Financial Analysis

19. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is involved from time to time in litigation on various matters, including disputes with tenants, disputes with vendors, employee disputes and disputes arising out of agreements to purchase or sell properties or joint ventures or disputes relating to state and local taxes. Given the nature of the Companys business activities, these lawsuits are considered routine to the conduct of its business. The result of any particular lawsuit cannot be predicted, because of the very nature of litigation, the litigation process and its adversarial nature, and the jury system. The Company will establish reserves for specific legal proceedings when it determines that the likelihood of an unfavorable outcome is probable and when the amount of loss is reasonably estimable. The Company does not expect that the liabilities, if any, that may ultimately result from such legal actions will have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state, and local governments. The Companys compliance with existing laws has not had a material adverse effect on its financial condition and results of operations, and the Company does not believe it will have a material adverse effect in the future. However, the Company cannot predict the impact of unforeseen environmental …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"8. DEBT OBLIGATIONS The following table sets forth information regarding the Companys consolidated debt obligations outstanding as of December 31, 2025 and 2024 (in thousands): December 31, 2025 December 31, 2024 Effective Interest Rate Maturity Date SECURED DEBT $245.0M 5.88% Secured Term Loan due 2028 (a) $ $ 245,000 5.88% February 2028 $50.0M Construction Loan due 2026 (b) 32,734 SOFR + 2.50% August 2026 3025 JFK Construction Loan (c) 178,014 $ SOFR +3.60% July 2026 3151 Market C-PACE Loan (d) 57,324 7.31% March 2054 Principal balance outstanding 235,338 277,734 Less: deferred financing costs (1,259) (2,396) Total Secured indebtedness $ 234,079 $ 275,338 UNSECURED DEBT $600 million Unsecured Credit Facility $ $ SOFR + 1.50% June 2027 (e) Term Loan - Swapped to fixed 250,000 250,000 SOFR + 1.70% (f) June 2027 (e) $70.0 million Term Loan (g) 70,000 SOFR + 2.00% February 2025 (e) $450.0M 3.95% Guaranteed Notes due 2027 450,000 450,000 4.03% November 2027 $350.0M 8.30% Guaranteed Notes due 2028 350,000 350,000 8.48% (h) March 2028 $350.0M 4.55% Guaranteed Notes due 2029 350,000 350,000 4.30% October 2029 $550.0M 8.88% Guaranteed Notes due 2029 550,000 400,000 8.52% April 2029 $300.0M 6.13% Guaranteed Notes due 2031 300,000 6.13% January 2031 Indenture IA (Preferred Trust I) 27,062 27,062 SOFR + 1.51% (i) March 2035 Indenture IB (Preferred Trust I) 25,774 25,774 SOFR + 1.51% (i) April 2035 Indenture II (Preferred Trust II) 25,774 25,774 SOFR + 1.51% (i) July 2035 Principal bal …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following is a summary of revenue earned by the Companys reportable segments (see Note 18 Segment Information, for further information) during the year ended December 31, 2025 (in thousands): Philadelphia CBD Pennsylvania Suburbs Austin, Texas Other Corporate (a) Total Fixed rent $ 160,305 $ 113,166 $ 42,036 $ 36,394 $ 1,770 $ 353,671 Variable rent 55,148 13,162 22,068 1,917 (159) 92,136 Total lease revenue 215,453 126,328 64,104 38,311 1,611 445,807 Amortization of deferred market rents 629 89 718 Daily parking & hotel flexible stay 9,657 962 360 10,979 Total rents 225,739 126,328 65,155 38,671 1,611 457,504 Third party management fees, labor reimbursement and leasing 1,825 13 1,932 1,306 15,253 20,329 Other income 4,350 425 241 151 1,454 6,621 Total revenue $ 231,914 $ 126,766 $ 67,328 $ 40,128 $ 18,318 $ 484,454 (a) Corporate includes intercompany eliminations necessary to reconcile to consolidated Company totals. The following is a summary of revenue earned by the Companys reportable segments (see Note 18 Segment Information, for further information) during the year ended December 31, 2024 (in thousands): Philadelphia CBD Pennsylvania Suburbs Austin, Texas Other Corporate (a) Total Fixed rent $ 158,382 $ 114,056 $ 56,620 $ 36,412 $ (1,631) $ 363,839 Variable rent 54,264 10,460 28,424 1,442 (142) 94,448 Total lease revenue 212,646 124,516 85,044 37,854 (1,773) 458,287 Amortization of deferred market rents 647 272 919 Daily parking & hotel flexible stay 8,727 95 …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

14. SHARE-BASED COMPENSATION, 401(K) PLAN AND DEFERRED COMPENSATION 401(k) Plan The Company sponsors a 401(k) defined contribution plan for its employees. Each employee may contribute up to 100% of annual compensation, subject to specific limitations under the Internal Revenue Code. At its discretion, the Company can make matching contributions equal to a percentage of the employees elective contribution and profit sharing contributions. The Company funds its 401(k) contributions annually and plan participants must be employed as of December 31 in order to receive employer contributions, except for employees eligible for qualifying retirement, as defined under the Internal Revenue Code. The Company contributions were $0.6 million, $0.9 million, and $0.7 million in 2025, 2024, and 2023, respectively. Restricted Share Unit Awards As of December 31, 2025, 2,083,526 restricted share rights and units (Restricted Share Units) were outstanding under the Company's long term equity incentive plan. These Restricted Share Units vest over one to three years from the initial grant dates. The remaining compensation expense to be recognized with respect to these awards at December 31, 2025 was $1.5 million and is expected to be recognized over a weighted average remaining vesting period of 0.98 years. During the years ended December 31, 2025, 2024, and 2023, the amortization related to outstanding Restricted Share Rights was $5.7 million (of which $0.7 million was capitalized), $6.5 million …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

9. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company determined the fair values disclosed below using available market information and discounted cash flow analyses as of December 31, 2025 and 2024, respectively. The discount rate used in calculating fair value is the sum of the current risk free rate and the risk premium on the date of measurement of the instruments or obligations. Considerable judgment is necessary to interpret market data and to develop the related estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that the Company could realize upon disposition. The use of different estimates and valuation methodologies may have a material effect on the fair value amounts shown. The Company believes that the carrying amounts reflected in the consolidated balance sheets at December 31, 2025 and 2024 approximate the fair values for cash and cash equivalents, accounts receivable, other assets and liabilities, accounts payable and accrued expenses because they are short-term in duration. The following are financial instruments for which the Companys estimates of fair value differ from the carrying amounts (in thousands): December 31, 2025 December 31, 2024 Carrying Amount (a) Fair Value Carrying Amount (a) Fair Value Unsecured notes payable $ 1,994,784 $ 2,027,570 $ 1,539,917 $ 1,537,210 Variable rate debt $ 506,014 $ 501,541 $ 430,293 $ 403,880 Fixed rate debt $ 56,066 $ 58,935 $ 242,605 $ 232,804 (a) Net of deferred fin …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

16. INCOME TAXES AND TAX CREDIT TRANSACTIONS Income Tax Provision/Benefit The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2025 and 2024 there were no deferred tax assets included within Other assets in the consolidated balance sheets. The Company had no accruals for tax uncertainties as o …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

5. LEASES Lessor Accounting The Company leases properties to tenants under operating leases with various expiration dates. Future contractual lease payments under operating leases at December 31, 2025 are as follows (in thousands): Year 2026 $ 345,355 2027 333,718 2028 309,126 2029 257,589 2030 217,902 Thereafter 829,666 Lessee Accounting As of December 31, 2025, the Company is the lessee under six long-term ground leases classified as operating leases in the consolidated balance sheets. Certain of the Companys ground leases contain extension options and the Company considered all relevant factors in determining if it was reasonably certain that it would exercise such extension options. The Company concluded that it was not reasonably certain that it would exercise the extension options and, therefore, has not included the extension period in the remaining lease terms. With the exception of certain ground leases that are subject to rent increases periodically based on the CPI index, all lease payments under the ground lease are fixed. The table below summarizes the Companys operating lease cost recognized through Property operating expenses on the consolidated statements of operations (in thousands): Year Ended December 31, Lease Cost 2025 2024 Fixed lease cost $ 2,100 $ 2,100 Variable lease cost 45 42 Total $ 2,145 $ 2,142 Weighted-average remaining lease term (years) 52.7 53.30 Weighted-average discount rate 6.3 % 6.3 % Lease payments by the Company under the terms of all n …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) . The standard requires disaggregated information about a reporting entitys effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The new standard is effective for fiscal years beginning after December 15, 2024. The Company evaluated the impact of the standard and concluded it did not have a material impact on the Company's consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40) (ASU 2024-03). The standard will require entities to provide enhanced disclosures related to certain expense categories included in income statement captions. The ASU aims to increase transparency and provide investors with more detailed information about the nature of expenses reported on the face of the income statement. The new standard does not change the requirements for the presentation of expenses on the face of the income statement. Under this ASU, entities are required to disaggregate, in a tabular format, expense captions presented on the face of the income statement excluding earnings or losses from equity method investments if they include any of the following expense categories: purch …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

18. SEGMENT INFORMATION As of December 31, 2025, the Company owns and manages properties within four segments: (1) Philadelphia Central Business District (Philadelphia CBD), (2) Pennsylvania Suburbs, (3) Austin, Texas and (4) Other. The Philadelphia CBD segment includes properties located in the City of Philadelphia, Pennsylvania. The Pennsylvania Suburbs segment includes properties in Chester, Delaware, and Montgomery counties in the Philadelphia suburbs. The Austin, Texas segment includes properties in the City of Austin, Texas. The Other segment includes properties located in Washington, D.C., Northern Virginia, Southern Maryland, Camden County, New Jersey and New Castle County, Delaware. In addition to the four segments, the corporate group is responsible for cash and investment management, development/redevelopment of certain real estate properties during the construction period, and certain other general support functions. Land held for development and construction in progress is transferred to operating properties by region upon completion of the associated construction or project. Brandywines President and Chief Executive Officer has been identified as Brandywines Chief Operating Decision Maker (CODM), as defined in ASC 280. The CODM evaluates Brandywine's portfolio and assesses the ongoing operations and performance of its projects utilizing the geographic segments listed above. The following tables provide selected asset information and results of operations of the …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The Company consolidates variable interest entities (VIEs) in which it is considered to be the primary beneficiary. VIEs are entities in which the equity investors do not have sufficient equity at risk to finance their endeavors without additional financial support or that the holders of the equity investment at risk do not have a controlling financial interest. The primary beneficiary is defined by the entity having both of the following characteristics: (i) the power to direct those matters that most significantly impact the activities of the VIE and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. For entities that the Company has the obligations to fund losses, its maximum exposure to loss is not limited to the carrying amount of its investments. The Company continuously assesses its determination of the primary beneficiary for each entity and assesses reconsideration events that may cause a change in the original determinations. As of December 31, 2025 and 2024, the Company included in its consolidated balance sheets consolidated VIEs having total assets of $36.8 million and $37.2 million, respectively, and total liabilities of $19.7 million and $20.3 million, respectively. When an entity is not deemed to be a VIE, the Company consolidates entities for which it has significant decision making control over the entitys …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

14. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is involved from time to time in litigation on various matters, including disputes with tenants, disputes with vendors, employee disputes and disputes arising out of agreements to purchase or sell properties or joint ventures or disputes relating to state and local taxes. Given the nature of the Companys business activities, these lawsuits are considered routine to the conduct of its business. The result of any particular lawsuit cannot be predicted, because of the very nature of litigation, the litigation process and its adversarial nature, and the jury system. The Company will establish reserves for specific legal proceedings when it determines that the likelihood of an unfavorable outcome is probable and when the amount of loss is reasonably estimable. The Company does not expect that the liabilities, if any, that may ultimately result from such legal actions will have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state, and local governments. The Companys compliance with existing laws has not had a material adverse effect on its financial condition and results of operations, and the Company does not believe it will have a material adverse effect in the future. However, the Company cannot predict the impact of unforeseen environmental …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"7. DEBT OBLIGATIONS The following table sets forth information regarding the Companys consolidated debt obligations outstanding as of June 30, 2026 and December 31, 2025 (in thousands): June 30, 2026 December 31, 2025 Effective Interest Rate Maturity Date SECURED DEBT: 3025 JFK Construction Loan $ $ 178,014 SOFR + 3.60% (b) July 2026 Avira Secured Term Loan (g) 90,000 SOFR + 1.85% (g) June 2033 3151 Market C-PACE Loan (a) 57,324 57,324 7.31% March 2054 Principal balance outstanding 147,324 235,338 Less: deferred financing costs (3,064) (1,259) Total Secured indebtedness $ 144,260 $ 234,079 UNSECURED DEBT $600.0M Unsecured Credit Facility $ 149,000 $ SOFR + 1.50% (c) June 2027 Term Loan - Swapped to fixed 250,000 250,000 SOFR + 1.70% (c)(d) June 2027 $450.0M 3.95% Guaranteed Notes due 2027 450,000 450,000 4.03% November 2027 $350.0M 8.30% Guaranteed Notes due 2028 350,000 350,000 8.48% (e) March 2028 $350.0M 4.55% Guaranteed Notes due 2029 350,000 350,000 4.30% October 2029 $550.0M 8.88% Guaranteed Notes due 2029 550,000 550,000 8.52% April 2029 $300.0M 6.13% Guaranteed Notes due 2031 300,000 300,000 6.13% January 2031 Indenture IA (Preferred Trust I) 27,062 27,062 SOFR + 1.51% (f) March 2035 Indenture IB (Preferred Trust I) 25,774 25,774 SOFR + 1.51% (f) April 2035 Indenture II (Preferred Trust II) 25,774 25,774 SOFR + 1.51% (f) July 2035 Principal balance outstanding 2,477,610 2,328,610 Plus: original issue premium (discount), net $ 6,825 $ 7,760 Less: deferred financing co …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

8. FAIR VALUE OF FINANCIAL INSTRUMENTS Financial assets and liabilities recorded on the Company's consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access; Level 2 inputs are inputs, other than quoted prices included in Level 1, which are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals; and Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entitys own assumptions, as there is little, if any, related market activity or information. The Company determined the fair values disclosed below using available market information and discounted cash flow analyses as of June 30, 2026 and December 31, 2025, respectively. The discount rate used in calculating fair value is the sum of the current risk free rate and the risk premium on the date of measurement of the instruments or obligations. Considerable judgment is necessary to interpret market data and to develop the related estimates of fair value. Accordingly, the estimates presented …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

13. SEGMENT INFORMATION As of June 30, 2026, the Company owned and managed properties within four segments: (1) Philadelphia Central Business District (Philadelphia CBD), (2) Pennsylvania Suburbs, (3) Austin, Texas and (4) Other. The Philadelphia CBD segment includes properties located in the City of Philadelphia, Pennsylvania. The Pennsylvania Suburbs segment includes properties in Chester, Delaware, and Montgomery counties in the Philadelphia suburbs. The Austin, Texas segment includes properties in the City of Austin, Texas. The Other segment includes properties located in Washington, D.C., Northern Virginia, Southern Maryland, Camden County, New Jersey and New Castle County, Delaware. In addition to the four segments, the corporate group is responsible for cash and investment management, development/redevelopment of certain real estate properties during the construction period, and certain other general support functions. Land held for development and construction in progress is transferred to operating properties by region upon completion of the associated construction or project. The Companys segments are based on the Companys method of internal reporting, which classifies the Company's operations by geographic area. The following tables provide selected asset information and results of operations of the Companys reportable segments (in thousands): Real estate investments, at cost: June 30, 2026 December 31, 2025 Philadelphia CBD $ 2,115,745 $ 2,080,220 Pennsylvania Sub …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing