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Supplemental Information Package S U PPL E M E N TA L I N F O R M ATIO N P A C K A G E 2019 THIRD Q U A R T E R Table of Contents Page Executive Summary 3 2019 Business Plan Trend Line 5 Investor Day 2018 - 2021 Forward Guidance Ranges 6 2020 Business Plan Highlights 7 Sources and Uses of Cash and Cash Equivalents 8 Regional Property Overviews 9 Net Operating Income Composition 12 Development Activity 13 Land Inventory 17 Property Activity 18 Leasing Activity 20 Lease Expiration Analysis 22 Top Twenty Tenants 24 Portfolio Tenant Mix 25 Income Statements 26 Same Store Net Operating Income Comparison 27 EBITDA and EBITDA Coverage Ratios 29 Funds from Operations and Cash Available for Distribution 30 Balance Sheets and Related Information 32 Above: Schuylkill Yards, Philadelphia, PA Debt Schedules 35 Cover (from L to R): 650 Park Avenue, King of Prussia, PA; 1676 International Drive, Unconsolidated Real Estate Ventures 40 Metro D.C.; 500 North Gulph Road, King of Prussia, PA; 4040 Wilson, Metro D.C.; Drexel Square, Philadelphia, PA; 405 Colorado Street, Austin, Texas Analyst and Company Information 43 Disclaimers and Other Information 44 Q3 2019 Executive Summary (unaudited in millions, except square footage and acreage) BRANDYWINE REALTY TRUST | Page 3 Transaction Highlights 155 King of Prussia Rd | Radnor, PA Broadmoor, Block A | Austin, TX 650 Park Avenue Rendering | King of Prussia, PA Dispositions On September 11, 2019, we completed the sale of an office building located at 1900 Gallows Road in Vienna, Virginia, containing 210,632 square feet, for a gross sales price of $36.4 million. We received net cash proceeds of $35.9 million and recorded a nominal loss on sale. The property was 58.8% leased. On August 29, 2019, the Allstate DC JV, in which we own a 50% interest, transferred an office building located at 3130 Fairview Park in Falls Church, Virginia, to the lender in full satisfaction of the $26.0 million outstanding mortgage debt. The building contained 180,659 square feet and was 35.1% leased. Our share of the gain on debt forgiveness was $2.2 million. Financing Transactions On October 10, 2019, issued $100.0 million of 4.100% guaranteed notes due 2024 and $100.0 million of 4.550% guaranteed notes due 2029 for a combined net proceeds of $214.3 million, which were used to repay the $145.5 million outstanding on the line of credit. The notes dues 2024 and 2029 were issued at premiums of 6.315% and 10.058% representing yield to maturities of 2.669% and 3.331%, respectively. Schuylkill Yards | Philadelphia, PA Note: Definitions for commonly used terms in this Supplemental Information Package are on pages 42 and 43 'Disclaimers and Other Information.' Q3 2019 Executive Summary (unaudited in thousands, except per share data and square footage) BRANDYWINE REALTY TRUST | Page 4 Leasing Highlights Q3 2019 Q2 2019 Quarter end occupancy 93.2% 93.0% Current projected / Prior year end occupancy 94-95% 94-95% Leased as of October 11, 2019 / July 9, 2019 95.5% 95.9% Leases executed in quarter (sq ft) 577,385 651,292 New leases commenced (sq ft) 170,612 139,885 Expansions commenced (sq ft) 106,295 80,323 Leases renewed (sq ft) 240,904 95,926 Total lease activity (sq ft) 517,811 316,134 Early lease renewals (sq ft) 428,192 157,234 Forward lease commencements (sq ft): Q4 2019 217,233 2020 165,962 Total square feet of forward lease commencements: 383,195 500 North Gulph Road | King of Prussia, PA 10/11/2019 Business Key Operating Metrics Q3 2019 YTD 2019 Plan Financial Highlights Q3 2019 Q2 2019 YTD 2019 Same Store NOI Growth Net income (loss) to common shareholders $6,679 $6,112 $17,195 GAAP -1.3% -1.2% 0.0% - 2.0% Per diluted share $0.04 $0.03 $0.10 Cash 0.6% 1.9% 1.0% - 3.0% Common share distributions paid $0.19 $0.19 $0.38 Rental Rate Mark to Market (a) New Leases/expansions Funds From Operations (FFO) $64,023 $62,215 $186,314 GAAP 13.3% 13.9% Per diluted share $0.36 $0.35 $1.05 Cash 5.2% 7.3% FFO - excl. capital market, transactional items and other $63,773 $60,689 $183,537 Renewals Per diluted share $0.36 $0.34 $1.03 GAAP 6.5% 11.8% FFO payout ratio - excl. capital market, trans. items and other 52.8% 55.9% 55.3% Cash 3.5% 3.5% Combined Cash Available for Distribution (CAD) $44,334 $44,591 $136,367 GAAP 9.3% 12.4% 11.0% - 12.0% CAD payout ratio (Distributions paid / CAD) 76.1% 75.7% 74.2% Cash 4.2% 4.6% 4.0% - 5.0% Average Lease Term (yrs) 7.9 7.4 7.5 Balance Sheet Highlights Q3 2019 Q2 2019 Q1 2019 Leasing Capital as a % of Lease Revenue 16.5% 14.7% 15.0% Net debt to total gross assets 41.8% 42.0% 42.0% Ratio of net debt to annualized quarterly EBITDA 6.3 6.6 6.5 Tenant Retention 72% 72% 66% Cash on hand $29,925 $31,573 $14,449 (a) Calculations based on revenue maintaining leasing activity. See definition on page 44. Business Plan Trend Line (unaudited) BRANDYWINE REALTY TRUST | Page 5 2019 Business Plan as of Business Plan Component 2020 Business Plan 10/11/2019 7/19/2019 10/10/2018 Speculative Revenue $31.0 MM $32.0 MM $32.0 MM $31.0 MM Executed 50% 100% 99% 65% Projected Tenant Retention (SF) 65% 66% 65% 57% Same Store NOI Increase • GAAP 2.0% - 4.0% 0.0% - 2.0% 0.0% - 2.0% 0.0% - 2.0% • Cash 0.0% - 2.0% 1.0% - 3.0% 1.0% - 3.0% 1.0% - 3.0% Capital as a % of lease revenue 14.0% - 15.0% 15.0% 14.0% 14.0% Average Lease Term 8.0 years 7.5 years 7.4 years 7.3 years Net Income Attributable to Common Shareholders $0.24 - $0.34 $0.14 - $0.16 $0.17 - $0.21 $0.36 - $0.46 Funds from Operations, excluding capital market, transactional items and other $1.41 - $1.51 $1.41 - $1.43 $1.40 - $1.44 $1.37 - $1.47 Cash Available for Distribution Payout Ratio Annualized 78% - 71% (3) 74% - 68% (2) 74% - 68% (2) 70% - 64% Rental Rate Increase / (Decline) Combined Combined Combined Combined • GAAP 17.0% - 19.0% 11.0% - 12.0% 11.0% - 12.0% 8.0% - 10.0% • Cash 8.0% - 10.0% 4.0% - 5.0% 4.0% - 5.0% 2.0% - 4.0% Year-end SS Occupancy 94-95% 94-95% 94-95% 94-95% Year-end Core Occupancy 94-95% 94-95% 94-95% 94-95% Year-end Core Leased 95-96% 95-96% 95-96% 95-96% Bank Financing/Preferred Shares None Incorporated None Incorporated None Incorporated None Incorporated Issued $200.0 MM of unsecured Payoff $80.5 MM mortgage Financing/Liability Management notes at an average yield to None Incorporated None Incorporated loan on 5/1/20 maturity of 3.0% Repurchased and retired Repurchased and retired Equity Issuance/Share Repurchase Program None Incorporated 550,000 common shares for 550,000 common shares for None Incorporated $7.1 MM $7.1 MM Dispositions (excluding land) None Incorporated $36.4 MM None Incorporated None Incorporated Acquisitions (excluding land) $20.0 MM (4) None Incorporated None Incorporated None Incorporated Development Start 2 starts $114.0 MM (1) $114.0 MM (1) $50.0 MM - $110.0 MM (1) Commenced development at 405 Colorado St., in Austin, Texas, during Q1 2019. Expected total project cost is $114.0 million. (2) Adjusted for annual dividend increase from $0.72 per share on 10/10/18 to $0.76 per share in December 2018. (3) Includes $0.10 per share reduction for the re-tenanting of 1676 International Drive. (4) Represents the previously announced acquisition of 250 King of Prussia Rd, Radnor, PA. Investor Day (May 2017) 2018 - 2021 Forward Guidance Ranges (unaudited) BRANDYWINE REALTY TRUST | Page 6 2018 - 2021 2019 Business Plan 2020 Business Plan Operations ■ Leased 95-96% 95-96% 95-96% ■ Annual Same Store Cash NOI Growth 2-5% 1-3% 0-2% ■ Capital Costs as a % of Lease Revenues 10-15% 15% 14-15% ■ Complete Exit of New Jersey, Delaware & Suburban Maryland Ongoing Balance Sheet ■ Debt/EBITDA by Q4 6.0x by 4Q18 (achieved) 6.0x-6.3x 6.1x-6.3x ■ Reduce Current JV Net Investment (based on debt attribution as of Q1 2017) 40-50% 55% cumulative reduction (a) 55% cumulative reduction ■ AFFO 2018-2020 Cumulative Growth Rate 5-7% 6.5% (b) 3.0% (b) Development ■ Discipline Development Pipeline: Deploy Land into Projects to Create Value 3 Project Starts (d) 1 Project Start 2 Project Starts ■ Match Fund Development with Additional Sales Ongoing; development spend pre-funded with asset sales Cumulative $79 million (52%) sold, Cumulative $83 million (54%) sold, Monetize 50% ($76 million) ■ Land Bank as of Investor Day (Q1 2017) (c) under agreement to sell or under agreement to sell or (achieved) contributed to development start contributed to development start (a) Includes debt placed on Rockpoint JV during Q1 2019. (b) Represents the combined 2018 actual growth rate (11%), 2019 business plan growth rate (2%) and 2020 business plan growth rate (-5%). (c) Land inventory, as a percentage of Total Assets, decreased from 3.7% as of April 1, 2017 to 3.3% as of September 30, 2019.
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