Building and improvements	2,765,681		2,760,357
Tenant improvements	459,478		452,885


Total	$	3,632,495	$	3,617,240

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule 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, 2023 and December 31, 2022 (in thousands):


	March 31, 2023		December 31, 2022
Net property	$	2,188,884	$	2,117,226
Other assets	521,301		506,213
Other liabilities	448,507		446,101
Debt, net	1,236,629		1,198,213
Equity (a)	1,025,049		979,125

Schedule of Results Of Unconsolidated Real Estate Ventures


	Three Months Ended March 31,
	2023		2022
Revenue	$	57,886	$	53,216
Operating expenses	(28,851)		(28,592)
Interest expense, net	(15,891)		(7,469)
Depreciation and amortization	(24,174)		(21,283)


Net loss	$	(11,030)	$	(4,128)
Ownership interest %	Various		Various
Company's share of net loss	$	(6,124)	$	(4,617)

Basis adjustments and other	(43)		54
Equity in loss of unconsolidated real estate ventures	$	(6,167)	$	(4,563)

LEASES (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and 2022 (in thousands):


	Three Months Ended March 31,
Lease Revenue	2023		2022
Fixed contractual payments	$	91,682	$	88,763
Variable lease payments	26,515		24,331
Total	$	118,197	$	113,094

INTANGIBLE ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities

As of March 31, 2023 and December 31, 2022, the Company’s intangible assets/liabilities were comprised of the following (in thousands):


	March 31, 2023
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	54,131	$	(37,883)	$	16,248
Tenant relationship value	167		(106)		61
Above market leases acquired	295		(210)		85


Total intangible assets, net	$	54,593	$	(38,199)	$	16,394

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	20,957	$	(11,036)	$	9,921


	December 31, 2022
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	55,715	$	(37,437)	$	18,278
Tenant relationship value	167		(104)		63
Above market leases acquired	331		(221)		110


Total intangible assets, net	$	56,213	$	(37,762)	$	18,451

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	20,985	$	(10,663)	$	10,322

Schedule of Amortization for Intangible Assets and Liabilities

As of March 31, 2023, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):


	Assets		Liabilities
2023 (nine months remaining)	$	4,863	$	1,126
2024	4,138		1,299
2025	3,002		1,023
2026	1,094		739
2027	809		623
Thereafter	2,488		5,111


Total	$	16,394	$	9,921

DEBT OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Consolidated Debt Obligations

The following table sets forth information regarding the Company’s consolidated debt obligations outstanding as of March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023		December 31, 2022		Effective Interest Rate	Maturity Date
SECURED DEBT:



$245.0M 5.88% Secured Term Loan due 2028	$	245,000	—		5.88%	February 2028


Less: deferred financing costs	(3,769)		—
Total Secured indebtedness	$	241,231	$	—

UNSECURED DEBT
$600 million Unsecured Credit Facility	$	—	$	88,500	SOFR + 1.15%	June 2026	(a)
Term Loan - Swapped to fixed	250,000		250,000		SOFR + 1.30%	June 2027	(b)
$70.0 million Term Loan	70,000		—		SOFR + 1.85%	February 2024	(a)(c)
$350.0M 3.95% Guaranteed Notes due 2023	—		54,301		3.87%	February 2023	(d)
$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 7.55% Guaranteed Notes due 2028	350,000		350,000		7.73%	March 2028
$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	1,898,610		1,971,411
Plus: original issue premium (discount), net	2,676		2,934
Less: deferred financing costs	(9,217)		(9,307)
Total unsecured indebtedness	$	1,892,069	$	1,965,038
Total Debt Obligations	$	2,133,300	$	1,965,038

(a)Spread includes a 10 basis point daily SOFR adjustment.

(b)On November 23, 2022, the unsecured term loan of $250.0 million was swapped to a fixed rate of 5.01% and matures on June 30, 2027. The effective date of the swap was January 31, 2023.

(c)The maturity date of the Unsecured Term Loan is subject to a 12 month optional extension upon customary terms and conditions.

Schedule of Maturities of Long-term Debt

As of March 31, 2023, the aggregate scheduled principal payments on the Company’s consolidated debt obligations were as follows (in thousands):


2023 (nine months remaining)	$	—
2024	420,000
2025	—
2026	—
2027	700,000
Thereafter	1,023,610
Total principal payments	2,143,610
Net unamortized premiums/(discounts)	2,676
Net deferred financing costs	(12,986)
Outstanding indebtedness	$	2,133,300

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023				December 31, 2022
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
Unsecured notes payable	$	1,495,611	$	1,254,570	$	1,549,760	$	1,411,351
Variable rate debt	$	396,458	$	356,855	$	415,278	$	386,988
Secured fixed rate debt	$	241,231	$	227,226	$	—	$	—

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2023

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
				3/31/2023		12/31/2022						3/31/2023		12/31/2022



Assets/(Liabilities)
Swap	Interest Rate	Cash Flow	(a)	$	250,000	$	250,000	3.729	%	November 23, 2022	June 30, 2027	$	(3,003)	$	255
				$	250,000	$	250,000

(a)Hedging unsecured variable rate debt.

BENEFICIARIES' EQUITY OF THE PARENT COMPANY (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

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


	Three Months Ended March 31,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(5,276)	$	(5,276)	$	6,101	$	6,101
Net (income) loss attributable to noncontrolling interests	17		17		(8)		(8)
Nonforfeitable dividends allocated to unvested restricted shareholders	(70)		(70)		(148)		(148)


Net income (loss) attributable to common shareholders	$	(5,329)	$	(5,329)	$	5,945	$	5,945
Denominator
Weighted-average shares outstanding	171,673,167		171,673,167		171,294,949		171,294,949
Contingent securities/Share based compensation	—		—		—		1,594,045
Weighted-average shares outstanding	171,673,167		171,673,167		171,294,949		172,888,994
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	(0.03)	$	(0.03)	$	0.03	$	0.03


	Three Months Ended March 31,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(5,276)	$	(5,276)	$	6,101	$	6,101
Net loss attributable to noncontrolling interests	1		1		2		2
Nonforfeitable dividends allocated to unvested restricted unitholders	(70)		(70)		(148)		(148)


Net income (loss) attributable to common unitholders	$	(5,345)	$	(5,345)	$	5,955	$	5,955
Denominator
Weighted-average units outstanding	172,189,634		172,189,634		171,927,588		171,927,588
Contingent securities/Share based compensation	—		—		—		1,594,045
Total weighted-average units outstanding	172,189,634		172,189,634		171,927,588		173,521,633
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders	$	(0.03)	$	(0.03)	$	0.03	$	0.03

PARTNERS' EQUITY OF THE PARENT COMPANY (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

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


	Three Months Ended March 31,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(5,276)	$	(5,276)	$	6,101	$	6,101
Net (income) loss attributable to noncontrolling interests	17		17		(8)		(8)
Nonforfeitable dividends allocated to unvested restricted shareholders	(70)		(70)		(148)		(148)


Net income (loss) attributable to common shareholders	$	(5,329)	$	(5,329)	$	5,945	$	5,945
Denominator
Weighted-average shares outstanding	171,673,167		171,673,167		171,294,949		171,294,949
Contingent securities/Share based compensation	—		—		—		1,594,045
Weighted-average shares outstanding	171,673,167		171,673,167		171,294,949		172,888,994
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	(0.03)	$	(0.03)	$	0.03	$	0.03


	Three Months Ended March 31,
	2023				2022
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	(5,276)	$	(5,276)	$	6,101	$	6,101
Net loss attributable to noncontrolling interests	1		1		2		2
Nonforfeitable dividends allocated to unvested restricted unitholders	(70)		(70)		(148)		(148)


Net income (loss) attributable to common unitholders	$	(5,345)	$	(5,345)	$	5,955	$	5,955
Denominator
Weighted-average units outstanding	172,189,634		172,189,634		171,927,588		171,927,588
Contingent securities/Share based compensation	—		—		—		1,594,045
Total weighted-average units outstanding	172,189,634		172,189,634		171,927,588		173,521,633
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders	$	(0.03)	$	(0.03)	$	0.03	$	0.03

SHARE BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023:


	Shares	Weighted Average Grant Date Fair Value
Non-vested at January 1, 2023	553,893	$	13.22
Granted	621,293	$	6.74
Vested	(9,786)	$	6.74
Forfeited	(2,350)	$	12.78
Non-vested at March 31, 2023	1,163,050	$	9.81

Schedule of Restricted Performance Share Units Plan

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


	RPSU Grant Date
	3/5/2021		3/3/2022		2/16/2023		Total
(Amounts below in shares, unless otherwise noted)
Non-vested at January 1, 2023	371,239		513,038		—		884,277
Granted	—		—		1,057,173		1,057,173
Units Vested	—		—		—		—
Units Cancelled	—		—		—		—
Non-vested at March 31, 2023	371,239		513,038		1,057,173		1,941,450
Measurement Period Commencement Date	1/1/2021		1/1/2022		1/1/2023
Measurement Period End Date	12/31/2023		12/31/2024		12/31/2025
Granted	380,957		516,852		1,057,173
Fair Value of Units on Grant Date (in thousands)	$	6,389	$	6,872	$	7,125

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of 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, 2023		December 31, 2022
Philadelphia CBD	$	1,519,693	$	1,517,801
Pennsylvania Suburbs	886,165		878,546
Austin, Texas	853,677		851,835
Total Core Segments	3,259,535		3,248,182
Other	372,960		369,058
Operating Properties	$	3,632,495	$	3,617,240

Corporate
Right of use asset - operating leases, net	$	19,505	$	19,664
Construction-in-progress	$	236,040	$	218,869
Land held for development	$	67,923	$	76,499
Prepaid leasehold interests in land held for development, net	$	27,762	$	35,576

Net operating income:


	Three Months Ended March 31,
	2023						2022
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	56,227	$	(20,586)	$	35,641	$	53,471	$	(19,743)	$	33,728
Pennsylvania Suburbs	32,771		(9,779)		22,992		31,807		(10,158)		21,649
Austin, Texas	25,237		(11,294)		13,943		24,915		(10,293)		14,622
Other	9,389		(5,412)		3,977		8,799		(5,438)		3,361

Corporate	5,603		(3,764)		1,839		8,513		(2,286)		6,227
Operating properties	$	129,227	$	(50,835)	$	78,392	$	127,505	$	(47,918)	$	79,587

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, 2023		December 31, 2022		2023		2022
Philadelphia CBD	$	404,838	$	387,301	$	(3,259)	$	(2,772)
Metropolitan Washington, D.C.	82,281		83,903		(1,176)		(186)
Mid-Atlantic Office JV	30,591		31,005		190		418
MAP Venture	(38,284)		(35,411)		(1,922)		(2,023)

Austin, Texas	66,065		65,426		—		—
Total	$	545,491	$	532,224	$	(6,167)	$	(4,563)

Schedule of 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,
	2023		2022
Net income (loss)	$	(5,276)	$	6,101
Plus:
Interest expense	22,653		15,742
Interest expense - amortization of deferred financing costs	1,027		709

Depreciation and amortization	45,600		43,782
General and administrative expenses	9,482		10,000
Equity in loss of unconsolidated real estate ventures	6,167		4,563


Less:
Interest and investment income	505		440
Income tax provision	(25)		(27)


Net gain on sale of undepreciated real estate	781		897


Consolidated net operating income	$	78,392	$	79,587

ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 ft² a property parcel
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of real estate properties \| property	77
Rentable area (in square feet)	13,578,188
Unconsolidated Properties \| Unconsolidated Real Estate Ventures
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of real estate properties \| property	11
Parent Company
Organization of The Parent Company and The Operating Partnership [Line Items]
Rentable area (in square feet)	11,900,000
Areas of land held for development (in acres) \| a	159.9
Lease agreement term	99 years
Area of additional undeveloped parcels of land with option to purchase (in acres) \| a	55.1
Parent Company \| Parcel of land
Organization of The Parent Company and The Operating Partnership [Line Items]
Lease agreement term	99 years
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)	23,000,000
Wholly-owned Management Company Subsidiaries \| Wholly Owned Properties
Organization of The Parent Company and The Operating Partnership [Line Items]
Rentable area (in square feet)	13,600,000
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, 2023 ft² property
Real Estate Properties [Line Items]
Number of Properties \| property	77
Rentable area (in square feet) \| ft²	13,578,188
Core Properties
Real Estate Properties [Line Items]
Number of Properties \| property	72
Rentable area (in square feet) \| ft²	12,791,041
Office properties
Real Estate Properties [Line Items]
Number of Properties \| property	67
Rentable area (in square feet) \| ft²	11,848,707
Mixed-use properties
Real Estate Properties [Line Items]
Number of Properties \| property	5
Rentable area (in square feet) \| ft²	942,334
Development property
Real Estate Properties [Line Items]
Number of Properties \| property	2
Rentable area (in square feet) \| ft²	350,488
Redevelopment properties
Real Estate Properties [Line Items]
Number of Properties \| property	3
Rentable area (in square feet) \| ft²	436,659

REAL ESTATE INVESTMENTS - Schedule of Gross Carrying Value of Operating Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land	$ 407,336	$ 403,998
Building and improvements	2,765,681	2,760,357
Tenant improvements	459,478	452,885
Total	$ 3,632,495	$ 3,617,240

REAL ESTATE INVESTMENTS - Narratives (Details) - Leaseholds and Leasehold Improvements - 3151 Market Street [Member] ft² in Millions, $ in Millions		3 Months Ended
	Jan. 18, 2023 USD ($) ft²	Mar. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Operating lease costs, capitalized	$ 7.8
Rentable area (in square feet) \| ft²	0.2
Net gain from remeasurment of investment in real estate ventures		$ 0.8

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
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-Paragraph 2
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-URI https://asc.fasb.org/extlink&oid=123605564&loc=d3e23415-158514

+ Details

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Narrative (Details) $ in Thousands, ft² in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) ft² a property apartment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of real estate properties	77
Accounts receivable \| $	$ 13,446		$ 11,003
Real Estate Venture
Schedule of Equity Method Investments [Line Items]
Accounts receivable \| $	2,900		$ 2,900
Management Fees \| Real Estate Venture
Schedule of Equity Method Investments [Line Items]
Service and other revenue \| $	2,100	$ 1,900
Leasing Commission Income \| Real Estate Venture
Schedule of Equity Method Investments [Line Items]
Service and other revenue \| $	700	$ 400
Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated real estate ventures \| $	$ 545,500
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	5
Rentable area (in square feet) \| ft²	9.1
Unconsolidated Real Estate Ventures \| Other Liabilities
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated real estate ventures \| $	$ 38,300
Unconsolidated Real Estate Ventures \| Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Number of real estate properties	11
Number of properties with negative investment balances	1
Unconsolidated Real Estate Ventures \| Land Held For Development
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated investments in Real Estate Ventures	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	4
Area of land (in acres) \| a	7.5
Unconsolidated Real Estate Ventures \| Mixed Use Tower
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated investments in Real Estate Ventures	1
Rentable area (in square feet) \| ft²	0.2
Number of apartment units (in units) \| apartment	250

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Summary of Financial Position of Real Estate Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Net property	$ 2,887,526	$ 2,904,788
Other assets	95,339	78,667
Other liabilities	56,222	52,331
Debt, net	2,133,300	1,965,038
Equity	1,593,218	1,633,334	$ 1,675,863	$ 1,701,219
Investment In Nonconsolidated Real Estate
Schedule of Equity Method Investments [Line Items]
Net property	2,188,884	2,117,226
Other assets	521,301	506,213
Other liabilities	448,507	446,101
Debt, net	1,236,629	1,198,213
Equity	$ 1,025,049	$ 979,125

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ 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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-Name Accounting Standards Codification
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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 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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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, 2023	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Revenue	$ 129,227	$ 127,505
Operating expenses	(105,917)	(101,700)
Interest expense, net	(22,653)	(15,742)
Depreciation and amortization	(45,600)	(43,782)
Net income (loss)	(5,276)	6,101
Equity in loss of unconsolidated real estate ventures	(6,167)	(4,563)
Investment In Nonconsolidated Real Estate
Schedule of Equity Method Investments [Line Items]
Revenue	57,886	53,216
Operating expenses	(28,851)	(28,592)
Interest expense, net	(15,891)	(7,469)
Depreciation and amortization	(24,174)	(21,283)
Net income (loss)	(11,030)	(4,128)
Company's share of net loss	(6,124)	(4,617)
Basis adjustments and other	$ (43)	$ 54

LEASES (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Fixed contractual payments	$ 91,682	$ 88,763
Variable lease payments	26,515	24,331
Total	$ 118,197	$ 113,094

INTANGIBLE ASSETS AND LIABILITIES - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Intangible Assets [Line Items]
Total Cost	$ 54,593	$ 56,213
Accumulated Amortization	(38,199)	(37,762)
Intangible Assets, net	16,394	18,451
Total Cost	20,957	20,985
Accumulated Amortization	(11,036)	(10,663)
Intangible Liabilities, net	9,921	10,322
In-place lease value
Intangible Assets [Line Items]
Total Cost	54,131	55,715
Accumulated Amortization	(37,883)	(37,437)
Intangible Assets, net	16,248	18,278
Tenant relationship value
Intangible Assets [Line Items]
Total Cost	167	167
Accumulated Amortization	(106)	(104)
Intangible Assets, net	61	63
Above market leases acquired
Intangible Assets [Line Items]
Total Cost	295	331
Accumulated Amortization	(210)	(221)
Intangible Assets, net	$ 85	$ 110

INTANGIBLE ASSETS AND LIABILITIES - Summary of Annual Amortization of Intangible Assets, Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
2023 (nine months remaining)	$ 4,863
2024	4,138
2025	3,002
2026	1,094
2027	809
Thereafter	2,488
Intangible Assets, net	16,394	$ 18,451
Liabilities
2023 (nine months remaining)	1,126
2024	1,299
2025	1,023
2026	739
2027	623
Thereafter	5,111
Intangible Liabilities, net	$ 9,921	$ 10,322

DEBT OBLIGATIONS - Schedule of Consolidated Debt Obligations Outstanding (Details) - USD ($)			3 Months Ended
	Jan. 20, 2023	Jun. 30, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Nov. 23, 2022
Consolidated debt obligations
Principal balance outstanding			$ 2,143,610,000
Plus: original issue premium (discount), net			2,676,000
Less: deferred financing costs			(12,986,000)
Debt, net			2,133,300,000		$ 1,965,038,000
Repayments of unsecured notes			54,301,000	$ 0
SECURED DEBT
Consolidated debt obligations
Principal balance outstanding			241,231,000		0
Less: deferred financing costs			(3,769,000)		0
SECURED DEBT \| $245.0M 5.88% Secured Term Loan due 2028
Consolidated debt obligations
Debt instrument, face amount			$ 245,000,000.0
Debt instrument, interest rate, stated percentage			5.88%
Principal balance outstanding			$ 245,000,000		0
Effective interest rate			5.88%
UNSECURED DEBT
Consolidated debt obligations
Principal balance outstanding			$ 1,898,610,000		1,971,411,000
Plus: original issue premium (discount), net			2,676,000		2,934,000
Less: deferred financing costs			(9,217,000)		(9,307,000)
Debt, net			1,892,069,000		1,965,038,000
UNSECURED DEBT \| $600 million Unsecured Credit Facility
Consolidated debt obligations
Debt instrument, face amount			600,000,000
Principal balance outstanding			$ 0		88,500,000
UNSECURED DEBT \| $600 million Unsecured Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Consolidated debt obligations
Spread on variable rate			1.15%
UNSECURED DEBT \| $600 million Unsecured Credit Facility \| Daily SOFR Adjustment
Consolidated debt obligations
Spread on variable rate		0.10%	0.10%
UNSECURED DEBT \| $600 million Unsecured Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate, Before Adjustment
Consolidated debt obligations
Spread on variable rate			1.05%
UNSECURED DEBT \| Term Loan - Swapped to fixed
Consolidated debt obligations
Debt instrument, face amount						$ 250,000,000
Debt instrument, interest rate, stated percentage						5.01%
Principal balance outstanding			$ 250,000,000		250,000,000
UNSECURED DEBT \| Term Loan - Swapped to fixed \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Consolidated debt obligations
Spread on variable rate			1.30%
UNSECURED DEBT \| $70.0 million Term Loan
Consolidated debt obligations
Debt instrument, face amount			$ 70,000,000.0
Principal balance outstanding			$ 70,000,000		0
Debt Instrument, Extension Period			12 months
UNSECURED DEBT \| $70.0 million Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Consolidated debt obligations
Spread on variable rate			1.85%
UNSECURED DEBT \| $70.0 million Term Loan \| Daily SOFR Adjustment
Consolidated debt obligations
Spread on variable rate		0.10%
UNSECURED DEBT \| $70.0 million Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate, Before Adjustment
Consolidated debt obligations
Spread on variable rate			1.75%
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%		3.95%
Principal balance outstanding			$ 0		54,301,000
Effective interest rate			3.87%
Repayments of unsecured notes	$ 55,200,000
Redemption on remaining principal amount	54,300,000
Interest payable	$ 920,000
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 7.55% Guaranteed Notes due 2028
Consolidated debt obligations
Debt instrument, face amount			$ 350,000,000.0
Debt instrument, interest rate, stated percentage			7.55%
Principal balance outstanding			$ 350,000,000		350,000,000
Effective interest rate			7.73%
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 - Narrative (Details)				3 Months Ended
DEBT OBLIGATIONS - Narrative (Details)	Mar. 01, 2023	Jan. 19, 2023 USD ($) property subsidiary	Jun. 30, 2022	Mar. 31, 2023 USD ($)
$600 million Unsecured Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity (up to)				$ 600,000,000
Weighted-average interest rate				3.58%
Interest expense				$ 300,000
Debt instrument, face amount				$ 600,000,000
$600 million Unsecured Credit Facility \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate, Before Adjustment
Debt Instrument [Line Items]
Spread on variable rate				1.05%
$600 million Unsecured Credit Facility \| Unsecured Debt \| Daily SOFR Adjustment
Debt Instrument [Line Items]
Spread on variable rate			0.10%	0.10%
$70.0 million Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount				$ 70,000,000.0
Debt instrument, term	1 year
Extension term	12 months
$70.0 million Term Loan \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate, Before Adjustment
Debt Instrument [Line Items]
Spread on variable rate				1.75%
$70.0 million Term Loan \| Unsecured Debt \| Daily SOFR Adjustment
Debt Instrument [Line Items]
Spread on variable rate			0.10%
Secured fixed rate debt \| Secured Facility
Debt Instrument [Line Items]
Number of wholly owned subsidiaries participating in a loan agreement \| subsidiary		7
Number of operating properties \| property		7
Debt instrument, face amount		$ 245,000,000
Debt instrument, interest rate, stated percentage		5.88%

DEBT OBLIGATIONS - Scheduled Principal Payments of Debt Obligation, Excluding Amortization of Discounts and Premiums (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023 (nine months remaining)	$ 0
2024	420,000
2025	0
2026	0
2027	700,000
Thereafter	1,023,610
Total principal payments	2,143,610
Net unamortized premiums/(discounts)	2,676
Net deferred financing costs	(12,986)
Outstanding indebtedness	$ 2,133,300	$ 1,965,038

FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instruments for which Estimates of Fair Value Differ from Carrying Amounts (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured fixed rate debt	$ 241,231	$ 0
Deferred financing costs, net	12,986
Unsecured notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Deferred financing costs, net	9,217	9,307
Secured fixed rate debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Deferred financing costs, net	3,769	0
Carrying Amount \| Unsecured notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable	1,495,611	1,549,760
Deferred financing costs, net	7,100	7,500
Carrying Amount \| Variable rate debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Variable rate debt	396,458	415,278
Deferred financing costs, net	2,200	1,800
Carrying Amount \| Secured fixed rate debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Secured fixed rate debt	241,231	0
Deferred financing costs, net	3,800	0
Fair Value \| Unsecured notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	1,254,570	1,411,351
Fair Value \| Variable rate debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	356,855	386,988
Fair Value \| Secured fixed rate debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ 227,226	$ 0

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
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	3.729%
Liability, fair value	$ (3,003,000)
Asset, fair value		$ 255,000

LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Aggregate amount related to non-controlling interests classified within equity	$ 4.8	$ 4.9
Settlement value of non controlling interest in operating partnership	$ 2.3	$ 3.2

BENEFICIARIES' EQUITY OF THE PARENT COMPANY - Schedule of 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, 2023	Mar. 31, 2022
Numerator
Net income (loss)	$ (5,276)	$ 6,101
Net (income) loss attributable to noncontrolling interests, Basic	17	(8)
Net (income) loss attributable to noncontrolling interests, Diluted	17	(8)
Nonforfeitable dividends allocated to unvested restricted shareholders, Basic	(70)	(148)
Nonforfeitable dividends allocated to unvested restricted shareholders, Diluted	(70)	(148)
Net income (loss) attributable to common shareholders, basic	(5,329)	5,945
Net income (loss) attributable to common shareholders, diluted	$ (5,329)	$ 5,945
Denominator
Weighted average units outstanding, basic (in shares)	171,673,167	171,294,949
Contingent securities/Share based compensation (in shares)	0	1,594,045
Weighted average units outstanding, diluted (in shares)	171,673,167	172,888,994
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders, Basic (in dollars per share)	$ (0.03)	$ 0.03
Net income (loss) attributable to common shareholders, Diluted (in dollars per share)	$ (0.03)	$ 0.03

BENEFICIARIES' EQUITY OF THE PARENT COMPANY - Narrative (Details) - USD ($)				3 Months Ended
	Apr. 19, 2023	Feb. 16, 2023	Oct. 20, 2022	Mar. 31, 2023	Mar. 31, 2022	Jan. 03, 2019
Class of Stock [Line Items]
Distributions declared (in dollars per share)		$ 0.19		$ 0.19	$ 0.19
Dividends paid in cash (in dollars per share)			$ 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	516,467

PARTNERS' EQUITY OF THE PARENT COMPANY - Schedule of 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, 2023	Mar. 31, 2022
Numerator
Net income (loss)	$ (5,276)	$ 6,101
Nonforfeitable dividends allocated to unvested restricted shareholders, Basic	(70)	(148)
Nonforfeitable dividends allocated to unvested restricted shareholders, Diluted	$ (70)	$ (148)
Denominator
Weighted average units outstanding, basic (in shares)	171,673,167	171,294,949
Contingent securities/Share based compensation (in shares)	0	1,594,045
Weighted average units outstanding, diluted (in shares)	171,673,167	172,888,994
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common shareholders, Basic (in dollars per share)	$ (0.03)	$ 0.03
Net income (loss) attributable to common shareholders, Diluted (in dollars per share)	$ (0.03)	$ 0.03
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Numerator
Net income (loss)	$ (5,276)	$ 6,101
Net loss attributable to noncontrolling interests	1	2
Nonforfeitable dividends allocated to unvested restricted shareholders, Basic	(70)	(148)
Nonforfeitable dividends allocated to unvested restricted shareholders, Diluted	(70)	(148)
Net income (loss) attributable to common unitholders, Basic	(5,345)	5,955
Net income (loss) attributable to common unitholders, Diluted	$ (5,345)	$ 5,955
Denominator
Weighted average units outstanding, basic (in shares)	172,189,634	171,927,588
Contingent securities/Share based compensation (in shares)	0	1,594,045
Weighted average units outstanding, diluted (in shares)	172,189,634	173,521,633
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common shareholders, Basic (in dollars per share)	$ (0.03)	$ 0.03
Net income (loss) attributable to common shareholders, Diluted (in dollars per share)	$ (0.03)	$ 0.03

PARTNERS' EQUITY OF THE PARENT COMPANY - Narrative (Details) $ / shares in Units, $ in Millions					3 Months Ended
	Feb. 16, 2023 USD ($) $ / shares	Oct. 20, 2022 USD ($) $ / shares	Sep. 13, 2022 $ / shares	Feb. 23, 2022	Mar. 31, 2023 $ / shares	Mar. 31, 2022 $ / shares
Earnings Per Common Partnership Unit [Line Items]
Distributions declared (in dollars per share)	$ 0.19				$ 0.19	$ 0.19
Dividends paid in cash (in dollars per share)		$ 0.19
Dividends, common stock \| $	$ 32.8
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Earnings Per Common Partnership Unit [Line Items]
Distributions declared (in dollars per share)			$ 0.19
Dividends, common stock \| $		$ 32.8
Repurchase program, ratio of mirror unit of operating partnership retired for each common share repurchased				1

SHARE BASED COMPENSATION - Narrative (Details)			3 Months Ended		12 Months Ended
SHARE BASED COMPENSATION - Narrative (Details)	Feb. 16, 2023 installment shares	Feb. 01, 2023 $ / shares shares	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 shares	Dec. 31, 2023 shares	Dec. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vesting installments \| installment	3
Accelerated vesting period (in years)	1 year
Restricted Share Rights Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted share rights outstanding (in shares)			1,163,050		553,893
Unrecognized compensation expenses \| $			$ 3,300,000
Weighted average period over which options will be recognized			10 months 2 days
Share-based compensation expense \| $			$ 2,800,000	$ 2,500,000
Share-based compensation expense, capitalized \| $			$ 400,000	300,000
Granted (in shares)	528,590		621,293
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 \| $			$ 12,900,000
Weighted average period over which options will be recognized			2 years 2 months 12 days
Share-based compensation expense \| $			$ 1,400,000	1,200,000
Share-based compensation expense, capitalized \| $			$ 200,000	$ 100,000
Share-based compensation activity (in shares)		171,318
Dividends payable (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)			1,941,450		884,277
Granted (in shares)			1,057,173
Performance earning potential			225.00%
Outperformance feature measurement term			3 years
Additional vesting period (in days)			366 days
Restricted Performance Share Units Plan \| Executive Officer \| 2023 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| $			$ 0
Restricted Performance Share Units Plan \| Executive Officer \| 2023 Awards \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issuable under outperformance feature (in shares)						925,642
Restricted Performance Share Units Plan \| Executive Officer \| 2022 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| $			0
Awards issuable under outperformance feature (in shares)					406,179
Restricted Performance Share Units Plan \| Executive Officer \| 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| $			$ 0
Awards issuable under outperformance feature (in shares)							388,840
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)	92,703

SHARE BASED COMPENSATION - Restricted Share Activity (Details) - Restricted Share Rights Awards - $ / shares		3 Months Ended
	Feb. 16, 2023	Mar. 31, 2023
Shares
Beginning balance (in shares)		553,893
Granted (in shares)	528,590	621,293
Vested (in shares)		(9,786)
Forfeited (in shares)		(2,350)
Ending balance (in shares)		1,163,050
Weighted Average Grant Date Fair Value
Non-vested at beginning of year (in dollars per shares)		$ 13.22
Granted (in dollars per shares)		6.74
Vested (in dollars per shares)		6.74
Forfeited (in dollars per shares)		12.78
Non-vested at end of year (in dollars per shares)		$ 9.81

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, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)				884,277
Granted (in shares)				1,057,173
Units Vested (in shares)				0
Units Cancelled (in shares)				0
Ending balance (in shares)				1,941,450
3/5/2021 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)				371,239
Granted (in shares)				0
Units Vested (in shares)				0
Units Cancelled (in shares)				0
Ending balance (in shares)				371,239
Granted (in shares)			380,957
Fair Value of Units on Grant Date			$ 6,389
3/3/2022 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)				513,038
Granted (in shares)				0
Units Vested (in shares)				0
Units Cancelled (in shares)				0
Ending balance (in shares)				513,038
Granted (in shares)		516,852
Fair Value of Units on Grant Date		$ 6,872
February 13 RSPU Grant Date
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)				1,057,173
Units Vested (in shares)				0
Units Cancelled (in shares)				0
Ending balance (in shares)				1,057,173
Granted (in shares)	1,057,173
Fair Value of Units on Grant Date	$ 7,125

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	4

SEGMENT INFORMATION - Real Estate Investments, at Cost of Company's Reportable Segments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Operating properties	$ 3,632,495	$ 3,617,240
Right of use asset - operating leases, net	19,505	19,664
Construction-in-progress	236,040	218,869
Land held for development	67,923	76,499
Prepaid leasehold interests in land held for development, net	27,762	35,576
Total Core Segments
Segment Reporting Information [Line Items]
Operating properties	3,259,535	3,248,182
Philadelphia CBD
Segment Reporting Information [Line Items]
Operating properties	1,519,693	1,517,801
Pennsylvania Suburbs
Segment Reporting Information [Line Items]
Operating properties	886,165	878,546
Austin, Texas
Segment Reporting Information [Line Items]
Operating properties	853,677	851,835
Other
Segment Reporting Information [Line Items]
Operating properties	$ 372,960	$ 369,058

SEGMENT INFORMATION - Net Operating Income of Company's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 129,227	$ 127,505
Operating expenses	(50,835)	(47,918)
Net operating income	78,392	79,587
Operating Segments \| Philadelphia CBD
Segment Reporting Information [Line Items]
Total revenue	56,227	53,471
Operating expenses	(20,586)	(19,743)
Net operating income	35,641	33,728
Operating Segments \| Pennsylvania Suburbs
Segment Reporting Information [Line Items]
Total revenue	32,771	31,807
Operating expenses	(9,779)	(10,158)
Net operating income	22,992	21,649
Operating Segments \| Austin, Texas
Segment Reporting Information [Line Items]
Total revenue	25,237	24,915
Operating expenses	(11,294)	(10,293)
Net operating income	13,943	14,622
Operating Segments \| Other
Segment Reporting Information [Line Items]
Total revenue	9,389	8,799
Operating expenses	(5,412)	(5,438)
Net operating income	3,977	3,361
Corporate
Segment Reporting Information [Line Items]
Total revenue	5,603	8,513
Operating expenses	(3,764)	(2,286)
Net operating income	$ 1,839	$ 6,227

SEGMENT INFORMATION - Unconsolidated Real Estate Ventures of Company's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segment Reporting Information [Line Items]
Investment in real estate ventures	$ 545,491		$ 532,224
Equity in income (loss) of real estate venture	(6,167)	$ (4,563)
Philadelphia CBD
Segment Reporting Information [Line Items]
Investment in real estate ventures	404,838		387,301
Equity in income (loss) of real estate venture	(3,259)	(2,772)
Metropolitan Washington, D.C.
Segment Reporting Information [Line Items]
Investment in real estate ventures	82,281		83,903
Equity in income (loss) of real estate venture	(1,176)	(186)
Mid-Atlantic Office JV
Segment Reporting Information [Line Items]
Investment in real estate ventures	30,591		31,005
Equity in income (loss) of real estate venture	190	418
MAP Venture
Segment Reporting Information [Line Items]
Investment in real estate ventures	(38,284)		(35,411)
Equity in income (loss) of real estate venture	(1,922)	(2,023)
Austin, Texas
Segment Reporting Information [Line Items]
Investment in real estate ventures	66,065		$ 65,426
Equity in income (loss) of real estate venture	$ 0	$ 0

SEGMENT INFORMATION - Reconciliation of Consolidated Net Income to Consolidated NOI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting [Abstract]
Net income (loss)	$ (5,276)	$ 6,101
Plus:
Interest expense	22,653	15,742
Interest expense - amortization of deferred financing costs	1,027	709
Depreciation and amortization	45,600	43,782
General and administrative expenses	9,482	10,000
Equity in loss of unconsolidated real estate ventures	6,167	4,563
Less:
Interest and investment income	505	440
Income tax provision	(25)	(27)
Net gain on sale of undepreciated real estate	781	897
Consolidated net operating income	$ 78,392	$ 79,587

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Jul. 23, 2021
Loss Contingencies [Line Items]
Investment in real estate ventures	$ 545,491	$ 532,224
One and Two Commerce Square \| Preferred Equity Investment
Loss Contingencies [Line Items]
Contractual obligation	20,000
Amount committed to date	9,500
Drexel Square
Loss Contingencies [Line Items]
Contractual obligation	6,600
Estimated potential additional contribution obligation	2,200
3151 Market Street [Member]
Loss Contingencies [Line Items]
Construction loan amount	52,200
Investment in real estate ventures	316,900
3025 JFK Venture
Loss Contingencies [Line Items]
Construction loan amount			$ 186,700
One Uptown Venture
Loss Contingencies [Line Items]
Limited payment guarantee, percent of principle balance (up to)			25.00%
One Uptown Venture \| Carry Guarantee
Loss Contingencies [Line Items]
Limited payment guarantee, percent of principle balance (up to)			30.00%
Construction loan amount			$ 121,700
One Uptown Venture \| Payment Guarantee
Loss Contingencies [Line Items]
Limited payment guarantee, percent of principle balance (up to)			15.00%
Construction loan amount			$ 85,000
Unconsolidated Real Estate Ventures
Loss Contingencies [Line Items]
Unconsolidated real estate venture debt at 100%, gross	$ 1,234,900