Brandywine Realty Trust · NYSE:BDN
Brandywine Realty Trust — Q3 2025 Earnings Presentation
46 slides from Brandywine Realty Trust's earnings presentation, Oct 23, 2025
Slide 1: Supplemental Information Package
Slide 2: Table of Contents
brandywin REALTY # TRUST Above: 3025 JFK Blvd. at Schuylkill Yards, Philadelphia, PA Table of Contents Executive Summary 2025 Business Plan Trend Line Development Summary Balance Sheet and Liquidity Land Inventory Property Activity Net Operating Income Composition Regional Property Overview Leasing
Slide 3: Q3 2025 Executive Summary
Q3 2025 Executive Summary (unaudited in millions, except square footage and acreage) BRANDYWINE REALTY TRUST | Page 1 Financing Activity = On July 23, 2025, we repaid our construction loan related to 155 King of Prussia Road in Radnor, Pennsylvania. The outstanding principal loan balance was $43.6 m
Slide 4: Q3 2025 Executive Summary
Q3 2025 Executive Summary (unaudited in thousands, except per share data and square footage) BRANDYWINE REALTY TRUST | Page 2 Wholly-Owned Leasing Highlights Q3 2025 Q2 2025 Quarter end occupancy 88.8% 88.6% Leased as of October 17, 2025 / July 18, 2025 90.4% 91.1% New leases executed in quarter (sq
Slide 5: Business Plan Trend Line
Business Plan Trend Line (unaudited BRANDYWINE REALTY TRUST | Page 3 2025 Business Plan as of 10/17/2025 7/18/2025 4/18/2025 Original Speculative Revenue / SF $27.0 - $28.0 MM/1.3M SF $27.0 - $28.0 MM/ 1.3M SF $27.0 - $28.0 MM/1.3M SF $27.0 - $28.0 MM/1.3M SF Executed / SF $27.3MM / 1.3M SF $27.0MM
Slide 6: Company Vacancy
Company Vacancy (unaudited) Company vacancy as of September 30, 2025 is primarily isolated to 5 Properties Share of Inventory / Vacancy % 100.0% Distribution of Vacancy Across BDN Wholly-Owned Portfolio (Actual as of 9/30/25) BRANDYWINE REALTY TRUST | Page 4 25 buildings have no vacancy __ 75.0% 50.
Slide 7: Austin Marketplace: Continues Leading Growth
Austin Marketplace: Continues Leading Growth (unaudited) BRANDYWINE REALTY TRUST | Page 5 (From L to R): Uptown ATX Block A; Garza Ranch; and Four Points Highlights mu #1 Best Performing Economy among top 50 Metros over 5 years; GDP +39%. m Tesla at 21K employees in Austin and that number may triple
Slide 8: Philadelphia CBD Marketplace
Philadelphia CBD Marketplace (unauaitea) Flight to Quality Continues —=—— = Highlights BRANDYWINE REALTY TRUST | Page 6 FMC TOWER AT CIRA CENTRE SOUTH ~ CIRA GREEN ie & THE BULLETIN BUILDING 3025 JFK BLVD Ch la 3001 JFK BLVD 3151 MARKET ST (JV) 3000 MARKET ST CIRA SQUARE (JV) ms; 3020 MARKET ST = Sc
Slide 9: Our Opportunity: Life Sciences
Our Opportunity: Life Sciences (unaudited) BRANDYWINE REALTY TRUST | Page 7 3.labs’ POWERED BY THE PENNSYLVANIA BIOTECHNOLOGY CENTER LIFE SCIENCE PORTFOLIO PRO FORMA FOR FUTURE TODAY (1) LIFE SCIENCE (2) + Location: Cira Centre + Incubator (SF): 50,000 SF * Capacity: 240 Seats Organic Life Science G
Slide 10: Development Summary
Development Summary (unaudited, in thousands, except square feet) BRANDYWINE REALTY TRUST | Page 8 Remaining Equity equity to be | Projected Capitalization | Debt Financing ae & funded by Cash (b) BDNat | Yield 09/30/2025 Completion | Stabilization Date Date Total Project Costs (a) Leased % @ Octobe
Slide 11: Development Activity
Development Activity (unauaite) BRANDYWINE REALTY TRUST | Page 9 3151 Market Street Development (Real Estate Venture) Design Overview customizable life science/innovation/office space. for health and well-being. space. m_ LEED v4 Platinum and WELL certified. Project Schedule = JV Formation Date Q3 2
Slide 12: Development Activity
Development Activity (unauaite) BRANDYWINE REALTY TRUST I Page 10 One Uptown (Uptown ATX - Block A) Project Overview = Amixed-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 lev
Slide 13: Development Activity
Development Activity (unauaite) BRANDYWINE REALTY TRUST I Page 11 165 King of Prussia Road, Radnor, PA Design Overview A 80,000 SF, 121-room luxury boutique lifestyle hotel. Amenities include Food & Beverage services on Patio, First Floor, and Rooftop as well as In-Room Dining; 4 Conferencing; Fitne
Slide 14: Development Activity
Development Activity (unauaitea) BRANDYWINE REALTY TRUST | Page 12 UPTOWN ATX AUSTIN, TX Overview = Uptown ATX is a mixed-use, 66 acre transit-oriented community with an extraordinary existing amenity base at the nearby Domain. The campus is home to approximately 596,000 SF for IBM. Once redeveloped
Slide 15: Development Activity
Development Activity (unauaitea) BRANDYWINE REALTY TRUST | Page 13 Schuylkill Vards PHILADELPHIA, PA Overview He Ml PHASE 1 PROPOSED ay - I PHASE 1 COMPLETED Wi Future m Brandywine is the master developer of Schuylkill Yards, a multi-phase 14 acre/5.1 million SF development of life science, research
Slide 16: Uses
USES Projected ($ in millions) 4Q25 Dividends 14 Contributions to Joint Venture, net 5 Revenue Maintaining Cap Ex 8 Revenue Creating Cap Ex 12 Development / Redevelopment Projects 24 3025 JFK Partner Redemption 70 CMBS Loan Repayment, Including Defeasance 255 Total Uses $388 SOURCES Projected LIQUID
Slide 17: Q3 2025 Land Inventory
Q3 2025 Land Inventory (unaudited) BRANDYWINE REALTY TRUST | Page 15 Estimated Development Square Feet Acres Pre-Development Projects Philadelphia CBD (a) (b) 5.1 4,147,000 Pennsylvania Suburbs 17.2 510,000 Austin, Texas (c) 64.6 5,598,000 Total Pre-Development Projects 86.9 10,255,000 (e) Repositio
Slide 18: Wholly-Owned Property Activity
Wholly-Owned Property Activity (a) (unaudited, in thousands, except square footage and acreage) BRANDYWINE REALTY TRUST | Page 16 Purchase/Sales Occupancy % Location Type Event Date Square Feet/Acres Price @ Event Date 2025 PROPERTY ACTIVITY OFFICE DISPOSITION Quarry Lake Il Austin, TX One Office Bl
Slide 19: YTD 2025 Net Operating Income Composition
YTD 2025 Net Operating Income Composition (unaudited BRANDYWINE REALTY TRUST | Page 17 YTD NOI - Wholly Owned (a) YTD NOI - Including JV's = Total Core Portfolio NOI: $204.4 MM = Total NOI: $233.6 MM = 92% of NOI from our Core Markets (b) = 92% of NOI from our Core Markets (b) Other 8% Other 8% Phil
Slide 20: Regional Property Overview
Regional Property Overview (unaudited, in thousands, except square footage) Region # of Wholly Owned Properties Square Feet Total % of Total % Occupied % Leased (1) Remaining Expirations 2025 2026 BRANDYWINE REALTY TRUST | Page 18 Net Operating Income at 9/30/2025 % of Total Q3 2025 YTD 2025 % of To
Slide 21: Leasing Activity-Core Portfolio
Leasing Activity-Core Portfolio (1) (unauaiteq) BRANDYWINE REALTY TRUST | Page 19 Nine Months Ended Three Months Ended 09/30/2025 09/30/2024 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 Total Property Count 60 64 60 60 63 63 64 69 69 Total Square Feet 11,289,339 12,17
Slide 22: Leasing Activity-Core Portfolio
Leasing Activity-Core Portfolio (1) (unauaiteq) Nine Months Ended Three Months Ended BRANDYWINE REALTY TRUST | Page 20 09/30/2025 09/30/2024 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 New Leases/Expansions (2): Cash Rent Growth Expiring Rate $ 39.15 $ 39.61 | $ 40.7
Slide 23: Lease Expiration Analysis
Lease Expiration Analysis (unauaitea) BRANDYWINE REALTY TRUST | Page 21 Square Footage Annualized Rent of Expiring Leases (1) Acquired / Semen ~ " amet Vacated New Remaining % of Total Expirations including % of Total Per Square Initial Expiring Sold /in an Current Servi Leases Leases Expiring (3) S
Slide 24: Regional Lease Expiration Analysis
Regional Lease Expiration Analysis (1) (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 22 2025 2026 2027 2028 2029 2030 2031 Thereafter Total Philadelphia CBD Remaining square feet expiring 26 238 290 364 903 303 266 2,052 4,442 Square feet as a % of Region NRA 0.6% 5.0% 6.1% 7.7% 19.1% 6.4
Slide 25: Top Twenty Tenants
Top Twenty Tenants (unaudited, annualized rent in thousands) BRANDYWINE REALTY TRUST | Page 23 Weighted Average % of Total Annualized Rent % of Total Remaining Lease Term Top Twenty Tenants Annualized Rent (1) Annualized Rent (1) per Square Foot (1) Square Feet Occupied Square Feet (months) (2) IBM,
Slide 26: Q3 2025 Portfolio Tenant Mix
Q3 2025 Portfolio Tenant Mix (unauaited, ay square footage) BRANDYWINE REALTY TRUST | Page 24 Misc. Services - 4% Engineering & Management Services - 8% Health Services - 2% | Transportation/Public Utilities -6% = 1 - 59, __— Banking 5% Real Estate -5% Other - 1% __ Wholesale Trade - 3% Finance - 13
Slide 27: Income Statements
Income Statements (unauaited, in thousands, except share data) Revenue Rents Third party mgt. fees, labor reimbursement and leasing Other Operating expenses Property operating expenses Real estate taxes Third party management expenses Depreciation and amortization General & administrative expenses P
Slide 28: Q3 2025 Same Store Net Operating Income
Q3 2025 Same Store Net Operating Income (unauaitea, in thousands) BRANDYWINE REALTY TRUST | Page 26 Recently Completed/ Development/ Other/ Same Store Portfolio Acquired (1) Redevelopment (2) Eliminations (3) All Properties Third Quarter Third Q Third Quarter Third Quai Third Quarter 2025 2024 Varia
Slide 29: YTD 2025 Same Store Net Operating Income
YTD 2025 Same Store Net Operating Income (unauaitea, in thousands) BRANDYWINE REALTY TRUST I Page 27 Recently Completed/ —_ Development/ Other/ Same Store Portfolio Acquired (1) Redevelopment (2) Eliminations (3) All Properties Year to Date Year to Date __YeartoDate | Year to Date Year to Date 2025
Slide 30: EBITDA and EBITDA Coverage Ratios
EBITDA and EBITDA Coverage Ratios (unauaitea, in thousands) Nine Months Ended BRANDYWINE REALTY TRUST | Page 28 Three Months Ended 09/30/2025 09/30/2024 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 Net loss (141,990) $ (151,867)| $ (25,998) $ (88,936) $ (27,056) $ (44
Slide 31: Funds from Operations
Funds from Operations (unaudited, in thousands, except share data) BRANDYWINE REALTY TRUST | Page 29 Nine Months Ended Three Months Ended 09/30/2025 09/30/2024 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 Net income (loss) attributable to common shareholders $ (142,62
Slide 32: Cash Available for Distribution
Cash Available for Distribution (unauaitea, in thousands, except share data) BRANDYWINE REALTY TRUST | Page 30 Nine Months Ended Three Months Ended 30/2025 09/30/2024 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 Funds from operations available to common share and unit
Slide 33: Balance Sheets
Balance Sheets (unauditea, in thousands) BRANDYWINE REALTY TRUST | Page 31 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 Assets Real estate investments Operating properties $ 3,265,410 $ 3,260,497 $ 3,405,048 $ 3,374,780 $ 3,409,605 $ 3,546,602 $ 3,549,674 Accumulated
Slide 34: Liquidity, Leverage and Market Capitalization
Liquidity, Leverage and Market Capitalization (unauaitea, in thousands, except shares and per share data) BRANDYWINE REALTY TRUST Page 32 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 High closing price of common shares $ 458 $ 458 $ 5.66 $ 653 $ 5.44 $ 495 $ 5.57 Low
Slide 35: Balance Sheet Information/Debt Statistics
Balance Sheet Information/Debt Statistics (unauaitea, in thousands) BRANDYWINE REALTY TRUST | Page 33 1/30/2025 06/30/2025 03/31/2025 12/31/2024 1/30/2024 06/30/2024 03/31/2024 Fixed rate debt $ 1,945,000 $ 1,945,000 $ 1,795,000 $ 1,795,000 $ 1,808,000 $ 1,808,000 $ 1,735,000 Fixed rate debt (variab
Slide 36: Debt Schedules
Debt Schedules (unauaitea, in thousands) BRANDYWINE REALTY TRUST | Page 34 ; a 09/30/2025 Maturity Stated Effective 09/30/2025 12/31/2024 Debt Instr it na Date (1) Rate (1) Rate (1) Balance Balance ent of total Unsecured senlor notes payable $450 MM Notes due 2027 November 15, 2027 3.950% 4.025% 450
Slide 37: Debt Maturities
Debt Maturities (9) (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 35 Unsecured Debt Secured Debt Maturity Schedule sui , ; Percent of Weighted Bank Facilities Senior Notes Construction Loan Term Loan Debt Maturing Average Interest (10) 2025 - 0.0% 0.000% 2026 - 0.0% 0.000% 2027 250,000 45
Slide 38: Debt Maturities - Proforma
Debt Maturities (anauaitea, in thousands) BRANDYWINE REALTY TRUST I Page 36 $1,000,000 $900,000 = Bank Facilities, With Extensions $800,000 + m Unsecured Notes $700,000 + $600,000 - m= Secured Debt $500,000 + $400,000 - $300,000 - $200,000 + $100,000 + $0 | | | | = 2025 2026 2027 2028 2029 2030 2031
Slide 39: Debt Maturities - Proforma
Debt Maturities - Proforma (a) (unauaitea, in thousands) BRANDYWINE REALTY TRUST I Page 37 $1,000,000 $900,000 — $800,000 = Bank Facilities = Unsecured Notes $700,000 - $600,000 + $500,000 + $400,000 + $300,000 - $200,000 $100,000 - 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter % of t
Slide 40: Debt Covenant Compliance
Debt Covenant Compliance (unauaitea, in millions) Revolving Credit Agreement dated July 17, 2018 and Second Amended and Restated Credit Agreement dated June 30, 2022 Covenant Required 9/30/2025 Fixed Charge Coverage Ratio >=1.50x 1.85x Leverage Ratio <=60% * 48.4% Unsecured Debt Limitation <=60% * 5
Slide 41: JV Property Overview
JV Property Overview (unaudited, in thousands, except square footage) BRANDYWINE REALTY TRUST | Page 39 As of September 30, 2025 BDN's Share Rentable BDN Unconsolidated Real Initial Project Number of Net Operating Square Percent Percent Net Operating Ownership Estate Ventures Location Value (a) Prop
Slide 42: JV Debt Schedule
JV Debt Schedule (unauaitea, in thousands) BRANDYWINE REALTY TRUST | Page 40 BDN Ownership Stated 09/30/2025 09/30/2025 Debt Instrument Percentage Maturity Date Rate (1) Balance BDN Share Operating Properties (8) Commerce Square JV (2) 85% June 6, 2028 7.1875% $ 220,000 $ 187,000 Cira Square JV (3)
Slide 43: JV Debt Summary
JV Debt Summary (unauaited, in thousands) BRANDYWINE REALTY TRUST | Page 41 Secured Debt Maturity Scheduled Balloon Percent of Weighted Average Schedule Amortization Payments Total Share BDN Share BDN Share Interest Rate of Partners’ By Year Maturing Maturing 2025 - - - - - 0.0% 0.000% 2026 - 178,01
Slide 44: Q3 2025 Analyst and Company Information
Q3 2025 Analyst and Company Information BRANDYWINE REALTY TRUST I Page 42 Equity Research Coverage Citigroup Green Street Advisors Truist Securities Seth Bergey Dylan Burzinski Michael R. Lewis 212-816-2066 949-640-8780 212-319-5659 Evercore ISI JP Morgan Steve Sakwa Anthony Paolone 212-446-9462 212
Slide 45: Q3 2025 Disclaimers and Other Information
Q3 2025 Disclaimers and Other Information BRANDYWINE REALTY TRUST | Page 43 Non-GAAP Measures We believe that the measures defined below that are not determined in accordance with generally accepted accounting principles (“GAAP”) are helpful to investors in measuring our performance and comparing it
Slide 46: Q3 2025 Disclaimers and Other Information (continued)
Q3 2025 Disclaimers and Other Information (continued) BRANDYWINE REALTY TRUST I Page 44 Net Operating Income (NOI) (continued) NOI is a useful measure for evaluating the operating performance of our properties, as it excludes certain components from net income available to common shareholders in ord
Brandywine Realty Trust — Q3 2025 Earnings Presentation on 6ix