BRANDYWINE REALTY TRUST
For the period ended Dec 31, 2023. Filed Feb 22, 2024.
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FY2023 · Filed Feb 22, 2024
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Item 2. Properties
Overview
As of December 31, 2023, we owned 69 properties that contain an aggregate of approximately 12.7 million net rentable square feet and consist of 65 office properties and four mixed-use properties (collectively, the “Core Properties”). We also own one development property, one redevelopment property and one recently completed not yet stabilized property (collectively, the “Properties”). The properties are located in or near Philadelphia, Pennsylvania; Austin, Texas; Washington, D.C.; Southern New Jersey; and Wilmington, Delaware. As of December 31, 2023, the properties, excluding properties under development and redevelopment, were approximately 88.0% occupied. As of December 31, 2023, we also owned economic interests in twelve unconsolidated real estate ventures. See Note 4 “Investment in Unconsolidated Real Estate Ventures,” to our Consolidated Financial Statements for further information.
Property Statistics
The following table shows lease expirations for the Core Properties as of December 31, 2023, during each of the next 10 years and thereafter. This table assumes no exercise of renewal options or termination rights:
| Year of Lease Expiration December 31, | Rentable Square Feet (in thousands) | Final Annualized Base Rent Under Expiring Leases (a) (in thousands) | Percentage of Total Final Annualized Base Rent Under Expiring Leases |
|---|---|---|---|
| 2024 | 769 | $27,410 | 5.5% |
| 2025 | 898 | 35,558 | 7.1% |
| 2026 | 744 | 32,086 | 6.4% |
| 2027 | 1,436 | 58,968 | 11.8% |
| 2028 | 1,090 | 44,730 | 8.9% |
| 2029 | 1,747 | 79,364 | 15.9% |
| 2030 | 817 | 39,512 | 7.9% |
| 2031 | 487 | 25,195 | 5.0% |
| 2032 | 495 | 25,723 | 5.1% |
| 2033 | 477 | 28,805 | 5.8% |
| 2034 and thereafter | 2,221 | 102,622 | 20.5% |
| 11,181 | $499,973 | 100% |
(a)Represents the annualized cash rental rate of base rents, including tenant reimbursements, in the final month prior to expiration. Tenant reimbursements generally include payment of a portion of real estate taxes, operating expenses, and common area maintenance and utility charges.
The following table shows the geographic locations for the Core Properties as of December 31, 2023. For more information about our geographic locations, see Note 19 “Segment Information” to our Consolidated Financial Statements:
| Location | Number of Properties | Net Rentable Square Feet (in thousands) | Percentage Leased as of December 31, 2023 | Leased Square Feet (in thousands) | Total Base Rent (a) (in thousands) | Percentage of Base Rent |
|---|---|---|---|---|---|---|
| Philadelphia | 11 | 4,726 | 96.9% | 4,579 | $145,752 | 41.5% |
| Pennsylvania Suburbs | 32 | 3,932 | 88.6% | 3,482 | 113,778 | 32.3% |
| Austin | 18 | 2,576 | 82.6% | 2,128 | 60,260 | 17.1% |
| Other | 8 | 1,464 | 81.1% | 1,187 | 31,941 | 9.1% |
| 69 | 12,698 | 89.6% | 11,376 | $351,731 | 100.0% |
(a)Represents base rents earned during the year, including tenant reimbursements, and excludes parking income, tenant inducements, and deferred market rent adjustments.
The following table shows the major tenants of the Core Properties as of December 31, 2023 and assumes that none of the tenants exercise renewal options or termination rights, if any, at or prior to scheduled expirations:
| Tenant Name | Annualized Base Rents (a) (in thousands) | Percentage of Aggregate Annualized Base Rents |
|---|---|---|
| IBM, Inc. | $20,849 | 4.7% |
| Spark Therapeutics, Inc. | 18,527 | 4.2% |
| Comcast Corporation | 12,309 | 2.8% |
| FMC Corporation | 11,830 | 2.7% |
| Troutman Pepper Hamilton Sanders LLP | 10,308 | 2.3% |
| Lincoln National Management Co. | 9,935 | 2.2% |
| Independence Blue Cross, LLC | 8,255 | 1.9% |
| The Trustees of the University of Pennsylvania | 7,670 | 1.7% |
| CSL Behring, LLC | 7,280 | 1.6% |
| SailPoint Technologies, Inc. | 7,336 | 1.7% |
| Other | 329,005 | 74.2% |
| $443,304 | 100.0% |
(a)Represents the annualized base rent, including tenant reimbursements, for each lease in effect at December 31, 2023. Tenant reimbursements generally include payment of a portion of real estate taxes, operating expenses, and common area maintenance and utility charges.
Developments/Redevelopments
As of December 31, 2023, we were developing/redeveloping 0.1 million rentable square feet of office/life science properties and one parking facility.
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