• Like Boston Properties (BXP) for cities such as Philadelphia and Austin.
• The Simon Property Group (SPG) of urban office and mixed-use properties.

• Real Estate Development Services: Creating new commercial and mixed-use properties or redeveloping existing assets.
• Property Leasing Services: Providing various spaces, primarily office, for rent to commercial and retail tenants within their portfolio.
• Property Management Services: Overseeing the daily operations, maintenance, and tenant relations for their owned and developed properties.

Brandywine Realty Trust (BDN) primarily leases commercial properties, predominantly office spaces. Therefore, its major customers are other companies, government entities, and institutions that lease these properties.

Based on recent investor disclosures, Brandywine Realty Trust's major customers (tenants) include:

• Commonwealth of PA
• Children's Hospital of Philadelphia
• State of Texas
• Comcast (symbol: CMCSA)
• University of Pennsylvania Health System
• GlaxoSmithKline (symbol: GSK)
• Liberty Mutual
• FMC Corporation (symbol: FMC)
• Wawa
• Axalta Coating Systems (symbol: AXTA)

Gerard H. Sweeney, President, Chief Executive Officer and Trustee

Mr. Sweeney has served as President, Chief Executive Officer, and Trustee of Brandywine Realty Trust since its founding in 1994, overseeing its growth into a large, publicly-traded, full-service, integrated real estate company. Before co-founding Brandywine, he was Vice President of LCOR, Incorporated, and Financial Vice President and General Partner of The Linpro Company. He is also a co-founder and co-CEO of Bonomo Turkish Taffy LLC.

Thomas E. Wirth, Executive Vice President and Chief Financial Officer

Mr. Wirth was appointed Executive Vice President and Chief Financial Officer of Brandywine Realty Trust in March 2014. He previously served as Executive Vice President of Portfolio Management and Investments at Brandywine from 2009. Prior to joining Brandywine, he was President (2007-2009) and Chief Financial Officer (2004-2009) of Feldman Mall Properties, Inc., and from 1997 to 2004, he served as Chief Financial Officer of SL Green Realty Corporation. Mr. Wirth is a CPA and has also held a Vice President role at United Waste System, Inc., and spent ten years with Ernst & Young LLP.

H. Jeffrey DeVuono, Executive Vice President and Senior Managing Director - Life Science

Mr. DeVuono serves as Executive Vice President and Senior Managing Director, focusing on Life Science properties. He joined Brandywine Realty Trust in January 1997. His background includes various asset management positions at LCOR, Inc., and a role as a sales and leasing representative for Cushman & Wakefield of Philadelphia.

George D. Johnstone, Executive Vice President – Operations

Mr. Johnstone holds the position of Executive Vice President – Operations, having joined Brandywine Realty Trust in November 1998. He has held several operational leadership roles within the company, including Senior Vice President of Operations and Asset Management. Prior to Brandywine, he was a Regional Controller at Linpro/LCOR Inc. It has recently been announced that Mr. Johnstone plans to retire and will be providing transition services.

William D. Redd, Executive Vice President and Senior Managing Director - Austin and Metro DC Regions

Mr. Redd is an Executive Vice President and Senior Managing Director, responsible for the Austin and Metro DC Regions. He joined Brandywine Realty Trust in 1999 as Vice President of its Richmond operations and later became Senior Managing Director for Richmond and Austin in 2008. Before his tenure at Brandywine, Mr. Redd was a Partner at Childress Klein Properties from 1988 to 1999.

The key risks to Brandywine Realty Trust (BDN) are primarily centered around its financial leverage, the challenging office real estate market, and the execution of its development and capital management strategies.

1. High Leverage and Financial Risks: Brandywine Realty Trust faces significant financial risks due to its elevated debt levels, characterized by a high debt-to-equity ratio and low interest coverage. This leads to increased borrowing costs, especially in a rising interest rate environment, and poses substantial refinancing risk for upcoming debt maturities. The company's persistent losses and a high cash available for distribution (CAD) payout ratio also raise concerns about the long-term sustainability of its dividend payments.
2. Real Estate Market Weakness (Office Sector): As a real estate investment trust (REIT) with a core focus on office properties, Brandywine Realty Trust is significantly exposed to the softening office market. Shifting work patterns, such as hybrid and remote work, contribute to increased vacancies, reduced tenant space utilization, and intense competition, particularly in its key markets of Philadelphia and Austin. These factors negatively impact rental income, property values, and the overall occupancy rates across its portfolio.
3. Development and Execution Risks: The company's strategy involves development and redevelopment projects, which carry inherent execution risks. Delays in the stabilization of new assets, slower-than-anticipated lease-up periods for new properties, and potential cost overruns can strain cash flow and delay new income streams. Furthermore, the successful execution of strategic asset sales and recapitalization of unconsolidated ventures is crucial for managing liquidity, reducing leverage, and improving financial performance.

The widespread and sustained shift towards remote and hybrid work models, which reduces the overall demand for traditional office space and potentially leads to decreased occupancy rates and rental revenues for commercial real estate companies like BDN.

Brandywine Realty Trust primarily operates in the commercial real estate sector, focusing on the ownership, development, leasing, and management of office, urban, town center, and transit-oriented properties. The addressable markets for their main products and services in their core regions are sized as follows:

• Philadelphia Market, U.S.: The Philadelphia metropolitan region recorded approximately 4.2 million square feet of office leasing volume for 2025. Additionally, the total office space sales in the Philadelphia market amounted to $454 million year-to-date through October 2025. The multifamily sector in the region had a total market asset value of $75.7 billion by Q4 2024, with an inventory of 345,313 units.
• Austin Market, U.S.: The office market in Austin had an inventory of 105.1 million square feet as of Q1 2025. The cumulative 12-month sales volume for office properties in Austin reached $914 million by Q3 2025.
• Washington, D.C. Metropolitan Area, U.S.: The Washington, D.C. Metropolitan commercial real estate market comprises approximately 436.6 million square feet of rentable office space, encompassing the District of Columbia, Northern Virginia, and Suburban Maryland, as of Q3 2025. The office investment volume for the Washington, D.C. market in 2025 was approximately $3.8 billion.

Brandywine Realty Trust (BDN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Increased Occupancy and Leasing Activity in Core Markets: Brandywine Realty Trust anticipates an improvement in its core portfolio occupancy by approximately 120 basis points by year-end 2026, targeting a range of 89-90% occupied and 90-91% leased. Management expects positive net absorption in 2026, a first in several years, supported by strong tenant demand, high tenant retention rates (64% in 2025), and increased tour volumes, particularly in the Philadelphia market where the company has a significant presence.
2. Rental Rate Growth: The company projects a rental rate mark-to-market (accrual basis) of 5-7% for 2026, indicating an ability to command higher rents for its properties. This is reinforced by the observed trend in Philadelphia’s CBD and University City submarkets, where net effective rents have increased by nearly 20% since 2021, with an annual increase of 5.4%.
3. Stabilization and Lease-up of Development Projects: Brandywine Realty Trust is focused on the stabilization of key development projects, including One Uptown in Austin and 3151 Market in Philadelphia. The commercial component of 3025 JFK in Philadelphia, now a wholly-owned asset, is already 92% leased, and its full integration and lease-up are expected to contribute to revenue. The successful completion and leasing of these projects will convert development pipelines into recurring revenue streams.
4. Strategic Redevelopment and Expansion in High-Growth Sectors: The company plans to undertake redevelopment activities, such as the redevelopment of an existing Uptown ATX building in Austin. Additionally, Brandywine aims to strategically increase its exposure to the life sciences sector, with a goal to grow this segment from 8% to 25% of its portfolio. These targeted investments and redevelopments are expected to generate new revenue streams from higher-value properties.

Share Repurchases

• Management prioritizes achieving deleveraging targets before considering share repurchases.
• Brandywine Realty Trust did not engage in share buyback activity in the second quarter of 2025 or the first quarter of 2024.
• The 2026 business plan includes the opportunistic buyback of common shares, considered undervalued, using proceeds from asset sales after debt reduction.

Share Issuance

• Brandywine's Parent Company periodically issues equity, contributing the proceeds to the Operating Partnership for additional interests.
• The Operating Partnership issues common units of limited partnership interest to third parties in exchange for property contributions.
• Common shares outstanding have remained relatively stable, with approximately 172.2 million as of February 20, 2024, and 173.7 million as of February 18, 2026, indicating no major new public equity offerings during this period.

Inbound Investments

• In December 2025, Brandywine acquired its partner's preferred equity interest in 3151 Market Street, a 417,000-square-foot office/life science building in Philadelphia, for $65.7 million, making it a wholly-owned asset.
• The company also acquired its partner's preferred equity interest in 3025 JFK, located in Philadelphia, for $70.5 million.
• The 2026 business plan includes recapitalizing remaining development joint ventures in Austin, Texas.

Outbound Investments

• Brandywine expects to complete $280-$300 million in asset sales in 2026, with proceeds primarily allocated to debt reduction.
• The company completed over $300 million of dispositions in 2024, exceeding its initial target of $90 million.
• No property acquisition activity was reported in the second quarter of 2025 or the first quarter of 2024.

Capital Expenditures

• Anticipated capital expenditures for 2024 were approximately $12.0 million.
• By the fourth quarter of 2024, all development projects were complete and in various phases of lease-up, including the life science project at 3151 Market Street in Philadelphia.
• Management reduced the expected revenue-maintaining capital expenditures from $25 million to $15 million in an updated 2025 business plan.