Brandywine Realty Trust Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Brandywine Realty Trust (BDN) has submitted its quarterly 10-Q filing for the period ending March 31, 2024, detailing financial performance and equity structure.</b>

AI Summary

BRANDYWINE REALTY TRUST (BDN) filed a Quarterly Report (10-Q) with the SEC on April 24, 2024. Brandywine Realty Trust (BDN) filed its 10-Q report for the quarter ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data points and equity details for the reporting period and prior periods are included. The report also details subsidiary information and specific revenue streams. Brandywine Operating Partnership, L.P. is also listed as a filer, indicating a consolidated reporting structure.

Why It Matters

For investors and stakeholders tracking BRANDYWINE REALTY TRUST, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance data for Brandywine Realty Trust, crucial for assessing the company's operational health and investment potential. Understanding the detailed revenue segments and equity changes in this report allows stakeholders to make informed decisions regarding their investment in BDN.

Risk Assessment

Risk Level: medium — BRANDYWINE REALTY TRUST shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but does not include forward-looking statements or significant strategic shifts that would indicate a higher risk level.

Analyst Insight

Monitor the detailed revenue segments and equity changes in the 10-Q to understand trends in Brandywine Realty Trust's performance and financial position.

Revenue Breakdown

Key Numbers

• 20240331 — Period of Report (Quarterly filing)
• 20240424 — Filed As Of Date (Date of submission)
• 6798 — Standard Industrial Classification (Real Estate Investment Trusts)
• 232413352 — IRS Number (Brandywine Realty Trust)
• MD — State of Incorporation (Brandywine Realty Trust)
• 1231 — Fiscal Year End (Brandywine Realty Trust)
• 001-09106 — SEC File Number (Brandywine Realty Trust)
• 24869559 — Film Number (Brandywine Realty Trust)

Key Players & Entities

• BRANDYWINE REALTY TRUST (company) — Filer name
• BDN (company) — Ticker symbol
• 20240331 (date) — Period of report
• 20240424 (date) — Filed as of date
• BRANDYWINE OPERATING PARTNERSHIP, L.P. (company) — Related filer
• 2929 ARCH STREET (address) — Business address
• PHILADELPHIA (location) — Business address city
• 19920703 (date) — Date of name change for former company

FAQ

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.

Key Financial Figures

• $0.01 — hares of Beneficial Interest, par value $0.01 per share of Brandywine Realty Trust, w

Filing Documents

• bdn-20240331.htm (10-Q) — 1766KB
• bdn-x2024prsuawardformex101.htm (EX-10.1) — 95KB
• bdn-x2024oprsuawardformout.htm (EX-10.2) — 97KB
• bdnex311q12024.htm (EX-31.1) — 10KB
• bdnex312q12024.htm (EX-31.2) — 10KB
• bdnex313q12024.htm (EX-31.3) — 10KB
• bdnex314q12024.htm (EX-31.4) — 10KB
• bdnex321q12024.htm (EX-32.1) — 5KB
• bdnex322q12024.htm (EX-32.2) — 5KB
• bdnex323q12024.htm (EX-32.3) — 5KB
• bdnex324q12024.htm (EX-32.4) — 5KB
• 0000790816-24-000022.txt (&nbsp;) — 10148KB
• bdn-20240331.xsd (EX-101.SCH) — 75KB
• bdn-20240331_cal.xml (EX-101.CAL) — 106KB
• bdn-20240331_def.xml (EX-101.DEF) — 499KB
• bdn-20240331_lab.xml (EX-101.LAB) — 797KB
• bdn-20240331_pre.xml (EX-101.PRE) — 719KB
• bdn-20240331_htm.xml (XML) — 1206KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Brandywine Realty Trust

Financial Statements of Brandywine Realty Trust

Financial Statements of Brandywine Realty Trust 5 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 5 Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 6 Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 7 Consolidated Statements of Beneficiaries' Equity for the three months ended March 31, 2024 and 2023 8 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 10 Brandywine Operating Partnership, L.P.

Financial Statements of Brandywine Operating Partnership, L.P

Financial Statements of Brandywine Operating Partnership, L.P. 11 Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 11 Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 12 Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 13 Consolidated Statements of Partners' Equity for the three months ended March 31, 2024 and 2023 14 Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 16 Notes to Unaudited Consolidated Financial Statements 17

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 44

— OTHER INFORMATION

PART II — OTHER INFORMATION 45

Legal Proceedings

Item 1. Legal Proceedings 45

Risk Factors

Item 1A. Risk Factors 45

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 45

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 45

Other Information

Item 5. Other Information 45

Exhibits

Item 6. Exhibits 46

Signatures

Signatures 47 Filing Format This combined Form 10-Q is being filed separately by Brandywine Realty Trust and Brandywine Operating Partnership, L.P. 4 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

— Financial Statements

Item 1. — Financial Statements BRANDYWINE REALTY TRUST CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except share and per share information) March 31, 2024 December 31, 2023 ASSETS Real estate investments: Operating properties $ 3,549,674 $ 3,542,232 Accumulated depreciation ( 1,163,782 ) ( 1,131,792 ) Right of use asset - operating leases, net 18,875 19,031 Operating real estate investments, net 2,404,767 2,429,471 Construction-in-progress 146,194 135,529 Land held for development 81,616 82,510 Prepaid leasehold interests in land held for development, net 27,762 27,762 Total real estate investments, net 2,660,339 2,675,272 Cash and cash equivalents 43,210 58,319 Restricted cash and escrows 8,089 9,215 Accounts receivable 11,628 11,977 Accrued rent receivable, net of allowance of $ 2,435 and $ 2,672 as of March 31, 2024 and December 31, 2023, respectively 189,718 186,708 Investment in unconsolidated real estate ventures 618,042 601,227 Deferred costs, net 95,049 95,984 Intangible assets, net 7,112 7,694 Other assets 103,573 86,051 Total assets $ 3,736,760 $ 3,732,447 LIABILITIES AND BENEFICIARIES' EQUITY Secured debt, net $ 260,936 $ 255,671 Unsecured credit facility 37,000 — Unsecured term loan, net 318,494 318,499 Unsecured senior notes, net 1,564,825 1,564,662 Accounts payable and accrued expenses 114,162 123,825 Distributions payable 26,248 26,017 Deferred income, gains and rent 25,363 24,248 Intangible liabilities, net 8,022 8,270 Lease liability - operating leases 23,415 23,369 Other liabilities 66,049 63,729 Total liabilities $ 2,444,514 $ 2,408,290 Commitments and contingencies (See Note 15) Brandywine Realty Trust's Equity: Common Shares of Brandywine Realty Trust's beneficial interest, $ 0.01 par value; shares authorized 400,000,000 ; 172,270,907 and 172,097,661 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 1,721 1,719 Additional paid-in-capital 3,168,661 3,163,949 D

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View this 10-Q filing on SEC EDGAR