BRANDYWINE REALTY TRUST
For the period ended Mar 31, 2025. Filed Apr 30, 2025.
View on SEC.govAbout this filing
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
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
| Page | |
|---|---|
| PART I — FINANCIAL INFORMATION | |
| Item 1. Financial Statements | |
| Brandywine Realty Trust | |
| Financial Statements of Brandywine Realty Trust | 6 |
| Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 | 6 |
| Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 | 7 |
| Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024 | 8 |
| Consolidated Statements of Beneficiaries’ Equity for the three months ended March 31, 2025 and 2024 | 9 |
| Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 | 11 |
| Brandywine Operating Partnership, L.P. | |
| Financial Statements of Brandywine Operating Partnership, L.P. | 12 |
| Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024 | 12 |
| Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 | 13 |
| Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024 | 14 |
| Consolidated Statements of Partners’ Equity for the three months ended March 31, 2025 and 2024 | 15 |
| Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 | 17 |
| Notes to Unaudited Consolidated Financial Statements | 18 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 33 |
| Item 3. Quantitative and Qualitative Disclosures about Market Risk | 45 |
| Item 4. Controls and Procedures | 46 |
| PART II — OTHER INFORMATION | 48 |
| Item 1. Legal Proceedings | 48 |
| Item 1A. Risk Factors | 48 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 48 |
| Item 3. Defaults Upon Senior Securities | 48 |
| Item 4. Mine Safety Disclosures | 48 |
| Item 5. Other Information | 48 |
| Item 6. Exhibits | 49 |
| Signatures | 50 |
Filing Format
This combined Form 10-Q is being filed separately by Brandywine Realty Trust and Brandywine Operating Partnership, L.P.
Glossary
Defined terms used in this Form 10-Q:
| Average annual rent | Represents total initial contractual rental rate under the applicable leases (as impacted by free rent) plus contractual fixed rent increases due under the applicable leases averaged over the total terms (without regard to extension options) of the applicable leases. For comparison purposes, the Company excludes new leases of space when the previous lease of such space ended more than 12 months prior to the signing date for the new leases. |
|---|---|
| Core Portfolio/Core Properties | Includes all wholly-owned operating properties. Does not include Properties under development/redevelopment, recently completed not-stabilized Properties, and properties held for sale. |
| Funds From Operations (“FFO”) | Is a non-GAAP financial measure, which the Company believes is useful to investors. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (NAREIT), which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company. NAREIT defines FFO as net income (loss) before noncontrolling interests of unitholders (preferred and common) and excluding gains (losses) on sales of depreciable operating property, impairment losses on depreciable consolidated real estate, impairment losses on investments in unconsolidated real estate ventures and extraordinary items (computed in accordance with GAAP); plus real estate related depreciation and amortization (excluding amortization of deferred financing costs), and after adjustment for unconsolidated real estate ventures. Net income, the GAAP measure that the Company believes to be most directly comparable to FFO, includes depreciation and amortization expenses, gains or losses on property sales and noncontrolling interests. FFO per share is calculated by dividing FFO by fully diluted shares available to common shareholders and limited partnership unitholders. See Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 2 of Part1 of this Form 10-Q for a reconciliation of net income (loss) attributable to common shares and common unitholders to FFO. |
| Net Operating Income (“NOI”) | Is a non-GAAP financial measure, which the Company defines as total 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 is a non-GAAP financial measure that we report because we believe it is useful to our investors. See Note 14, “Segment Information,” to our Consolidated Financial Statements in this Form 10-Q for additional information on NOI, including a reconciliation of NOI to our consolidated net income (loss) as defined by GAAP. |
| Rental Rate | Includes base rent plus reimbursement for operating expenses and real estate taxes. |
| Same Store Properties | We refer to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by us through the end of the latest period presented as Same Store Properties. Same Store Properties therefore exclude properties placed in-service, acquired, repositioned, held for sale or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store Properties. |
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