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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________________________________________________________________________________
FORM 10-Q
_____________________________________________________________________________________________
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2023
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
_____________________________________________________________________________________________
Brandywine Realty Trust
Brandywine Operating Partnership, L.P.
(Exact name of registrant as specified in its charter)
_____________________________________________________________________________________________
Registrant’s telephone number, including area code (610) 325-5600
_____________________________________________________________________________________________
Maryland
(Brandywine Realty Trust)
001-910623-2413352
Delaware
(Brandywine Operating Partnership, L.P.)
000-2440723-2862640
(State or Other Jurisdiction of Incorporation
or Organization)
(Commission file number)
(I.R.S. Employer Identification Number)
2929 Arch Street
Suite 1800
Philadelphia, PA 19104

(Address of principal executive offices) (Zip Code)
(610) 325-5600
(Registrant’s telephone number, including area code)
Securities registered pursuant to section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares of Beneficial InterestBDNNYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Brandywine Realty TrustYes
  No 
Brandywine Operating Partnership, L.P.Yes
  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Brandywine Realty TrustYes
  No 
Brandywine Operating Partnership, L.P.Yes
  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Brandywine Realty Trust:
Large accelerated filer
Accelerated filer 
Non-accelerated filer 
Smaller reporting companyEmerging growth company 
Brandywine Operating Partnership, L.P.:
Large accelerated filer 
Accelerated filer 
Non-accelerated filer
 
Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Brandywine Realty TrustYes   
 No
Brandywine Operating Partnership, L.P.Yes   
 No
A total of 172,097,661 Common Shares of Beneficial Interest, par value $0.01 per share of Brandywine Realty Trust, were outstanding as of July 24, 2023.


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EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2023 of Brandywine Realty Trust (the “Parent Company”) and Brandywine Operating Partnership L.P. (the “Operating Partnership”). The Parent Company is a Maryland real estate investment trust, or REIT, that owns its assets and conducts its operations through the Operating Partnership, a Delaware limited partnership, and subsidiaries of the Operating Partnership. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company”. In addition, as used in this report, terms such as “we”, “us”, and “our” may refer to the Company, the Parent Company, or the Operating Partnership.
The Parent Company is the sole general partner of the Operating Partnership and, as of June 30, 2023, owned a 99.7% interest in the Operating Partnership. The remaining 0.3% interest consists of common units of limited partnership interest issued by the Operating Partnership to third parties in exchange for contributions of properties to the Operating Partnership. As the sole general partner of the Operating Partnership, the Parent Company has full and complete authority over the Operating Partnership’s day-to-day operations and management.
Management operates the Parent Company and the Operating Partnership as one enterprise. The management of the Parent Company consists of the same members as the management of the Operating Partnership.
As general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements. The separate discussions of the Parent Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company’s operations on a consolidated basis and how management operates the Company.
The Company believes that combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into a single report will:
facilitate a better understanding by the investors of the Parent Company and the Operating Partnership by enabling them to view the business as a whole in the same manner as management views and operates the business;
remove duplicative disclosures and provide a more straightforward presentation in light of the fact that a substantial portion of the disclosure applies to both the Parent Company and the Operating Partnership; and
create time and cost efficiencies through the preparation of one combined report instead of two separate reports.
There are few differences between the Parent Company and the Operating Partnership, which are reflected in the footnote disclosures in this report. The Company believes it is important to understand the differences between the Parent Company and the Operating Partnership in the context of how these entities operate as an interrelated consolidated company. The Parent Company is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time (and contributing the net proceeds of such issuances to the Operating Partnership) and guaranteeing the debt obligations of the Operating Partnership. The Operating Partnership holds substantially all the assets of the Company, including the Company’s ownership interests in the real estate ventures described below. The Operating Partnership conducts the operations of the Company’s business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness (directly and through subsidiaries) and through the issuance of partnership units of the Operating Partnership or equity interests in subsidiaries of the Operating Partnership.
The equity and non-controlling interests in the Parent Company and the Operating Partnership’s equity are the main areas of difference between the consolidated financial statements of the Parent Company and the Operating Partnership. The common units of limited partnership interest in the Operating Partnership are accounted for as partners’ equity in the Operating Partnership’s financial statements while the common units of limited partnership interests held by parties other than the Parent Company are presented as non-controlling interests in the Parent Company’s financial statements. The differences between the Parent Company and the Operating Partnership’s equity relate to the differences in the equity issued at the Parent Company and Operating Partnership levels.
To help investors understand the significant differences between the Parent Company and the Operating Partnership, this report presents the following as separate notes or sections for each of the Parent Company and the Operating Partnership:
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Consolidated Financial Statements; and
Notes to the Parent Company’s and Operating Partnership’s Equity.
This report also includes separate Item 4. (Controls and Procedures) disclosures and separate Exhibit 31 and 32 certifications for each of the Parent Company and the Operating Partnership in order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that the Parent Company and Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. § 1350.
In order to highlight the differences between the Parent Company and the Operating Partnership, the separate sections in this report for the Parent Company and the Operating Partnership specifically refer to the Parent Company and the Operating Partnership. In the sections that combine disclosures of the Parent Company and the Operating Partnership, this report refers to such disclosures as those of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and real estate ventures and holds assets and incurs debt, reference to the Company is appropriate because the business is one enterprise and the Parent Company operates the business through the Operating Partnership.
3

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TABLE OF CONTENTS
Page
Filing Format
This combined Form 10-Q is being filed separately by Brandywine Realty Trust and Brandywine Operating Partnership, L.P.
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PART I - FINANCIAL INFORMATION
Item 1. — Financial Statements


BRANDYWINE REALTY TRUST
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share information)
June 30,
2023
December 31,
2022
ASSETS
Real estate investments:
Operating properties$3,597,211 $3,617,240 
Accumulated depreciation(1,125,145)(1,063,060)
Right of use asset - operating leases, net19,346 19,664 
Operating real estate investments, net2,491,412 2,573,844 
Construction-in-progress245,677 218,869 
Land held for development71,493 76,499 
Prepaid leasehold interests in land held for development, net27,762 35,576 
Total real estate investments, net2,836,344 2,904,788 
Assets held for sale, net52,664  
Cash and cash equivalents32,111 17,551 
Restricted cash and escrows10,876  
Accounts receivable11,654 11,003 
Accrued rent receivable, net of allowance of $3,778 and $3,947 as of June 30, 2023 and December 31, 2022, respectively
183,191 179,771 
Investment in unconsolidated real estate ventures630,505 567,635 
Deferred costs, net95,102 96,639 
Intangible assets, net11,676 18,451 
Other assets90,362 78,667 
Total assets$3,954,485 $3,874,505 
LIABILITIES AND BENEFICIARIES' EQUITY
Secured term loan, net$241,383 $ 
Unsecured credit facility 88,500 
Unsecured term loan, net318,065 248,168 
Unsecured senior notes, net1,574,373 1,628,370 
Accounts payable and accrued expenses116,913 132,440 
Distributions payable32,957 32,792 
Deferred income, gains and rent24,786 25,082 
Intangible liabilities, net8,811 10,322 
Liabilities related to assets held for sale, net1,041  
Lease liability - operating leases23,268 23,166 
Other liabilities56,228 52,331 
Total liabilities$2,397,825 $2,241,171 
Commitments and contingencies (See Note 14)
Brandywine Realty Trust's Equity:
Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 172,101,929 and 171,569,807 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively
1,719 1,716 
Additional paid-in-capital3,159,276 3,153,229 
Deferred compensation payable in common shares19,965 19,601 
Common shares in grantor trust, 1,207,415 and 1,179,643 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively
(19,965)(19,601)
Cumulative earnings1,158,240 1,176,195 
Accumulated other comprehensive income5,216 3,897 
Cumulative distributions(2,775,124)(2,709,405)
Total Brandywine Realty Trust's equity1,549,327 1,625,632 
Noncontrolling interests7,333 7,702 
Total beneficiaries' equity$1,556,660 $1,633,334 
Total liabilities and beneficiaries' equity$3,954,485 $3,874,505 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except share and per share information)
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Revenue
Rents$118,133 $116,897 $238,981 $232,798 
Third party management fees, labor reimbursement and leasing6,227 5,924 12,229 11,032 
Other1,522 1,221 3,899 7,717 
Total revenue125,882 124,042 255,109 251,547 
Operating expenses
Property operating expenses31,891 33,111 65,485 64,659 
Real estate taxes11,571 13,746 26,173 27,559 
Third party management expenses2,557 2,792 5,196 5,349 
Depreciation and amortization47,079 43,959 92,679 87,741 
General and administrative expenses9,360 8,328 18,842 18,328 
Provision for impairment4,468  4,468  
Total operating expenses106,926 101,936 212,843 203,636 
Gain on sale of real estate
Net gain on disposition of real estate 144  144 
Net gain on sale of undepreciated real estate 4,127 781 5,024 
Total gain on sale of real estate 4,271 781 5,168 
Operating income18,956 26,377 43,047 53,079 
Other income (expense):
Interest income520 449 1,025 889 
Interest expense(23,669)(16,341)(46,322)(32,083)
Interest expense - amortization of deferred financing costs(1,114)(805)(2,141)(1,514)
Equity in loss of unconsolidated real estate ventures(7,598)(4,981)(13,765)(9,544)
Net gain on real estate venture transactions181  181  
Net income (loss) before income taxes(12,724)4,699 (17,975)10,827 
Income tax provision(13)(48)(38)(75)
Net income (loss)(12,737)4,651 (18,013)10,752 
Net (income) loss attributable to noncontrolling interests41 (14)58 (22)
Net income (loss) attributable to Brandywine Realty Trust(12,696)4,637 (17,955)10,730 
Nonforfeitable dividends allocated to unvested restricted shareholders(204)(98)(274)(246)
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust$(12,900)$4,539 $(18,229)$10,484 
Basic income (loss) per Common Share$(0.08)$0.03 $(0.11)$0.06 
Diluted income (loss) per Common Share$(0.08)$0.03 $(0.11)$0.06 
Basic weighted average shares outstanding171,962,162 171,527,031 171,818,463 171,411,631 
Diluted weighted average shares outstanding171,962,162 172,260,429 171,818,463 172,575,408 
 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Net income (loss)$(12,737)$4,651 $(18,013)$10,752 
Comprehensive income:
Unrealized gain on derivative financial instruments6,646 1,747 1,355 5,511 
Amortization of interest rate contracts (1) 188  376 
Total comprehensive income6,646 1,935 1,355 5,887 
Comprehensive income (loss)(6,091)6,586 (16,658)16,639 
Comprehensive (income) loss attributable to noncontrolling interest21 (20)22 (40)
Comprehensive income (loss) attributable to Brandywine Realty Trust$(6,070)$6,566 $(16,636)$16,599 
(1)Amounts reclassified from comprehensive income to interest expense within the Consolidated Statements of Operations.
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF BENEFICIARIES’ EQUITY
(unaudited, in thousands, except number of shares)
Number of Common SharesNumber of Rabbi
Trust/Deferred
 Compensation Shares
Common Shares of
 Brandywine Realty
Trust's beneficial interest
Additional Paid-in
Capital
Deferred Compensation
 Payable in Common
 Shares
Common Shares in
 Grantor Trust
Cumulative EarningsAccumulated Other
Comprehensive Income (Loss)
Cumulative DistributionsNoncontrolling InterestsTotal
BALANCE, December 31, 2022171,569,807 1,179,643 $1,716 $3,153,229 $19,601 $(19,601)$1,176,195 $3,897 $(2,709,405)$7,702 $1,633,334 
Net loss(5,259)(17)(5,276)
Other comprehensive income (loss)(5,307)16 (5,291)
Share-based compensation activity171,318 22,449 1 3,370 3,371 
Share Issuance from/(to) Deferred Compensation Plan(13,422)(48,733)(88)145 (145)(88)
Reallocation of Noncontrolling interest(4)4 
Distributions declared $0.19 per share)
(32,734)(98)(32,832)
BALANCE, March 31, 2023171,727,703 1,153,359 $1,717 $3,156,507 $19,746 $(19,746)$1,170,936 $(1,410)$(2,742,139)$7,607 $1,593,218 
Net income(12,696)(41)(12,737)
Other comprehensive income6,626 20 6,646 
Share-based compensation activity374,226 54,056 2 2,614 2,616 
Share Issuance from/(to) Deferred Compensation Plan219 (219) 
Reallocation of Noncontrolling interest155 (155) 
Distributions declared $0.19 per share)
(32,985)(98)(33,083)
BALANCE, June 30, 2023172,101,929 1,207,415 $1,719 $3,159,276 $19,965 $(19,965)$1,158,240 $5,216 $(2,775,124)$7,333 $1,556,660 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENT OF BENEFICIARIES’ EQUITY
(unaudited, in thousands, except number of shares)
Number of Common SharesNumber of Rabbi
Trust/Deferred
Compensation Shares
Common Shares of
Brandywine Realty
Trust's beneficial
interest
Additional Paid-in
Capital
Deferred Compensation
 Payable
in Common
 Shares
Common Shares in
 Grantor Trust
Cumulative EarningsAccumulated Other
Comprehensive Income (Loss)
Cumulative DistributionsNoncontrolling InterestsTotal
BALANCE, December 31, 2021171,126,257 1,169,703 $1,712 $3,146,786 $18,491 $(18,491)$1,122,372 $(2,020)$(2,578,583)$10,952 $1,701,219 
Net income6,093 8 6,101 
Other comprehensive income3,940 12 3,952 
Redemption of LP Units(4,006)(4,006)
Share-based compensation activity277,061 68,540 2 1,653 1,655 
Share Issuance from/(to) Deferred Compensation Plan(19,406)(52,702)(249)895 (895)(249)
Reallocation of Noncontrolling interest(959)959 
Distributions declared ($0.38 per share)
(32,711)(98)(32,809)
BALANCE, March 31, 2022171,383,912 1,185,541 $1,714 $3,147,231 $19,386 $(19,386)$1,128,465 $1,920 $(2,611,294)$7,827 $1,675,863 
Net loss4,637 14 4,651 
Other comprehensive income1,929 6 1,935 
Share-based compensation activity191,368 16,844 2 1,915 1,917 
Share Issuance from/(to) Deferred Compensation Plan215 (215) 
Distributions declared ($0.19 per share)
(32,705)(98)(32,803)
BALANCE, June 30, 2022171,575,280 1,202,385 $1,716 $3,149,146 $19,601 $(19,601)$1,133,102 $3,849 $(2,643,999)$7,749 $1,651,563 

The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands) 
Six Months Ended June 30,
20232022
Cash flows from operating activities:
Net income (loss)$(18,013)$10,752 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization92,679 87,741 
Amortization of deferred financing costs2,141 1,514 
Amortization of debt discount/(premium), net(516)(975)
Amortization of stock compensation costs6,073 5,419 
Straight-line rent income(4,600)(5,042)
Amortization of acquired above (below) market leases, net(760)(1,664)
Ground rent expense401 408 
Net gain on real estate venture transactions(181) 
Total gain on sale of real estate(781)(5,168)
Provision for impairment4,468  
Loss from unconsolidated real estate ventures, including income distributions13,765 9,544 
Income tax provision38 75 
Changes in assets and liabilities:
Accounts receivable(469)(1,254)
Other assets(12,604)(2,711)
Accounts payable and accrued expenses(21,271)(19,484)
Deferred income, gains and rent285 (2,487)
Other liabilities649 1,826 
Net cash provided by operating activities61,304 78,494 
Cash flows from investing activities:
Acquisition of properties (3,446)
Proceeds from the sale of properties 34,146 
Capital expenditures for tenant improvements(24,431)(35,545)
Capital expenditures for redevelopments(34,827)(56,472)
Capital expenditures for developments(18,341)(82,252)
Advances for the purchase of tenant assets, net of repayments(26)(447)
Investment in unconsolidated real estate ventures(60,290)(27,807)
Deposits for real estate3,500 (7,550)
Capital distributions from unconsolidated real estate ventures2,250 5,720 
Leasing costs paid(5,697)(15,209)
Net cash used in investing activities(137,862)(188,862)
Cash flows from financing activities:
Proceeds from credit facility borrowings136,000 196,000 
Repayments of credit facility borrowings(224,500)(5,000)
Repayments of unsecured notes(54,301) 
Proceeds from unsecured term loan70,000  
Proceeds from secured term loan245,000  
Debt financing costs paid(4,455)(6,641)
Shares used for employee taxes upon vesting of share awards(952)(2,935)
Redemption of limited partnership units (4,006)
Distributions paid to shareholders(65,438)(65,315)
Distributions to noncontrolling interest(196)(255)
Net cash provided by financing activities101,158 111,848 
Increase in cash and cash equivalents and restricted cash24,600 1,480 
Cash and cash equivalents and restricted cash at beginning of period18,387 28,300 
Cash and cash equivalents and restricted cash at end of period$42,987 $29,780 
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period$17,551 $27,463 
Restricted cash, beginning of period836 837 
Cash and cash equivalents and restricted cash, beginning of period$18,387 $28,300 
Cash and cash equivalents, end of period$32,111 $28,849 
Restricted cash, end of period10,876 931 
Cash and cash equivalents and restricted cash, end of period$42,987 $29,780 
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the six months ended June 30, 2023 and 2022 of $8,587 and $4,442, respectively
$50,480 $37,961 
Cash paid for income taxes550 902 
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid32,957 32,800 
Change in investment in real estate ventures as a result of deconsolidation8,595  
Change in operating real estate from deconsolidation of operating properties(7,814) 
Change in other assets as a result of investing activities 13,396 
Change in capital expenditures financed through accounts payable at period end1,292 10,283 
Change in capital expenditures financed through retention payable at period end2,039 (1,097)
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE OPERATING PARTNERSHIP, L.P.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except unit and per unit information)
June 30,
2023
December 31,
2022
ASSETS
Real estate investments:
Operating properties$3,597,211 $3,617,240 
Accumulated depreciation(1,125,145)(1,063,060)
Right of use asset - operating leases, net19,346 19,664 
Operating real estate investments, net2,491,412 2,573,844 
Construction-in-progress245,677 218,869 
Land held for development71,493 76,499 
Prepaid leasehold interests in land held for development, net27,762 35,576 
Total real estate investments, net2,836,344 2,904,788 
Assets held for sale, net52,664  
Cash and cash equivalents32,111 17,551 
Restricted cash and escrows10,876  
Accounts receivable11,654 11,003 
Accrued rent receivable, net of allowance of $3,778 and $3,947 as of June 30, 2023 and December 31, 2022, respectively
183,191 179,771 
Investment in unconsolidated real estate ventures630,505 567,635 
Deferred costs, net95,102 96,639 
Intangible assets, net11,676 18,451 
Other assets90,362 78,667 
Total assets$3,954,485 $3,874,505 
LIABILITIES AND PARTNERS' EQUITY
Mortgage notes payable, net$241,383 $ 
Unsecured credit facility 88,500 
Unsecured term loan, net318,065 248,168 
Unsecured senior notes, net1,574,373 1,628,370 
Accounts payable and accrued expenses116,913 132,440 
Distributions payable32,957 32,792 
Deferred income, gains and rent24,786 25,082 
Intangible liabilities, net8,811 10,322 
Liabilities related to assets held for sale, net1,041  
Lease liability - operating leases23,268 23,166 
Other liabilities56,228 52,331 
Total liabilities$2,397,825 $2,241,171 
Commitments and contingencies (See Note 14)
Redeemable limited partnership units at redemption value; 516,467 and 516,467 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively
2,318 3,195 
Brandywine Operating Partnership, L.P.'s equity:
General Partnership Capital; $172,101,929 and 171,569,807 units issued and outstanding as of June 30, 2023 and December 31, 2022, respectively
1,546,587 1,623,738 
Accumulated other comprehensive income4,924 3,569 
Total Brandywine Operating Partnership, L.P.'s equity1,551,511 1,627,307 
Noncontrolling interest - consolidated real estate ventures2,831 2,832 
Total partners' equity$1,554,342 $1,630,139 
Total liabilities and partners' equity$3,954,485 $3,874,505 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE OPERATING PARTNERSHIP, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except unit and per unit information)
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Revenue
Rents$118,133 $116,897 $238,981 $232,798 
Third party management fees, labor reimbursement and leasing6,227 5,924 12,229 11,032 
Other1,522 1,221 3,899 7,717 
Total revenue125,882 124,042 255,109 251,547 
Operating expenses
Property operating expenses31,891 33,111 65,485 64,659 
Real estate taxes11,571 13,746 26,173 27,559 
Third party management expenses2,557 2,792 5,196 5,349 
Depreciation and amortization47,079 43,959 92,679 87,741 
General and administrative expenses9,360 8,328 18,842 18,328 
Provision for impairment4,468  4,468  
Total operating expenses106,926 101,936 212,843 203,636 
Gain on sale of real estate
Net gain on disposition of real estate 144  144 
Net gain on sale of undepreciated real estate 4,127 781 5,024 
Total gain on sale of real estate 4,271 781 5,168 
Operating income18,956 26,377 43,047 53,079 
Other income (expense):
Interest income520 449 1,025 889 
Interest expense(23,669)(16,341)(46,322)(32,083)
Interest expense - amortization of deferred financing costs(1,114)(805)(2,141)(1,514)
Equity in loss of unconsolidated real estate ventures(7,598)(4,981)(13,765)(9,544)
Net gain on real estate venture transactions181  181  
Net income (loss) before income taxes(12,724)4,699 (17,975)10,827 
Income tax provision(13)(48)(38)(75)
Net income (loss)(12,737)4,651 (18,013)10,752 
Net loss attributable to noncontrolling interests - consolidated real estate ventures 2 1 4 
Net income (loss) attributable to Brandywine Operating Partnership(12,737)4,653 (18,012)10,756 
Nonforfeitable dividends allocated to unvested restricted unitholders(204)(98)(274)(246)
Net income (loss) attributable to Common Partnership Unitholders of Brandywine Operating Partnership, L.P.$(12,941)$4,555 $(18,286)$10,510 
Basic income (loss) per Common Partnership Unit$(0.08)$0.03 $(0.11)$0.06 
Diluted income (loss) per Common Partnership Unit$(0.08)$0.03 $(0.11)$0.06 
Basic weighted average common partnership units outstanding172,478,629 172,043,498 172,334,930 171,985,863 
Diluted weighted average common partnership units outstanding172,478,629 172,776,896 172,334,930 173,149,640 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE OPERATING PARTNERSHIP, L.P.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Net income (loss)$(12,737)$4,651 $(18,013)$10,752 
Comprehensive income:
Unrealized gain on derivative financial instruments6,646 1,747 1,355 5,511 
Amortization of interest rate contracts (1) 188  376 
Total comprehensive income6,646 1,935 1,355 5,887 
Comprehensive income (loss)(6,091)6,586 (16,658)16,639 
Comprehensive loss attributable to noncontrolling interest - consolidated real estate ventures 2 1 4 
Comprehensive income (loss) attributable to Brandywine Operating Partnership$(6,091)$6,588 $(16,657)$16,643 
(1)Amounts reclassified from comprehensive income to interest expense within the Consolidated Statements of Operations.
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE OPERATING PARTNERSHIP, L.P.
CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY
(unaudited, in thousands, except number of units)
General Partner Capital
UnitsAmountAccumulated Other Comprehensive IncomeNoncontrolling Interest - Consolidated Real Estate VenturesTotal Partners' Equity
BALANCE, December 31, 2022171,569,807 $1,623,738 $3,569 $2,832 $1,630,139 
Net loss(5,275)(1)(5,276)
Other comprehensive loss(5,291)(5,291)
Deferred compensation obligation(13,422)(88)(88)
Share-based compensation activity171,318 3,371 3,371 
Adjustment of redeemable partnership units to liquidation value at period end779 779 
Distributions declared to general partnership unitholders ($0.19 per unit)
(32,734)(32,734)
BALANCE, March 31, 2023171,727,703 $1,589,791 $(1,722)$2,831 $1,590,900 
Net income (loss)(12,737) (12,737)
Other comprehensive income6,646 6,646 
Share-based compensation activity374,226 2,616 2,616 
Adjustment of redeemable partnership units to liquidation value at period end(98)(98)
Distributions declared to general partnership unitholders ($0.19 per unit)
(32,985)(32,985)
BALANCE, June 30, 2023172,101,929 $1,546,587 $4,924 $2,831 $1,554,342 
The accompanying notes are an integral part of these consolidated financial statements.
14

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BRANDYWINE OPERATING PARTNERSHIP, L.P.
CONSOLIDATED STATEMENT OF PARTNERS’ EQUITY
(unaudited, in thousands, except number of units)
General Partner Capital
UnitsAmountAccumulated Other Comprehensive Income (Loss)Noncontrolling Interest - Consolidated Real Estate VenturesTotal Partners' Equity
BALANCE, December 31, 2021171,126,257 $1,689,611 $(2,366)$2,834 $1,690,079 
Net income6,103 (2)6,101 
Other comprehensive loss3,952 3,952 
Deferred compensation obligation(19,406)(249)(249)
Repurchase and retirement of LP units(4,006)(4,006)
Share-based compensation activity277,061 1,655 1,655 
Adjustment of redeemable partnership units to liquidation value at period end3,704 3,704 
Distributions declared to general partnership unitholders ($0.19 per unit)
(32,711)(32,711)
BALANCE, March 31, 2022171,383,912 $1,664,107 $1,586 $2,832 $1,668,525 
Net loss4,653 (2)4,651 
Other comprehensive income1,935 1,935 
Issuance of partnership interest in consolidated real estate ventures191,368 1,917 1,917 
Share-based compensation activity2,181 2,181 
Adjustment of redeemable partnership units to liquidation value at period end(32,705)(32,705)
Distributions declared to general partnership unitholders ($0.19 per unit)
 
BALANCE, June 30, 2022171,575,280 $1,640,153 $3,521 $2,830 $1,646,504 


The accompanying notes are an integral part of these consolidated financial statements.
15

Table of Contents
BRANDYWINE OPERATING PARTNERSHIP L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands) 
Six Months Ended June 30,
20232022
Cash flows from operating activities:
Net income (loss)$(18,013)$10,752 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization92,679 87,741 
Amortization of deferred financing costs2,141 1,514 
Amortization of debt discount/(premium), net(516)(975)
Amortization of stock compensation costs6,073 5,419 
Straight-line rent income(4,600)(5,042)
Amortization of acquired above (below) market leases, net(760)(1,664)
Ground rent expense401 408 
Net gain on real estate venture transactions(181) 
Total gain on sale of real estate(781)(5,168)
Provision for impairment4,468  
Loss from unconsolidated real estate ventures, including income distributions13,765 9,544 
Income tax provision38 75 
Changes in assets and liabilities:
Accounts receivable(469)(1,254)
Other assets(12,604)(2,711)
Accounts payable and accrued expenses(21,271)(19,484)
Deferred income, gains and rent285 (