Brandywine Realty Trust : First Quarter 2026 Investor Update

Brandywine Realty Trust is an owner/developer of premier workplaces and innovation hubs, encompassing a collection of uses that fuel our ecosystems. With a focus on the Philadelphia, Pennsylvania Region and Austin, Texas Region, our core portfolio is set to benefit from the flight to quality underscoring today's market.

Greater Philadelphia, PA (81% of NOI)

• In 2026, Philadelphia will host to the FIFA World Cup, MLB All Star-Game, PGA Championship, and America's 250th birthday celebrations - making it the WSJ's #1 Best Place to Visit. Events collectively expected to bring $1.3B - $2.5B in net economic impact, support up to 17K regional jobs with $440M - $860M in additional earnings. (Source: Econsult Solutions Coalition 2026 Economic Impact Study)

Austin, TX (12% of NOI)

• #1 fastest growing region at 5.1% population growth (Source: Lending Tree 8/2025)

• #1 Best Performing Job Market of top 50

Metros (2/2020- 11/2023) (Source: US Bureau of Labor Statistics and Opportunity Austin).

• Philadelphia is one of the most affordable major

US cities, notably in the Northeast + Mid-Atlantic regions, with a 102.8% Cost of Living Index, 65% less than NYC, 34% less than Boston, and 29% less than Washington DC. (Source: Newmark Q4 2025 Philadelphia Multifamily Market)

• Nationally tops in percentage population

  growth 9 years in a row: 2010 - 2020 - 30.9% growth from 1.77M to 2.20M people; projected to grow to 2.80M by 2030 and to 4M by 2040.

• As of end of 1Q26, there were 318 hot/active prospect companies currently looking at moves to or expansions in Austin (Source: Opportunity Austin).

• Philadelphia has the 8th Largest Labor Force and

5th Highest Personal Income in the US. (Sources: CBRE Why Philadelphia 2025 Report; Colliers Real Estate Trends in World Cup Host Cities, March 2026)

Portfolio Stability Maintaining Sufficient Liquidity Development Stabilization

• 8% Annual Rollover through 2027

• 94% of 2026 Spec Revenue projection achieved

• 182,000 square feet of forward lease commencements

• No unsecured bond maturities until November 2027

• Minimal borrowings on unsecured credit facility

• Accelerated asset recycling program in 2026

  • Tour and proposal volume increasing

  • Residential lease up stabilized in 2025

  • Anticipate recapitalizing our ATX developments in 2026

Our Core Markets

https://www.brandywinerealty.com 2929 ARCH STREET, PHILADELPHIA, PA 19104 | 610.325.5600

1Q 2026 leasing activity in our Core Portfolio is our highest level since 4Q 2024

2025 flight-to-quality deals represent 60% of our new leasing activity in Philadelphia region In the Philadelphia CBD region, our net effective rent growth since 2021 has averaged 5.4%

*Source: Bank of America Global Research

High Quality Portfolio in Stable Markets (as of 4/15/26)

Wholly Owned(1)

1. Includes total number of properties and square footage.

2. Includes leases executed through 4/15/26 which will commence subsequent to 3/31/26.

Block A

COMPLETED

66 ACRES

Q2 2027

CAPMETRO STATION

11 ACRES

OF GREENSPACE

Project Overview

• Uptown ATX will be a mixed-use, 66-acre transit-oriented community. The existing

  buildings total 688,000 SF of which IBM occupies 87%. Once redeveloped, the project will include office, multi-family, hotels, retail and a new CapMetro light rail station.

• Uptown ATX sits at the population center of Greater Austin, and near the

  crossroads of three major highways. The area is served by multi-modal transportation options including CapMetro light rail and bus lines.

• The project will offer over 11 acres of park space, and access to more than 23 miles of existing and planned jogging trails and bike routes.

• We have all required government and third- party approvals for campus-wide redevelopment.

• The City of Austin recently increased our density from 3.1 FAR to 12:1 FAR and increased our maximum building height from 180 feet to 491 feet. Density can be shared between blocks of development as needed.

One Uptown Project Status (Block A)

• A mixed-use development featuring a 14-story office tower comprised of one level of below-grade parking, lobby and retail level, 6 above-grade parking garage levels, and 8 office levels totaling 347,838 rentable square feet.

• The Residential is made up of 259 units within a 13-story concrete tower and 82 units in a 5-story structure wrapping the parking structure.

• A showcase amenity deck serving both the office and multi-family components of the project includes a pool, fitness center, grilling station and gathering spaces.

  Project Schedule		Financial Highlights
  	Q4 2021		$206mm
  	Q4 2021		$144mm
  	Q1 2024		$185mm
  	Q3 2024		7.2%
  	Q4 2026		5.1%
  	Q3 2025		with Canyon Real Estate

  • Joint Venture Formation:

  • Total Development Costs - Office:

  • Construction Commencement:

  • Total Development Cost - Residential:

  • Completion - Office:

  • Construction Loans:

  • Completion - Residential:

  • Project Stabilized Cash Yield - Office:

  • Project Stabilization - Office:

  • Project Stabilized Cash Yield - Residential:

  • Project Stabilization - Residential:

  • Joint Venture Structure: Preferred equity

  PHILADELPHIA, PA

  
  
  
  
  
  
  

  Overview

  • We are the master developer of Schuylkill Yards, a multi-phase development of residential, life science, research and academic facilities, office, retail and hospitality space.

  • Adjacent to the nation's 3rd busiest rail station, the project will be one of the most transit-rich developments in the country.

  • Entire project is located within an opportunity zone which provides federal tax incentives. Certain phases of project can also receive state and local tax incentives.

  • Costs of future developments will be funded through a combination of existing liquidity, equity and debt capital raised through one or more joint venture formations.

    PLANNED & IN-PROCESS LAB DEVELOPMENTS

    BRANDYWINE COMPLETED
    
    

    PROJECTS

    
    
    

    14 ACRES

    1.2M SF

    
    
    

    OF RESIDENTIAL

    65K SF

    OF RETAIL SPACE

    
    
    

    3.9M SF

    OF LIFE SCIENCE, INNOVATION AND OFFICE SPACE

    350K SF

    
    
    

    OF HOTEL SPACE

    6.5 ACRES

    OF GREENSPACE

    Project Status

• 3025 JFK completed construction in 4Q 2023 and 3151 Market completed construction in 4Q 2024. These projects delivered the following:

  • 200,000 SF life science/office space

  • 417,000 SF dedicated life science

  • 326 apartment units

  • Ground floor retail & below grade parking

  OUR UNIVERSITY CITY LIFE SCIENCE GROWTH

• University City is located in the #4 US life science market based on the volume of VC and NIH funding, market inventory, size of the life science workforce, and biomed degree completions.

  LIFE SCIENCE PORTFOLIO

  TODAY (1)

  PRO FORMA FOR FUTURE

  LIFE SCIENCE CAPACITY (2)

  8%

  25%

  1. Bulletin Building, 3000 Market, Cira Centre, 250 King of Prussia Road, 3151 Market

  2. Incremental SY Capacity and Uptown ATX land

  Organic Life Science Growth Through Existing Land Pipeline & Convertible Assets

• Our 50,000 SF life science incubator, B+labs, successfully opened in January 2022 and is currently 76% leased. B+labs is located directly adjacent to Schuylkill Yards in University City.

• We completed our graduate lab space on the 8th and 9th floors of Cira Centre, totaling 54,717 SF, they are 93% leased.

  
  
  
  
  
  
  

  3025 JFK | Philadelphia, PA

  • Ground up JV development project consisting of 200K SF of life science/ office space and 326 residential units.

  • $325M project cost at 6.8% cash yield.

    Curr

    Pipel Proje

    N

    Compo

  • Projected terminal value of $370M at 6.0% cap rate.

405 Colorado | Austin, TX

• Ground up development of 206K SF office building with 520 space parking garage.

• $122M project cost at 8.0% cash yield.

• Projected terminal value of $150M at 6.5% cap rate.

  250 King of Prussia | Radnor, PA

• Recycled office/land holding and converted into 168K SF life science.

• $104M project cost at 8.2% cash yield.

• Projected terminal value of $131M at 6.5% cap rate.

  Life Science

  53%

  Life Science

  54%

  Commercial

  47%

  Commercial

  46%

  ent

  ine cted OI

  sition

  Projected NOI

  Project Cost

  
  
  

  High Quality Mixed-Use Land Inventory

  • Land bank that can deliver 10M SF potential mixed-use FAR with very low basis

Year-end SS Occupancy Year-end Core Occupancy Year-end Core Leased

Dispositions Acquisitions

Spec Revenue

Capital as % of Lease Revenue Average Lease Term

Funds from Operations

Cash Available for Distribution Payout Ratio

2026

89 - 90%

89 - 90%

90 - 91%

$280 - 300MM

None Incorporated

$17 - $18MM

94% achieved

12 - 13%

6.5 Years

$0.52 - $0.58 90% - 70%

Operational Excellence

• Stable platform supports growth strategy and continued solid operating results

• Steady & improving markets with top quality product

• Benefiting from flight to quality

  Grow net asset value

  Grow cashflow

  Growth Strategy

• Accelerated asset recycling program

• Strong forward development pipeline and land bank

  Balance Sheet Management

• Maximize liquidity

• Wholly-owned debt portfolio 91% fixed rate

• Wholly-owned debt portfolio 91% unsecured

• Reduce financial exposure to our joint ventures

Forward-Looking Statements

Certain statements in this brochure constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our and our affiliates' actual results, performance, achievements or transactions to be materially different from any future results, performance, achievements or transactions expressed or implied by such forward-looking statements. Additional information on factors which could impact us and the forward-looking statements contained herein are included in our most recent annual and quarterly reports filed with the Securities and Exchange Commission. Please reference our most recent supplemental package for definitions and reconciliations of non-GAAP financial measures.

As a pioneer of sustainable commercial real estate, Brandywine remains committed to the continual improvement of our operations, portfolio performance, and community impact.

LEADERSHIP AND RECOGNITION

Committed to the CEO Action for Diversity and Inclusion initiative

Maintained our ESG Corporate Rating Prime Status and received a Governance quality score of 2

Ranked as "Low Risk" by Sustainalytics ESG Risk Ratings

In 2024 The Bulletin Building won the BOMA Philly Best of the Best Awards for Safety & Security and Sustainable Practices

Received 2024 GRESB Green Star for the tenth consecutive year

Achieved Green Lease Leaders

Platinum in the category's inaugural year for working with tenants to equitably align financial and environmental benefits

Stewarded InSite Optimization Program's recognition from PECO as a Top Performing Trade Ally

Extended our industry-leading ISS Governance Quality Score of 1 in 2024, representing the highest possible score and lowest shareholder risk

GREEN BUILDING CERTIFICATIONS

ENVIRONMENTAL PROGRESS

SQ. FT. OF OUR PORTFOLIO IS

GREEN BUILDING CERTIFIED

4.2M

SQ. FT.

7.3M

SQ. FT.

8.1M

SQ. FT.

5.3M

SQ. FT.

3.7M

SQ. FT.

2.6M

SQ. FT.

3.4M

SQ. FT.

994K

SQ. FT.

3.4M

SQ. FT.

ENERGY

1%

Change in Energy Intensity from Prior Year

-35 %

Change in Energy Intensity from Baseline Year

WATER

4%

Change in Water Intensity from Prior Year

Change in Water Intensity from Baseline Year

GREENHOUSE GAS EMISSIONS

-10%

Change in Scope 1 & 2 GHG Emissions Intensity from Prior Year

-49%

Change in Scope 1 & 2 GHG Emissions Intensity from Baseline Year

Square footage totals include certifications for new development, operational assets, wholly owned and joint venture partnerships. Previously only wholly owned assets were shown. Total SF certified counts each building once, some buildings received multiple certifications.

SOLAR

Over 5.8M kWh solar generated in 2024

Explore our 2025 Corporate Social Responsibility Report at brandywinerealty.com/responsibility