0000790816-24-000037 | 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 June 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	30,267	$	30,267	$	(12,737)	$	(12,737)
Net (income) loss attributable to noncontrolling interests	(94)		(94)		41		41
Nonforfeitable dividends allocated to unvested restricted shareholders	(277)		(277)		(204)		(204)


Net income (loss) attributable to common shareholders	$	29,896	$	29,896	$	(12,900)	$	(12,900)
Denominator
Weighted-average shares outstanding	172,563,136		172,563,136		171,962,162		171,962,162
Contingent securities/Share based compensation	—		2,132,515		—		—
Weighted-average shares outstanding	172,563,136		174,695,651		171,962,162		171,962,162
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	0.17	$	0.17	$	(0.08)	$	(0.08)


	Six Months Ended June 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	13,853	$	13,853	$	(18,013)	$	(18,013)
Net (income) loss attributable to noncontrolling interests	(48)		(48)		58		58
Nonforfeitable dividends allocated to unvested restricted shareholders	(613)		(613)		(274)		(274)


Net income (loss) attributable to common shareholders	$	13,192	$	13,192	$	(18,229)	$	(18,229)
Denominator
Weighted-average shares outstanding	172,385,087		172,385,087		171,818,463		171,818,463
Contingent securities/Share based compensation	—		1,957,064		—		—
Weighted-average shares outstanding	172,385,087		174,342,151		171,818,463		171,818,463
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	0.08	$	0.08	$	(0.11)	$	(0.11)

Redeemable common limited partnership units totaling 515,595 and 516,467 at June 30, 2024 and June 30, 2023, respectively, were excluded from the diluted earnings per share computations because they are not dilutive. The reduction in the number of outstanding common limited partnership units reflects the redemption for cash of 872 such units on December 19, 2023.

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 and six months ended June 30, 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 May 23, 2024, the Parent Company declared a distribution of $0.15 per common share, totaling $26.3 million, which was paid on July 18, 2024 to shareholders of record as of July 3, 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 six months ended June 30, 2024 and June 30, 2023, the Company did not repurchase any common shares.

CONSOLIDATED BALANCE SHEETS - BRANDYWINE OPERATING PARTNERSHIP, L.P. (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued rent receivable, allowance	$ 1,332	$ 2,672
Common stock, shares issued (in shares)	172,678,090	172,097,661
Common stock, shares outstanding (in shares)	172,678,090	172,097,661
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Accrued rent receivable, allowance	$ 1,332	$ 2,672
Common stock, shares issued (in shares)	172,678,090	172,097,661
Common stock, shares outstanding (in shares)	172,678,090	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

DEBT OBLIGATIONS - Narrative (Details) - USD ($)			6 Months Ended
DEBT OBLIGATIONS - Narrative (Details) - USD ($)	Apr. 15, 2024	Apr. 12, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 07, 2024
Debt Instrument [Line Items]
Proceeds from unsecured term loan			$ 13,000,000	$ 70,000,000
Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.25%
$600.0M Unsecured Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity (up to)			$ 600,000,000
Basis spread on interest rate (as percent)			1.40%
Weighted-average interest rate			6.83%
Interest expense borrowings			$ 400,000
Debt instrument, face amount			$ 600,000,000.0
$600.0M Unsecured Credit Facility \| Unsecured Debt \| Daily SOFR Adjustment
Debt Instrument [Line Items]
Basis spread on interest rate (as percent)			0.10%
Note 2029 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 400,000,000	$ 350,000,000.0
Debt instrument, interest rate, stated percentage		8.875%	4.55%
Percentage of face amount		99.51%
Proceeds from unsecured term loan		$ 391,800,000
Note 2024 \| Unsecured Debt
Debt Instrument [Line Items]
Basis spread on interest rate (as percent)	0.00%
Debt instrument, face amount	$ 335,100,000		$ 350,000,000.0
Debt instrument, interest rate, stated percentage	4.10%		4.10%
Redemption on remaining principal amount					$ 113,400,000

COVER PAGE - shares	6 Months Ended
COVER PAGE - shares	Jun. 30, 2024	Aug. 05, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		172,674,157
Entity Central Index Key	0000790816
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The following table summarizes the terms and fair values of the Company’s derivative financial instruments as of June 30, 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
				6/30/2024		12/31/2023						6/30/2024		12/31/2023



Assets/(Liabilities)
Swap	Interest Rate	Cash Flow	(a)	$	250,000	$	250,000	3.729	%	November 23, 2022	June 30, 2027	$	3,760	$	(757)
Swap	Interest Rate	Cash Flow	(a)	27,062		—		3.629	%	January 12, 2024	December 30, 2026	472		—
Swap	Interest Rate	Cash Flow	(a)	51,548		—		3.725	%	January 12, 2024	January 30, 2027	779		—
				$	328,610	$	250,000

(a)Hedging unsecured variable rate debt.

DEBT OBLIGATIONS - Schedule of Consolidated Debt Obligations Outstanding (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 15, 2024	Sep. 30, 2023	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Apr. 30, 2024	Apr. 12, 2024	Jan. 16, 2024	Dec. 31, 2023	Nov. 23, 2022
Debt Instrument [Line Items]
Principal balance outstanding			$ 2,257,235,000		$ 2,257,235,000
Plus: original issue premium (discount), net			(782,000)		(782,000)
Less: deferred financing costs			(14,893,000)		(14,893,000)
Debt, net			2,241,560,000		2,241,560,000				$ 2,138,832,000
Secured fixed rate debt
Debt Instrument [Line Items]
Principal balance outstanding			267,851,000		267,851,000				255,671,000
Less: deferred financing costs			(2,774,000)		(2,774,000)				(3,153,000)
Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.25%
Principal balance outstanding			1,986,610,000		1,986,610,000				1,888,610,000
Plus: original issue premium (discount), net			(782,000)		(782,000)				1,878,000
Less: deferred financing costs			(12,119,000)		(12,119,000)				(7,327,000)
Debt, net			1,973,709,000		1,973,709,000				1,883,161,000
$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		$ 245,000,000.0
Debt instrument, interest rate, stated percentage			5.88%		5.88%
Principal balance outstanding			$ 245,000,000		$ 245,000,000				245,000,000
Effective interest rate			5.88%		5.88%
$50.0M Construction Loan due 2026 \| Secured fixed rate debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 50,000,000.0		$ 50,000,000.0
Principal balance outstanding			$ 25,625,000		$ 25,625,000				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%		2.50%
Principal balance outstanding \| Secured fixed rate debt
Debt Instrument [Line Items]
Principal balance outstanding			$ 270,625,000		$ 270,625,000				258,824,000
$600.0M Unsecured Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			600,000,000.0		600,000,000.0
Principal balance outstanding			$ 25,000,000		$ 25,000,000				0
Variable interest rate					1.40%
$600.0M Unsecured Credit Facility \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate					1.50%
$600.0M Unsecured Credit Facility \| Unsecured Debt \| Daily SOFR Adjustment
Debt Instrument [Line Items]
Variable interest rate					0.10%
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%		5.41%
Principal balance outstanding			$ 250,000,000		$ 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%
Term Loan - Swapped to fixed \| Unsecured Debt \| Daily SOFR Adjustment
Debt Instrument [Line Items]
Variable interest rate					0.10%
$70.0M Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			70,000,000.0		$ 70,000,000.0
Principal balance outstanding			70,000,000		$ 70,000,000				70,000,000
$70.0M Term Loan \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate					2.00%
$70.0M 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	$ 335,100,000		$ 350,000,000.0		$ 350,000,000.0
Debt instrument, interest rate, stated percentage	4.10%		4.10%		4.10%
Principal balance outstanding			$ 0		$ 0				340,000,000
Effective interest rate			3.78%		3.78%
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		$ 450,000,000.0
Debt instrument, interest rate, stated percentage			3.95%		3.95%
Principal balance outstanding			$ 450,000,000		$ 450,000,000				$ 450,000,000
Effective interest rate			4.03%		4.03%
$350.0M 7.80% Guaranteed Notes due 2028 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 350,000,000.0		$ 350,000,000.0
Debt instrument, interest rate, stated percentage		7.55%		8.05%		8.30%			7.55%
Principal balance outstanding			$ 350,000,000		$ 350,000,000				$ 350,000,000
Effective interest rate			8.23%		8.23%
Variable interest rate		0.25%	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		$ 350,000,000.0		$ 400,000,000
Debt instrument, interest rate, stated percentage			4.55%		4.55%		8.875%
Principal balance outstanding			$ 350,000,000		$ 350,000,000				350,000,000
Effective interest rate			4.30%		4.30%
$400.0M 8.875% Guaranteed Notes due 2029 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount			$ 400,000,000.0		$ 400,000,000.0
Debt instrument, interest rate, stated percentage			8.875%		8.875%
Principal balance outstanding			$ 400,000,000		$ 400,000,000				0
Effective interest rate			8.97%		8.97%
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				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				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				25,774,000
Indenture II (Preferred Trust II) \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate					1.51%
Note Payable \| Unsecured Debt
Debt Instrument [Line Items]
Principal balance outstanding			$ 13,000,000		$ 13,000,000				$ 0
Effective interest rate			4.66%		4.66%

BENEFICIARIES' EQUITY OF THE PARENT COMPANY - Narrative (Details) - USD ($)				3 Months Ended				6 Months Ended
	Jul. 18, 2024	May 23, 2024	Dec. 19, 2023	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jan. 03, 2019
Class of Stock [Line Items]
Units redeemed for cash (in shares)			872
Distributions declared (in dollars per share)		$ 0.15		$ 0.15	$ 0.15	$ 0.19	$ 0.19
Authorized amount										$ 150,000,000.0
Repurchased and retired (in shares)								0	0
Subsequent Event
Class of Stock [Line Items]
Dividends paid in cash (in dollars per share)	$ 0.15
Dividends, common stock	$ 26,300,000
Redeemable Common Limited Partnership Units
Class of Stock [Line Items]
Redeemable common limited partnership units (in shares)								515,595	516,467

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

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

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


	June 30, 2024				December 31, 2023
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
Unsecured notes payable	$	1,551,453	$	1,506,975	$	1,486,052	$	1,386,621
Variable rate debt	447,881		410,755		410,932		370,665
Secured fixed rate debt	242,226		231,968		241,847		233,088

(a)Net of deferred financing costs of $10.8 million and $5.8 million for unsecured notes payable, $1.4 million and $1.5 million for variable rate debt and $2.8 million and $3.2 million for secured fixed rate debt as of June 30, 2024 and December 31, 2023.

PARTNERS' EQUITY OF THE PARENT COMPANY - Narrative (Details) $ / shares in Units, $ in Millions			3 Months Ended				6 Months Ended
	Jul. 18, 2024 USD ($) $ / shares	May 23, 2024 $ / shares	Jun. 30, 2024 $ / shares	Mar. 31, 2024 $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Jun. 30, 2024 class_of_units shares	Jun. 30, 2023 shares
Earnings Per Common Partnership Unit [Line Items]
Number of classes of partnership units \| class_of_units							2
Distributions declared (in dollars per share)		$ 0.15	$ 0.15	$ 0.15	$ 0.19	$ 0.19
Repurchased and retired (in shares) \| shares							0	0
Subsequent Event
Earnings Per Common Partnership Unit [Line Items]
Dividends paid in cash (in dollars per share)	$ 0.15
Amount of dividend declared \| $	$ 26.3
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Earnings Per Common Partnership Unit [Line Items]
Repurchase program, ratio of mirror unit of operating partnership retired for each common share repurchased \| shares							1
BRANDYWINE OPERATING PARTNERSHIP, L.P. \| Subsequent Event
Earnings Per Common Partnership Unit [Line Items]
Dividends paid in cash (in dollars per share)	$ 0.15
Amount of dividend declared \| $	$ 0.1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net loss	$ 30,267	$ (12,737)	$ 13,853	$ (18,013)
Comprehensive income:
Unrealized gain on derivative financial instruments	781	6,646	6,807	1,355
Total comprehensive income	781	6,646	6,807	1,355
Comprehensive income (loss)	31,048	(6,091)	20,660	(16,658)
Comprehensive (income) loss attributable to noncontrolling interest - consolidated real estate ventures	(97)	21	(70)	22
Comprehensive income (loss) attributable to Brandywine Realty Trust	30,951	(6,070)	20,590	(16,636)
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Net loss	30,267	(12,737)	13,853	(18,013)
Comprehensive income:
Unrealized gain on derivative financial instruments	781	6,646	6,807	1,355
Total comprehensive income	781	6,646	6,807	1,355
Comprehensive income (loss)	31,048	(6,091)	20,660	(16,658)
Comprehensive (income) loss attributable to noncontrolling interest - consolidated real estate ventures	(3)	0	(6)	1
Comprehensive income (loss) attributable to Brandywine Realty Trust	$ 31,045	$ (6,091)	$ 20,654	$ (16,657)

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

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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).

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

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Goodwill and Intangible Assets Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023	Jul. 23, 2021
Loss Contingencies [Line Items]
Investment in real estate ventures	$ 680,136,000	$ 552,494,000
Drexel Square
Loss Contingencies [Line Items]
Contractual obligation	5,600,000
Estimated potential additional contribution obligation	2,100,000
Preferred Equity Investment Obligation
Loss Contingencies [Line Items]
Contractual obligation	15,000,000
Commitment funded amount	2,300,000
3151 Market Street
Loss Contingencies [Line Items]
Investment in real estate ventures	316,900,000
Affiliated Entity \| 3025 JFK Venture
Loss Contingencies [Line Items]
Construction loan			$ 186,700,000
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			$ 121,700,000
One Uptown Venture \| Payment Guarantee
Loss Contingencies [Line Items]
Limited payment guarantee, percent of principle balance (up to)			15.00%
Construction loan amount			$ 85,000,000
Unconsolidated Real Estate Ventures
Loss Contingencies [Line Items]
Unconsolidated real estate venture debt at 100%, gross	967,700,000
Equity method investment, additional summarized financial information debt	5,700,000
MAP Venture
Loss Contingencies [Line Items]
Investment in real estate ventures	$ 0
MAP Venture \| Secured fixed rate debt
Loss Contingencies [Line Items]
Debt instrument, interest rate, stated percentage	8.00%
MAP Venture \| Additional Funding For Tenant And Capital Improvement Of Properties
Loss Contingencies [Line Items]
Other commitments	$ 12,000,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - BRANDYWINE OPERATING PARTNERSHIP L.P. - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ 13,853	$ (18,013)
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	89,229	92,679
Amortization of deferred financing costs	2,506	2,141
Amortization of debt discount/(premium), net	(2,659)	(516)
Amortization of stock compensation costs	6,871	6,073
Straight-line rent income	(5,366)	(4,600)
Amortization of acquired above (below) market leases, net	(481)	(760)
Ground rent expense	394	401
Net gain on real estate venture transactions	(53,733)	(181)
Total gain on sale of real estate	0	(781)
Gain on early extinguishment of debt	(941)	0
Provision for impairment	6,427	4,468
Loss from unconsolidated real estate ventures, including income distributions	28,095	13,765
Income tax provision	11	38
Changes in assets and liabilities:
Accounts receivable	2,213	(469)
Other assets	(10,833)	(12,604)
Accounts payable and accrued expenses	(10,676)	(21,271)
Deferred income, gains and rent	2,155	285
Other liabilities	4,905	649
Net cash provided by operating activities	71,970	61,304
Cash flows from investing activities:
Capital expenditures for tenant improvements	(32,200)	(24,431)
Capital expenditures for redevelopments	(5,080)	(34,827)
Capital expenditures for developments	(16,260)	(18,341)
Advances for the purchase of tenant assets, net of repayments	(998)	(26)
Investment in unconsolidated real estate ventures	(98,035)	(60,290)
Deposits for real estate	0	3,500
Capital distributions from unconsolidated real estate ventures	3,931	2,250
Leasing costs paid	(5,452)	(5,697)
Net cash used in investing activities	(154,094)	(137,862)
Cash flows from financing activities:
Proceeds from credit facility borrowings	62,000	136,000
Repayments of credit facility borrowings	(37,000)	(224,500)
Proceeds from unsecured notes	13,000	70,000
Repayments of unsecured notes	(339,059)	(54,301)
Proceeds from unsecured notes	400,000	0
Proceeds from secured term loan	0	245,000
Proceeds from construction loan	11,802	0
Debt financing costs paid	(6,334)	(4,455)
Shares used for employee taxes upon vesting of share awards	(1,028)	(952)
Distributions paid to preferred and common partnership units	(52,124)	(65,438)
Net cash provided by financing activities	51,103	101,158
Increase/(Decrease) in cash and cash equivalents and restricted cash	(31,021)	24,600
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	36,513	42,987
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	30,369	32,111
Restricted cash, end of period	6,144	10,876
Cash and cash equivalents and restricted cash at end of period	36,513	42,987
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the six months ended June 30, 2024 and 2023 of $8,641 and $8,587, respectively	60,743	50,480
Cash paid for income taxes	0	550
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid	26,234	32,957
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	425	1,292
Change in capital expenditures financed through retention payable at period end	775	2,039
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Cash flows from operating activities:
Net loss	13,853	(18,013)
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	89,229	92,679
Amortization of deferred financing costs	2,506	2,141
Amortization of debt discount/(premium), net	(2,659)	(516)
Amortization of stock compensation costs	6,871	6,073
Straight-line rent income	(5,366)	(4,600)
Amortization of acquired above (below) market leases, net	(481)	(760)
Ground rent expense	394	401
Net gain on real estate venture transactions	(53,733)	(181)
Total gain on sale of real estate	0	(781)
Gain on early extinguishment of debt	(941)	0
Provision for impairment	6,427	4,468
Loss from unconsolidated real estate ventures, including income distributions	28,095	13,765
Income tax provision	11	38
Changes in assets and liabilities:
Accounts receivable	2,213	(469)
Other assets	(10,833)	(12,604)
Accounts payable and accrued expenses	(10,676)	(21,271)
Deferred income, gains and rent	2,155	285
Other liabilities	4,905	649
Net cash provided by operating activities	71,970	61,304
Cash flows from investing activities:
Capital expenditures for tenant improvements	(32,200)	(24,431)
Capital expenditures for redevelopments	(5,080)	(34,827)
Capital expenditures for developments	(16,260)	(18,341)
Advances for the purchase of tenant assets, net of repayments	(998)	(26)
Investment in unconsolidated real estate ventures	(98,035)	(60,290)
Deposits for real estate	0	3,500
Capital distributions from unconsolidated real estate ventures	3,931	2,250
Leasing costs paid	(5,452)	(5,697)
Net cash used in investing activities	(154,094)	(137,862)
Cash flows from financing activities:
Repayments of mortgage notes payable	0	0
Proceeds from credit facility borrowings	62,000	136,000
Repayments of credit facility borrowings	(37,000)	(224,500)
Proceeds from unsecured notes	400,000	0
Repayments of unsecured notes	(339,059)	(54,301)
Proceeds from unsecured notes	13,000	70,000
Proceeds from secured term loan	0	245,000
Proceeds from construction loan	11,802	0
Debt financing costs paid	(6,334)	(4,455)
Shares used for employee taxes upon vesting of share awards	(1,028)	(952)
Distributions paid to preferred and common partnership units	(52,278)	(65,634)
Net cash provided by financing activities	51,103	101,158
Increase/(Decrease) in cash and cash equivalents and restricted cash	(31,021)	24,600
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	36,513	42,987
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	30,369	32,111
Restricted cash, end of period	6,144	10,876
Cash and cash equivalents and restricted cash at end of period	36,513	42,987
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the six months ended June 30, 2024 and 2023 of $8,641 and $8,587, respectively	60,743	50,480
Cash paid for income taxes	0	550
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid	26,234	32,957
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	425	1,292
Change in capital expenditures financed through retention payable at period end	$ 775	$ 2,039

CONSOLIDATED BALANCE SHEETS - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real estate investments:
Operating properties	$ 3,546,602	$ 3,542,232
Accumulated depreciation	(1,192,146)	(1,131,792)
Right of use asset - operating leases, net	18,720	19,031
Operating real estate investments, net	2,373,176	2,429,471
Construction-in-progress	152,888	135,529
Land held for development	83,051	82,510
Prepaid leasehold interests in land held for development, net	27,762	27,762
Total real estate investments, net	2,636,877	2,675,272
Cash and cash equivalents	30,369	58,319
Restricted cash and escrows	6,144	9,215
Accounts receivable	10,867	11,977
Accrued rent receivable, net of allowance of $1,332 and $2,672 as of June 30, 2024 and December 31, 2023, respectively	191,802	186,708
Investment in unconsolidated real estate ventures	680,136	601,227
Deferred costs, net	92,931	95,984
Intangible assets, net	6,672	7,694
Other assets	98,382	86,051
Total assets	3,754,180	3,732,447
LIABILITIES AND PARTNERS' EQUITY
Secured debt, net	267,851	255,671
Unsecured credit facility	25,000	0
Unsecured term loans, net	331,646	318,499
Unsecured senior notes, net	1,617,063	1,564,662
Accounts payable and accrued expenses	115,531	123,825
Distributions payable	26,234	26,017
Deferred income, gains and rent	26,236	24,248
Intangible liabilities, net	7,786	8,270
Lease liability - operating leases	23,459	23,369
Other liabilities	13,977	63,729
Total liabilities	2,454,783	2,408,290
Commitments and contingencies (See Note 14)
Brandywine Operating Partnership, L.P.'s equity:
Accumulated other comprehensive income (loss)	6,117	(668)
Total liabilities and beneficiaries' equity	3,754,180	3,732,447
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Real estate investments:
Operating properties	3,546,602	3,542,232
Accumulated depreciation	(1,192,146)	(1,131,792)
Right of use asset - operating leases, net	18,720	19,031
Operating real estate investments, net	2,373,176	2,429,471
Construction-in-progress	152,888	135,529
Land held for development	83,051	82,510
Prepaid leasehold interests in land held for development, net	27,762	27,762
Total real estate investments, net	2,636,877	2,675,272
Cash and cash equivalents	30,369	58,319
Restricted cash and escrows	6,144	9,215
Accounts receivable	10,867	11,977
Accrued rent receivable, net of allowance of $1,332 and $2,672 as of June 30, 2024 and December 31, 2023, respectively	191,802	186,708
Investment in unconsolidated real estate ventures	680,136	601,227
Deferred costs, net	92,931	95,984
Intangible assets, net	6,672	7,694
Other assets	98,382	86,051
Total assets	3,754,180	3,732,447
LIABILITIES AND PARTNERS' EQUITY
Secured debt, net	267,851	255,671
Unsecured credit facility	25,000	0
Unsecured term loans, net	331,646	318,499
Unsecured senior notes, net	1,617,063	1,564,662
Accounts payable and accrued expenses	115,531	123,825
Distributions payable	26,234	26,017
Deferred income, gains and rent	26,236	24,248
Intangible liabilities, net	7,786	8,270
Lease liability - operating leases	23,459	23,369
Other liabilities	13,977	63,729
Total liabilities	2,454,783	2,408,290
Commitments and contingencies (See Note 14)
Redeemable limited partnership units at redemption value; 515,595 and 515,595 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	2,299	2,785
Brandywine Operating Partnership, L.P.'s equity:
General Partnership Capital; 172,678,090 and 172,097,661 units issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	1,288,485	1,319,572
Accumulated other comprehensive income (loss)	5,797	(1,010)
Total Brandywine Operating Partnership, L.P.'s equity	1,294,282	1,318,562
Noncontrolling interest - consolidated real estate ventures	2,816	2,810
Total partners' equity	1,297,098	1,321,372
Total liabilities and beneficiaries' equity	$ 3,754,180	$ 3,732,447

INTANGIBLE ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 2024

INTANGIBLE ASSETS AND LIABILITIES

6. INTANGIBLE ASSETS AND LIABILITIES

As of June 30, 2024 and December 31, 2023, the Company’s intangible assets/liabilities were comprised of the following (in thousands):


	June 30, 2024
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	18,716	$	(12,124)	$	6,592
Tenant relationship value	110		(54)		56
Above market leases acquired	75		(51)		24


Total intangible assets, net	$	18,901	$	(12,229)	$	6,672

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	17,179	$	(9,393)	$	7,786


	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 June 30, 2024, the Company’s annual amortization for its intangible assets/liabilities, assuming no early lease terminations, was as follows (dollars in thousands):


	Assets		Liabilities
2024 (six months remaining)	$	796	$	444
2025	1,485		869
2026	1,093		739
2027	808		623
2028	313		534
Thereafter	2,177		4,577


Total	$	6,672	$	7,786

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Cira Square (Details) $ in Thousands	May 06, 2024 USD ($)	Mar. 17, 2022 USD ($) ft²	Jun. 30, 2024 USD ($) ft²	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Area of real estate property \| ft²			13,011,094
Investment in real estate ventures			$ 680,136	$ 552,494
Cira Square REIT, LLC
Schedule of Equity Method Investments [Line Items]
Investment in fund holding limited partnerships aggregate		$ 383,000
Equity method investment, ownership percentage		20.00%
Purchase price	$ 19,400	$ 28,600
Basis spread on interest rate (as percent)		3.50%
Investment in real estate ventures			$ 44,100
Cira Square REIT, LLC \| All Investors
Schedule of Equity Method Investments [Line Items]
Purchase price	96,900
Cira Square REIT, LLC \| Secured fixed rate debt
Schedule of Equity Method Investments [Line Items]
Debt instrument, face amount		$ 257,700
Proceeds from issuance of secured debt	$ 160,000
Debt instrument, interest rate, stated percentage	8.817%
Office Properties \| Cira Square REIT, LLC
Schedule of Equity Method Investments [Line Items]
Area of real estate property \| ft²		862,692

INTANGIBLE ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities

As of June 30, 2024 and December 31, 2023, the Company’s intangible assets/liabilities were comprised of the following (in thousands):


	June 30, 2024
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	18,716	$	(12,124)	$	6,592
Tenant relationship value	110		(54)		56
Above market leases acquired	75		(51)		24


Total intangible assets, net	$	18,901	$	(12,229)	$	6,672

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	17,179	$	(9,393)	$	7,786


	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 June 30, 2024, the Company’s annual amortization for its intangible assets/liabilities, assuming no early lease terminations, was as follows (dollars in thousands):


	Assets		Liabilities
2024 (six months remaining)	$	796	$	444
2025	1,485		869
2026	1,093		739
2027	808		623
2028	313		534
Thereafter	2,177		4,577


Total	$	6,672	$	7,786

LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY (Details) - USD ($) $ in Millions	Jun. 30, 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	$ 2.3	$ 2.8

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ 30,267	$ (16,414)	$ (12,737)	$ (5,276)	$ 13,853	$ (18,013)
Comprehensive income:
Unrealized gain on derivative financial instruments	781		6,646		6,807	1,355
Total comprehensive income	781	$ 6,026	6,646	$ (5,291)	6,807	1,355
Comprehensive income (loss)	31,048		(6,091)		20,660	(16,658)
Comprehensive (income) loss attributable to noncontrolling interest	(97)		21		(70)	22
Comprehensive income (loss) attributable to Brandywine Realty Trust	$ 30,951		$ (6,070)		$ 20,590	$ (16,636)

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.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 30,173	$ (12,696)	$ 13,805	$ (17,955)

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

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Schedule of Consolidated Debt Obligations

DEBT OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

The following table sets forth information regarding the Company’s consolidated debt obligations outstanding as of June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 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	25,625		13,824		SOFR + 2.50%		August 2026
Principal balance outstanding	270,625		258,824

Less: deferred financing costs	(2,774)		(3,153)
Total Secured indebtedness	$	267,851	$	255,671

UNSECURED DEBT
$600.0M Unsecured Credit Facility	$	25,000	—		SOFR + 1.50%		June 2027	(a)
Term Loan - Swapped to fixed	250,000		250,000		SOFR + 1.70%	(b)	June 2027	(a)
$70.0M Term Loan	70,000		70,000		SOFR + 2.00%		February 2025	(a)
$350.0M 4.10% Guaranteed Notes due 2024	—		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		8.23%	(c)	March 2028
$350.0M 4.55% Guaranteed Notes due 2029	350,000		350,000		4.30%		October 2029
$400.0M 8.875% Guaranteed Notes due 2029	400,000		—		8.97%		April 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
Note Payable	13,000		—		4.66%		June 2027
Principal balance outstanding	1,986,610		1,888,610
Plus: original issue premium (discount), net	$	(782)	$	1,878
Less: deferred financing costs	(12,119)		(7,327)
Total unsecured indebtedness	$	1,973,709	$	1,883,161
Total Debt Obligations	$	2,241,560	$	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 June 30, 2024, the fixed rate for this instrument was 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. During the second quarter of 2024, Moody's downgraded our senior unsecured credit rating from Ba1 to Ba2. As a result of the downgrade, the interest rate on the 2028 Notes increased 25 basis points to 8.30% in April 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 June 30, 2024, the aggregate scheduled principal payments on the Company’s consolidated debt obligations (secured and unsecured) were as follows (in thousands):


2024 (six months remaining)	$	—
2025	70,000
2026	25,625
2027	738,000
2028	595,000
Thereafter	828,610
Total principal payments	2,257,235
Net unamortized premiums/(discounts)	(782)
Net deferred financing costs	(14,893)
Outstanding indebtedness	$	2,241,560

REAL ESTATE INVESTMENTS - Schedule of Gross Carrying Value of Operating Properties (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Long Lived Assets Held-for-sale [Line Items]
Total	$ 3,546,602	$ 3,542,232
Continuing Operations
Long Lived Assets Held-for-sale [Line Items]
Land	393,439	394,669
Building and improvements	2,673,390	2,671,024
Tenant improvements	$ 479,773	$ 476,539

SEGMENT INFORMATION - Reconciliation of Consolidated Net Income to Consolidated NOI (Details) - USD ($) $ in Thousands		3 Months Ended				6 Months Ended
	Jun. 28, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Net loss		$ 30,267	$ (16,414)	$ (12,737)	$ (5,276)	$ 13,853	$ (18,013)
Plus:
Interest expense		29,494		23,669		54,543	46,322
Interest expense - amortization of deferred financing costs		1,415		1,114		2,506	2,141
Depreciation and amortization		44,187		47,079		89,229	92,679
General and administrative expenses		8,941		9,360		20,045	18,842
Equity in loss of unconsolidated real estate ventures		14,507		7,598		28,095	13,765
Provision for impairment		6,427		4,468		6,427	4,468
Gain on early extinguishment of debt		(941)		0		(941)	0
Less:
Interest and investment income		1,512		520		1,933	1,025
Income tax provision		(9)		(13)		(11)	(38)
Net gain on sale of undepreciated real estate		0		0		0	781
Net gain on real estate venture transactions	$ 53,762	53,762		181		53,733	181
Consolidated net operating income		$ 79,032		$ 79,863		$ 158,102	$ 158,255

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ 13,853	$ (18,013)
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	89,229	92,679
Amortization of deferred financing costs	2,506	2,141
Amortization of debt discount/(premium), net	(2,659)	(516)
Amortization of stock compensation costs	6,871	6,073
Straight-line rent income	(5,366)	(4,600)
Amortization of acquired above (below) market leases, net	(481)	(760)
Ground rent expense	394	401
Net gain on real estate venture transactions	(53,733)	(181)
Total gain on sale of real estate	0	(781)
Gain on early extinguishment of debt	(941)	0
Provision for impairment	6,427	4,468
Loss from unconsolidated real estate ventures, including income distributions	28,095	13,765
Income tax provision	11	38
Changes in assets and liabilities:
Accounts receivable	2,213	(469)
Other assets	(10,833)	(12,604)
Accounts payable and accrued expenses	(10,676)	(21,271)
Deferred income, gains and rent	2,155	285
Other liabilities	4,905	649
Net cash provided by operating activities	71,970	61,304
Cash flows from investing activities:
Capital expenditures for tenant improvements	(32,200)	(24,431)
Capital expenditures for redevelopments	(5,080)	(34,827)
Capital expenditures for developments	(16,260)	(18,341)
Advances for the purchase of tenant assets, net of repayments	(998)	(26)
Investment in unconsolidated real estate ventures	(98,035)	(60,290)
Deposits for real estate	0	3,500
Capital distributions from unconsolidated real estate ventures	3,931	2,250
Leasing costs paid	(5,452)	(5,697)
Net cash used in investing activities	(154,094)	(137,862)
Cash flows from financing activities:
Proceeds from credit facility borrowings	62,000	136,000
Repayments of credit facility borrowings	(37,000)	(224,500)
Proceeds from unsecured notes	400,000	0
Repayments of unsecured notes	(339,059)	(54,301)
Proceeds from unsecured term loan	13,000	70,000
Proceeds from secured term loan	0	245,000
Proceeds from construction loan	11,802	0
Debt financing costs paid	(6,334)	(4,455)
Shares used for employee taxes upon vesting of share awards	(1,028)	(952)
Distributions paid to shareholders	(52,124)	(65,438)
Distributions to noncontrolling interest	(154)	(196)
Net cash provided by financing activities	51,103	101,158
Increase/(Decrease) in cash and cash equivalents and restricted cash	(31,021)	24,600
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	36,513	42,987
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	30,369	32,111
Restricted cash, end of period	6,144	10,876
Cash and cash equivalents and restricted cash at end of period	36,513	42,987
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the six months ended June 30, 2024 and 2023 of $8,641 and $8,587, respectively	60,743	50,480
Cash paid for income taxes	0	550
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid	26,234	32,957
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	425	1,292
Change in capital expenditures financed through retention payable at period end	$ 775	$ 2,039

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - KB Joint Venture (Details) $ in Thousands	Jun. 28, 2024 USD ($)	Jun. 30, 2024 USD ($) ft²	Jun. 28, 2024	Jun. 28, 2024 property	Jun. 28, 2024 ft²	Jun. 28, 2024 portfolioAsset	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in real estate ventures		$ 680,136					$ 552,494
Area of real estate property \| ft²		13,011,094
KB Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of properties contributed to joint venture				14		14
Investment in real estate ventures	$ 26,000
Area of real estate property \| ft²					641,819
Equity method investment, ownership percentage			50.00%
KB Joint Venture \| Loan With Related Party
Schedule of Equity Method Investments [Line Items]
Amount of transaction	$ 13,000

ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP

6 Months Ended

Jun. 30, 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 June 30, 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 June 30, 2024, the Company owned and consolidated 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”) exclude properties under development or redevelopment properties, recently completed - not stabilized properties, and properties held for sale. The Properties were comprised of the following as of June 30, 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/redevelopment properties	2	144,685

Recently completed - not stabilized properties (a)	1	168,294

The Properties	72	13,011,094

(a)The Company reclassifies a Property from “development/redevelopment property” to “recently completed – not-stabilized property” after the date that the development or redevelopment of the Property is placed in service and prior to the time that the Property reaches at least 90% occupy. At such time as the Property reaches at least 90% occupancy, the Company reclassifies the Property as a “Core Property.”

In addition to the Properties, as of June 30, 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 June 30, 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 June 30, 2024, the Company also owned economic interests in thirteen 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 June 30, 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 relate to Properties owned by the Company and approximately 9.3 million net rentable square feet relate to properties owned by the unconsolidated real estate ventures.

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

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue
Total revenue	$ 125,346	$ 125,882	$ 251,830	$ 255,109
Operating expenses
Property operating expenses	31,353	31,891	63,632	65,485
Real estate taxes	12,535	11,571	25,127	26,173
Third party management expenses	2,426	2,557	4,969	5,196
Depreciation and amortization	44,187	47,079	89,229	92,679
General and administrative expenses	8,941	9,360	20,045	18,842
Provision for impairment	6,427	4,468	6,427	4,468
Total operating expenses	105,869	106,926	209,429	212,843
Gain on sale of real estate
Net gain on disposition of real estate	0	0	0	0
Net gain on sale of undepreciated real estate	0	0	0	781
Total gain on sale of real estate	0	0	0	781
Operating income	19,477	18,956	42,401	43,047
Other income (expense):
Interest and investment income	1,512	520	1,933	1,025
Interest expense	(29,494)	(23,669)	(54,543)	(46,322)
Interest expense - amortization of deferred financing costs	(1,415)	(1,114)	(2,506)	(2,141)
Equity in loss of unconsolidated real estate ventures	(14,507)	(7,598)	(28,095)	(13,765)
Net gain on real estate venture transactions	53,762	181	53,733	181
Gain on early extinguishment of debt	941	0	941	0
Net income (loss) before income taxes	30,276	(12,724)	13,864	(17,975)
Income tax provision	(9)	(13)	(11)	(38)
Net income (loss)	30,267	(12,737)	13,853	(18,013)
Net (income) loss attributable to noncontrolling interests	(94)	41	(48)	58
Net income (loss) attributable to Brandywine Realty Trust	30,173	(12,696)	13,805	(17,955)
Nonforfeitable dividends allocated to unvested restricted shareholders	(277)	(204)	(613)	(274)
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust	$ 29,896	$ (12,900)	$ 13,192	$ (18,229)
Basic income (loss) per Common Share (in dollars per share)	$ 0.17	$ (0.08)	$ 0.08	$ (0.11)
Diluted income (loss) per Common Share (in dollars per share)	$ 0.17	$ (0.08)	$ 0.08	$ (0.11)
Basic weighted average shares outstanding (in shares)	172,563,136	171,962,162	172,385,087	171,818,463
Diluted weighted average shares outstanding (in shares)	174,695,651	171,962,162	174,342,151	171,818,463
Rents
Revenue
Total revenue	$ 118,009	$ 118,133	$ 237,017	$ 238,981
Third party management fees, labor reimbursement and leasing
Revenue
Total revenue	5,698	6,227	11,592	12,229
Other
Revenue
Total revenue	$ 1,639	$ 1,522	$ 3,221	$ 3,899

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

6 Months Ended

Jun. 30, 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”) exclude properties under development or redevelopment properties, recently completed - not stabilized properties, and properties held for sale. The Properties were comprised of the following as of June 30, 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/redevelopment properties	2	144,685

Recently completed - not stabilized properties (a)	1	168,294

The Properties	72	13,011,094

CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($) $ in Thousands	Total	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest - Consolidated Real Estate Ventures	BRANDYWINE OPERATING PARTNERSHIP, L.P.	BRANDYWINE OPERATING PARTNERSHIP, L.P. Accumulated Other Comprehensive Income (Loss)	BRANDYWINE OPERATING PARTNERSHIP, L.P. Noncontrolling Interest - Consolidated Real Estate Ventures	BRANDYWINE OPERATING PARTNERSHIP, L.P. General Partner Capital
Beginning balance (in shares) at Dec. 31, 2022							171,569,807
Beginning balance at Dec. 31, 2022				$ 1,630,139	$ 3,569	$ 2,832	$ 1,623,738
Increase (Decrease) in Partners' Capital [Roll Forward]
Net (loss) income	$ (5,276)		$ (17)	(5,276)		(1)	$ (5,275)
Other comprehensive income (loss)	(5,291)	$ (5,307)	16	(5,291)	(5,291)
Deferred compensation obligation (in shares)							(13,422)
Deferred compensation obligation	(88)			(88)			$ (88)
Share-based compensation activity (in shares)							171,318
Share-based compensation activity	3,371			3,371			$ 3,371
Adjustment of redeemable partnership units to liquidation value at period end				779			779
Distributions declared to general partnership unit holders				(32,734)			$ (32,734)
Ending balance (in shares) at Mar. 31, 2023							171,727,703
Ending balance at Mar. 31, 2023				1,590,900	(1,722)	2,831	$ 1,589,791
Beginning balance (in shares) at Dec. 31, 2022							171,569,807
Beginning balance at Dec. 31, 2022				1,630,139	3,569	2,832	$ 1,623,738
Increase (Decrease) in Partners' Capital [Roll Forward]
Net (loss) income	(18,013)			(18,013)
Other comprehensive income (loss)	1,355			1,355
Ending balance (in shares) at Jun. 30, 2023							172,101,929
Ending balance at Jun. 30, 2023				1,554,342	4,924	2,831	$ 1,546,587
Beginning balance (in shares) at Mar. 31, 2023							171,727,703
Beginning balance at Mar. 31, 2023				1,590,900	(1,722)	2,831	$ 1,589,791
Increase (Decrease) in Partners' Capital [Roll Forward]
Net (loss) income	(12,737)		(41)	(12,737)			$ (12,737)
Other comprehensive income (loss)	6,646	6,626	20	6,646	6,646
Deferred compensation obligation	0
Share-based compensation activity (in shares)							374,226
Share-based compensation activity	2,616			2,616			$ 2,616
Adjustment of redeemable partnership units to liquidation value at period end				(98)			(98)
Distributions declared to general partnership unit holders				(32,985)			$ (32,985)
Ending balance (in shares) at Jun. 30, 2023							172,101,929
Ending balance at Jun. 30, 2023				1,554,342	4,924	2,831	$ 1,546,587
Beginning balance (in shares) at Dec. 31, 2023							172,097,661
Beginning balance at Dec. 31, 2023				1,321,372	(1,010)	2,810	$ 1,319,572
Increase (Decrease) in Partners' Capital [Roll Forward]
Net (loss) income	(16,414)		(46)	(16,414)		3	$ (16,417)
Other comprehensive income (loss)	6,026	6,007	19	6,026	6,026
Deferred compensation obligation (in shares)							(21,234)
Deferred compensation obligation	(100)			(100)			$ (100)
Share-based compensation activity (in shares)							194,480
Share-based compensation activity	4,831			4,831			$ 4,831
Adjustment of redeemable partnership units to liquidation value at period end				316			316
Distributions declared to general partnership unit holders				(26,177)			$ (26,177)
Ending balance (in shares) at Mar. 31, 2024							172,270,907
Ending balance at Mar. 31, 2024				1,289,854	5,016	2,813	$ 1,282,025
Beginning balance (in shares) at Dec. 31, 2023							172,097,661
Beginning balance at Dec. 31, 2023				1,321,372	(1,010)	2,810	$ 1,319,572
Increase (Decrease) in Partners' Capital [Roll Forward]
Net (loss) income	13,853			13,853
Other comprehensive income (loss)	6,807			6,807
Ending balance (in shares) at Jun. 30, 2024							172,678,090
Ending balance at Jun. 30, 2024				1,297,098	5,797	2,816	$ 1,288,485
Beginning balance (in shares) at Mar. 31, 2024							172,270,907
Beginning balance at Mar. 31, 2024				1,289,854	5,016	2,813	$ 1,282,025
Increase (Decrease) in Partners' Capital [Roll Forward]
Net (loss) income	30,267		94	30,267		3	$ 30,264
Other comprehensive income (loss)	781	$ 778	$ 3	781	781
Deferred compensation obligation (in shares)							(43)
Deferred compensation obligation	0			0
Share-based compensation activity (in shares)							407,226
Share-based compensation activity	$ 2,359			2,359			$ 2,359
Adjustment of redeemable partnership units to liquidation value at period end				16			16
Distributions declared to general partnership unit holders				(26,179)			$ (26,179)
Ending balance (in shares) at Jun. 30, 2024							172,678,090
Ending balance at Jun. 30, 2024				$ 1,297,098	$ 5,797	$ 2,816	$ 1,288,485

CONSOLIDATED STATEMENTS OF CASH FLOWS - BRANDYWINE OPERATING PARTNERSHIP L.P. (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Capitalized interest	$ 8,641	$ 8,587
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Capitalized interest	$ 8,641	$ 8,587

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

13. SEGMENT INFORMATION

As of June 30, 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/redevelopment 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:
	June 30, 2024		December 31, 2023
Philadelphia CBD	$	1,537,436	$	1,534,893
Pennsylvania Suburbs	899,767		900,230
Austin, Texas	798,195		801,973
Total Core Segments	3,235,398		3,237,096
Other	311,204		305,136


Operating properties	$	3,546,602	$	3,542,232

Corporate
Right of use asset - operating leases, net	$	18,720	$	19,031
Construction-in-progress	$	152,888	$	135,529
Land held for development	$	83,051	$	82,510
Prepaid leasehold interests in land held for development, net	$	27,762	$	27,762

Net operating income:


	Three Months Ended June 30,
	2024						2023
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	56,723	$	(19,071)	$	37,652	$	56,671	$	(20,257)	$	36,414
Pennsylvania Suburbs	31,666		(9,897)		21,769		32,102		(10,084)		22,018
Austin, Texas	22,154		(8,834)		13,320		23,781		(8,683)		15,098
Other	10,308		(5,132)		5,176		8,888		(4,850)		4,038

Corporate	4,495		(3,380)		1,115		4,440		(2,145)		2,295
Operating properties	$	125,346	$	(46,314)	$	79,032	$	125,882	$	(46,019)	$	79,863


	Six Months Ended June 30,
	2024						2023
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	112,711	$	(38,953)	$	73,758	$	112,898	$	(40,843)	$	72,055
Pennsylvania Suburbs	63,685		(19,256)		44,429		64,873		(19,863)		45,010
Austin, Texas	45,409		(17,847)		27,562		49,018		(19,977)		29,041
Other	21,276		(10,594)		10,682		18,277		(10,262)		8,015
Corporate	8,749		(7,078)		1,671		10,043		(5,909)		4,134
Operating properties	$	251,830	$	(93,728)	$	158,102	$	255,109	$	(96,854)	$	158,255

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 June 30,
	June 30, 2024		December 31, 2023		2024		2023
Philadelphia CBD	$	501,579	$	450,136	$	(10,223)	$	(4,412)
Metropolitan Washington, D.C.	94,834		71,931		(941)		(1,414)
Mid-Atlantic Office JV	—		—		—		223
MAP Venture	—		(48,733)		(3,339)		(1,995)

Austin, Texas	83,723		79,160		(4)		—
Total	$	680,136	$	552,494	$	(14,507)	$	(7,598)

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income (loss)	$	30,267	$	(12,737)	$	13,853	$	(18,013)
Plus:
Interest expense	29,494		23,669		54,543		46,322
Interest expense - amortization of deferred financing costs	1,415		1,114		2,506		2,141

Depreciation and amortization	44,187		47,079		89,229		92,679
General and administrative expenses	8,941		9,360		20,045		18,842
Equity in loss of unconsolidated real estate ventures	14,507		7,598		28,095		13,765
Provision for impairment	6,427		4,468		6,427		4,468
Gain on early extinguishment of debt	(941)		—		(941)		—
Less:
Interest and investment income	1,512		520		1,933		1,025
Income tax provision	(9)		(13)		(11)		(38)


Net gain on sale of undepreciated real estate	—		—		—		781
Net gain on real estate venture transactions	53,762		181		53,733		181

Consolidated net operating income	$	79,032	$	79,863	$	158,102	$	158,255

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.

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FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

8. FAIR VALUE OF FINANCIAL INSTRUMENTS

Financial assets and liabilities recorded on the Company's 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 June 30, 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 June 30, 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):


	June 30, 2024				December 31, 2023
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
Unsecured notes payable	$	1,551,453	$	1,506,975	$	1,486,052	$	1,386,621
Variable rate debt	447,881		410,755		410,932		370,665
Secured fixed rate debt	242,226		231,968		241,847		233,088

The Company used quoted market prices as of June 30, 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 June 30, 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 June 30, 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.

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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Schedule of Results of Operations of Real Estate Ventures with Interests (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Revenue	$ 125,346		$ 125,882		$ 251,830	$ 255,109
Operating expenses	(105,869)		(106,926)		(209,429)	(212,843)
Interest expense, net	(29,494)		(23,669)		(54,543)	(46,322)
Depreciation and amortization	(44,187)		(47,079)		(89,229)	(92,679)
Net income (loss)	30,267	$ (16,414)	(12,737)	$ (5,276)	13,853	(18,013)
Equity in loss of unconsolidated real estate ventures	(14,507)		(7,598)		(28,095)	(13,765)
Investment In Nonconsolidated Real Estate
Schedule of Equity Method Investments [Line Items]
Revenue	43,944		59,067		89,893	116,953
Operating expenses	(25,424)		(30,039)		(50,305)	(58,890)
Interest expense, net	(15,587)		(18,287)		(32,950)	(34,178)
Depreciation and amortization	(19,092)		(24,827)		(39,981)	(49,001)
Loss on property disposition	0		0		(490)	0
Net income (loss)	(16,159)		(14,086)		(33,833)	(25,116)
Company's share of net loss	(14,073)		(7,528)		(27,881)	(13,652)
Basis adjustments and other	$ (434)		$ (70)		$ (214)	$ (113)

BENEFICIARIES' EQUITY OF THE PARENT COMPANY (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended June 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	30,267	$	30,267	$	(12,737)	$	(12,737)
Net (income) loss attributable to noncontrolling interests	(94)		(94)		41		41
Nonforfeitable dividends allocated to unvested restricted shareholders	(277)		(277)		(204)		(204)


Net income (loss) attributable to common shareholders	$	29,896	$	29,896	$	(12,900)	$	(12,900)
Denominator
Weighted-average shares outstanding	172,563,136		172,563,136		171,962,162		171,962,162
Contingent securities/Share based compensation	—		2,132,515		—		—
Weighted-average shares outstanding	172,563,136		174,695,651		171,962,162		171,962,162
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	0.17	$	0.17	$	(0.08)	$	(0.08)


	Six Months Ended June 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	13,853	$	13,853	$	(18,013)	$	(18,013)
Net (income) loss attributable to noncontrolling interests	(48)		(48)		58		58
Nonforfeitable dividends allocated to unvested restricted shareholders	(613)		(613)		(274)		(274)


Net income (loss) attributable to common shareholders	$	13,192	$	13,192	$	(18,229)	$	(18,229)
Denominator
Weighted-average shares outstanding	172,385,087		172,385,087		171,818,463		171,818,463
Contingent securities/Share based compensation	—		1,957,064		—		—
Weighted-average shares outstanding	172,385,087		174,342,151		171,818,463		171,818,463
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	0.08	$	0.08	$	(0.11)	$	(0.11)

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 June 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	30,267	$	30,267	$	(12,737)	$	(12,737)
Net income attributable to noncontrolling interests	(3)		(3)		—		—
Nonforfeitable dividends allocated to unvested restricted unitholders	(277)		(277)		(204)		(204)


Net income (loss) attributable to common unitholders	$	29,987	$	29,987	$	(12,941)	$	(12,941)
Denominator


Total weighted-average units outstanding	173,078,731		175,211,246		172,478,629		172,478,629
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders	$	0.17	$	0.17	$	(0.08)	$	(0.08)


	Six Months Ended June 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	13,853	$	13,853	$	(18,013)	$	(18,013)
Net (income) loss attributable to noncontrolling interests	(6)		(6)		1		1
Nonforfeitable dividends allocated to unvested restricted unitholders	(613)		(613)		(274)		(274)


Net income (loss) attributable to common unitholders	$	13,234	$	13,234	$	(18,286)	$	(18,286)
Denominator
Weighted-average units outstanding	172,900,681		172,900,681		172,334,930		172,334,930
Contingent securities/Share based compensation	—		1,957,064		—		—
Total weighted-average units outstanding	172,900,681		174,857,745		172,334,930		172,334,930
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders	$	0.08	$	0.08	$	(0.11)	$	(0.11)

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024 (b)		December 31, 2023
Net property	$	1,878,241	$	2,339,921
Other assets	242,833		534,658
Other liabilities	163,059		443,536
Debt, net	808,893		1,407,858
Equity (a)	1,149,122		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 Venture, the Herndon Innovation Center Metro Portfolio Venture, LLC and the MAP Venture as the Company discontinued applying the equity method of accounting. The Company discontinued applying the equity method of accounting on the Mid-Atlantic Office Venture after December 31, 2023, the Herndon Innovation Center Metro Portfolio Venture, LLC after March 31, 2024 and the MAP Venture after June 30, 2024.

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 and six-month periods ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024 (a)		2023		2024 (a)		2023
Revenue	$	43,944	$	59,067	$	89,893	$	116,953
Operating expenses	(25,424)		(30,039)		(50,305)		(58,890)
Interest expense, net	(15,587)		(18,287)		(32,950)		(34,178)
Depreciation and amortization	(19,092)		(24,827)		(39,981)		(49,001)
Loss on property disposition	—		—		(490)		—


Net loss	$	(16,159)	$	(14,086)	$	(33,833)	$	(25,116)
Ownership interest %	Various		Various		Various		Various
Company's share of net loss	$	(14,073)	$	(7,528)	$	(27,881)	$	(13,652)

Basis adjustments and other	(434)		(70)		(214)		(113)
Equity in loss of unconsolidated real estate ventures	$	(14,507)	$	(7,598)	$	(28,095)	$	(13,765)

(a)Excludes amounts related to the Mid-Atlantic Office Venture, the Herndon Innovation Center Metro Portfolio Venture, LLC and the MAP Venture as the Company discontinued applying the equity method of accounting. The Company discontinued applying the equity method of accounting on the Mid-Atlantic Office Venture after December 31, 2023, the Herndon Innovation Center Metro Portfolio Venture, LLC after March 31, 2024 and the MAP Venture after June 30, 2024.

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Schedule of Financial Position of Real Estate Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Net property	$ 2,636,877		$ 2,675,272
Other assets	98,382		86,051
Other liabilities	13,977		63,729
Debt, net	2,241,560		2,138,832
Equity	1,299,397	$ 1,292,246	1,324,157	$ 1,556,660	$ 1,593,218	$ 1,633,334
Investment In Nonconsolidated Real Estate
Schedule of Equity Method Investments [Line Items]
Net property	1,878,241		2,339,921
Other assets	242,833		534,658
Other liabilities	163,059		443,536
Debt, net	808,893		1,407,858
Equity	$ 1,149,122		$ 1,023,185

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

Amount of liabilities classified as other.

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

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Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2024

DERIVATIVE FINANCIAL INSTRUMENTS

9. DERIVATIVE FINANCIAL INSTRUMENTS


Hedge Product	Hedge Type	Designation		Notional Amount				Strike		Trade Date	Maturity Date	Fair value
				6/30/2024		12/31/2023						6/30/2024		12/31/2023



Assets/(Liabilities)
Swap	Interest Rate	Cash Flow	(a)	$	250,000	$	250,000	3.729	%	November 23, 2022	June 30, 2027	$	3,760	$	(757)
Swap	Interest Rate	Cash Flow	(a)	27,062		—		3.629	%	January 12, 2024	December 30, 2026	472		—
Swap	Interest Rate	Cash Flow	(a)	51,548		—		3.725	%	January 12, 2024	January 30, 2027	779		—
				$	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.

REAL ESTATE INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Real Estate [Abstract]
Impairment losses	$ 6,427	$ 4,468	$ 6,427	$ 4,468

PARTNERS' EQUITY OF THE PARENT COMPANY

6 Months Ended

Jun. 30, 2024

PARTNERS' EQUITY OF THE PARENT COMPANY

12. PARTNERS’ EQUITY OF THE PARENT COMPANY

Earnings per Common Partnership Unit


	Three Months Ended June 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	30,267	$	30,267	$	(12,737)	$	(12,737)
Net income attributable to noncontrolling interests	(3)		(3)		—		—
Nonforfeitable dividends allocated to unvested restricted unitholders	(277)		(277)		(204)		(204)


Net income (loss) attributable to common unitholders	$	29,987	$	29,987	$	(12,941)	$	(12,941)
Denominator


Total weighted-average units outstanding	173,078,731		175,211,246		172,478,629		172,478,629
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders	$	0.17	$	0.17	$	(0.08)	$	(0.08)


	Six Months Ended June 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	13,853	$	13,853	$	(18,013)	$	(18,013)
Net (income) loss attributable to noncontrolling interests	(6)		(6)		1		1
Nonforfeitable dividends allocated to unvested restricted unitholders	(613)		(613)		(274)		(274)


Net income (loss) attributable to common unitholders	$	13,234	$	13,234	$	(18,286)	$	(18,286)
Denominator
Weighted-average units outstanding	172,900,681		172,900,681		172,334,930		172,334,930
Contingent securities/Share based compensation	—		1,957,064		—		—
Total weighted-average units outstanding	172,900,681		174,857,745		172,334,930		172,334,930
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders	$	0.08	$	0.08	$	(0.11)	$	(0.11)

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 and six months ended June 30, 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 May 23, 2024, the Operating Partnership declared a distribution of $0.15 per common partnership unit, totaling $0.1 million, which was paid on July 18, 2024 to unitholders of record as of July 3, 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 six months ended June 30, 2024 and June 30, 2023, the Company did not repurchase any units.

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($)	Jun. 30, 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	$ 3,760,000
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	$ 472,000
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	$ 779,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 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

LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2024) was approximately $2.3 million and $2.8 million as of June 30, 2024 and December 31, 2023, respectively.

LEASES

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
Lease Revenue	2024		2023		2024		2023
Fixed contractual payments	$	91,993	$	92,969	$	184,206	$	184,651
Variable lease payments	23,204		22,335		47,402		48,850
Total	$	115,197	$	115,304	$	231,608	$	233,501

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 and six months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
Lease Revenue	2024		2023		2024		2023
Fixed contractual payments	$	91,993	$	92,969	$	184,206	$	184,651
Variable lease payments	23,204		22,335		47,402		48,850
Total	$	115,197	$	115,304	$	231,608	$	233,501

DEBT OBLIGATIONS

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 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	25,625		13,824		SOFR + 2.50%		August 2026
Principal balance outstanding	270,625		258,824

Less: deferred financing costs	(2,774)		(3,153)
Total Secured indebtedness	$	267,851	$	255,671

UNSECURED DEBT
$600.0M Unsecured Credit Facility	$	25,000	—		SOFR + 1.50%		June 2027	(a)
Term Loan - Swapped to fixed	250,000		250,000		SOFR + 1.70%	(b)	June 2027	(a)
$70.0M Term Loan	70,000		70,000		SOFR + 2.00%		February 2025	(a)
$350.0M 4.10% Guaranteed Notes due 2024	—		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		8.23%	(c)	March 2028
$350.0M 4.55% Guaranteed Notes due 2029	350,000		350,000		4.30%		October 2029
$400.0M 8.875% Guaranteed Notes due 2029	400,000		—		8.97%		April 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
Note Payable	13,000		—		4.66%		June 2027
Principal balance outstanding	1,986,610		1,888,610
Plus: original issue premium (discount), net	$	(782)	$	1,878
Less: deferred financing costs	(12,119)		(7,327)
Total unsecured indebtedness	$	1,973,709	$	1,883,161
Total Debt Obligations	$	2,241,560	$	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, and to 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 six months ended June 30, 2024, the weighted-average interest rate on Unsecured Credit Facility borrowings was 6.83%, resulting in $0.4 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. On June 7, 2024, the Company redeemed the $113.4 million principal amount of the 2024 Notes at the aggregate principal amount outstanding together with accrued and unpaid interest thereon to the redemption date.

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 June 30, 2024. Certain of the covenants restrict the Company’s ability to obtain alternative sources of capital.

As of June 30, 2024, the aggregate scheduled principal payments on the Company’s consolidated debt obligations (secured and unsecured) were as follows (in thousands):


2024 (six months remaining)	$	—
2025	70,000
2026	25,625
2027	738,000
2028	595,000
Thereafter	828,610
Total principal payments	2,257,235
Net unamortized premiums/(discounts)	(782)
Net deferred financing costs	(14,893)
Outstanding indebtedness	$	2,241,560

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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Equity Method Investments and Joint Ventures [Abstract]

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, 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	(18,013)
Other comprehensive income (loss)	1,355
Ending balance (in shares) at Jun. 30, 2023		172,101,929	1,207,415
Ending balance at Jun. 30, 2023	1,556,660	$ 1,719	$ 19,965	3,159,276	(19,965)	1,158,240	5,216	(2,775,124)	7,333
Beginning balance (in shares) at Mar. 31, 2023		171,727,703	1,153,359
Beginning balance at Mar. 31, 2023	1,593,218	$ 1,717	$ 19,746	3,156,507	(19,746)	1,170,936	(1,410)	(2,742,139)	7,607
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(12,737)					(12,696)			(41)
Other comprehensive income (loss)	6,646						6,626		20
Share-based compensation activity (in shares)		374,226	54,056
Share-based compensation activity	2,616	$ 2		2,614
Share Issuance from/(to) Deferred Compensation Plan	0		$ 219		(219)
Reallocation of Noncontrolling interest	0			155					(155)
Distributions declared	(33,083)							(32,985)	(98)
Ending balance (in shares) at Jun. 30, 2023		172,101,929	1,207,415
Ending balance at Jun. 30, 2023	$ 1,556,660	$ 1,719	$ 19,965	3,159,276	(19,965)	1,158,240	5,216	(2,775,124)	7,333
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	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
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	13,853
Other comprehensive income (loss)	$ 6,807
Ending balance (in shares) at Jun. 30, 2024	172,678,090	172,678,090	1,252,467
Ending balance at Jun. 30, 2024	$ 1,299,397	$ 1,724	$ 20,456	3,171,011	(20,456)	993,211	6,117	(2,879,378)	6,712
Beginning balance (in shares) at Mar. 31, 2024		172,270,907	1,145,121
Beginning 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	30,267					30,173			94
Other comprehensive income (loss)	781						778		3
Repurchase and retirement of Common Shares of Beneficial Interest	0
Share-based compensation activity (in shares)		407,226	107,389
Share-based compensation activity	2,359	$ 3		2,356
Share Issuance from/(to) Deferred Compensation Plan (in shares)		(43)	(43)
Share Issuance from/(to) Deferred Compensation Plan	0		$ 460		(460)
Reallocation of Noncontrolling interest	0			(6)					6
Distributions declared	$ (26,256)							(26,179)	(77)
Ending balance (in shares) at Jun. 30, 2024	172,678,090	172,678,090	1,252,467
Ending balance at Jun. 30, 2024	$ 1,299,397	$ 1,724	$ 20,456	$ 3,171,011	$ (20,456)	$ 993,211	$ 6,117	$ (2,879,378)	$ 6,712

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	4

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accrued rent receivable, allowance	$ 1,332	$ 2,672
Common stock, par or stated value per share (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	172,678,090	172,097,661
Common stock, shares outstanding (in shares)	172,678,090	172,097,661
Common shares in grantor trust, issued and outstanding (in shares)	1,252,467	1,194,127

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jun. 30, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION	2. BASIS OF PRESENTATION Basis of Presentation The consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments consist solely of normal recurring matters, and result in a fair statement of the financial position of the Company as of June 30, 2024, the results of its operations for the three and six months ended June 30, 2024 and 2023 and its cash flows for the six months ended June 30, 2024 and 2023. The results of operations for such interim periods are not necessarily indicative of the results for a full year. These consolidated financial statements should be read in conjunction with the Parent Company’s and the Operating Partnership’s consolidated financial statements and footnotes included in their combined Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 22, 2024. The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements as of that date but does not include all the information and footnotes required by GAAP for complete financial statements. The Company’s Annual Report on Form 10-K for the year ended December 31, 2023 contains a discussion of the Company’s significant accounting policies under Note 2, “Summary of Significant Accounting Policies”. There have been no material changes in the Company’s significant accounting policies since December 31, 2023. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The estimates and assumptions include, but are not limited to, the amount and timing of development/redevelopment costs and of Company obligations for such costs, including costs incurred through unconsolidated real estate ventures. The estimates and assumptions for development/redevelopment cost are highly judgmental, cover significant future time horizons and are sensitive to cost escalations, sales price escalations and timing and pricing of leasing activity, all of which may be affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). The new standard requires enhanced disclosures about significant segment expenses and other segment items and requires companies to disclose all annual disclosures about segments in interim periods. The new standard also permits companies to disclose more than one measure of segment profit or loss, requires disclosure of the title and position of the Chief Operating Decision Maker, and requires companies with a single reportable segment to provide all disclosures required by Topic 280. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and companies are required to apply the ASU retrospectively to all periods presented. The Company is currently evaluating the impact that the adoption of this standard will have on its financial statements and related disclosures.

CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY - BRANDYWINE OPERATING PARTNERSHIP, L.P. (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
BRANDYWINE OPERATING PARTNERSHIP, L.P. \| General Partner Capital
Distributions to general partnership unitholders (in dollars per share)	$ 0.15	$ 0.15	$ 0.19	$ 0.19

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real estate investments:
Operating properties	$ 3,546,602	$ 3,542,232
Accumulated depreciation	(1,192,146)	(1,131,792)
Right of use asset - operating leases, net	18,720	19,031
Operating real estate investments, net	2,373,176	2,429,471
Construction-in-progress	152,888	135,529
Land held for development	83,051	82,510
Prepaid leasehold interests in land held for development, net	27,762	27,762
Total real estate investments, net	2,636,877	2,675,272
Cash and cash equivalents	30,369	58,319
Restricted cash and escrows	6,144	9,215
Accounts receivable	10,867	11,977
Accrued rent receivable, net of allowance of $1,332 and $2,672 as of June 30, 2024 and December 31, 2023, respectively	191,802	186,708
Investment in unconsolidated real estate ventures	680,136	601,227
Deferred costs, net	92,931	95,984
Intangible assets, net	6,672	7,694
Other assets	98,382	86,051
Total assets	3,754,180	3,732,447
LIABILITIES AND BENEFICIARIES' EQUITY
Secured debt, net	267,851	255,671
Unsecured credit facility	25,000	0
Unsecured term loans, net	331,646	318,499
Unsecured senior notes, net	1,617,063	1,564,662
Accounts payable and accrued expenses	115,531	123,825
Distributions payable	26,234	26,017
Deferred income, gains and rent	26,236	24,248
Intangible liabilities, net	7,786	8,270
Lease liability - operating leases	23,459	23,369
Other liabilities	13,977	63,729
Total liabilities	2,454,783	2,408,290
Commitments and contingencies (See Note 14)
Brandywine Realty Trust's Equity:
Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 172,678,090 and 172,097,661 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	1,724	1,719
Additional paid-in-capital	3,171,011	3,163,949
Deferred compensation payable in common shares	20,456	19,965
Common shares in grantor trust, 1,252,467 and 1,194,127 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	(20,456)	(19,965)
Cumulative earnings	993,211	979,406
Accumulated other comprehensive income (loss)	6,117	(668)
Cumulative distributions	(2,879,378)	(2,827,022)
Total Brandywine Realty Trust's equity	1,292,685	1,317,384
Noncontrolling interests	6,712	6,773
Total beneficiaries' equity	1,299,397	1,324,157
Total liabilities and beneficiaries' equity	$ 3,754,180	$ 3,732,447

SEGMENT INFORMATION - Net Operating Income of Company's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 125,346	$ 125,882	$ 251,830	$ 255,109
Operating expenses	(46,314)	(46,019)	(93,728)	(96,854)
Net operating income	79,032	79,863	158,102	158,255
Operating Segments \| Philadelphia CBD
Segment Reporting Information [Line Items]
Total revenue	56,723	56,671	112,711	112,898
Operating expenses	(19,071)	(20,257)	(38,953)	(40,843)
Net operating income	37,652	36,414	73,758	72,055
Operating Segments \| Pennsylvania Suburbs
Segment Reporting Information [Line Items]
Total revenue	31,666	32,102	63,685	64,873
Operating expenses	(9,897)	(10,084)	(19,256)	(19,863)
Net operating income	21,769	22,018	44,429	45,010
Operating Segments \| Austin, Texas
Segment Reporting Information [Line Items]
Total revenue	22,154	23,781	45,409	49,018
Operating expenses	(8,834)	(8,683)	(17,847)	(19,977)
Net operating income	13,320	15,098	27,562	29,041
Operating Segments \| Other
Segment Reporting Information [Line Items]
Total revenue	10,308	8,888	21,276	18,277
Operating expenses	(5,132)	(4,850)	(10,594)	(10,262)
Net operating income	5,176	4,038	10,682	8,015
Corporate
Segment Reporting Information [Line Items]
Total revenue	4,495	4,440	8,749	10,043
Operating expenses	(3,380)	(2,145)	(7,078)	(5,909)
Net operating income	$ 1,115	$ 2,295	$ 1,671	$ 4,134

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Narrative (Details) $ in Thousands, ft² in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) ft² a property apartment	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) ft² a property apartment	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of real estate properties	72		72
Accounts receivable \| $	$ 10,867		$ 10,867		$ 11,977
Real Estate Venture
Schedule of Equity Method Investments [Line Items]
Accounts receivable \| $	3,600		3,600		$ 3,500
Real Estate Venture \| Management Fees
Schedule of Equity Method Investments [Line Items]
Service and other revenue \| $	1,900	$ 2,100	3,700	$ 4,200
Real Estate Venture \| Leasing Commission Income
Schedule of Equity Method Investments [Line Items]
Service and other revenue \| $	900	$ 800	1,500	$ 1,500
Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated real estate ventures \| $	$ 680,100		$ 680,100
Unconsolidated Real Estate Ventures \| Minimum
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	5.00%		5.00%
Unconsolidated Real Estate Ventures \| Maximum
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	78.00%		78.00%
Unconsolidated Real Estate Ventures \| Office Properties
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated investments in Real Estate Ventures	6		6
Rentable area (in square feet) \| ft²	9.1		9.1
Unconsolidated Real Estate Ventures \| Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Number of real estate properties	13		13
Unconsolidated Real Estate Ventures \| Land Held For Development
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated investments in Real Estate Ventures	2		2
Area of land (in acres) \| a	1.4		1.4
Unconsolidated Real Estate Ventures \| Land Under Active Development
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated investments in Real Estate Ventures	4		4
Area of land (in acres) \| a	7.5		7.5
Unconsolidated Real Estate Ventures \| Mixed Use Tower
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated investments in Real Estate Ventures	1		1
Rentable area (in square feet) \| ft²	0.2		0.2
Number of apartment units (in units) \| apartment	250		250

LEASES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Fixed contractual payments	$ 91,993	$ 92,969	$ 184,206	$ 184,651
Variable lease payments	23,204	22,335	47,402	48,850
Total	$ 115,197	$ 115,304	$ 231,608	$ 233,501

ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP - Narrative (Details)	6 Months Ended
	Jun. 30, 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	13
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	13,000,000.0
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%

CONSOLIDATED STATEMENTS OF OPERATIONS - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 28, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue
Total revenue		$ 125,346	$ 125,882	$ 251,830	$ 255,109
Operating expenses
Property operating expenses		31,353	31,891	63,632	65,485
Real estate taxes		12,535	11,571	25,127	26,173
Third party management expenses		2,426	2,557	4,969	5,196
Depreciation and amortization		44,187	47,079	89,229	92,679
General and administrative expenses		8,941	9,360	20,045	18,842
Provision for impairment		6,427	4,468	6,427	4,468
Total operating expenses		105,869	106,926	209,429	212,843
Gain on sale of real estate
Net gain on sale of undepreciated real estate		0	0	0	781
Total gain on sale of real estate		0	0	0	781
Operating income		19,477	18,956	42,401	43,047
Other income (expense):
Interest and investment income		1,512	520	1,933	1,025
Interest expense		(29,494)	(23,669)	(54,543)	(46,322)
Interest expense - amortization of deferred financing costs		(1,415)	(1,114)	(2,506)	(2,141)
Equity in loss of unconsolidated real estate ventures		(14,507)	(7,598)	(28,095)	(13,765)
Net gain on real estate venture transactions	$ 53,762	53,762	181	53,733	181
Gain on early extinguishment of debt		941	0	941	0
Net income (loss) before income taxes		30,276	(12,724)	13,864	(17,975)
Income tax provision		(9)	(13)	(11)	(38)
Net income (loss)		30,267	(12,737)	13,853	(18,013)
Nonforfeitable dividends allocated to unvested restricted unitholders		(277)	(204)	(613)	(274)
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust		$ 29,896	$ (12,900)	$ 13,192	$ (18,229)
Basic income (loss) per Common Share (in dollars per share)		$ 0.17	$ (0.08)	$ 0.08	$ (0.11)
Diluted income (loss) per Common Share (in dollars per share)		$ 0.17	$ (0.08)	$ 0.08	$ (0.11)
Basic weighted average common partnership units outstanding (in shares)		172,563,136	171,962,162	172,385,087	171,818,463
Diluted weighted average common partnership units outstanding (in shares)		174,695,651	171,962,162	174,342,151	171,818,463
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Total revenue		$ 125,346	$ 125,882	$ 251,830	$ 255,109
Operating expenses
Property operating expenses		31,353	31,891	63,632	65,485
Real estate taxes		12,535	11,571	25,127	26,173
Third party management expenses		2,426	2,557	4,969	5,196
Depreciation and amortization		44,187	47,079	89,229	92,679
General and administrative expenses		8,941	9,360	20,045	18,842
Provision for impairment		6,427	4,468	6,427	4,468
Total operating expenses		105,869	106,926	209,429	212,843
Gain on sale of real estate
Net gain on sale of undepreciated real estate		0	0	0	781
Total gain on sale of real estate		0	0	0	781
Operating income		19,477	18,956	42,401	43,047
Other income (expense):
Interest and investment income		1,512	520	1,933	1,025
Interest expense		(29,494)	(23,669)	(54,543)	(46,322)
Interest expense - amortization of deferred financing costs		(1,415)	(1,114)	(2,506)	(2,141)
Equity in loss of unconsolidated real estate ventures		(14,507)	(7,598)	(28,095)	(13,765)
Net gain on real estate venture transactions	$ 53,762		181	53,733	181
Gain on early extinguishment of debt		941	0	941	0
Net income (loss) before income taxes		30,276	(12,724)	13,864	(17,975)
Income tax provision		(9)	(13)	(11)	(38)
Net income (loss)		30,267	(12,737)	13,853	(18,013)
Net (income) loss attributable to noncontrolling interests - consolidated real estate ventures		(3)	0	(6)	1
Net income (loss) attributable to Brandywine Operating Partnership		30,264	(12,737)	13,847	(18,012)
Nonforfeitable dividends allocated to unvested restricted unitholders		(277)	(204)	(613)	(274)
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust		$ 29,987	$ (12,941)	$ 13,234	$ (18,286)
Basic income (loss) per Common Share (in dollars per share)		$ 0.17	$ (0.08)	$ 0.08	$ (0.11)
Diluted income (loss) per Common Share (in dollars per share)		$ 0.17	$ (0.08)	$ 0.08	$ (0.11)
Basic weighted average common partnership units outstanding (in shares)		173,078,731	172,478,629	172,900,681	172,334,930
Diluted weighted average common partnership units outstanding (in shares)		175,211,246	172,478,629	174,857,745	172,334,930
Rents
Revenue
Total revenue		$ 118,009	$ 118,133	$ 237,017	$ 238,981
Rents \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Total revenue		118,009	118,133	237,017	238,981
Third party management fees, labor reimbursement and leasing
Revenue
Total revenue		5,698	6,227	11,592	12,229
Third party management fees, labor reimbursement and leasing \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Total revenue		5,698	6,227	11,592	12,229
Other
Revenue
Total revenue		1,639	1,522	3,221	3,899
Other \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Total revenue		$ 1,639	$ 1,522	$ 3,221	$ 3,899

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Capitalized interest	$ 8,641	$ 8,587

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

6 Months Ended

Jun. 30, 2024

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

4. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

As of June 30, 2024, the Company held ownership interests in thirteen unconsolidated real estate ventures, with a net aggregate investment balance of $680.1 million. As of June 30, 2024, six of the real estate ventures owned properties (directly or through leasehold interests) that contained an aggregate of approximately 9.1 million net rentable square feet of office space; two of the real estate ventures owned 1.4 acres of land held for development; four of the real estate ventures owned 7.5 acres of land in active development; and one of the real estate ventures 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 5% 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 June 30, 2024 and 2023, respectively, and $3.7 million and $4.2 million for the six months ended June 30, 2024 and 2023, respectively.

The Company earned leasing commissions from the unconsolidated real estate ventures of $0.9 million and $0.8 million for the three months ended June 30, 2024 and 2023, respectively, and $1.5 million for both the six months ended June 30, 2024 and 2023.

The Company had outstanding accounts receivable balances from the unconsolidated real estate ventures of $3.6 million and $3.5 million as of June 30, 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 June 30, 2024 and December 31, 2023 (in thousands):


	June 30, 2024 (b)		December 31, 2023
Net property	$	1,878,241	$	2,339,921
Other assets	242,833		534,658
Other liabilities	163,059		443,536
Debt, net	808,893		1,407,858
Equity (a)	1,149,122		1,023,185


	Three Months Ended June 30,				Six Months Ended June 30,
	2024 (a)		2023		2024 (a)		2023
Revenue	$	43,944	$	59,067	$	89,893	$	116,953
Operating expenses	(25,424)		(30,039)		(50,305)		(58,890)
Interest expense, net	(15,587)		(18,287)		(32,950)		(34,178)
Depreciation and amortization	(19,092)		(24,827)		(39,981)		(49,001)
Loss on property disposition	—		—		(490)		—


Net loss	$	(16,159)	$	(14,086)	$	(33,833)	$	(25,116)
Ownership interest %	Various		Various		Various		Various
Company's share of net loss	$	(14,073)	$	(7,528)	$	(27,881)	$	(13,652)

Basis adjustments and other	(434)		(70)		(214)		(113)
Equity in loss of unconsolidated real estate ventures	$	(14,507)	$	(7,598)	$	(28,095)	$	(13,765)

MAP Venture

On June 28, 2024, the Company recapitalized one of its unconsolidated real estate ventures, referred to as the “MAP Venture,” in which the Company had a negative investment balance of $52.2 million as of March 31, 2024 and a 50% ownership interest. Through the recapitalization, the MAP Venture transferred, for $26.0 million, 14 of the 57 properties in which it held ground lease interests to a newly-formed real estate venture, referred to below as the “KB JV,” owned equally between the Company and the ground lessor of the land on which all of the 57 properties are situated. The MAP Venture used substantially all of the

proceeds it received from the transfer of the 14 properties to pay down its non-recourse mortgage loan to $154.6 million. Through the recapitalization of the MAP Venture, the Company redeemed the entire interest of its former partner in the MAP Venture for a nominal amount and reversed the Company’s negative investment balance to zero, resulting in a one-time, non-cash gain of $53.8 million. The non-recourse mortgage loan was amended as part of the pay-down, and, as amended, has a scheduled maturity date of March 1, 2027 (subject to mandatory pay downs as properties that remain owned by the MAP Venture are sold), bears interest at SOFR plus 2.75% and provides the lender with a 95% entitlement to residual proceeds, if any, after the mortgage loan has been repaid and after all obligations to the ground lessor have been satisfied. As of June 30, 2024, the Company's investment in the new MAP Venture was zero, and the Company has discontinued applying the equity method of accounting on these assets as the Company has not guaranteed any of the obligations of the new MAP Venture or otherwise committed to funding any future losses.

KB JV

On June 28, 2024 as discussed above under “MAP Venture,” the Company formed a new joint venture, KB JV, LLC (the "KB JV") which acquired leasehold interests in 14 properties from the MAP Venture for $26.0 million. The 14 properties owned by the KB JV consist of an aggregate of 641,819 net rentable square feet and are located in Richmond, Virginia. The Company owns a 50% equity interest in the KB JV and the portfolio assets are unencumbered by third party debt. In connection with the formation of KB JV, KB JV loaned $13.0 million to the Company to fund the purchase of the 14 properties. The loan from KB JV is classified as “Unsecured term loan, net” on the consolidated balance sheet. If the properties are sold, Kawa, as fee owner, and KB JV as leasehold owner, have agreed to cause both the leasehold and fee interests in the portfolio to be sold.

Cira Square

On March 17, 2022, the Company formed a joint venture, Cira Square REIT, LLC (the “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 the Cira Square Venture and provided an initial capital contribution of $28.6 million on the closing date.

On the closing date, the Cira Square Venture obtained a $257.7 million non-recourse mortgage loan, which bore interest at 3.50% over one-month term SOFR per annum, and matured on April 1, 2024. On April 1, 2024, the Cira Square Venture received an extension on the loan to July 1, 2024. On May 6, 2024, the Cira Square Venture refinanced the loan through proceeds of a new $160.0 million non-recourse mortgage loan and a capital contribution by the Company and its partner in the aggregate amount of $96.9 million (of which the Company's share was $19.4 million). The new mortgage loan bears interest at 8.817% per annum and matures in June 2029. At June 30, 2024, the Company's investment balance in the Cira Square Venture was $44.1 million.

PARTNERS' EQUITY OF THE PARENT COMPANY (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended June 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	30,267	$	30,267	$	(12,737)	$	(12,737)
Net (income) loss attributable to noncontrolling interests	(94)		(94)		41		41
Nonforfeitable dividends allocated to unvested restricted shareholders	(277)		(277)		(204)		(204)


Net income (loss) attributable to common shareholders	$	29,896	$	29,896	$	(12,900)	$	(12,900)
Denominator
Weighted-average shares outstanding	172,563,136		172,563,136		171,962,162		171,962,162
Contingent securities/Share based compensation	—		2,132,515		—		—
Weighted-average shares outstanding	172,563,136		174,695,651		171,962,162		171,962,162
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	0.17	$	0.17	$	(0.08)	$	(0.08)


	Six Months Ended June 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	13,853	$	13,853	$	(18,013)	$	(18,013)
Net (income) loss attributable to noncontrolling interests	(48)		(48)		58		58
Nonforfeitable dividends allocated to unvested restricted shareholders	(613)		(613)		(274)		(274)


Net income (loss) attributable to common shareholders	$	13,192	$	13,192	$	(18,229)	$	(18,229)
Denominator
Weighted-average shares outstanding	172,385,087		172,385,087		171,818,463		171,818,463
Contingent securities/Share based compensation	—		1,957,064		—		—
Weighted-average shares outstanding	172,385,087		174,342,151		171,818,463		171,818,463
Earnings (loss) per Common Share:
Net income (loss) attributable to common shareholders	$	0.08	$	0.08	$	(0.11)	$	(0.11)


	Three Months Ended June 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	30,267	$	30,267	$	(12,737)	$	(12,737)
Net income attributable to noncontrolling interests	(3)		(3)		—		—
Nonforfeitable dividends allocated to unvested restricted unitholders	(277)		(277)		(204)		(204)


Net income (loss) attributable to common unitholders	$	29,987	$	29,987	$	(12,941)	$	(12,941)
Denominator


Total weighted-average units outstanding	173,078,731		175,211,246		172,478,629		172,478,629
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders	$	0.17	$	0.17	$	(0.08)	$	(0.08)


	Six Months Ended June 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net income (loss)	$	13,853	$	13,853	$	(18,013)	$	(18,013)
Net (income) loss attributable to noncontrolling interests	(6)		(6)		1		1
Nonforfeitable dividends allocated to unvested restricted unitholders	(613)		(613)		(274)		(274)


Net income (loss) attributable to common unitholders	$	13,234	$	13,234	$	(18,286)	$	(18,286)
Denominator
Weighted-average units outstanding	172,900,681		172,900,681		172,334,930		172,334,930
Contingent securities/Share based compensation	—		1,957,064		—		—
Total weighted-average units outstanding	172,900,681		174,857,745		172,334,930		172,334,930
Earnings (loss) per Common Partnership Unit:
Net income (loss) attributable to common unitholders	$	0.08	$	0.08	$	(0.11)	$	(0.11)

ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP - Schedule of Core Portfolio of Operating Properties and Excludes Development, Redevelopment and Held for Sale (Details)	Jun. 30, 2024 ft² property
Real Estate Properties [Line Items]
Number of Properties \| property	72
Rentable Square Feet \| ft²	13,011,094
Occupancy percentage	90.00%
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/redevelopment properties
Real Estate Properties [Line Items]
Number of Properties \| property	2
Rentable Square Feet \| ft²	144,685
Recently completed - not stabilized properties
Real Estate Properties [Line Items]
Number of Properties \| property	1
Rentable Square Feet \| ft²	168,294

SEGMENT INFORMATION - Unconsolidated Real Estate Ventures of Company's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Investment in real estate ventures	$ 680,136		$ 680,136		$ 552,494
Equity in income (loss) of real estate ventures	(14,507)	$ (7,598)	(28,095)	$ (13,765)
Philadelphia CBD
Segment Reporting Information [Line Items]
Investment in real estate ventures	501,579		501,579		450,136
Equity in income (loss) of real estate ventures	(10,223)	(4,412)
Metropolitan Washington, D.C.
Segment Reporting Information [Line Items]
Investment in real estate ventures	94,834		94,834		71,931
Equity in income (loss) of real estate ventures	(941)	(1,414)
Mid-Atlantic Office JV
Segment Reporting Information [Line Items]
Investment in real estate ventures	0		0		0
Equity in income (loss) of real estate ventures	0	223
MAP Venture
Segment Reporting Information [Line Items]
Investment in real estate ventures	0		0		(48,733)
Equity in income (loss) of real estate ventures	(3,339)	(1,995)
Austin, Texas
Segment Reporting Information [Line Items]
Investment in real estate ventures	83,723		$ 83,723		$ 79,160
Equity in income (loss) of real estate ventures	$ (4)	$ 0

Amount of income (loss) for proportionate share of equity method investee's income (loss).