Profile: Brandywine Realty Trust (BDN)
24 May 2019
Brandywine Realty Trust, incorporated on February 26, 1986, is a self-administered and self-managed real estate investment trust (REIT). The Company provides leasing, property management, development, redevelopment, acquisition and other tenant-related services for a portfolio of office, industrial, retail and mixed-use properties. The Company operates through five segments: Pennsylvania Suburbs, Philadelphia Central Business District (CBD), Metropolitan Washington, D.C., Austin, Texas, and Other. The Pennsylvania Suburbs segment includes properties in Chester, Delaware and Montgomery counties in the Philadelphia suburbs. The Philadelphia CBD segment includes properties located in the City of Philadelphia in Pennsylvania. The Metropolitan Washington, D.C. segment includes properties in the District of Columbia, Northern Virginia and Southern Maryland. The Austin, Texas segment includes properties in the City of Austin, Texas. The Other segment includes properties in Burlington and Camden counties in New Jersey, New Castle County in the state of Delaware and the City of Concord in California.
As of December 31, 2016, the Company owned 113 properties that had an aggregate of approximately 17.6 million net rentable square feet and consisted of 93 office properties, seven mixed-use properties, one retail property (101 properties, collectively the 'Core Properties'), four development properties, three redevelopment properties and five properties classified as held for sale (collectively, the 'Properties'). As of December 31, 2016, the Company's office properties are a combination of urban and transit-oriented suburban office buildings comprising an average of approximately 159,350 net rentable square feet. Its mixed-use properties accommodate a range of tenant uses, including retail, residential apartment units and a hotel.
As of December 31, 2016, the Company owned economic interests in 14 unconsolidated real estate ventures (collectively, the 'Real Estate Ventures'), seven of which owned properties that contain an aggregate of approximately eight million net rentable square feet of office space; two of which owned 4.3 acres of undeveloped parcels of land; two of which owned 1.4 acres of land under active development; two of which owned residential towers that contained 345 and 321 apartment units, and one of which owned an apartment complex that contained 398 units. As of December 31, 2016, the Company also owned 317 acres of undeveloped land, of which five acres were held for sale, and held options to purchase approximately 60 additional acres of undeveloped land. The Properties and the properties owned by the Real Estate Ventures are located in or near Philadelphia, Pennsylvania; Metropolitan Washington, D.C.; Southern New Jersey; Richmond, Virginia; Wilmington, Delaware; Austin, Texas and Concord California. As of December 31, 2016, the Company was managing approximately 10.5 million net rentable square feet of office and industrial properties for third parties and Real Estate Ventures.
The Company owns its assets and conducts its operations through Brandywine Operating Partnership, L.P. (the Operating Partnership) and the subsidiaries of the Operating Partnership. The Company is the sole general partner of the Operating Partnership. As of December 31, 2016, the Parent Company owned a 99.1% interest in the Operating Partnership, and remaining interest of approximately 0.9% pertains to common limited partnership interests owned by non-affiliated investors contributed property to the Operating Partnership in exchange for their interests.
Brandywine Realty Trust
2929 Walnut St Ste 1700
PHILADELPHIA PA 19104-5054