BRANDYWINE REALTY TRUSTBDN
BRANDYWINE REALTY TRUST Segments Disclosure
18. SEGMENT INFORMATION
As of December 31, 2025, the Company owns and manages properties within four segments: (1) Philadelphia Central Business District (“Philadelphia CBD”), (2) Pennsylvania Suburbs, (3) Austin, Texas and (4) Other. The Philadelphia CBD segment includes properties located in the City of Philadelphia, Pennsylvania. The Pennsylvania Suburbs segment includes properties in Chester, Delaware, and Montgomery counties in the Philadelphia suburbs. The Austin, Texas segment includes properties in the City of Austin, Texas. The Other segment includes properties located in Washington, D.C., Northern Virginia, Southern Maryland, Camden County, New Jersey and New Castle County, Delaware. In addition to the four segments, the corporate group is responsible for cash and investment management, development/redevelopment of certain real estate properties during the construction period, and certain other general support functions. Land held for development and construction in progress is transferred to operating properties by region upon completion of the associated construction or project.
Brandywine’s President and Chief Executive Officer has been identified as Brandywine’s Chief Operating Decision Maker (“CODM”), as defined in ASC 280. The CODM evaluates Brandywine's portfolio and assesses the ongoing operations and
performance of its projects utilizing the geographic segments listed above. The following tables provide selected asset information and results of operations of the Company’s reportable segments (in thousands):
| Real estate investments, at cost: | ||||||||||||||
| December 31, 2025 | December 31, 2024 | |||||||||||||
| Philadelphia CBD | $ | 2,080,220 | $ | 1,549,463 | ||||||||||
| Pennsylvania Suburbs | 883,218 | 869,179 | ||||||||||||
| Austin, Texas | 510,030 | 671,150 | ||||||||||||
| Total Core Segments | 3,473,468 | 3,089,792 | ||||||||||||
| Other | 280,312 | 277,755 | ||||||||||||
| Operating Properties | $ | 3,753,780 | $ | 3,367,547 | ||||||||||
| Corporate | ||||||||||||||
| Prepaid ground leases, net | $ | 51,399 | $ | 7,233 | ||||||||||
| Right of use asset - operating leases, net | $ | 17,806 | $ | 18,412 | ||||||||||
| Construction-in-progress | $ | 118,543 | $ | 94,628 | ||||||||||
| Land held for development | $ | 70,405 | $ | 81,318 | ||||||||||
| Prepaid leasehold interests in land held for development, net | $ | 27,762 | $ | 27,762 | ||||||||||
Net operating income:
| Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total revenue | Operating expenses (a) | Net operating income | Total revenue | Operating expenses (a) | Net operating income | Total revenue | Operating expenses (a) | Net operating income | ||||||||||||||||||||||||||||||||||||||||||||||||
| Philadelphia CBD | $ | 231,914 | $ | (86,837) | $ | 145,077 | $ | 225,986 | $ | (81,061) | $ | 144,925 | $ | 230,933 | $ | (79,579) | $ | 151,354 | ||||||||||||||||||||||||||||||||||||||
| Pennsylvania Suburbs | 126,766 | (39,748) | 87,018 | 125,011 | (38,822) | 86,189 | 129,300 | (39,584) | 89,716 | |||||||||||||||||||||||||||||||||||||||||||||||
| Austin, Texas | 67,328 | (27,269) | 40,059 | 87,208 | (34,033) | 53,175 | 95,505 | (38,453) | 57,052 | |||||||||||||||||||||||||||||||||||||||||||||||
| Other | 40,128 | (18,623) | 21,505 | 42,139 | (20,698) | 21,441 | 39,306 | (21,134) | 18,172 | |||||||||||||||||||||||||||||||||||||||||||||||
| Corporate | 18,318 | (12,717) | 5,601 | 25,173 | (12,716) | 12,457 | 19,607 | (11,197) | 8,410 | |||||||||||||||||||||||||||||||||||||||||||||||
Operating properties | $ | 484,454 | $ | (185,194) | $ | 299,260 | $ | 505,517 | $ | (187,330) | $ | 318,187 | $ | 514,651 | $ | (189,947) | $ | 324,704 | ||||||||||||||||||||||||||||||||||||||
(a)Includes property operating expense, real estate taxes and third party management expense.
| Unconsolidated real estate ventures: | ||||||||||||||||||||||||||||||||
| Investment in real estate ventures, at equity | Equity in income (loss) of real estate venture | |||||||||||||||||||||||||||||||
| As of | Year ended December 31, | |||||||||||||||||||||||||||||||
| December 31, 2025 | December 31, 2024 | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||
| Philadelphia CBD | $ | 215,078 | $ | 452,334 | $ | (30,457) | $ | (155,567) | $ | (25,793) | ||||||||||||||||||||||
| Mid-Atlantic Office JV | 10,877 | 10,844 | 133 | 7,141 | (26,448) | |||||||||||||||||||||||||||
| MAP Venture | — | — | — | (6,542) | (10,581) | |||||||||||||||||||||||||||
| Austin, Texas | 71,611 | 90,495 | (26,646) | (4,001) | — | |||||||||||||||||||||||||||
Other | $ | 16,760 | $ | 16,782 | $ | (711) | $ | (32,616) | $ | (15,093) | ||||||||||||||||||||||
| Total | $ | 314,326 | $ | 570,455 | $ | (57,681) | $ | (191,585) | $ | (77,915) | ||||||||||||||||||||||
Net operating income (“NOI”) is a non-GAAP financial measure, which we define as total property revenue less property operating expenses, real estate taxes, and third party management expenses. Property operating expenses that are included in determining NOI consist of costs that are necessary and allocable to our operating properties such as utilities, property-level salaries, repairs and maintenance, property insurance and management fees. General and administrative expenses that are not reflected in NOI primarily consist of corporate-level salaries, amortization of share awards and professional fees that are incurred as part of corporate office management. NOI presented by the Company may not be comparable to NOI reported by other companies that define NOI differently. NOI is the primary measure that is used by the Company's CODM to evaluate the operating performance of the Company's real estate assets by segment. The CODM utilizes NOI as we believe it provides useful information regarding the financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. While NOI is a relevant and widely used measure of operating performance of real estate investment trusts, it does not represent cash flow from operations or net income as defined by
GAAP and should not be considered as an alternative to those measures in evaluating our liquidity or operating performance. NOI does not reflect interest expenses, real estate impairment losses, depreciation and amortization costs, capital expenditures and leasing costs. The Company believes that net income (loss), as defined by GAAP, is the most appropriate earnings measure. The following is a reconciliation of consolidated net income (loss), as defined by GAAP, to consolidated NOI, (in thousands):
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Net loss | $ | (178,867) | $ | (196,487) | $ | (197,403) | ||||||||||||||
| Plus: | ||||||||||||||||||||
| Interest expense | 134,955 | 116,306 | 95,456 | |||||||||||||||||
| Interest expense - amortization of deferred financing costs | 5,119 | 5,000 | 4,369 | |||||||||||||||||
| Depreciation and amortization | 176,428 | 178,168 | 188,797 | |||||||||||||||||
| General and administrative expenses | 42,031 | 42,781 | 34,862 | |||||||||||||||||
| Equity in loss of unconsolidated real estate ventures | 57,681 | 191,585 | 77,915 | |||||||||||||||||
| Provision for impairment | 63,392 | 44,655 | 131,573 | |||||||||||||||||
| Gain (loss) on early extinguishment of debt | 12,244 | (941) | (138) | |||||||||||||||||
| Less: | ||||||||||||||||||||
| Interest and investment income | 4,402 | 3,847 | 1,671 | |||||||||||||||||
| Income tax provision | (112) | (14) | (72) | |||||||||||||||||
| Net gain on disposition of real estate | 9,396 | 2,297 | 7,736 | |||||||||||||||||
| Net gain (loss) on sale of undepreciated real estate | (146) | — | 1,211 | |||||||||||||||||
| Net gain on real estate venture transactions | 183 | 56,750 | 181 | |||||||||||||||||
| Consolidated net operating income | $ | 299,260 | $ | 318,187 | $ | 324,704 | ||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 21, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 24, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Feb 22, 2019 | |
| 2017 | Feb 23, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.