With shares in real estate investment trusts trending higher as expectations rise that interest rates will start coming down in 2024, you may be curious as to what are the best REITs for 2024.Yet while it’s been this macro factor driving the REIT run-up, you may consider REIT stocks that have more than just the specter of more favorable monetary policy on their side.For instance, there are many REITs that, for reason or another, currently trade at big discounts to their underlying net asset values. In addit ...

Brandywine Realty Trust (NYSE:BDN) Q3 2023 Earnings Conference Call October 25, 2023 9:00 AM ET Company Participants Jerry Sweeney - President & CEO George Johnstone - EVP, Operations Dan Palazzo - SVP & CAO Tom Wirth - EVP & CFO Conference Call Participants Steve Sakwa - Evercore ISI Camille Bonnel - Bank of America Anthony Paolone - J.P. Morgan Michael Griffin - Citi Michael Lewis - Truist Securities Dylan Burzinski - Green Street Advisors Upal Rana - KeyBanc Operator Good day and thank you for standing b ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _____________________________________________________________________________________________ FORM 10-Q _____________________________________________________________________________________________ (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 24, 2023 BRANDYWINE REALTY TRUST BRANDYWINE OPERATING PARTNERSHIP, L.P. (Exact name of registrant as specified in charter) Maryland (Brandywine Realty Trust) 001-9106 23-2413352 Delaware (Brandywine Operating Partnership, L.P.) 000-24407 23-2862640 (State or Other Jurisdiction of Incorp ...

Brandywine Realty Trust (NYSE:BDN) Q2 2023 Earnings Conference Call July 26, 2023 9:00 AM ET Company Participants Gerard Sweeney - President, CEO George Johnstone - EVP, Operations Thomas Wirth - EVP, CFO Conference Call Participants Steve Sakwa - Evercore ISI Camille Bonnel - Bank of America Michael Griffin - Citi Michael Lewis - Truist Securities Bill Crow - Raymond James Dylan Burzinsk - Green Street Anthony Paolone - JPMorgan Operator Good day and thank you for standing by. Welcome to the Brandywine Rea ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 _____________________________________________________________________________________________ FORM 10-Q _____________________________________________________________________________________________ (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Excha ...

PART I — FINANCIAL INFORMATION [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited Q1 2023 consolidated financial statements showing a net loss of ($5.3) million [Financial Statements of Brandywine Realty Trust](index=5&type=section&id=Financial%20Statements%20of%20Brandywine%20Realty%20Trust) The company reported a Q1 2023 net loss of ($5.3) million and total assets of $3.99 billion Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$3,987,111** | **$3,874,505** | | Total real estate investments, net | $2,887,526 | $2,904,788 | | Cash and cash equivalents | $96,945 | $17,551 | | **Total Liabilities** | **$2,393,893** | **$2,241,171** | | Unsecured senior notes, net | $1,574,221 | $1,628,370 | | **Total Beneficiaries' Equity** | **$1,593,218** | **$1,633,334** | Consolidated Statement of Operations Highlights (in thousands, except per share data) | Account | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Total Revenue | $129,227 | $127,505 | | Total Operating Expenses | $105,917 | $101,700 | | Operating Income | $24,091 | $26,702 | | Interest Expense | ($22,653) | ($15,742) | | **Net Income (Loss) Attributable to Common Shareholders** | **($5,329)** | **$5,945** | | **Diluted Income (Loss) per Common Share** | **($0.03)** | **$0.03** | Consolidated Statement of Cash Flows Highlights (in thousands) | Activity | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $5,375 | $28,515 | | Net cash used in investing activities | ($45,023) | ($110,787) | | Net cash provided by financing activities | $134,332 | $94,130 | | **Increase in cash and cash equivalents** | **$94,684** | **$11,858** | [Financial Statements of Brandywine Operating Partnership, L.P.](index=12&type=section&id=Financial%20Statements%20of%20Brandywine%20Operating%20Partnership%2C%20L.P.) The partnership's financials mirror the Parent Company, reporting a Q1 2023 net loss of ($5.3) million Consolidated Statement of Operations Highlights (in thousands, except per unit data) | Account | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Total Revenue | $129,227 | $127,505 | | Operating Income | $24,091 | $26,702 | | **Net Income (Loss) Attributable to Common Partnership Unitholders** | **($5,345)** | **$5,955** | | **Diluted Income (Loss) per Common Partnership Unit** | **($0.03)** | **$0.03** | - The assets and liabilities of the Operating Partnership are the same as the Parent Company, with the main difference in the equity section where the Parent Company's interest is recorded as **General Partnership Capital ($1.59 billion)**[6](index=6&type=chunk)[7](index=7&type=chunk)[30](index=30&type=chunk) [Notes to Unaudited Consolidated Financial Statements](index=21&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) The notes detail the company's portfolio of 77 properties, $2.13 billion in debt, and significant financing activities - As of March 31, 2023, the Company owned **77 properties** with approximately **13.6 million net rentable square feet**[43](index=43&type=chunk)[44](index=44&type=chunk) - The Company holds ownership interests in **eleven unconsolidated real estate ventures** with a net aggregate investment of **$545.5 million**[50](index=50&type=chunk) Debt Obligations Summary (in thousands) | Debt Type | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Secured Debt | $241,231 | $— | | Unsecured Debt | $1,892,069 | $1,965,038 | | **Total Debt Obligations** | **$2,133,300** | **$1,965,038** | - In Q1 2023, the company entered into a new **$245.0 million secured term loan** and a new **$70.0 million unsecured one-year term loan**[62](index=62&type=chunk)[63](index=63&type=chunk) - The Philadelphia CBD segment generated the highest Net Operating Income (NOI) at **$35.6 million** for Q1 2023[88](index=88&type=chunk)[90](index=90&type=chunk) - The company has provided various guarantees for its unconsolidated real estate ventures on construction loans[96](index=96&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a slight revenue increase, a 1.5% NOI decrease, and a net loss driven by higher interest expense [Overview and Operating Environment](index=35&type=section&id=Overview%20and%20Operating%20Environment) The company faces economic risks while managing a portfolio with 89.0% occupancy for its Core Properties Core Properties Operating Statistics | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Occupancy Percentage (end of period) | 89.0% | 89.3% | | Tenant Retention Rate | 45.2% | 55.9% | | Combined Rental Rate Change | +14.9% | +20.4% | - Key risks include tenant rollover, with **4.3% of aggregate annualized base rents expiring** in the remainder of 2023[104](index=104&type=chunk)[108](index=108&type=chunk) [Results of Operations](index=39&type=section&id=Results%20of%20Operations) Q1 2023 saw a 1.3% revenue increase but a 1.5% NOI decrease, resulting in a ($5.3) million net loss Comparison of Operations (in millions) | Account | Q1 2023 | Q1 2022 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $129.2 | $127.5 | $1.7 | 1.3% | | Net Operating Income (NOI) | $78.4 | $79.6 | ($1.2) | (1.5)% | | Operating Income | $24.1 | $26.7 | ($2.6) | (9.7)% | | Interest Expense | ($22.7) | ($15.7) | ($7.0) | 44.6% | | Net Income (Loss) | ($5.3) | $6.1 | ($11.4) | (186.9)% | - The increase in property operating expenses was driven by higher property usage, maintenance, and energy rates[118](index=118&type=chunk) - Interest expense rose significantly due to the issuance of **$350.0 million in 7.75% notes** and new term loans at higher rates[120](index=120&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains sufficient liquidity with $96.9 million in cash and $582.6 million available credit - Principal liquidity needs include recurring expenses, capital expenditures, debt service, and development costs[122](index=122&type=chunk) - As of March 31, 2023, the company had **$96.9 million of cash** and cash equivalents and **$582.6 million of available borrowings**[131](index=131&type=chunk) Cash Flow Summary (in thousands) | Activity | Q1 2023 | Q1 2022 | Change | | :--- | :--- | :--- | :--- | | Operating | $5,375 | $28,515 | ($23,140) | | Investing | ($45,023) | ($110,787) | $65,764 | | Financing | $134,332 | $94,130 | $40,202 | [Capitalization and FFO](index=46&type=section&id=Capitalization%20and%20FFO) Total debt reached $2.14 billion, with fixed-rate debt increasing to 93.1% and Q1 FFO at $50.8 million Debt Capitalization Summary | Metric | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Total Debt (in thousands) | $2,143,610 | $1,971,411 | | Fixed Rate Debt % | 93.1% | 78.8% | | Variable Rate Debt % | 6.9% | 21.2% | | Weighted-Average Maturity | 4.7 years | 4.8 years | Funds from Operations (FFO) Reconciliation (in thousands) | Line Item | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net income (loss) attributable to common unitholders | ($5,345) | $5,955 | | Real property depreciation and amortization | $38,630 | $36,162 | | Company's share of unconsolidated ventures D&A | $11,564 | $11,295 | | **FFO available to common share and unit holders** | **$50,831** | **$60,311** | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rates, which is managed through derivative instruments like swaps - The primary market risk exposure is interest rate risk, impacting the cost of funds and the value of financial instruments[147](index=147&type=chunk) - A **100-basis point change** in the discount rate would change the total fair value of the company's unsecured notes by approximately **$12.5 million**[148](index=148&type=chunk) - The company utilizes derivative instruments to manage interest rate risk, including swapping its **$250.0 million unsecured term loan** to a fixed rate[148](index=148&type=chunk)[149](index=149&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2023 - Both Brandywine Realty Trust and Brandywine Operating Partnership concluded that their disclosure controls and procedures were effective as of March 31, 2023[150](index=150&type=chunk)[151](index=151&type=chunk) - There were no changes in internal control over financial reporting during the quarter that materially affected the company's internal controls[150](index=150&type=chunk)[151](index=151&type=chunk) PART II — OTHER INFORMATION [Other Information (Items 1-6)](index=50&type=section&id=Items%201-6) This section confirms no new legal proceedings, risk factor changes, or share repurchases in Q1 2023 - There are no legal proceedings to report (Item 1) and no material changes to risk factors from the 2022 Form 10-K (Item 1A)[153](index=153&type=chunk) - No common shares were repurchased in Q1 2023, and **$82.9 million remained available** for repurchases under the existing program[153](index=153&type=chunk) - There were no defaults upon senior securities (Item 3) or other material information to report (Item 5)[153](index=153&type=chunk)

Brandywine Realty Trust (NYSE:BDN) Q1 2023 Earnings Conference Call April 20, 2023 9:00 AM ET Company Participants Gerard Sweeney - President and Chief Executive Officer Thomas Wirth - Chief Financial Officer George Johnstone - Executive Vice President, Operations Conference Call Participants Anthony Paolone - JPMorgan Chase & Co. Nick Joseph - Citigroup Inc. Michael Lewis - Truist Securities Omotayo Okusanya - Credit Suisse Steve Sakwa - Evercore Inc. Operator Good day and thank you for standing by. Welcom ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2022 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Brandywine Realty Trust Brandywine Operating Partnership, L.P. (Exact name of registrant as specified in its charter) Maryland (Brandywine Realty Trust) 001-910 ...

Brandywine Realty Trust (NYSE:BDN) Q4 2022 Earnings Conference Call February 2, 2023 9:00 AM ET Company Participants Jerry Sweeney - President and Chief Executive Officer, Trustee Tom Wirth - Executive Vice President and Chief Financial Officer George Johnstone - Executive Vice President, Operations Conference Call Participants Steve Sakwa - Evercore ISI Michael Lewis - Truist Michael Griffin - Citi Tayo Okusanya - Credit Suisse Camille Bonnel - Bank of America Bill Crow - Raymond James Operator Good day. A ...