BRANDYWINE OPERATING PARTNERSHIP, L.P.
For the period ended Mar 31, 2026. Filed May 1, 2026.
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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, 2026 · Filed May 1, 2026
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)
| March 31,2026 | December 31,2025 | |
|---|---|---|
| ASSETS | ||
| Real estate investments: | ||
| Operating properties | $3,724,851 | $3,753,780 |
| Accumulated depreciation | (1,279,283) | (1,259,090) |
| Prepaid ground leases, net | 51,236 | 51,399 |
| Right of use asset - operating leases, net | 17,657 | 17,806 |
| Operating real estate investments, net | 2,514,461 | 2,563,895 |
| Construction-in-progress | 123,659 | 118,543 |
| Land held for development | 72,110 | 70,405 |
| Prepaid leasehold interests in land held for development, net | 27,762 | 27,762 |
| Total real estate investments, net | 2,737,992 | 2,780,605 |
| Cash and cash equivalents | 36,203 | 32,284 |
| Restricted cash and escrows | 30,093 | 30,018 |
| Accounts receivable | 23,370 | 22,154 |
| Assets held for sale, net | 15,383 | — |
| Accrued rent receivable, net of allowance of $424 and $424 as of March 31, 2026 and December 31, 2025, respectively | 184,220 | 182,651 |
| Investment in unconsolidated real estate ventures | 321,534 | 314,326 |
| Deferred costs, net | 81,143 | 79,549 |
| Intangible assets, net | 20,739 | 22,426 |
| Other assets | 137,170 | 122,227 |
| Total assets | $3,587,847 | $3,586,240 |
| LIABILITIES AND PARTNERS' EQUITY | ||
| Secured term loans, net | $234,091 | $234,079 |
| Unsecured credit facility | 65,000 | — |
| Unsecured term loans, net | 249,491 | 249,389 |
| Unsecured senior notes, net | 2,073,656 | 2,073,394 |
| Accounts payable and accrued expenses | 141,933 | 143,826 |
| Distributions payable | 14,201 | 14,108 |
| Deferred income, gains and rent | 20,852 | 22,569 |
| Intangible liabilities, net | 12,534 | 12,713 |
| Lease liability - operating leases | 23,764 | 23,720 |
| Other liabilities | 13,133 | 14,588 |
| Total liabilities | $2,848,655 | $2,788,386 |
| Commitments and contingencies (See Note 15) | ||
| Redeemable limited partnership units at redemption value; 515,595 and 515,595 issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 1,348 | 1,501 |
| Brandywine Operating Partnership, L.P.'s equity: | ||
| General Partnership Capital; 173,711,845 and 173,699,039 units issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | 735,395 | 795,402 |
| Accumulated other comprehensive loss | (214) | (1,781) |
| Total Brandywine Operating Partnership, L.P.'s equity | 735,181 | 793,621 |
| Noncontrolling interest - consolidated real estate ventures | 2,665 | 2,732 |
| Total partners' equity | $737,846 | $796,353 |
| Total liabilities and partners' equity | $3,587,849 | $3,586,240 |
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