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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________________________________________________________________________________
FORM 10-Q
_____________________________________________________________________________________________
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 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 October 22, 2023.


Table of Contents
EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 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 September 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.
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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)
September 30,
2023
December 31,
2022
ASSETS
Real estate investments:
Operating properties$3,694,633 $3,617,240 
Accumulated depreciation(1,153,030)(1,063,060)
Right of use asset - operating leases, net19,188 19,664 
Operating real estate investments, net2,560,791 2,573,844 
Construction-in-progress143,929 218,869 
Land held for development76,058 76,499 
Prepaid leasehold interests in land held for development, net27,762 35,576 
Total real estate investments, net2,808,540 2,904,788 
Cash and cash equivalents47,872 17,551 
Restricted cash and escrows10,745  
Accounts receivable23,130 11,003 
Accrued rent receivable, net of allowance of $3,158 and $3,947 as of September 30, 2023 and December 31, 2022, respectively
185,135 179,771 
Investment in unconsolidated real estate ventures638,096 567,635 
Deferred costs, net98,049 96,639 
Intangible assets, net8,539 18,451 
Other assets102,557 78,667 
Total assets$3,922,663 $3,874,505 
LIABILITIES AND BENEFICIARIES' EQUITY
Secured term loan, net$241,654 $ 
Unsecured credit facility 88,500 
Unsecured term loan, net318,282 248,168 
Unsecured senior notes, net1,574,524 1,628,370 
Accounts payable and accrued expenses132,731 132,440 
Distributions payable26,018 32,792 
Deferred income, gains and rent23,222 25,082 
Intangible liabilities, net8,536 10,322 
Lease liability - operating leases23,318 23,166 
Other liabilities60,010 52,331 
Total liabilities$2,408,295 $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; 172,097,661 and 171,569,807 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
1,719 1,716 
Additional paid-in-capital3,161,568 3,153,229 
Deferred compensation payable in common shares19,965 19,601 
Common shares in grantor trust, 1,194,127 and 1,179,643 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
(19,965)(19,601)
Cumulative earnings1,136,686 1,176,195 
Accumulated other comprehensive income8,125 3,897 
Cumulative distributions(2,801,074)(2,709,405)
Total Brandywine Realty Trust's equity1,507,024 1,625,632 
Noncontrolling interests7,344 7,702 
Total beneficiaries' equity$1,514,368 $1,633,334 
Total liabilities and beneficiaries' equity$3,922,663 $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 September 30,Nine Months Ended September 30,
2023202220232022
Revenue
Rents$121,661 $117,481 $360,642 $350,279 
Third party management fees, labor reimbursement and leasing6,553 6,872 18,782 17,904 
Other1,158 1,216 5,057 8,933 
Total revenue129,372 125,569 384,481 377,116 
Operating expenses
Property operating expenses31,123 32,624 96,608 97,283 
Real estate taxes12,808 12,313 38,981 39,872 
Third party management expenses2,468 2,549 7,664 7,898 
Depreciation and amortization48,966 45,134 141,645 132,875 
General and administrative expenses8,069 7,564 26,911 25,892 
Provision for impairment11,666  16,134  
Total operating expenses115,100 100,184 327,943 303,820 
Gain on sale of real estate
Net gain on disposition of real estate 8,669  8,813 
Net gain on sale of undepreciated real estate 2,983 781 8,007 
Total gain on sale of real estate 11,652 781 16,820 
Operating income14,272 37,037 57,319 90,116 
Other income (expense):
Interest income293 498 1,318 1,387 
Interest expense(24,355)(17,061)(70,677)(49,144)
Interest expense - amortization of deferred financing costs(1,110)(745)(3,251)(2,259)
Equity in loss of unconsolidated real estate ventures(10,739)(6,260)(24,504)(15,804)
Net gain on real estate venture transactions  181  
Net income (loss) before income taxes(21,639)13,469 (39,614)24,296 
Income tax benefit (provision)3 9 (35)(66)
Net income (loss)(21,636)13,478 (39,649)24,230 
Net (income) loss attributable to noncontrolling interests82 (37)140 (59)
Net income (loss) attributable to Brandywine Realty Trust(21,554)13,441 (39,509)24,171 
Nonforfeitable dividends allocated to unvested restricted shareholders(159)(105)(433)(351)
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust$(21,713)$13,336 $(39,942)$23,820 
Basic income (loss) per Common Share$(0.13)$0.08 $(0.23)$0.14 
Diluted income (loss) per Common Share$(0.13)$0.08 $(0.23)$0.14 
Basic weighted average shares outstanding172,097,661 171,569,807 171,912,552 171,464,936 
Diluted weighted average shares outstanding172,097,661 172,152,256 171,912,552 172,435,153 
 
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 September 30,Nine Months Ended September 30,
2023202220232022
Net income (loss)$(21,636)$13,478 $(39,649)$24,230 
Comprehensive income:
Unrealized gain on derivative financial instruments2,885 490 4,240 6,001 
Amortization of interest rate contracts (1) 188  564 
Total comprehensive income2,885 678 4,240 6,565 
Comprehensive income (loss)(18,751)14,156 (35,409)30,795 
Comprehensive (income) loss attributable to noncontrolling interest106 (39)128 (79)
Comprehensive income (loss) attributable to Brandywine Realty Trust$(18,645)$14,117 $(35,281)$30,716 
(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 loss(12,696)(41)(12,737)
Other comprehensive income6,626 20 6,646 
Share-based compensation activity374,226 54,056 2 2,614 2,616 
Share Issuance from/(to) Deferred Compensation Plan219 (219) 
Reallocation of Noncontrolling interest155 (155) 
Distributions declared $0.19 per share)
(32,985)(98)(33,083)
BALANCE, June 30, 2023172,101,929 1,207,415 $1,719 $3,159,276 $19,965 $(19,965)$1,158,240 $5,216 $(2,775,124)$7,333 $1,556,660 
Net loss(21,554)(82)(21,636)
Other comprehensive income2,909 (24)2,885 
Share-based compensation activity2,506 2,506 
Share Issuance from/(to) Deferred Compensation Plan(4,268)(13,288)(20)(20)
Reallocation of Noncontrolling interest(194)194  
Distributions declared $0.15 per share)
(25,950)(77)(26,027)
BALANCE, September 30, 2023172,097,661 1,194,127 1,719 3,161,568 19,965 (19,965)1,136,686 8,125 (2,801,074)7,344 1,514,368 
The accompanying notes are an integral part of these consolidated financial statements.
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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 ($0.19 per share)
(32,711)(98)(32,809)
BALANCE, March 31, 2022171,383,912 1,185,541 $1,714 $3,147,231 $19,386 $(19,386)$1,128,465 $1,920 $(2,611,294)$7,827 $1,675,863 
Net 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 
Net income13,441 37 13,478 
Other comprehensive income676 2 678 
Share-based compensation activity1,100 2,094 2,094 
Share Issuance from/(to) Deferred Compensation Plan(6,573)(22,742)(63)(63)
Distributions declared ($0.19 per share)
(32,703)(98)(32,801)
BALANCE, September 30, 2022171,569,807 1,179,643 1,716 3,151,177 19,601 (19,601)1,146,543 4,525 (2,676,702)7,690 1,634,949 

The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands) 
Nine Months Ended September 30,
20232022
Cash flows from operating activities:
Net income (loss)$(39,649)$24,230 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization141,645 132,875 
Amortization of deferred financing costs3,251 2,259 
Amortization of debt discount/(premium), net(774)(1,463)
Amortization of stock compensation costs8,305 7,232 
Straight-line rent income(6,612)(8,958)
Amortization of acquired above (below) market leases, net(993)(2,189)
Ground rent expense601 611 
Net gain on real estate venture transactions(181) 
Total gain on sale of real estate(781)(16,820)
Provision for impairment16,134  
Loss from unconsolidated real estate ventures, including income distributions24,504 15,049 
Income tax provision35 66 
Changes in assets and liabilities:
Accounts receivable(2,362)933 
Other assets(24,619)(9,949)
Accounts payable and accrued expenses(8,992)3,240 
Deferred income, gains and rent(1,196)(666)
Other liabilities3,089 1,712 
Net cash provided by operating activities111,405 148,162 
Cash flows from investing activities:
Acquisition of properties (3,446)
Proceeds from the sale of properties51,285 35,462 
Capital expenditures for tenant improvements(34,219)(67,782)
Capital expenditures for redevelopments(42,592)(74,383)
Capital expenditures for developments(30,149)(82,507)
Advances for the purchase of tenant assets, net of repayments(9,292)(447)
Investment in unconsolidated real estate ventures(72,715)(43,681)
Deposits for real estate3,500 (7,450)
Capital distributions from unconsolidated real estate ventures2,700 8,930 
Leasing costs paid(7,969)(20,096)
Net cash used in investing activities(139,451)(255,400)
Cash flows from financing activities:
Proceeds from credit facility borrowings172,000 260,000 
Repayments of credit facility borrowings(260,500)(37,000)
Repayments of unsecured notes(54,301) 
Proceeds from unsecured term loan70,000  
Proceeds from secured term loan245,000  
Debt financing costs paid(4,371)(6,641)
Shares used for employee taxes upon vesting of share awards(952)(2,941)
Redemption of limited partnership units (4,006)
Distributions paid to shareholders(98,306)(98,020)
Distributions to noncontrolling interest(294)(353)
Net cash provided by financing activities68,276 111,039 
Increase in cash and cash equivalents and restricted cash40,230 3,801 
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$58,617 $32,101 
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$47,872 $31,198 
Restricted cash, end of period10,745 903 
Cash and cash equivalents and restricted cash, end of period$58,617 $32,101 
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2023 and 2022 of $12,602 and $7,274, respectively
$73,217 $47,711 
Cash paid for income taxes550 902 
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid26,027 32,805 
Change in investment in real estate ventures as a result of deconsolidation8,595 107,057 
Change in operating real estate from deconsolidation of operating properties(7,814)(105,405)
Change in other assets as a result of deconsolidation of operating properties (1,652)
Change in other assets as a result of investing activities 13,396 
Change in capital expenditures financed through accounts payable at period end4,276 (11,020)
Change in capital expenditures financed through retention payable at period end2,587 (4,609)
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)
September 30,
2023
December 31,
2022
ASSETS
Real estate investments:
Operating properties$3,694,633 $3,617,240 
Accumulated depreciation(1,153,030)(1,063,060)
Right of use asset - operating leases, net19,188 19,664 
Operating real estate investments, net2,560,791 2,573,844 
Construction-in-progress143,929 218,869 
Land held for development76,058 76,499 
Prepaid leasehold interests in land held for development, net27,762 35,576 
Total real estate investments, net2,808,540 2,904,788 
Cash and cash equivalents47,872 17,551 
Restricted cash and escrows10,745  
Accounts receivable23,130 11,003 
Accrued rent receivable, net of allowance of $3,158 and $3,947 as of September 30, 2023 and December 31, 2022, respectively
185,135 179,771 
Investment in unconsolidated real estate ventures638,096 567,635 
Deferred costs, net98,049 96,639 
Intangible assets, net8,539 18,451 
Other assets102,557 78,667 
Total assets$3,922,663 $3,874,505 
LIABILITIES AND PARTNERS' EQUITY
Mortgage notes payable, net$241,654 $ 
Unsecured credit facility 88,500 
Unsecured term loan, net318,282 248,168 
Unsecured senior notes, net1,574,524 1,628,370 
Accounts payable and accrued expenses132,731 132,440 
Distributions payable26,018 32,792 
Deferred income, gains and rent23,222 25,082 
Intangible liabilities, net8,536 10,322 
Lease liability - operating leases23,318 23,166 
Other liabilities60,010 52,331 
Total liabilities$2,408,295 $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 September 30, 2023 and December 31, 2022, respectively
2,282 3,195 
Brandywine Operating Partnership, L.P.'s equity:
General Partnership Capital; $172,097,661 and 171,569,807 units issued and outstanding as of September 30, 2023 and December 31, 2022, respectively
1,501,466 1,623,738 
Accumulated other comprehensive income7,809 3,569 
Total Brandywine Operating Partnership, L.P.'s equity1,509,275 1,627,307 
Noncontrolling interest - consolidated real estate ventures2,811 2,832 
Total partners' equity$1,512,086 $1,630,139 
Total liabilities and partners' equity$3,922,663 $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 September 30,Nine Months Ended September 30,
2023202220232022
Revenue
Rents$121,661 $117,481 $360,642 $350,279 
Third party management fees, labor reimbursement and leasing6,553 6,872 18,782 17,904 
Other1,158 1,216 5,057 8,933 
Total revenue129,372 125,569 384,481 377,116 
Operating expenses
Property operating expenses31,123 32,624 96,608 97,283 
Real estate taxes12,808 12,313 38,981 39,872 
Third party management expenses2,468 2,549 7,664 7,898 
Depreciation and amortization48,966 45,134 141,645 132,875 
General and administrative expenses8,069 7,564 26,911 25,892 
Provision for impairment11,666  16,134  
Total operating expenses115,100 100,184 327,943 303,820 
Gain on sale of real estate
Net gain on disposition of real estate 8,669  8,813 
Net gain on sale of undepreciated real estate 2,983 781 8,007 
Total gain on sale of real estate 11,652 781 16,820 
Operating income14,272 37,037 57,319 90,116 
Other income (expense):
Interest income293 498 1,318 1,387 
Interest expense(24,355)(17,061)(70,677)(49,144)
Interest expense - amortization of deferred financing costs(1,110)(745)(3,251)(2,259)
Equity in loss of unconsolidated real estate ventures(10,739)(6,260)(24,504)(15,804)
Net gain on real estate venture transactions  181  
Net income (loss) before income taxes(21,639)13,469 (39,614)24,296 
Income tax benefit (provision)3 9 (35)(66)
Net income (loss)(21,636)13,478 (39,649)24,230 
Net loss attributable to noncontrolling interests - consolidated real estate ventures20 1 21 5 
Net income (loss) attributable to Brandywine Operating Partnership(21,616)13,479 (39,628)24,235 
Nonforfeitable dividends allocated to unvested restricted unitholders(159)(105)(433)(351)
Net income (loss) attributable to Common Partnership Unitholders of Brandywine Operating Partnership, L.P.$(21,775)$13,374 $(40,061)$23,884 
Basic income (loss) per Common Partnership Unit$(0.13)$0.08 $(0.23)$0.14 
Diluted income (loss) per Common Partnership Unit$(0.13)$0.08 $(0.23)$0.14 
Basic weighted average common partnership units outstanding172,614,128 172,086,274 172,429,019 172,019,701 
Diluted weighted average common partnership units outstanding172,614,128 172,668,723 172,429,019 172,989,918 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE OPERATING PARTNERSHIP, L.P.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net income (loss)$(21,636)$13,478 $(39,649)$24,230 
Comprehensive income:
Unrealized gain on derivative financial instruments2,885 490 4,240 6,001 
Amortization of interest rate contracts (1) 188  564 
Total comprehensive income2,885 678 4,240 6,565 
Comprehensive income (loss)(18,751)14,156 (35,409)30,795 
Comprehensive loss attributable to noncontrolling interest - consolidated real estate ventures20 1 21 5 
Comprehensive income (loss) attributable to Brandywine Operating Partnership$(18,731)$14,157 $(35,388)$30,800 
(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, 2023