Brandywine Realty Trust Files Q2 2024 10-Q

TL;DR

**BRT files Q2 10-Q. Financials and ops details out.**

AI Summary

Brandywine Realty Trust filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and operational status. Key financial data and operational metrics are presented for the second quarter of 2024.

Why It Matters

This filing provides investors and analysts with crucial financial and operational data for Brandywine Realty Trust, enabling informed investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, Brandywine is subject to market fluctuations, interest rate changes, and tenant default risks.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the financial quarter being reported.)
• 20240809 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Brandywine Realty Trust (company) — Filer of the 10-Q
• Brandywine Operating Partnership, L.P. (company) — Related entity to Brandywine Realty Trust
• 20240630 (date) — End of the reporting period
• 20240809 (date) — Filing date of the 10-Q

FAQ

Key Financial Figures

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

Filing Documents

• bdn-20240630.htm (10-Q) — 2272KB
• bdnex311q22024.htm (EX-31.1) — 10KB
• bdnex312q22024.htm (EX-31.2) — 10KB
• bdnex313q22024.htm (EX-31.3) — 10KB
• bdnex314q22024.htm (EX-31.4) — 10KB
• bdnex321q22024.htm (EX-32.1) — 5KB
• bdnex322q22024.htm (EX-32.2) — 5KB
• bdnex323q22024.htm (EX-32.3) — 5KB
• bdnex324q22024.htm (EX-32.4) — 5KB
• 0000790816-24-000037.txt ( ) — 10740KB
• bdn-20240630.xsd (EX-101.SCH) — 69KB
• bdn-20240630_cal.xml (EX-101.CAL) — 111KB
• bdn-20240630_def.xml (EX-101.DEF) — 426KB
• bdn-20240630_lab.xml (EX-101.LAB) — 746KB
• bdn-20240630_pre.xml (EX-101.PRE) — 658KB
• bdn-20240630_htm.xml (XML) — 1440KB

— 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 June 30, 2024 and December 31, 2023 5 Consolidated Statements of Operations for the six months ended June 30, 2024 and 2023 6 Consolidated Statements of Comprehensive Income for the six months ended June 30, 2024 and 2023 7 Consolidated Statements of Beneficiaries' Equity for the six months ended June 30, 2024 and 2023 8 Consolidated Statements of Cash Flows for the six months ended June 30, 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 June 30, 2024 and December 31, 2023 11 Consolidated Statements of Operations for the six months ended June 30, 2024 and 2023 12 Consolidated Statements of Comprehensive Income for the six months ended June 30, 2024 and 2023 13 Consolidated Statements of Partners' Equity for the six months ended June 30, 2024 and 2023 14 Consolidated Statements of Cash Flows for the six months ended June 30, 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 31

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 45

Controls and Procedures

Item 4. Controls and Procedures 46

— OTHER INFORMATION

PART II — OTHER INFORMATION 47

Legal Proceedings

Item 1. Legal Proceedings 47

Risk Factors

Item 1A. Risk Factors 47

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 48

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 48

Other Information

Item 5. Other Information 48

Exhibits

Item 6. Exhibits 49

Signatures

Signatures 50 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) June 30, 2024 December 31, 2023 ASSETS Real estate investments: Operating properties $ 3,546,602 $ 3,542,232 Accumulated depreciation ( 1,192,146 ) ( 1,131,792 ) Right of use asset - operating leases, net 18,720 19,031 Operating real estate investments, net 2,373,176 2,429,471 Construction-in-progress 152,888 135,529 Land held for development 83,051 82,510 Prepaid leasehold interests in land held for development, net 27,762 27,762 Total real estate investments, net 2,636,877 2,675,272 Cash and cash equivalents 30,369 58,319 Restricted cash and escrows 6,144 9,215 Accounts receivable 10,867 11,977 Accrued rent receivable, net of allowance of $ 1,332 and $ 2,672 as of June 30, 2024 and December 31, 2023, respectively 191,802 186,708 Investment in unconsolidated real estate ventures 680,136 601,227 Deferred costs, net 92,931 95,984 Intangible assets, net 6,672 7,694 Other assets 98,382 86,051 Total assets $ 3,754,180 $ 3,732,447 LIABILITIES AND BENEFICIARIES' EQUITY Secured debt, net $ 267,851 $ 255,671 Unsecured credit facility 25,000 — Unsecured term loans, net 331,646 318,499 Unsecured senior notes, net 1,617,063 1,564,662 Accounts payable and accrued expenses 115,531 123,825 Distributions payable 26,234 26,017 Deferred income, gains and rent 26,236 24,248 Intangible liabilities, net 7,786 8,270 Lease liability - operating leases 23,459 23,369 Other liabilities 13,977 63,729 Total liabilities $ 2,454,783 $ 2,408,290 Commitments and contingencies (See Note 14) Brandywine Realty Trust's Equity: Common Shares of Brandywine Realty Trust's beneficial interest, $ 0.01 par value; shares authorized 400,000,000 ; 172,678,090 and 172,097,661 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 1,724 1,719 Additional paid-in-capital 3,171,011 3,163,949 Def

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View this 10-Q filing on SEC EDGAR