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2 0 2 0 a N N U a L R E P O QUALITY INNOVATION INTEGRITY COMMUNITY 2020 ANNUAL R EPO R T From top to bottom: penthouse at 1676 International, McLean, VA; rendering of Block A at Broadmoor, Austin, TX; façade 4040 Wilson, Metro D.C.; Team members connecting on Cira Green at Cira Centre South, Philadelphia, PA; the Schuylkill Yards sign atop the Bulletin Building, Philadelphia, PA; construction crew and Brandywine worker on site at Drexel Square, Philadelphia, PA; rendering of promenade at Broadmoor, Austin, TX QUALITY INNOVATION INTEGRITY COMMUNITY n most crises, there is both danger and opportunity. I From a global pandemic, to an economic shutdown and reopening, and a social reckoning with race and justice, 2020 challenged the foundational elements of many organizations. At Brandywine, we leaned into our bedrock—the core values we’ve lived out for over 25 years by prioritizing people, relationships and communities. Our teams rose to the occasion, taking swift action to cover the danger side, and then shifting focus forward to the opportunities. Early on, as the pandemic unfolded, we quickly implemented business-continuity plans and activated a crisis response team to protect the health and safety of our employees, tenants, and stakeholders. Our operational model allowed us to keep 100% of our buildings open while we made further investments in on-site health and safety measures. We maintained strong levels of rent collection while working collaboratively with our tenants on rent relief solutions where necessary. We made great efforts to be true workplace partners, providing our tenants with custom Return to the Workplace plans and a comprehensive Tenant Resource Toolkit. We remained committed to our brand promise and leveraged this period of uncertainty to deepen our relationships. We backed up our commitment to our people—the company’s most valuable assets—by keeping 100% of our employee base on payroll, addressing immediate and long-term health and safety challenges, and maintaining consistent, direct lines of communication. After securing our home-base, we turned swiftly toward our communities. Understanding that small, local, and minority-owned businesses would be impacted most, we made $550,000 in 1 From left to right: rendering of 155 Radnor facade and building, Radnor, PA; Drexel Square and the Bulletin Building with FMC Tower in background at Schuylkill Yards, Philadelphia, PA low interest loans available to struggling businesses. We redirected our corporate philanthropy programs to assist those most impacted by the pandemic and deployed resources to fund over 36,000 meals from our restaurant tenants to our Philadelphia neighbors and spread $25,000 in donations across five non-profit organizations in our core regions. We continued to invest daily in the long-term sustainability and vitality of the communities where we live and work. Through it all, we moved forward in executing our business plan with purpose. We advanced design and development plans on our two long-term, mixed use master development projects totaling almost 12 million SF in Philadelphia, Pennsylvania and Austin, Texas that can almost double our existing portfolio, and secured 1.4 million SF of early lease renewals. We completed the reimagination of the historic Bulletin Building in the heart of Schuylkill Yards. We opened the doors of 4040 Wilson—Northern Virginia’s first mixed-use Vertical Neighborhood—and completed the inspired redevelopment of 1676 International in Tysons, VA. We executed on strategic acquisitions and forged new joint venture partnerships, further strengthening our platform and market position. We also maintained a strong balance sheet and liquidity position with full availability of our $600 million line of credit. We made bold investments in market-leading healthy building certifications, earning Green Lease Leaders Gold for the first time, and achieving Fitwel certification for 6 million square feet across our portfolio. We thought strategically about human capital deployment, and accelerated several of our existing objectives, including the formation of three new business lines for Life Sciences, Parking Operations, and Partnership Management. 2 From left to right: rendering of the amenity level at 3025 JFK, the West Tower at Schuylkill Yards, Philadelphia, PA; employees taking a break at Drexel Square, Philadelphia, PA; 4040 Wilson, Metro D.C.; rendering of the entrance of 3025 JFK, The West Tower, Philadelphia, PA; and employee enjoying view from FMC Tower at Cira Centre South, Philadelphia, PA There is no doubt the great ‘work from home experiment’ In Greater Philadelphia, the growing Life Sciences sparked many questions within our industry. While sector represents over 800 companies and 56,000 there are still many unknowns, a few things hold more employees. At Brandywine, we are poised to deliver true now than ever before—human beings need strong on the unprecedented demand for lab and innovation connections, relationships and communities to achieve space with nearly 4 million square feet in our pipeline, personal and professional fulfillment. We have always which will ultimately increase our company-wide used physical space to help foster these aspirations, revenue composition to over 20% Life Science creating dynamic environments for both private and tenants. Within Schuylkill Yards, we plan to commence public use, that bring out the best in people. In its most construction on two iconic buildings at 3025 JFK basic form, work space serves as a springboard for Boulevard and 3151 Market Street that will meet the business success. We always believed that physical fast-growing demand for newly built lab space within spaces define culture, culture defines brand, and brand University City’s thriving innovation ecosystem. At determines productivity, profitability, and retention. As Cira Centre, we will help foster the growth of early- owners and operators of high-quality, Class A spaces, stage biotech companies through the launch of our we’re well positioned to meet the current moment Life Science incubator, B.Labs. Further investments with upgraded building systems that optimize fresh air intake and filtration, touchless technology, dynamic outdoor spaces, and a host of other health & wellness features that will continue to be in high demand. We remain steadfast in executing on our long-term strategy, with eyes wide open for opportunities to leverage our scale, capacity and experience to address current and future shifts in consumer demand. We enter 2021 with momentum, and the strategic framework in place for success this year and beyond. 4 in the region—including fully approved new office to demonstrate durable economic stability. Here, we development opportunities in Radnor and King of are nearing completion of 405 Colorado—our first Prussia, and Byberry North, an expansive industrial downtown skyscraper, and have over 6 million SF warehouse development in Northeast Philadelphia approved at our master-planned 66-acre, transit- —reinforce our longstanding commitment to creating oriented development in Northwest Austin at Broadmoor. value through high-quality neighborhood additions. Anchored by the federal government and some of In Austin, TX—the country’s fastest growing metro the fastest-growing private companies in the nation, and strongest job market—we are already seeing Metro D.C. has long been considered one of the how the city’s diverse and counter-cyclical most competitive markets in the world. Here, we economy is proving resilient. With major completed the reimagination of 1676 International investments from big tech companies, to introduce urban design, smart and flexible space atop a strong foundation of the Texas layouts, and a multitude of amenities to the modern State Capitol and The University workspace. We continue to innovate and invest of Texas, the market continues in Metro D.C., with the opportunity to complete a similar renovation at 2340 Dulles Corner Boulevard, the benchmark property for the Dulles area’s next phase of growth. We are also energized around plans for the next phase of University of Maryland’s Discovery District. As master developer of the world- class site, we envision a dynamic next-generation neighborhood of physical spaces that support the University’s renowned talent and innovation pipeline. Our 2021 business plan is straight forward: take advantage of our best-in-class portfolio and operations teams to generate same store cash operating income between 3-5%. Two key metrics that will From left to right: rendering of 3025 JFK, the West Tower at Schuylkill Yards, Philadelphia, PA; rendering of 3151 Market St.; employee enjoying lunch on Cira Green at Cira Centre South, Philadelphia, PA; rendering of plaza at Broadmoor, Austin, TX; rendering of 650 Park, King of Prussia, PA Starting from top: yoga on Cira Green at Cira Centre South, Philadelphia, PA; employees working at 1676 International, McLean, VA; photo of 1676 International, McLean, VA; rendering of Block L building at Broadmoor, Austin, TX; rendering of plaza in Broadmoor, Austin, TX help us meet that goal is expiring lease mark-to-market increases ranging from 8-10% on a cash basis and 14- 16% on an accrual basis. We also are focused on leasing our recently completed development and redevelopment projects to accelerate earnings in both 2021 and 2022. We are enthusiastic for 2021 and its promises of pent- up demand, emerging trend lines, and a higher value placed on spaces that make us feel connected and complete. We are eager to get our cities going again, partnering with city and regional stakeholders across our portfolio to bring our workforces safely back to the office and reinvigorate our local economies. Our watchword for 2020 was resilience. People are resilient. Businesses and communities are, too. There is an element of the human spirit that cannot be crushed—that empowers us to band together and aspire ever upward! Now, there are truly once-in-a-lifetime opportunities for those who are bold enough to seize them. Our Board, employees, and leadership team are grateful for the continued support of the investor community, and look forward to sharing our bright future with you.
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