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SUPPLEMENTAL INFORMATION PACKAGE 2026 THIRD QUARTER QUALITY | INNOVATION | INTEGRITY | COMMUNITY
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TABLE OF CONTENTS Page Executive Summary 1 2026 Business Plan Trend Line 4 Key Market Insights 5 Development Summary 6 Balance Sheet and Liquidity 10 Land Inventory 11 Property Activity 12 Net Operating Income Composition 13 Regional Property Overview 14 Leasing Activity 15 Lease Expiration Analysis 17 Top Twenty Tenants 19 Portfolio Tenant Mix 20 Income Statements 21 Same Store Net Operating Income Comparison 22 EBITDA and EBITDA Coverage Ratios 24 Funds from Operations and Cash Available for Distribution 25 Balance Sheets and Related Information 27 Debt Schedules 30 Unconsolidated Real Estate Ventures 34 Analyst and Company Information 37 Disclaimers and Other Information 38 Above: Schuylkill Yards, Philadelphia, PA
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Q3 2026 EXECUTIVE SUMMARY (unaudited in millions, except square footage and acreage) BRANDYWINE REALTY TRUST | Page 1 ($ in millions) $37.9 500 North Gulph Road, Net 37.8 405 Colorado, Net 146.1 8260 Greensboro Drive & 1676 International Drive, Net 92.9 One Uptown - Multi-Family, Net 16.3 3151 Market Street, Net 233.7 $526.8 C-PACE Repayment 57.3 Bond Repurchases 140.0 Share Repurchases 14.9 Costs of Debt Repurchases & Repayments 11.8 Cash Uses Operations, Net 28.0 $252.0 $312.7 $137.0 $ in millions) Sales $175.7 Wholly owned 545.0$ 346.5$ 24.4$ Solaris 136.0 76.5 4.9 Total Gross 681.0$ 423.0$ 29.3$ Less: Solaris Partner Share (58.5) (32.9) (2.1) Total Net 622.5$ 390.1$ 27.2$ Total Cash Generated Use of Proceeds Total Uses Ending Cash as of 9/30/2026 Unsecured Line of Credit Paydown* QUARTERLY HIGHLIGHTS Q3 2026 Cash Activity Summary Beginning Cash 6/30/2026 Cash Generated from Dispositions Debt Reduction 2026 Sales and Debt Reduction Capital Markets Activity *We used cash proceeds from the September 30, 2026 sale to paydown the Unsecured Line of Credit. As of October 5, 2026, there was no outstanding balance on the Unsecured Line of Credit. Net Liquidity as of 10/5/2026 Annual Interest Savings CAPITAL MARKET SUMMARY Wholly-Owned Dispositions: We have revised our initial disposition guidance from $290.0 million to $545.0 million which has been 100% achieved. The $545.0 million of dispositions represent a weighted-average in-place cash cap rate of 4.7% and a blended $409 per square foot. The $545 million of dispositions generated $526.0 million of net proceeds after closing costs. Our disposition activity resulted in net gains totaling approximately $55.8 million and impairments totaling $41.0 million. Quarterly Debt Reduction: During the third quarter, we have used a portion of the sales proceeds to reduce debt by $346.5 million at a blended interest rate of 7.0%, representing approximately $24.4 million in annual interest rate savings. In connection with the debt repayments, we incurred losses on the early extinguishment of debt totaling $15.4 million. Cash-on-hand: On October 5, 2026, after repayment of our unsecured line of credit, we have approximately $175.7 million of cash-on-hand. Reduced Leverage: We reduced our Net Debit/EBITDA by 15.6% as compared to the prior quarter and lowered our year-end mid-point guidance by 8.1% in our revised 2026 Business Plan. Reduced Development Capital: We reduced our forward capital commitment by approximately $79.0 million compared to the prior quarter.
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Q3 2026 EXECUTIVE SUMMARY (unaudited in thousands, except per share data and square footage) BRANDYWINE REALTY TRUST | Page 2 QUARTERLY HIGHLIGHTS Wholly-Owned Portfolio (sq ft) Q3 2026 Q2 2026 Q1 2026 YTD New/Expansions 146,513 149,290 191,272 487,075 Renewals 225,433 104,799 76,878 407,110 Total lease activity 371,946 254,089 268,150 894,185 Joint Venture Portfolio (sq ft) Q3 2026 Q2 2026 Q1 2026 YTD New/Expansions 137,915 37,665 94,039 269,619 Renewals 47,951 60,790 59,319 168,060 Total lease activity 185,866 98,455 153,358 437,679 Total Combined lease activity (sq ft) 557,812 352,544 421,508 1,331,864 DISPOSITION ACTIVITY • As previously disclosed, on July 1, 2026, we completed the sale of a wholly-owned office property in King of Prussia, Pennsylvania for a gross sales price of $41.5 million, or $412 per square foot. We received net cash proceeds of $37.8 million. The property was 100% occupied at the time of sale. • As previously disclosed, on July 9, 2026, we completed the sale of a wholly-owned office property in Austin, Texas for a gross sales price of $151.0 million, or $734 per square foot. We received net cash proceeds of $146.1 million. The property was 100% occupied at the time of sale. • On September 10, 2026, we completed the combined sale of two wholly-owned office properties in McLean, Virginia for a gross sales price of $97.1 million, or $207 per square foot. We received net cash proceeds of $92.9 million. The properties on average were 88.6% occupied at the time of sale. • On September 30, 2026, we completed the sale of a wholly-owned office property in Philadelphia, Pennsylvania for a gross sales price of $240.0 million, or $544 per square foot. We received net cash proceeds of $233.7 million. The property was 3.9% occupied at the time of sale. VENTURE ACTIVITY • On September 30, 2026, our Uptown Multi-Family Venture, completed the sale of it's 341 unit luxury apartment building in Austin, Texas for a gross sales price of $136.0 million. After the repayment of the $76.5 million construction loan and our preferred partner, we received net cash proceeds of $16.3 million for our share in the venture. The property was 90.3% occupied at the time of sale. • As of October 21, 2026, our Uptown Office Venture is 97% leased. FINANCING ACTIVITY • During the quarter, we retired $50 million of our 8.30% Guaranteed Notes Due 2028 (the "2028 Bonds") and $90 million of our 8.875% Guaranteed Notes Due 2029 (the "2029 Bonds") and recorded $9.2 million loss on extinguishment of debt. The annual savings on the interest is approximately $12.1 million. • On September 29, 2026, we repaid our $57.3 million Commercial Property Assessed Clean Energy ("C-PACE") loan prior to the disposition of the encumbered wholly-owned office property in Philadelphia, Pennsylvania, and recorded a $6.3 million loss on extinguishment of debt. • During the quarter, we repurchased approximately 4.7 million common shares at an average price of $3.19 per share, totaling $14.9 million. The annual savings on dividend payment is approximately $1.5 million. LEASING ACTIVITY • During the quarter ended September 30, 2026, we executed commercial leases totaling 371,946 square feet within the wholly-owned portfolio and an additional 185,866 square feet in our joint venture portfolio, resulting in combined activity of 557,812 square feet detailed below:
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Q3 2026 EXECUTIVE SUMMARY (unaudited in thousands, except per share data and square footage) BRANDYWINE REALTY TRUST | Page 3 Q3 2026 Q2 2026 Quarter end occupancy 89.0% 89.1% Leased as of September 30, 2026 / July 15, 2026 90.5% 90.6% New leases executed in quarter (sq ft) 146,513 149,290 Lease renewals executed in quarter (sq ft) 225,433 104,799 371,946 254,089 New leases commenced (sq ft) 93,338 110,642 Expansions commenced (sq ft) 26,062 74,049 Leases renewed (sq ft) 72,991 60,203 Total lease activity (sq ft) 192,391 244,894 Average annual lease expirations through 2027 9.4% Average annual lease expirations through 2028 9.2% Average annual lease expirations through 2029 10.4% Forward lease commencements (sq ft): Q4 2026 110,728 2027 52,442 Total square feet of forward lease commencements: 163,170 Q3 2026 YTD 2026 10/15/26 Business Plan Q3 2026 Q2 2026 YTD 2026 Net loss to common shareholders ($22,262) ($31,658) ($102,829) GAAP (0.6%) 0.1% (1.0%) - 1.0% Per share ($0.13) ($0.18) ($0.59) Cash 1.7% 2.1% 0.0% - 2.0% Common share distributions paid $0.08 $0.08 $0.24 Rental Rate Mark to Market (a) New Leases/expansions Funds From Operations (FFO) $9,138 $23,563 $52,724 GAAP 13.5% 7.8% Per diluted share $0.05 $0.13 $0.29 Cash 8.7% 2.4% Core FFO - excl. capital market, transactional items and other $24,555 $23,587 $68,165 Renewals Per diluted share $0.14 $0.13 $0.38 GAAP 8.4% 4.4% Core FFO payout ratio - excl. capital market, trans. items and other 57.1% 61.5% 63.2% Cash 3.0% (1.7%) Combined Cash Available for Distribution (CAD) $12,299 $13,861 $41,387 GAAP 10.8% 5.6% 5.0% - 6.0% CAD payout ratio (Distributions paid / CAD) 115.9% 102.9% 103.0% CBD/PA 11.9% 8.6% 7.0% - 8.0% Austin (2.5%) (3.2%) (1.6%) - 4.0% Balance Sheet Highlights Q3 2026 Q2 2026 Q1 2026 Cash 5.7% (0.3%) (2.0%) - 0.0% Net debt to total gross assets 49.7% 53.8% 53.4% CBD/PA 6.8% 1.9% 0.0% - 2.0% Ratio of net debt to annualized quarterly EBITDA 7.6 9.0 9.1 Austin (8.4%) (6.8%) (5.5%) - (3.5%) Cash on hand (b) 312,743$ $37,870 $36,203 Borrowings on Unsecured Line of Credit (b) 137,000$ 149,000$ 65,000$ Average Lease Term (years) 6.4 years 7.0 years 7.0 years Leasing Capital as a % of Lease Revenue 8.9% 9.4% 11.0% - 12.0% Tenant Retention 49.7% 56.4% 53% - 54% (a) Calculations based on revenue maintaining leasing activity. See definition on page 38. (b) We used cash on hand as of September 30, 2026 to paydown the Unsecured Line of Credit. As of October 5, 2026, there was no outstanding balance on our Unsecured Line of Credit. Wholly-Owned Leasing Highlights Total leases executed in quarter (sq ft) Same Store NOI Growth Financial HighlightsKey Operating Metrics The Bulletin Building | Philadelphia, PA
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BUSINESS PLAN TREND LINE (unaudited) BRANDYWINE REALTY TRUST | Page 4 Business Plan Component 10/15/2026 7/15/2026 4/15/2026 Original Speculative Revenue / SF $19.5 MM / 915K SF $18.4 - $18.6 MM / 900K SF $17.0 - $18.0 MM / 900K SF $17.0 - $18.0 MM / 900K SF Executed / SF $19.5 MM / 915K SF $18.3 MM / 753K SF $16.4MM / 631K SF $12.9MM / 462K SF Projected Tenant Retention (SF) 53% - 54% 51% - 53% 46% - 48% 46% - 48% Same Store NOI Increase • GAAP (1.0%) - 1.0% (1.0%) - 1.0% (1.0%) - 1.0% (1.0%) - 1.0% • Cash 0.0% - 2.0% 0.0% - 2.0% 0.0% - 2.0% 0.0% - 2.0% Capital as a % of lease revenue 11.0% - 12.0% 12.0% - 13.0% 12.0% - 13.0% 12.0% - 13.0% Average Lease Term 7.0 years 6.5 years 6.5 years 6.5 years Net Income (Loss) Attributable to Common Shareholders per share $(0.64) - $(0.62) $(0.45) - $(0.41) $(0.76) - $(0.70) $(0.66) - $(0.58) Funds from Operations per share - fully diluted $0.45 - $0.47 $0.53 - $0.57 $0.52 - $0.58 $0.51 - $0.59 Core Funds from Operations per share - fully diluted $0.54 - $0.56 $0.53 - $0.57 $0.52 - $0.58 $0.51 - $0.59 Cash Available for Distribution Payout Ratio 95% - 90% 90% - 70% 90% - 70% 90% - 70% Rental Rate Increase / (Decline) Combined Combined Combined Combined 5.0% - 6.0% 5.0% - 7.0% 5.0% - 7.0% 5.0% - 7.0% CBD/PA: 7.0% - 8.0% CBD/PA: 8.0% - 10.0% CBD/PA: 8.0% - 10.0% CBD/PA: 8.0% - 10.0% Austin: (1.6%) - 4.0% Austin: (1.6%) - 4.0% Austin: (1.6%) - 4.0% Austin: (1.6%) - 4.0% (2.0%) - 0.0% (2.0%) - 0.0% (2.0%) - 0.0% (2.0%) - 0.0% CBD/PA: 0.0% - 2.0% CBD/PA: 0.0% - 2.0% CBD/PA: 0.0% - 2.0% CBD/PA: 0.0% - 2.0% Austin: (5.5%) - (3.5%) Austin: (5.5%) - (3.5%) Austin: (5.5%) - (3.5%) Austin: (5.5%) - (3.5%) Year-end SS Occupancy 89-90% 89-90% 89-90% 89-90% Year-end Core Portfolio Occupancy 89-90% 89-90% 89-90% 89-90% Year-end Core Portfolio Leased 90-91% 90-91% 90-91% 90-91% Financing / Liability Management - Completed the refinancing of the $178MM construction loan on 3025 JFK - Extended our existing unsecured credit facility maturity to December 2026 -Sold Solaris House - Repaid the $57.3 million loan secured by 3151 Market - Completed the refinancing of the $178MM construction loan on 3025 JFK - Extended our existing unsecured credit facility maturity to December 2026 - Recapitalize both One Uptown and Solaris House - Refinance the $178MM construction loan on 3025 JFK - Extend our existing unsecured credit facility maturing in June 2026 - Recapitalize both One Uptown and Solaris House - Refinance the $178MM construction loan on 3025 JFK - Extend our existing unsecured credit facility maturing in June 2026 - Recapitalize both One Uptown and Solaris House Debt/Equity Share Repurchase Programs - Repurchased $140 million of unsecured bonds - Repurchased 5.4 million common shares at $3.18 per share $120 - 140 MM to be executed primarily during the third and fourth quarters, based on current sales activity. Repurchases will be contingent on dispositions Repurchases will be contingent on dispositions Dispositions (excluding land) $545 MM ($545 MM Complete) $305.0 MM ($208 MM Complete) $280.0 - $300.0 MM $280.0 - $300.0 MM Acquisitions (excluding land) None None None None Development/Redevelopment Start (a) (a) (a) (a) General & Administrative Expenses $36.0 - $37.0 MM $36.0 - $37.0 MM $36.0 - $37.0 MM $36.0 - $37.0 MM Consolidated Interest Expense $159.0 - $162.0 MM $162.0 - $165.0 MM $167.5 - $172.5 MM $167.5 - $172.5 MM Net Gain on the Sale of Undepreciated Real Estate None None None None Loss on Debt Extinguishment $15.4 MM None None None Net Debt to EBITDA - Combined 7.8 - 8.0x 8.4 - 8.8x 8.4 - 8.8x 8.4 - 8.8x Fixed Charge Coverage Ratio 1.8 - 2.0x 1.8 - 2.0x 1.8 - 2.0x 1.8 - 2.0x (a) Commence redevelopment of one existing Uptown ATX building in Austin, Texas. 2026 Business Plan as of • GAAP • Cash
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KEY MARKET INSIGHTS BRANDYWINE REALTY TRUST | Page 5 Waiting on Update AUSTIN GREATER PHILADELPHIA Capitalizing on Growth Tourism Tailwind in 2026 One Uptown, Austin, TX REGION • Austin’s job growth is #1 among Top 50 US Metros, with 27,000 new jobs YOY representing 2% growth (Source: Opportunity Austin). • Austin’s population is No. 1 for rates of population growth and net migration since 2020 among the top 50 metros (Source: US Bureau of the Census, Population Estimates) • Austin is projected to grow from 2.6M to 2.9M by 2030 and to 3.6M by 2040 (Source: Texas State Data Center; 2022 Population Projections). • Positive Class A absorption of 124,000 SF during 3Q26. (Source: CBRE, Figures, Austin Office Q3 2026). SECTOR • As of 3Q26, there were 144 hot/active prospect companies currently looking at moves to or expansions in Austin (Source: Opportunity Austin). • Domain submarket is 98% leased 3Q26 (BDN Submarket analysis) Cira Centre, Philadelphia, PA REGION • In 2026, Philadelphia was 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 in 2026. Events collectively brought in $335.6M for Center City hotels from May to August, a 20.6% increase YOY, and 1.4 million visitors in July alone. Increased tourism associated with 2026 is estimated to generate $ 1.3B to $2.5B in additional economic impact for Greater Philadelphia. (Source: Econsult Solutions Coalition 2026 Economic Impact Study, PHL CVB) • Philadelphia has the 8th Largest Labor Force and 5th Highest Personal Income in the US. (Sources: CBRE Why Philadelphia 2025 Rep ort; Colliers Real Estate Trends in World Cup Host Cities, March 2026) • Leasing activity for Philadelphia office (3.7M SF YTD) has already exceeded total annual volumes from 2020 through 2024, whil e a continued flight-to-quality is driving stronger performance in modern, highly amenitized buildings. (CBRE Philadelphia Office Q3 2026) • Burlington Stores, a Fortune 500 company, is relocating its HQ from New Jersey to 3151 Market Street in University City, wher e it expects to create up to 2,000 jobs in the next three to five years. (PBJ-Fortune 500 Company Buying University City Office Building, Moving Headquarters to Philadelphia, 9/3/2026). SECTOR • Philadelphia remains a top 10 market for Life Science R&D talent with nearly 3% year-over-year employment growth in core life sciences subsectors (Source: CBRE Research, Q2 2026). • $6.15B recently invested by big pharma in the region, with GSK, Eli Lilly, J&J, and TerraPower Isotopes developing manufacturing facilities in the MSA - several moving from announcement to execution - adding almost 2,000 highly- skilled biomanufacturing jobs and 7,500 construction jobs. (Source: corporate press releases) • 2026 venture capital continues to surge with over $1.6B raised YTD by Philadelphia-area life science companies. This tracks the national rebound trend of life sciences venture investment, which has reached its highest funding level since Q3 2022. (Sources: Company press releases, CBRE Philadelphia Life Sciences Figures Report Q2 2026; CBRE US Life Sciences Q2 2026) • Philadelphia area companies captured 18% of $100M+ VC mega rounds 2026 YTD. (Sources: CBRE Philadelphia Life Sciences Figures Report Q2 2026; CBRE US Life Sciences Q2 2026) • July 2026 - Governor Shapiro committed $125M to support innovative startups. (Source: PA Gov press release, July 21, 2026). • Other thriving employment sectors include manufacturing and robotics and the tech sector, rapidly evolving as AI drives skills- based hiring. (Sources: Federal Reserve Bank of Philadelphia, March 2026 Manufacturing Business Outlook Survey; The Wall Street Journal, "Philly Area Manufacturing Expands," March 19, 2026). • PhilaPort to have $800M invested for expansion, the largest in the port’s history. It’s expected to increase container capacity by 122%, auto capacity by 18%, and grow employment to 14,000 direct, indirect and induced jobs from 8,000 currently. (Source: Philadelphia Business Journal, October 13, 2026). • In the Navy Yard, Rhoads and General Dynamics Electric Boat won a 10-year, $2.5 billion agreement for advanced manufacturing and shipbuilding to support U.S. Navy submarine construction, supporting about 1,350 jobs through 2035. Hanwha Philadelphia Shipyard got new ship orders for the National Security Multi-Mission Vessel worth $1.5 billion and supporting over 2,000 jobs. (billypenn.com, July 15, 2026) Arkema Inc. Headquarters - 155 King of Prussia Road, Radnor, PA
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DEVELOPMENT SUMMARY (unaudited, in thousands, except square feet) BRANDYWINE REALTY TRUST | Page 6 Location Type Completion Date Stabilized Occupancy Date Square Feet Equity Capitalization (b) Amount funded at 09/30/2026 Remaining equity to be funded by BDN at 09/30/2026 Projected Cash Yield Leased % @ September 30, 2026 One Uptown - Office (72%) Austin, TX Office Q1 2024 Q3 2027 362,679 209,950$ 101,100$ 108,850$ 166,026$ -$ 7.3% 97% (a) - (b) - Development (% owned) Total Project Costs (a) Debt Financing Real Estate Ventures Total project costs for development/redevelopment projects include existing property basis. We intend to fund our remaining development costs through existing cash balances and/or our line of credit.
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DEVELOPMENT ACTIVITY (unaudited) BRANDYWINE REALTY TRUST | Page 7 325,000,000.00 ONE UPTOWN - OFFICE OFFICE PROJECT OVERVIEW • Located in One Uptown, Austin, TX. • A mixed-use development featuring a 14-story office tower comprised of one level of below-grade parking, lobby level, 6 above- grade parking garage levels, and 8 office levels totaling 362,679 rentable square feet; all uses will share the parking garage. • A showcase amenity deck serving both the office and multi-family components of the project includes a pool, fitness center, outdoor TV's and gathering spaces. A pocket park on the eastern edge of the site provides a close greenspace that residents and employees can enjoy. • Our joint venture partner has agreed, subject to customary funding conditions, to fund approximately $64.5 million of the project costs in exchange for a 46% preferred equity interest in the venture. OFFICE FINANCIAL HIGHLIGHTS • Total Development Costs: $209.9 MM ($579 PSF) • Construction Loan: $108.9 MM • Project Stabilized Cash Yield: 7.3% • Joint Venture Structure: 72/28 PROJECT SCHEDULE • Joint Venture Formation: Q4 2021 • Construction Commencement: Q4 2021 • Completion - Office: Q1 2024 • Project Stabilization - Office: Q3 2027
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DEVELOPMENT OVERVIEW (unaudited) BRANDYWINE REALTY TRUST | Page 8 FONT LARGER UPTOWN, AUSTIN, TX OVERVIEW • Uptown ATX is a mixed-use, 66 acre transit-oriented community. Upon full buildout, the project will include office, multifamily, hospitality, retail and a new CapMetro light rail stop. • Uptown ATX sits at the population center of Greater Austin, and at the crossroads of three major highways. The area is served by multi-modal transportation options including CapMetro light rail, a bus line and extensive retail in close proximity. • 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. One Uptown, Austin, TX STATUS • Uptown has received required government and third-party approvals for campus-wide redevelopment, which includes the master plan and related zoning. • Through a zoning change, the City of Austin increased density from 3.1 FAR to 12.1 FAR and increased maximum building height from 180 feet to 491 feet. This increased density can be shared between blocks (increasing the maximum density to 28 million SF). • With existing buildings in-place, we have completed construction on Block A (4.203 acres): • One Uptown Office SF: 362,679 • Solaris Multi-Family Units: 341 • Parking Spaces: 1,525 • Block B will be one of the primary amenity cornerstones of Uptown ATX. We are completing the design of a mixed-use development that will consist of multi-family, hotel, and retail components. • In addition, Blocks D, F, and L provide the ability to develop up to 12:1 FAR, creating millions of square feet of additional mixed-use density across these sites without impacting any existing buildings. • For the existing buildings being vacated by IBM, we are commencing a redevelopment program on building 902 (157,000 SF) commencing in Q4 2026. Subject to market conditions we have the ability to redevelop an additional 514,000 SF. • Metro Rail Station: Construction completes in March 2027 followed by the stations scheduled opening in Q2 2027. Once open, CapMetro projects North Burnet / Uptown Station to be the second busiest station on the Red Line which connects the CBD to North Austin. ACRES: 66 Acres GREENSPACE: 11 Acres TRANSIT: CapMetro DENSITY: Up to 28 Million SF
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DEVELOPMENT OVERVIEW (unaudited) BRANDYWINE REALTY TRUST | Page 9 SCHUYLKILL YARDS, PHILADELPHIA, PA OVERVIEW • Brandywine is the master developer of Schuylkill Yards, a multi- phase 14-acre mixed-use development of office, residential, retail, hospitality, life science, research and academic space. • With extensions, we control the Schuylkill Yards master development through 2053 and no requirement to acquire the leasehold parcels until commencement of construction. • Adjacent to the nation's 3rd busiest rail station, Schuylkill Yards is transforming into one of the most transit-rich developments in the United States, featuring 6.5 acres of public space. Bulletin Building, Philadelphia, PA ACRES: 14 Acres GREENSPACE: 6.5 Acres TRANSIT: SEPTA & Amtrak DENSITY: Up to 11 Million SF STATUS • Schuylkill Yards has received required zoning approval in addition to approval of the master plan, allowing for a variety of uses. • Brandywine has invested over $662MM to date in the development of over 1.3M SF across The Bulletin Building, 3000 Market Street, 3025 JFK Blvd, and 3151 Market Street including: • 977,000 SF of office/lab space • 326 units of residential apartments at Avira • 37,000 SF of retail • 1.8 acres of greenspace across Drexel Square & Highline Park • This is in addition to $1.1B invested in Cira Centre, Cira Garage, FMC Tower, Evo and 2970 Market. • More retail openings are slated for H2 2026, including Tous Les Jours bakery in 3025 JFK.
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BALANCE SHEET LIQUIDITY (unaudited) BRANDYWINE REALTY TRUST | Page 10 USES ($ in millions) Dividends $14 Contributions to Joint Venture, net 10 Revenue Maintaining Cap Ex 10 Revenue Creating Cap Ex 11 Development / Redevelopment Projects 20 Debt/Share Buyback 100 Total Uses $165 SOURCES LIQUIDITY ($ in millions) ($ in millions) CF After Interest Payments $20 Available Line of Credit as of 9/30/26 $463 Net Cash 145 Cash on hand as of 9/30/26 313 Total Sources $165 Liquidity as of 9/30/26 $776 Projected Cash Uses 4Q26 (145) Projected Line of Credit and Cash Available (12/31/26) $631 Projected 12/31/26Projected 4Q26 Projected 4Q26 2026 CAPITAL PLAN $463 million is currently available on our line of credit excluding letters of credit totaling $25.1 million. Projected LOC availability at 12/31/26: $600 million. Remaining equity to fund: 165 King of Prussia Road ($4.7 million) and 250 King of Prussia Road ($4.8 million). Brandywine's Debt attribution from Operating Joint Ventures in 3Q26: $229 million. Brandywine's Debt attribution from One Uptown - Office development project in 3Q26: $49 million.
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Q3 2026 LAND INVENTORY (unaudited) BRANDYWINE REALTY TRUST | Page 11 Acres Estimated Development Square Feet Pre-Development Projects Philadelphia CBD (a) (b) 5.1 4,147,000 Pennsylvania Suburbs 17.2 510,000 Austin, Texas (c) 64.6 5,598,000 Total Pre-Development Projects 86.9 10,255,000 Reposition/Sale Sites Pennsylvania Suburbs 6.0 41,000 Austin, Texas 8.7 185,000 Other 10.0 190,000 Total Reposition/Sale Sites 24.7 416,000 Total Land Held for Development 111.6 10,671,000 Total Estimated Development Square Feet 11,745,000 (d) Total Land Inventory (in thousands): Land Held for Development and Prepaid Leasehold Interests in Land Held for Development, net (a) 108,165$ 3.3% (a) (b) (c) (d) Percentage of Total Assets including Prepaid Leasehold Interests Includes one parcel containing 0.8 acres and approximately 0.8 million square feet of development through a prepaid ground lease at 3001-3003 JFK Boulevard in Philadelphia as part of the Schuylkill Yards Master Development. Includes 5.1 acres and approximately 4.1 million square feet of estimated development remaining under the Master Development Agreement for Schuylkill Yards, with potential to increase density up to 11 million square feet. Uptown ATX received zoning approval for 6.1 million square feet of development and our cost basis is approximately $5 per FAR, with potential to increase density up to 28 million square feet. The Company has the ability to develop an additional 1,074,000 square feet representing the future development site at 2100 Market Street in Philadelphia, Pennsylvania (488,000 mixed-use square feet) which is not included in Land Held for Development, as the site is currently an operational parking lot, and approximately 586,000 square feet of estimated development related to our unconsolidated real estate ventures with JBG. Residential 42% Life Science 27% Office 22% Other 9% Pre-Development Inventory - SF
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WHOLLY-OWNED PROPERTY ACTIVITY (a) (unaudited, in thousands, except square footage and acreage) BRANDYWINE REALTY TRUST | Page 12 Location Type Event Date Square Feet/Acres Purchase/Sales Price Occupancy % @ Event Date 2026 PROPERTY ACTIVITY OFFICE DISPOSITION Six Tower Bridge Conshohocken, PA One Office Bldg 05/15/2026 116,174 15,500$ 46.0% 500 North Gulph Road King of Prussia, PA One Office Bldg 07/01/2026 100,820 41,500$ 100.0% 405 Colorado Austin, TX One Office Bldg & Parking Garage 07/09/2026 205,803 151,000$ 100.0% 8260 Greensboro Drive & 1676 International Drive McLean, VA Two Office Bldg & Parking Garage 09/10/2026 468,279 97,100$ 88.6% 3151 Market Street Philadelphia, PA One Office Bldg & Parking Garage 09/30/2026 441,000 240,000$ 3.9% Total Dispositions 545,100$ 2025 PROPERTY ACTIVITY OFFICE DISPOSITION Quarry Lake II Austin, TX One Office Bldg 06/12/2025 120,559 17,600$ 36.0% Four Barton Skyway Austin, TX One Office Bldg 08/25/2025 222,580 55,050$ 70.0% OTHER DISPOSITIONS Alterra at West Creek Richmond, VA Land 10/06/2025 23.2 Acres 4,636$ N/A Total Dispositions (including land) 77,286$ (a) - This chart only includes our Wholly-owned property activity.
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2026 NET OPERATING INCOME COMPOSITION (unaudited) BRANDYWINE REALTY TRUST | Page 13 NOI - WHOLLY OWNED (a) NOI - INCLUDING JV'S Total Core Portfolio NOI: $198.3 MM Total NOI: $226.7 MM 96% of NOI from our Core Markets (b) 97% of NOI from our Core Markets (b) (a) Chart reflects net operating income from wholly owned properties and excludes properties sold, held for sale, recently completed not yet stabilized and development/redevelopment. (b) Consists of Philadelphia CBD & Philadelphia University City, PA - Suburbs, and Austin markets. Philadelphia CBD 28% Philadelphia University City 28% PA - Suburbs 32% Austin 8% Other 4% Philadelphia CBD 37% Philadelphia University City 25% PA - Suburbs 28% Austin 7% Other 3%
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REGIONAL COMMERCIAL PROPERTY OVERVIEW(1) (unaudited, in thousands, except square footage) BRANDYWINE REALTY TRUST | Page 14 Total % of Total 2026 2027 Q3 2026 % of Total YTD 2026 % of Total Philadelphia CBD 13 4,948,230 44.6% 94.8% 96.0% 53,141 345,003 38,171$ 56.8% 112,541$ 56.7% Market Street West 4 2,790,220 25.1% 94.7% 95.5% 8,665 180,647 17,662$ 26.3% 52,195 26.3% University City 6 2,129,240 19.2% 95.1% 96.7% 42,869 160,440 19,149$ 28.5% 56,361 28.4% Other 3 28,770 0.3% 89.1% 89.1% 1,607 3,916 1,360$ 2.0% 3,985 2.0% Pennsylvania Suburbs 27 3,506,244 31.6% 90.3% 92.8% 66,414 212,075 21,314$ 31.7% 62,486$ 31.5% Radnor 13 2,089,419 18.8% 91.2% 92.8% 9,285 131,264 14,606$ 21.7% 43,544 21.9% Plymouth Meeting/Conshohocken 4 596,627 5.4% 79.3% 87.3% 42,304 46,642 3,042$ 4.5% 8,294 4.2% King of Prussia 10 820,198 7.4% 96.1% 96.7% 14,825 34,169 3,667$ 5.5% 10,648 5.4% Subtotal - Philadelphia CBD & PA Suburbs 40 8,454,474 76.2% 93.0% 94.7% 119,555 557,078 59,485$ 88.5% 175,027 88.2% Austin, Texas 13 1,635,887 14.7% 66.4% 67.5% 6,803 622,646 4,862$ 7.2% 14,941 7.5% Subtotal - Primary Markets 53 10,090,361 90.9% 88.7% 90.3% 126,358 1,179,724 64,348$ 95.7% 189,968 95.7% Other 5 708,019 6.4% 94.4% 94.4% - 65,625 2,831$ 4.3% 8,358 4.3% Subtotal - Core Portfolio 58 10,798,380 97.3% 89.0% 90.5% 126,358 1,245,349 67,179$ 100% 198,326 100% + Excluded from Core Portfolio (3) 1 298,071 2.7% - - (6)$ (121) Total 59 11,096,451 100% 126,358 1,245,349 67,172$ 198,205$ (1) (2) Includes leases entered into through September 30, 2026 that will commence subsequent to the end of the current period. (3) Net Operating Income at 9/30/2026 Region # of Wholly Owned Properties Square Feet % Occupied % Leased (2) Remaining Expirations As of Q2 2025, 300 Delaware Avenue was taken out of our Core Portfolio and we are proceeding with a planned residential conversion. Chart reflects wholly owned properties and excludes properties sold or held for sale
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LEASING ACTIVITY-CORE PORTFOLIO (1) (unaudited) BRANDYWINE REALTY TRUST | Page 15 09/30/2026 09/30/2025 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Total Property Count 58 60 58 57 60 60 60 60 63 Total Square Feet 10,798,380 11,289,339 10,798,380 10,785,488 11,392,096 11,289,339 11,289,339 11,289,339 11,930,549 Occupancy %: 89.0% 88.8% 89.0% 89.1% 88.3% 88.3% 88.8% 88.6% 86.6% Leased % (2): 90.5% 90.4% 90.5% 90.6% 89.9% 90.4% 90.4% 91.1% 89.2% Sublease Space: Square footage 324,744 327,006 324,744 330,961 345,744 327,756 327,006 322,445 310,981 Average remaining lease term (yrs) 2.8 3.6 2.8 3.0 3.1 3.4 3.6 3.7 3.9 % of total square feet 3.0% 3.3% 3.0% 3.1% 3.0% 2.9% 3.3% 3.2% 2.6% Leasing & Absorption (square feet) (3): New leases commenced 317,833 289,594 93,338 110,642 113,853 44,243 159,346 65,639 64,609 Expansions commenced 146,361 92,569 26,062 74,049 46,250 42,851 35,499 26,745 30,325 Leases renewed 209,822 698,582 72,991 60,203 76,628 77,604 256,627 210,230 231,725 Total Leasing Activity 674,016 1,080,745 192,391 244,894 236,731 164,698 451,472 302,614 326,659 Leases expired (508,004) (987,847) (171,581) (139,464) (196,959) (148,385) (371,198) (273,737) (342,912) Early terminations (123,811) (205,406) (27,883) (17,677) (78,251) (73,669) (59,458) (15,743) (130,205) Net absorption 42,201 (112,508) (7,073) 87,753 (38,479) (57,356) 20,816 13,134 (146,458) Retention % 56.4% 66.3% 49.7% 85.4% 44.6% 54.2% 67.8% 81.9% 55.4% 15% 29% 24% 17% 5% 30% 8% 48% 17% (1) (2) Includes leases entered into through September 30, 2026 that will commence subsequent to the end of the current period. (3) Each prior period includes leasing related to held for sale and sold properties. Direct Lease Deals (% of deals, based on SF, done without an external broker) Nine Months Ended For each period, includes all properties in the operating portfolio (i.e. not under development, redevelopment, re-entitlement, recently completed not yet stabilized, or held for sale), including properties that were sold during these periods. Three Months Ended
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LEASING ACTIVITY-CORE PORTFOLIO (1) (unaudited) BRANDYWINE REALTY TRUST | Page 16 09/30/2026 09/30/2025 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 New Leases/Expansions (2): Cash Rent Growth Expiring Rate 42.15$ 39.15$ 43.44$ 38.59$ 45.61$ 37.02$ 40.75$ 32.71$ 37.94$ New Rate 43.17$ 39.42$ 47.23$ 38.61$ 41.34$ 42.75$ 40.87$ 31.76$ 38.82$ Increase (decrease) % 2.4% 0.7% 8.7% 0.1% -9.4% 15.5% 0.3% -2.9% 2.3% GAAP Rent Growth Expiring Rate 39.70$ 36.36$ 41.44$ 36.32$ 41.27$ 33.85$ 37.55$ 28.71$ 36.25$ New Rate 42.80$ 39.63$ 47.05$ 38.03$ 40.91$ 42.61$ 41.06$ 33.19$ 38.72$ Increase (decrease) % 7.8% 9.0% 13.5% 4.7% -0.9% 25.9% 9.3% 15.6% 6.8% Renewals (2): Cash Rent Growth Expiring Rate 42.15$ 42.58$ 39.94$ 40.96$ 44.57$ 42.72$ 40.98$ 49.28$ 37.77$ Renewal Rate 41.44$ 41.25$ 41.14$ 38.19$ 43.99$ 45.08$ 38.47$ 46.96$ 38.63$ Increase (decrease) % -1.7% -3.1% 3.0% -6.8% -1.3% 5.5% -6.1% -4.7% 2.3% GAAP Rent Growth Expiring Rate 39.19$ 38.95$ 37.98$ 37.47$ 41.27$ 38.66$ 38.86$ 44.63$ 33.56$ Renewal Rate 40.91$ 39.62$ 41.16$ 37.28$ 43.35$ 45.17$ 37.06$ 45.41$ 36.68$ Increase (decrease) % 4.4% 1.7% 8.4% -0.5% 5.0% 16.8% -4.6% 1.7% 9.3% Combined Leasing (2): Cash Rent Growth Expiring Rate 42.15$ 42.13$ 41.54$ 40.04$ 44.73$ 39.97$ 40.93$ 48.63$ 37.79$ New/Renewal Rate 42.02$ 41.01$ 43.92$ 38.35$ 43.57$ 43.96$ 38.97$ 46.36$ 38.65$ Increase (decrease) % -0.3% -2.7% 5.7% -4.2% -2.6% 10.0% -4.8% -4.7% 2.3% GAAP Rent Growth Expiring Rate 39.36$ 38.61$ 39.56$ 37.03$ 41.27$ 36.34$ 38.59$ 44.00$ 33.90$ New/Renewal Rate 41.55$ 39.62$ 43.85$ 37.57$ 42.96$ 43.94$ 37.89$ 44.93$ 36.93$ Increase (decrease) % 5.6% 2.6% 10.8% 1.5% 4.1% 20.9% -1.8% 2.1% 8.9% Capital Costs Committed (3): Leasing Commissions (per square foot) 5.86$ 5.12$ 7.63$ 5.61$ 4.18$ 11.26$ 7.77$ 3.14$ 3.83$ Tenant Improvements (per square foot) 12.88$ 10.27$ 18.78$ 16.72$ 3.45$ 23.97$ 14.50$ 3.86$ 11.08$ Total 18.74$ 15.39$ 26.41$ 22.32$ 7.64$ 35.23$ 22.27$ 7.00$ 14.91$ Total capital per square foot per lease year (3) 3.21$ 3.12$ 3.92$ 3.97$ 2.23$ 4.14$ 3.83$ 1.45$ 3.78$ Capital as a % of rent 9.4% 9.2% 8.9% 12.9% 6.4% 10.8% 10.9% 4.1% 12.2% 7.0 5.2 6.4 6.3 8.3 7.2 6.2 4.5 4.4 Percentage of Square Feet In Leasing Activity Included Above 41.5% 69.1% 51.5% 36.6% 38.5% 44.9% 62.5% 71.7% 75.6% (1) (2) Rental rates include base rent plus reimbursement for operating expenses and real estate taxes. (3) Calculated on a weighted average basis for revenue maintaining only deals. Nine Months Ended Weighted average lease term (yrs) for leases commenced For each period, includes all properties in the operating portfolio (i.e. not under development, redevelopment, re-entitlement, recently completed not yet stabilized, or held for sale), including properties that were sold during these periods. Calculations reflect commenced, revenue maintaining deals. Three Months Ended
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LEASE EXPIRATION ANALYSIS (unaudited) BRANDYWINE REALTY TRUST | Page 17 Out In 260,237 - (45,721) 34,237 (122,395) - 126,358 1.2% 107,033 1.0% 5,218,517 41.30 5,218,517 41.30 1,231,382 3,916 (122,322) 123,772 - 8,601 1,245,349 11.5% 1,161,485 10.8% 48,172,981 38.68 48,837,217 39.22 1,092,147 - (157,561) 38,983 - 5,971 979,540 9.1% 958,858 8.9% 37,711,881 38.50 41,151,475 42.01 1,738,947 3,992 (338,081) 6,077 (1,178) 2,859 1,412,616 13.1% 1,412,616 13.1% 61,320,834 43.41 64,357,807 45.56 796,808 - - 159,243 (2,660) 2,660 956,051 8.9% 956,051 8.9% 37,506,540 39.23 40,879,370 42.76 606,756 - (24,625) 10,691 - 18,803 611,625 5.7% 632,307 5.9% 25,953,821 42.43 30,357,086 49.63 621,980 1,205 - 5,452 - 15,513 644,150 6.0% 652,270 6.0% 30,321,857 47.07 34,274,663 53.21 416,474 - - - - 32,282 448,756 4.2% 448,756 4.2% 20,685,869 46.10 23,871,255 53.19 1,168,445 - - 230,410 - 13,272 1,412,127 13.1% 1,420,649 13.2% 64,531,070 45.70 74,232,515 52.57 325,191 - - - - 1,085 326,276 3.0% 326,276 3.0% 11,958,004 36.65 14,800,921 45.36 Thereafter 1,349,656 3,779 - 79,445 (240) 18,354 1,450,994 13.2% 1,537,541 14.0% 53,368,311 36.78 74,997,858 51.69 Total 9,608,023 12,892 (688,310) 688,310 (126,473) 119,400 9,613,842 89.0% 9,613,842 89.0% 396,749,686$ 41.27$ 452,978,685$ 47.12$ (1) (2) Reflects lease renewals (3) Does not include development/redevelopment and held for sale property expirations. (4) Adjusted expirations based on new leasing that replaces an existing, occupied and vacating lease. Reflects annualized base rent and current reimbursement for operating expenses and real estate taxes. Current annualized rent assumes base rent as of the end of the current reporting period, while final annualized rent assumes the base rent at the end of the lease term. 2034 2035 % of Total Square Feet 2026 2032 2033 Year of Lease Expiration 2027 2028 2029 2030 2031 Annualized Rent of Expiring Leases (1) FinalCurrentRemaining Expiring (3) % of Total Square Feet Per Square Foot Per Square Foot Square Footage Initial Expiring Acquired / Sold / in Service Vacated Leases New Leases Lease Revisions (2) Remaining Expirations including New Leases of Occupied Space (4)
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REGIONAL LEASE EXPIRATION ANALYSIS (1) (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 18 2026 2027 2028 2029 2030 2031 Thereafter Total Philadelphia CBD Remaining square feet expiring 53 345 370 825 300 312 2,489 4,694 Square feet as a % of Region NRA 1.1% 7.0% 7.5% 16.7% 6.1% 6.3% 50.3% 94.9% Annualized rent in expiring year 2,873$ 17,061$ 18,313$ 40,120$ 14,978$ 17,210$ 138,504$ 249,059$ Annualized rent per SF in expiring year 54.21$ 49.45$ 49.49$ 48.63$ 49.93$ 55.16$ 55.65$ 53.06$ Pennsylvania Suburbs Remaining square feet expiring 66 212 422 387 559 293 1,227 3,166 Square feet as a % of Region NRA 1.9% 6.0% 12.0% 11.0% 15.9% 8.4% 35.0% 90.3% Annualized rent in expiring year 2,174$ 8,747$ 16,630$ 15,442$ 22,544$ 12,906$ 61,218$ 139,661$ Annualized rent per SF in expiring year 32.94$ 41.26$ 39.41$ 39.90$ 40.33$ 44.05$ 49.89$ 44.11$ Austin, TX Remaining square feet expiring 7 623 188 199 40 6 23 1,086 Square feet as a % of Region NRA 0.4% 38.1% 11.5% 12.2% 2.4% 0.4% 1.4% 66.4% Annualized rent in expiring year 172$ 21,616$ 6,209$ 8,781$ 1,543$ 241$ 368$ 38,930$ Annualized rent per SF in expiring year 24.57$ 34.70$ 33.03$ 44.13$ 38.58$ 40.17$ 16.00$ 35.85$ Subtotal Remaining square feet expiring 126 1,180 980 1,411 899 611 3,739 8,946 Square feet as a % of total NRA 1.2% 11.7% 9.7% 14.0% 8.9% 6.1% 37.1% 88.7% Annualized rent in expiring year 5,219$ 47,424$ 41,152$ 64,343$ 39,065$ 30,357$ 200,090$ 427,650$ Annualized rent per SF in expiring year 41.42$ 40.19$ 41.99$ 45.60$ 43.45$ 49.68$ 53.51$ 47.80$ Other Remaining square feet expiring - 65 - 1 58 - 543 667 Square feet as a % of Region NRA 0.0% 9.3% 0.0% 0.1% 8.2% 0.0% 76.7% 94.3% Annualized rent in expiring year -$ 1,412$ -$ 15$ 1,814$ -$ 22,088$ 25,329$ Annualized rent per SF in expiring year -$ 21.39$ -$ 15.00$ 31.28$ -$ 40.68$ 37.92$ CONSOLIDATED PORTFOLIO Remaining square feet expiring 126 1,245 980 1,412 957 611 4,282 9,613 Square feet as a % of total NRA 1.2% 11.5% 9.2% 13.1% 8.9% 5.7% 39.7% 89.0% Annualized rent in expiring year 5,219$ 48,836$ 41,152$ 64,358$ 40,879$ 30,357$ 222,178$ 452,979$ Annualized rent per SF in expiring year 41.30$ 39.22$ 42.01$ 45.56$ 42.76$ 49.63$ 51.89$ 47.12$ (1) Does not include development/redevelopment property expirations.
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TOP TWENTY TENANTS (unaudited, annualized rent in thousands) BRANDYWINE REALTY TRUST | Page 19 Annualized Rent (1) % of Total Annualized Rent (1) Annualized Rent per Square Foot (1) Square Feet Occupied % of Total Square Feet Weighted Average Remaining Lease Term (months) (2) IBM, Inc. 20,563$ 5.2% 34.51$ 595,792 6.2% 7 Spark Therapeutics, Inc. 17,816 4.5% 56.57 314,913 3.3% 76 FMC Corporation 13,491 3.4% 57.51 234,570 2.4% 69 Comcast Corporation 13,038 3.3% 44.28 294,472 3.1% 28 Troutman Pepper Hamilton Sanders LLP 11,181 2.8% 45.72 244,575 2.5% 29 Lincoln National Management Co. 10,879 2.7% 44.35 245,314 2.6% 86 Independence Blue Cross, LLC 9,687 2.4% 42.49 227,974 2.4% 91 The Trustees of the University of Pennsylvania 9,606 2.4% 53.75 178,708 1.9% 87 T-Mobile Northeast LLC 8,236 2.1% 37.24 221,155 2.3% 95 CSL Behring, LLC 8,025 2.0% 30.89 259,821 2.7% 32 Arkema Inc. 7,907 2.0% 54.65 144,685 1.5% 98 SailPoint Technologies, Inc. 7,057 1.8% 42.82 164,818 1.7% 31 Quaker Houghton PA, Inc. 6,369 1.6% 53.25 119,615 1.2% 176 Blank Rome LLP 5,857 1.5% 45.27 129,382 1.3% 136 Wells Fargo Bank & Clearing Services 5,449 1.4% 40.10 135,886 1.4% 62 General Services Administration - U.S. Gov't. (3) 5,432 1.4% 34.49 18,457 0.2% 54 Janney Montgomery Scott LLC 5,291 1.3% 39.45 134,123 1.4% 22 Dechert LLP 5,257 1.3% 48.10 109,286 1.1% 24 NASDAQ 4,842 1.2% 65.11 74,363 0.8% 75 Retail Services & Systems, Inc. 4,836 1.2% 30.19 160,173 1.7% 101 Sub-total top twenty tenants 180,819$ 45.5% 45.11$ 4,008,082 41.7% 60 Remaining tenants 215,931$ 54.5% 38.52$ 5,605,760 58.3% Total portfolio as of September 30, 2026 396,750$ 100.0% 41.27$ 9,613,842 100.0% (1) Reflects cash annualized base rent and current reimbursement for operating expenses and real estate taxes. (2) Weighted average based on square feet. (3) Top Twenty Tenants Annualized rent includes $4.8 million related to parking and operating expenses, which has no corresponding square feet. Lease term is 54 months based upon annualized rent and 119 based upon square feet.
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Q3 2026 PORTFOLIO TENANT MIX (unaudited, by square footage) BRANDYWINE REALTY TRUST | Page 20 Legal Services - 16% Business Services - 13% Finance - 14% Manufacturing - 12% Engineering & Management Services - 5% Transport/Public Utilities - 6% Insurance - 6% Real Estate -5% Banking - 4% Other* - 19% * - Other includes Life Sciences, Misc Services, Wholesale Trade, Retail Trade, Health Services and Public Administration
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INCOME STATEMENTS (unaudited, in thousands, except share data) BRANDYWINE REALTY TRUST | Page 21 09/30/2026 09/30/2025 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Revenue Rents 362,016$ 343,366$ 118,661$ 122,698$ 120,657$ 114,138$ 114,742$ 114,196$ 114,428$ Third party mgt. fees, labor reimbursement and leasing 12,763 15,242 3,975 4,063 4,725 5,087 4,540 4,873 5,829 Other 6,783 4,896 3,002 2,159 1,622 1,725 2,135 1,502 1,259 381,562 363,504 125,638 128,920 127,004 120,950 121,417 120,571 121,516 Operating expenses Property operating expenses 116,326 96,303 39,232 38,568 38,526 35,044 31,412 31,365 33,526 Real estate taxes 33,988 34,586 10,982 11,681 11,325 9,016 11,647 11,507 11,432 Third party management expenses 6,317 7,467 1,884 2,265 2,168 2,778 2,350 2,484 2,633 Depreciation and amortization 142,068 131,120 45,088 47,749 49,231 45,308 43,005 43,762 44,353 General & administrative expenses 29,552 34,636 7,954 9,263 12,335 7,395 7,841 9,325 17,470 Provision for impairment 40,966 63,369 29,057 - 11,909 23 - 63,369 - Total operating expenses 369,217 367,481 134,197 109,526 125,494 99,564 96,255 161,812 109,414 Gain (loss) on sale of real estate Net gain (loss) on disposition of real estate 55,752 3,008 55,689 63 - 6,388 35 (86) 3,059 Net loss on sale of undepreciated real estate - - - - - (146) - - - Total gain (loss) on sale of real estate 55,752 3,008 55,689 63 - 6,242 35 (86) 3,059 Operating income (loss) 68,097 (969) 47,130 19,457 1,510 27,628 25,197 (41,327) 15,161 Other income (expense) Interest and investment income 2,436 3,274 702 1,068 666 1,128 1,238 850 1,186 Interest expense (121,855) (97,104) (39,035) (41,931) (40,889) (37,851) (32,914) (32,345) (31,845) Interest expense - amortization of deferred financing costs (4,054) (3,763) (1,322) (1,345) (1,387) (1,356) (1,336) (1,197) (1,230) Equity in loss of unconsolidated real estate ventures (31,597) (43,526) (14,157) (8,738) (8,702) (14,155) (18,183) (14,832) (10,511) Net gain on real estate venture transactions - 183 - - - - - - 183 Loss on early extinguishment of debt (15,441) - (15,417) (24) - (12,244) - - - Net loss before income taxes (102,414) (141,905) (22,099) (31,513) (48,802) (36,850) (25,998) (88,851) (27,056) Income tax provision (67) (85) (43) (22) (2) (27) - (85) - Net loss (102,481) (141,990) (22,142) (31,535) (48,804) (36,877) (25,998) (88,936) (27,056) Net loss attributable to noncontrolling interests 446 427 108 125 213 193 79 267 81 Net loss attributable to Brandywine Realty Trust (102,035) (141,563) (22,034) (31,410) (48,591) (36,684) (25,919) (88,669) (26,975) Nonforfeitable dividends allocated to unvested restricted shareholders (794) (1,064) (228) (248) (318) (167) (313) (322) (429) Net loss attributable to common shareholders (102,829)$ (142,627)$ (22,262)$ (31,658)$ (48,909)$ (36,851)$ (26,232)$ (88,991)$ (27,404)$ Per Share Data Basic loss per common share (0.59)$ (0.82)$ (0.13)$ (0.18)$ (0.28)$ (0.21)$ (0.15)$ (0.51)$ (0.16)$ Basic weighted-average shares outstanding 173,377,458 173,385,330 172,010,229 174,384,600 173,756,736 173,699,039 173,699,312 173,532,583 172,915,482 Diluted loss per common share (0.59)$ (0.82)$ (0.13)$ (0.18)$ (0.28)$ (0.21)$ (0.15)$ (0.51)$ (0.16)$ Diluted weighted-average shares outstanding 173,377,458 173,385,330 172,010,229 174,384,600 173,756,736 173,699,039 173,699,312 173,532,583 172,915,482 Nine Months Ended Three Months Ended
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Q3 2026 SAME STORE NET OPERATING INCOME (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 22 2026 2025 Variance % Change 2026 2025 2026 2025 2026 2025 2026 2025 Variance Revenue Rents Cash 79,345$ 77,600$ 1,745$ 2.2% 2,915$ 1,209$ 618$ 628$ 12,160$ 11,923$ 95,038$ 91,360$ 3,678$ Tenant reimbursements & billings 20,891 19,708 1,183 6.0% 1,268 482 41 7 66 1,858 22,266 22,055 211 Straight-line (1,526) (163) (1,363) 836.2% 1,795 160 (29) (26) 71 448 311 419 (108) Above/below-market rent amortization 160 164 (4) -2.4% - - - - 17 - 177 164 13 Termination fees and bad debt expense 892 63 829 1315.9% - 445 - - (23) 236 869 744 125 Total rents 99,762 97,372 2,390 2.5% 5,978 2,296 630 609 12,291 14,465 118,661 114,742 3,919 Third party mgt fees, labor reimbursement and leasing - - - - - - - - 3,975 4,540 3,975 4,540 (565) Other 332 243 89 36.6% 4 1 3 - 2,663 1,891 3,002 2,135 867 Total revenue 100,094 97,615 2,479 2.5% 5,982 2,297 633 609 18,929 20,896 125,638 121,417 4,221 Property operating expenses 27,904 25,952 1,952 7.5% 1,159 484 501 470 9,668 4,506 39,232 31,412 7,820 Real estate taxes 9,662 9,679 (17) -0.2% 172 152 138 132 1,010 1,684 10,982 11,647 (665) Third party management expenses - - - - - - - - 1,884 2,350 1,884 2,350 (466) Net operating income 62,528$ 61,984$ 544$ 0.9% 4,651$ 1,661$ (6)$ 7$ 6,367$ 12,356$ 73,540$ 76,008$ (2,468)$ Net operating income, excl. other items (4) 61,304$ 61,678$ (374)$ -0.6% 4,647$ 1,215$ (9)$ 7$ 3,727$ 10,229$ 69,669$ 73,129$ (3,460)$ Number of properties 55 55 3 1 Square feet (in thousands) 10,408 10,408 390 298 Occupancy % (end of period) 88.8% 89.8% NOI margin, excl. term fees, 3rd party and other revenues 62.0% 63.4% Expense recovery ratio 55.6% 55.3% 2026 2025 Variance % Change Net operating income 62,528$ 61,984$ 544$ 0.9% Less: Straight line rents & other 1,917 340 1,577 463.8% Less: Above/below market rent amortization (160) (164) 4 -2.4% Add: Amortization of tenant inducements 232 190 42 22.1% Add: Non-cash ground rent expense 184 188 (4) -2.1% Cash - Net operating income 64,701$ 62,538$ 2,163$ 3.5% 63,086$ 62,055$ 1,031$ 1.7% (1) (2) (3) (4) Includes: • 250 King of Prussia Road in Radnor, Pennsylvania (Stabilized during Q2 2026); • 3025 JFK office, consolidated in Q4 2025 as a result of acquiring partners' preferred equity interest in the Joint Venture (Recently Acquired); • 2100 Market Street was added to our Core Portfolio in Q3 2026. Prior to such inclusion, the property was classified as development site and was presented under Other/Eliminations in the above table (Recently Acquired). Third Quarter Cash - Net operating income, excl. other items (4) Third Quarter Third Quarter Third Quarter Third Quarter Third Quarter Same Store Portfolio Recently Completed/ Acquired (1) Development/ Redevelopment (2) Other/ Eliminations (3) All Properties Includes: • 300 Delaware Avenue in Wilmington, Delaware (Excluded from Core Portfolio). Other items represent termination fees and bad debt expense and other income. Consists of property dispositions, assets held for sale, the parking operations of pre-development projects, the 121-room hotel located in Radnor, Pennsylvania, the residential and retail components within University City in Philadelphia, Pennsylvania, the restaurant component of Cira Centre, the B.Labs incubator and normal intercompany eliminating entries.
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YTD 2026 SAME STORE NET OPERATING INCOME (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 23 2026 2025 Variance Change 2026 2025 2026 2025 2026 2025 2026 2025 Variance Revenue Rents Cash 235,083$ 228,270$ 6,813$ 3.0% 7,997$ 3,779$ 1,825$ 2,047$ 40,871$ 37,587$ 285,776$ 271,683$ 14,093$ Tenant reimbursements & billings 62,793 57,955 4,838 8.3% 3,886 1,177 151 117 3,169 6,525 69,999 65,774 4,225 Straight-line (2,320) 1,288 (3,608) -280.1% 5,274 317 (75) (36) 483 959 3,362 2,528 834 Above/below-market rent amortization 479 492 (13) -2.6% (11) - - - 38 76 506 568 (62) Termination fees and bad debt expense 1,411 678 733 108.1% 1,016 1,506 - 212 (54) 417 2,373 2,813 (440) Total rents 297,446 288,683 8,763 3.0% 18,162 6,779 1,901 2,340 44,507 45,564 362,016 343,366 18,650 Third party mgt fees, labor reimbursement and leasing - - - - - - - - 12,763 15,242 12,763 15,242 (2,479) Other 806 713 93 13.0% 5 3 3 16 5,969 4,164 6,783 4,896 1,887 Total revenue 298,252 289,396 8,856 3.1% 18,167 6,782 1,904 2,356 63,239 64,970 381,562 363,504 18,058 Property operating expenses 84,919 78,107 6,812 8.7% 3,857 1,506 1,610 1,550 25,940 15,140 116,326 96,303 20,023 Real estate taxes 28,800 27,720 1,080 3.9% 517 447 415 550 4,256 5,869 33,988 34,586 (598) Third party management expenses - - - - - - - - 6,317 7,467 6,317 7,467 (1,150) Net operating income 184,533$ 183,569$ 964$ 0.5% 13,793$ 4,829$ (121)$ 256$ 26,726$ 36,494$ 224,931$ 225,148$ (217)$ Net operating income, excl. other items (4) 182,316$ 182,178$ 138$ 0.1% 12,772$ 3,320$ (124)$ 28$ 20,811$ 31,913$ 215,775$ 217,439$ (1,664)$ Number of properties 55 55 3 1 Square feet (in thousands) 10,408 10,408 390 298 Occupancy % (end of period) 88.8% 89.8% NOI margin, excl. term fees, 3rd party and other revenues 61.6% 63.3% Expense recovery ratio 55.2% 54.8% 2026 2025 Variance Change Net operating income 184,533$ 183,569$ 964$ 0.5% Less: Straight line rents & other 3,027 (704) 3,731 -530.0% Less: Above/below market rent amortization (479) (492) 13 -2.6% Add: Amortization of tenant inducements 683 569 114 20.0% Add: Non-cash ground rent expense 557 569 (12) -2.1% Cash - Net operating income 188,321$ 183,511$ 4,810$ 2.6% 185,397$ 181,536$ 3,861$ 2.1% (1) (2) (3) (4) Includes: • 250 King of Prussia Road in Radnor, Pennsylvania (Stabilized during Q2 2026); • 3025 JFK office, consolidated in Q4 2025 as a result of acquiring partners' preferred equity interest in the Joint Venture (Recently Acquired); • 2100 Market Street was added to our Core Portfolio in Q3 2026. Prior to such inclusion, the property was classified as development site and was presented under Other/Eliminations in the above table (Recently Acquired). Cash - Net operating income, excl. other Same Store Portfolio All Properties Year to DateYear to Date Year to Date Recently Completed/ Acquired (1) Development/ Redevelopment (2) Other/ Eliminations (3) Year to Date Year to Date Year to Date Includes: • 300 Delaware Avenue in Wilmington, Delaware (Excluded from Core Portfolio). Other items represent termination fees and bad debt expense and other income. Consists of property dispositions, assets held for sale, the parking operations of pre-development projects, the 121-room hotel located in Radnor, Pennsylvania, the residential and retail components within University City in Philadelphia, Pennsylvania, the restaurant component of Cira Centre, the B.Labs incubator, and normal intercompany eliminating entries.
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EBITDA AND EBITDA COVERAGE RATIOS (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 24 09/30/2026 09/30/2025 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Net loss (102,481)$ (141,990)$ (22,142)$ (31,535)$ (48,804)$ (36,877)$ (25,998)$ (88,936)$ (27,056)$ Add (deduct): Net (gain) loss on disposition of real estate (55,752) (3,008) (55,689) (63) - (6,388) (35) 86 (3,059) Net (gain) loss on real estate venture transactions (4,287) 107 (5,027) 497 243 120 305 (304) 106 Income tax benefit 67 85 43 22 2 27 - 85 - Provision for impairment 40,966 63,369 29,057 - 11,909 23 - 63,369 - Provision for impairment on investment in unconsolidated real estate venture 10,559 - 10,559 - - 4,149 - - - Interest expense 121,855 97,104 39,035 41,931 40,889 37,851 32,914 32,345 31,845 Interest expense - amortization of deferred financing costs 4,054 3,763 1,322 1,345 1,387 1,356 1,336 1,197 1,230 Interest expense - share of unconsolidated real estate ventures 23,086 33,322 7,708 7,653 7,725 8,852 11,635 10,813 10,874 Depreciation and amortization 142,068 131,120 45,088 47,749 49,231 45,308 43,005 43,762 44,353 Depreciation and amortization - share of unconsolidated real estate ventures 26,493 32,657 8,937 8,625 8,932 9,608 11,876 9,345 11,436 206,628$ 216,529$ 58,891$ 76,223$ 71,514$ 64,029$ 75,038$ 71,762$ 69,729$ Capital market, transactional and other items Net gain on sale of undepreciated real estate - - - - - 146 - - - Stock-based compensation costs 9,271 16,310 1,768 2,146 5,357 1,597 2,160 2,896 11,253 Liability management (buybacks, tenders and prepayments) 15,441 - 15,417 24 - 12,244 - - - Preferred equity partners' share of EBITDA 6,306 11,587 2,282 2,103 1,921 2,399 4,064 4,126 3,397 Partners' share of consolidated real estate ventures interest expense (136) (3) (19) (41) (76) (54) (1) (1) (1) Partners' share of consolidated real estate ventures depreciation and amortization (207) (13) (55) (55) (97) (75) (6) (4) (3) 237,303$ 244,410$ 78,284$ 80,401$ 78,619$ 80,286$ 81,256$ 78,780$ 84,376$ 62.2% 67.2% 62.3% 62.4% 61.9% 66.4% 66.9% 65.3% 69.4% Interest expense (from above) 121,855 97,104 39,035 41,931 40,889 37,851 32,914 32,345 31,845 Interest expense - share of unconsolidated real estate ventures 23,086 33,322 7,708 7,653 7,725 8,852 11,635 10,813 10,874 Preferred equity partners' share of interest expense (4,726) (8,858) (1,528) (1,526) (1,672) (2,072) (3,067) (2,886) (2,905) Interest expense - partners' share of consolidated real estate ventures (136) (3) (19) (41) (76) (54) (1) (1) (1) Total interest expense (a) 140,078$ 121,565$ 45,195$ 48,016$ 46,866$ 44,576$ 41,481$ 40,271$ 39,813$ Scheduled mortgage principal payments 201 - 201 - - - - - - Scheduled mortgage principal payments - share of unconsolidated real estate ventures - - - - - - - - - Total scheduled mortgage principal payments (b) 201$ -$ 201$ -$ -$ -$ -$ -$ -$ EBITDA (excluding capital market, transactional and other items) coverage ratios: Interest coverage ratio = EBITDA divided by (a) 1.7 2.0 1.7 1.7 1.7 1.8 2.0 2.0 2.1 Debt service coverage ratio = EBITDA divided by (a) + (b) 1.7 2.0 1.7 1.7 1.7 1.8 2.0 2.0 2.1 Capitalized interest 1,972$ 9,801$ 347$ 707$ 918$ 2,671$ 3,459$ 3,176$ 3,166$ EBITDA, excluding capital market, transactional and other items/Total revenue EBITDA, excluding capital market, transactional and other items Nine Months Ended Three Months Ended NAREIT EBITDAre
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FUNDS FROM OPERATIONS (unaudited, in thousands, except share data) BRANDYWINE REALTY TRUST | Page 25 09/30/2026 09/30/2025 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Net loss attributable to common shareholders (102,829)$ (142,627)$ (22,262)$ (31,658)$ (48,909)$ (36,851)$ (26,232)$ (88,991)$ (27,404)$ Add (deduct): - -$ -$ Net income (loss) attributable to noncontrolling interests - LP units (314) (426) (73) (95) (146) (111) (78) (267) (81) Nonforfeitable dividends allocated to unvested restricted shareholders 794 1,064 228 248 318 167 313 322 429 Net (gain) loss on real estate venture transactions (4,287) 107 (5,027) 497 243 120 305 (304) 106 Net (gain) loss on disposition of real estate (55,752) (3,008) (55,689) (63) - (6,388) (35) 86 (3,059) Provision for impairment 40,966 63,369 29,057 - 11,909 23 - 63,369 - Company's share of impairment of an unconsolidated real estate venture 10,559 - 10,559 - - 4,149 - - - Depreciation and amortization: - - - Real property 122,626 114,878 38,767 41,205 42,654 39,131 37,786 38,363 38,729 Leasing costs including acquired intangibles 16,099 13,842 4,964 5,431 5,704 5,288 4,439 4,588 4,815 Company's share of unconsolidated real estate ventures 26,035 32,657 8,830 8,472 8,733 9,302 11,876 9,345 11,436 Partners' share of consolidated joint ventures (207) (13) (55) (55) (97) (75) (6) (4) (3) Funds from operations 53,690 79,843 9,299 23,982 20,409 14,755 28,368 26,507 24,968 Funds from operations allocable to unvested restricted shareholders (966) (1,037) (161) (419) (386) (175) (337) (395) (305) Funds from operations available to common share and unit holders (FFO) 52,724$ 78,806$ 9,138$ 23,563$ 20,023$ 14,580$ 28,031$ 26,112$ 24,663$ 0.29$ 0.44$ 0.05$ 0.13$ 0.11$ 0.08$ 0.16$ 0.15$ 0.14$ Plus: Capital market, transactional items and other (1) 15,441$ -$ 15,417$ 24$ -$ 12,390$ -$ -$ -$ FFO, excluding capital market, transactional items and other (1) 68,165$ 78,806$ 24,555$ 23,587$ 20,023$ 26,970$ 28,031$ 26,112$ 24,663$ 0.38$ 0.44$ 0.14$ 0.13$ 0.11$ 0.15$ 0.16$ 0.15$ 0.14$ - - - Weighted-average shares/units outstanding - fully diluted 180,485,496 178,630,855 179,426,959 181,166,121 180,721,719 180,354,589 178,984,473 178,569,600 178,473,873 - - - Distributions paid per common share 0.24$ 0.45$ 0.08$ 0.08$ 0.08$ 0.08$ 0.15$ 0.15$ 0.15$ 82.8% 102.3% 160.0% 61.5% 72.7% 100.0% 93.8% 100.0% 107.1% 63.2% 102.3% 57.1% 61.5% 72.7% 53.3% 93.8% 100.0% 107.1% (1) The capital market, transactional items and other consist of the following: Net gain on sale of undepreciated real estate -$ -$ -$ -$ -$ 146$ -$ -$ -$ Liability management (buybacks, tenders and prepayments) 15,441 - 15,417 24 - 12,244 - - - Total capital market and transactional items 15,441$ -$ 15,417$ 24$ -$ 12,390$ -$ -$ -$ Nine Months Ended Three Months Ended FFO per share - fully diluted Core FFO per share, excl. capital market, transactional items and other – fully diluted (1) FFO payout ratio (distributions paid per common share / FFO per diluted share) Core FFO payout ratio, excluding capital market, transactional items and other (1)
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CASH AVAILABLE FOR DISTRIBUTION (unaudited, in thousands, except share data) BRANDYWINE REALTY TRUST | Page 26 09/30/2026 09/30/2025 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Funds from operations available to common share and unit holders 52,724$ 78,806$ 9,138$ 23,563$ 20,023$ 14,580$ 28,031$ 26,112$ 24,663$ Add (deduct) certain items: Rental income from straight-line rent net of straight-line rent termination fees (2,656) (1,541) 80 (721) (2,015) 426 (77) 235 (1,699) Amortization of tenant inducements 799 666 249 259 291 231 221 223 221 Deferred market rental income (506) (569) (177) (167) (162) (150) (164) (195) (210) Company's share of unconsolidated real estate ventures' straight-line & deferred market rent (5,358) (7,781) (2,100) (1,720) (1,538) (1,705) (2,463) (2,511) (2,807) Straight-line ground rent expense 970 710 259 354 357 283 235 236 239 Stock-based compensation costs 9,271 16,310 1,768 2,146 5,357 1,597 2,160 2,896 11,253 Gains from early extinguishment of debt 15,441 - 15,417 24 - 12,244 - - - Net gain on sale of undepreciated real estate - - - - - 146 - - - Income tax benefit 67 85 43 22 2 27 - 85 - Sub-total certain items 18,028 7,879 15,539 197 2,292 13,100 (87) 969 6,998 Less: Revenue maintaining capital expenditures (b): Building improvements (6,295) (2,902) (3,251) (884) (2,160) (975) (547) (45) (2,310) Tenant improvements and leasing commissions (23,070) (32,281) (9,127) (9,015) (4,928) (5,203) (6,440) (11,990) (13,851) Total revenue maintaining capital expenditures (29,365)$ (35,183)$ (12,378)$ (9,899)$ (7,088)$ (6,178)$ (6,987)$ (12,035)$ (16,161)$ Cash available for distribution (CAD) 41,387$ 51,502$ 12,299$ 13,861$ 15,227$ 21,502$ 20,957$ 15,046$ 15,500$ Distributions paid to common shareholders (a) 42,624 79,194 14,258 14,256 14,110 14,110 26,466 26,475 26,253 Distributions paid per common share 0.24$ 0.45$ 0.08$ 0.08$ 0.08$ 0.08$ 0.15$ 0.15$ 0.15$ 103.0% 153.8% 115.9% 102.9% 92.7% 65.6% 126.3% 176.0% 169.4% Development/Redevelopment capital expenditures (b) (67,917)$ (58,619)$ (21,194)$ (19,298)$ (27,425)$ (28,942)$ (22,214)$ (17,046)$ (19,359)$ Revenue creating capital expenditures (b) (25,209)$ (24,334)$ (9,795)$ (7,440)$ (7,974)$ (7,184)$ (5,782)$ (7,976)$ (10,576)$ (a) Reflects dividends paid. (b) Includes Brandywine's share of JV spend. Nine Months Ended Three Months Ended CAD payout ratio (Distributions paid per common share / CAD)
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BALANCE SHEETS (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 27 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Assets Real estate investments Operating properties 3,300,851$ 3,527,129$ 3,724,851$ 3,753,780$ 3,258,300$ 3,253,346$ 3,397,856$ Accumulated depreciation (1,263,796) (1,241,465) (1,279,283) (1,259,090) (1,234,678) (1,206,366) (1,200,058) Prepaid ground leases, net 6,944 34,156 51,236 51,399 7,110 7,151 7,192 Right of use asset - operating leases 12,145 12,266 17,657 17,806 17,957 18,108 18,259 Operating real estate investments, net 2,056,144 2,332,086 2,514,461 2,563,895 2,048,689 2,072,239 2,223,249 Construction-in-progress 82,518 85,569 123,659 118,543 94,635 90,950 78,021 Land held for development 80,403 75,134 72,110 70,405 73,395 74,541 82,536 Prepaid leasehold interests in land held for development, net 27,762 27,762 27,762 27,762 27,762 27,762 27,762 Real estate investments, net 2,246,827 2,520,551 2,737,992 2,780,605 2,244,481 2,265,492 2,411,568 Cash and cash equivalents 312,743 37,870 36,203 32,284 75,478 122,645 29,428 Restricted cash and escrow 954 830 30,093 30,018 1,050 1,114 2,045 Accounts receivable, net 17,146 19,916 23,370 22,154 15,493 16,262 13,573 Assets held for sale, net - 232,921 15,383 - - 53,886 - Accrued rent receivable, net 169,047 169,267 184,220 182,651 183,153 183,117 185,957 Investment in unconsolidated real estate ventures 306,663 336,851 321,534 314,326 594,203 555,541 570,370 Deferred costs, net 68,566 69,222 81,143 79,549 77,449 77,397 82,051 Intangible assets, net 11,579 13,832 20,739 22,426 3,845 4,222 5,028 Other assets 143,186 134,707 137,170 122,227 124,249 114,663 123,766 Total assets 3,276,711$ 3,535,967$ 3,587,847$ 3,586,240$ 3,319,401$ 3,394,339$ 3,423,786$ Liabilities and equity Secured debt, net 88,009$ 144,260$ 234,091$ 234,079$ 243,171$ 286,352$ 281,166$ Unsecured credit facility 137,000 149,000 65,000 - - - 65,000 Unsecured term loan, net 249,695 249,593 249,491 249,389 249,288 249,186 249,084 Unsecured senior notes, net 1,934,858 2,074,153 2,073,656 2,073,394 1,776,991 1,776,851 1,619,260 Accounts payable and accrued expenses 143,612 136,663 141,933 143,826 128,485 108,653 118,454 Distributions payable 13,819 14,203 14,201 14,108 14,108 26,457 26,487 Deferred income, gains and rent 22,346 21,845 20,852 22,569 16,041 17,105 21,293 Acquired lease intangibles, net 5,889 12,355 12,534 12,713 6,536 6,701 7,080 Liabilities related to assets held for sale, net - 6,775 - - - 182 - Lease liability - operating leases 17,052 17,031 23,764 23,720 23,676 23,634 23,591 Other liabilities 13,294 14,189 13,133 14,588 14,203 13,976 12,975 Total liabilities 2,625,574$ 2,840,067$ 2,848,655$ 2,788,386$ 2,472,499$ 2,509,097$ 2,424,390$ Brandywine Realty Trust's equity: Common shares 1,694 1,740 1,733 1,733 1,734 1,733 1,728 Additional paid-in-capital 3,191,409 3,204,718 3,202,662 3,199,838 3,198,013 3,195,813 3,193,485 Deferred compensation payable in common shares 25,467 25,467 24,282 23,069 23,069 23,069 21,875 Common shares in grantor trust (25,467) (25,467) (24,282) (23,069) (23,069) (23,069) (21,875) Cumulative earnings 503,217 525,251 556,661 605,252 641,936 667,855 756,524 Accumulated other comprehensive income (loss) 5,262 573 126 (1,437) (1,556) (1,118) (23) Cumulative distributions (3,055,059) (3,041,100) (3,026,869) (3,012,654) (2,998,577) (2,984,508) (2,958,128) Total Brandywine Realty Trust's equity 646,523 691,182 734,313 792,732 841,550 879,775 993,586 Noncontrolling interests 4,614 4,718 4,879 5,122 5,352 5,467 5,810 Total equity 651,137$ 695,900$ 739,192$ 797,854$ 846,902$ 885,242$ 999,396$ Total liabilities and equity 3,276,711$ 3,535,967$ 3,587,847$ 3,586,240$ 3,319,401$ 3,394,339$ 3,423,786$
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LIQUIDITY, LEVERAGE AND MARKET CAPITALIZATION (unaudited, in thousands, except shares and per share data) BRANDYWINE REALTY TRUST Page 28 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 High closing price of common shares 3.28$ 3.28$ 3.27$ 4.18$ 4.58$ 4.58$ 5.66$ Low closing price of common shares 2.80$ 2.57$ 2.47$ 2.87$ 3.81$ 3.50$ 4.44$ End of period closing market price 2.80$ 3.17$ 2.71$ 2.92$ 4.17$ 4.29$ 4.46$ Dividends paid per common share 0.08$ 0.08$ 0.08$ 0.08$ 0.15$ 0.15$ 0.15$ Dividend yield (based on annualized dividend paid) 11.4% 10.1% 11.8% 11.0% 14.4% 14.0% 13.5% Net book value per share (fully diluted, end of period) 3.66$ 3.82$ 4.07$ 4.41$ 4.72$ 4.94$ 5.58$ Restricted cash 954 830 30,093 30,018 1,050 1,114 2,045 Cash and cash equivalents 312,743 37,870 36,203 32,284 75,478 122,645 29,428 Total cash and cash equivalents and restricted cash 313,697$ 38,700$ 66,296$ 62,302$ 76,528$ 123,759$ 31,473$ Revolving credit facilities Gross potential available under current credit facilities 600,000$ 600,000$ 600,000$ 600,000$ 600,000$ 600,000$ 600,000$ less: Outstanding balance (137,000) (149,000) (65,000) - - - (65,000) less: Holdback for letters of credit (25,090) (25,451) (35,451) (35,451) (46,490) (39,182) (39,182) Net potential available under current credit facilities 437,910$ 425,549$ 499,549$ 564,549$ 553,510$ 560,818$ 495,818$ Total equity market capitalization (end of period) Basic common shares 167,737,599 172,235,249 171,764,495 172,116,039 172,116,039 172,116,039 171,709,391 Unvested restricted shares 2,566,911 2,789,084 3,666,100 2,083,526 2,083,526 2,145,331 2,857,692 Partnership units outstanding 515,595 515,595 515,595 515,595 515,595 515,595 515,595 Options and other contingent securities 7,194,121 6,511,529 5,543,385 6,078,826 4,693,649 4,354,295 3,979,759 Fully diluted common shares (end of period) 178,014,225 182,051,457 181,489,574 180,793,986 179,408,809 179,131,260 179,062,437 Value of common stock (fully diluted, end of period) 498,440$ 577,103$ 491,837$ 527,918$ 748,135$ 768,473$ 798,618$ Total equity market capitalization (fully diluted, end of period) 498,440$ 577,103$ 491,837$ 527,918$ 748,135$ 768,473$ 798,618$ Total debt excluding unamortized premiums, discounts and deferred financing costs 2,415,409$ 2,624,934$ 2,628,948$ 2,563,948$ 2,273,610$ 2,316,980$ 2,226,983$ less: Cash and cash equivalents and restricted cash (313,697) (38,700) (66,296) (62,302) (76,528) (123,759) (31,473) Net debt 2,101,712 2,586,234 2,562,652 2,501,646 2,197,082 2,193,221 2,195,510 Total equity market capitalization (fully diluted, end of period) 498,440 577,103 491,837 527,918 748,135 768,473 798,618 Total market capitalization 2,600,152$ 3,163,337$ 3,054,489$ 3,029,564$ 2,945,217$ 2,961,694$ 2,994,128$ Net debt to total market capitalization 80.8% 81.8% 83.9% 82.6% 74.6% 74.1% 73.3% Total gross assets (excl. cash & cash equiv.) 4,226,810$ 4,806,481$ 4,800,834$ 4,783,028$ 4,477,551$ 4,476,946$ 4,592,371$ Net debt to total gross assets (excl. cash and cash equivalents) 49.7% 53.8% 53.4% 52.3% 49.1% 49.0% 47.8% 313,134$ 321,602$ 314,475$ 321,142$ 325,023$ 315,118$ 337,504$ 7.6 9.0 9.1 8.8 8.1 8.3 7.7 7.7 9.1 9.3 9.0 7.6 7.9 7.9 Annualized quarterly EBITDA, excluding capital market and transactional items Ratio of net debt to annualized quarterly wholly owned EBITDA, excluding capital market, transactional and other items & the Company's share of unconsolidated R/E venture debt Ratio of net debt (including the Company's share of unconsolidated R/E venture net debt) to annualized quarterly EBITDA, excluding capital market, transactional and other items
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BALANCE SHEET INFORMATION/DEBT STATISTICS (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 29 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Fixed rate debt 1,860,000$ 2,057,324$ 2,057,324$ 2,057,324$ 1,945,000$ 1,945,000$ 1,795,000$ Fixed rate debt (variable rate debt swapped to fixed rate) 418,409 418,610 328,610 328,610 328,610 328,610 328,610 Variable rate debt - unhedged 137,000 149,000 243,014 178,014 - 43,370 103,373 Total debt (excluding unamortized premiums & discounts) 2,415,409$ 2,624,934$ 2,628,948$ 2,563,948$ 2,273,610$ 2,316,980$ 2,226,983$ % Fixed rate debt 77.0% 78.3% 78.3% 80.2% 85.6% 84.0% 80.6% % Fixed rate debt (variable rate debt swapped to fixed) 17.3% 16.0% 12.5% 12.8% 14.5% 14.2% 14.8% % Variable rate debt - unhedged 5.7% 5.7% 9.2% 6.9% 0.0% 1.9% 4.6% Total debt (excluding premiums & discounts) 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Secured debt 89,799$ 147,324$ 235,338$ 235,338$ 245,000$ 288,370$ 283,373$ Unsecured debt 2,325,610 2,477,610 2,393,610 2,328,610 2,028,610 2,028,610 1,943,610 Total debt (excluding premiums & discounts) 2,415,409$ 2,624,934$ 2,628,948$ 2,563,948$ 2,273,610$ 2,316,980$ 2,226,983$ % Secured mortgage debt 3.7% 5.6% 9.0% 9.2% 10.8% 12.4% 12.7% % Unsecured debt 96.3% 94.4% 91.0% 90.8% 89.2% 87.6% 87.3% Total debt (excluding premiums & discounts) 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% Total gross assets, excluding cash and cash equivalents 4,226,810$ 4,806,481$ 4,800,834$ 4,783,028$ 4,477,551$ 4,476,946$ 4,592,371$ % Secured mortgage debt 2.1% 3.1% 4.9% 4.9% 5.5% 6.4% 6.2% % Unsecured debt 55.0% 51.6% 49.9% 48.7% 45.3% 45.3% 42.3% less: cash and cash equivalents and restricted cash (7.4%) (0.8%) (1.4%) (1.3%) (1.7%) (2.8%) (0.7%) Net debt to total gross assets, excluding cash and cash equivalents 49.7% 53.8% 53.4% 52.3% 49.1% 49.0% 47.8% Weighted-average interest rate on secured debt 5.81% 6.39% 6.77% 6.77% 5.88% 6.02% 6.00% Weighted-average interest rate on unsecured senior debt (including swap costs) 6.13% 6.19% 6.23% 6.26% 6.28% 6.28% 6.20% Weighted-average maturity on secured debt 6.8 years 15.3 years 7.2 years 7.4 years 2.4 years 2.4 years 2.7 years Weighted-average maturity on unsecured senior debt 2.4 years 2.6 years 2.9 years 3.2 years 3.2 years 3.4 years 3.6 years Weighted-average interest rate on fixed rate debt (includes var. rate swapped to fixed) 6.17% 6.26% 6.28% 6.28% 6.23% 6.23% 6.16% Weighted-average interest rate on variable rate debt 5.37% 5.11% 6.20% 6.60% 0.00% 6.82% 6.19% Weighted-average maturity on fixed rate debt (includes variable rate swapped to fixed) 2.6 years 3.5 years 3.6 years 3.8 years 3.1 years 3.4 years 3.6 years Weighted-average maturity on variable rate debt 0.8 years 1.0 years 0.6 years 0.6 years - 1.1 years 2.0 years
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DEBT SCHEDULES (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 30 Maturity Date (1) Stated Rate (1) Effective Rate (1) 09/30/2026 Balance 12/31/2025 Balance 09/30/2026 Percent of total indebtedness Unsecured senior notes payable $450 MM Notes due 2027 November 15, 2027 3.950% 4.025% 450,000 450,000 18.7% $350 MM Notes due 2028 (8)(9) March 15, 2028 8.800% 8.978% 300,000 350,000 12.5% $550 MM Notes due 2029 (9) April 12, 2029 8.875% 8.519% 460,000 550,000 19.1% $350 MM Notes due 2029 October 1, 2029 4.550% 4.300% 350,000 350,000 14.5% $300 MM Notes due 2031 January 15, 2031 6.125% 6.125% 300,000 300,000 12.5% $27.1 MM Trust Preferred I - Indenture IA (4)(5) March 30, 2035 SOFR + 1.512% 5.141% 27,062 27,062 1.1% $25.8 MM Trust Preferred I - Indenture IB (4)(6) April 30, 2035 SOFR + 1.512% 5.237% 25,774 25,774 1.1% $25.8 MM Trust Preferred II - Indenture II (4)(6) July 30, 2035 SOFR + 1.512% 5.237% 25,774 25,774 1.1% Total unsecured senior notes payable 2.7 (wtd-avg maturity) 6.280% (wtd-avg rate) 1,938,610 2,078,610 80.5% Net original issue premium/(discount) 5,644 7,760 0.2% Unsecured deferred financing costs (9,396) (12,976) (0.4%) 1,934,858 2,073,394 80.3% Unsecured bank facilities $600 MM Revolving Credit Facility (2) June 30, 2027 SOFR + 1.50% 5.370% 137,000 - 5.7% $250 MM Term Loan - Swapped to fixed (3) June 30, 2027 SOFR + 1.70% 5.413% 250,000 250,000 10.4% Total unsecured bank facilities 0.8 (wtd-avg maturity) 5.398% (wtd-avg rate) 387,000 250,000 16.1% Unsecured deferred financing costs (305) (611) (0.0%) Total unsecured bank facilities including deferred financing costs 386,695 249,389 16.0% Secured Loan $57 MM CPACE Loan (10) March 31, 2054 7.310% 7.310% - 57,324 0.0% Secured Construction Loan $178 MM 3025 JFK Construction Loan (7) July 22, 2026 SOFR + 3.60% 6.600% - 178,014 0.0% $90MM Avira Secured Term Loan (7) June 24, 2033 SOFR + 1.85% 5.809% 89,799 - 3.7% Total secured debt payable 6.8 (wtd-avg maturity) 5.809% (wtd-avg rate) 89,799 235,338 3.7% Secured deferred financing costs (1,790) (1,259) (0.1%) 88,009 234,079 3.7% Total debt 2.5 (wtd-avg maturity) 6.121% (wtd-avg rate) 2,415,409 2,563,948 100.2% Net original issue premium/(discount) 5,644 7,760 0.2% Deferred financing costs (11,491) (14,846) (0.5%) Total debt, including net premium/(discount) and deferred financing costs 2,409,562$ 2,556,862$ 100.0% Repayment of Revolving Credit Facility on October 5, 2026 (137,000) Total debt, including net premium/(discount) and deferred financing costs as of October 5, 2026 2,272,562$ (See page 31 for footnotes) Debt Instrument Total unsecured senior notes payable including original issue premium/(discount) and deferred financing costs Total secured debt payable including deferred financing costs
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DEBT MATURITIES (11) (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 31 Bank Facilities Senior Notes Construction Loan Term Loan Total Percent of Debt Maturing Weighted Average Interest (12) - - - - - 0.0% 0.000% 387,000 450,000 - - 837,000 34.7% 4.660% - 300,000 - - 300,000 12.4% 8.978% - 810,000 - - 810,000 33.5% 6.696% - - - - - 0.0% 0.000% - 300,000 - - 300,000 12.4% 6.125% - - - - - 0.0% 0.000% - - 89,799 - 89,799 3.7% 5.809% - - - - - 0.0% 0.000% - 78,610 - - 78,610 3.3% 5.204% - - - - - 0.0% 0.000% 387,000$ 1,938,610$ 89,799$ -$ 2,415,409$ 100.0% 6.121% Page 30 footnotes (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Page 31 footnotes (11) (12) Secured Debt 2030 2031 Thereafter Total The stated rate for unsecured debt and mortgage notes represents its face coupon. The effective rate for unsecured notes and bank facilities incorporates original issue discounts, hedge amortization and the effect of floating to fixed- interest rate swaps. The effective rate for mortgage notes represents the rate incorporating any fair market value adjustments. Maturity dates include available extension options. 2032 2033 2034 On June 30, 2022, we refinanced the revolving credit facility. Under the new terms, the revolving credit facility matures on June 30, 2026 and bears interest at SOFR + 1.40% plus an additional daily SOFR adjustment of 0.10%. The revolving credit facility has two six-month extensions at our election subject to specified conditions and subject to payment of an extension fee. On May 28, 2026, we exercised one of the extension options and extended the revolving credit facility maturity to December 30, 2026. The loan bears interest at SOFR + 1.60% plus an additional daily SOFR adjustment of 0.10%. Effective January 31, 2023, this loan was swapped to a fixed rate at 5.413% through the maturity date. Excludes the effect of any net premium/(discount) on balances or rates. The weighted average calculations include variable rate debt at current rates. On July 1, 2023, the stated rate of interest has been replaced with three-month CME Term SOFR + 1.512%. Effective January 30, 2024, these financial instruments were swapped to a fixed rate at 5.237% for the period January 30, 2024 to January 30, 2027. Effective March 30, 2024, this financial instrument was swapped to a fixed rate at 5.141% for the period March 30, 2024 to December 30, 2026. On June 24, 2026, we closed on a $90 million secured term loan at Avira, the residential component of 3025 JFK located in Philadelphia, Pennsylvania. The loan bears interest at 1.85% over SOFR and has an initial maturity date of June 2033. Effective June 24, 2026, this loan was swapped to an all-in fixed rate of 5.81% through the maturity date. The secured term loan combined with proceeds from our unsecured line of credit funded the retirement of the existing $178 million construction loan on June 23, 2026. During the first quarter of 2026, S&P downgraded the Company's senior unsecured credit rating from BB+ to BB-. As a result of the downgrade, the interest rate on the 2028 Notes increased 50 basis points to 8.80%, effective September 2026, due to the coupon adjustment provisions within the 2028 Notes. On September 29, 2026, we repaid our $57.3 million Commercial Property Assessed Clean Energy ("C-PACE") loan prior to the disposition of the wholly owned office property at 3151 Market Street, located in Philadelphia, Pennsylvania. During the quarter, we retired $50 million of our 8.30% Guaranteed Notes Due 2028 (the "2028 Bonds") and $90 million of our 8.875% Guaranteed Notes Due 2029 (the "2029 Bonds") and recorded $9.2 million loss on extinguishment of debt. The annual saving on the interest is approximately $12.1 million. 2035 2028 2029 Unsecured Debt Maturity Schedule By Year 2026 2027
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DEBT MATURITIES (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 32 % of total 0.0% 34.7% 12.4% 33.5% 0.0% 12.4% 0.0% 3.7% 0.0% 3.3% 0.0% Expiring rate 0.00% 4.66% 8.98% 6.70% 0.00% 6.13% 0.00% 5.81% 0.00% 5.20% 0.00% Unsecured and Secured Debt Floating and Fixed Rate Debt Weighted Weighted Weighted Weighted Average Average Average Average Effective Maturity Effective Maturity Rate (in years) Rate (in years) Unsecured 2,325,610$ 6.133% 2.4 Floating 137,000$ 5.370% 0.8 Secured 89,799 5.809% 6.8 Fixed 2,278,409 6.167% 2.6 Total 2,415,409$ 6.121% 2.5 (a) Total 2,415,409$ 6.121% 2.5 (a) Note: Excludes the effect of any net interest premium/(discount). (a) - We used cash proceeds from the September 30, 2026 sale to paydown the Unsecured Line of Credit. As October 5, 2026, there was no outstanding balance on the Unsecured Line of Credit, which would have resulted in a Weighted Average Maturity of 2.64 years. Debt Amount Debt Amount $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 $700,000 $800,000 $900,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter Construction Loan Bank Facilities, With Extensions Unsecured Notes 5.7% 94.3% Floating Fixed 96.3% 3.7% Unsecured Secured
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DEBT COVENANT COMPLIANCE (unaudited, in millions) BRANDYWINE REALTY TRUST | Page 33 Revolving Credit Agreement dated July 17, 2018 and Second Amended and Restated Credit Agreement dated June 30, 2022 Covenant Required 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Fixed Charge Coverage Ratio (1) >=1.50x 1.78x 1.76x 1.73x 1.80x 1.85x 1.87x 1.89x Leverage Ratio <=60% * 49.8% 50.4% 52.3% 49.9% 48.4% 48.5% 48.1% Unsecured Debt Limitation <=60% * 50.3% 52.5% 53.9% 51.9% 52.3% 52.5% 52.1% Secured Debt Limitation <=40% 7.6% 8.4% 10.3% 10.0% 13.3% 13.8% 13.9% Unencumbered Cash Flow (1) >=1.75x 1.85x 1.88x 1.81x 1.85x 1.84x 1.86x 1.86x * This ratio may exceed 60% at the end of up to four individual quarters provided it does not exceed 65%. (1) - Current quarter calculation that’s projected to improve to above 1.9x once the quarter-end cash is used to reduce debt. First Supplemental Indenture dated May 25, 2005 and Second Supplemental Indenture dated October 4, 2006 Section - Covenant Required 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 1006 (a) - Total Leverage Ratio (2) <60% 56.0% 57.0% 57.8% 56.7% 53.2% 53.4% 51.0% 1006 (b) - Debt Service Coverage Ratio (3) >=1.50x 1.55 1.62 1.68 1.76 1.85 2.01 2.13 1006 (c) - Secured Debt Ratio <40% 2.0% 3.1% 5.0% 5.1% 5.6% 6.5% 6.4% 1006 (d) - Unencumbered Asset Ratio (4) >=150% 165.2% 154.9% 152.3% 155.7% 159.9% 161.2% 169.1% (2) - Current quarter calculation projected to improve to below 54% with fourth quarter debt reduction. (3) - Represents a trailing 12-month calculation that's projected to increase going forward. (4) - Current quarter calculation projected to improve above 170% with fourth quarter debt reduction.
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JV PROPERTY OVERVIEW (unaudited, in thousands, except square footage) BRANDYWINE REALTY TRUST | Page 34 Location Initial Project Value (a) Number of Properties Net Operating Income (Loss) (YTD) Rentable Square Feet/Units Percent Occupied Percent Leased (b) Net Operating Income (YTD) BDN Ownership % Operating Properties Commerce Square Philadelphia, PA 600,000$ 2 28,425$ 1,896,142 84.6% 88.4% 24,162$ 85% Cira Square Philadelphia, PA 392,488 1 20,837 862,692 100.0% 100.0% 4,167 20% Mid-Atlantic Office (d) Various 192,943 10 - 998,516 56.4% 58.2% - 20% Total 13 49,263$ 3,757,350 28,329$ Development Properties One Uptown - Office Austin, TX 163,890 1 35 362,679 43.1% 96.7% 25 72% JBG Ventures (c) Washington, D.C. 23,447 2 (708) - - N/A (496) 70% Total 16 48,590$ 27,859$ 306,663$ (a) (b) (b) (c) (d) As of September 30, 2026 BDN's Share Unconsolidated Real Estate Ventures BDN Investment in Unconsolidated Real Estate Ventures at 9/30/26 Amount represents the total fair value of the real estate ventures upon acquisition. For ventures that are ground up developments, the amount represents the total construction costs incurred through the date the assets are placed into service. Gross asset value represents net assets on the balance sheet of each venture plus accumulated depreciation. Gross assets do not include any fully depreciated or disposed of assets. For ventures that are ground up developments, the amount represents the total construction costs, including cash. This venture represents vacant land. Includes leases entered into through September 30, 2026 that will commence subsequent to the end of the current period. The Company will receive a 12.5% return on its preferred equity investment.
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JV DEBT SCHEDULE (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 35 Operating Properties (6) Commerce Square JV (2) 85% June 6, 2028 7.7875% 220,000$ 187,000$ Cira Square JV (3) 20% June 1, 2029 8.817% 160,000 32,000 Mid-Atlantic Office JV (4) 20% August 9, 2029 SOFR + 3.00% 50,044 10,009 Development Properties One Uptown - Office (5) 72% July 29, 2028 SOFR + 3.00% 68,211 49,112 Total third-party debt 498,255$ 278,121$ (1) (2) (3) (4) (5) (6) 09/30/2026 BDN Share The stated rate for mortgage notes is its face coupon. On May 6, 2024 we refinanced the mortgage debt for our Cira Square Venture, through a new $160.0 million mortgage loan. The new mortgage bears a stated interest rate of 8.817% per annum and matures in June 2029. On June 2, 2023 we refinanced the mortgage debt for our Commerce Square Venture, through a new $220.0 million mortgage loan. The new mortgage bears an all-in fixed interest rate of 7.7875% per annum and matures in June 2028. In connection with the financing transaction, the Company contributed $46.5 million to the Commerce Square Venture in exchange for an additional common equity interest. The loan is open for prepayment in June 2025, with defeasance. BDN Ownership PercentageDebt Instrument Maturity Date Stated Rate (1) 09/30/2026 Balance The maximum amount available to draw on the construction loan is $121.7 million. This loan is also subject to a 10 basis point SOFR spread adjustment. In May 2026, the Venture extended the maturity to July 29, 2028 with its existing lender. The total loan capacity was reduced from $121.7 million to $108.9 million. On August 9, 2024 we refinanced the mortgage debt for our Mid-Atlantic Venture. The new outstanding principal balance is $62.0 million and bears an interest rate of SOFR + 3.00%. Subsequent sales of properties in the portfolio have reduced the outstanding balance. The loan matures in August 2027 and has two 1-year extensions. All operating property joint venture indebtedness is non-recourse to Brandywine.
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JV DEBT SUMMARY (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 36 Maturity Schedule By Year Scheduled Amortization Balloon Payments Total Partners' Share BDN Share Percent of BDN Share Maturing 2026 - - - - - 0.0% 0.000% 2027 - - - 0.0% 0.000% 2028 - 288,211 288,211 52,099 236,112 84.9% 7.624% 2029 - 210,044 210,044 168,035 42,009 15.1% 8.360% 2030 - - - - - 0.0% 0.000% Thereafter - - - - - 0.0% 0.000% Total -$ 498,255$ 498,255$ 220,134$ 278,121$ 100.0% 7.735% % of total 0.0% 0.0% 0.0% 0.0% 84.9% 15.1% 0.0% 0.0% 0.0% 0.00% 0.00% 7.62% 8.36% 0.00% 0.00% Secured Debt Weighted Average Interest Rate of Maturing Debt (a) (a) The weighted average calculations include variable rate debt at current rates. $- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 2026 2027 2028 2029 2030 Thereafter BDN Share Partners' Share
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Q3 2026 ANALYST AND COMPANY INFORMATION BRANDYWINE REALTY TRUST | Page 37 Equity Research Coverage Company Information Any opinions, estimates, forecasts or predictions regarding Brandywine Realty Trust's performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Brandywine Realty Trust or its management. Brandywine does not by its refer ence above or distribution imply its endorsement of or concurrence with such opinions, estimates, forecasts or predictions. Citigroup Seth Bergey 212-816-2066 Evercore ISI Steve Sakwa 212-446-9462 Green Street Advisors Dylan Burzinski 949-640-8780 JP Morgan Anthony Paolone 212-622-6682 Truist Securities Michael R. Lewis 212-319-5659 Keybank Upal Rana 917-368-2316 Corporate Headquarters 2929 Arch Street Suite 1800 Philadelphia, PA 19104 610-325-5600 Stock Exchange Listing New York Stock Exchange Trading Symbol Common Shares: BDN Information Requests To request an Investor Relations package or annual report, please contact: IR@bdnreit.com Toll free within Canada and the United States: 866-426-5400 Investor Relations Tom Wirth 2929 Arch Street Suite 1800 Philadelphia, PA 19104 610-325-5600 Senior Unsecured Debt Ratings Moody's / Standard & Poor's Available upon request
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Q3 2026 DISCLAIMER AND OTHER INFORMATION BRANDYWINE REALTY TRUST | Page 38 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 to that of other real estate investment trusts (“REITs”). Since these measures exclude certain items includable in their respective most comparable GAAP measures, reliance on the measures has limitations; management uses supplemental measures that are weighed in balance with other GAAP and non-GAAP measures. These measures are not necessarily indications of our cash flow available to fund cash needs. Additionally, they should not be used as an alternative to the respective most comparable GAAP measures when evaluating our financial performance or to cash flow from operating, investing and financing activities when evaluating our liquidity or ability to make cash distributions or pay debt service. Funds From Operations (FFO) and Core Funds from Operations (“Core FFO”) We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (NAREIT), which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than us. NAREIT defines FFO as net income (loss) before non-controlling interests of common unitholders and excluding gains (losses) on sales of depreciable operating property, impairment losses on depreciable consolidated real estate, impairment losses on investments in unconsolidated real estate ventures and extraordinary items (computed in accordance with GAAP); plus real estate related depreciation and amortization (excluding amortization of deferred financing costs), and after similar adjustments for unconsolidated joint ventures. Core FFO is a computation made by analysts and investors to measure a real estate company’s operating performance by removing the effect of items that do not reflect ongoing property operations, including items such as (gains) losses from sales of non-depreciable land and debt extinguishment costs from the determination of FFO. Our calculation of Core FFO may differ from the methodology used for calculating Core FFO by other REITs and, accordingly, our Core FFO may not be comparable to Core FFO reported by other REITs. To facilitate a clear understanding of our historical operating results, FFO and Core FFO should be examined in conjunction with net income (determined in accordance with GAAP) as presented in the financial statements included elsewhere in this release. Neither FFO nor Core FFO represent cash flow from operating activities (determined in accordance with GAAP) and should not be considered to be an alternative to net income (loss) (determined in accordance with GAAP) as an indication of our financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor are they indicative of funds available for our cash needs, including our ability to make cash distributions to shareholders. We generally consider FFO, Core FFO, FFO per share and Core FFO per share to be useful measures for understanding and comparing our operating results because they facilitate an understanding of our operating performance after adjustment for certain non-recurring items that are required by GAAP to be expensed but may not necessarily be indictive of current operating performance and our operating performance between periods. Furthermore, although FFO, Core FFO and other supplemental performance measures are defined in various ways throughout the REIT industry, we believe that FFO and Core FFO may provide us and our investors with an additional useful measure to compare our financial performance to certain other REITs. Cash Available for Distribution (CAD) Cash available for distribution, CAD, is a measure that is not intended to represent cash flow for the period and is not indicative of cash flow provided by operating activities as determined under GAAP. CAD is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company’s ability to fund its dividends. Although not intended to represent cash flow for the period, the Company believes that to further understand our liquidity, CAD should be compared with our cash flows determined in accordance with GAAP, as presented in our consolidated financial statements. Because all companies do not calculate CAD the same way, the presentation of CAD may not be comparable to similarly titled measures of other companies. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDAre) EBITDAre is a non-GAAP financial measure. The Company computes EBITDAre in accordance with standards established by NAREIT, which may not be comparable to EBITDAre reported by other REITs that do not compute EBITDAre in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than the Company. EBITDAre is defined as net income (loss) (computed in accordance with GAAP), plus interest expense, plus income tax expense (if any), plus depreciation and amortization, plus (minus) losses and gains on the disposition of depreciated property, plus impairment write-downs of depreciated property and investments in unconsolidated real estate ventures, plus adjustments to reflect the Company's share of EBITDAre of unconsolidated real estate ventures. EBITDAre is not intended to represent cash flow for the period, is not presented as an alternative to operating income as an indicator of operating performance, should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP and is not indicative of operating income or cash provided by operating activities as determined under GAAP. EBITDAre is presented solely as a supplemental disclosure with respect to liquidity because the Company believes it provides useful information regarding the Company's ability to service or incur debt. The Company has included two EBITDA-based coverage ratios (an interest coverage ratio and a debt service coverage ratio) and other leverage metrics, which are non-GAAP financial measures. The Company has provided these ratios so that investors may evaluate the non-GAAP ratios and the Company is providing such ratios as supplemental disclosure with respect to liquidity because the Company believes such ratios provide useful information regarding the Company's ability to service or incur debt. Net Operating Income (NOI) NOI is a non-GAAP financial measure equal to net income available to common shareholders, the most directly comparable GAAP financial measure, plus corporate general and administrative expense, depreciation and amortization, interest expense, noncontrolling interest in the Operating Partnership and losses from early extinguishment of debt, less interest income, development and management income, gains from property dispositions, gains on sale from discontinued operations, gains on early extinguishment of debt, income from discontinued operations, income from unconsolidated real estate ventures and noncontrolling interest in property partnerships. In some cases the Company also presents NOI on a cash basis, which is NOI after eliminating the effects of straight-lining of rent and deferred market intangible amortization. NOI presented by the Company may not be comparable to NOI reported by other REITs that define NOI differently. Cash NOI provides revenues and expenses directly associated with our portfolio of real estate and provides meaningful information about occupancy rates, rental rates and operating costs that may not be apparent from net income. NOI should not be considered an alternative to net income as an indication of our performance or to cash flows as a measure of the Company's liquidity or its ability to make distributions.
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Q3 2026 DISCLAIMERS AND OTHER INFORMATION (CONTINUED) BRANDYWINE REALTY TRUST | Page 39 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 order to provide results that are more closely related to a property's results of operations. The Company uses NOI internally to evaluate the performance of our operating segments and to make decisions about resource allocations. The Company believes it provides useful information to investors regarding our financial condition and results of operations, as it reflects only the income and expense items incurred at the property level, as well as the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unlevered basis. Same Store Properties In our analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by us throughout each period presented. We refer to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by us through the end of the latest period presented as Same Store Properties. Same Store Properties therefore exclude properties placed in-service, acquired, repositioned, held for sale or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store Properties. Revenue Maintaining Capital Expenditures Revenue maintaining capital expenditures are a component of the Company’s CAD calculation and represent the portion of capital expenditures (including the Company's share of unconsolidated joint ventures) required to maintain the Company’s current level of cash available for distribution. Revenue maintaining capital expenditures include current tenant improvement and allowance expenditures for all tenant spaces that have been owned for at least one year, and that were not vacant during the twelve-month period prior to the date that the tenant improvement or allowance expenditure was incurred. Revenue maintaining capital expenditures also include other expenditures intended to maintain the Company's current revenue base. Accordingly, the Company excludes capital expenditures related to development and redevelopment projects, as well as certain projects at our core properties that are intended to attract prospective tenants in order to increase revenues and/or occupancy rates. Because all companies do not calculate revenue maintaining capital expenditures the same way, the Company’s presentation may not be comparable to similarly titled measures of other companies. The Statements of Cash Flows prepared in accordance with GAAP include both the costs associated with developing/redeveloping and acquiring properties and those expenditures necessary for operating and maintaining existing properties. Disaggregating capital expenditures into Revenue Maintaining Capital Expenditures and Revenue Creating Capital Expenditures is useful in evaluating both the economic performance of our properties and their valuation. Revenue Creating Capital Expenditures Revenue creating capital expenditures include direct and indirect capital expenditures (including the Company's share of unconsolidated joint ventures) related to current tenant spaces that have not been owned for at least a year or were vacant for more than a year. Because all companies do not calculate revenue creating capital expenditures the same way, the Company’s presentation may not be comparable to similarly titled measures of other companies. Speculative Revenue Speculative revenue represents the amount of rental revenue that the Company projects to be recorded during the current calendar year from new and renewal leasing activity in our core portfolio that has yet to be executed as of the beginning of the year. This revenue is primarily attributable to the absorption of portfolio square footage that was either vacant at the beginning of the year or due to expire at some point during the year. Forward Looking Statements Certain statements in this package may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. Because such statements involve known and unknown risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These forward-looking statements, including our 2026 Guidance and our 2026 Business Plan and expectations for timing and terms of developments, sales, capital activities, bond repurchases and common share buybacks, are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and not within our control. Such risks, uncertainties and contingencies include, among others: reduced demand for office space and pricing pressures, including from competitors, changes to tenant work patterns that could limit our ability to lease space or set rents at expected levels or that could lead to declines in rent; uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital or that delay receipt of future debt financings and refinancings; the effect of inflation and interest rate fluctuations, including on the costs of our planned debt financings and refinancings; the potential loss or bankruptcy of tenants or the inability of tenants to meet their rent and other lease obligations; risks of acquisitions and dispositions, including unexpected liabilities and integration costs; delays in completing, and cost overruns incurred in connection with, our developments and redevelopments; disagreements with joint venture partners; unanticipated operating and capital costs; uninsured casualty losses and our ability to obtain adequate insurance, including coverage for terrorist acts; additional asset impairments; our dependence upon certain geographic markets; changes in governmental regulations, tax laws and rates and similar matters; impacts from changes to U.S. trade and foreign relations policies, including the imposition of tariffs; impacts of a U.S. government shutdown; unexpected costs of REIT qualification compliance; costs and disruptions as the result of a cybersecurity incident or other technology disruption; reliance on key personnel; and failure to maintain an effective system of internal control, including internal control over financial reporting. The declaration and payment of future dividends (both timing and amount) is subject to the determination of our Board of Trustees, in its sole discretion, after considering various factors, including our financial condition, historical and forecast operating results, and available cash flow, as well as any applicable laws and contractual covenants and any other relevant factors. Our Board’s practice regarding declaration of dividends may be modified at any time and from time to time. Additional information on factors which could impact the Company and the forward-looking statements contained herein are included in the Company’s filings with the Securities and Exchange Commission, including the Company’s Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 23, 2026. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events except as required by law.