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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Financial Statements of Brandywine Operating Partnership, L.P
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except unit and per unit 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 PARTNERS' 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) | ||
| Redeemable limited partnership units at redemption value; 515,595 and 515,595 issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 2,231 | 2,870 |
| Brandywine Operating Partnership, L.P.'s equity: | ||
| General Partnership Capital; 173,699,039 and 172,665,995 units issued and outstanding as of September 30, 2025 and December 31, 2024, respectively | 843,757 | 1,036,712 |
| Accumulated other comprehensive income (loss) | (1,900) | 2,190 |
| Total Brandywine Operating Partnership, L.P.'s equity | 841,857 | 1,038,902 |
| Noncontrolling interest - consolidated real estate ventures | 2,814 | 2,815 |
| Total partners' equity | $844,671 | $1,041,717 |
| Total liabilities and partners' equity | $3,319,401 | $3,492,213 |
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