Brandywine Realty Trust Files Q3 2024 10-Q

TL;DR

**BDN Q3 10-Q filed. Financials and ops details out.**

AI Summary

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

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-specific risks.

Key Numbers

• 12-31 — Fiscal Year End (Indicates the end of the company's fiscal year.)
• 2929 ARCH STREET — Business Address (Primary location for Brandywine Realty Trust's operations.)

Key Players & Entities

• Brandywine Realty Trust (company) — Filer of the 10-Q
• Brandywine Operating Partnership, L.P. (company) — Related entity to Brandywine Realty Trust
• 20240930 (date) — End of the reporting period
• 20241104 (date) — Filing date

FAQ

Key Financial Figures

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

Filing Documents

• bdn-20240930.htm (10-Q) — 2402KB
• bdnex311q32024.htm (EX-31.1) — 10KB
• bdnex312q32024.htm (EX-31.2) — 10KB
• bdnex313q32024.htm (EX-31.3) — 10KB
• bdnex314q32024.htm (EX-31.4) — 10KB
• bdnex321q32024.htm (EX-32.1) — 5KB
• bdnex322q32024.htm (EX-32.2) — 5KB
• bdnex323q32024.htm (EX-32.3) — 5KB
• bdnex324q32024.htm (EX-32.4) — 5KB
• 0000790816-24-000050.txt ( ) — 11140KB
• bdn-20240930.xsd (EX-101.SCH) — 71KB
• bdn-20240930_cal.xml (EX-101.CAL) — 108KB
• bdn-20240930_def.xml (EX-101.DEF) — 445KB
• bdn-20240930_lab.xml (EX-101.LAB) — 764KB
• bdn-20240930_pre.xml (EX-101.PRE) — 679KB
• bdn-20240930_htm.xml (XML) — 1506KB

— 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 6 Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 6 Consolidated Statements of Operations for the nine months ended September 30, 2024 and 2023 7 Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2024 and 2023 8 Consolidated Statements of Beneficiaries' Equity for the nine months ended September 30, 2024 and 2023 9 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 11 Brandywine Operating Partnership, L.P.

Financial Statements of Brandywine Operating Partnership, L.P

Financial Statements of Brandywine Operating Partnership, L.P. 12 Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 12 Consolidated Statements of Operations for the nine months ended September 30, 2024 and 2023 13 Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2024 and 2023 14 Consolidated Statements of Partners' Equity for the nine months ended September 30, 2024 and 2023 15 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 17 Notes to Unaudited Consolidated Financial Statements 18

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 33

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 48

Controls and Procedures

Item 4. Controls and Procedures 50

— OTHER INFORMATION

PART II — OTHER INFORMATION 51

Legal Proceedings

Item 1. Legal Proceedings 51

Risk Factors

Item 1A. Risk Factors 51

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 51

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 51

Other Information

Item 5. Other Information 51

Exhibits

Item 6. Exhibits 52

Signatures

Signatures 53 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 Glossary Defined terms used in this Report: Average annual rent Represents total initial contractual rental rate under the applicable leases (as impacted by free rent) plus contractual fixed rent increases due under the applicable leases averaged over the total terms (without regard to extension options) of the applicable leases. For comparison purposes, the Company excludes new leases of space when the previous lease of such space ended more than 12 months prior to the signing date for the new leases. Core Portfolio/Core Properties Includes all wholly-owned operating properties. Funds From Operations (FFO) Is a non-GAAP financial measure,which the Company believes is useful to investors. The Company computes FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (NAREIT), which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company. NAREIT defines FFO as net income (loss) before noncontrolling interests of unitholders (preferred and common) and excluding gains (losses) on sales of depreciable operating property, impairment losses on depreciable consolidated real estate, impairment losses on investments in unconsolidated real estate ventures and extraordinary items (computed in accordance with GAAP); plus real estate related depreciation and amortization (excluding amortization of deferred financing costs), and after adjustment for unconsolidated real estate ventures. Net income, the GAAP measure that the Company believes to be most directly comparable to FFO, includes depreciation and amortization expenses, gains or losses on property sales and noncontrolling interests. FFO per share is calculated by

- 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) September 30, 2024 December 31, 2023 ASSETS Real estate investments: Operating properties $ 3,409,605 $ 3,542,232 Accumulated depreciation ( 1,156,992 ) ( 1,131,792 ) Right of use asset - operating leases, net 18,565 19,031 Operating real estate investments, net 2,271,178 2,429,471 Construction-in-progress 166,278 135,529 Land held for development 78,259 82,510 Prepaid leasehold interests in land held for development, net 27,762 27,762 Total real estate investments, net 2,543,477 2,675,272 Cash and cash equivalents 36,498 58,319 Restricted cash and escrows 6,195 9,215 Accounts receivable 8,669 11,977 Accrued rent receivable, net of allowance of $ 1,332 and $ 2,672 as of September 30, 2024 and December 31, 2023, respectively 187,873 186,708 Investment in unconsolidated real estate ventures 602,700 601,227 Deferred costs, net 86,390 95,984 Intangible assets, net 6,249 7,694 Other assets 121,509 86,051 Total assets $ 3,599,560 $ 3,732,447 LIABILITIES AND BENEFICIARIES' EQUITY Secured debt, net $ 272,181 $ 255,671 Unsecured credit facility 40,000 — Unsecured term loans, net 331,797 318,499 Unsecured senior notes, net 1,617,795 1,564,662 Accounts payable and accrued expenses 137,406 123,825 Distributions payable 26,230 26,017 Deferred income, gains and rent 21,453 24,248 Intangible liabilities, net 7,558 8,270 Lease liability - operating leases 23,502 23,369 Other liabilities 16,908 63,729 Total liabilities $ 2,494,830 $ 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 ; 172,665,995 and 172,097,661 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 1,724 1,719 Additional paid-in-capital 3,178,214

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View this 10-Q filing on SEC EDGAR