0000790816-24-000022 | 10-Q | XBRL Viewer

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,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(16,414)	$	(16,414)	$	(5,276)	$	(5,276)
Net loss attributable to noncontrolling interests	46		46		17		17
Nonforfeitable dividends allocated to unvested restricted shareholders	(336)		(336)		(70)		(70)


Net loss attributable to common shareholders	$	(16,704)	$	(16,704)	$	(5,329)	$	(5,329)
Denominator


Weighted-average shares outstanding	172,207,037		172,207,037		171,673,167		171,673,167
Loss per Common Share:
Net loss attributable to common shareholders	$	(0.10)	$	(0.10)	$	(0.03)	$	(0.03)

Redeemable common limited partnership units totaling 515,595 and 516,467 at March 31, 2024 and March 31, 2023, respectively, 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, 2024 and 2023, 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 14, 2024, the Parent Company declared a distribution of $0.15 per common share, totaling $26.3 million, which was paid on April 18, 2024 to shareholders of record as of April 4, 2024.

The Parent Company maintains a common share repurchase program under which the Board of Trustees has authorized the Parent Company to repurchase its common shares. On January 3, 2019, the Board of Trustees authorized the repurchase of up to $150.0 million of the Company's common shares from and after January 3, 2019. During the three months ended March 31, 2024 and March 31, 2023, the Company did not repurchase any common shares.

INTANGIBLE ASSETS AND LIABILITIES - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Intangible assets, net:
Total Cost	$ 18,901	$ 24,466
Accumulated Amortization	(11,789)	(16,772)
Intangible Assets, net	7,112	7,694
Intangible liabilities, net:
Total Cost	17,179	17,588
Accumulated Amortization	(9,157)	(9,318)
Intangible Liabilities, net	8,022	8,270
In-place lease value
Intangible assets, net:
Total Cost	18,716	24,281
Accumulated Amortization	(11,687)	(16,673)
Intangible Assets, net	7,029	7,608
Tenant relationship value
Intangible assets, net:
Total Cost	110	110
Accumulated Amortization	(53)	(52)
Intangible Assets, net	57	58
Above market leases acquired
Intangible assets, net:
Total Cost	75	75
Accumulated Amortization	(49)	(47)
Intangible Assets, net	$ 26	$ 28

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
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, 2024, the Company’s unconsolidated real estate ventures had aggregate indebtedness of $1,438.0 million. These loans are generally mortgage loans or secured construction loans, most of which are nonrecourse to the Company, except for customary recourse carve-outs. In addition, during construction undertaken by the unconsolidated real estate ventures, including the 3025 JFK Venture, the 3151 Market Street Venture, and the One Uptown Ventures, 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. 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. The Company expects that it will be required to fund $5.7 million of additional equity through the project completion date. 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. As of March 31, 2024, 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 $22.9 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 and would fund such costs through the use of its credit facilities and cash on hand. With respect to the One Uptown Ventures, the Company has provided completion guarantees and environmental indemnities in favor of its partner. In addition, the Company has provided completion guarantees, environmental indemnities and guarantees of exceptions to nonrecourse loan provisions in favor of the lenders for the One Uptown Ventures. Moreover, 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 (office) and $85.0 million (multifamily) 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, 2024, had $5.6 million of future fixed contractual obligations. The Company also committed to fund additional contributions under the program. As of March 31, 2024, the Company estimates that these additional contributions, which are not fixed under the terms of agreement, will be $2.1 million. The Company has also committed to contribute $15.0 million to a newly-formed venture capital fund that invests in early-stage life science companies. 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.

INTANGIBLE ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities

As of March 31, 2024 and December 31, 2023, the Company’s intangible assets/liabilities were comprised of the following (in thousands):


	March 31, 2024
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	18,716	$	(11,687)	$	7,029
Tenant relationship value	110		(53)		57
Above market leases acquired	75		(49)		26


Total intangible assets, net	$	18,901	$	(11,789)	$	7,112

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	17,179	$	(9,157)	$	8,022


	December 31, 2023
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	24,281	$	(16,673)	$	7,608
Tenant relationship value	110		(52)		58
Above market leases acquired	75		(47)		28


Total intangible assets, net	$	24,466	$	(16,772)	$	7,694

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	17,588	$	(9,318)	$	8,270

Schedule of Amortization for Intangible Assets and Liabilities

As of March 31, 2024, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):


	Assets		Liabilities
2024 (nine months remaining)	$	1,236	$	681
2025	1,485		869
2026	1,093		739
2027	808		623
2028	313		534
Thereafter	2,177		4,576


Total	$	7,112	$	8,022

ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP

3 Months Ended

Mar. 31, 2024

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, 2024, 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, 2024, the Company owned 72 properties that contained an aggregate of approximately 13.0 million net rentable square feet (collectively, the “Properties”). The Company’s core portfolio of operating properties (the “Core Properties”) excludes development properties, redevelopment properties, recently completed properties, and properties held for sale. The Properties were comprised of the following as of March 31, 2024:


	Number of Properties	Rentable Square Feet
Office properties	65	11,773,665
Mixed-use properties	4	924,450

Core Properties	69	12,698,115
Development property	2	144,685

Recently completed - not stabilized property	1	168,294

The Properties	72	13,011,094

In addition to the Properties, as of March 31, 2024, the Company owned 141.6 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 5.1 additional acres of undeveloped land. As of March 31, 2024, 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 12.1 million net rentable square feet.

As of March 31, 2024, the Company also owned economic interests in twelve 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, 2024, the management company subsidiaries were managing properties containing an aggregate of approximately 22.3 million net rentable square feet, of which approximately 13.0 million net rentable square feet related to Properties owned by the Company and approximately 9.3 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.

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Notional Amount	$ 328,610,000	$ 250,000,000
Interest Rate Swap, 3.279% \| Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Notional Amount	$ 250,000,000	250,000,000
Strike	3.729%
Fair value		(757,000)
Fair value	$ 3,226,000
Interest Rate Swap, 3.629% \| Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Notional Amount	$ 27,062,000	0
Strike	3.629%
Fair value		0
Fair value	$ 438,000
Interest Rate Swap, 3.725% \| Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Notional Amount	$ 51,548,000	0
Strike	3.725%
Fair value		$ 0
Fair value	$ 698,000

SEGMENT INFORMATION - Net Operating Income of Company's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 126,484	$ 129,227
Operating expenses	(47,414)	(50,835)
Net operating income	79,070	78,392
Operating Segments \| Philadelphia CBD
Segment Reporting Information [Line Items]
Total revenue	55,988	56,227
Operating expenses	(19,882)	(20,586)
Net operating income	36,106	35,641
Operating Segments \| Pennsylvania Suburbs
Segment Reporting Information [Line Items]
Total revenue	32,019	32,771
Operating expenses	(9,359)	(9,779)
Net operating income	22,660	22,992
Operating Segments \| Austin, Texas
Segment Reporting Information [Line Items]
Total revenue	23,255	25,237
Operating expenses	(9,013)	(11,294)
Net operating income	14,242	13,943
Operating Segments \| Other
Segment Reporting Information [Line Items]
Total revenue	10,968	9,389
Operating expenses	(5,462)	(5,412)
Net operating income	5,506	3,977
Corporate
Segment Reporting Information [Line Items]
Total revenue	4,254	5,603
Operating expenses	(3,698)	(3,764)
Net operating income	$ 556	$ 1,839

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue
Total revenue	$ 126,484	$ 129,227
Operating expenses
Property operating expenses	32,279	33,594
Real estate taxes	12,592	14,602
Third party management expenses	2,543	2,639
Depreciation and amortization	45,042	45,600
General and administrative expenses	11,104	9,482
Total operating expenses	103,560	105,917
Gain on sale of real estate
Net gain on sale of undepreciated real estate	0	781
Total gain on sale of real estate	0	781
Operating income	22,924	24,091
Other income (expense):
Interest and investment income	421	505
Interest expense	(25,049)	(22,653)
Interest expense - amortization of deferred financing costs	(1,091)	(1,027)
Equity in loss of unconsolidated real estate ventures	(13,588)	(6,167)
Net loss on real estate venture transactions	(29)	0
Net loss before income taxes	(16,412)	(5,251)
Income tax provision	(2)	(25)
Net loss	(16,414)	(5,276)
Net loss attributable to noncontrolling interests	46	17
Net loss attributable to Brandywine Realty Trust	(16,368)	(5,259)
Nonforfeitable dividends allocated to unvested restricted shareholders	(336)	(70)
Net loss attributable to Common Shareholders of Brandywine Realty Trust	$ (16,704)	$ (5,329)
Basic loss per Common Share (in dollars per share)	$ (0.10)	$ (0.03)
Diluted loss per Common Share (in dollars per share)	$ (0.10)	$ (0.03)
Basic weighted average shares outstanding (in shares)	172,207,037	171,673,167
Diluted weighted average shares outstanding (in shares)	172,207,037	171,673,167
Rents
Revenue
Total revenue	$ 119,008	$ 120,848
Third party management fees, labor reimbursement and leasing
Revenue
Total revenue	5,894	6,002
Other
Revenue
Total revenue	$ 1,582	$ 2,377

DEBT OBLIGATIONS (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023 (in thousands):


	March 31, 2024		December 31, 2023		Effective Interest Rate		Maturity Date
SECURED DEBT:



$245.0M 5.88% Secured Term Loan due 2028	$	245,000	$	245,000	5.88%		February 2028
$50.0M Construction Loan due 2026	18,899		13,824		SOFR + 2.50%		August 2026
Principal balance outstanding	263,899		258,824

Less: deferred financing costs	(2,963)		(3,153)
Total Secured indebtedness	$	260,936	$	255,671

UNSECURED DEBT
$600 million Unsecured Credit Facility	$	37,000	—		SOFR + 1.50%		June 2027	(a)
Term Loan - Swapped to fixed	250,000		250,000		SOFR + 1.70%	(b)	June 2027	(a)
$70.0 million Term Loan	70,000		70,000		SOFR + 2.00%		February 2025	(a)
$350.0M 4.10% Guaranteed Notes due 2024	340,000		340,000		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		7.98%	(c)	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		SOFR + 1.51	(d)	March 2035
Indenture IB (Preferred Trust I)	25,774		25,774		SOFR + 1.51	(d)	April 2035
Indenture II (Preferred Trust II)	25,774		25,774		SOFR + 1.51	(d)	July 2035
Principal balance outstanding	1,925,610		1,888,610
Plus: original issue premium (discount), net	1,628		1,878
Less: deferred financing costs	(6,919)		(7,327)
Total unsecured indebtedness	$	1,920,319	$	1,883,161
Total Debt Obligations	$	2,181,255	$	2,138,832

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

(b)On November 23, 2022, the $250.0 million unsecured term loan was swapped to a fixed rate. At March 31, 2024, the fixed rate for this instrument is 5.41% and matures on June 30, 2027. The effective date of the swap was January 31, 2023.

(c)During the third quarter of 2023, Moody’s downgraded our senior unsecured credit rating from Baa3 to Ba1. As a result of the downgrade, the interest rate on our 7.55% Guaranteed Notes due 2028 (the "2028 Notes") increased 25 basis points in September 2023 due to the coupon adjustment provisions within the 2028 Notes. During the first quarter of 2024, S&P downgraded our senior unsecured credit rating from BBB- to BB+. As a result of the downgrade, the interest rate on the 2028 Notes increased 25 basis points to 8.05% in March 2024 due to the coupon adjustment provisions within the 2028 Notes.

(d)On January 16, 2024, the Trust Preferred I Indenture IA was swapped to a fixed rate at 5.14% for the period from March 30, 2024 to December 30, 2026 and Trust Preferred I Indenture IB and Trust Preferred II Indenture II were swapped to a fixed rate at 5.24% for the period from January 30, 2024 to January 30, 2027.

Schedule of Maturities of Long-term Debt

As of March 31, 2024, the aggregate scheduled principal payments on the Company’s consolidated debt obligations (secured and unsecured) were as follows (in thousands):


2024 (nine months remaining)	$	340,000
2025	70,000
2026	18,899
2027	737,000
2028	595,000
Thereafter	428,610
Total principal payments	2,189,509
Net unamortized premiums/(discounts)	1,628
Net deferred financing costs	(9,882)
Outstanding indebtedness	$	2,181,255

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Summary of Financial Position of Real Estate Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Net property	$ 2,660,339	$ 2,675,272
Other assets	103,573	86,051
Other liabilities	66,049	63,729
Debt, net	2,181,255	2,138,832
Equity	1,292,246	1,324,157	$ 1,593,218	$ 1,633,334
Investment In Nonconsolidated Real Estate
Schedule of Equity Method Investments [Line Items]
Net property	1,959,104	2,339,921
Other assets	416,628	534,658
Other liabilities	413,416	443,536
Debt, net	1,067,443	1,407,858
Equity	$ 894,873	$ 1,023,185

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

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-5

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (h)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (i)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480528/815-20-65-6

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483550/848-10-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479343/105-10-65-6

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480336/718-10-65-15

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-3

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2

Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 38: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 40: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 41: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-15

Reference 42: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-16

Reference 43: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4I

Schedule of Gross Carrying Value of Operating Properties

CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY - BRANDYWINE OPERATING PARTNERSHIP, L.P. (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
BRANDYWINE OPERATING PARTNERSHIP, L.P. \| General Partner Capital
Distributions to general partnership unitholders (in dollars per share)	$ 0.15	$ 0.19

REAL ESTATE INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Real Estate [Abstract]

As of March 31, 2024 and December 31, 2023, the gross carrying value of the operating properties was as follows (in thousands):


	March 31, 2024		December 31, 2023
Land	$	394,628	$	394,669
Building and improvements	2,677,619		2,671,024
Tenant improvements	477,427		476,539


Total	$	3,549,674	$	3,542,232

CONSOLIDATED STATEMENTS OF BENEFICIARIES’ EQUITY (Parenthetical) - $ / shares		3 Months Ended
	Feb. 14, 2024	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Distributions declared (in dollars per share)	$ 0.15	$ 0.15	$ 0.19

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023
Philadelphia CBD	$	1,535,852	$	1,534,893
Pennsylvania Suburbs	901,577		900,230
Austin, Texas	803,756		801,973
Total Core Segments	3,241,185		3,237,096
Other	308,489		305,136


Operating properties	$	3,549,674	$	3,542,232

Corporate
Right of use asset - operating leases, net	$	18,875	$	19,031
Construction-in-progress	$	146,194	$	135,529
Land held for development	$	81,616	$	82,510
Prepaid leasehold interests in land held for development, net	$	27,762	$	27,762

Net operating income:


	Three Months Ended March 31,
	2024						2023
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	55,988	$	(19,882)	$	36,106	$	56,227	$	(20,586)	$	35,641
Pennsylvania Suburbs	32,019		(9,359)		22,660		32,771		(9,779)		22,992
Austin, Texas	23,255		(9,013)		14,242		25,237		(11,294)		13,943
Other	10,968		(5,462)		5,506		9,389		(5,412)		3,977

Corporate	4,254		(3,698)		556		5,603		(3,764)		1,839
Operating properties	$	126,484	$	(47,414)	$	79,070	$	129,227	$	(50,835)	$	78,392

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 ventures
	As of				Three Months Ended March 31,
	March 31, 2024		December 31, 2023		2024		2023
Philadelphia CBD	$	468,642	$	450,136	$	(9,613)	$	(3,259)
Metropolitan Washington, D.C.	69,288		71,931		(752)		(1,176)
Mid-Atlantic Office JV	—		—		—		190
MAP Venture	(52,200)		(48,733)		(3,223)		(1,922)

Austin, Texas	80,112		79,160		—		—
Total	$	565,842	$	552,494	$	(13,588)	$	(6,167)

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,
	2024		2023
Net loss	$	(16,414)	$	(5,276)
Plus:
Interest expense	25,049		22,653
Interest expense - amortization of deferred financing costs	1,091		1,027

Depreciation and amortization	45,042		45,600
General and administrative expenses	11,104		9,482
Equity in loss of unconsolidated real estate ventures	13,588		6,167


Less:
Interest and investment income	421		505
Income tax provision	(2)		(25)


Net gain on sale of undepreciated real estate	—		781
Net loss on real estate venture transactions	(29)		—

Consolidated net operating income	$	79,070	$	78,392

LEASES

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
Lease Revenue	2024		2023
Fixed contractual payments	$	92,213	$	91,682
Variable lease payments	24,198		26,515
Total	$	116,411	$	118,197

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, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
Lease Revenue	2024		2023
Fixed contractual payments	$	92,213	$	91,682
Variable lease payments	24,198		26,515
Total	$	116,411	$	118,197

SHARE BASED COMPENSATION

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

SHARE BASED COMPENSATION

13. SHARE BASED COMPENSATION

Restricted Share Unit Awards

As of March 31, 2024, 2,242,275 restricted share rights and units (“Restricted Share Units”) were outstanding under the Company’s long term equity incentive plan. These Restricted Share Units 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, 2024 was $3.6 million and is expected to be recognized over a weighted average remaining vesting period of 1.19 years. During the three months ended March 31, 2024 and 2023, the amortization related to outstanding Restricted Share Units was $3.9 million (of which $0.7 million was capitalized) and $2.8 million (of which $0.4 million was capitalized), respectively. Compensation expense related to outstanding Restricted Share Units is included in general and administrative expense.

The following table summarizes the Company’s Restricted Share Units activity during the three months ended March 31, 2024:


	Shares	Weighted Average Grant Date Fair Value
Non-vested at January 1, 2024	889,166	$	8.79
Granted	1,394,123	$	4.11
Vested	(34,365)	$	6.08
Forfeited	(6,649)	$	8.16
Non-vested at March 31, 2024	2,242,275	$	5.92

On February 26, 2024, the Compensation Committee of the Parent Company’s Board of Trustees awarded to officers of the Company an aggregate of 1,251,803 Restricted Share Units, which vest over three years from the grant date. Each Restricted Share Unit entitles the holder to one common share upon settlement. The Parent Company pays dividend equivalents on the

Restricted Share Units 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 Units, 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 Units granted in 2024, 2023, and 2022 to certain senior executives include an “outperformance feature” whereby additional shares may be earned, up to 275% of the shares subject to the basic award, based on the Company’s achievement of earnings-based targets and capital markets 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 2,669,293, 925,642, and 406,179 shares may be awarded under the outperformance feature for the 2024, 2023, and 2022 awards, respectively, to those senior officers whose Restricted Share Units awards include the “outperformance feature.” As of March 31, 2024, the Company has not recognized any compensation expense related to the outperformance feature for the 2022 awards and has recognized $0.3 million and $0.5 million related to the outperformance feature for the 2024 and 2023 awards respectively. 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, 2024, the Compensation Committee awarded non-officer employees an aggregate of 142,320 Restricted Share Units 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 who meet the conditions for qualifying retirement during the scheduled vesting period and whose award agreements provide for vesting upon a qualifying retirement or qualifying retirement eligibility.

Restricted Performance Share Unit Awards

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 varying between zero and 200% of the target amount based on the achievement of certain performance or market conditions. For 2022 and 2023 awards, the number of shares issuable is 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 (“Relative TSR”). For 2024 awards, the number of common shares issuable is determined based on the Company’s achievement of certain operating metrics during three one-year performance periods, subject to further adjustment based on Relative TSR for the three-year term of the award. The table below presents certain information as to unvested RPSU awards.


	RPSU Grant Date
	3/3/2022		2/16/2023		2/26/2024		Total
(Amounts below in shares, unless otherwise noted)
Non-vested at January 1, 2024	513,038		1,057,173		—		1,570,211
Granted	—		—		417,268		417,268
Units Vested	(9,877)		(19,484)		—		(29,361)
Units Cancelled	(1,048)		(4,341)		—		(5,389)
Non-vested at March 31, 2024	502,113		1,033,348		417,268		1,952,729
Measurement Period Commencement Date	1/1/2022		1/1/2023		1/1/2024
Measurement Period End Date	12/31/2024		12/31/2025		12/31/2026
Awarded Units	516,852		1,057,173		1,251,803
Fair Value of Units on Grant Date (in thousands)	$	6,872	$	7,125	$	1,715

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. If an award's service inception date precedes the grant date, we initially measure compensation expense for awards with performance conditions at fair value at the service inception date based on probability of payout, and we remeasure compensation expense at subsequent reporting dates until all of the award’s key terms and conditions are known and the grant date is established. We amortize awards with performance conditions using the graded expense method.

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

For 2024 awards, the Company awarded 1,251,803 shares of which 417,268 are granted in 2024. The determination and delivery of earned shares will be accelerated in the event of a change in control or the award recipient’s death or disability before the end of the full three-year term of the award. If the award recipient’s service ceases due to his or her qualifying retirement or disability during the term of the award, the award will remain outstanding and be earned based on actual performance for the full term of the award, subject to pro-ration based on the portion of the term actually worked. Dividend equivalents will be credited as additional RPSUs during the term of the awards, subject to the same terms and conditions as the original RPSUs.

For the three months ended March 31, 2024, the Company recognized amortization of the 2024, 2023 and 2022 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, 2023, amortization for the 2023, 2022 and 2021 RPSU awards was $1.4 million, of which $0.2 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, 2024 was approximately $10.9 million and is expected to be recognized over a weighted average remaining vesting period of 2.1 years.

The Company issued 164,461 common shares on February 1, 2023 in settlement of RPSUs that had been awarded on March 5, 2021 (with a three-year measurement period ended December 31, 2023). Holders of these RPSUs also received a cash dividend of $0.15 per share for these common shares on January 18, 2024.

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, 2024	Mar. 31, 2023
Numerator
Net loss	$ (16,414)	$ (5,276)
Nonforfeitable dividends allocated to unvested restricted unitholders, Basic	(336)	(70)
Nonforfeitable dividends allocated to unvested restricted unitholders, Diluted	$ (336)	$ (70)
Denominator
Weighted average units outstanding, basic (in shares)	172,207,037	171,673,167
Weighted average shares outstanding, diluted (in shares)	172,207,037	171,673,167
Loss per Common Partnership Unit:
Net loss attributable to common shareholders, Basic (in dollars per share)	$ (0.10)	$ (0.03)
Net loss attributable to common shareholders, Diluted (in dollars per share)	$ (0.10)	$ (0.03)
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Numerator
Net loss	$ (16,414)	$ (5,276)
Net (income) loss attributable to noncontrolling interests	(3)	1
Nonforfeitable dividends allocated to unvested restricted unitholders, Basic	(336)	(70)
Nonforfeitable dividends allocated to unvested restricted unitholders, Diluted	(336)	(70)
Net loss attributable to common unitholders, Basic	(16,753)	(5,345)
Net loss attributable to common unitholders, Diluted	$ (16,753)	$ (5,345)
Denominator
Weighted average units outstanding, basic (in shares)	172,722,632	172,189,634
Weighted average shares outstanding, diluted (in shares)	172,722,632	172,189,634
Loss per Common Partnership Unit:
Net loss attributable to common shareholders, Basic (in dollars per share)	$ (0.10)	$ (0.03)
Net loss attributable to common shareholders, Diluted (in dollars per share)	$ (0.10)	$ (0.03)

REAL ESTATE INVESTMENTS

3 Months Ended

Mar. 31, 2024

Real Estate [Abstract]

REAL ESTATE INVESTMENTS

3. REAL ESTATE INVESTMENTS

As of March 31, 2024 and December 31, 2023, the gross carrying value of the operating properties was as follows (in thousands):


	March 31, 2024		December 31, 2023
Land	$	394,628	$	394,669
Building and improvements	2,677,619		2,671,024
Tenant improvements	477,427		476,539


Total	$	3,549,674	$	3,542,232

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Capitalized interest	$ 3,918	$ 4,072

CONSOLIDATED STATEMENTS OF CASH FLOWS - BRANDYWINE OPERATING PARTNERSHIP L.P. - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (16,414)	$ (5,276)
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	45,042	45,600
Amortization of deferred financing costs	1,091	1,027
Amortization of debt discount/(premium), net	(250)	(258)
Amortization of stock compensation costs	4,378	3,398
Straight-line rent income	(3,199)	(2,835)
Amortization of acquired above (below) market leases, net	(246)	(376)
Ground rent expense	197	201
Net loss on real estate venture transactions	29	0
Total gain on sale of real estate	0	(781)
Loss from unconsolidated real estate ventures, including income distributions	13,588	6,167
Income tax provision	2	25
Changes in assets and liabilities:
Accounts receivable	1,452	(2,416)
Other assets	(16,948)	(16,040)
Accounts payable and accrued expenses	(10,208)	(19,911)
Deferred income, gains and rent	1,199	(960)
Other liabilities	4,098	(2,190)
Net cash provided by operating activities	23,811	5,375
Cash flows from investing activities:
Capital expenditures for tenant improvements	(15,904)	(13,637)
Capital expenditures for redevelopments	(4,013)	(14,114)
Capital expenditures for developments	(7,404)	(4,588)
Advances for the purchase of tenant assets, net of repayments	(998)	(26)
Investment in unconsolidated real estate ventures	(26,975)	(10,627)
Capital distributions from unconsolidated real estate ventures	3,931	300
Leasing costs paid	(3,942)	(2,331)
Net cash used in investing activities	(55,305)	(45,023)
Cash flows from financing activities:
Proceeds from credit facility borrowings	37,000	115,000
Repayments of credit facility borrowings	0	(203,500)
Repayments of unsecured notes	0	(54,301)
Proceeds from unsecured term loan	0	70,000
Proceeds from secured term loan	0	245,000
Proceeds from construction loan	5,076	0
Debt financing costs paid	(200)	(4,414)
Shares used for employee taxes upon vesting of share awards	(594)	(652)
Distributions paid to preferred and common partnership units	(25,946)	(32,703)
Net cash provided by financing activities	15,259	134,332
Increase/(Decrease) in cash and cash equivalents and restricted cash	(16,235)	94,684
Cash and cash equivalents and restricted cash at beginning of period	67,534	18,387
Cash and cash equivalents and restricted cash at end of period	51,299	113,071
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	58,319	17,551
Restricted cash, beginning of period	9,215	836
Cash and cash equivalents and restricted cash at beginning of period	67,534	18,387
Cash and cash equivalents, end of period	43,210	96,945
Restricted cash, end of period	8,089	16,126
Cash and cash equivalents and restricted cash at end of period	51,299	113,071
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the three months ended March 31, 2024 and 2023 of $3,918 and $4,072, respectively	23,368	17,007
Cash paid for income taxes	0	1
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid	26,248	32,823
Change in investment in real estate ventures as a result of deconsolidation	0	8,595
Change in operating real estate from deconsolidation of operating properties	0	(7,814)
Change in capital expenditures financed through accounts payable at period end	(1,179)	451
Change in capital expenditures financed through retention payable at period end	648	255
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Cash flows from operating activities:
Net loss	(16,414)	(5,276)
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	45,042	45,600
Amortization of deferred financing costs	1,091	1,027
Amortization of debt discount/(premium), net	(250)	(258)
Amortization of stock compensation costs	4,378	3,398
Straight-line rent income	(3,199)	(2,835)
Amortization of acquired above (below) market leases, net	(246)	(376)
Ground rent expense	197	201
Net loss on real estate venture transactions	29	0
Total gain on sale of real estate	0	(781)
Loss from unconsolidated real estate ventures, including income distributions	13,588	6,167
Income tax provision	2	25
Changes in assets and liabilities:
Accounts receivable	1,452	(2,416)
Other assets	(16,948)	(16,040)
Accounts payable and accrued expenses	(10,208)	(19,911)
Deferred income, gains and rent	1,199	(960)
Other liabilities	4,098	(2,190)
Net cash provided by operating activities	23,811	5,375
Cash flows from investing activities:
Capital expenditures for tenant improvements	(15,904)	(13,637)
Capital expenditures for redevelopments	(4,013)	(14,114)
Capital expenditures for developments	(7,404)	(4,588)
Advances for the purchase of tenant assets, net of repayments	(998)	(26)
Investment in unconsolidated real estate ventures	(26,975)	(10,627)
Capital distributions from unconsolidated real estate ventures	3,931	300
Leasing costs paid	(3,942)	(2,331)
Net cash used in investing activities	(55,305)	(45,023)
Cash flows from financing activities:
Proceeds from credit facility borrowings	37,000	115,000
Repayments of credit facility borrowings	0	(203,500)
Repayments of unsecured notes	0	(54,301)
Proceeds from unsecured term loan	0	70,000
Proceeds from secured term loan	0	245,000
Proceeds from construction loan	5,076	0
Debt financing costs paid	(200)	(4,414)
Shares used for employee taxes upon vesting of share awards	(594)	(652)
Distributions paid to preferred and common partnership units	(26,023)	(32,801)
Net cash provided by financing activities	15,259	134,332
Increase/(Decrease) in cash and cash equivalents and restricted cash	(16,235)	94,684
Cash and cash equivalents and restricted cash at beginning of period	67,534	18,387
Cash and cash equivalents and restricted cash at end of period	51,299	113,071
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	58,319	17,551
Restricted cash, beginning of period	9,215	836
Cash and cash equivalents and restricted cash at beginning of period	67,534	18,387
Cash and cash equivalents, end of period	43,210	96,945
Restricted cash, end of period	8,089	16,126
Cash and cash equivalents and restricted cash at end of period	51,299	113,071
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the three months ended March 31, 2024 and 2023 of $3,918 and $4,072, respectively	23,368	17,007
Cash paid for income taxes	0	1
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid	26,248	32,823
Change in investment in real estate ventures as a result of deconsolidation	0	8,595
Change in operating real estate from deconsolidation of operating properties	0	(7,814)
Change in capital expenditures financed through accounts payable at period end	(1,179)	451
Change in capital expenditures financed through retention payable at period end	$ 648	$ 255

INTANGIBLE ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

6. INTANGIBLE ASSETS AND LIABILITIES

As of March 31, 2024 and December 31, 2023, the Company’s intangible assets/liabilities were comprised of the following (in thousands):


	March 31, 2024
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	18,716	$	(11,687)	$	7,029
Tenant relationship value	110		(53)		57
Above market leases acquired	75		(49)		26


Total intangible assets, net	$	18,901	$	(11,789)	$	7,112

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	17,179	$	(9,157)	$	8,022


	December 31, 2023
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	24,281	$	(16,673)	$	7,608
Tenant relationship value	110		(52)		58
Above market leases acquired	75		(47)		28


Total intangible assets, net	$	24,466	$	(16,772)	$	7,694

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	17,588	$	(9,318)	$	8,270

As of March 31, 2024, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):


	Assets		Liabilities
2024 (nine months remaining)	$	1,236	$	681
2025	1,485		869
2026	1,093		739
2027	808		623
2028	313		534
Thereafter	2,177		4,576


Total	$	7,112	$	8,022

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Mid-Atlantic Office JV (Details)	Dec. 21, 2020 USD ($) ft² property	Mar. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of real estate properties \| property		72
Investment in real estate ventures		$ 565,842,000	$ 552,494,000
Philadelphia CBD
Schedule of Equity Method Investments [Line Items]
Investment in real estate ventures		468,642,000	450,136,000
Other
Schedule of Equity Method Investments [Line Items]
Investment in real estate ventures		$ 69,288,000	$ 71,931,000
Mid-Atlantic Office Venture
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	40.00%
Joint venture, funding from debt	$ 147,400,000
Proceeds from issuance of secured debt	$ 120,800,000
Mid-Atlantic Office Venture \| Mid-Atlantic Office JV Loan \| Secured Overnight Financing Rate (SOFR)
Schedule of Equity Method Investments [Line Items]
Basis spread on interest rate (as percent)	3.25%
Office Properties \| Mid-Atlantic Office Venture
Schedule of Equity Method Investments [Line Items]
Number of real estate properties \| property	12
Rentable area (in square feet) \| ft²	1,128,645
Disposal group, including discontinued operation, consideration	$ 192,900,000
Investment in real estate ventures	$ 0
Office Properties \| Mid-Atlantic Office Venture \| Philadelphia CBD
Schedule of Equity Method Investments [Line Items]
Number of real estate properties \| property	9
Office Properties \| Mid-Atlantic Office Venture \| Other
Schedule of Equity Method Investments [Line Items]
Number of real estate properties \| property	3

LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Aggregate amount related to non-controlling interests classified within equity	$ 3.9	$ 4.1
Settlement value of non controlling interest in operating partnership	$ 2.4	$ 2.8

SEGMENT INFORMATION - Reconciliation of Consolidated Net Income to Consolidated NOI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting [Abstract]
Net loss	$ (16,414)	$ (5,276)
Plus:
Interest expense	25,049	22,653
Interest expense - amortization of deferred financing costs	1,091	1,027
Depreciation and amortization	45,042	45,600
General and administrative expenses	11,104	9,482
Equity in loss of unconsolidated real estate ventures	13,588	6,167
Less:
Interest and investment income	421	505
Income tax provision	(2)	(25)
Net gain on sale of undepreciated real estate	0	781
Net loss on real estate venture transactions	(29)	0
Consolidated net operating income	$ 79,070	$ 78,392

CONSOLIDATED STATEMENTS OF OPERATIONS - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue
Total revenue	$ 126,484	$ 129,227
Operating expenses
Property operating expenses	32,279	33,594
Real estate taxes	12,592	14,602
Third party management expenses	2,543	2,639
Depreciation and amortization	45,042	45,600
General and administrative expenses	11,104	9,482
Total operating expenses	103,560	105,917
Gain on sale of real estate
Net gain on sale of undepreciated real estate	0	781
Total gain on sale of real estate	0	781
Operating income	22,924	24,091
Other income (expense):
Interest and investment income	421	505
Interest expense	(25,049)	(22,653)
Interest expense - amortization of deferred financing costs	(1,091)	(1,027)
Equity in loss of unconsolidated real estate ventures	(13,588)	(6,167)
Net loss on real estate venture transactions	(29)	0
Net loss before income taxes	(16,412)	(5,251)
Income tax provision	(2)	(25)
Net loss	(16,414)	(5,276)
Nonforfeitable dividends allocated to unvested restricted shareholders	(336)	(70)
Net loss attributable to Common Shareholders of Brandywine Realty Trust	$ (16,704)	$ (5,329)
Basic loss per Common Share (in dollars per share)	$ (0.10)	$ (0.03)
Diluted loss per Common Share (in dollars per share)	$ (0.10)	$ (0.03)
Basic weighted average common partnership units outstanding (in shares)	172,207,037	171,673,167
Diluted weighted average common partnership units outstanding (in shares)	172,207,037	171,673,167
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Total revenue	$ 126,484	$ 129,227
Operating expenses
Property operating expenses	32,279	33,594
Real estate taxes	12,592	14,602
Third party management expenses	2,543	2,639
Depreciation and amortization	45,042	45,600
General and administrative expenses	11,104	9,482
Total operating expenses	103,560	105,917
Gain on sale of real estate
Net gain on sale of undepreciated real estate	0	781
Total gain on sale of real estate	0	781
Operating income	22,924	24,091
Other income (expense):
Interest and investment income	421	505
Interest expense	(25,049)	(22,653)
Interest expense - amortization of deferred financing costs	(1,091)	(1,027)
Equity in loss of unconsolidated real estate ventures	(13,588)	(6,167)
Net loss on real estate venture transactions	(29)	0
Net loss before income taxes	(16,412)	(5,251)
Income tax provision	(2)	(25)
Net loss	(16,414)	(5,276)
Net (income) loss attributable to noncontrolling interests - consolidated real estate ventures	(3)	1
Net loss attributable to Brandywine Operating Partnership	(16,417)	(5,275)
Nonforfeitable dividends allocated to unvested restricted shareholders	(336)	(70)
Net loss attributable to Common Shareholders of Brandywine Realty Trust	$ (16,753)	$ (5,345)
Basic loss per Common Share (in dollars per share)	$ (0.10)	$ (0.03)
Diluted loss per Common Share (in dollars per share)	$ (0.10)	$ (0.03)
Basic weighted average common partnership units outstanding (in shares)	172,722,632	172,189,634
Diluted weighted average common partnership units outstanding (in shares)	172,722,632	172,189,634
Rents
Revenue
Total revenue	$ 119,008	$ 120,848
Rents \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Total revenue	119,008	120,848
Third party management fees, labor reimbursement and leasing
Revenue
Total revenue	5,894	6,002
Third party management fees, labor reimbursement and leasing \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Total revenue	5,894	6,002
Other
Revenue
Total revenue	1,582	2,377
Other \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Total revenue	$ 1,582	$ 2,377

BENEFICIARIES' EQUITY OF THE PARENT COMPANY (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended March 31,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(16,414)	$	(16,414)	$	(5,276)	$	(5,276)
Net loss attributable to noncontrolling interests	46		46		17		17
Nonforfeitable dividends allocated to unvested restricted shareholders	(336)		(336)		(70)		(70)


Net loss attributable to common shareholders	$	(16,704)	$	(16,704)	$	(5,329)	$	(5,329)
Denominator


Weighted-average shares outstanding	172,207,037		172,207,037		171,673,167		171,673,167
Loss per Common Share:
Net loss attributable to common shareholders	$	(0.10)	$	(0.10)	$	(0.03)	$	(0.03)

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,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(16,414)	$	(16,414)	$	(5,276)	$	(5,276)
Net (income) loss attributable to noncontrolling interests	(3)		(3)		1		1
Nonforfeitable dividends allocated to unvested restricted unitholders	(336)		(336)		(70)		(70)


Net loss attributable to common unitholders	$	(16,753)	$	(16,753)	$	(5,345)	$	(5,345)
Denominator


Total weighted-average units outstanding	172,722,632		172,722,632		172,189,634		172,189,634
Loss per Common Partnership Unit:
Net loss attributable to common unitholders	$	(0.10)	$	(0.10)	$	(0.03)	$	(0.03)

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Hernadon Innovation Center Metro Portfolio Venture, LLC (Details) $ in Thousands	Mar. 31, 2024 USD ($) ft² property	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Area of real estate property \| ft²	13,011,094
Debt, net	$ 2,181,255	$ 2,138,832
Investment in real estate ventures	565,842	$ 552,494
Herndon Innovation Center Metro Portfolio Venture L L C \| Secured fixed rate debt
Schedule of Equity Method Investments [Line Items]
Debt, net	233,400
Investment in real estate ventures	$ 0
Herndon Innovation Center Metro Portfolio Venture L L C \| Metropolitan Washington, D.C. - Office
Schedule of Equity Method Investments [Line Items]
Number of properties contributed to joint venture \| property	8
Area of real estate property \| ft²	1,293,197
Herndon Innovation Center Metro Portfolio Venture L L C \| Metropolitan Washington, D.C. - Office \| Minimum
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	15.00%
Herndon Innovation Center Metro Portfolio Venture L L C \| Metropolitan Washington, D.C. - Office \| Maximum
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	85.00%

BENEFICIARIES' EQUITY OF THE PARENT COMPANY - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net loss	$ (16,414)	$ (5,276)
Net loss attributable to noncontrolling interests, Basic	46	17
Net loss attributable to noncontrolling interests, Diluted	46	17
Nonforfeitable dividends allocated to unvested restricted shareholders, Basic	(336)	(70)
Nonforfeitable dividends allocated to unvested restricted shareholders, Diluted	(336)	(70)
Net loss attributable to Common Shareholders of Brandywine Realty Trust	(16,704)	(5,329)
Net income (loss) attributable to common shareholders, diluted	$ (16,704)	$ (5,329)
Denominator
Basic weighted average shares outstanding (in shares)	172,207,037	171,673,167
Weighted average shares outstanding, diluted (in shares)	172,207,037	171,673,167
Loss per Common Share:
Net loss attributable to common shareholders, Basic (in dollars per share)	$ (0.10)	$ (0.03)
Net loss attributable to common shareholders, Diluted (in dollars per share)	$ (0.10)	$ (0.03)

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023 (in thousands):


	March 31, 2024 (b)		December 31, 2023
Net property	$	1,959,104	$	2,339,921
Other assets	416,628		534,658
Other liabilities	413,416		443,536
Debt, net	1,067,443		1,407,858
Equity (a)	894,873		1,023,185

(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.

(b)Excludes amounts related to the Mid-Atlantic Office JV and Herndon Innovation Center Metro Portfolio Venture, LLC, as the Company discontinued applying the equity method of accounting after December 31, 2023.

Schedule of Results of Operations of Real Estate Ventures with Interests

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, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
	2024		2023
Revenue	$	45,949	$	57,886
Operating expenses	(24,881)		(28,851)
Interest expense, net	(17,363)		(15,891)
Depreciation and amortization	(20,889)		(24,174)
Loss on property disposition	(490)


Net loss	$	(17,674)	$	(11,030)
Ownership interest %	Various		Various
Company's share of net loss	$	(13,814)	$	(6,124)

Basis adjustments and other	226		(43)
Equity in loss of unconsolidated real estate ventures	$	(13,588)	$	(6,167)

SHARE BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Company's Restricted Share Activity

The following table summarizes the Company’s Restricted Share Units activity during the three months ended March 31, 2024:


	Shares	Weighted Average Grant Date Fair Value
Non-vested at January 1, 2024	889,166	$	8.79
Granted	1,394,123	$	4.11
Vested	(34,365)	$	6.08
Forfeited	(6,649)	$	8.16
Non-vested at March 31, 2024	2,242,275	$	5.92

Schedule of Restricted Performance Share Units Plan

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


	RPSU Grant Date
	3/3/2022		2/16/2023		2/26/2024		Total
(Amounts below in shares, unless otherwise noted)
Non-vested at January 1, 2024	513,038		1,057,173		—		1,570,211
Granted	—		—		417,268		417,268
Units Vested	(9,877)		(19,484)		—		(29,361)
Units Cancelled	(1,048)		(4,341)		—		(5,389)
Non-vested at March 31, 2024	502,113		1,033,348		417,268		1,952,729
Measurement Period Commencement Date	1/1/2022		1/1/2023		1/1/2024
Measurement Period End Date	12/31/2024		12/31/2025		12/31/2026
Awarded Units	516,852		1,057,173		1,251,803
Fair Value of Units on Grant Date (in thousands)	$	6,872	$	7,125	$	1,715

PARTNERS' EQUITY OF THE PARENT COMPANY

3 Months Ended

Mar. 31, 2024

PARTNERS' EQUITY OF THE PARENT COMPANY

12. PARTNERS’ EQUITY OF THE PARENT COMPANY

Earnings per Common Partnership Unit


	Three Months Ended March 31,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(16,414)	$	(16,414)	$	(5,276)	$	(5,276)
Net (income) loss attributable to noncontrolling interests	(3)		(3)		1		1
Nonforfeitable dividends allocated to unvested restricted unitholders	(336)		(336)		(70)		(70)


Net loss attributable to common unitholders	$	(16,753)	$	(16,753)	$	(5,345)	$	(5,345)
Denominator


Total weighted-average units outstanding	172,722,632		172,722,632		172,189,634		172,189,634
Loss per Common Partnership Unit:
Net loss attributable to common unitholders	$	(0.10)	$	(0.10)	$	(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, 2024 and 2023, 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 14, 2024, the Operating Partnership declared a distribution of $0.15 per common partnership unit, totaling $0.1 million, which was paid on April 18, 2024 to unitholders of record as of April 4, 2024.

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, 2024 and March 31, 2023, the Company did not repurchase any units.

DEBT OBLIGATIONS

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023 (in thousands):


	March 31, 2024		December 31, 2023		Effective Interest Rate		Maturity Date
SECURED DEBT:



$245.0M 5.88% Secured Term Loan due 2028	$	245,000	$	245,000	5.88%		February 2028
$50.0M Construction Loan due 2026	18,899		13,824		SOFR + 2.50%		August 2026
Principal balance outstanding	263,899		258,824

Less: deferred financing costs	(2,963)		(3,153)
Total Secured indebtedness	$	260,936	$	255,671

UNSECURED DEBT
$600 million Unsecured Credit Facility	$	37,000	—		SOFR + 1.50%		June 2027	(a)
Term Loan - Swapped to fixed	250,000		250,000		SOFR + 1.70%	(b)	June 2027	(a)
$70.0 million Term Loan	70,000		70,000		SOFR + 2.00%		February 2025	(a)
$350.0M 4.10% Guaranteed Notes due 2024	340,000		340,000		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		7.98%	(c)	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		SOFR + 1.51	(d)	March 2035
Indenture IB (Preferred Trust I)	25,774		25,774		SOFR + 1.51	(d)	April 2035
Indenture II (Preferred Trust II)	25,774		25,774		SOFR + 1.51	(d)	July 2035
Principal balance outstanding	1,925,610		1,888,610
Plus: original issue premium (discount), net	1,628		1,878
Less: deferred financing costs	(6,919)		(7,327)
Total unsecured indebtedness	$	1,920,319	$	1,883,161
Total Debt Obligations	$	2,181,255	$	2,138,832

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

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 1.40% 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, 2024, the weighted-average interest rate on Unsecured Credit Facility borrowings was 6.77%, resulting in $0.2 million of interest expense for such period.

Guaranteed Notes due 2029

On April 12, 2024, the Company completed an underwritten offering of $400.0 million aggregate principal amount of its 8.875% Guaranteed Notes due 2029 (the “2029 Notes”). The 2029 Notes were priced at approximately 99.51% of their face amount. The Company received approximately $391.8 million of net proceeds after the deduction for underwriting discounts and offering expenses.

On April 15, 2024, the Company commenced a tender offer (the “Tender Offer”) for any and all of the outstanding $335.1 million principal amount of its 4.10% Guaranteed Notes due 2024 (the “2024 Notes”). The purchase price offered per $1,000 principal amount of 2024 Notes pursuant to the Tender Offer was determined by reference to the fixed spread for the 2024 Notes of 0 basis points plus the yield based on the bid-side price of the 4.250% U.S. Treasury due September 30, 2024. The Tender Offer expired on April 19, 2024. Upon completion of the Tender Offer, on April 23, 2024, the Company issued a

redemption notice to redeem any 2024 Notes that remained outstanding after the Tender Offer. The expected redemption date is June 7, 2024.

Additional Information on Unsecured and Secured Consolidated Debt

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, 2024. Certain of the covenants restrict the Company’s ability to obtain alternative sources of capital.

As of March 31, 2024, the aggregate scheduled principal payments on the Company’s consolidated debt obligations (secured and unsecured) were as follows (in thousands):


2024 (nine months remaining)	$	340,000
2025	70,000
2026	18,899
2027	737,000
2028	595,000
Thereafter	428,610
Total principal payments	2,189,509
Net unamortized premiums/(discounts)	1,628
Net deferred financing costs	(9,882)
Outstanding indebtedness	$	2,181,255

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

3 Months Ended

Mar. 31, 2024

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

4. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

As of March 31, 2024, the Company held ownership interests in twelve unconsolidated real estate ventures, with a net aggregate investment balance of $565.8 million, which includes a negative investment balance in one unconsolidated real estate venture of $52.2 million, reflected within “Other liabilities” on the consolidated balance sheets. As of March 31, 2024, 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 78%, using the equity method. Certain of the unconsolidated real estate ventures are subject to specified priority allocations of distributable cash.

The Company earned management fees from the unconsolidated real estate ventures of $1.9 million and $2.1 million for the three months ended March 31, 2024 and 2023, respectively.

The Company earned leasing commissions from the unconsolidated real estate ventures of $0.6 million and $0.7 million for the three months ended March 31, 2024 and 2023, respectively.

The Company had outstanding accounts receivable balances from the unconsolidated real estate ventures of $2.7 million and $3.5 million as of March 31, 2024 and December 31, 2023, 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, 2024 and December 31, 2023 (in thousands):


	March 31, 2024 (b)		December 31, 2023
Net property	$	1,959,104	$	2,339,921
Other assets	416,628		534,658
Other liabilities	413,416		443,536
Debt, net	1,067,443		1,407,858
Equity (a)	894,873		1,023,185


	Three Months Ended March 31,
	2024		2023
Revenue	$	45,949	$	57,886
Operating expenses	(24,881)		(28,851)
Interest expense, net	(17,363)		(15,891)
Depreciation and amortization	(20,889)		(24,174)
Loss on property disposition	(490)


Net loss	$	(17,674)	$	(11,030)
Ownership interest %	Various		Various
Company's share of net loss	$	(13,814)	$	(6,124)

Basis adjustments and other	226		(43)
Equity in loss of unconsolidated real estate ventures	$	(13,588)	$	(6,167)

MAP Venture

The MAP Venture owns 57 office properties that contain an aggregate of 3,868,811 net rentable square feet located in the Pennsylvania Suburbs, New Jersey/Delaware, Metropolitan Washington, D.C. and Richmond, Virginia (the “MAP Venture”). The MAP Venture leases the land parcels under the 57 office properties through a ground lease that extends through February 2115. The properties held by the MAP Venture are encumbered by a mortgage on the MAP Venture's leasehold interest in the buildings that is nonrecourse to the Company and the assignment of the related rents and leases. The mortgage loan had an original maturity date of August 1, 2023. The lender provided the MAP Venture with three successive two-month extensions that matured on February 27, 2024. At March 31, 2024, the mortgage balance was $179.1 million. The Company and its partners are in active discussions, including with the mortgage lender, as to a potential extension of the loan or other restructuring of the venture. At present, there can be no assurance as to the outcome of these discussions. At March 31, 2024, the Company's negative investment balance was $52.2 million. The Company has no obligation to fund additional equity to the MAP Venture.

Mid-Atlantic Office JV

On December 21, 2020, the Company contributed a portfolio of 12 properties containing an aggregate of 1,128,645 net rentable square feet, nine of which are located in the Pennsylvania Suburbs segment and three located in the Company's former Metropolitan Washington, D.C. segment, to the Mid-Atlantic Office JV, for a gross sales price of $192.9 million. Upon consummation of the transaction, the Company owned approximately 40% of the equity interest in the venture. On the closing date, Mid-Atlantic Office JV obtained $147.4 million of third-party debt financing secured by the 12 properties within the venture, with an initial advance of $120.8 million. The loan bears interest at SOFR + 3.25% per annum and matured on January 9, 2024. The Company and its partners are in active discussions, including with the mortgage lender, as to a potential extension of the loan or other restructuring of the venture. At present, there can be no assurance as to the outcome of these discussions.

As of March 31, 2024, the Company's investment in the Mid-Atlantic Office JV was zero, and the Company has discontinued applying the equity method of accounting on these assets as the Company has not guaranteed the venture's obligations or otherwise committed to providing financial support.

Herndon Innovation Center Metro Portfolio Venture, LLC

The Herndon Innovation Center Metro Portfolio Venture, LLC (“Herndon Innovation Center”) consists of eight properties containing an aggregate of 1,293,197 net rentable square feet, located in the Company's former Metropolitan Washington, D.C. segment. The Company and its partner own 15% and 85% equity interests in the Herndon Innovation Center, respectively. The properties held by Herndon Innovation Center are encumbered by a $233.4 million secured mortgage loan that matured on March 29, 2024 and is nonrecourse to the Company. The Company and its partners are in active discussions, including with the mortgage lender, as to a potential extension of the loan or other restructuring of the venture. At present, there can be no assurance as to the outcome of these discussions. As of March 31, 2024, the Company's investment in the Herndon Innovation Center was zero, and the Company has discontinued applying the equity method of accounting on these assets as the Company has not guaranteed the venture's obligations or otherwise committed to providing financial support.

Cira Square

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

On the closing date, Cira Square Venture obtained $257.7 million of third-party debt financing secured by the property which is nonrecourse to the Company. The loan bears interest at 3.50% over one-month term SOFR per annum, and matured on April 1, 2024. On April 1, 2024, the venture's loan received an extension to July 1, 2024. The Company and its partners are in active discussions, including with the mortgage lender, as to a potential extension of the loan or other restructuring of the venture. At present, there can be no assurance as to the outcome of these discussions. At March 31, 2024, the Company's investment balance was $25.1 million.

DEBT OBLIGATIONS - Aggregate Scheduled Principal Payments of Debt Obligation, Excluding Amortization of Discounts and Premiums (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 (nine months remaining)	$ 340,000
2025	70,000
2026	18,899
2027	737,000
2028	595,000
Thereafter	428,610
Total principal payments	2,189,509
Net unamortized premiums/(discounts)	1,628
Net deferred financing costs	(9,882)
Outstanding indebtedness	$ 2,181,255	$ 2,138,832

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net loss	$ (16,414)	$ (5,276)
Comprehensive income (loss):
Unrealized gain (loss) on derivative financial instruments	6,026	(5,291)
Total comprehensive income (loss)	6,026	(5,291)
Comprehensive loss	(10,388)	(10,567)
Comprehensive (income) loss attributable to noncontrolling interest - consolidated real estate ventures	27	17
Comprehensive loss attributable to Brandywine Realty Trust	(10,361)	(10,550)
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Net loss	(16,414)	(5,276)
Comprehensive income (loss):
Unrealized gain (loss) on derivative financial instruments	6,026	(5,291)
Total comprehensive income (loss)	6,026	(5,291)
Comprehensive loss	(10,388)	(10,567)
Comprehensive (income) loss attributable to noncontrolling interest - consolidated real estate ventures	(3)	1
Comprehensive loss attributable to Brandywine Realty Trust	$ (10,391)	$ (10,566)

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.

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.

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482739/220-10-55-15

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 205
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481231/810-10-45-19

Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 29: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 33: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J

Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 4K
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4K

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-2

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	4

BENEFICIARIES' EQUITY OF THE PARENT COMPANY - Narrative (Details) - USD ($)			3 Months Ended
	Apr. 18, 2024	Feb. 14, 2024	Mar. 31, 2024	Mar. 31, 2023	Jan. 03, 2019
Class of Stock [Line Items]
Distributions declared (in dollars per share)		$ 0.15	$ 0.15	$ 0.19
Dividends, common stock		$ 26,300,000
Authorized amount					$ 150,000,000
Repurchased and retired (in shares)			0	0
Subsequent Event
Class of Stock [Line Items]
Dividends paid in cash (in dollars per share)	$ 0.15
Redeemable Common Limited Partnership Units
Class of Stock [Line Items]
Redeemable common limited partnership units (in shares)			515,595	516,467

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

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

SHARE BASED COMPENSATION - Narrative (Details)				3 Months Ended		12 Months Ended
SHARE BASED COMPENSATION - Narrative (Details)	Feb. 26, 2024 shares	Feb. 16, 2024 installment shares	Feb. 01, 2023 shares	Mar. 31, 2024 USD ($) shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 shares	Dec. 31, 2022 shares	Dec. 31, 2024 shares	Jan. 18, 2024 $ / 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]
Awards outstanding (in shares)				2,242,275		889,166
Unrecognized compensation expenses \| $				$ 3,600,000
Weighted average period over which options will be recognized				1 year 2 months 8 days
Share-based compensation expense \| $				$ 3,900,000	$ 2,800,000
Share-based compensation expense, capitalized \| $				$ 700,000	400,000
Granted (in shares)	1,251,803			1,394,123
Ratio of restricted share right will get settled for common share	1
Accumulated service period for voluntary termination (in years)	15 years
Restricted Performance Share Units Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			3 years	3 years
Unrecognized compensation expenses \| $				$ 10,900,000
Weighted average period over which options will be recognized				2 years 1 month 6 days
Share-based compensation expense \| $				$ 1,400,000	1,400,000
Share-based compensation expense, capitalized \| $				$ 200,000	$ 200,000
Award term				3 years
Share-based compensation activity (in shares)			164,461
Dividends payable (in dollars per share) \| $ / shares									$ 0.15
Restricted Performance Share Units Plan \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding (in shares)				1,952,729		1,570,211
Granted (in shares)				417,268
Performance earning potential (as percent)				275.00%		275.00%	275.00%
Outperformance feature measurement term (in years)				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 \| $				$ 500,000
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)								2,669,293
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)						925,642
Restricted Performance Share Units Plan \| Executive Officer \| 2021 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards issuable under outperformance feature (in shares)							406,179
Restricted Performance Share Units Plan \| Executive Officer \| A 2024 Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense \| $				$ 300,000
Restricted Performance Share Units Plan \| Non Officer Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding (in shares)		142,320
Minimum \| Restricted Share Rights Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)				1 year
Minimum \| Restricted Performance Share Units Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award percent				0.00%
Maximum \| Restricted Share Rights Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years			3 years
Maximum \| Restricted Performance Share Units Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award percent				200.00%

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

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


	March 31, 2024				December 31, 2023
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
Unsecured notes payable	$	1,486,215	$	1,396,547	$	1,486,052	$	1,386,621
Variable rate debt	453,003		412,377		410,932		370,665
Secured fixed rate debt	242,036		232,653		241,847		233,088

(a)Net of deferred financing costs of $5.4 million and $5.8 million for unsecured notes payable, $1.5 million and $1.5 million for variable rate debt and $3.0 million and $3.2 million for secured fixed rate debt as of March 31, 2024 and December 31, 2023.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (16,368)	$ (5,259)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483499/205-20-50-7

Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Derivative Instruments and Hedging Activities Disclosure [Abstract]

SEGMENT INFORMATION - Unconsolidated Real Estate Ventures of Company's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Investment in real estate ventures	$ 565,842		$ 552,494
Equity in income (loss) of real estate ventures	(13,588)	$ (6,167)
Philadelphia CBD
Segment Reporting Information [Line Items]
Investment in real estate ventures	468,642		450,136
Equity in income (loss) of real estate ventures	(9,613)	(3,259)
Metropolitan Washington, D.C.
Segment Reporting Information [Line Items]
Investment in real estate ventures	69,288		71,931
Equity in income (loss) of real estate ventures	(752)	(1,176)
Mid-Atlantic Office JV
Segment Reporting Information [Line Items]
Investment in real estate ventures	0		0
Equity in income (loss) of real estate ventures	0	190
MAP Venture
Segment Reporting Information [Line Items]
Investment in real estate ventures	(52,200)		(48,733)
Equity in income (loss) of real estate ventures	(3,223)	(1,922)
Austin, Texas
Segment Reporting Information [Line Items]
Investment in real estate ventures	80,112		$ 79,160
Equity in income (loss) of real estate ventures	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (16,414)	$ (5,276)
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	45,042	45,600
Amortization of deferred financing costs	1,091	1,027
Amortization of debt discount/(premium), net	(250)	(258)
Amortization of stock compensation costs	4,378	3,398
Straight-line rent income	(3,199)	(2,835)
Amortization of acquired above (below) market leases, net	(246)	(376)
Ground rent expense	197	201
Net loss on real estate venture transactions	29	0
Total gain on sale of real estate	0	(781)
Loss from unconsolidated real estate ventures, including income distributions	13,588	6,167
Income tax provision	2	25
Changes in assets and liabilities:
Accounts receivable	1,452	(2,416)
Other assets	(16,948)	(16,040)
Accounts payable and accrued expenses	(10,208)	(19,911)
Deferred income, gains and rent	1,199	(960)
Other liabilities	4,098	(2,190)
Net cash provided by operating activities	23,811	5,375
Cash flows from investing activities:
Capital expenditures for tenant improvements	(15,904)	(13,637)
Capital expenditures for redevelopments	(4,013)	(14,114)
Capital expenditures for developments	(7,404)	(4,588)
Advances for the purchase of tenant assets, net of repayments	(998)	(26)
Investment in unconsolidated real estate ventures	(26,975)	(10,627)
Capital distributions from unconsolidated real estate ventures	3,931	300
Leasing costs paid	(3,942)	(2,331)
Net cash used in investing activities	(55,305)	(45,023)
Cash flows from financing activities:
Proceeds from credit facility borrowings	37,000	115,000
Repayments of credit facility borrowings	0	(203,500)
Repayments of unsecured notes	0	(54,301)
Proceeds from unsecured term loan	0	70,000
Proceeds from secured term loan	0	245,000
Proceeds from construction loan	5,076	0
Debt financing costs paid	(200)	(4,414)
Shares used for employee taxes upon vesting of share awards	(594)	(652)
Distributions paid to shareholders	(25,946)	(32,703)
Distributions to noncontrolling interest	(77)	(98)
Net cash provided by financing activities	15,259	134,332
Increase/(Decrease) in cash and cash equivalents and restricted cash	(16,235)	94,684
Cash and cash equivalents and restricted cash at beginning of period	67,534	18,387
Cash and cash equivalents and restricted cash at end of period	51,299	113,071
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	58,319	17,551
Restricted cash, beginning of period	9,215	836
Cash and cash equivalents and restricted cash at beginning of period	67,534	18,387
Cash and cash equivalents, end of period	43,210	96,945
Restricted cash, end of period	8,089	16,126
Cash and cash equivalents and restricted cash at end of period	51,299	113,071
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the three months ended March 31, 2024 and 2023 of $3,918 and $4,072, respectively	23,368	17,007
Cash paid for income taxes	0	1
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid	26,248	32,823
Change in investment in real estate ventures as a result of deconsolidation	0	8,595
Change in operating real estate from deconsolidation of operating properties	0	(7,814)
Change in capital expenditures financed through accounts payable at period end	(1,179)	451
Change in capital expenditures financed through retention payable at period end	$ 648	$ 255

CONSOLIDATED BALANCE SHEETS - BRANDYWINE OPERATING PARTNERSHIP, L.P. (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued rent receivable, allowance	$ 2,435	$ 2,672
Common stock, shares issued (in shares)	172,270,907	172,097,661
Common stock, shares outstanding (in shares)	172,270,907	172,097,661
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Accrued rent receivable, allowance	$ 2,435	$ 2,672
Common stock, shares issued (in shares)	172,270,907	172,097,661
Common stock, shares outstanding (in shares)	172,270,907	172,097,661
BRANDYWINE OPERATING PARTNERSHIP, L.P. \| Class A Units
Redeemable limited partnership units issued (in shares)	515,595	515,595
Redeemable limited partnership units outstanding (in shares)	515,595	515,595

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, 2022		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 (loss) income	(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	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
Beginning balance (in shares) at Dec. 31, 2023	172,097,661	172,097,661	1,194,127
Beginning balance at Dec. 31, 2023	$ 1,324,157	$ 1,719	$ 19,965	3,163,949	(19,965)	979,406	(668)	(2,827,022)	6,773
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(16,414)					(16,368)			(46)
Other comprehensive income (loss)	6,026						6,007		19
Share-based compensation activity (in shares)		194,480	7,148
Share-based compensation activity	4,831	$ 2		4,829
Share Issuance from/(to) Deferred Compensation Plan (in shares)		(21,234)	(56,154)
Share Issuance from/(to) Deferred Compensation Plan	(100)		$ 31	(100)	(31)
Reallocation of Noncontrolling interest	0			(17)					17
Distributions declared	$ (26,254)							(26,177)	(77)
Ending balance (in shares) at Mar. 31, 2024	172,270,907	172,270,907	1,145,121
Ending balance at Mar. 31, 2024	$ 1,292,246	$ 1,721	$ 19,996	$ 3,168,661	$ (19,996)	$ 963,038	$ 5,339	$ (2,853,199)	$ 6,686

DERIVATIVE FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023. 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
				3/31/2024		12/31/2023						3/31/2024		12/31/2023



Assets/(Liabilities)
Swap	Interest Rate	Cash Flow	(a)	$	250,000	$	250,000	3.729	%	November 23, 2022	June 30, 2027	$	3,226	$	(757)
Swap	Interest Rate	Cash Flow	(a)	27,062		—		3.629	%	January 12, 2024	December 30, 2026	438		—
Swap	Interest Rate	Cash Flow	(a)	51,548		—		3.725	%	January 12, 2024	January 30, 2027	698		—
				$	328,610	$	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, 2024
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 $3.9 million and $4.1 million as of March 31, 2024 and December 31, 2023, respectively. Under the applicable accounting guidance, the redemption value of the redeemable common limited partnership units is carried at fair value. 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, 2024) was approximately $2.4 million and $2.8 million as of March 31, 2024 and December 31, 2023, respectively.

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

3 Months Ended

Mar. 31, 2024

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, recently completed properties, and properties held for sale. The Properties were comprised of the following as of March 31, 2024:


	Number of Properties	Rentable Square Feet
Office properties	65	11,773,665
Mixed-use properties	4	924,450

Core Properties	69	12,698,115
Development property	2	144,685

Recently completed - not stabilized property	1	168,294

The Properties	72	13,011,094

LEASES (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
Lease Revenue	2024		2023
Fixed contractual payments	$	92,213	$	91,682
Variable lease payments	24,198		26,515
Total	$	116,411	$	118,197

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (16,414)	$ (5,276)
Comprehensive income (loss):
Unrealized gain (loss) on derivative financial instruments	6,026	(5,291)
Total comprehensive income (loss)	6,026	(5,291)
Comprehensive loss	(10,388)	(10,567)
Comprehensive loss attributable to noncontrolling interest	27	17
Comprehensive loss attributable to Brandywine Realty Trust	$ (10,361)	$ (10,550)

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

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

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

14. SEGMENT INFORMATION

As of March 31, 2024, 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 the Company's operations by geographic area. 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, 2024		December 31, 2023
Philadelphia CBD	$	1,535,852	$	1,534,893
Pennsylvania Suburbs	901,577		900,230
Austin, Texas	803,756		801,973
Total Core Segments	3,241,185		3,237,096
Other	308,489		305,136


Operating properties	$	3,549,674	$	3,542,232

Corporate
Right of use asset - operating leases, net	$	18,875	$	19,031
Construction-in-progress	$	146,194	$	135,529
Land held for development	$	81,616	$	82,510
Prepaid leasehold interests in land held for development, net	$	27,762	$	27,762

Net operating income:


	Three Months Ended March 31,
	2024						2023
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	55,988	$	(19,882)	$	36,106	$	56,227	$	(20,586)	$	35,641
Pennsylvania Suburbs	32,019		(9,359)		22,660		32,771		(9,779)		22,992
Austin, Texas	23,255		(9,013)		14,242		25,237		(11,294)		13,943
Other	10,968		(5,462)		5,506		9,389		(5,412)		3,977

Corporate	4,254		(3,698)		556		5,603		(3,764)		1,839
Operating properties	$	126,484	$	(47,414)	$	79,070	$	129,227	$	(50,835)	$	78,392

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 ventures
	As of				Three Months Ended March 31,
	March 31, 2024		December 31, 2023		2024		2023
Philadelphia CBD	$	468,642	$	450,136	$	(9,613)	$	(3,259)
Metropolitan Washington, D.C.	69,288		71,931		(752)		(1,176)
Mid-Atlantic Office JV	—		—		—		190
MAP Venture	(52,200)		(48,733)		(3,223)		(1,922)

Austin, Texas	80,112		79,160		—		—
Total	$	565,842	$	552,494	$	(13,588)	$	(6,167)

Net operating income (“NOI”) is a non-GAAP financial measure, which we define as total property 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,
	2024		2023
Net loss	$	(16,414)	$	(5,276)
Plus:
Interest expense	25,049		22,653
Interest expense - amortization of deferred financing costs	1,091		1,027

Depreciation and amortization	45,042		45,600
General and administrative expenses	11,104		9,482
Equity in loss of unconsolidated real estate ventures	13,588		6,167


Less:
Interest and investment income	421		505
Income tax provision	(2)		(25)


Net gain on sale of undepreciated real estate	—		781
Net loss on real estate venture transactions	(29)		—

Consolidated net operating income	$	79,070	$	78,392

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Derivative Instruments and Hedging Activities Disclosure [Abstract]

CONSOLIDATED STATEMENTS OF CASH FLOWS - BRANDYWINE OPERATING PARTNERSHIP L.P. (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Capitalized interest	$ 3,918	$ 4,072
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Capitalized interest	$ 3,918	$ 4,072

DEBT OBLIGATIONS - Schedule of Consolidated Debt Obligations Outstanding (Details) - USD ($)		1 Months Ended	3 Months Ended
	Apr. 15, 2024	Sep. 30, 2023	Mar. 31, 2024	Apr. 12, 2024	Jan. 16, 2024	Dec. 31, 2023	Nov. 23, 2022
Debt Instrument [Line Items]
Principal balance outstanding			$ 2,189,509,000
Less: deferred financing costs			(9,882,000)
Plus: original issue premium (discount), net			1,628,000
Debt, net			2,181,255,000			$ 2,138,832,000
Secured fixed rate debt
Debt Instrument [Line Items]
Principal balance outstanding			260,936,000			255,671,000
Less: deferred financing costs			(2,963,000)			(3,153,000)
Unsecured Debt
Debt Instrument [Line Items]
Principal balance outstanding			1,925,610,000			1,888,610,000
Less: deferred financing costs			(6,919,000)			(7,327,000)
Plus: original issue premium (discount), net			1,628,000			1,878,000
Debt, net			1,920,319,000			1,883,161,000
Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.25%
$245.0M 5.88% Secured Term Loan due 2028 \| Secured fixed rate debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 245,000,000.0
Debt instrument, interest rate, stated percentage			5.88%
Principal balance outstanding			$ 245,000,000			245,000,000
Effective interest rate			5.88%
$50.0M Construction Loan due 2026 \| Secured fixed rate debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 50,000,000.0
Principal balance outstanding			$ 18,899,000			13,824,000
$50.0M Construction Loan due 2026 \| Secured fixed rate debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Effective interest rate			2.50%
$600 million Unsecured Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 600,000,000
Principal balance outstanding			$ 37,000,000			0
$600 million Unsecured Credit Facility \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate			1.50%
$600 million Unsecured Credit Facility \| Unsecured Debt \| Daily SOFR Adjustment
Debt Instrument [Line Items]
Variable interest rate			0.10%
Mortgage notes payable \| Secured fixed rate debt
Debt Instrument [Line Items]
Principal balance outstanding			$ 263,899,000			258,824,000
Term Loan - Swapped to fixed \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount							$ 250,000,000
Debt instrument, interest rate, stated percentage							5.41%
Principal balance outstanding			$ 250,000,000			250,000,000
Term Loan - Swapped to fixed \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate			1.70%
$70.0 million Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 70,000,000.0
Principal balance outstanding			$ 70,000,000			70,000,000
$70.0 million Term Loan \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate			2.00%
$70.0 million Term Loan \| Unsecured Debt \| Daily SOFR Adjustment
Debt Instrument [Line Items]
Variable interest rate			0.10%
$350.0M 4.10% Guaranteed Notes due 2024 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 350,000,000.0
Debt instrument, interest rate, stated percentage			4.10%
Principal balance outstanding			$ 340,000,000			340,000,000
Effective interest rate			3.78%
$350.0M 4.10% Guaranteed Notes due 2024 \| Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, face amount	$ 335,100,000
Debt instrument, interest rate, stated percentage	4.10%
Variable interest rate	0.00%
$450.0M 3.95% Guaranteed Notes due 2027 \| Unsecured Debt
Debt Instrument [Line Items]
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%
$350.0M 7.80% Guaranteed Notes due 2028 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 350,000,000.0
Debt instrument, interest rate, stated percentage		7.55%	8.05%
Principal balance outstanding			$ 350,000,000			350,000,000
Effective interest rate			7.98%
Variable interest rate		0.25%	0.25%
$350.0M 4.55% Guaranteed Notes due 2029 \| Unsecured Debt
Debt Instrument [Line Items]
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%
$350.0M 4.55% Guaranteed Notes due 2029 \| Unsecured Debt \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument, face amount				$ 400,000,000
Debt instrument, interest rate, stated percentage				8.875%
Indenture IA (Preferred Trust I) \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					5.14%
Principal balance outstanding			$ 27,062,000			27,062,000
Indenture IA (Preferred Trust I) \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate			1.51%
Indenture IB (Preferred Trust I) \| Unsecured Debt
Debt Instrument [Line Items]
Principal balance outstanding			$ 25,774,000			25,774,000
Indenture IB (Preferred Trust I) \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate			1.51%
Indenture Ii Preferred Trust Ii \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage					5.24%
Principal balance outstanding			$ 25,774,000			$ 25,774,000
Indenture Ii Preferred Trust Ii \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate			1.51%

INTANGIBLE ASSETS AND LIABILITIES - Schedule of Amortization for Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
2024 (nine months remaining)	$ 1,236
2025	1,485
2026	1,093
2027	808
2028	313
Thereafter	2,177
Intangible Assets, net	7,112	$ 7,694
Liabilities
2024 (nine months remaining)	681
2025	869
2026	739
2027	623
2028	534
Thereafter	4,576
Intangible Liabilities, net	$ 8,022	$ 8,270

SEGMENT INFORMATION - Real Estate Investments, at Cost of Company's Reportable Segments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Operating properties	$ 3,549,674	$ 3,542,232
Right of use asset - operating leases, net	18,875	19,031
Construction-in-progress	146,194	135,529
Land held for development	81,616	82,510
Prepaid leasehold interests in land held for development, net	27,762	27,762
Continuing Operations
Segment Reporting Information [Line Items]
Operating properties	3,549,674	3,542,232
Total Core Segments \| Continuing Operations
Segment Reporting Information [Line Items]
Operating properties	3,241,185	3,237,096
Philadelphia CBD \| Continuing Operations
Segment Reporting Information [Line Items]
Operating properties	1,535,852	1,534,893
Pennsylvania Suburbs \| Continuing Operations
Segment Reporting Information [Line Items]
Operating properties	901,577	900,230
Austin, Texas \| Continuing Operations
Segment Reporting Information [Line Items]
Operating properties	803,756	801,973
Other \| Continuing Operations
Segment Reporting Information [Line Items]
Operating properties	$ 308,489	$ 305,136

SHARE BASED COMPENSATION - Schedule of Restricted Performance Share Units Plan (Details) - Executive Officer - Restricted Performance Share Units Plan - USD ($) $ in Thousands				3 Months Ended
	Feb. 26, 2024	Feb. 16, 2023	Mar. 03, 2022	Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)				1,570,211
Granted (in shares)				417,268
Units Vested (in shares)				(29,361)
Units Cancelled (in shares)				(5,389)
Ending balance (in shares)				1,952,729
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)				513,038
Granted (in shares)				0
Units Vested (in shares)				(9,877)
Units Cancelled (in shares)				(1,048)
Ending balance (in shares)				502,113
Granted (in shares)			516,852
Fair Value of Units on Grant Date			$ 6,872
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)				1,057,173
Granted (in shares)				0
Units Vested (in shares)				(19,484)
Units Cancelled (in shares)				(4,341)
Ending balance (in shares)				1,033,348
Granted (in shares)		1,057,173
Fair Value of Units on Grant Date		$ 7,125
2/16/2023 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)				417,268
Units Vested (in shares)				0
Units Cancelled (in shares)				0
Ending balance (in shares)				417,268
Granted (in shares)	1,251,803
Fair Value of Units on Grant Date	$ 1,715

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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
				3/31/2024		12/31/2023						3/31/2024		12/31/2023



Assets/(Liabilities)
Swap	Interest Rate	Cash Flow	(a)	$	250,000	$	250,000	3.729	%	November 23, 2022	June 30, 2027	$	3,226	$	(757)
Swap	Interest Rate	Cash Flow	(a)	27,062		—		3.629	%	January 12, 2024	December 30, 2026	438		—
Swap	Interest Rate	Cash Flow	(a)	51,548		—		3.725	%	January 12, 2024	January 30, 2027	698		—
				$	328,610	$	250,000

(a)Hedging unsecured variable rate debt.

CONSOLIDATED BALANCE SHEETS - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real estate investments:
Operating properties	$ 3,549,674	$ 3,542,232
Accumulated depreciation	(1,163,782)	(1,131,792)
Right of use asset - operating leases, net	18,875	19,031
Operating real estate investments, net	2,404,767	2,429,471
Construction-in-progress	146,194	135,529
Land held for development	81,616	82,510
Prepaid leasehold interests in land held for development, net	27,762	27,762
Total real estate investments, net	2,660,339	2,675,272
Cash and cash equivalents	43,210	58,319
Restricted cash and escrows	8,089	9,215
Accounts receivable	11,628	11,977
Accrued rent receivable, net of allowance of $2,435 and $2,672 as of March 31, 2024 and December 31, 2023, respectively	189,718	186,708
Investment in unconsolidated real estate ventures	618,042	601,227
Deferred costs, net	95,049	95,984
Intangible assets, net	7,112	7,694
Other assets	103,573	86,051
Total assets	3,736,760	3,732,447
LIABILITIES AND PARTNERS' EQUITY
Secured debt, net	260,936	255,671
Unsecured credit facility	37,000	0
Unsecured term loan, net	318,494	318,499
Unsecured senior notes, net	1,564,825	1,564,662
Accounts payable and accrued expenses	114,162	123,825
Distributions payable	26,248	26,017
Deferred income, gains and rent	25,363	24,248
Intangible liabilities, net	8,022	8,270
Lease liability - operating leases	23,415	23,369
Other liabilities	66,049	63,729
Total liabilities	2,444,514	2,408,290
Commitments and contingencies (See Note 15)
Brandywine Operating Partnership, L.P.'s equity:
Accumulated other comprehensive income (loss)	5,339	(668)
Total liabilities and beneficiaries' equity	3,736,760	3,732,447
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Real estate investments:
Operating properties	3,549,674	3,542,232
Accumulated depreciation	(1,163,782)	(1,131,792)
Right of use asset - operating leases, net	18,875	19,031
Operating real estate investments, net	2,404,767	2,429,471
Construction-in-progress	146,194	135,529
Land held for development	81,616	82,510
Prepaid leasehold interests in land held for development, net	27,762	27,762
Total real estate investments, net	2,660,339	2,675,272
Cash and cash equivalents	43,210	58,319
Restricted cash and escrows	8,089	9,215
Accounts receivable	11,628	11,977
Accrued rent receivable, net of allowance of $2,435 and $2,672 as of March 31, 2024 and December 31, 2023, respectively	189,718	186,708
Investment in unconsolidated real estate ventures	618,042	601,227
Deferred costs, net	95,049	95,984
Intangible assets, net	7,112	7,694
Other assets	103,573	86,051
Total assets	3,736,760	3,732,447
LIABILITIES AND PARTNERS' EQUITY
Secured debt, net	260,936	255,671
Unsecured credit facility	37,000	0
Unsecured term loan, net	318,494	318,499
Unsecured senior notes, net	1,564,825	1,564,662
Accounts payable and accrued expenses	114,162	123,825
Distributions payable	26,248	26,017
Deferred income, gains and rent	25,363	24,248
Intangible liabilities, net	8,022	8,270
Lease liability - operating leases	23,415	23,369
Other liabilities	66,049	63,729
Total liabilities	2,444,514	2,408,290
Commitments and contingencies (See Note 15)
Redeemable limited partnership units at redemption value; 515,595 and 515,595 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	2,392	2,785
Brandywine Operating Partnership, L.P.'s equity:
General Partnership Capital; 172,270,907 and 172,097,661 units issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	1,282,025	1,319,572
Accumulated other comprehensive income (loss)	5,016	(1,010)
Total Brandywine Operating Partnership, L.P.'s equity	1,287,041	1,318,562
Noncontrolling interest - consolidated real estate ventures	2,813	2,810
Total partners' equity	1,289,854	1,321,372
Total liabilities and beneficiaries' equity	$ 3,736,760	$ 3,732,447

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023, 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, 2024 and December 31, 2023 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, 2024				December 31, 2023
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
Unsecured notes payable	$	1,486,215	$	1,396,547	$	1,486,052	$	1,386,621
Variable rate debt	453,003		412,377		410,932		370,665
Secured fixed rate debt	242,036		232,653		241,847		233,088

The Company used quoted market prices as of March 31, 2024 and December 31, 2023 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, 2024 and December 31, 2023. 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, 2024. Current estimates of fair value may differ from the amounts presented herein.

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.

COVER PAGE - shares	3 Months Ended
COVER PAGE - shares	Mar. 31, 2024	Apr. 18, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		172,270,907
Entity Central Index Key	0000790816
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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

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, 2024 ft² property
Real Estate Properties [Line Items]
Number of Properties \| property	72
Rentable Square Feet \| ft²	13,011,094
Core Properties
Real Estate Properties [Line Items]
Number of Properties \| property	69
Rentable Square Feet \| ft²	12,698,115
Office properties
Real Estate Properties [Line Items]
Number of Properties \| property	65
Rentable Square Feet \| ft²	11,773,665
Mixed-use properties
Real Estate Properties [Line Items]
Number of Properties \| property	4
Rentable Square Feet \| ft²	924,450
Development property
Real Estate Properties [Line Items]
Number of Properties \| property	2
Rentable Square Feet \| ft²	144,685
Recently completed - not stabilized property
Real Estate Properties [Line Items]
Number of Properties \| property	1
Rentable Square Feet \| ft²	168,294

SHARE BASED COMPENSATION - Schedule of Company's Restricted Share Activity (Details) - Restricted Share Rights Awards - $ / shares		3 Months Ended
	Feb. 26, 2024	Mar. 31, 2024
Shares
Beginning balance (in shares)		889,166
Granted (in shares)	1,251,803	1,394,123
Vested (in shares)		(34,365)
Forfeited (in shares)		(6,649)
Ending balance (in shares)		2,242,275
Weighted Average Grant Date Fair Value
Non-vested at beginning of year (in dollars per shares)		$ 8.79
Granted (in dollars per shares)		4.11
Vested (in dollars per shares)		6.08
Forfeited (in dollars per shares)		8.16
Non-vested at end of year (in dollars per shares)		$ 5.92

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jul. 23, 2021
Loss Contingencies [Line Items]
Investment in real estate ventures	$ 565,842	$ 552,494
Preferred Equity Investment Obligation
Loss Contingencies [Line Items]
Other commitments	15,000
Drexel Square
Loss Contingencies [Line Items]
Other commitments	5,600
Estimated potential additional contribution obligation	2,100
3151 Market Street
Loss Contingencies [Line Items]
Investment in real estate ventures	316,900
Construction loan amount	22,900
Affiliated Entity \| 3025 JFK Venture
Loss Contingencies [Line Items]
Construction Loan			$ 186,700
3025 JFK 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	1,438,000
Equity method investment, additional summarized financial information debt	$ 5,700

REAL ESTATE INVESTMENTS - Schedule of Gross Carrying Value of Operating Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Long Lived Assets Held-for-sale [Line Items]
Total	$ 3,549,674	$ 3,542,232
Continuing Operations
Long Lived Assets Held-for-sale [Line Items]
Land	394,628	394,669
Building and improvements	2,677,619	2,671,024
Tenant improvements	$ 477,427	$ 476,539

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Schedule of Results of Operations of Real Estate Ventures with Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Revenue	$ 126,484	$ 129,227
Operating expenses	(103,560)	(105,917)
Interest expense, net	(25,049)	(22,653)
Depreciation and amortization	(45,042)	(45,600)
Net loss	(16,414)	(5,276)
Equity in loss of unconsolidated real estate ventures	(13,588)	(6,167)
Investment In Nonconsolidated Real Estate
Schedule of Equity Method Investments [Line Items]
Revenue	45,949	57,886
Operating expenses	(24,881)	(28,851)
Interest expense, net	(17,363)	(15,891)
Depreciation and amortization	(20,889)	(24,174)
Loss on property disposition	(490)
Net loss	(17,674)	(11,030)
Company's share of net loss	(13,814)	(6,124)
Basis adjustments and other	$ 226	$ (43)

ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 ft² a property parcel
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of real estate properties \| property	72
Area of real estate property	13,011,094
Unconsolidated Properties \| Unconsolidated Real Estate Ventures
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of real estate properties \| property	12
Parent Company
Organization of The Parent Company and The Operating Partnership [Line Items]
Area of real estate property	12,100,000
Areas of land held for development (in acres) \| a	141.6
Lease agreement term	99 years
Area of additional undeveloped parcels of land with option to purchase (in acres) \| a	5.1
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]
Area of real estate property	22,300,000
Wholly-owned Management Company Subsidiaries \| Wholly Owned Properties
Organization of The Parent Company and The Operating Partnership [Line Items]
Area of real estate property	13,000,000
Wholly-owned Management Company Subsidiaries \| Partially Owned Properties
Organization of The Parent Company and The Operating Partnership [Line Items]
Area of real estate property	9,300,000
Brandywine Operating Partnership LP
Organization of The Parent Company and The Operating Partnership [Line Items]
Ownership in the operating partnership	99.70%

PARTNERS' EQUITY OF THE PARENT COMPANY - Narrative (Details) $ / shares in Units, $ in Millions			3 Months Ended
	Apr. 18, 2024 $ / shares	Feb. 14, 2024 USD ($) $ / shares	Mar. 31, 2024 class_of_units $ / shares shares	Mar. 31, 2023 $ / shares shares	Feb. 26, 2024 shares
Earnings Per Common Partnership Unit [Line Items]
Number of classes of partnership units \| class_of_units			2
Distributions declared (in dollars per share) \| $ / shares		$ 0.15	$ 0.15	$ 0.19
Amount of dividend declared \| $		$ 26.3
Repurchased and retired (in shares)			0	0
Executive Officer \| Restricted Performance Share Units Plan
Earnings Per Common Partnership Unit [Line Items]
Granted (in shares)			417,268
Executive Officer \| 2/16/2023 RSPU Grant Date \| Restricted Performance Share Units Plan
Earnings Per Common Partnership Unit [Line Items]
Granted (in shares)			417,268
Granted (in shares)					1,251,803
Subsequent Event
Earnings Per Common Partnership Unit [Line Items]
Dividends paid in cash (in dollars per share) \| $ / shares	$ 0.15
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Earnings Per Common Partnership Unit [Line Items]
Distributions declared (in dollars per share) \| $ / shares		$ 0.15
Amount of dividend declared \| $		$ 0.1
Repurchase program, ratio of mirror unit of operating partnership retired for each common share repurchased			1
BRANDYWINE OPERATING PARTNERSHIP, L.P. \| Subsequent Event
Earnings Per Common Partnership Unit [Line Items]
Dividends paid in cash (in dollars per share) \| $ / shares	$ 0.15

PARTNERS' EQUITY OF THE PARENT COMPANY (Tables)

3 Months Ended

Mar. 31, 2024