BRANDYWINE OPERATING PARTNERSHIP, L.P.
For the period ended Jun 30, 2026. Filed Jul 28, 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.
Jun 30, 2026 · Filed Jul 28, 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)
| June 30,2026 | December 31,2025 | |
|---|---|---|
| ASSETS | ||
| Real estate investments: | ||
| Operating properties | $3,527,129 | $3,753,780 |
| Accumulated depreciation | (1,241,465) | (1,259,090) |
| Prepaid ground leases, net | 34,156 | 51,399 |
| Right of use asset - operating leases, net | 12,266 | 17,806 |
| Operating real estate investments, net | 2,332,086 | 2,563,895 |
| Construction-in-progress | 85,569 | 118,543 |
| Land held for development | 75,134 | 70,405 |
| Prepaid leasehold interests in land held for development, net | 27,762 | 27,762 |
| Total real estate investments, net | 2,520,551 | 2,780,605 |
| Cash and cash equivalents | 37,870 | 32,284 |
| Restricted cash and escrows | 830 | 30,018 |
| Accounts receivable | 19,916 | 22,154 |
| Assets held for sale, net | 232,921 | — |
| Accrued rent receivable, net of allowance of $369 and $424 as of June 30, 2026 and December 31, 2025, respectively | 169,267 | 182,651 |
| Investment in unconsolidated real estate ventures | 336,851 | 314,326 |
| Deferred costs, net | 69,222 | 79,549 |
| Intangible assets, net | 13,832 | 22,426 |
| Other assets | 134,707 | 122,227 |
| Total assets | $3,535,967 | $3,586,240 |
| LIABILITIES AND PARTNERS' EQUITY | ||
| Secured term loans, net | $144,260 | $234,079 |
| Unsecured credit facility | 149,000 | — |
| Unsecured term loans, net | 249,593 | 249,389 |
| Unsecured senior notes, net | 2,074,153 | 2,073,394 |
| Accounts payable and accrued expenses | 136,663 | 143,826 |
| Distributions payable | 14,203 | 14,108 |
| Deferred income, gains and rent | 21,845 | 22,569 |
| Intangible liabilities, net | 12,355 | 12,713 |
| Liabilities related to assets held for sale, net | 6,775 | — |
| Lease liability - operating leases | 17,031 | 23,720 |
| Other liabilities | 14,189 | 14,588 |
| Total liabilities | $2,840,067 | $2,788,386 |
| Commitments and contingencies (See Note 14) | ||
| Redeemable limited partnership units at redemption value; 515,595 and 515,595 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 1,646 | 1,501 |
| Brandywine Operating Partnership, L.P.'s equity: | ||
| General Partnership Capital; 174,611,856 and 173,699,039 units issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 691,384 | 795,402 |
| Accumulated other comprehensive income (loss) | 235 | (1,781) |
| Total Brandywine Operating Partnership, L.P.'s equity | 691,619 | 793,621 |
| Noncontrolling interest - consolidated real estate ventures | 2,635 | 2,732 |
| Total partners' equity | $694,254 | $796,353 |
| Total liabilities and partners' equity | $3,535,967 | $3,586,240 |
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