BRANDYWINE OPERATING PARTNERSHIP, L.P.
For the period ended Sep 30, 2025. Filed Nov 7, 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.
Sep 30, 2025 · Filed Nov 7, 2025
BDN$3.25+0.3%Stored close · as of Nov 9, 2026
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Brandywine Realty Trust
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share information)
| September 30,2025 | December 31,2024 | |
|---|---|---|
| ASSETS | ||
| Real estate investments: | ||
| Operating properties | $3,265,410 | $3,374,780 |
| Accumulated depreciation | (1,234,678) | (1,171,803) |
| Right of use asset - operating leases, net | 17,957 | 18,412 |
| Operating real estate investments, net | 2,048,689 | 2,221,389 |
| Construction-in-progress | 94,635 | 94,628 |
| Land held for development | 73,395 | 81,318 |
| Prepaid leasehold interests in land held for development, net | 27,762 | 27,762 |
| Total real estate investments, net | 2,244,481 | 2,425,097 |
| Cash and cash equivalents | 75,478 | 90,229 |
| Restricted cash and escrows | 1,050 | 5,948 |
| Accounts receivable | 15,493 | 12,703 |
| Accrued rent receivable, net of allowance of $424 and $909 as of September 30, 2025 and December 31, 2024, respectively | 183,153 | 184,312 |
| Investment in unconsolidated real estate ventures | 594,203 | 570,455 |
| Deferred costs, net | 77,449 | 84,317 |
| Intangible assets, net | 3,845 | 5,505 |
| Other assets | 124,249 | 113,647 |
| Total assets | $3,319,401 | $3,492,213 |
| LIABILITIES AND BENEFICIARIES' EQUITY | ||
| Secured debt, net | $243,171 | $275,338 |
| Unsecured term loans, net | 249,288 | 318,949 |
| Unsecured senior notes, net | 1,776,991 | 1,618,527 |
| Accounts payable and accrued expenses | 128,485 | 129,717 |
| Distributions payable | 14,108 | 26,256 |
| Deferred income, gains and rent | 16,041 | 35,414 |
| Intangible liabilities, net | 6,536 | 7,292 |
| Lease liability - operating leases | 23,676 | 23,546 |
| Other liabilities | 14,203 | 12,587 |
| Total liabilities | $2,472,499 | $2,447,626 |
| 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; 173,699,039 and 172,665,995 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 1,734 | 1,724 |
| Additional paid-in-capital | 3,198,013 | 3,182,621 |
| Deferred compensation payable in common shares | 23,069 | 20,456 |
| Common shares in grantor trust, 1,583,000 and 1,221,333 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | (23,069) | (20,456) |
| Cumulative earnings | 641,936 | 783,499 |
| Accumulated other comprehensive income (loss) | (1,556) | 2,521 |
| Cumulative distributions | (2,998,577) | (2,931,730) |
| Total Brandywine Realty Trust's equity | 841,550 | 1,038,635 |
| Noncontrolling interests | 5,352 | 5,952 |
| Total beneficiaries' equity | $846,902 | $1,044,587 |
| Total liabilities and beneficiaries' equity | $3,319,401 | $3,492,213 |
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