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CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY - BRANDYWINE OPERATING PARTNERSHIP, L.P. (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	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	$ 0.15	$ 0.15	$ 0.19	$ 0.19

DEBT OBLIGATIONS

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023 (in thousands):


	September 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	29,767		13,824		SOFR + 2.50%		August 2026
Principal balance outstanding	274,767		258,824

Less: deferred financing costs	(2,586)		(3,153)
Total Secured indebtedness	$	272,181	$	255,671

UNSECURED DEBT
$600.0M Unsecured Credit Facility	$	40,000	$	—	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 8.30% Guaranteed Notes due 2028	350,000		350,000		8.35%	(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	2,001,610		1,888,610
Plus: original issue premium (discount), net	$	(663)	$	1,878
Less: deferred financing costs	(11,355)		(7,327)
Total unsecured indebtedness	$	1,989,592	$	1,883,161
Total Debt Obligations	$	2,261,773	$	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 September 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 the Company's senior unsecured credit rating from Baa3 to Ba1. As a result of the downgrade, the interest rate on the Company's 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 the Company's 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 the Company's 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.

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 nine months ended September 30, 2024, the weighted-average interest rate on Unsecured Credit Facility borrowings was 6.90%, resulting in $1.4 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 September 30, 2024. Certain of the covenants restrict the Company’s ability to obtain alternative sources of capital.

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


2024 (three months remaining)	$	—
2025	70,000
2026	29,767
2027	753,000
2028	595,000
Thereafter	828,610
Total principal payments	2,276,377
Net unamortized premiums/(discounts)	(663)
Net deferred financing costs	(13,941)
Outstanding indebtedness	$	2,261,773

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Commerce Square Venture (Details) - USD ($) $ in Thousands	Aug. 26, 2024	Sep. 30, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Investment in real estate ventures		$ 602,700	$ 552,494
Commerce Square Venture
Schedule of Equity Method Investments [Line Items]
Investment in real estate ventures	$ 23,000
Equity method investment, ownership percentage	84.00%
Impairment loss of real estate	$ 116,500

INTANGIBLE ASSETS AND LIABILITIES - Schedule of Amortization for Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
2024 (three months remaining)	$ 373
2025	1,485
2026	1,093
2027	808
2028	313
Thereafter	2,177
Intangible Assets, net	6,249	$ 7,694
Liabilities
2024 (three months remaining)	217
2025	869
2026	739
2027	623
2028	534
Thereafter	4,576
Intangible Liabilities, net	$ 7,558	$ 8,270

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	(39,649)
Other comprehensive income (loss)	4,240
Ending balance (in shares) at Sep. 30, 2023		172,097,661	1,194,127
Ending balance at Sep. 30, 2023	1,514,368	$ 1,719	$ 19,965	3,161,568	(19,965)	1,136,686	8,125	(2,801,074)	7,344
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(21,636)					(21,554)			(82)
Other comprehensive income (loss)	2,885						2,909		(24)
Share-based compensation activity (in shares)
Share-based compensation activity	2,506			2,506
Share Issuance from/(to) Deferred Compensation Plan (in shares)		(4,268)	(13,288)
Share Issuance from/(to) Deferred Compensation Plan	(20)			(20)
Reallocation of Noncontrolling interest	0			(194)					194
Distributions declared	(26,027)							(25,950)	(77)
Ending balance (in shares) at Sep. 30, 2023		172,097,661	1,194,127
Ending balance at Sep. 30, 2023	$ 1,514,368	$ 1,719	$ 19,965	3,161,568	(19,965)	1,136,686	8,125	(2,801,074)	7,344
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	(151,867)
Other comprehensive income (loss)	$ (3,112)
Ending balance (in shares) at Sep. 30, 2024	172,665,995	172,665,995	1,221,333
Ending balance at Sep. 30, 2024	$ 1,104,730	$ 1,724	$ 20,456	3,178,214	(20,456)	827,991	(3,773)	(2,905,554)	6,128
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
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	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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(165,720)					(165,220)			(500)
Other comprehensive income (loss)	(9,919)						(9,890)		(29)
Share-based compensation activity (in shares)
Share-based compensation activity	7,284			7,284
Share Issuance from/(to) Deferred Compensation Plan (in shares)		(12,095)	(31,134)
Share Issuance from/(to) Deferred Compensation Plan	(59)			(59)
Reallocation of Noncontrolling interest	0			(22)					22
Distributions declared	$ (26,253)							(26,176)	(77)
Ending balance (in shares) at Sep. 30, 2024	172,665,995	172,665,995	1,221,333
Ending balance at Sep. 30, 2024	$ 1,104,730	$ 1,724	$ 20,456	$ 3,178,214	$ (20,456)	$ 827,991	$ (3,773)	$ (2,905,554)	$ 6,128

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

4. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

As of September 30, 2024, the Company held ownership interests in thirteen unconsolidated real estate ventures, with a net aggregate investment balance of $602.7 million. As of September 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, including cash from operations and cash from capital events, such as sales of properties.

The Company earned management fees from the unconsolidated real estate ventures of $2.2 million and $2.1 million for the three months ended September 30, 2024 and 2023, respectively, and $5.9 million and $6.2 million for the nine months ended September 30, 2024 and 2023, respectively.

The Company earned leasing commissions from the unconsolidated real estate ventures of $0.2 million and $1.5 million for the three months ended September 30, 2024 and 2023, respectively, and $1.7 million and $2.9 million for the nine months ended September 30, 2024 and 2023, respectively.

The Company had outstanding accounts receivable balances from the unconsolidated real estate ventures of $4.6 million and $3.5 million as of September 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 September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024 (b)		December 31, 2023
Net property	$	1,760,185	$	2,339,921
Other assets	278,441		534,658
Other liabilities	147,265		443,536
Debt, net	824,714		1,407,858
Equity (a)	1,066,647		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 Herndon Innovation Center Metro Portfolio Venture, LLC and the New MAP Venture as the Company discontinued applying the equity method of accounting. The Company discontinued applying the equity method of accounting on the Herndon Innovation Center Metro Portfolio Venture, LLC after March 31, 2024 and discontinued applying the equity method of accounting on the New MAP Venture after June 30, 2024.

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 nine-month periods ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024 (a)		2023		2024 (a)		2023
Revenue	$	33,058	$	58,986	$	122,951	$	175,939
Operating expenses	(13,680)		(31,641)		(63,985)		(90,531)
Interest expense, net	(12,030)		(21,591)		(44,980)		(55,769)
Depreciation and amortization	(14,518)		(24,635)		(54,499)		(73,636)
Provision for impairment	(116,543)		—		(116,543)		—
Loss on property disposition	490		—		—		—


Net loss	$	(123,223)	$	(18,881)	$	(157,056)	$	(43,997)
Ownership interest %	Various		Various		Various		Various
Company's share of net loss	$	(119,111)	$	(10,130)	$	(146,992)	$	(23,782)
Other-than-temporary impairment (b)	(6,833)		—		(6,833)		—
Basis adjustments and other	82		(609)		(132)		(722)
Equity in loss of unconsolidated real estate ventures	$	(125,862)	$	(10,739)	$	(153,957)	$	(24,504)

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

(b)Represents other-than-temporary impairment on investment in an unconsolidated joint venture due to a decline in fair value below the carrying value of our investments in the unconsolidated joint venture for the quarter ended September 30, 2024.

Mid-Atlantic Office Venture

On August 9, 2024 as part of a loan restructuring for the Mid-Atlantic Office Venture which included forgiveness of $39.8 million of the Venture's debt, the Company funded its $4.1 million portion of a lender pay down for the venture. Brandywine’s contribution is an equity method investment in the Mid-Atlantic Office JV. The Company recorded the contribution to Investment in unconsolidated real estate ventures on the consolidated balance sheet. The Mid-Atlantic Office Venture has liquidation rights and priorities that are different from ownership percentages. As such, equity in earnings is determined using the hypothetical liquidation book value (“HLBV”) method. Income or loss is recorded based on changes in what would be received should the entity liquidate all of its assets (as valued in accordance with GAAP) and distribute the resulting proceeds based on the terms of the respective agreements. The HLBV method is a balance sheet focused approach commonly applied to equity investments where cash distribution percentages vary at different points in time and are not directly linked to an equity holder’s ownership percentage.

Commerce Square Venture

On August 26, 2024, the Company agreed to fund and has subsequently funded, in November 2024, an additional $23 million common equity contribution to the Commerce Square Venture, the proceeds from which will be used by the Commerce Square Venture to pay down the preferred equity position of the Company’s current partner in the Commerce Square Venture, thereby increasing a portion of the Company’s ownership interest in the Commerce Square Venture to 84%. In connection with the Company’s funding agreement, the Commerce Square Venture recorded impairment charges of $116.5 million during the quarter ended September 30, 2024 based on the excess of the carrying value of the properties over their estimated fair value. The estimated fair value is considered Level 3 in accordance with ASC 820 and was based upon the third party appraisal.

4040 Wilson Venture

During the quarter ended September 30, 2024, our partner elected to acquire our 50% ownership interest in the 4040 Wilson Venture based on an agreed upon property valuation of $190.5M. As a result, the Company recognized an other than temporary impairment loss on its investment in the unconsolidated joint ventures of $6.8 million.

Original MAP Venture and New MAP Venture

On June 28, 2024, the Company recapitalized one of its unconsolidated real estate ventures, referred to as the “Original 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 Original 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 Original 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 Original MAP Venture, the Company redeemed the entire interest of its former partner in the Original 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 New MAP Venture are sold), bears interest at SOFR plus 2.75% and provides the lender with a 95% entitlement to residual cash from operations and capital proceeds, if any, after the mortgage loan has been repaid and after all obligations to the ground lessor and other third parties have been satisfied. Pursuant to the amended loan, the Company has agreed to fund up to $12 million for tenant and capital improvements pursuant to leases that the Company proposes, in its discretion, to enter into at the properties owned by the New MAP Venture, which amounts, when funded, will accrue interest at 8.0% per annum.As of June 30, 2024, the Company's investment in the New MAP Venture was zero, and the Company discontinued applying the equity method of accounting on the New MAP Venture. The Company has not guaranteed any of the obligations of the New MAP Venture or otherwise committed to funding any future losses.

KB JV

As discussed above under “Original MAP Venture and New MAP Venture,” on June 28, 2024, the Company formed a new joint venture, KB JV, LLC (the "KB JV"), which acquired leasehold interests in 14 properties from the Original MAP Venture for $26.0 million. The 14 properties owned by the KB JV contain 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 a portion of 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 owned by the KB JV are sold, the fee owner of the properties, has agreed to cause both the leasehold and fee interests in the portfolio to be sold.

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - 4040 Wilson Venture (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 26, 2024
Schedule of Equity Method Investments [Line Items]
Payments to acquire investment			$ 143,751	$ 72,715
Other-than-temporary impairment	$ 6,833	$ 0	$ 6,833	$ 0
4040 Wilson Venture
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					50.00%
Payments to acquire investment	190,500
Other-than-temporary impairment	$ 6,800

BASIS OF PRESENTATION (Policies)	9 Months Ended
BASIS OF PRESENTATION (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments consist solely of normal recurring matters, and result in a fair statement of the financial position of the Company as of September 30, 2024, the results of its operations for the three and nine months ended September 30, 2024 and 2023 and its cash flows for the nine months ended September 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	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	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 does not expect the standard to have a material impact on its consolidated financial statements.

BENEFICIARIES' EQUITY OF THE PARENT COMPANY - Narrative (Details) - USD ($)				3 Months Ended						9 Months Ended
	Oct. 24, 2024	Sep. 25, 2024	Dec. 19, 2023	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 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	$ 0.15	$ 0.19	$ 0.19
Dividends, common stock		$ 26,300,000
Authorized amount												$ 150,000,000.0
Repurchased and retired (in shares)										0	0
Distributions payable				$ 26,230,000			$ 26,027,000			$ 26,230,000	$ 26,027,000
Subsequent Event
Class of Stock [Line Items]
Dividends paid in cash (in dollars per share)	$ 0.15
Redeemable Common Limited Partnership Units
Class of Stock [Line Items]
Redeemable common limited partnership units (in shares)										515,595	516,467

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Financial Instruments with Fair Values Different from their Carrying Amount (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed rate debt	$ 272,181	$ 255,671
Deferred financing costs, net	13,941
Unsecured notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Deferred financing costs, net	11,355	7,327
Fixed rate debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Deferred financing costs, net	2,586	3,153
Carrying Amount \| Unsecured notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable	1,552,185	1,486,052
Deferred financing costs, net	10,200	5,800
Carrying Amount \| Variable rate debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Variable rate debt	467,174	410,932
Deferred financing costs, net	1,200	1,500
Carrying Amount \| Fixed rate debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fixed rate debt	242,415	241,847
Deferred financing costs, net	2,600	3,200
Fair Value \| Unsecured notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	1,586,000	1,386,621
Fair Value \| Variable rate debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	433,908	370,665
Fair Value \| Fixed rate debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ 237,376	$ 233,088

ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP

9 Months Ended

Sep. 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 September 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 September 30, 2024, the Company owned and consolidated 67 properties that contained an aggregate of approximately 12.5 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 September 30, 2024:


	Number of Properties	Rentable Square Feet
Office properties	60	11,252,377
Mixed-use properties	4	924,450

Core Properties	64	12,176,827
Development/redevelopment properties	2	144,685

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

The Properties	67	12,489,806

(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 September 30, 2024, the Company owned 130.6 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 September 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 11.9 million net rentable square feet.

As of September 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 September 30, 2024, the management company subsidiaries were managing properties containing an aggregate of approximately 20.4 million net rentable square feet, of which approximately 12.5 million net rentable square feet relate to Properties owned by the Company and approximately 7.9 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 and net rentable square feet represent net rentable area.

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 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):


	September 30, 2024				December 31, 2023
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
Unsecured notes payable	$	1,552,185	$	1,586,000	$	1,486,052	$	1,386,621
Variable rate debt	467,174		433,908		410,932		370,665
Fixed rate debt	242,415		237,376		241,847		233,088

(a)Net of deferred financing costs of $10.2 million and $5.8 million for unsecured notes payable, $1.2 million and $1.5 million for variable rate debt and $2.6 million and $3.2 million for secured fixed rate debt as of September 30, 2024 and December 31, 2023.

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($)	Sep. 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	$ (2,707,000)	(757,000)
Interest Rate Swap, 3.629% \| Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Notional Amount	$ 27,062,000	0
Strike	3.629%
Fair value	$ (420,000)	0
Interest Rate Swap, 3.725% \| Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Notional Amount	$ 51,548,000	0
Strike	3.725%
Fair value	$ (160,000)	$ 0

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)
Repurchase and retirement of LP units				0
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	(39,649)			(39,649)
Other comprehensive income (loss)	4,240			4,240
Ending balance (in shares) at Sep. 30, 2023							172,097,661
Ending balance at Sep. 30, 2023				1,512,086	7,809	2,811	$ 1,501,466
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
Increase (Decrease) in Partners' Capital [Roll Forward]
Net (loss) income	(21,636)		(82)	(21,636)		(20)	$ (21,616)
Other comprehensive income (loss)	2,885	2,909	(24)	2,885	2,885
Deferred compensation obligation (in shares)							(4,268)
Deferred compensation obligation	(20)			(20)			$ (20)
Share-based compensation activity	2,506			2,506			2,506
Adjustment of redeemable partnership units to liquidation value at period end				(41)			(41)
Distributions declared to general partnership unit holders				(25,950)			$ (25,950)
Ending balance (in shares) at Sep. 30, 2023							172,097,661
Ending balance at Sep. 30, 2023				1,512,086	7,809	2,811	$ 1,501,466
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	(151,867)			(151,867)
Other comprehensive income (loss)	(3,112)			(3,112)
Ending balance (in shares) at Sep. 30, 2024							172,665,995
Ending balance at Sep. 30, 2024				1,101,957	(4,122)	2,813	$ 1,103,266
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
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
Increase (Decrease) in Partners' Capital [Roll Forward]
Net (loss) income	(165,720)		(500)	(165,720)		(3)	$ (165,717)
Other comprehensive income (loss)	(9,919)	$ (9,890)	$ (29)	(9,919)	(9,919)
Deferred compensation obligation (in shares)							(12,095)
Deferred compensation obligation	(59)			(59)			$ (59)
Share-based compensation activity	$ 7,284			7,284			7,284
Adjustment of redeemable partnership units to liquidation value at period end				(551)			(551)
Distributions declared to general partnership unit holders				(26,176)			$ (26,176)
Ending balance (in shares) at Sep. 30, 2024							172,665,995
Ending balance at Sep. 30, 2024				$ 1,101,957	$ (4,122)	$ 2,813	$ 1,103,266

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Mid-Atlantic Office Venture (Details) - USD ($) $ in Thousands		9 Months Ended
	Aug. 09, 2024	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Payments to acquire investment		$ 143,751	$ 72,715
Mid-Atlantic Office Venture
Schedule of Equity Method Investments [Line Items]
Loan restructuring which included forgiveness	$ 39,800
Payments to acquire investment	$ 4,100

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

13. SEGMENT INFORMATION

As of September 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:
	September 30, 2024		December 31, 2023
Philadelphia CBD	$	1,535,263	$	1,534,893
Pennsylvania Suburbs	803,267		900,230
Austin, Texas	790,435		801,973
Total Core Segments	3,128,965		3,237,096
Other	280,640		305,136


Operating properties	$	3,409,605	$	3,542,232

Corporate
Right of use asset - operating leases, net	$	18,565	$	19,031
Construction-in-progress	$	166,278	$	135,529
Land held for development	$	78,259	$	82,510
Prepaid leasehold interests in land held for development, net	$	27,762	$	27,762

Net operating income:


	Three Months Ended September 30,
	2024						2023
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	56,448	$	(19,959)	$	36,489	$	56,367	$	(18,609)	$	37,758
Pennsylvania Suburbs	31,681		(10,081)		21,600		32,611		(9,770)		22,841
Austin, Texas	21,951		(8,429)		13,522		24,457		(10,044)		14,413
Other	10,430		(5,076)		5,354		10,295		(5,526)		4,769

Corporate	11,272		(2,734)		8,538		5,642		(2,450)		3,192
Operating properties	$	131,782	$	(46,279)	$	85,503	$	129,372	$	(46,399)	$	82,973


	Nine Months Ended September 30,
	2024						2023
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	169,159	$	(58,912)	$	110,247	$	169,265	$	(59,452)	$	109,813
Pennsylvania Suburbs	95,366		(29,337)		66,029		97,484		(29,633)		67,851
Austin, Texas	67,360		(26,276)		41,084		73,475		(30,021)		43,454
Other	31,706		(15,670)		16,036		28,572		(15,788)		12,784
Corporate	20,021		(9,812)		10,209		15,685		(8,359)		7,326
Operating properties	$	383,612	$	(140,007)	$	243,605	$	384,481	$	(143,253)	$	241,228

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 September 30,				Nine Months Ended September 30,
	September 30, 2024		December 31, 2023		2024		2023		2024		2023
Philadelphia CBD	$	419,700	$	450,136	$	(125,593)	$	(6,537)	$	(145,429)	$	(14,208)
Metropolitan Washington, D.C.	86,666		71,931		(6,915)		(1,306)		(8,608)		(3,896)
Mid-Atlantic Office JV	10,925		—		7,222		182		7,222		595
MAP Venture	—		(48,733)		10		(3,078)		(6,552)		(6,995)

Austin, Texas	85,409		79,160		(586)		—		(590)		—
Total	$	602,700	$	552,494	$	(125,862)	$	(10,739)	$	(153,957)	$	(24,504)

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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net loss	$	(165,720)	$	(21,636)	$	(151,867)	$	(39,649)
Plus:
Interest expense	30,561		24,355		85,104		70,677
Interest expense - amortization of deferred financing costs	1,247		1,110		3,753		3,251

Depreciation and amortization	44,301		48,966		133,530		141,645
General and administrative expenses	12,681		8,069		32,726		26,911
Equity in loss of unconsolidated real estate ventures	125,862		10,739		153,957		24,504
Provision for impairment	37,980		11,666		44,407		16,134
Gain on early extinguishment of debt	—		—		(941)		—
Less:
Interest and investment income	639		293		2,572		1,318
Income tax benefit (provision)	—		3		(11)		(35)


Net gain on sale of undepreciated real estate	—		—		—		781
Net gain on real estate venture transactions	770		—		54,503		181

Consolidated net operating income	$	85,503	$	82,973	$	243,605	$	241,228

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: 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 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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+ Details

LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY	9 Months Ended
	Sep. 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 $3.3 million and $4.1 million as of September 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 September 30, 2024) was approximately $2.8 million and $2.8 million as of September 30, 2024 and December 31, 2023, respectively.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Capitalized interest	$ 13,866	$ 12,602

PARTNERS' EQUITY OF THE PARENT COMPANY (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

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 September 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(165,720)	$	(165,720)	$	(21,636)	$	(21,636)
Net loss attributable to noncontrolling interests	500		500		82		82
Nonforfeitable dividends allocated to unvested restricted shareholders	(276)		(276)		(159)		(159)


Net loss attributable to common shareholders	$	(165,496)	$	(165,496)	$	(21,713)	$	(21,713)
Denominator
Weighted-average shares outstanding	172,668,731		172,668,731		172,097,661		172,097,661

Weighted-average shares outstanding	172,668,731		172,668,731		172,097,661		172,097,661
Loss per Common Share:
Net loss attributable to common shareholders	$	(0.96)	$	(0.96)	$	(0.13)	$	(0.13)


	Nine Months Ended September 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(151,867)	$	(151,867)	$	(39,649)	$	(39,649)
Net loss attributable to noncontrolling interests	452		452		140		140
Nonforfeitable dividends allocated to unvested restricted shareholders	(889)		(889)		(433)		(433)


Net loss attributable to common shareholders	$	(152,304)	$	(152,304)	$	(39,942)	$	(39,942)
Denominator
Weighted-average shares outstanding	172,480,325		172,480,325		171,912,552		171,912,552

Weighted-average shares outstanding	172,480,325		172,480,325		171,912,552		171,912,552
Loss per Common Share:
Net loss attributable to common shareholders	$	(0.88)	$	(0.88)	$	(0.23)	$	(0.23)

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 September 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(165,720)	$	(165,720)	$	(21,636)	$	(21,636)
Net loss attributable to noncontrolling interests	3		3		20		20
Nonforfeitable dividends allocated to unvested restricted unitholders	(276)		(276)		(159)		(159)


Net loss attributable to common unitholders	$	(165,993)	$	(165,993)	$	(21,775)	$	(21,775)
Denominator


Total weighted-average units outstanding	173,184,325		173,184,325		172,614,128		172,614,128
Loss per Common Partnership Unit:
Net loss attributable to common unitholders	$	(0.96)	$	(0.96)	$	(0.13)	$	(0.13)


	Nine Months Ended September 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(151,867)	$	(151,867)	$	(39,649)	$	(39,649)
Net (income) loss attributable to noncontrolling interests	(3)		(3)		21		21
Nonforfeitable dividends allocated to unvested restricted unitholders	(889)		(889)		(433)		(433)


Net loss attributable to common unitholders	$	(152,759)	$	(152,759)	$	(40,061)	$	(40,061)
Denominator


Total weighted-average units outstanding	172,995,920		172,995,920		172,429,019		172,429,019
Loss per Common Partnership Unit:
Net loss attributable to common unitholders	$	(0.88)	$	(0.88)	$	(0.23)	$	(0.23)

DEBT OBLIGATIONS - Schedule of Consolidated Debt Obligations Outstanding (Details) - USD ($)		1 Months Ended			9 Months Ended
	Apr. 15, 2024	Apr. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Apr. 12, 2024	Jan. 16, 2024	Dec. 31, 2023	Nov. 23, 2022
Debt Instrument [Line Items]
Principal balance outstanding					$ 2,276,377,000
Plus: original issue premium (discount), net					(663,000)
Less: deferred financing costs					(13,941,000)
Debt, net					2,261,773,000			$ 2,138,832,000
Fixed rate debt
Debt Instrument [Line Items]
Principal balance outstanding					272,181,000			255,671,000
Less: deferred financing costs					(2,586,000)			(3,153,000)
Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage	4.25%
Principal balance outstanding					2,001,610,000			1,888,610,000
Plus: original issue premium (discount), net					(663,000)			1,878,000
Less: deferred financing costs					(11,355,000)			(7,327,000)
Debt, net					1,989,592,000			1,883,161,000
$245.0M 5.88% Secured Term Loan due 2028 \| Fixed rate debt
Debt Instrument [Line Items]
Debt instrument, face amount					$ 245,000,000.0
Debt instrument, interest rate, stated percentage					5.88%
Principal balance outstanding					$ 245,000,000			245,000,000
Effective interest rate					5.88%
$50.0M Construction Loan due 2026 \| Fixed rate debt
Debt Instrument [Line Items]
Debt instrument, face amount					$ 50,000,000.0
Principal balance outstanding					$ 29,767,000			13,824,000
$50.0M Construction Loan due 2026 \| Fixed rate debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Effective interest rate					2.50%
Principal balance outstanding \| Fixed rate debt
Debt Instrument [Line Items]
Principal balance outstanding					$ 274,767,000			258,824,000
$600.0M Unsecured Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount					600,000,000.0
Principal balance outstanding					$ 40,000,000			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%
Principal balance outstanding					$ 250,000,000			250,000,000
Term Loan - Swapped to fixed \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate					1.70%
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
Principal balance outstanding					$ 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
Debt instrument, interest rate, stated percentage	4.10%				4.10%
Principal balance outstanding					$ 0			340,000,000
Effective interest rate					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
Debt instrument, interest rate, stated percentage					3.95%
Principal balance outstanding					$ 450,000,000			450,000,000
Effective interest rate					4.03%
$350.0M 7.80% Guaranteed Notes due 2028 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount					$ 350,000,000.0
Debt instrument, interest rate, stated percentage		8.30%	8.05%	7.55%	8.30%
Principal balance outstanding					$ 350,000,000			350,000,000
Effective interest rate					8.35%
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	$ 400,000,000
Debt instrument, interest rate, stated percentage					4.55%	8.875%
Principal balance outstanding					$ 350,000,000			350,000,000
Effective interest rate					4.30%
$400.0M 8.875% Guaranteed Notes due 2029 \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount					$ 400,000,000.0
Debt instrument, interest rate, stated percentage					8.875%
Principal balance outstanding					$ 400,000,000			0
Effective interest rate					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
Indenture IA (Preferred Trust I) \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate					1.51%
Indenture IB (Preferred Trust I) \| Unsecured Debt
Debt Instrument [Line Items]
Principal balance outstanding					$ 25,774,000			25,774,000
Indenture IB (Preferred Trust I) \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate					1.51%
Indenture II (Preferred Trust II) \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage							5.24%
Principal balance outstanding					$ 25,774,000			25,774,000
Indenture II (Preferred Trust II) \| Unsecured Debt \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable interest rate					1.51%
Note Payable \| Unsecured Debt
Debt Instrument [Line Items]
Principal balance outstanding					$ 13,000,000			$ 0
Effective interest rate					4.66%

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

9 Months Ended

Sep. 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 September 30, 2024:


	Number of Properties	Rentable Square Feet
Office properties	60	11,252,377
Mixed-use properties	4	924,450

Core Properties	64	12,176,827
Development/redevelopment properties	2	144,685

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

The Properties	67	12,489,806

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 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 September 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
				9/30/2024		12/31/2023						9/30/2024		12/31/2023



Liabilities
Swap	Interest Rate	Cash Flow	(a)	$	250,000	$	250,000	3.729	%	November 23, 2022	June 30, 2027	$	(2,707)	$	(757)
Swap	Interest Rate	Cash Flow	(a)	27,062		—		3.629	%	January 12, 2024	December 30, 2026	(420)		—
Swap	Interest Rate	Cash Flow	(a)	51,548		—		3.725	%	January 12, 2024	January 30, 2027	(160)		—
				$	328,610	$	250,000

(a)Hedging unsecured variable rate debt.

BENEFICIARIES' EQUITY OF THE PARENT COMPANY

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

BENEFICIARIES' EQUITY OF THE PARENT COMPANY

11. BENEFICIARIES’ EQUITY OF THE PARENT COMPANY

Earnings per Share (EPS)


	Three Months Ended September 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(165,720)	$	(165,720)	$	(21,636)	$	(21,636)
Net loss attributable to noncontrolling interests	500		500		82		82
Nonforfeitable dividends allocated to unvested restricted shareholders	(276)		(276)		(159)		(159)


Net loss attributable to common shareholders	$	(165,496)	$	(165,496)	$	(21,713)	$	(21,713)
Denominator
Weighted-average shares outstanding	172,668,731		172,668,731		172,097,661		172,097,661

Weighted-average shares outstanding	172,668,731		172,668,731		172,097,661		172,097,661
Loss per Common Share:
Net loss attributable to common shareholders	$	(0.96)	$	(0.96)	$	(0.13)	$	(0.13)


	Nine Months Ended September 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(151,867)	$	(151,867)	$	(39,649)	$	(39,649)
Net loss attributable to noncontrolling interests	452		452		140		140
Nonforfeitable dividends allocated to unvested restricted shareholders	(889)		(889)		(433)		(433)


Net loss attributable to common shareholders	$	(152,304)	$	(152,304)	$	(39,942)	$	(39,942)
Denominator
Weighted-average shares outstanding	172,480,325		172,480,325		171,912,552		171,912,552

Weighted-average shares outstanding	172,480,325		172,480,325		171,912,552		171,912,552
Loss per Common Share:
Net loss attributable to common shareholders	$	(0.88)	$	(0.88)	$	(0.23)	$	(0.23)

Redeemable common limited partnership units totaling 515,595 and 516,467 at September 30, 2024 and September 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 nine months ended September 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 September 25, 2024, the Parent Company declared a distribution of $0.15 per common share, totaling $26.3 million, which was paid on October 24, 2024 to shareholders of record as of October 9, 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 nine months ended September 30, 2024 and September 30, 2023, the Company did not repurchase any common shares.

CONSOLIDATED STATEMENTS OF OPERATIONS - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Total revenue	$ 131,782	$ 129,372	$ 383,612	$ 384,481
Operating expenses
Property operating expenses	31,900	31,123	95,532	96,608
Real estate taxes	11,892	12,808	37,019	38,981
Third party management expenses	2,487	2,468	7,456	7,664
Depreciation and amortization	44,301	48,966	133,530	141,645
General and administrative expenses	12,681	8,069	32,726	26,911
Provision for impairment	37,980	11,666	44,407	16,134
Total operating expenses	141,241	115,100	350,670	327,943
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 (loss)	(9,459)	14,272	32,942	57,319
Other income (expense):
Interest and investment income	639	293	2,572	1,318
Interest expense	(30,561)	(24,355)	(85,104)	(70,677)
Interest expense - amortization of deferred financing costs	(1,247)	(1,110)	(3,753)	(3,251)
Equity in loss of unconsolidated real estate ventures	(125,862)	(10,739)	(153,957)	(24,504)
Net gain on real estate venture transactions	770	0	54,503	181
Gain on early extinguishment of debt	0	0	941	0
Net loss before income taxes	(165,720)	(21,639)	(151,856)	(39,614)
Income tax benefit (provision)	0	3	(11)	(35)
Net loss	(165,720)	(21,636)	(151,867)	(39,649)
Nonforfeitable dividends allocated to unvested restricted unitholders	(276)	(159)	(889)	(433)
Net loss attributable to Common Shareholders of Brandywine Realty Trust	$ (165,496)	$ (21,713)	$ (152,304)	$ (39,942)
Basic loss per Common Partnership Unit (in dollars per share)	$ (0.96)	$ (0.13)	$ (0.88)	$ (0.23)
Diluted loss per Common Partnership Unit (in dollars per share)	$ (0.96)	$ (0.13)	$ (0.88)	$ (0.23)
Basic weighted average common partnership units outstanding (in shares)	172,668,731	172,097,661	172,480,325	171,912,552
Diluted weighted average common partnership units outstanding (in shares)	172,668,731	172,097,661	172,480,325	171,912,552
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Total revenue	$ 131,782	$ 129,372	$ 383,612	$ 384,481
Operating expenses
Property operating expenses	31,900	31,123	95,532	96,608
Real estate taxes	11,892	12,808	37,019	38,981
Third party management expenses	2,487	2,468	7,456	7,664
Depreciation and amortization	44,301	48,966	133,530	141,645
General and administrative expenses	12,681	8,069	32,726	26,911
Provision for impairment	37,980	11,666	44,407	16,134
Total operating expenses	141,241	115,100	350,670	327,943
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 (loss)	(9,459)	14,272	32,942	57,319
Other income (expense):
Interest and investment income	639	293	2,572	1,318
Interest expense	(30,561)	(24,355)	(85,104)	(70,677)
Interest expense - amortization of deferred financing costs	(1,247)	(1,110)	(3,753)	(3,251)
Equity in loss of unconsolidated real estate ventures	(125,862)	(10,739)	(153,957)	(24,504)
Net gain on real estate venture transactions	770	0	54,503	181
Gain on early extinguishment of debt	0	0	941	0
Net loss before income taxes	(165,720)	(21,639)	(151,856)	(39,614)
Income tax benefit (provision)	0	3	(11)	(35)
Net loss	(165,720)	(21,636)	(151,867)	(39,649)
Net (income) loss attributable to noncontrolling interests - consolidated real estate ventures	3	20	(3)	21
Net loss attributable to Brandywine Operating Partnership, L.P.	(165,717)	(21,616)	(151,870)	(39,628)
Nonforfeitable dividends allocated to unvested restricted unitholders	(276)	(159)	(889)	(433)
Net loss attributable to Common Shareholders of Brandywine Realty Trust	$ (165,993)	$ (21,775)	$ (152,759)	$ (40,061)
Basic loss per Common Partnership Unit (in dollars per share)	$ (0.96)	$ (0.13)	$ (0.88)	$ (0.23)
Diluted loss per Common Partnership Unit (in dollars per share)	$ (0.96)	$ (0.13)	$ (0.88)	$ (0.23)
Basic weighted average common partnership units outstanding (in shares)	173,184,325	172,614,128	172,995,920	172,429,019
Diluted weighted average common partnership units outstanding (in shares)	173,184,325	172,614,128	172,995,920	172,429,019
Rents
Revenue
Total revenue	$ 117,958	$ 121,661	$ 354,975	$ 360,642
Rents \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Total revenue	117,958	121,661	354,975	360,642
Third party management fees, labor reimbursement and leasing
Revenue
Total revenue	6,093	6,553	17,685	18,782
Third party management fees, labor reimbursement and leasing \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Total revenue	6,093	6,553	17,685	18,782
Other
Revenue
Total revenue	7,731	1,158	10,952	5,057
Other \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Total revenue	$ 7,731	$ 1,158	$ 10,952	$ 5,057

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is involved from time to time in litigation on various matters, including disputes with tenants, vendors and disputes arising out of agreements to purchase or sell properties. Given the nature of the Company’s business activities, these lawsuits are considered routine to the conduct of its business. The result of any particular lawsuit cannot be predicted, because of the very nature of litigation, the litigation process and its adversarial nature, and the jury system. The Company will establish reserves for specific legal proceedings when it determines that the likelihood of an unfavorable outcome is probable and when the amount of loss is reasonably estimable. The Company does not expect that the liabilities, if any, that may ultimately result from such legal actions will have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state, and local governments. The Company’s compliance with existing laws has not had a material adverse effect on its financial condition and results of operations, and the Company does not believe it will have a material adverse effect in the future. However, the Company cannot predict the impact of unforeseen environmental contingencies or new or changed laws or regulations on its current Properties or on properties that the Company may acquire. Debt Guarantees and Equity Funding Commitments As of September 30, 2024, the Company’s unconsolidated real estate ventures had aggregate indebtedness of $890.8 million. These loans are generally mortgage loans or secured construction loans, most of which are nonrecourse to the Company, except for customary recourse carve-outs. In addition, during construction undertaken by the unconsolidated real estate ventures, including the 3025 JFK Venture, the 3151 Market Street Venture, and the One Uptown Ventures, the Company has provided, and expects to continue to provide, cost overrun and completion guarantees, as well as customary environmental indemnities and guarantees of customary exceptions to nonrecourse provisions in loan agreements. In the agreement with its partner in the 3025 JFK Venture, the Company agreed to provide cost overrun and completion guarantees for the project under development. With respect to the construction loan obtained by 3025 JFK Venture on July 23, 2021, the Company also provided a carry guarantee and limited payment guarantee up to 25% of the principal balance of the $186.7 million construction loan. In the agreement with its partner in the 3151 Market Street Venture, the Company agreed to provide cost overrun and completion guaranties for the project under development. As of September 30, 2024, total estimated costs to develop 3151 Market Street are approximately $316.9 million and as of such date, the Company has fully funded its share of equity. However, the development budget for this project contemplated receipt of a construction loan of approximately $174.3 million, reflecting a 55% loan to value ratio and, as of the date of this Form 10-Q, no construction loan has been obtained and there can be no assurance that a loan will be obtained. In the event that costs are incurred before a construction loan has been obtained, the Company expects to fund such costs through its credit facilities and cash on hand. With respect to the One Uptown Ventures, the Company has provided completion guarantees and environmental indemnities in favor of its partner. In addition, the Company has provided completion guarantees, environmental indemnities and guarantees of exceptions to nonrecourse loan provisions in favor of the lenders for the One Uptown Ventures. Moreover, the Company has provided, in favor of the lenders, carry guarantees and limited payment guarantees up to 30% and 15% of the principal balance of the $121.7 million (office) and $85.0 million (multifamily) construction loans, respectively. The Company has agreed, pursuant to the leasehold mortgage loan to the New MAP Venture, to fund up to an additional $12 million for tenant and capital improvements pursuant to leases that the Company proposes, in its discretion, to enter into at the properties owned (through leasehold interests) by the New MAP Venture, which amounts, when funded, will accrue interest at 8.0% per annum. The Company has agreed to contribute and has subsequently funded $23.0 million to the Commerce Square Venture in November 2024. See Note 4“Investment in Unconsolidated Real Estate Ventures,” for further information. Impact of Natural Disasters and Casualty The Company carries liability insurance to mitigate its exposure to certain losses, including those relating to property damage. The Company records the estimated amount of expected insurance proceeds for property damage and other losses incurred as an asset (typically a receivable from the insurer) and income up to the amount of the losses incurred when receipt of insurance proceeds is deemed probable. Any amount of insurance recovery in excess of the amount of the losses is considered a gain contingency and is not recorded until the proceeds are received. Other Commitments or Contingencies In connection with the Schuylkill Yards Project, the Company entered into a neighborhood engagement program and, as of September 30, 2024, had $5.6 million of future fixed contractual obligations. The Company also committed to fund additional contributions under the program. As of September 30, 2024, the Company estimates that these additional contributions, which are not fixed under the terms of agreement, will be $2.0 million. The Company has committed to contribute $15.0 million to a venture capital fund that invests in early-stage life science companies. As of September 30, 2024, the Company had funded $2.5 million of the foregoing commitment. The Company invests in its properties and regularly incurs capital expenditures in the ordinary course of business to maintain the properties. The Company believes that such expenditures enhance its competitiveness. The Company also enters into construction, utility and service contracts in the ordinary course of business which may extend beyond one year. These contracts typically provide for cancellation with insignificant or no cancellation penalties.

REAL ESTATE INVESTMENTS - Schedule of Gross Carrying Value of Operating Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Long Lived Assets Held-for-sale [Line Items]
Total	$ 3,409,605	$ 3,542,232
Continuing Operations
Long Lived Assets Held-for-sale [Line Items]
Land	369,098	394,669
Building and improvements	2,577,361	2,671,024
Tenant improvements	$ 463,146	$ 476,539

INTANGIBLE ASSETS AND LIABILITIES - Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible assets, net:
Total Cost	$ 17,297	$ 24,466
Accumulated Amortization	(11,048)	(16,772)
Intangible Assets, net	6,249	7,694
Intangible liabilities, net:
Total Cost	16,668	17,588
Accumulated Amortization	(9,110)	(9,318)
Intangible Liabilities, net	7,558	8,270
In-place lease value
Intangible assets, net:
Total Cost	17,112	24,281
Accumulated Amortization	(10,940)	(16,673)
Intangible Assets, net	6,172	7,608
Tenant relationship value
Intangible assets, net:
Total Cost	110	110
Accumulated Amortization	(56)	(52)
Intangible Assets, net	54	58
Above market leases acquired
Intangible assets, net:
Total Cost	75	75
Accumulated Amortization	(52)	(47)
Intangible Assets, net	$ 23	$ 28

LEASES

9 Months Ended

Sep. 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 nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease Revenue	2024		2023		2024		2023
Fixed contractual payments	$	91,844	$	94,478	$	276,050	$	279,129
Variable lease payments	22,982		23,851		70,249		72,754
Total	$	114,826	$	118,329	$	346,299	$	351,883

LEASES

5. LEASES

Lessor Accounting


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease Revenue	2024		2023		2024		2023
Fixed contractual payments	$	91,844	$	94,478	$	276,050	$	279,129
Variable lease payments	22,982		23,851		70,249		72,754
Total	$	114,826	$	118,329	$	346,299	$	351,883

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 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)	172,665,995	172,097,661
Common stock, shares outstanding (in shares)	172,665,995	172,097,661
Common shares in grantor trust, issued and outstanding (in shares)	1,221,333	1,194,127

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Schedule of Financial Position of Real Estate Ventures (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Net property	$ 2,543,477			$ 2,675,272
Other assets	121,509			86,051
Other liabilities	16,908			63,729
Debt, net	2,261,773			2,138,832
Equity	1,104,730	$ 1,299,397	$ 1,292,246	1,324,157	$ 1,514,368	$ 1,556,660	$ 1,593,218	$ 1,633,334
Investment In Nonconsolidated Real Estate
Schedule of Equity Method Investments [Line Items]
Net property	1,760,185			2,339,921
Other assets	278,441			534,658
Other liabilities	147,265			443,536
Debt, net	824,714			1,407,858
Equity	$ 1,066,647			$ 1,023,185

- Definition

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

+ References + Details

- Definition

Amount of liabilities classified as other.

+ References + Details

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

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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://www.xbrl.org/2003/role/disclosureRef
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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 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Total revenue	$ 131,782			$ 129,372			$ 383,612	$ 384,481
Operating expenses
Property operating expenses	31,900			31,123			95,532	96,608
Real estate taxes	11,892			12,808			37,019	38,981
Third party management expenses	2,487			2,468			7,456	7,664
Depreciation and amortization	44,301			48,966			133,530	141,645
General and administrative expenses	12,681			8,069			32,726	26,911
Provision for impairment	37,980			11,666			44,407	16,134
Total operating expenses	141,241			115,100			350,670	327,943
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 (loss)	(9,459)			14,272			32,942	57,319
Other income (expense):
Interest and investment income	639			293			2,572	1,318
Interest expense	(30,561)			(24,355)			(85,104)	(70,677)
Interest expense - amortization of deferred financing costs	(1,247)			(1,110)			(3,753)	(3,251)
Equity in loss of unconsolidated real estate ventures	(125,862)			(10,739)			(153,957)	(24,504)
Net gain on real estate venture transactions	770			0			54,503	181
Gain on early extinguishment of debt	0			0			941	0
Net loss before income taxes	(165,720)			(21,639)			(151,856)	(39,614)
Income tax benefit (provision)	0			3			(11)	(35)
Net loss	(165,720)	$ 30,267	$ (16,414)	(21,636)	$ (12,737)	$ (5,276)	(151,867)	(39,649)
Net loss attributable to noncontrolling interests	500			82			452	140
Net loss attributable to Brandywine Realty Trust	(165,220)			(21,554)			(151,415)	(39,509)
Nonforfeitable dividends allocated to unvested restricted shareholders	(276)			(159)			(889)	(433)
Net loss attributable to common shareholders, basic	$ (165,496)			$ (21,713)			$ (152,304)	$ (39,942)
Basic loss per Common Share (in dollars per share)	$ (0.96)			$ (0.13)			$ (0.88)	$ (0.23)
Diluted loss per Common Share (in dollars per share)	$ (0.96)			$ (0.13)			$ (0.88)	$ (0.23)
Basic weighted average shares outstanding (in shares)	172,668,731			172,097,661			172,480,325	171,912,552
Diluted weighted average shares outstanding (in shares)	172,668,731			172,097,661			172,480,325	171,912,552
Rents
Revenue
Total revenue	$ 117,958			$ 121,661			$ 354,975	$ 360,642
Third party management fees, labor reimbursement and leasing
Revenue
Total revenue	6,093			6,553			17,685	18,782
Other
Revenue
Total revenue	$ 7,731			$ 1,158			$ 10,952	$ 5,057

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)	Sep. 30, 2024 ft² property
Real Estate Properties [Line Items]
Number of Properties \| property	67
Rentable Square Feet \| ft²	12,489,806
Occupancy percentage	90.00%
Core Properties
Real Estate Properties [Line Items]
Number of Properties \| property	64
Rentable Square Feet \| ft²	12,176,827
Office properties
Real Estate Properties [Line Items]
Number of Properties \| property	60
Rentable Square Feet \| ft²	11,252,377
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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (165,220)	$ (21,554)	$ (151,415)	$ (39,509)

- Definition

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

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-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

DEBT OBLIGATIONS - Schedule of Aggregate Scheduled Principal Payments of Debt Obligation, Excluding Amortization of Discounts and Premiums (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024 (three months remaining)	$ 0
2025	70,000
2026	29,767
2027	753,000
2028	595,000
Thereafter	828,610
Total principal payments	2,276,377
Net unamortized premiums/(discounts)	(663)
Net deferred financing costs	(13,941)
Outstanding indebtedness	$ 2,261,773	$ 2,138,832

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024 (b)		December 31, 2023
Net property	$	1,760,185	$	2,339,921
Other assets	278,441		534,658
Other liabilities	147,265		443,536
Debt, net	824,714		1,407,858
Equity (a)	1,066,647		1,023,185

Schedule of Results of Operations of Real Estate Ventures with Interests


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024 (a)		2023		2024 (a)		2023
Revenue	$	33,058	$	58,986	$	122,951	$	175,939
Operating expenses	(13,680)		(31,641)		(63,985)		(90,531)
Interest expense, net	(12,030)		(21,591)		(44,980)		(55,769)
Depreciation and amortization	(14,518)		(24,635)		(54,499)		(73,636)
Provision for impairment	(116,543)		—		(116,543)		—
Loss on property disposition	490		—		—		—


Net loss	$	(123,223)	$	(18,881)	$	(157,056)	$	(43,997)
Ownership interest %	Various		Various		Various		Various
Company's share of net loss	$	(119,111)	$	(10,130)	$	(146,992)	$	(23,782)
Other-than-temporary impairment (b)	(6,833)		—		(6,833)		—
Basis adjustments and other	82		(609)		(132)		(722)
Equity in loss of unconsolidated real estate ventures	$	(125,862)	$	(10,739)	$	(153,957)	$	(24,504)

PARTNERS' EQUITY OF THE PARENT COMPANY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended						9 Months Ended
	Oct. 24, 2024	Sep. 25, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Common Partnership Unit [Line Items]
Distributions declared (in dollars per share)			$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.19	$ 0.19
Amount of dividend declared		$ 26.3
Repurchased and retired (in shares)									0	0
Subsequent Event
Earnings Per Common Partnership Unit [Line Items]
Dividends paid in cash (in dollars per share)	$ 0.15
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Earnings Per Common Partnership Unit [Line Items]
Distributions declared (in dollars per share)			$ 0.15
Amount of dividend declared		$ 0.1
Repurchase program, ratio of mirror unit of operating partnership retired for each common share repurchased									1
BRANDYWINE OPERATING PARTNERSHIP, L.P. \| Subsequent Event
Earnings Per Common Partnership Unit [Line Items]
Dividends paid in cash (in dollars per share)	$ 0.15

SEGMENT INFORMATION - Schedule of Unconsolidated Real Estate Ventures of Company's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Investment in real estate ventures	$ 602,700		$ 602,700		$ 552,494
Equity in income (loss) of real estate ventures	(125,862)	$ (10,739)	(153,957)	$ (24,504)
Philadelphia CBD
Segment Reporting Information [Line Items]
Investment in real estate ventures	419,700		419,700		450,136
Equity in income (loss) of real estate ventures	(125,593)	(6,537)	(145,429)	(14,208)
Metropolitan Washington, D.C.
Segment Reporting Information [Line Items]
Investment in real estate ventures	86,666		86,666		71,931
Equity in income (loss) of real estate ventures	(6,915)	(1,306)	(8,608)	(3,896)
Mid-Atlantic Office JV
Segment Reporting Information [Line Items]
Investment in real estate ventures	10,925		10,925		0
Equity in income (loss) of real estate ventures	7,222	182	7,222	595
MAP Venture
Segment Reporting Information [Line Items]
Investment in real estate ventures	0		0		(48,733)
Equity in income (loss) of real estate ventures	10	(3,078)	(6,552)	(6,995)
Austin, Texas
Segment Reporting Information [Line Items]
Investment in real estate ventures	85,409		85,409		$ 79,160
Equity in income (loss) of real estate ventures	$ (586)	$ 0	$ (590)	$ 0

- Definition

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

+ References + Details

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Narrative (Details) $ in Thousands, ft² in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) ft² a property apartment	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft² a property apartment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of real estate properties	67		67
Accounts receivable \| $	$ 8,669		$ 8,669		$ 11,977
Real Estate Venture
Schedule of Equity Method Investments [Line Items]
Accounts receivable \| $	4,600		4,600		$ 3,500
Real Estate Venture \| Management Fees
Schedule of Equity Method Investments [Line Items]
Service and other revenue \| $	2,200	$ 2,100	5,900	$ 6,200
Real Estate Venture \| Leasing Commission Income
Schedule of Equity Method Investments [Line Items]
Service and other revenue \| $	200	$ 1,500	1,700	$ 2,900
Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated real estate ventures \| $	$ 602,700		$ 602,700
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

COVER PAGE - shares	9 Months Ended
COVER PAGE - shares	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		172,666,038
Entity Central Index Key	0000790816
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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

REAL ESTATE INVESTMENTS

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

REAL ESTATE INVESTMENTS

3. REAL ESTATE INVESTMENTS

As of September 30, 2024 and December 31, 2023, the gross carrying value of the Properties, reflected in the line item “Operating properties” in the Company's consolidated balance sheets, was as follows (in thousands):


	September 30, 2024		December 31, 2023
Land	$	369,098	$	394,669
Building and improvements	2,577,361		2,671,024
Tenant improvements	463,146		476,539


Total	$	3,409,605	$	3,542,232

Dispositions

During the three months ended September 30, 2024, the Company sold the Plymouth Meeting Executive Center, comprised of five office properties totaling a 521,288 square feet located in Plymouth Meeting, Pennsylvania for a gross sales price of $65.5 million, and after closing costs and seller credits, received $44.1 million of net cash proceeds and $15.5 million in seller financing to the purchaser which is subordinate to a first mortgage. The seller financing is subject to mandatory redemption by no later than the tenth anniversary of the closing date of the sale and is classified within “Other Asset” on the consolidated balance sheet. Prior to the sale and during the three months ended September 30, 2024, the Company recognized a provision for impairment of $3.3 million on the properties based upon the executed purchase and sale agreement.

During the three months ended September 30, 2024, the Company sold 11 acres of land in Gibbsboro, New Jersey for $6.5 million and provided seller financing of $4.4 million. Prior to the sale and during the three months ended September 30, 2024, the Company recognized a provision for impairment of $0.6 million on the property based upon the executed purchase and sale agreement.

Held for Use Impairment

For the quarter ended September 30, 2024, the Company recognized impairment losses totaling $34.1 million on three properties, two of which are located in the Austin, Texas segment and one of which is in the Other segment. The estimated fair value is considered Level 3 in accordance with ASC 820 and was based upon purchase and sale agreements as of September 30, 2024. The closings under the purchase and sales agreements have not been consummated and there can be no assurance that the Company will complete the dispositions.

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	4

CONSOLIDATED STATEMENTS OF CASH FLOWS - BRANDYWINE OPERATING PARTNERSHIP L.P. - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (151,867)	$ (39,649)
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	133,530	141,645
Amortization of deferred financing costs	3,753	3,251
Amortization of debt discount/(premium), net	(2,540)	(774)
Amortization of stock compensation costs	13,068	8,305
Straight-line rent income	(5,745)	(6,612)
Amortization of acquired above (below) market leases, net	(706)	(993)
Ground rent expense	589	601
Net gain on real estate venture transactions	(54,503)	(181)
Total gain on sale of real estate	0	(781)
Gain on early extinguishment of debt	(941)	0
Provision for impairment	44,407	16,134
Loss from unconsolidated real estate ventures, including income distributions	153,957	24,504
Income tax provision	11	35
Changes in assets and liabilities:
Accounts receivable	1,787	(2,362)
Other assets	(14,343)	(24,619)
Accounts payable and accrued expenses	4,851	(8,992)
Deferred income, gains and rent	(1,740)	(1,196)
Other liabilities	634	3,089
Net cash provided by operating activities	124,202	111,405
Cash flows from investing activities:
Proceeds from the sale of properties	45,250	51,285
Capital expenditures for tenant improvements	(55,214)	(34,219)
Capital expenditures for redevelopments	(8,747)	(42,592)
Capital expenditures for developments	(29,580)	(30,149)
Advances for the purchase of tenant assets, net of repayments	1,377	(9,292)
Investment in unconsolidated real estate ventures	(143,751)	(72,715)
Deposits for real estate	0	3,500
Capital distributions from unconsolidated real estate ventures	3,941	2,700
Leasing costs paid	(6,307)	(7,969)
Net cash used in investing activities	(193,031)	(139,451)
Cash flows from financing activities:
Proceeds from credit facility borrowings	131,000	172,000
Repayments of credit facility borrowings	(91,000)	(260,500)
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	15,943	0
Debt financing costs paid	(6,334)	(4,371)
Shares used for employee taxes upon vesting of share awards	(1,028)	(952)
Distributions paid to preferred and common partnership units	(78,303)	(98,306)
Net cash provided by financing activities	43,988	68,276
Increase/(Decrease) in cash and cash equivalents and restricted cash	(24,841)	40,230
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	42,693	58,617
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	36,498	47,872
Restricted cash, end of period	6,195	10,745
Cash and cash equivalents and restricted cash at end of period	42,693	58,617
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2024 and 2023 of $13,866 and $12,602, respectively	86,398	73,217
Cash paid for income taxes	0	550
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid	26,230	26,027
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 notes receivable from sale of properties	19,919	0
Change in capital expenditures financed through accounts payable at period end	8,383	4,276
Change in capital expenditures financed through retention payable at period end	(2,331)	2,587
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Cash flows from operating activities:
Net loss	(151,867)	(39,649)
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	133,530	141,645
Amortization of deferred financing costs	3,753	3,251
Amortization of debt discount/(premium), net	(2,540)	(774)
Amortization of stock compensation costs	13,068	8,305
Straight-line rent income	(5,745)	(6,612)
Amortization of acquired above (below) market leases, net	(706)	(993)
Ground rent expense	589	601
Net gain on real estate venture transactions	(54,503)	(181)
Total gain on sale of real estate	0	(781)
Gain on early extinguishment of debt	(941)	0
Provision for impairment	44,407	16,134
Loss from unconsolidated real estate ventures, including income distributions	153,957	24,504
Income tax provision	11	35
Changes in assets and liabilities:
Accounts receivable	1,787	(2,362)
Other assets	(14,343)	(24,619)
Accounts payable and accrued expenses	4,851	(8,992)
Deferred income, gains and rent	(1,740)	(1,196)
Other liabilities	634	3,089
Net cash provided by operating activities	124,202	111,405
Cash flows from investing activities:
Proceeds from the sale of properties	45,250	51,285
Capital expenditures for tenant improvements	(55,214)	(34,219)
Capital expenditures for redevelopments	(8,747)	(42,592)
Capital expenditures for developments	(29,580)	(30,149)
Advances for the purchase of tenant assets, net of repayments	1,377	(9,292)
Investment in unconsolidated real estate ventures	(143,751)	(72,715)
Deposits for real estate	0	3,500
Capital distributions from unconsolidated real estate ventures	3,941	2,700
Leasing costs paid	(6,307)	(7,969)
Net cash used in investing activities	(193,031)	(139,451)
Cash flows from financing activities:
Proceeds from credit facility borrowings	131,000	172,000
Repayments of credit facility borrowings	(91,000)	(260,500)
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	15,943	0
Debt financing costs paid	(6,334)	(4,371)
Shares used for employee taxes upon vesting of share awards	(1,028)	(952)
Distributions paid to preferred and common partnership units	(78,534)	(98,600)
Net cash provided by financing activities	43,988	68,276
Increase/(Decrease) in cash and cash equivalents and restricted cash	(24,841)	40,230
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	42,693	58,617
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	36,498	47,872
Restricted cash, end of period	6,195	10,745
Cash and cash equivalents and restricted cash at end of period	42,693	58,617
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2024 and 2023 of $13,866 and $12,602, respectively	86,398	73,217
Cash paid for income taxes	0	550
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid	26,230	26,027
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	8,383	4,276
Change in capital expenditures financed through retention payable at period end	$ (2,331)	$ 2,587

INTANGIBLE ASSETS AND LIABILITIES

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

6. INTANGIBLE ASSETS AND LIABILITIES

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


	September 30, 2024
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	17,112	$	(10,940)	$	6,172
Tenant relationship value	110		(56)		54
Above market leases acquired	75		(52)		23


Total intangible assets, net	$	17,297	$	(11,048)	$	6,249

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	16,668	$	(9,110)	$	7,558


	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 September 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 (three months remaining)	$	373	$	217
2025	1,485		869
2026	1,093		739
2027	808		623
2028	313		534
Thereafter	2,177		4,576


Total	$	6,249	$	7,558

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - MAP Venture (Details)		3 Months Ended		9 Months Ended
	Jun. 28, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 28, 2024	Jun. 28, 2024 property	Jun. 28, 2024 joint_venture	Jun. 28, 2024 portfolioAsset	Dec. 31, 2023 USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in real estate ventures		$ 602,700,000		$ 602,700,000							$ 552,494,000
Debt, net		2,261,773,000		2,261,773,000							$ 2,138,832,000
Net gain on real estate venture transactions		770,000	$ 0	54,503,000	$ 181,000
MAP Venture
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures \| joint_venture									1
Real estate investments, joint ventures, net	$ 52,200,000
Equity method investment, ownership percentage							50.00%
Investment in real estate ventures						$ 0
Number of office properties owned \| property								57
Net gain on real estate venture transactions	53,800,000
MAP Venture \| Funding For Tenant And Capital Improvement Of Properties
Schedule of Equity Method Investments [Line Items]
Other commitments		$ 12,000,000		$ 12,000,000
MAP Venture \| Fixed rate debt
Schedule of Equity Method Investments [Line Items]
Debt instrument, interest rate, stated percentage		8.00%		8.00%
MAP Venture \| Nonrecourse Mortgage Loan \| Fixed rate debt
Schedule of Equity Method Investments [Line Items]
Debt, net	$ 154,600,000
MAP Venture \| MAP Venture \| Nonrecourse Mortgage Loan \| Fixed rate debt
Schedule of Equity Method Investments [Line Items]
Basis spread on interest rate (as percent)	2.75%
Lender residual entitlement percentage							95.00%
KB Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage							50.00%
Investment in real estate ventures	$ 26,000,000
Number of properties contributed to joint venture								14		14

LIMITED PARTNERS' NONCONTROLLING INTERESTS IN THE PARENT COMPANY (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Aggregate amount related to non-controlling interests classified within equity	$ 3.3	$ 4.1
Settlement value of non controlling interest in operating partnership	$ 2.8	$ 2.8

CONSOLIDATED STATEMENTS OF BENEFICIARIES’ EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Distributions declared (in dollars per share)	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.19	$ 0.19

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Sep. 30, 2024	Aug. 26, 2024	Jun. 30, 2024	Dec. 31, 2023	Jul. 23, 2021
Loss Contingencies [Line Items]
Investment in real estate ventures	$ 602,700,000			$ 552,494,000
Drexel Square
Loss Contingencies [Line Items]
Contractual obligation	5,600,000
Estimated potential additional contribution obligation	2,000,000.0
Preferred Equity Investment Obligation
Loss Contingencies [Line Items]
Contractual obligation	15,000,000
Commitment funded amount	2,500,000
3151 Market Street
Loss Contingencies [Line Items]
Investment in real estate ventures	316,900,000
3151 Market Street \| Scenario, Plan
Loss Contingencies [Line Items]
Debt instrument, face amount	$ 174,300,000
Loan to value ratio	55.00%
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	$ 890,800,000
MAP Venture
Loss Contingencies [Line Items]
Investment in real estate ventures			$ 0
MAP Venture \| 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
Commerce Square Venture
Loss Contingencies [Line Items]
Investment in real estate ventures		$ 23,000,000

REAL ESTATE INVESTMENTS - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) ft² a property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft² a property	Sep. 30, 2023 USD ($)
Real Estate [Abstract]
Provision for impairment	$ 37,980	$ 11,666	$ 44,407	$ 16,134
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties \| property	67		67
Provision for impairment	$ 37,980	$ 11,666	$ 44,407	$ 16,134
Impairment of properties held for sale	$ 34,100
Number of real estate properties impaired \| property	3		3
Austin, Texas
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties impaired \| property	2		2
Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties impaired \| property	1		1
Plymouth Meeting Executive Center \| Discontinued Operations, Disposed of by Sale
Real Estate [Abstract]
Provision for impairment	$ 3,300
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate properties \| property	5		5
Rentable area (in square feet) \| ft²	521,288		521,288
Disposal group, including discontinued operation, consideration	$ 65,500		$ 65,500
Proceeds from sale of real estate	44,100
Seller financing amount	15,500		15,500
Provision for impairment	3,300
Gibbsboro \| Discontinued Operations, Disposed of by Sale
Real Estate [Abstract]
Provision for impairment	600
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, including discontinued operation, consideration	6,500		6,500
Seller financing amount	4,400		$ 4,400
Provision for impairment	$ 600
Area of land (in acres) \| a	11		11

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - KB Joint Venture (Details) $ in Thousands	Jun. 28, 2024 USD ($)	Sep. 30, 2024 USD ($) 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		$ 602,700					$ 552,494
Area of real estate property \| ft²		12,489,806
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

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Real Estate Investments, Net Operating Income and Unconsolidated Real Estate Ventures of Reportable Segments

The following tables provide selected asset information and results of operations of the Company’s reportable segments (in thousands):


Real estate investments, at cost:
	September 30, 2024		December 31, 2023
Philadelphia CBD	$	1,535,263	$	1,534,893
Pennsylvania Suburbs	803,267		900,230
Austin, Texas	790,435		801,973
Total Core Segments	3,128,965		3,237,096
Other	280,640		305,136


Operating properties	$	3,409,605	$	3,542,232

Corporate
Right of use asset - operating leases, net	$	18,565	$	19,031
Construction-in-progress	$	166,278	$	135,529
Land held for development	$	78,259	$	82,510
Prepaid leasehold interests in land held for development, net	$	27,762	$	27,762

Net operating income:


	Three Months Ended September 30,
	2024						2023
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	56,448	$	(19,959)	$	36,489	$	56,367	$	(18,609)	$	37,758
Pennsylvania Suburbs	31,681		(10,081)		21,600		32,611		(9,770)		22,841
Austin, Texas	21,951		(8,429)		13,522		24,457		(10,044)		14,413
Other	10,430		(5,076)		5,354		10,295		(5,526)		4,769

Corporate	11,272		(2,734)		8,538		5,642		(2,450)		3,192
Operating properties	$	131,782	$	(46,279)	$	85,503	$	129,372	$	(46,399)	$	82,973


	Nine Months Ended September 30,
	2024						2023
	Total revenue		Operating expenses (a)		Net operating income		Total revenue		Operating expenses (a)		Net operating income
Philadelphia CBD	$	169,159	$	(58,912)	$	110,247	$	169,265	$	(59,452)	$	109,813
Pennsylvania Suburbs	95,366		(29,337)		66,029		97,484		(29,633)		67,851
Austin, Texas	67,360		(26,276)		41,084		73,475		(30,021)		43,454
Other	31,706		(15,670)		16,036		28,572		(15,788)		12,784
Corporate	20,021		(9,812)		10,209		15,685		(8,359)		7,326
Operating properties	$	383,612	$	(140,007)	$	243,605	$	384,481	$	(143,253)	$	241,228

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 September 30,				Nine Months Ended September 30,
	September 30, 2024		December 31, 2023		2024		2023		2024		2023
Philadelphia CBD	$	419,700	$	450,136	$	(125,593)	$	(6,537)	$	(145,429)	$	(14,208)
Metropolitan Washington, D.C.	86,666		71,931		(6,915)		(1,306)		(8,608)		(3,896)
Mid-Atlantic Office JV	10,925		—		7,222		182		7,222		595
MAP Venture	—		(48,733)		10		(3,078)		(6,552)		(6,995)

Austin, Texas	85,409		79,160		(586)		—		(590)		—
Total	$	602,700	$	552,494	$	(125,862)	$	(10,739)	$	(153,957)	$	(24,504)

Schedule of Reconciliation of Consolidated Net Income to Consolidated NOI

The following is a reconciliation of consolidated net income (loss), as defined by GAAP, to consolidated NOI, (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net loss	$	(165,720)	$	(21,636)	$	(151,867)	$	(39,649)
Plus:
Interest expense	30,561		24,355		85,104		70,677
Interest expense - amortization of deferred financing costs	1,247		1,110		3,753		3,251

Depreciation and amortization	44,301		48,966		133,530		141,645
General and administrative expenses	12,681		8,069		32,726		26,911
Equity in loss of unconsolidated real estate ventures	125,862		10,739		153,957		24,504
Provision for impairment	37,980		11,666		44,407		16,134
Gain on early extinguishment of debt	—		—		(941)		—
Less:
Interest and investment income	639		293		2,572		1,318
Income tax benefit (provision)	—		3		(11)		(35)


Net gain on sale of undepreciated real estate	—		—		—		781
Net gain on real estate venture transactions	770		—		54,503		181

Consolidated net operating income	$	85,503	$	82,973	$	243,605	$	241,228

REAL ESTATE INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Schedule of Gross Carrying Value of Operating Properties


	September 30, 2024		December 31, 2023
Land	$	369,098	$	394,669
Building and improvements	2,577,361		2,671,024
Tenant improvements	463,146		476,539


Total	$	3,409,605	$	3,542,232

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real estate investments:
Operating properties	$ 3,409,605	$ 3,542,232
Accumulated depreciation	(1,156,992)	(1,131,792)
Right of use asset - operating leases, net	18,565	19,031
Operating real estate investments, net	2,271,178	2,429,471
Construction-in-progress	166,278	135,529
Land held for development	78,259	82,510
Prepaid leasehold interests in land held for development, net	27,762	27,762
Total real estate investments, net	2,543,477	2,675,272
Cash and cash equivalents	36,498	58,319
Restricted cash and escrows	6,195	9,215
Accounts receivable	8,669	11,977
Accrued rent receivable, net of allowance of $1,332 and $2,672 as of September 30, 2024 and December 31, 2023, respectively	187,873	186,708
Investment in unconsolidated real estate ventures	602,700	601,227
Deferred costs, net	86,390	95,984
Intangible assets, net	6,249	7,694
Other assets	121,509	86,051
Total assets	3,599,560	3,732,447
LIABILITIES AND BENEFICIARIES' EQUITY
Secured debt, net	272,181	255,671
Unsecured credit facility	40,000	0
Unsecured term loans, net	331,797	318,499
Unsecured senior notes, net	1,617,795	1,564,662
Accounts payable and accrued expenses	137,406	123,825
Distributions payable	26,230	26,017
Deferred income, gains and rent	21,453	24,248
Intangible liabilities, net	7,558	8,270
Lease liability - operating leases	23,502	23,369
Other liabilities	16,908	63,729
Total liabilities	2,494,830	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; 172,665,995 and 172,097,661 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	1,724	1,719
Additional paid-in-capital	3,178,214	3,163,949
Deferred compensation payable in common shares	20,456	19,965
Common shares in grantor trust, 1,221,333 and 1,194,127 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	(20,456)	(19,965)
Cumulative earnings	827,991	979,406
Accumulated other comprehensive loss	(3,773)	(668)
Cumulative distributions	(2,905,554)	(2,827,022)
Total Brandywine Realty Trust's equity	1,098,602	1,317,384
Noncontrolling interests	6,128	6,773
Total beneficiaries' equity	1,104,730	1,324,157
Total liabilities and beneficiaries' equity	$ 3,599,560	$ 3,732,447

BENEFICIARIES' EQUITY OF THE PARENT COMPANY (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended September 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(165,720)	$	(165,720)	$	(21,636)	$	(21,636)
Net loss attributable to noncontrolling interests	500		500		82		82
Nonforfeitable dividends allocated to unvested restricted shareholders	(276)		(276)		(159)		(159)


Net loss attributable to common shareholders	$	(165,496)	$	(165,496)	$	(21,713)	$	(21,713)
Denominator
Weighted-average shares outstanding	172,668,731		172,668,731		172,097,661		172,097,661

Weighted-average shares outstanding	172,668,731		172,668,731		172,097,661		172,097,661
Loss per Common Share:
Net loss attributable to common shareholders	$	(0.96)	$	(0.96)	$	(0.13)	$	(0.13)


	Nine Months Ended September 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(151,867)	$	(151,867)	$	(39,649)	$	(39,649)
Net loss attributable to noncontrolling interests	452		452		140		140
Nonforfeitable dividends allocated to unvested restricted shareholders	(889)		(889)		(433)		(433)


Net loss attributable to common shareholders	$	(152,304)	$	(152,304)	$	(39,942)	$	(39,942)
Denominator
Weighted-average shares outstanding	172,480,325		172,480,325		171,912,552		171,912,552

Weighted-average shares outstanding	172,480,325		172,480,325		171,912,552		171,912,552
Loss per Common Share:
Net loss attributable to common shareholders	$	(0.88)	$	(0.88)	$	(0.23)	$	(0.23)


	Three Months Ended September 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(165,720)	$	(165,720)	$	(21,636)	$	(21,636)
Net loss attributable to noncontrolling interests	3		3		20		20
Nonforfeitable dividends allocated to unvested restricted unitholders	(276)		(276)		(159)		(159)


Net loss attributable to common unitholders	$	(165,993)	$	(165,993)	$	(21,775)	$	(21,775)
Denominator


Total weighted-average units outstanding	173,184,325		173,184,325		172,614,128		172,614,128
Loss per Common Partnership Unit:
Net loss attributable to common unitholders	$	(0.96)	$	(0.96)	$	(0.13)	$	(0.13)


	Nine Months Ended September 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(151,867)	$	(151,867)	$	(39,649)	$	(39,649)
Net (income) loss attributable to noncontrolling interests	(3)		(3)		21		21
Nonforfeitable dividends allocated to unvested restricted unitholders	(889)		(889)		(433)		(433)


Net loss attributable to common unitholders	$	(152,759)	$	(152,759)	$	(40,061)	$	(40,061)
Denominator


Total weighted-average units outstanding	172,995,920		172,995,920		172,429,019		172,429,019
Loss per Common Partnership Unit:
Net loss attributable to common unitholders	$	(0.88)	$	(0.88)	$	(0.23)	$	(0.23)

LEASES (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Lease Income


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease Revenue	2024		2023		2024		2023
Fixed contractual payments	$	91,844	$	94,478	$	276,050	$	279,129
Variable lease payments	22,982		23,851		70,249		72,754
Total	$	114,826	$	118,329	$	346,299	$	351,883

BENEFICIARIES' EQUITY OF THE PARENT COMPANY - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net loss	$ (165,720)	$ 30,267	$ (16,414)	$ (21,636)	$ (12,737)	$ (5,276)	$ (151,867)	$ (39,649)
Net loss attributable to noncontrolling interests, basic	500			82			452	140
Net loss attributable to noncontrolling interests, diluted	500			82			452	140
Nonforfeitable dividends allocated to unvested restricted shareholders, basic	(276)			(159)			(889)	(433)
Nonforfeitable dividends allocated to unvested restricted shareholders, diluted	(276)			(159)			(889)	(433)
Net loss attributable to common shareholders, basic	(165,496)			(21,713)			(152,304)	(39,942)
Net loss attributable to common shareholders, diluted	$ (165,496)			$ (21,713)			$ (152,304)	$ (39,942)
Denominator
Basic weighted average shares outstanding (in shares)	172,668,731			172,097,661			172,480,325	171,912,552
Weighted average shares outstanding, diluted (in shares)	172,668,731			172,097,661			172,480,325	171,912,552
Loss per Common Share:
Net loss attributable to common shareholders, basic (in dollars per share)	$ (0.96)			$ (0.13)			$ (0.88)	$ (0.23)
Net loss attributable to common shareholders, diluted (in dollars per share)	$ (0.96)			$ (0.13)			$ (0.88)	$ (0.23)

ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 ft² a property parcel
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of real estate properties \| property	67
Area of real estate property	12,489,806
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	11,900,000
Areas of land held for development (in acres) \| a	130.6
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	20,400,000
Wholly-owned Management Company Subsidiaries \| Wholly Owned Properties
Organization of The Parent Company and The Operating Partnership [Line Items]
Area of real estate property	12,500,000
Wholly-owned Management Company Subsidiaries \| Partially Owned Properties
Organization of The Parent Company and The Operating Partnership [Line Items]
Area of real estate property	7,900,000
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 COMPREHENSIVE INCOME - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net loss	$ (165,720)	$ (21,636)	$ (151,867)	$ (39,649)
Comprehensive income (loss):
Unrealized gain (loss) on derivative financial instruments	(9,919)	2,885	(3,112)	4,240
Total comprehensive income (loss)	(9,919)	2,885	(3,112)	4,240
Comprehensive loss	(175,639)	(18,751)	(154,979)	(35,409)
Comprehensive (income) loss attributable to noncontrolling interest - consolidated real estate ventures	529	106	459	128
Comprehensive loss attributable to Brandywine Realty Trust	(175,110)	(18,645)	(154,520)	(35,281)
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Net loss	(165,720)	(21,636)	(151,867)	(39,649)
Comprehensive income (loss):
Unrealized gain (loss) on derivative financial instruments	(9,919)	2,885	(3,112)	4,240
Total comprehensive income (loss)	(9,919)	2,885	(3,112)	4,240
Comprehensive loss	(175,639)	(18,751)	(154,979)	(35,409)
Comprehensive (income) loss attributable to noncontrolling interest - consolidated real estate ventures	3	20	(3)	21
Comprehensive loss attributable to Brandywine Realty Trust	$ (175,636)	$ (18,731)	$ (154,982)	$ (35,388)

- Definition

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.

+ References + Details

- Definition

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

+ References

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- Definition

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

+ References + Details

- Definition

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

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+ Details

- Definition

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

+ References

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+ Details

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Schedule of Results of Operations of Real Estate Ventures with Interests (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]
Revenue	$ 131,782			$ 129,372			$ 383,612	$ 384,481
Operating expenses	(141,241)			(115,100)			(350,670)	(327,943)
Interest expense, net	(30,561)			(24,355)			(85,104)	(70,677)
Depreciation and amortization	(44,301)			(48,966)			(133,530)	(141,645)
Provision for impairment	(37,980)			(11,666)			(44,407)	(16,134)
Net loss	(165,720)	$ 30,267	$ (16,414)	(21,636)	$ (12,737)	$ (5,276)	(151,867)	(39,649)
Other-than-temporary impairment	(6,833)			0			(6,833)	0
Equity in loss of unconsolidated real estate ventures	(125,862)			(10,739)			(153,957)	(24,504)
Investment In Nonconsolidated Real Estate
Schedule of Equity Method Investments [Line Items]
Revenue	33,058			58,986			122,951	175,939
Operating expenses	(13,680)			(31,641)			(63,985)	(90,531)
Interest expense, net	(12,030)			(21,591)			(44,980)	(55,769)
Depreciation and amortization	(14,518)			(24,635)			(54,499)	(73,636)
Provision for impairment	(116,543)			0			(116,543)	0
Loss on property disposition	490			0			0	0
Net loss	(123,223)			(18,881)			(157,056)	(43,997)
Company's share of net loss	(119,111)			(10,130)			(146,992)	(23,782)
Basis adjustments and other	$ 82			$ (609)			$ (132)	$ (722)

LEASES - Schedule of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Fixed contractual payments	$ 91,844	$ 94,478	$ 276,050	$ 279,129
Variable lease payments	22,982	23,851	70,249	72,754
Total	$ 114,826	$ 118,329	$ 346,299	$ 351,883

DERIVATIVE FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

9. DERIVATIVE FINANCIAL INSTRUMENTS


Hedge Product	Hedge Type	Designation		Notional Amount				Strike		Trade Date	Maturity Date	Fair value
				9/30/2024		12/31/2023						9/30/2024		12/31/2023



Liabilities
Swap	Interest Rate	Cash Flow	(a)	$	250,000	$	250,000	3.729	%	November 23, 2022	June 30, 2027	$	(2,707)	$	(757)
Swap	Interest Rate	Cash Flow	(a)	27,062		—		3.629	%	January 12, 2024	December 30, 2026	(420)		—
Swap	Interest Rate	Cash Flow	(a)	51,548		—		3.725	%	January 12, 2024	January 30, 2027	(160)		—
				$	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.

INTANGIBLE ASSETS AND LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities

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


	September 30, 2024
	Total Cost		Accumulated Amortization		Intangible Assets, net
Intangible assets, net:
In-place lease value	$	17,112	$	(10,940)	$	6,172
Tenant relationship value	110		(56)		54
Above market leases acquired	75		(52)		23


Total intangible assets, net	$	17,297	$	(11,048)	$	6,249

	Total Cost		Accumulated Amortization		Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	16,668	$	(9,110)	$	7,558


	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 September 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 (three months remaining)	$	373	$	217
2025	1,485		869
2026	1,093		739
2027	808		623
2028	313		534
Thereafter	2,177		4,576


Total	$	6,249	$	7,558

DEBT OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Consolidated Debt Obligations

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


	September 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	29,767		13,824		SOFR + 2.50%		August 2026
Principal balance outstanding	274,767		258,824

Less: deferred financing costs	(2,586)		(3,153)
Total Secured indebtedness	$	272,181	$	255,671

UNSECURED DEBT
$600.0M Unsecured Credit Facility	$	40,000	$	—	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 8.30% Guaranteed Notes due 2028	350,000		350,000		8.35%	(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	2,001,610		1,888,610
Plus: original issue premium (discount), net	$	(663)	$	1,878
Less: deferred financing costs	(11,355)		(7,327)
Total unsecured indebtedness	$	1,989,592	$	1,883,161
Total Debt Obligations	$	2,261,773	$	2,138,832

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

Schedule of Maturities of Long-term Debt

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


2024 (three months remaining)	$	—
2025	70,000
2026	29,767
2027	753,000
2028	595,000
Thereafter	828,610
Total principal payments	2,276,377
Net unamortized premiums/(discounts)	(663)
Net deferred financing costs	(13,941)
Outstanding indebtedness	$	2,261,773

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (151,867)	$ (39,649)
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	133,530	141,645
Amortization of deferred financing costs	3,753	3,251
Amortization of debt discount/(premium), net	(2,540)	(774)
Amortization of stock compensation costs	13,068	8,305
Straight-line rent income	(5,745)	(6,612)
Amortization of acquired above (below) market leases, net	(706)	(993)
Ground rent expense	589	601
Net gain on real estate venture transactions	(54,503)	(181)
Total gain on sale of real estate	0	(781)
Gain on early extinguishment of debt	(941)	0
Provision for impairment	44,407	16,134
Loss from unconsolidated real estate ventures, including income distributions	153,957	24,504
Income tax provision	11	35
Changes in assets and liabilities:
Accounts receivable	1,787	(2,362)
Other assets	(14,343)	(24,619)
Accounts payable and accrued expenses	4,851	(8,992)
Deferred income, gains and rent	(1,740)	(1,196)
Other liabilities	634	3,089
Net cash provided by operating activities	124,202	111,405
Cash flows from investing activities:
Proceeds from the sale of properties	45,250	51,285
Capital expenditures for tenant improvements	(55,214)	(34,219)
Capital expenditures for redevelopments	(8,747)	(42,592)
Capital expenditures for developments	(29,580)	(30,149)
Advances for the purchase of tenant assets, net of repayments	1,377	(9,292)
Investment in unconsolidated real estate ventures	(143,751)	(72,715)
Deposits for real estate	0	3,500
Capital distributions from unconsolidated real estate ventures	3,941	2,700
Leasing costs paid	(6,307)	(7,969)
Net cash used in investing activities	(193,031)	(139,451)
Cash flows from financing activities:
Proceeds from credit facility borrowings	131,000	172,000
Repayments of credit facility borrowings	(91,000)	(260,500)
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	15,943	0
Debt financing costs paid	(6,334)	(4,371)
Shares used for employee taxes upon vesting of share awards	(1,028)	(952)
Distributions paid to shareholders	(78,303)	(98,306)
Distributions to noncontrolling interest	(231)	(294)
Net cash provided by financing activities	43,988	68,276
Increase/(Decrease) in cash and cash equivalents and restricted cash	(24,841)	40,230
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	42,693	58,617
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	36,498	47,872
Restricted cash, end of period	6,195	10,745
Cash and cash equivalents and restricted cash at end of period	42,693	58,617
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2024 and 2023 of $13,866 and $12,602, respectively	86,398	73,217
Cash paid for income taxes	0	550
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid	26,230	26,027
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 notes receivable from sale of properties	19,919	0
Change in capital expenditures financed through accounts payable at period end	8,383	4,276
Change in capital expenditures financed through retention payable at period end	$ (2,331)	$ 2,587

SEGMENT INFORMATION - Schedule of Real Estate Investments, at Cost of Company's Reportable Segments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Operating properties	$ 3,409,605	$ 3,542,232
Right of use asset - operating leases, net	18,565	19,031
Construction-in-progress	166,278	135,529
Land held for development	78,259	82,510
Prepaid leasehold interests in land held for development, net	27,762	27,762
Continuing Operations
Segment Reporting Information [Line Items]
Operating properties	3,409,605	3,542,232
Total Core Segments \| Continuing Operations
Segment Reporting Information [Line Items]
Operating properties	3,128,965	3,237,096
Philadelphia CBD \| Continuing Operations
Segment Reporting Information [Line Items]
Operating properties	1,535,263	1,534,893
Pennsylvania Suburbs \| Continuing Operations
Segment Reporting Information [Line Items]
Operating properties	803,267	900,230
Austin, Texas \| Continuing Operations
Segment Reporting Information [Line Items]
Operating properties	790,435	801,973
Other \| Continuing Operations
Segment Reporting Information [Line Items]
Operating properties	$ 280,640	$ 305,136

DEBT OBLIGATIONS - Narrative (Details) - USD ($)			9 Months Ended
DEBT OBLIGATIONS - Narrative (Details) - USD ($)	Apr. 15, 2024	Apr. 12, 2024	Sep. 30, 2024	Sep. 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			6.90%
Interest expense borrowings			$ 1,400,000
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%
$350.0M 4.55% Guaranteed Notes due 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
$350.0M 4.10% Guaranteed Notes due 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

SEGMENT INFORMATION - Schedule of Reconciliation of Consolidated Net Income to Consolidated NOI (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Net loss	$ (165,720)	$ 30,267	$ (16,414)	$ (21,636)	$ (12,737)	$ (5,276)	$ (151,867)	$ (39,649)
Plus:
Interest expense	30,561			24,355			85,104	70,677
Interest expense - amortization of deferred financing costs	1,247			1,110			3,753	3,251
Depreciation and amortization	44,301			48,966			133,530	141,645
General and administrative expenses	12,681			8,069			32,726	26,911
Equity in loss of unconsolidated real estate ventures	125,862			10,739			153,957	24,504
Provision for impairment	37,980			11,666			44,407	16,134
Gain on early extinguishment of debt	0			0			(941)	0
Less:
Investment income	639			293			2,572	1,318
Income tax benefit (provision)	0			3			(11)	(35)
Net gain on sale of undepreciated real estate	0			0			0	781
Net gain on real estate venture transactions	770			0			54,503	181
Consolidated net operating income	$ 85,503			$ 82,973			$ 243,605	$ 241,228

PARTNERS' EQUITY OF THE PARENT COMPANY - Schedule of Number of Units and Net Income Used to Calculate Basic and Diluted Earnings Per Common Partnership Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net loss	$ (165,720)	$ 30,267	$ (16,414)	$ (21,636)	$ (12,737)	$ (5,276)	$ (151,867)	$ (39,649)
Nonforfeitable dividends allocated to unvested restricted shareholders, basic	(276)			(159)			(889)	(433)
Nonforfeitable dividends allocated to unvested restricted unitholders, Diluted	$ (276)			$ (159)			$ (889)	$ (433)
Denominator
Weighted average units outstanding, basic (in shares)	172,668,731			172,097,661			172,480,325	171,912,552
Weighted average shares outstanding, diluted (in shares)	172,668,731			172,097,661			172,480,325	171,912,552
Loss per Common Partnership Unit:
Net loss attributable to common shareholders, basic (in dollars per share)	$ (0.96)			$ (0.13)			$ (0.88)	$ (0.23)
Net loss attributable to common shareholders, diluted (in dollars per share)	$ (0.96)			$ (0.13)			$ (0.88)	$ (0.23)
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Numerator
Net loss	$ (165,720)	$ 30,267	$ (16,414)	$ (21,636)	$ (12,737)	$ (5,276)	$ (151,867)	$ (39,649)
Net loss attributable to noncontrolling interests	3			20			(3)	21
Nonforfeitable dividends allocated to unvested restricted shareholders, basic	(276)			(159)			(889)	(433)
Nonforfeitable dividends allocated to unvested restricted unitholders, Diluted	(276)			(159)			(889)	(433)
Net income (loss) attributable to common unitholders, basic	(165,993)			(21,775)			(152,759)	(40,061)
Net income (loss) attributable to common unitholders, diluted	$ (165,993)			$ (21,775)			$ (152,759)	$ (40,061)
Denominator
Weighted average units outstanding, basic (in shares)	173,184,325			172,614,128			172,995,920	172,429,019
Weighted average shares outstanding, diluted (in shares)	173,184,325			172,614,128			172,995,920	172,429,019
Loss per Common Partnership Unit:
Net loss attributable to common shareholders, basic (in dollars per share)	$ (0.96)			$ (0.13)			$ (0.88)	$ (0.23)
Net loss attributable to common shareholders, diluted (in dollars per share)	$ (0.96)			$ (0.13)			$ (0.88)	$ (0.23)

FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

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 September 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 September 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):


	September 30, 2024				December 31, 2023
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
Unsecured notes payable	$	1,552,185	$	1,586,000	$	1,486,052	$	1,386,621
Variable rate debt	467,174		433,908		410,932		370,665
Fixed rate debt	242,415		237,376		241,847		233,088

The Company used quoted market prices as of September 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 September 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 September 30, 2024. Current estimates of fair value may differ from the amounts presented herein.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

SEGMENT INFORMATION - Schedule of Net Operating Income of Company's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 131,782	$ 129,372	$ 383,612	$ 384,481
Operating expenses	(46,279)	(46,399)	(140,007)	(143,253)
Net operating income	85,503	82,973	243,605	241,228
Operating Segments \| Philadelphia CBD
Segment Reporting Information [Line Items]
Total revenue	56,448	56,367	169,159	169,265
Operating expenses	(19,959)	(18,609)	(58,912)	(59,452)
Net operating income	36,489	37,758	110,247	109,813
Operating Segments \| Pennsylvania Suburbs
Segment Reporting Information [Line Items]
Total revenue	31,681	32,611	95,366	97,484
Operating expenses	(10,081)	(9,770)	(29,337)	(29,633)
Net operating income	21,600	22,841	66,029	67,851
Operating Segments \| Austin, Texas
Segment Reporting Information [Line Items]
Total revenue	21,951	24,457	67,360	73,475
Operating expenses	(8,429)	(10,044)	(26,276)	(30,021)
Net operating income	13,522	14,413	41,084	43,454
Operating Segments \| Other
Segment Reporting Information [Line Items]
Total revenue	10,430	10,295	31,706	28,572
Operating expenses	(5,076)	(5,526)	(15,670)	(15,788)
Net operating income	5,354	4,769	16,036	12,784
Corporate
Segment Reporting Information [Line Items]
Total revenue	11,272	5,642	20,021	15,685
Operating expenses	(2,734)	(2,450)	(9,812)	(8,359)
Net operating income	$ 8,538	$ 3,192	$ 10,209	$ 7,326

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Sep. 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 September 30, 2024, the results of its operations for the three and nine months ended September 30, 2024 and 2023 and its cash flows for the nine months ended September 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 does not expect the standard to have a material impact on its consolidated financial statements.

PARTNERS' EQUITY OF THE PARENT COMPANY

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

PARTNERS' EQUITY OF THE PARENT COMPANY

12. PARTNERS’ EQUITY OF THE PARENT COMPANY

Earnings per Common Partnership Unit


	Three Months Ended September 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(165,720)	$	(165,720)	$	(21,636)	$	(21,636)
Net loss attributable to noncontrolling interests	3		3		20		20
Nonforfeitable dividends allocated to unvested restricted unitholders	(276)		(276)		(159)		(159)


Net loss attributable to common unitholders	$	(165,993)	$	(165,993)	$	(21,775)	$	(21,775)
Denominator


Total weighted-average units outstanding	173,184,325		173,184,325		172,614,128		172,614,128
Loss per Common Partnership Unit:
Net loss attributable to common unitholders	$	(0.96)	$	(0.96)	$	(0.13)	$	(0.13)


	Nine Months Ended September 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Numerator
Net loss	$	(151,867)	$	(151,867)	$	(39,649)	$	(39,649)
Net (income) loss attributable to noncontrolling interests	(3)		(3)		21		21
Nonforfeitable dividends allocated to unvested restricted unitholders	(889)		(889)		(433)		(433)


Net loss attributable to common unitholders	$	(152,759)	$	(152,759)	$	(40,061)	$	(40,061)
Denominator


Total weighted-average units outstanding	172,995,920		172,995,920		172,429,019		172,429,019
Loss per Common Partnership Unit:
Net loss attributable to common unitholders	$	(0.88)	$	(0.88)	$	(0.23)	$	(0.23)

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 nine months ended September 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 September 25, 2024, the Operating Partnership declared a distribution of $0.15 per common partnership unit, totaling $0.1 million, which was paid on October 24, 2024 to unitholders of record as of October 9, 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 nine months ended September 30, 2024 and September 30, 2023, the Company did not repurchase any units.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (165,720)	$ 30,267	$ (16,414)	$ (21,636)	$ (12,737)	$ (5,276)	$ (151,867)	$ (39,649)
Comprehensive income (loss):
Unrealized gain (loss) on derivative financial instruments	(9,919)			2,885			(3,112)	4,240
Total comprehensive income (loss)	(9,919)	$ 781	$ 6,026	2,885	$ 6,646	$ (5,291)	(3,112)	4,240
Comprehensive loss	(175,639)			(18,751)			(154,979)	(35,409)
Comprehensive loss attributable to noncontrolling interest	529			106			459	128
Comprehensive loss attributable to Brandywine Realty Trust	$ (175,110)			$ (18,645)			$ (154,520)	$ (35,281)

- Definition

+ References + Details

+ References + Details

- Definition

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

+ References

+ Details

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

CONSOLIDATED BALANCE SHEETS - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real estate investments:
Operating properties	$ 3,409,605	$ 3,542,232
Accumulated depreciation	(1,156,992)	(1,131,792)
Right of use asset - operating leases, net	18,565	19,031
Operating real estate investments, net	2,271,178	2,429,471
Construction-in-progress	166,278	135,529
Land held for development	78,259	82,510
Prepaid leasehold interests in land held for development, net	27,762	27,762
Total real estate investments, net	2,543,477	2,675,272
Cash and cash equivalents	36,498	58,319
Restricted cash and escrows	6,195	9,215
Accounts receivable	8,669	11,977
Accrued rent receivable, net of allowance of $1,332 and $2,672 as of September 30, 2024 and December 31, 2023, respectively	187,873	186,708
Investment in unconsolidated real estate ventures	602,700	601,227
Deferred costs, net	86,390	95,984
Intangible assets, net	6,249	7,694
Other assets	121,509	86,051
Total assets	3,599,560	3,732,447
LIABILITIES AND PARTNERS' EQUITY
Secured debt, net	272,181	255,671
Unsecured credit facility	40,000	0
Unsecured term loans, net	331,797	318,499
Unsecured senior notes, net	1,617,795	1,564,662
Accounts payable and accrued expenses	137,406	123,825
Distributions payable	26,230	26,017
Deferred income, gains and rent	21,453	24,248
Intangible liabilities, net	7,558	8,270
Lease liability - operating leases	23,502	23,369
Other liabilities	16,908	63,729
Total liabilities	2,494,830	2,408,290
Commitments and contingencies (See Note 14)
Brandywine Operating Partnership, L.P.'s equity:
Accumulated other comprehensive loss	(3,773)	(668)
Total liabilities and beneficiaries' equity	3,599,560	3,732,447
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Real estate investments:
Operating properties	3,409,605	3,542,232
Accumulated depreciation	(1,156,992)	(1,131,792)
Right of use asset - operating leases, net	18,565	19,031
Operating real estate investments, net	2,271,178	2,429,471
Construction-in-progress	166,278	135,529
Land held for development	78,259	82,510
Prepaid leasehold interests in land held for development, net	27,762	27,762
Total real estate investments, net	2,543,477	2,675,272
Cash and cash equivalents	36,498	58,319
Restricted cash and escrows	6,195	9,215
Accounts receivable	8,669	11,977
Accrued rent receivable, net of allowance of $1,332 and $2,672 as of September 30, 2024 and December 31, 2023, respectively	187,873	186,708
Investment in unconsolidated real estate ventures	602,700	601,227
Deferred costs, net	86,390	95,984
Intangible assets, net	6,249	7,694
Other assets	121,509	86,051
Total assets	3,599,560	3,732,447
LIABILITIES AND PARTNERS' EQUITY
Secured debt, net	272,181	255,671
Unsecured credit facility	40,000	0
Unsecured term loans, net	331,797	318,499
Unsecured senior notes, net	1,617,795	1,564,662
Accounts payable and accrued expenses	137,406	123,825
Distributions payable	26,230	26,017
Deferred income, gains and rent	21,453	24,248
Intangible liabilities, net	7,558	8,270
Lease liability - operating leases	23,502	23,369
Other liabilities	16,908	63,729
Total liabilities	2,494,830	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 September 30, 2024 and December 31, 2023, respectively	2,773	2,785
Brandywine Operating Partnership, L.P.'s equity:
General Partnership Capital; 172,665,995 and 172,097,661 units issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	1,103,266	1,319,572
Accumulated other comprehensive loss	(4,122)	(1,010)
Total Brandywine Operating Partnership, L.P.'s equity	1,099,144	1,318,562
Noncontrolling interest - consolidated real estate ventures	2,813	2,810
Total partners' equity	1,101,957	1,321,372
Total liabilities and beneficiaries' equity	$ 3,599,560	$ 3,732,447

CONSOLIDATED STATEMENTS OF CASH FLOWS - BRANDYWINE OPERATING PARTNERSHIP L.P. (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Capitalized interest	$ 13,866	$ 12,602
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Capitalized interest	$ 13,866	$ 12,602

CONSOLIDATED BALANCE SHEETS - BRANDYWINE OPERATING PARTNERSHIP, L.P. (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued rent receivable, allowance	$ 1,332	$ 2,672
Common stock, shares issued (in shares)	172,665,995	172,097,661
Common stock, shares outstanding (in shares)	172,665,995	172,097,661
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Accrued rent receivable, allowance	$ 1,332	$ 2,672
Common stock, shares issued (in shares)	172,665,995	172,097,661
Common stock, shares outstanding (in shares)	172,665,995	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