BRANDYWINE REALTY TRUST

For the period ended Mar 31, 2025. Filed Apr 30, 2025.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed Apr 30, 2025

BDN$3.25+0.3%Stored close · as of Nov 9, 2026

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Contents

Brandywine Realty Trust

CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except share and per share information)

	March 31,2025	December 31,2024
ASSETS
Real estate investments:
Operating properties	$3,405,048	$3,374,780
Accumulated depreciation	(1,200,058)	(1,171,803)
Right of use asset - operating leases, net	18,259	18,412
Operating real estate investments, net	2,223,249	2,221,389
Construction-in-progress	78,021	94,628
Land held for development	82,536	81,318
Prepaid leasehold interests in land held for development, net	27,762	27,762
Total real estate investments, net	2,411,568	2,425,097
Cash and cash equivalents	29,428	90,229
Restricted cash and escrows	2,045	5,948
Accounts receivable	13,573	12,703
Accrued rent receivable, net of allowance of $867 and $909 as of March 31, 2025 and December 31, 2024, respectively	185,957	184,312
Investment in unconsolidated real estate ventures	570,370	570,455
Deferred costs, net	82,051	84,317
Intangible assets, net	5,028	5,505
Other assets	123,766	113,647
Total assets	$3,423,786	$3,492,213
LIABILITIES AND BENEFICIARIES' EQUITY
Secured debt, net	$281,166	$275,338
Unsecured credit facility	65,000	—
Unsecured term loans, net	249,084	318,949
Unsecured senior notes, net	1,619,260	1,618,527
Accounts payable and accrued expenses	118,454	129,717
Distributions payable	26,487	26,256
Deferred income, gains and rent	21,293	35,414
Intangible liabilities, net	7,080	7,292
Lease liability - operating leases	23,591	23,546
Other liabilities	12,975	12,587
Total liabilities	$2,424,390	$2,447,626
Commitments and contingencies (See Note 15)
Brandywine Realty Trust's Equity:
Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 173,050,963 and 172,665,995 issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	1,728	1,724
Additional paid-in-capital	3,193,485	3,182,621
Deferred compensation payable in common shares	21,875	20,456
Common shares in grantor trust, 1,341,572 and 1,221,333 issued and outstanding as of March 31, 2025 and December 31, 2024, respectively	(21,875)	(20,456)
Cumulative earnings	756,524	783,499
Accumulated other comprehensive income (loss)	(23)	2,521
Cumulative distributions	(2,958,128)	(2,931,730)
Total Brandywine Realty Trust's equity	993,586	1,038,635
Noncontrolling interests	5,810	5,952
Total beneficiaries' equity	$999,396	$1,044,587
Total liabilities and beneficiaries' equity	$3,423,786	$3,492,213

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.