Brandywine Realty Trust Files 2023 Annual Report on Form 10-K

TL;DR

<b>Brandywine Realty Trust has filed its annual report for the fiscal year ended December 31, 2023.</b>

AI Summary

BRANDYWINE REALTY TRUST (BDN) filed a Annual Report (10-K) with the SEC on February 22, 2024. Brandywine Realty Trust filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located in Philadelphia, PA. Brandywine Operating Partnership, L.P. is also listed as a filer. The SIC code for Brandywine Realty Trust is 6798 (Real Estate Investment Trusts).

Why It Matters

For investors and stakeholders tracking BRANDYWINE REALTY TRUST, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Brandywine Realty Trust's financial performance, operations, and risk factors for the 2023 fiscal year. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: medium — BRANDYWINE REALTY TRUST shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of information, including financial statements and risk factors, necessitating a medium-risk assessment for detailed analysis.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Brandywine Realty Trust's performance and outlook for 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-22 — Filing Date (As of Date)
• 6798 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• BRANDYWINE REALTY TRUST (company) — Filer name
• 2929 ARCH STREET (company) — Business address
• PHILADELPHIA (company) — Business address city
• PA (company) — Business address state
• 19104 (company) — Business address zip
• BRANDYWINE OPERATING PARTNERSHIP, L.P. (company) — Filer name
• MD (company) — State of incorporation
• DE (company) — State of incorporation

FAQ

Industry Context

Brandywine Realty Trust operates within the Real Estate Investment Trusts (REITs) sector, focusing on office properties.

Regulatory Implications

The filing adheres to the regulations set forth by the Securities and Exchange Commission (SEC) for annual reports (Form 10-K).

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and asset values.
2. Review the risk factors section for potential challenges and uncertainties.
3. Examine management's discussion and analysis for strategic insights.

Key Dates

• 2023-12-31: Fiscal Year End — Covers the full fiscal year for financial reporting.
• 2024-02-22: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing provided for analysis; no prior filing data is available for comparison.

Key Financial Figures

• $4.65 — ed upon the last reported sale price of $4.65 per share on the New York Stock Exchang
• $2,401,572 b — ndywine Operating Partnership, L.P. was $2,401,572 based upon the last reported sale price o

Filing Documents

• bdn-20231231.htm (10-K) — 4042KB
• bdnex3219q42023.htm (EX-3.2) — 5KB
• bdn2023-ex21xlistofsubsidi.htm (EX-21) — 85KB
• bdnex231q42023.htm (EX-23.1) — 3KB
• bdnex232q42023.htm (EX-23.2) — 2KB
• bdnex311q42023.htm (EX-31.1) — 10KB
• bdnex312q42023.htm (EX-31.2) — 10KB
• bdnex313q42023.htm (EX-31.3) — 10KB
• bdnex314q42023.htm (EX-31.4) — 10KB
• bdnex321q42023.htm (EX-32.1) — 5KB
• bdnex322q42023.htm (EX-32.2) — 5KB
• bdnex323q42023.htm (EX-32.3) — 5KB
• bdnex324q42023.htm (EX-32.4) — 5KB
• bdn2023-ex971xdoddxfrankcl.htm (EX-97.1) — 35KB
• bdn2023-ex991xmaterialfede.htm (EX-99.1) — 226KB
• bdn-20231231_g1.jpg (GRAPHIC) — 40KB
• 0000790816-24-000014.txt (&nbsp;) — 21504KB
• bdn-20231231.xsd (EX-101.SCH) — 151KB
• bdn-20231231_cal.xml (EX-101.CAL) — 133KB
• bdn-20231231_def.xml (EX-101.DEF) — 918KB
• bdn-20231231_lab.xml (EX-101.LAB) — 1446KB
• bdn-20231231_pre.xml (EX-101.PRE) — 1229KB
• bdn-20231231_htm.xml (XML) — 3472KB

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 24

Cybersecurity

Item 1C. Cybersecurity 25

Properties

Item 2. Properties 25

Legal Proceedings

Item 3. Legal Proceedings 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27 PART II

Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 28

[Reserved]

Item 6. [Reserved] 29

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 46

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 47

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 47

Controls and Procedures

Item 9A. Controls and Procedures 47

Other Information

Item 9B. Other Information 48

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 48 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 49

Executive Compensation

Item 11. Executive Compensation 49

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 49

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 49

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 49 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 49

Form 10-K Summary

Item 16. Form 10-K Summary 55

SIGNATURES

SIGNATURES 56 3 Filing Format This combined Annual Report on Form 10-K is being filed separately by Brandywine Realty Trust (the "Parent Company") and Brandywine Operating Partnership, L.P. (the "Operating Partnership").

Forward-Looking Statements

Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This report and other materials filed by us with the Securities and Exchange Commission (the "SEC") (as well as information included in oral or other written statements made by us) contain statements that are forward-looking, including statements relating to business and real estate development activities, acquisitions, dispositions, future capital expenditures, financing sources, governmental regulation (including environmental regulation) and competition. We intend such forward-looking statements to be covered by the safe-harbor provisions of the 1995 Act. The words "anticipate," "believe," "estimate," "expect," "intend," "will," "should" and similar expressions, as they relate to us, are intended to identify forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be achieved. These forward-looking statements are inherently uncertain, and actual results may differ from expectations. Our actual future results and trends may differ materially from expectations depending on a variety of factors discussed in our filings with the Securities and Exchange Commission (the "SEC"). These factors include without limitation: adverse changes in national and local economic conditions, the real estate industry and the commercial real estate markets in which we operate, which would have a negative effect on, among other things: overall market occupancy levels and demand for office and other commercial space and rental rates; the financial condition of our tenants, many of which are financial, legal and other professional firms, our lenders, counterparties to our derivative financial instruments and institutions that hold our cash balances and short-term investments, which may expose us to increas

Business

Item 1. Business Overview We are a self-administered and self-managed real estate investment trust ("REIT") engaged in the acquisition, development, redevelopment, ownership, management, and operation of a portfolio of office, life science/lab, residential and mixed-use properties. During the twelve months ended December 31, 2023, we owned and managed properties within four markets: (1) Philadelphia Central Business District ("Philadelphia CBD"), (2) Pennsylvania Suburbs, (3) Austin, Texas, and (4) Other. The Philadelphia CBD segment includes properties located in the City of Philadelphia in Pennsylvania. The Pennsylvania Suburbs segment includes properties in Chester, Delaware and Montgomery counties in the Philadelphia suburbs. The Austin, Texas segment includes properties in the City of Austin, Texas. The Other segment includes properties in Washington, D.C., Northern Virginia, Southern Maryland, Camden County, New Jersey and New Castle County, Delaware. In addition to our four geographic markets, our corporate group is responsible for cash and investment management, development of certain real estate properties during the construction period, and certain other general support functions. See Note 1 "Organization of the Parent Company and the Operating Partnership," to our Consolidated Financial Statements for our property portfolio, management services and land holdings. Unless otherwise indicated, all references in this Form 10-K to "square feet" represent the net rentable area. The Parent Company was organized and commenced its operations in 1986 as a Maryland REIT. The Parent Company owns its assets and conducts its operations through the Operating Partnership and subsidiaries of the Operating Partnership. The Operating Partnership was formed in 1996 as a Delaware limited partnership. The Parent Company controls the Operating Partnership as its sole general partner. See Note 1 "Organization of the Parent Company and the Operating Partnership," to our Consol

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View this 10-K filing on SEC EDGAR