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View Annual Report BrandywineRealtyTrust | 2006 ANNUAL REPORT Brandywine Realty Trust (NYSE: BDN), with headquarters in Radnor, PA, is one of the largest full-service, completely integrated real estate companies in the nation. Organized as a real estate investment trust (REIT), Brandywine has a $6 billion market capitalization and develops, owns, leases, acquires, manages or has ownership interest in office and industrial properties aggregating 43 million square feet. Regional offices are located in Philadelphia, PA; Metropolitan Washington D.C.; Richmond, VA; Mt. Laurel and Lawrenceville, New Jersey; Oakland and San Diego CA; and Austin and Dallas, TX. To our shareholders: 2006 was an extraordinary year for BrandywineRealtyTrust. Our $2.7 billion merger with Prentiss Properties Trust in January effectively doubled the size of our company to $5.5 billion of total assets. As the year progressed, we executed a comprehensive integration process in which the best practices of each company were identified, refined and implemented across the combined company. Our integration process was collaborative, disciplined and incorporated every aspect of our business, and has resulted in a stronger and deeper platform for our future real estate activities. Throughout 2006, we sustained the momentum of our successful Prentiss merger with a series of value-oriented initiatives, including: Focused Developments: We made significant progress on six ground-up development projects and three major redevelopments aggregating 1.4 million square feet, and are actively marketing the associated office space to prospective tenants. During the year, we completed and leased $215.4 million of prior office developments at attractive yields, including the 99% lease-up of our award-winning, Cira Centre® office tower development. Targeted Acquisitions: We purchased five individual office properties for a total of $227.3 million, and in each case, enhanced our position in an existing market. We also purchased a parking garage property for $2.3 million and four land parcels for a total of $15.7 million, all of which are slated for future development projects. Capital Recycling: We took advantage of strong investment markets to sell 23 non-core properties and four surplus land parcels for total proceeds of $496.5 million generating $34.4 million of net gains. Leasing and Tenant Service: We achieved 445,000 square feet of net absorption in our core portfolio, resulting in year-end occupancy of 91.5% and cumulative future leasing of 93.2%. Along with the quality of our properties, our innovative eTenants portal is a key factor in our high retention ratio and facilitates our delivery of outstanding tenant service. Financial Initiatives: We strengthened our balance sheet through the issuance of $895 million of long-term, fixed rate, unsecured debt. We also repurchased approximately 3.0 million of our common shares at a cost of $94.4 million to take advantage of their relative value and our excess liquidity. These efforts have resulted in a more diversified geographic footprint, a flexible and conservative balance sheet, and expanded tenant and local relationships. As a shareholder in Brandywine Realty Trust, you benefited from these activities, with a total return of 26.1% for 2006, and 28.1%, 49.3% and 119.0% for the one, three and five year periods through February 28, 2007, respectively. Our business model continues to emphasize the ownership, development, acquisition and management of class-A, suburban and urban office buildings in selected markets throughout the United States. We now own or manage approximately 43 million square feet, and are optimistic that improving conditions in each of our markets will enable us to improve our rental profile encompassing rental rates, lease terms and the associated capital expenditures. Our focused regional approach allows us to concentrate our resources, achieve operational efficiencies and benefit from local market expertise. At the same time, the locations of our six major office developments – Oakland, CA; Austin, TX; Plymouth Meeting, PA; Richmond and Herndon, VA; and Lawrenceville, NJ – highlight the diversity of our markets and our expanded growth opportunities. We believe our strategy will enable us to deliver a steadily-growing stream of earnings and cash flow to support our shareholder distributions and fund our investment initiatives. Brandywine’s success reflects the hard work and dedication of more than 600 associates who maintain our buildings, lease our space, track our financial progress and ensure the steady progress and operation of our properties. I also salute the leadership of our talented Board of Trustees, whose guidance and oversight serve us well. We recently enhanced our senior management team, naming Howard Sipzner as our Executive Vice President and Chief Financial Officer and appointing Darryl Dunn as our Chief Accounting Officer and Robert “RJ” Juliano as our Chief Information Officer. Howard, Darryl and RJ join our existing officers to strengthen an already talented and experienced management team. We move forward in 2007 with great anticipation. We believe we have a strong market position, are financially sound and well-positioned for future growth, and have the best employees and manage- ment team with which to execute our strategic objectives. As always, we will continue to seek to maximize your total shareholder return through quarterly distributions and share price appreciation. We appreciate your support and look forward to continued success in the years to come. Best personal regards, Gerard H. Sweeney President and Chief Executive Officer April 4, 2007 BrandywineRealtyTrust Executive Officers Gerard H. Sweeney President & Chief Executive Officer Michael J. Cooper Gregory Imhoff David S. Ryder Senior Vice President & Managing Senior Vice President & Chief Senior Vice President & Managing Director Metro DC Region Administrative Officer Director Western PA Region Daniel K. Cushing George D. Johnstone Philip M. Schenkel Senior Vice President & Managing Senior Vice President – Operations Vice President & Managing Director Northern CA Region Director Northern PA Region Robert J. Juliano H. Jeffrey DeVuono Vice President & Howard M. Sipzner Senior Vice President & Managing Chief Information Officer Executive Vice President & Director Urban Division Chief Financial Officer Brad A. Molotsky Darryl M. Dunn Senior Vice President, George D. Sowa Vice President, Chief Accounting General Counsel & Secretary Executive Vice President & Officer & Treasurer Senior Managing Director William D. Redd Christopher Hipps Vice President & Managing Robert K. Wiberg Executive Vice President & Director Richmond Region Executive Vice President & Managing Director Southwest & Senior Managing Director Southern CA Regions Anthony S. Rimikis Senior Vice President – Development Other Officers Ralph Bistline Glen Holsinger William Reister Vice President – Leasing Vice President – Asset Management Vice President – Asset Management Southwest Region Metro DC Region Southwest Region Thomas G. Caputo William Holvey H. Leon Shadowen, Jr. Vice President – Tenant Services Senior Vice President – Property Vice President – New Business Management Metro DC Development Richmond Region Jack Clark Vice President – Leasing John LaPorta Deborah Street Southwest Region Vice President – Construction Vice President – Property Metro DC Region Management & Asset Management James J. Cuorato, Jr. Southern CA Region Vice President – Development Gerald Avery Mays Urban Division Vice President – Construction K. Suzanne Stumpf Southwest Region Vice President – Asset Management Janet Davis Richmond Region Senior Vice President – Leasing James Moses Metro DC Region Vice President – Asset Management Jeffrey R. Weinstein Northern CA Region Vice President – Construction Christopher Donohoe Urban Division Vice President – Property Management Daniel Palazzo Northern CA Region Vice President – Asset Management Anthony V. Ziccardi Western & Northern PA Regions Vice President Duane Henley Suburban Development Senior Vice President – Leasing Richard Rains Southwest Region Vice President – Property Management Southwest Region Board of Trustees Distribution Information Walter D’Alessio The Company is required to distribute at least 90% of its taxable Vice Chairman, Northmarq Capital income to maintain its status as a real estate investment trust. Total distributions for 2006 were $1.76 per common share. Chairman of the Board Although the Company expects to continue making distributions Member of Compensation Committee to shareholders, there is no assurance of future distributions, Member of Corporate Governance Committee as they are dependent upon earnings, cash flow, the financial Member of Executive Committee condition of the Company and other factors. Income Tax Information D. Pike Aloian Managing Director, Rothschild Realty Each common shareholder should have received a Form 1099-DIV Chair of Audit Committee reflecting the distributions paid or declared by the Company. Member of Corporate Governance Committee For 2006, taxable distributions to shareholders totaled $1.628185 per share of which 81.5%, or $1.327215 per share, represented ordinary income and 18.5%, or $0.300970 per share, represented Thomas F. August capital gain. Additional information on the taxability of our Former President and Chief Executive Officer, distributions is available on our web site at Prentiss Properties Trust www.brandywinerealty.com. Shareholder Information Donald E. Axinn Chairman and Chief
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