Brandywine Realty Trust : 3rd Quarter 2021 Supplemental

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Above: 3151 Market Street rendering (dedicated life science building), Schuylkill Yards, Philadelphia, PA

Cover (from L to R): 3025 JFK, Schuylkill Yards, Philadelphia, PA; 405 Colorado Street, Austin, Texas; Bulletin Building & Drexel Square, Philadelphia, PA

Table of Contents

	Page
Executive Summary	1
2021 Business Plan Trend Line	3
Development Activity	7
Balance Sheet and Liquidity	12
Land Inventory	13
Property Activity	14
Net Operating Income Composition	15
Regional Property Overview	16
Leasing Activity	17
Lease Expiration Analysis	19
Top Twenty Tenants	21
Portfolio Tenant Mix	22
Income Statements	23
Same Store Net Operating Income Comparison	24
EBITDA and EBITDA Coverage Ratios	26
Funds from Operations and Cash Available for Distribution	27
Balance Sheets and Related Information	29
Debt Schedules	32
Unconsolidated Real Estate Ventures	36
Analyst and Company Information	39
Disclaimers and Other Information	40

Q3 2021 Executive Summary (unaudited in millions, except square footage and acreage)

BRANDYWINE REALTY TRUST | Page 1

Cira Centre| 730,000 SF | Philadelphia, PA

Transaction Highlights

Dispositions

• On July 6, 2021, we completed the sale of two land parcels at 2100 & 2200 Lenox Drive in Lawrenceville, New Jersey for a gross sales price of $8.9 million. We received net cash proceeds of $8.3 million and recorded a gain on sale of $0.8 million during the third quarter of 2021.
• On September 8, 2021, we completed the sale of a land parcel at 1100 Lenox Drive in Lawrenceville, New Jersey for a gross sales price of $2.6 million. We received net cash proceeds of $2.4 million and recorded a gain on sale of $0.1 million during the third quarter of 2021.

Joint Venture Financing

• On July 23, 2021, in connection with our development project at 3025 JFK Boulevard, also known as Schuylkill Yards West, we closed on a $186.7 million construction loan. The construction loan represents approximately 65% of total project costs and initially bears interest at 3.75% per annum and matures in July 2025.

Structured Financing Activity

• On September 3, 2021, our $50.0 million preferred equity investment in two office properties in Austin, Texas was redeemed prior to maturity. As a result of the early redemption, we recognized an incremental $2.8 million of investment income during the third quarter related to receiving our accelerated minimum return and exit fees paid in cash on the redemption date.

Rent Collections and Tenant Rent Relief

3025 JFK Construction | 570,000 SF | Philadelphia, PA

Rent Collections (as of 10/22/21):

	Office	Overall
Q2 2020	99.8%	99.3%
Q3 2020	99.7%	99.5%
Q4 2020	99.2%	99.0%
Q1 2021	99.9%	99.7%
Q2 2021	99.8%	99.3%
Q3 2021	99.6%	99.5%

Tenant Rent Relief Highlights

• $4.8 million of rent relief provided to 65 tenants approximating 866K SF. $1.0 million of the deferred rent is in the form of free rent related to tenant lease extensions.
• Net deferrals to date included in cash NOI totaled $3.8 million, of which $2.6 million has already been repaid.

Note: Definitions for commonly used terms in this Supplemental Information Package are on pages 40 and 41 'Disclaimers and Other Information.'

Q3 2021 Executive Summary (unaudited in thousands, except per share data and square footage)

BRANDYWINE REALTY TRUST | Page 2

Leasing Highlights		Q3 2021	Q2 2021
Quarter end occupancy		90.3%	90.5%
Leased as of October 22, 2021 / July 20, 2021		92.7%	92.5%
New leases executed in quarter (sq ft)		388,271	245,178
Leases renewals executed in quarter (sq ft)		75,326	189,359
Total leases executed in quarter (sq ft)		463,597	434,537
New leases commenced (sq ft)		140,016	118,659
Expansions commenced (sq ft)		74,671	37,713
Leases renewed (sq ft)		140,091	95,853
Total lease activity (sq ft)		354,778	252,225
Average annual lease expirations through 2024		6.8%	7.1%
Forward lease commencements (sq ft):
Q4 2021		212,002
1H 2022		69,579
2H 2022		28,671
Total square feet of forward lease commencements:	310,252
Key Operating Metrics	Q3 2021	YTD 2021	10/22/21
Business Plan
Same Store NOI Growth
GAAP	2.0%	0.5%	0.0% - 2.0%
Cash	5.5%	1.9%	3.0% - 5.0%
Rental Rate Mark to Market (a)
New Leases/expansions
GAAP	15.3%	24.6%
Cash	10.4%	14.9%
Renewals
GAAP	15.7%	13.1%
Cash	13.1%	9.6%
Combined
GAAP	15.5%	17.6%	14.0% - 16.0%
Cash	12.0%	11.7%	8.0% - 10.0%
Average Lease Term (yrs)	6.5	6.8	7.0
Leasing Capital as a % of Lease Revenue	7.6%	11.2%	10.0% - 12.0%
Tenant Retention	57%	55%	51-53%

(a) Calculations based on revenue maintaining leasing activity. See definition on page 41.

The Bulletin Building | Philadelphia, PA

Financial Highlights	Q3 2021	Q2 2021	YTD 2021
Net income (loss) to common shareholders	$876	($261)	$7,390
Per diluted share	$0.01	($0.00)	$0.04
Common share distributions paid	$0.19	$0.19	$0.57
Funds From Operations (FFO)	$61,061	$55,911	$177,190
Per diluted share	$0.35	$0.32	$1.02
FFO - excl. capital market, transactional items and other	$57,338	$55,911	$171,474
Per diluted share	$0.33	$0.32	$0.99
FFO payout ratio - excl. capital market, trans. items and other	57.6%	59.4%	57.6%
Cash Available for Distribution (CAD)	$49,560	$34,631	$130,624
CAD payout ratio (Distributions paid / CAD)	66.0%	94.6%	75.2%

Balance Sheet Highlights	Q3 2021	Q2 2021	Q1 2021
Net debt to total gross assets	37.6%	38.6%	37.9%
Ratio of net debt to annualized quarterly EBITDA	6.5	6.9	6.5
Cash on hand	$42,484	$47,730	$45,717

Business Plan Trend Line (unaudited)

BRANDYWINE REALTY TRUST | Page 3

					2021 Business Plan as of
Business Plan Component	10/22/2021	7/20/2021	4/19/2021	Original
Speculative Revenue	$21.0 MM	$20.0 - $21.0 MM	$18.0 - $22.0 MM	$18.0 - $22.0 MM
Executed	$20.9 MM	$20.1 MM	$18.1 MM	$14.7 MM
Projected Tenant Retention (SF)	51-53%	51-53%	51-53%	51-53%
Same Store NOI Increase
• GAAP	0.0%	- 2.0%	0.0%	- 2.0%	0.0%	- 2.0%	0.0%	- 2.0%
• Cash	3.0%	- 5.0%	3.0%	- 5.0%	3.0%	- 5.0%	3.0%	- 5.0%
Capital as a % of lease revenue	10.0%	- 12.0%	10.0%	- 12.0%	10.0%	- 12.0%	10.0%	- 12.0%
Average Lease Term	7.0 years	7.0 years	7.0 years	7.0 years
Net Income Attributable to Common Shareholders	$0.20	- $0.24	$0.25	- $0.31	$0.28	- $0.36	$0.32	- $0.42
Funds from Operations	$1.35	- $1.39	$1.34	- $1.40	$1.33	- $1.41	$1.32	- $1.42
Cash Available for Distribution Payout Ratio Annualized	81%	- 75%	81%	- 75%	81%	- 75%	81%	- 75%
Rental Rate Increase / (Decline)
		Combined	Combined	Combined	Combined
• GAAP	14.0%	- 16.0%	14.0%	- 16.0%	14.0%	- 16.0%	14.0%	- 16.0%
• Cash	8.0% - 10.0%	8.0% - 10.0%	8.0% - 10.0%	8.0% - 10.0%
Year-end SS Occupancy	91-93%	91-93%	91-93%	91-93%
Year-end Core Occupancy	91-93%	91-93%	91-93%	91-93%
Year-end Core Leased	92-94%	92-94%	92-94%	92-94%
Financing/Liability Management	None Incorporated	None Incorporated	None Incorporated	None Incorporated
Equity Issuance/Share Repurchase Program	None Incorporated	None Incorporated	None Incorporated	None Incorporated
Dispositions (excluding land and joint venture formation)	$27.0 MM (Allstate DC JV)	None Incorporated	None Incorporated	None Incorporated
Acquisitions (excluding land)	None Incorporated	None Incorporated	None Incorporated	None Incorporated
Development Start	2 starts; 1 start at 3025 JFK (1)	2 starts; 1 start at 3025 JFK (1)	2 starts; 1 start at 3025 JFK (1)	2 starts
Structured Finance Investments	None Incorporated	None Incorporated	None Incorporated	None Incorporated
Net Debt to EBITDA	6.3 - 6.5x	6.3 - 6.5x	6.3 - 6.5x	6.3 - 6.5x

(1) Represents the development start within our joint venture at 3025 JFK Boulevard at Schuylkill Yards in Philadelphia, PA.