BRANDYWINE REALTY TRUST
For the period ended Dec 31, 2024. Filed Feb 27, 2025.
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FY2024 · Filed Feb 27, 2025
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Item 2. Properties
Overview
As of December 31, 2024, we owned 63 properties that contain an aggregate of approximately 11.9 million net rentable square feet and consist of 59 office properties and four mixed-use properties (collectively, the “Core Properties”). We also own one recently completed not yet stabilized property (collectively, the “Properties”). The properties are located in or near Philadelphia, Pennsylvania; Austin, Texas; Washington, D.C.; Southern New Jersey; and Wilmington, Delaware. As of December 31, 2024, the properties were approximately 87.8% occupied. As of December 31, 2024, we also owned economic interests in ten unconsolidated real estate ventures. We refer to these ventures as “Commerce Square Venture,” “Mid-Atlantic Office Venture,” “MAP Venture,” “Cira Square,” “KB JV,” “One Uptown – Multifamily,” “One Uptown – Office,” “JBG,” “3025 JFK Venture” and “3151 Market Street Venture.” See Note 4 “Investment in Unconsolidated Real Estate Ventures,” to our Consolidated Financial Statements for further information.
Property Statistics
The following table sets forth information with respect to our Core Properties at December 31, 2024:
| Net Rentable Square Feet | % Occupied | |
|---|---|---|
| PHILADELPHIA CENTRAL BUSINESS DISTRICT SEGMENT | ||
| Cira Center | 730,187 | 89.1% |
| 1717 Arch Street | 1,029,413 | 87.7% |
| 130 North 18th Street | 595,041 | 99.5% |
| 100 North 18th Street | 708,844 | 96.1% |
| 1900 Market Street | 456,922 | 94.4% |
| 3020 Market Street | 190,925 | 94.3% |
| 3000 Market Street | 90,556 | 100.0% |
| 618 Market Street (a) | 15,878 | 80.2% |
| FMC Tower at Cira Center South (a) | 625,863 | 98.5% |
| The Bulletin Building (a) | 282,709 | 95.3% |
| 2930 Chestnut Street (a) | 9,788 | 100.0% |
| PHILADELPHIA CENTRAL BUSINESS DISTRICT SEGMENT SUBTOTAL | 4,736,126 | 93.7% |
| PENNSYLVANIA SUBURBS SEGMENT | ||
| Six Tower Bridge | 116,174 | 76.2% |
| 426 West Lancaster Avenue | 55,941 | 100.0% |
| 640 Freedom Business Center | 132,000 | 99.1% |
| 620 Freedom Business Center | 86,570 | 98.4% |
| 1000 First Avenue | 74,139 | 100.0% |
|---|---|---|
| 1060 First Avenue | 77,718 | 100.0% |
| 630 Freedom Business Center | 86,683 | 100.0% |
| 1020 First Avenue | 74,556 | 100.0% |
| 1040 First Avenue | 75,488 | 100.0% |
| 610 Freedom Business Center | 62,991 | 55.7% |
| 600 Park Avenue | 39,000 | 100.0% |
| 933 First Avenue | 111,053 | 100.0% |
| 500 North Gulph Road | 100,820 | 100.0% |
| 401 Plymouth Road | 204,186 | 67.1% |
| Metroplex I | 120,877 | 90.7% |
| 150 Radnor Chester Road | 340,380 | 100.0% |
| One Radnor Corporate Center | 201,874 | 100.0% |
| 201 King of Prussia Road | 251,434 | 88.0% |
| 555 Lancaster Avenue | 241,687 | 92.0% |
| Four Radnor Corporate Center | 164,464 | 63.0% |
| Five Radnor Corporate Center | 164,505 | 89.4% |
| Three Radnor Corporate Center | 119,087 | 65.2% |
| Two Radnor Corporate Center | 97,576 | 84.3% |
| 130 Radnor Chester Road | 71,349 | 100.0% |
| 170 Radnor Chester Road | 68,143 | 75.0% |
| 155 King of Prussia Road | 144,685 | 100.0% |
| 101 West Elm Street | 173,827 | 53.5% |
| 1 West Elm Street | 97,737 | 100.0% |
| PENNSYLVANIA SUBURBS SEGMENT SUBTOTAL | 3,554,944 | 88.2% |
| AUSTIN SEGMENT | ||
| 401-405 Colorado Street | 205,803 | 100.0% |
| Broadmoor Austin - Bldg 1 | 202,850 | 100.0% |
| Broadmoor Austin - Bldg 3 | 198,306 | 100.0% |
| Broadmoor Austin - Bldg 4 | 142,386 | 100.0% |
| Broadmoor Austin - Bldg 6 | 144,249 | 100.0% |
| Four Points Center 3 | 164,818 | 100.0% |
| Four Barton Skyway | 222,580 | 94.4% |
| Four Points Centre | 192,396 | 59.7% |
| River Place - Bldg 1 | 76,529 | 18.2% |
| River Place - Bldg 2 | 114,491 | 25.0% |
| River Place - Bldg 3 | 113,465 | 27.1% |
| River Place - Bldg 4 | 87,639 | 31.9% |
| River Place - Bldg 5 | 67,601 | 75.2% |
| River Place - Bldg 6 | 62,038 | 100.0% |
| River Place - Bldg 7 | 69,119 | 84.9% |
| Quarry Lake II | 120,559 | 36.0% |
| AUSTIN SEGMENT SUBTOTAL | 2,184,829 | 77.8% |
| OTHER SEGMENT | ||
| 6600 Rockledge Drive | 160,173 | 100.0% |
|---|---|---|
| 1676 International Drive | 299,387 | 82.0% |
| 8260 Greensboro Drive | 158,961 | 83.0% |
| 2340 Dulles Corner Boulevard | 268,365 | 91.8% |
| Promenade at Main Street | 31,445 | 56.1% |
| Piazza Offices at Main Street | 44,708 | 100.0% |
| 920 North King Street | 203,328 | 100.0% |
| 300 Delaware Avenue | 298,071 | 56.6% |
| OTHER SEGMENT SUBTOTAL | 1,464,438 | 83.2% |
| TOTAL CORE PORTFOLIO | 11,940,337.00 | 87.8% |
(a)These properties are mixed use properties.
The following table shows lease expirations for the Core Properties as of December 31, 2024, during each of the next 10 years and thereafter. This table assumes no exercise of renewal options or termination rights:
| Year of Lease Expiration December 31, | Rentable Square Feet (in thousands) | Final Annualized Base Rent Under Expiring Leases (a) (in thousands) | Percentage of Total Final Annualized Base Rent Under Expiring Leases |
|---|---|---|---|
| 2025 | 507 | $17,245 | 3.6% |
| 2026 | 679 | 28,935 | 6.1% |
| 2027 | 1,333 | 54,784 | 11.5% |
| 2028 | 1,238 | 49,526 | 10.4% |
| 2029 | 1,734 | 77,909 | 16.4% |
| 2030 | 885 | 41,762 | 8.8% |
| 2031 | 571 | 29,141 | 6.1% |
| 2032 | 621 | 30,835 | 6.5% |
| 2033 | 441 | 26,576 | 5.6% |
| 2034 | 1,255 | 67,574 | 14.2% |
| 2035 and thereafter | 1,218 | 50,178 | 10.6% |
| 10,482 | $474,465 | 100% |
(a)Represents the annualized cash rental rate of base rents, including tenant reimbursements, in the final month prior to expiration. Tenant reimbursements generally include payment of a portion of real estate taxes, operating expenses, and common area maintenance and utility charges.
The following table shows the geographic locations for the Core Properties as of December 31, 2024. For more information about our geographic locations, see Note 18 “Segment Information” to our Consolidated Financial Statements:
| Location | Number of Properties | Net Rentable Square Feet (in thousands) | Percentage Leased as of December 31, 2024 | Leased Square Feet (in thousands) | Total Base Rent (a) (in thousands) | Percentage of Base Rent |
|---|---|---|---|---|---|---|
| Philadelphia | 11 | 4,726 | 95.3% | 4,502 | $145,621 | 43.4% |
| Pennsylvania Suburbs | 28 | 3,555 | 90.4% | 3,215 | 105,824 | 31.6% |
| Austin | 16 | 2,185 | 77.8% | 1,700 | 47,561 | 14.2% |
| Other | 8 | 1,464 | 88.1% | 1,290 | 36,031 | 10.8% |
| 63 | 11,930 | 89.7% | 10,707 | $335,037 | 100.0% |
(a)Represents base rents earned during the year, including tenant reimbursements, and excludes parking income, tenant inducements, and deferred market rent adjustments.
The following table shows the major tenants of the Core Properties as of December 31, 2024 and assumes that none of the tenants exercise renewal options or termination rights, if any, at or prior to scheduled expirations:
| Tenant Name | Annualized Base Rents (a) (in thousands) | Percentage of Aggregate Annualized Base Rents |
|---|---|---|
| IBM, Inc. | $20,630 | 4.9% |
| Spark Therapeutics | 18,711 | 4.4% |
| Comcast Corporation | 12,462 | 3.0% |
| FMC Corporation | 12,034 | 2.8% |
| Troutman Pepper Hamilton Sanders LLP | 10,473 | 2.5% |
| Lincoln National Management Co. | 10,372 | 2.5% |
| Independence Blue Cross LLC | 8,782 | 2.1% |
| The Trustees of the University of Pennsylvania | 7,811 | 1.8% |
| CSL Behrinig, LLC | 7,605 | 1.8% |
| T-Mobile Northeast, LLC | 7,380 | 1.7% |
| Other | 305,923 | 72.5% |
| $422,183 | 100.0% |
(a)Represents the annualized base rent, including tenant reimbursements, for each lease in effect at December 31, 2024. Tenant reimbursements generally include payment of a portion of real estate taxes, operating expenses, and common area maintenance and utility charges.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.