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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
  þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2009
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number 001-9106 (Brandywine Realty Trust)
 000-24407 (Brandywine Operating Partnership, L.P.)
 Brandywine Realty Trust
 Brandywine Operating Partnership, L.P.
  MARYLAND(Brandywine Realty Trust)DELAWARE(Brandywine Operating Partnership L.P.)
    
    23-2413352
23-2862640(State or other jurisdiction of 
Incorporation or organization)
    
    (I.R.S. Employer Identification No.)
 555 East Lancaster Avenue 
Radnor, Pennsylvania
    
    19087(Address of principal executive offices)
    
    (Zip Code)
 (610) 325-5600
  Name of each exchangeTitle of each class
    
    on which registeredCommon Shares of Beneficial Interest, 
par value $0.01 per share
(Brandywine Realty Trust)
    
    New York Stock Exchange7.50% Series C Cumulative Redeemable Preferred 
Shares of Beneficial Interest 
par value $0.01 per share
(Brandywine Realty Trust)
    
    New York Stock Exchange7.375% Series D Cumulative Redeemable Preferred 
Shares of Beneficial Interest 
par value $0.01 per share
(Brandywine Realty Trust)
    
    New York Stock Exchange
 
 
   Brandywine Realty Trust
    
    Yes þ No oBrandywine Operating Partnership, L.P.
    
    Yes o No þ
  Brandywine Realty Trust
    
    Yes o No þBrandywine Operating Partnership, L.P.
    
    Yes o No þ
  Brandywine Realty Trust
    
    Yes þ No oBrandywine Operating Partnership, L.P.
    
    Yes þ No o
  Brandywine Realty Trust
    
    Yes o No oBrandywine Operating Partnership, L.P.
    
    Yes o No o
 þ
  þ o o o
 o o þ o
  Brandywine Realty Trust
    
    Yes o No þBrandywine Operating Partnership, L.P.
    
    Yes o No þ
   Documents Incorporated By Reference




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##### 



TABLE OF CONTENTS
 FORM 10-K
 PagePART IItem 1. Business
    
    
    5Item 1A. Risk Factors
    
    
    13Item 1B. Unresolved Staff Comments
    
    
    24Item 2. Properties
    
    
    24Item 3. Legal Proceedings
    
    
    34Item 4. Submission of Matters to a Vote of Security Holders
    
    
    34PART IIItem 5. Market for Registrants Common Equity, Related Shareholder Matters and
Issuer Purchases of Equity Securities
    
    
    35Item 6. Selected Financial Data
    
    
    39Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    41Item 7A. Quantitative and Qualitative Disclosures About Market Risk
    
    
    67Item 8. Financial Statements and Supplementary Data
    
    
    67Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    67Item 9A. Controls and Procedures
    
    
    67Item 9B. Other Information
    
    
    68PART IIIItem 10. Directors, Executive Officers and Corporate Governance
    
    
    68Item 11. Executive Compensation
    
    
    68Item 12. Security Ownership of Certain Beneficial Owners and Management and
Related Shareholder Matters
    
    
    68Item 13. Certain Relationships and Related Transactions, and Director Independence
    
    
    68Item 14. Principal Accounting Fees and Services
    
    
    68PART IVItem 15. Exhibits and Financial Statement Schedules
    
    
    68SIGNATURES
    
    
    74Exhibit 3.1.26Exhibit 10.41Exhibit 12.1Exhibit 12.2Exhibit 21Exhibit 23.1Exhibit 23.2Exhibit 23.3Exhibit 31.1Exhibit 31.2Exhibit 31.3Exhibit 31.4Exhibit 32.1Exhibit 32.2Exhibit 32.3Exhibit 32.4Exhibit 99.1
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Filing Format
  Forward-Looking Statements
  
    
    the continuing impact of the recent credit crisis and global economic slowdown,
which is having and may continue to have negative effect on the following, among other
things:
 
    
    the fundamentals of our business, including overall market
occupancy, demand for office space and rental rates;
    
    the financial condition of our tenants, many of which are
financial, legal and other professional firms, our lenders, counterparties to our
derivative financial instruments and institutions that hold our cash balances and
short-term investments, which may expose us to increased risks of default by
these parties;
    
    availability of financing on attractive terms or at all, which may
adversely impact our future interest expense and our ability to pursue
acquisition and development opportunities and refinance existing debt; and
    
    a decline in real estate asset valuations, which may limit our
ability to dispose of assets at attractive prices or obtain or maintain debt
financing secured by our properties or on an unsecured basis.
 
    
    changes in local real estate conditions (including changes in rental rates and the
number of properties that compete with our properties);
    
    changes in the economic conditions affecting industries in which our principal
tenants compete;
    
    the unavailability of equity and debt financing, particularly in light of the
current economic environment;
    
    our failure to lease unoccupied space in accordance with our projections;
    
    our failure to re-lease occupied space upon expiration of leases;
    
    tenant defaults and the bankruptcy of major tenants;
    
    changes in prevailing interest rates;
    
    risks associated with interest rate hedging contracts and the effectiveness of such
arrangements;
    
    failure of acquisitions to perform as expected;
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
    
    unanticipated costs associated with the acquisition, integration and operation of,
our acquisitions;
    
    unanticipated costs to complete, lease-up and operate our developments and
redevelopments;
    
    impairment charges;
    
    increased costs for, or lack of availability of, adequate insurance, including for
terrorist acts;
    
    risks associated with actual or threatened terrorist attacks;
    
    demand for tenant services beyond those traditionally provided by landlords;
    
    potential liability under environmental or other laws;
    
    failure or bankruptcy of real estate venture partners;
    
    inability of real estate venture partners to fund venture obligations;
    
    failure of dispositions to close in a timely manner;
    
    failure of buyers of properties from us to comply with terms of their financing or
other agreements with us;
    
    earthquakes and other natural disasters;
    
    risks associated with the unforeseen impact of climate change including existing and
pending laws and regulations governing climate changes to our business operations and
tenants;
    
    risks associated with federal, state and local tax audits;
    
    complex regulations relating to our status as a REIT and the adverse consequences of
our failure to qualify as a REIT; and
    
    the impact of newly adopted accounting principles on our accounting policies and on
period-to-period comparisons of financial results.
   -4-




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PART I
 
 Item 1. Business
 Introduction
   Organization
    -5-




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2009 Transactions
 Real Estate Acquisitions/Dispositions
 
    
    On October 13, 2009, we sold a condominium unit consisting of 40,508 square feet and an
undivided interest in an office building in Lawrenceville, New Jersey, for a sales price of
$7.9 million.
    
    On October 1, 2009, we sold two office properties, totaling 473,658 net rentable square
feet in Trenton, New Jersey for a stated sales price of $85.0 million. We provided to the
buyer a $22.5 million seven-year, approximately 6.00% cash pay/7.64% accrual second
mortgage loan.
    
    On April 29, 2009, we sold 7735 Old Georgetown Road, a 122,543 net rentable square feet
office property located in Bethesda, Maryland, for a sales price of $26.5 million.
    
    On March 16, 2009, we sold 305 Harper Drive, a 14,980 net rentable square feet office
property located in Moorestown, New Jersey, for a sales price of $1.1 million.
    
    On February 4, 2009, we sold two office properties, totaling 66,664 net rentable square
feet in Exton, Pennsylvania, for an aggregate sales price of $9.0 million.
 Developments and Redevelopments
  Current Economic Climate
   Unsecured Debt Activity
  Repurchase
    
    
    
    
    
    
    
    
    
    
    Deferred FinancingNotes
    
    Amount
    
    
    Principal
    
    
    Gain
    
    
    Amortization2009 4.500% Notes
    
    $
    92,736
    
    
    $
    94,130
    
    
    $
    1,377
    
    
    $
    882010 5.625% Notes
    
    
    71,414
    
    
    
    76,999
    
    
    
    5,565
    
    
    
    2152012 5.750% Notes
    
    
    109,104
    
    
    
    112,175
    
    
    
    2,610
    
    
    
    3612014 5.400% Notes
    
    
    6,329
    
    
    
    7,319
    
    
    
    961
    
    
    
    283.875% Notes
    
    
    136,880
    
    
    
    154,070
    
    
    
    12,664
    
    
    
    1,289$
    416,463
    
    
    $
    444,693
    
    
    $
    23,177
    
    
    $
    1,981
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Secured Debt Activity
   -7-




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Additional Financing Activity
   Business Objective and Strategies for Growth
  
    
    maximize cash flow through leasing strategies designed to capture rental growth
as rental rates increase and as above and below-market leases are renewed;
    
    attain a high tenant retention rate by providing a full array of property
management and maintenance services and tenant service programs responsive to the varying
needs of our diverse tenant base;
    
    form joint venture opportunities with high-quality partners having attractive
real estate holdings or significant financial resources;
    
    utilize our reputation as a full-service real estate development and management
organization to identify opportunities that will expand our business and create long-term
value; and
    
    increase the economic diversification of our tenant base while maximizing
economies of scale.
  
    
    to acquire and develop high-quality office and industrial properties at
attractive yields in markets that we expect will experience economic growth and where we
can achieve operating efficiencies;
    
    to deploy our land inventory for development of high-quality office and
industrial properties; and
    
    to capitalize on our redevelopment expertise to selectively develop, redevelop
and reposition properties in desirable locations.
  
    
    current and projected market rents and absorption statistics justify
construction activity;
    
    we can maximize market penetration by accumulating a critical mass of
properties and thereby enhance operating efficiencies;
    
    barriers to entry (such as zoning restrictions, utility availability,
infrastructure limitations, development moratoriums and limited developable land) will
create supply constraints on office and industrial space; and
    
    there is potential for economic growth, particularly job growth and industry
diversification.
  -8-




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Operating Strategy
      Policies With Respect To Certain Activities
  Investments in Real Estate or Interests in Real Estate
   -9-




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Securities of or Interests in Entities Primarily Engaged in Real Estate Activities and Other
Issuers
  Investments in Real Estate Mortgages
  Dispositions
  Financing Policies
  Working Capital Reserves
   -10-




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Policies with Respect to Other Activities
  Management Activities
  Geographic Segments
  Competition
  Insurance
   -11-




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Employees
  Government Regulations Relating to the Environment
  Existing conditions at some of our Properties
  Use of hazardous materials by some of our tenants.
 Costs related to government regulation and private litigation over environmental matters
 Potential environmental liabilities may exceed our environmental insurance coverage limits.
 Potential environmental liabilities may adversely impact our ability to use or sell assets
  -12-




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Other
  Code of Conduct
  Corporate Governance Principles and Board Committee Charters
  Availability of SEC Reports
  
 Item 1A. Risk Factors
  Adverse economic and geopolitical conditions could have a material adverse effect on our results of
operations, financial condition and our ability to pay distributions to you.
  
    
    significant job losses in the financial and professional services industries may occur,
which may decrease demand for our office space, causing market rental rates and
property values to be negatively impacted;
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
    
    our ability to borrow on terms and conditions that we find acceptable, or at all, may be
limited, which could reduce our ability to complete development opportunities and refinance
existing debt;
    
    reduce our returns from both our existing operations and our development activities and
increase our future interest expense;
    
    reduced values of our properties may limit our ability to dispose of assets at
attractive prices or to obtain debt financing secured by our properties and may reduce the
availability of unsecured loans;
    
    the value and liquidity of our short-term investments and cash deposits could be reduced
as a result of a deterioration of the financial condition of the institutions that hold our
cash deposits or the institutions or assets in which we have made short-term investments,
the dislocation of the markets for our short-term investments, increased volatility in
market rates for such investments or other factors;
    
    reduced liquidity in debt markets and increased credit risk premiums for certain market
participants may impair our ability to access capital; and
    
    one or more lenders under our line of credit could refuse or be unable to fund their
financing commitment to us and we may not be able to replace the financing commitment of
any such lenders on favorable terms, or at all.
  Our performance is subject to risks associated with our properties and with the real estate
industry.
  
    
    downturns in the national, regional and local economic climate including increases in
the unemployment rate and inflation;
    
    competition from other office, mixed use, industrial and commercial buildings;
    
    local real estate market conditions, such as oversupply or reduction in demand for
office, industrial or commercial space;
    
    changes in interest rates and availability of financing;
    
    vacancies, changes in market rental rates and the need to periodically repair, renovate
and re-lease space;
    
    increased operating costs, including insurance expense, utilities, real estate taxes,
janitorial costs, state and local taxes, labor shortages and heightened security costs;
    
    civil disturbances, earthquakes and other natural disasters, or terrorist acts or acts
of war which may result in uninsured or underinsured losses;
    
    significant expenditures associated with each investment, such as debt service payments,
real estate taxes, insurance and maintenance costs which are generally not reduced when
circumstances cause a reduction in revenues from a property; and
    
    declines in the financial condition of our tenants and our ability to collect rents from
our tenants.
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The disruption in the debt capital markets could adversely affect us.
  
    
    increasing our costs to finance our ongoing operations and fund our development and
redevelopment activities;
    
    reducing the availability of potential bidders for, and the amounts offered for, any
properties we may wish to sell; and
    
    preventing us from accessing necessary debt capital on a timely basis leading us to
consider potentially more dilutive capital transactions such as undesirable sales of
properties or equity securities.
 We may suffer adverse consequences due to the financial difficulties, bankruptcy or insolvency of
our tenants.
  The terms and covenants relating to our indebtedness could adversely impact our economic
performance.
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Our degree of leverage could limit our ability to obtain additional financing or affect the market
price of our equity shares or debt securities.
  We may experience increased operating costs, which might reduce our profitability.
  Our investment in property development or redevelopment may be more costly or difficult to complete
than we anticipate.
  
    
    the unavailability of favorable financing alternatives in the private and public debt
markets;
    
    having sufficient capital to pay development costs;
    
    unprecedented market volatility in the share price of REITs;
    
    dependence on the financial services sector as part of our tenant base;
    
    construction costs exceeding original estimates due to rising interest rates, diminished
availability of materials and labor, and increases in the costs of materials and labor;
    
    construction and lease-up delays resulting in increased debt service, fixed expenses and
construction or renovation costs;
    
    expenditure of funds and devotion of managements time to projects that we do not
complete;
    
    the unavailability or scarcity of utilities;
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
    
    occupancy rates and rents at newly completed properties may fluctuate depending on a
number of factors, including market and economic conditions, resulting in lower than
projected rental rates and a corresponding lower return on our investment;
    
    complications (including building moratoriums and anti-growth legislation) in obtaining
necessary zoning, occupancy and other governmental permits; and
    
    increased use restrictions by local zoning or planning authorities limiting our ability
to develop and impacting the size of developments.
 We face risks associated with property acquisitions.
  
    
    we may not be able to obtain financing for acquisitions on favorable terms;
    
    acquired properties may fail to perform as expected;
    
    the actual costs of repositioning or redeveloping acquired properties may be higher than
our estimates;
    
    acquired properties may be located in new markets where we may have limited knowledge
and understanding of the local economy, an absence of business relationships in the area or
unfamiliarity with local governmental and permitting procedures; and
    
    we may not be able to efficiently integrate acquired properties, particularly portfolios
of properties, into our organization and manage new properties in a way that allows us to
realize cost savings and synergies.
  Acquired properties may subject us to known and unknown liabilities.
  
    
    liabilities for clean-up of pre-existing disclosed or undisclosed environmental
contamination;
    
    claims by tenants, vendors or other persons arising on account of actions or omissions
of the former owners of the properties; and
    
    liabilities incurred in the ordinary course of business.
  -17-




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We have agreed not to sell certain of our properties and to maintain indebtedness subject to
guarantees.
   We may be unable to renew leases or re-lease space as leases expire; certain leases may expire
early.
  We face significant competition from other real estate developers.
  Property ownership through joint ventures may limit our ability to act exclusively in our interest.
   -18-




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Because real estate is illiquid, we may not be able to sell properties when appropriate.
  Some potential losses are not covered by insurance.
  Terrorist attacks and other acts of violence or war may adversely impact our performance and may
affect the markets on which our securities are traded.
  Our ability to make distributions is subject to various risks.
  
    
    the operational and financial performance of our properties;
    
    capital expenditures with respect to existing, developed and newly acquired properties;
  -19-




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
    
    general and administrative costs associated with our operation as a publicly-held REIT;
    
    the amount of, and the interest rates on, our debt; and
    
    the absence of significant expenditures relating to environmental and other regulatory
matters.
  Changes in the law may adversely affect our cash flow.
  Potential liability for environmental contamination could result in substantial costs.
    An earthquake or other natural disasters could adversely affect our business.
  Americans with Disabilities Act compliance could be costly.
   -20-




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Our status as a REIT (or any of our REIT subsidiaries) is dependent on compliance with federal
income tax requirements.
    We face possible federal, state and local tax audits.
  Competition for skilled personnel could increase labor costs.
  We are dependent upon our key personnel.
   -21-




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Certain limitations will exist with respect to a third partys ability to acquire us or effectuate
a change in control.
 Limitations imposed to protect our REIT status
 
    
    consider the transfer to be null and void;
    
    not reflect the transaction on our books;
    
    institute legal action to stop the transaction;
    
    not pay dividends or other distributions with respect to those shares;
    
    not recognize any voting rights for those shares; and
    
    consider the shares held in trust for the benefit of a person to whom such shares may be
transferred.
 Limitation due to our ability to issue preferred shares.
 Limitation imposed by the Maryland Business Combination Law
 Maryland Control Share Acquisition Act
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Advance Notice Provisions for Shareholder Nominations and Proposals .
 Many factors can have an adverse effect on the market value of our securities.
  
    
    increases in market interest rates, relative to the dividend yield on our shares. If
market interest rates go up, prospective purchasers of our securities may require a higher
yield. Higher market interest rates would not, however, result in more funds for us to
distribute and, to the contrary, would likely increase our borrowing costs and potentially
decrease funds available for distribution. Thus, higher market interest rates could cause
the market price of our common shares to go down;
    
    anticipated benefit of an investment in our securities as compared to investment in
securities of companies in other industries (including benefits associated with tax
treatment of dividends and distributions);
    
    perception by market professionals of REITs generally and REITs comparable to us in
particular;
    
    level of institutional investor interest in our securities;
    
    relatively low trading volumes in securities of REITs;
    
    our results of operations and financial condition; and
    
    investor confidence in the stock market generally.
  Additional issuances of equity securities may be dilutive to shareholders.
  The issuance of preferred securities may adversely affect the rights of holders of our common
shares.
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The acquisition of new properties or the development of new properties which lack operating history
with us may give rise to difficulties in predicting revenue potential.
  Our performance is dependent upon the economic conditions of the markets in which our properties
are located.
  
 Item 1B. Unresolved Staff Comments
  
 Item 2. Properties
 Property Acquisitions
  Development and Redevelopment Properties Placed in Service
   -24-




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Month Placed
    
    
    
    
    
    
    
    
    
    # of
    
    
    Rentablein Service
    
    Property/Portfolio Name
    
    
    Location
    
    
    Buildings
    
    
    Square FeetJul-09
    
    One Rockledge Associates
    
    Bethesda, MD
    
    
    1
    
    
    
    160,173Jul-09
    
    Delaware Corporate Center II
    
    Wilmington, DE
    
    
    1
    
    
    
    95,514Jul-09
    
    Atrium I
    
    Mount Laurel, NJ
    
    
    1
    
    
    
    99,668Oct-09
    
    100 Lenox Drive
    
    Lawrenceville, NJ
    
    
    1
    
    
    
    50,942Total Properties Placed in Service
    
    
    
    
    
    
    4
    
    
    
    406,297
  Property Sales
  Month of
    
    
    
    
    
    
    
    
    
    # of
    
    
    Rentable Square
    
    
    SalesSale
    
    Property/Portfolio Name
    
    
    Location
    
    
    Bldgs.
    
    
    Feet/ Acres
    
    
    Price(in 000s)Feb-09
    
    748 and 855 Springdale Drive
    
    Exton, PA
    
    
    2
    
    
    
    66,664
    
    
    $
    8,950Mar-09
    
    305 Harper Drive
    
    Moorestown, NJ
    
    
    1
    
    
    
    14,980
    
    
    
    1,100Apr-09
    
    7735 Georgetown Road
    
    Bethesda, MD
    
    
    1
    
    
    
    122,543
    
    
    
    26,500Oct-09
    
    Trenton Office Properties
    
    Trenton, NJ
    
    
    2
    
    
    
    473,658
    
    
    
    85,000
    (b)Oct-09
    
    100 Lenox Drive (a)
    
    Lawrenceville, NJ
    
    
    1
    
    
    
    40,508
    
    
    
    7,900Total Office Properties Sold
    
    
    
    
    
    
    7
    
    
    
    718,353
    
    
    $
    129,450
 (a)-
    
    Pertains to the sale of a condominium interest in an office building.(b)-
    
    Recorded in accordance with the installment sales method of accounting. Properties
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%LeasedRentable
    
    
    as of
    
    
    StabilizationProject Name
    
    Location
    
    
    Square Feet
    
    
    12/31/09
    
    
    Date (a)Under Development:Post Office/IRS
    
    Philadelphia, PA
    
    
    862,692
    
    
    
    100.0
    %
    
    
    Q3 10Cira South Garage
    
    Philadelphia, PA
    
    
    553,421
    
    
    
    92.6
    %
    
    
    Q3 101,416,113Under Redevelopment:Radnor Corporate Center I
    
    Radnor, PA
    
    
    190,219
    
    
    
    89.7
    %
    
    
    Q1 10300 Delaware Avenue
    
    Wilmington, DE
    
    
    298,071
    
    
    
    71.9
    %
    
    
    Q2 10Juniper Street (b)
    
    Philadelphia, PA
    
    
    
    
    
    
    N/A
    
    
    
    Q2 11488,2901,904,403
 (a)
    
    Projected stabilization date represents the date the property reaches 95%
occupancy.(b)
    
    This pertains to the redevelopment of a 220 space parking garage.    -26-




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AverageTotal Base Rent
    
    
    AnnualizedNet
    
    
    Percentage
    
    
    for the Twelve
    
    
    Rental RateYear
    
    
    Rentable
    
    
    Leased as of
    
    
    Months Ended
    
    
    as ofBuilt/
    
    
    Square
    
    
    December 31,
    
    
    December 31,
    
    
    December 31,Property Name
    
    
    
    
    
    Location
    
    
    State
    
    
    Renovated
    
    
    Feet
    
    
    2009 (a)
    
    

2009
(b) (000s)
    
    
    2009 (c)PENNSYLVANIA SEGMENT2929 Arch Street
    
    
    (d
    )
    
    Philadelphia
    
    PA
    
    
    2005
    
    
    
    729,897
    
    
    
    100.0
    %
    
    $
    24,315
    
    
    $
    35.11100 North 18th Street
    
    
    (e
    )
    
    Philadelphia
    
    PA
    
    
    1988
    
    
    
    703,386
    
    
    
    96.3
    %
    
    
    20,546
    
    
    
    31.40130 North 18th Street
    
    
    
    
    
    Philadelphia
    
    PA
    
    
    1983
    
    
    
    594,755
    
    
    
    100.0
    %
    
    
    12,492
    
    
    
    28.50150 Radnor Chester Road
    
    
    
    
    
    Radnor
    
    PA
    
    
    2004
    
    
    
    340,262
    
    
    
    100.0
    %
    
    
    9,572
    
    
    
    29.41201 King of Prussia Road
    
    
    
    
    
    Radnor
    
    PA
    
    
    2001
    
    
    
    251,372
    
    
    
    86.5
    %
    
    
    6,119
    
    
    
    28.68555 Lancaster Avenue
    
    
    
    
    
    Radnor
    
    PA
    
    
    1973
    
    
    
    242,099
    
    
    
    99.9
    %
    
    
    6,381
    
    
    
    28.41401 Plymouth Road
    
    
    
    
    
    Plymouth Meeting
    
    PA
    
    
    2001
    
    
    
    201,883
    
    
    
    100.0
    %
    
    
    6,122
    
    
    
    32.83Philadelphia Marine Center
    
    
    (d
    )
    
    Philadelphia
    
    PA
    
    Various
    
    
    181,900
    
    
    
    100.0
    %
    
    
    1,243
    
    
    
    5.51101 West Elm Street
    
    
    
    
    
    W. Conshohocken
    
    PA
    
    
    1999
    
    
    
    175,009
    
    
    
    85.4
    %
    
    
    4,026
    
    
    
    26.53Four Radnor Corporate Center
    
    
    
    
    
    Radnor
    
    PA
    
    
    1995
    
    
    
    165,138
    
    
    
    89.3
    %
    
    
    3,058
    
    
    
    25.30Five Radnor Corporate Center
    
    
    
    
    
    Radnor
    
    PA
    
    
    1998
    
    
    
    164,577
    
    
    
    90.5
    %
    
    
    4,372
    
    
    
    32.37751-761 Fifth Avenue
    
    
    
    
    
    King Of Prussia
    
    PA
    
    
    1967
    
    
    
    158,000
    
    
    
    100.0
    %
    
    
    574
    
    
    
    3.64630 Allendale Road
    
    
    
    
    
    King of Prussia
    
    PA
    
    
    2000
    
    
    
    150,000
    
    
    
    100.0
    %
    
    
    3,722
    
    
    
    27.03640 Freedom Business Center
    
    
    (d
    )
    
    King Of Prussia
    
    PA
    
    
    1991
    
    
    
    132,000
    
    
    
    86.7
    %
    
    
    2,187
    
    
    
    24.3152 Swedesford Square
    
    
    
    
    
    East Whiteland Twp.
    
    PA
    
    
    1988
    
    
    
    131,017
    
    
    
    100.0
    %
    
    
    2,972
    
    
    
    24.01400 Berwyn Park
    
    
    
    
    
    Berwyn
    
    PA
    
    
    1999
    
    
    
    124,182
    
    
    
    100.0
    %
    
    
    3,276
    
    
    
    28.984000 Chemical Road
    
    
    
    
    
    Plymouth Meeting
    
    PA
    
    
    2007
    
    
    
    120,877
    
    
    
    74.8
    %
    
    
    1,345
    
    
    
    18.48Three Radnor Corporate Center
    
    
    
    
    
    Radnor
    
    PA
    
    
    1998
    
    
    
    119,463
    
    
    
    89.3
    %
    
    
    2,715
    
    
    
    25.07101 Lindenwood Drive
    
    
    
    
    
    Malvern
    
    PA
    
    
    1988
    
    
    
    118,121
    
    
    
    44.6
    %
    
    
    1,609
    
    
    
    21.24181 Washington Street
    
    
    (h
    )
    
    Conshohocken
    
    PA
    
    
    1999
    
    
    
    115,122
    
    
    
    68.5
    %
    
    
    2,904
    
    
    
    28.23300 Berwyn Park
    
    
    
    
    
    Berwyn
    
    PA
    
    
    1989
    
    
    
    108,619
    
    
    
    44.3
    %
    
    
    1,204
    
    
    
    21.23442 Creamery Way
    
    
    (f
    )
    
    Exton
    
    PA
    
    
    1991
    
    
    
    104,500
    
    
    
    100.0
    %
    
    
    598
    
    
    
    6.79Two Radnor Corporate Center
    
    
    
    
    
    Radnor
    
    PA
    
    
    1998
    
    
    
    100,973
    
    
    
    56.4
    %
    
    
    1,572
    
    
    
    21.85301 Lindenwood Drive
    
    
    
    
    
    Malvern
    
    PA
    
    
    1984
    
    
    
    97,813
    
    
    
    93.7
    %
    
    
    1,856
    
    
    
    17.401 West Elm Street
    
    
    
    
    
    W. Conshohocken
    
    PA
    
    
    1999
    
    
    
    97,737
    
    
    
    79.7
    %
    
    
    2,080
    
    
    
    27.06555 Croton Road
    
    
    
    
    
    King of Prussia
    
    PA
    
    
    1999
    
    
    
    96,909
    
    
    
    90.3
    %
    
    
    2,264
    
    
    
    29.40500 North Gulph Road
    
    
    
    
    
    King Of Prussia
    
    PA
    
    
    1979
    
    
    
    93,082
    
    
    
    90.3
    %
    
    
    1,402
    
    
    
    18.99620 West Germantown Pike
    
    
    
    
    
    Plymouth Meeting
    
    PA
    
    
    1990
    
    
    
    90,183
    
    
    
    74.2
    %
    
    
    1,399
    
    
    
    24.44610 West Germantown Pike
    
    
    
    
    
    Plymouth Meeting
    
    PA
    
    
    1987
    
    
    
    90,152
    
    
    
    76.2
    %
    
    
    1,610
    
    
    
    27.47630 West Germantown Pike
    
    
    
    
    
    Plymouth Meeting
    
    PA
    
    
    1988
    
    
    
    89,925
    
    
    
    97.2
    %
    
    
    1,969
    
    
    
    27.51600 West Germantown Pike
    
    
    
    
    
    Plymouth Meeting
    
    PA
    
    
    1986
    
    
    
    89,681
    
    
    
    83.4
    %
    
    
    1,482
    
    
    
    25.18630 Freedom Business Center
    
    
    (d
    )
    
    King Of Prussia
    
    PA
    
    
    1989
    
    
    
    86,683
    
    
    
    92.1
    %
    
    
    1,660
    
    
    
    24.251200 Swedesford Road
    
    
    
    
    
    Berwyn
    
    PA
    
    
    1994
    
    
    
    86,622
    
    
    
    76.5
    %
    
    
    1,366
    
    
    
    29.20620 Freedom Business Center
    
    
    (d
    )
    
    King Of Prussia
    
    PA
    
    
    1986
    
    
    
    86,570
    
    
    
    100.0
    %
    
    
    1,748
    
    
    
    24.02200 Barr Harbour Drive
    
    
    (h
    )
    
    Conshohocken
    
    PA
    
    
    1998
    
    
    
    86,021
    
    
    
    100.0
    %
    
    
    2,484
    
    
    
    30.35595 East Swedesford Road
    
    
    
    
    
    Wayne
    
    PA
    
    
    1998
    
    
    
    81,890
    
    
    
    100.0
    %
    
    
    1,750
    
    
    
    23.011050 Westlakes Drive
    
    
    
    
    
    Berwyn
    
    PA
    
    
    1984
    
    
    
    80,000
    
    
    
    100.0
    %
    
    
    1,984
    
    
    
    25.00One Progress Drive
    
    
    
    
    
    Horsham
    
    PA
    
    
    1986
    
    
    
    79,204
    
    
    
    100.0
    %
    
    
    845
    
    
    
    13.451060 First Avenue
    
    
    (e
    )
    
    King Of Prussia
    
    PA
    
    
    1987
    
    
    
    77,718
    
    
    
    100.0
    %
    
    
    1,061
    
    
    
    21.47741 First Avenue
    
    
    
    
    
    King Of Prussia
    
    PA
    
    
    1966
    
    
    
    77,184
    
    
    
    100.0
    %
    
    
    580
    
    
    
    9.101040 First Avenue
    
    
    (e
    )
    
    King Of Prussia
    
    PA
    
    
    1985
    
    
    
    75,488
    
    
    
    84.8
    %
    
    
    1,287
    
    
    
    23.18200 Berwyn Park
    
    
    
    
    
    Berwyn
    
    PA
    
    
    1987
    
    
    
    75,025
    
    
    
    100.0
    %
    
    
    1,296
    
    
    
    19.201020 First Avenue
    
    
    (e
    )
    
    King Of Prussia
    
    PA
    
    
    1984
    
    
    
    74,556
    
    
    
    100.0
    %
    
    
    1,608
    
    
    
    20.251000 First Avenue
    
    
    (e
    )
    
    King Of Prussia
    
    PA
    
    
    1980
    
    
    
    74,139
    
    
    
    86.7
    %
    
    
    1,367
    
    
    
    22.93436 Creamery Way
    
    
    
    
    
    Exton
    
    PA
    
    
    1991
    
    
    
    72,300
    
    
    
    96.2
    %
    
    
    726
    
    
    
    14.53
  -27-




---



##### Table of Contents



AverageTotal Base Rent
    
    
    AnnualizedNet
    
    
    Percentage
    
    
    for the Twelve
    
    
    Rental RateYear
    
    
    Rentable
    
    
    Leased as of
    
    
    Months Ended
    
    
    as ofBuilt/
    
    
    Square
    
    
    December 31,
    
    
    December 31,
    
    
    December 31,Property Name
    
    
    
    
    
    Location
    
    
    State
    
    
    Renovated
    
    
    Feet
    
    
    2009 (a)
    
    

2009 (b) (000s)
    
    
    2009 (c)130 Radnor Chester Road
    
    
    
    
    
    Radnor
    
    PA
    
    
    2004
    
    
    
    71,349
    
    
    
    100.0
    %
    
    
    2,150
    
    
    
    31.35170 Radnor Chester Road
    
    
    
    
    
    Radnor
    
    PA
    
    
    2004
    
    
    
    69,787
    
    
    
    92.6
    %
    
    
    1,597
    
    
    
    25.2114 Campus Boulevard
    
    
    
    
    
    Newtown Square
    
    PA
    
    
    1998
    
    
    
    69,542
    
    
    
    100.0
    %
    
    
    1,815
    
    
    
    25.00500 Enterprise Road
    
    
    
    
    
    Horsham
    
    PA
    
    
    1990
    
    
    
    66,751
    
    
    
    0.0
    %
    
    
    
    
    
    
    575 East Swedesford Road
    
    
    
    
    
    Wayne
    
    PA
    
    
    1985
    
    
    
    66,265
    
    
    
    100.0
    %
    
    
    1,235
    
    
    
    28.53429 Creamery Way
    
    
    
    
    
    Exton
    
    PA
    
    
    1996
    
    
    
    63,420
    
    
    
    100.0
    %
    
    
    790
    
    
    
    16.72610 Freedom Business Center
    
    
    (d
    )
    
    King Of Prussia
    
    PA
    
    
    1985
    
    
    
    62,991
    
    
    
    88.9
    %
    
    
    720
    
    
    
    23.43925 Harvest Drive
    
    
    
    
    
    Blue Bell
    
    PA
    
    
    1990
    
    
    
    62,957
    
    
    
    96.7
    %
    
    
    1,032
    
    
    
    21.23980 Harvest Drive
    
    
    
    
    
    Blue Bell
    
    PA
    
    
    1988
    
    
    
    62,379
    
    
    
    100.0
    %
    
    
    1,383
    
    
    
    24.16426 Lancaster Avenue
    
    
    
    
    
    Devon
    
    PA
    
    
    1990
    
    
    
    61,102
    
    
    
    100.0
    %
    
    
    1,213
    
    
    
    19.901180 Swedesford Road
    
    
    
    
    
    Berwyn
    
    PA
    
    
    1987
    
    
    
    60,371
    
    
    
    100.0
    %
    
    
    1,880
    
    
    
    33.081160 Swedesford Road
    
    
    
    
    
    Berwyn
    
    PA
    
    
    1986
    
    
    
    60,099
    
    
    
    100.0
    %
    
    
    1,493
    
    
    
    26.04100 Berwyn Park
    
    
    
    
    
    Berwyn
    
    PA
    
    
    1986
    
    
    
    57,731
    
    
    
    42.7
    %
    
    
    735
    
    
    
    21.99440 Creamery Way
    
    
    
    
    
    Exton
    
    PA
    
    
    1991
    
    
    
    57,218
    
    
    
    88.8
    %
    
    
    790
    
    
    
    16.85640 Allendale Road
    
    
    (f
    )
    
    King of Prussia
    
    PA
    
    
    2000
    
    
    
    56,034
    
    
    
    100.0
    %
    
    
    350
    
    
    
    8.60565 East Swedesford Road
    
    
    
    
    
    Wayne
    
    PA
    
    
    1984
    
    
    
    55,979
    
    
    
    83.4
    %
    
    
    818
    
    
    
    22.64650 Park Avenue
    
    
    
    
    
    King Of Prussia
    
    PA
    
    
    1968
    
    
    
    54,338
    
    
    
    100.0
    %
    
    
    822
    
    
    
    17.10910 Harvest Drive
    
    
    
    
    
    Blue Bell
    
    PA
    
    
    1990
    
    
    
    52,611
    
    
    
    100.0
    %
    
    
    1,040
    
    
    
    20.23680 Allendale Road
    
    
    
    
    
    King Of Prussia
    
    PA
    
    
    1962
    
    
    
    52,528
    
    
    
    0.0
    %
    
    
    
    
    
    
    2240/50 Butler Pike
    
    
    
    
    
    Plymouth Meeting
    
    PA
    
    
    1984
    
    
    
    52,229
    
    
    
    100.0
    %
    
    
    1,102
    
    
    
    22.59920 Harvest Drive
    
    
    
    
    
    Blue Bell
    
    PA
    
    
    1990
    
    
    
    51,875
    
    
    
    100.0
    %
    
    
    1,009
    
    
    
    21.19486 Thomas Jones Way
    
    
    
    
    
    Exton
    
    PA
    
    
    1990
    
    
    
    51,372
    
    
    
    69.1
    %
    
    
    619
    
    
    
    21.09660 Allendale Road
    
    
    (f
    )
    
    King of Prussia
    
    PA
    
    
    1962
    
    
    
    50,635
    
    
    
    0.0
    %
    
    
    93
    
    
    
    875 First Avenue
    
    
    
    
    
    King Of Prussia
    
    PA
    
    
    1966
    
    
    
    50,000
    
    
    
    100.0
    %
    
    
    1,037
    
    
    
    22.00630 Clark Avenue
    
    
    
    
    
    King Of Prussia
    
    PA
    
    
    1960
    
    
    
    50,000
    
    
    
    100.0
    %
    
    
    301
    
    
    
    8.19620 Allendale Road
    
    
    
    
    
    King Of Prussia
    
    PA
    
    
    1961
    
    
    
    50,000
    
    
    
    67.0
    %
    
    
    536
    
    
    
    16.0615 Campus Boulevard
    
    
    
    
    
    Newtown Square
    
    PA
    
    
    2002
    
    
    
    49,621
    
    
    
    100.0
    %
    
    
    1,018
    
    
    
    25.62479 Thomas Jones Way
    
    
    
    
    
    Exton
    
    PA
    
    
    1988
    
    
    
    49,264
    
    
    
    63.0
    %
    
    
    556
    
    
    
    18.0417 Campus Boulevard
    
    
    
    
    
    Newtown Square
    
    PA
    
    
    2001
    
    
    
    48,565
    
    
    
    100.0
    %
    
    
    1,202
    
    
    
    30.3911 Campus Boulevard
    
    
    
    
    
    Newtown Square
    
    PA
    
    
    1998
    
    
    
    47,699
    
    
    
    100.0
    %
    
    
    1,111
    
    
    
    25.75456 Creamery Way
    
    
    
    
    
    Exton
    
    PA
    
    
    1987
    
    
    
    47,604
    
    
    
    100.0
    %
    
    
    372
    
    
    
    6.68585 East Swedesford Road
    
    
    
    
    
    Wayne
    
    PA
    
    
    1998
    
    
    
    43,683
    
    
    
    100.0
    %
    
    
    771
    
    
    
    27.011100 Cassett Road
    
    
    
    
    
    Berwyn
    
    PA
    
    
    1997
    
    
    
    43,480
    
    
    
    100.0
    %
    
    
    1,106
    
    
    
    32.09467 Creamery Way
    
    
    
    
    
    Exton
    
    PA
    
    
    1988
    
    
    
    42,000
    
    
    
    100.0
    %
    
    
    568
    
    
    
    19.311336 Enterprise Drive
    
    
    
    
    
    West Goshen
    
    PA
    
    
    1989
    
    
    
    39,330
    
    
    
    100.0
    %
    
    
    796
    
    
    
    24.10600 Park Avenue
    
    
    
    
    
    King Of Prussia
    
    PA
    
    
    1964
    
    
    
    39,000
    
    
    
    100.0
    %
    
    
    545
    
    
    
    16.17412 Creamery Way
    
    
    
    
    
    Exton
    
    PA
    
    
    1999
    
    
    
    38,098
    
    
    
    86.0
    %
    
    
    591
    
    
    
    17.7118 Campus Boulevard
    
    
    
    
    
    Newtown Square
    
    PA
    
    
    1990
    
    
    
    37,374
    
    
    
    85.3
    %
    
    
    702
    
    
    
    20.62457 Creamery Way
    
    
    
    
    
    Exton
    
    PA
    
    
    1990
    
    
    
    36,019
    
    
    
    100.0
    %
    
    
    285
    
    
    
    100 Arrandale Boulevard
    
    
    
    
    
    Exton
    
    PA
    
    
    1997
    
    
    
    34,931
    
    
    
    100.0
    %
    
    
    456
    
    
    
    17.43300 Lindenwood Drive
    
    
    
    
    
    Malvern
    
    PA
    
    
    1991
    
    
    
    33,000
    
    
    
    100.0
    %
    
    
    794
    
    
    
    23.412260 Butler Pike
    
    
    
    
    
    Plymouth Meeting
    
    PA
    
    
    1984
    
    
    
    31,892
    
    
    
    100.0
    %
    
    
    658
    
    
    
    22.02120 West Germantown Pike
    
    
    
    
    
    Plymouth Meeting
    
    PA
    
    
    1984
    
    
    
    30,574
    
    
    
    100.0
    %
    
    
    528
    
    
    
    19.75468 Thomas Jones Way
    
    
    
    
    
    Exton
    
    PA
    
    
    1990
    
    
    
    28,934
    
    
    
    100.0
    %
    
    
    550
    
    
    
    19.501700 Paoli Pike
    
    
    
    
    
    Malvern
    
    PA
    
    
    2000
    
    
    
    28,000
    
    
    
    0.0
    %
    
    
    378
    
    
    
    140 West Germantown Pike
    
    
    
    
    
    Plymouth Meeting
    
    PA
    
    
    1984
    
    
    
    25,357
    
    
    
    76.0
    %
    
    
    383
    
    
    
    25.12
  -28-




---



##### Table of Contents



AverageTotal Base Rent
    
    
    AnnualizedNet
    
    
    Percentage
    
    
    for the Twelve
    
    
    Rental RateYear
    
    
    Rentable
    
    
    Leased as of
    
    
    Months Ended
    
    
    as ofBuilt/
    
    
    Square
    
    
    December 31,
    
    
    December 31,
    
    
    December 31,Property Name
    
    
    
    
    
    Location
    
    
    State
    
    
    Renovated
    
    
    Feet
    
    
    2009 (a)
    
    

2009 (b) (000s)
    
    
    2009 (c)481 John Young Way
    
    
    
    
    
    Exton
    
    PA
    
    
    1997
    
    
    
    19,275
    
    
    
    100.0
    %
    
    
    510
    
    
    
    26.07100 Lindenwood Drive
    
    
    
    
    
    Malvern
    
    PA
    
    
    1985
    
    
    
    18,400
    
    
    
    100.0
    %
    
    
    357
    
    
    
    20.03200 Lindenwood Drive
    
    
    
    
    
    Malvern
    
    PA
    
    
    1984
    
    
    
    12,600
    
    
    
    0.0
    %
    
    
    99
    
    
    
    111 Arrandale Road
    
    
    
    
    
    Exton
    
    PA
    
    
    1996
    
    
    
    10,479
    
    
    
    100.0
    %
    
    
    198
    
    
    
    18.74SUBTOTAL/WEIGHTED AVG  PENNSYLVANIA SEGMENT
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,446,776
    
    
    
    90.6
    %
    
    
    195,842
    
    
    
    21.06METROPOLITAN WASHINGTON D.C. SEGMENT1676 International Drive
    
    
    
    
    
    McLean
    
    VA
    
    
    1999
    
    
    
    299,387
    
    
    
    93.8
    %
    
    
    8,877
    
    
    
    30.8713820 Sunrise Valley Drive
    
    
    
    
    
    Herndon
    
    VA
    
    
    2007
    
    
    
    268,240
    
    
    
    100.0
    %
    
    
    4,676
    
    
    
    27.762340 Dulles Corner Boulevard
    
    
    
    
    
    Herndon
    
    VA
    
    
    1987
    
    
    
    264,405
    
    
    
    100.0
    %
    
    
    8,077
    
    
    
    31.182291 Wood Oak Drive
    
    
    
    
    
    Herndon
    
    VA
    
    
    1999
    
    
    
    227,574
    
    
    
    100.0
    %
    
    
    5,332
    
    
    
    30.167101 Wisconsin Avenue
    
    
    
    
    
    Bethesda
    
    MD
    
    
    1975
    
    
    
    223,054
    
    
    
    98.0
    %
    
    
    6,848
    
    
    
    33.331900 Gallows Road
    
    
    
    
    
    Vienna
    
    VA
    
    
    1989
    
    
    
    210,632
    
    
    
    64.8
    %
    
    
    3,957
    
    
    
    26.043130 Fairview Park Drive
    
    
    
    
    
    Falls Church
    
    VA
    
    
    1999
    
    
    
    180,645
    
    
    
    78.6
    %
    
    
    5,055
    
    
    
    32.813141 Fairview Park Drive
    
    
    
    
    
    Falls Church
    
    VA
    
    
    1988
    
    
    
    180,611
    
    
    
    90.4
    %
    
    
    4,209
    
    
    
    28.332355 Dulles Corner Boulevard
    
    
    
    
    
    Herndon
    
    VA
    
    
    1988
    
    
    
    179,176
    
    
    
    84.0
    %
    
    
    4,918
    
    
    
    32.482411 Dulles Corner Park
    
    
    
    
    
    Herndon
    
    VA
    
    
    1990
    
    
    
    176,618
    
    
    
    100.0
    %
    
    
    5,697
    
    
    
    32.241880 Campus Commons Drive
    
    
    
    
    
    Reston
    
    VA
    
    
    1985
    
    
    
    172,448
    
    
    
    100.0
    %
    
    
    3,112
    
    
    
    22.182121 Cooperative Way
    
    
    
    
    
    Herndon
    
    VA
    
    
    2000
    
    
    
    161,275
    
    
    
    83.5
    %
    
    
    4,024
    
    
    
    31.866600 Rockledge Drive
    
    
    (d
    )
    
    Bethesda
    
    MD
    
    
    1981
    
    
    
    160,173
    
    
    
    57.7
    %
    
    
    2,960
    
    
    
    30.558260 Greensboro Drive
    
    
    
    
    
    McLean
    
    VA
    
    
    1980
    
    
    
    158,961
    
    
    
    76.7
    %
    
    
    3,230
    
    
    
    26.272251 Corporate Park Drive
    
    
    
    
    
    Herndon
    
    VA
    
    
    2000
    
    
    
    158,016
    
    
    
    100.0
    %
    
    
    5,190
    
    
    
    34.4012015 Lee Jackson Memorial Highway
    
    
    
    
    
    Fairfax
    
    VA
    
    
    1985
    
    
    
    153,255
    
    
    
    100.0
    %
    
    
    3,756
    
    
    
    27.5013880 Dulles Corner Lane
    
    
    
    
    
    Herndon
    
    VA
    
    
    1997
    
    
    
    151,747
    
    
    
    100.0
    %
    
    
    4,686
    
    
    
    36.658521 Leesburg Pike
    
    
    
    
    
    Vienna
    
    VA
    
    
    1984
    
    
    
    150,897
    
    
    
    71.0
    %
    
    
    3,548
    
    
    
    28.682273 Research Boulevard
    
    
    
    
    
    Rockville
    
    MD
    
    
    1999
    
    
    
    147,689
    
    
    
    98.4
    %
    
    
    4,348
    
    
    
    33.882275 Research Boulevard
    
    
    
    
    
    Rockville
    
    MD
    
    
    1990
    
    
    
    147,650
    
    
    
    100.0
    %
    
    
    3,716
    
    
    
    30.562201 Cooperative Way
    
    
    
    
    
    Herndon
    
    VA
    
    
    1990
    
    
    
    138,806
    
    
    
    85.7
    %
    
    
    3,896
    
    
    
    34.952277 Research Boulevard
    
    
    
    
    
    Rockville
    
    MD
    
    
    1986
    
    
    
    137,045
    
    
    
    100.0
    %
    
    
    3,360
    
    
    
    29.7811781 Lee Jackson Memorial Highway
    
    
    
    
    
    Fairfax
    
    VA
    
    
    1982
    
    
    
    130,935
    
    
    
    97.8
    %
    
    
    3,193
    
    
    
    26.2911720 Beltsville Drive
    
    
    
    
    
    Beltsville
    
    MD
    
    
    1987
    
    
    
    128,903
    
    
    
    71.6
    %
    
    
    2,320
    
    
    
    24.5413825 Sunrise Valley Drive
    
    
    
    
    
    Herndon
    
    VA
    
    
    1989
    
    
    
    104,150
    
    
    
    12.4
    %
    
    
    651
    
    
    
    25.61198 Van Buren Street
    
    
    
    
    
    Herndon
    
    VA
    
    
    1996
    
    
    
    98,934
    
    
    
    93.5
    %
    
    
    2,957
    
    
    
    33.80196 Van Buren Street
    
    
    
    
    
    Herndon
    
    VA
    
    
    1991
    
    
    
    97,781
    
    
    
    57.9
    %
    
    
    2,019
    
    
    
    32.2711700 Beltsville Drive
    
    
    
    
    
    Beltsville
    
    MD
    
    
    1981
    
    
    
    96,843
    
    
    
    98.2
    %
    
    
    2,104
    
    
    
    22.8111710 Beltsville Drive
    
    
    
    
    
    Beltsville
    
    MD
    
    
    1987
    
    
    
    81,281
    
    
    
    100.0
    %
    
    
    1,864
    
    
    
    26.014401 Fair Lakes Court
    
    
    
    
    
    Fairfax
    
    VA
    
    
    1988
    
    
    
    55,972
    
    
    
    100.0
    %
    
    
    1,377
    
    
    
    27.9711740 Beltsville Drive
    
    
    
    
    
    Beltsville
    
    MD
    
    
    1987
    
    
    
    6,783
    
    
    
    100.0
    %
    
    
    140
    
    
    
    25.81SUBTOTAL/WEIGHTED AVG  METROPOLITAN WASHINGTON D.C. SEGMENT
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,849,886
    
    
    
    88.5
    %
    
    
    120,097
    
    
    
    29.60NEW JERSEY/DELAWARE SEGMENT920 North King Street
    
    
    
    
    
    Wilmington
    
    DE
    
    
    1989
    
    
    
    203,328
    
    
    
    96.7
    %
    
    
    4,583
    
    
    
    27.3210000 Midlantic Drive
    
    
    
    
    
    Mt. Laurel
    
    NJ
    
    
    1990
    
    
    
    183,147
    
    
    
    97.5
    %
    
    
    2,577
    
    
    
    26.421009 Lenox Drive
    
    
    
    
    
    Lawrenceville
    
    NJ
    
    
    1989
    
    
    
    180,734
    
    
    
    92.4
    %
    
    
    4,273
    
    
    
    28.37525 Lincoln Drive West
    
    
    
    
    
    Marlton
    
    NJ
    
    
    1986
    
    
    
    165,956
    
    
    
    90.2
    %
    
    
    2,866
    
    
    
    24.72Main Street  Plaza 1000
    
    
    
    
    
    Voorhees
    
    NJ
    
    
    1988
    
    
    
    162,364
    
    
    
    71.2
    %
    
    
    2,733
    
    
    
    27.28
  -29-




---



##### Table of Contents



AverageTotal Base Rent
    
    
    AnnualizedNet
    
    
    Percentage
    
    
    for the Twelve
    
    
    Rental RateYear
    
    
    Rentable
    
    
    Leased as of
    
    
    Months Ended
    
    
    as ofBuilt/
    
    
    Square
    
    
    December 31,
    
    
    December 31,
    
    
    December 31,Property Name
    
    
    
    
    
    Location
    
    
    State
    
    
    Renovated
    
    
    Feet
    
    
    2009 (a)
    
    

2009 (b) (000s)
    
    
    2009 (c)400 Commerce Drive
    
    
    
    
    
    Newark
    
    DE
    
    
    1997
    
    
    
    154,086
    
    
    
    100.0
    %
    
    
    2,321
    
    
    
    16.10457 Haddonfield Road
    
    
    
    
    
    Cherry Hill
    
    NJ
    
    
    1990
    
    
    
    121,737
    
    
    
    89.7
    %
    
    
    2,536
    
    
    
    22.822000 Midlantic Drive
    
    
    
    
    
    Mt. Laurel
    
    NJ
    
    
    1989
    
    
    
    121,658
    
    
    
    61.3
    %
    
    
    1,036
    
    
    
    25.32700 East Gate Drive
    
    
    
    
    
    Mt. Laurel
    
    NJ
    
    
    1984
    
    
    
    119,272
    
    
    
    84.8
    %
    
    
    1,805
    
    
    
    22.242000 Lenox Drive
    
    
    
    
    
    Lawrenceville
    
    NJ
    
    
    2000
    
    
    
    119,114
    
    
    
    100.0
    %
    
    
    3,230
    
    
    
    30.73989 Lenox Drive
    
    
    
    
    
    Lawrenceville
    
    NJ
    
    
    1984
    
    
    
    112,055
    
    
    
    52.2
    %
    
    
    2,155
    
    
    
    29.93993 Lenox Drive
    
    
    
    
    
    Lawrenceville
    
    NJ
    
    
    1985
    
    
    
    111,124
    
    
    
    100.0
    %
    
    
    2,889
    
    
    
    28.831000 Howard Boulevard
    
    
    
    
    
    Mt. Laurel
    
    NJ
    
    
    1988
    
    
    
    105,312
    
    
    
    95.7
    %
    
    
    1,845
    
    
    
    23.90One Righter Parkway
    
    
    (d
    )
    
    Wilmington
    
    DE
    
    
    1989
    
    
    
    104,761
    
    
    
    97.0
    %
    
    
    2,359
    
    
    
    24.741000 Atrium Way
    
    
    
    
    
    Mt. Laurel
    
    NJ
    
    
    1989
    
    
    
    99,668
    
    
    
    96.2
    %
    
    
    1,412
    
    
    
    23.63997 Lenox Drive
    
    
    
    
    
    Lawrenceville
    
    NJ
    
    
    1987
    
    
    
    97,277
    
    
    
    79.7
    %
    
    
    2,226
    
    
    
    27.25Two Righter Parkway
    
    
    (d
    )
    
    Wilmington
    
    DE
    
    
    1987
    
    
    
    95,514
    
    
    
    80.9
    %
    
    
    1,780
    
    
    
    25.101120 Executive Boulevard
    
    
    
    
    
    Mt. Laurel
    
    NJ
    
    
    1987
    
    
    
    95,278
    
    
    
    100.0
    %
    
    
    1,592
    
    
    
    27.9415000 Midlantic Drive
    
    
    
    
    
    Mt. Laurel
    
    NJ
    
    
    1991
    
    
    
    84,056
    
    
    
    77.8
    %
    
    
    879
    
    
    
    22.43220 Lake Drive East
    
    
    
    
    
    Cherry Hill
    
    NJ
    
    
    1988
    
    
    
    78,509
    
    
    
    69.8
    %
    
    
    1,200
    
    
    
    22.3710 Lake Center Drive
    
    
    
    
    
    Marlton
    
    NJ
    
    
    1989
    
    
    
    76,359
    
    
    
    90.6
    %
    
    
    1,186
    
    
    
    21.19200 Lake Drive East
    
    
    
    
    
    Cherry Hill
    
    NJ
    
    
    1989
    
    
    
    76,352
    
    
    
    83.2
    %
    
    
    1,506
    
    
    
    25.471200 Lenox Drive
    
    
    
    
    
    Lawrenceville
    
    NJ
    
    
    2007
    
    
    
    75,000
    
    
    
    61.0
    %
    
    
    1,055
    
    
    
    24.59Three Greentree Centre
    
    
    
    
    
    Marlton
    
    NJ
    
    
    1984
    
    
    
    69,300
    
    
    
    98.6
    %
    
    
    1,331
    
    
    
    24.86200 Commerce Drive
    
    
    
    
    
    Newark
    
    DE
    
    
    1998
    
    
    
    68,034
    
    
    
    100.0
    %
    
    
    1,327
    
    
    
    20.079000 Midlantic Drive
    
    
    
    
    
    Mt. Laurel
    
    NJ
    
    
    1989
    
    
    
    67,299
    
    
    
    100.0
    %
    
    
    836
    
    
    
    26.856 East Clementon Road
    
    
    
    
    
    Gibbsboro
    
    NJ
    
    
    1980
    
    
    
    66,236
    
    
    
    96.5
    %
    
    
    979
    
    
    
    29.92100 Commerce Drive
    
    
    
    
    
    Newark
    
    DE
    
    
    1989
    
    
    
    62,787
    
    
    
    92.6
    %
    
    
    1,094
    
    
    
    21.04701 East Gate Drive
    
    
    
    
    
    Mt. Laurel
    
    NJ
    
    
    1986
    
    
    
    61,794
    
    
    
    75.8
    %
    
    
    708
    
    
    
    22.95210 Lake Drive East
    
    
    
    
    
    Cherry Hill
    
    NJ
    
    
    1986
    
    
    
    60,604
    
    
    
    89.2
    %
    
    
    924
    
    
    
    23.41308 Harper Drive
    
    
    
    
    
    Moorestown
    
    NJ
    
    
    1976
    
    
    
    59,500
    
    
    
    56.8
    %
    
    
    508
    
    
    
    22.96305 Fellowship Drive
    
    
    
    
    
    Mt. Laurel
    
    NJ
    
    
    1980
    
    
    
    56,824
    
    
    
    100.0
    %
    
    
    1,101
    
    
    
    24.08Two Greentree Centre
    
    
    
    
    
    Marlton
    
    NJ
    
    
    1983
    
    
    
    56,075
    
    
    
    76.1
    %
    
    
    448
    
    
    
    22.01309 Fellowship Drive
    
    
    
    
    
    Mt. Laurel
    
    NJ
    
    
    1982
    
    
    
    55,911
    
    
    
    82.1
    %
    
    
    846
    
    
    
    25.79One Greentree Centre
    
    
    
    
    
    Marlton
    
    NJ
    
    
    1982
    
    
    
    55,838
    
    
    
    65.8
    %
    
    
    684
    
    
    
    22.088000 Lincoln Drive
    
    
    
    
    
    Marlton
    
    NJ
    
    
    1997
    
    
    
    54,923
    
    
    
    100.0
    %
    
    
    1,040
    
    
    
    13.63307 Fellowship Drive
    
    
    
    
    
    Mt. Laurel
    
    NJ
    
    
    1981
    
    
    
    54,485
    
    
    
    60.3
    %
    
    
    704
    
    
    
    26.61303 Fellowship Drive
    
    
    
    
    
    Mt. Laurel
    
    NJ
    
    
    1979
    
    
    
    53,768
    
    
    
    70.7
    %
    
    
    637
    
    
    
    22.721000 Bishops Gate
    
    
    
    
    
    Mt. Laurel
    
    NJ
    
    
    2005
    
    
    
    53,281
    
    
    
    100.0
    %
    
    
    1,208
    
    
    
    25.021000 Lenox Drive
    
    
    
    
    
    Lawrenceville
    
    NJ
    
    
    1982
    
    
    
    52,264
    
    
    
    100.0
    %
    
    
    1,329
    
    
    
    29.52100 Lenox Drive
    
    
    
    
    
    Lawrenceville
    
    NJ
    
    
    1991
    
    
    
    50,942
    
    
    
    100.0
    %
    
    
    681
    
    
    
    16.512 Foster Avenue
    
    
    (f
    )
    
    Gibbsboro
    
    NJ
    
    
    1974
    
    
    
    50,761
    
    
    
    94.6
    %
    
    
    195
    
    
    
    4.584000 Midlantic Drive
    
    
    
    
    
    Mt. Laurel
    
    NJ
    
    
    1998
    
    
    
    46,945
    
    
    
    100.0
    %
    
    
    657
    
    
    
    24.48Five Eves Drive
    
    
    
    
    
    Marlton
    
    NJ
    
    
    1986
    
    
    
    45,564
    
    
    
    100.0
    %
    
    
    730
    
    
    
    22.35161 Gaither Drive
    
    
    
    
    
    Mount Laurel
    
    NJ
    
    
    1987
    
    
    
    44,739
    
    
    
    96.4
    %
    
    
    603
    
    
    
    21.82Main Street  Piazza
    
    
    
    
    
    Voorhees
    
    NJ
    
    
    1990
    
    
    
    44,708
    
    
    
    89.6
    %
    
    
    663
    
    
    
    19.2730 Lake Center Drive
    
    
    
    
    
    Marlton
    
    NJ
    
    
    1986
    
    
    
    40,287
    
    
    
    91.3
    %
    
    
    652
    
    
    
    19.4620 East Clementon Road
    
    
    
    
    
    Gibbsboro
    
    NJ
    
    
    1986
    
    
    
    38,260
    
    
    
    74.7
    %
    
    
    359
    
    
    
    19.86Two Eves Drive
    
    
    
    
    
    Marlton
    
    NJ
    
    
    1987
    
    
    
    37,532
    
    
    
    62.0
    %
    
    
    416
    
    
    
    18.94304 Harper Drive
    
    
    
    
    
    Moorestown
    
    NJ
    
    
    1975
    
    
    
    32,978
    
    
    
    83.6
    %
    
    
    512
    
    
    
    24.30Main Street  Promenade
    
    
    
    
    
    Voorhees
    
    NJ
    
    
    1988
    
    
    
    31,445
    
    
    
    80.0
    %
    
    
    355
    
    
    
    14.94Four B Eves Drive
    
    
    
    
    
    Marlton
    
    NJ
    
    
    1987
    
    
    
    27,011
    
    
    
    100.0
    %
    
    
    408
    
    
    
    17.40815 East Gate Drive
    
    
    
    
    
    Mt. Laurel
    
    NJ
    
    
    1986
    
    
    
    25,500
    
    
    
    65.1
    %
    
    
    296
    
    
    
    17.94817 East Gate Drive
    
    
    
    
    
    Mt. Laurel
    
    NJ
    
    
    1986
    
    
    
    25,351
    
    
    
    100.0
    %
    
    
    268
    
    
    
    13.88
  -30-




---



##### Table of Contents



AverageTotal Base Rent
    
    
    AnnualizedNet
    
    
    Percentage
    
    
    for the Twelve
    
    
    Rental RateYear
    
    
    Rentable
    
    
    Leased as of
    
    
    Months Ended
    
    
    as ofBuilt/
    
    
    Square
    
    
    December 31,
    
    
    December 31,
    
    
    December 31,Property Name
    
    
    
    
    
    Location
    
    
    State
    
    
    Renovated
    
    
    Feet
    
    
    2009 (a)
    
    

2009 (b) (000s)
    
    
    2009 (c)Four A Eves Drive
    
    
    
    
    
    Marlton
    
    NJ
    
    
    1987
    
    
    
    24,687
    
    
    
    100.0
    %
    
    
    311
    
    
    
    16.811 Foster Avenue
    
    
    (f
    )
    
    Gibbsboro
    
    NJ
    
    
    1972
    
    
    
    24,255
    
    
    
    100.0
    %
    
    
    95
    
    
    
    4.584 Foster Avenue
    
    
    (f
    )
    
    Gibbsboro
    
    NJ
    
    
    1974
    
    
    
    23,372
    
    
    
    100.0
    %
    
    
    159
    
    
    
    7.787 Foster Avenue
    
    
    
    
    
    Gibbsboro
    
    NJ
    
    
    1983
    
    
    
    22,158
    
    
    
    61.8
    %
    
    
    300
    
    
    
    21.3710 Foster Avenue
    
    
    
    
    
    Gibbsboro
    
    NJ
    
    
    1983
    
    
    
    18,651
    
    
    
    90.4
    %
    
    
    194
    
    
    
    18.475 U.S. Avenue
    
    
    (f
    )
    
    Gibbsboro
    
    NJ
    
    
    1987
    
    
    
    5,000
    
    
    
    100.0
    %
    
    
    24
    
    
    
    5.0050 East Clementon Road
    
    
    
    
    
    Gibbsboro
    
    NJ
    
    
    1986
    
    
    
    3,080
    
    
    
    100.0
    %
    
    
    174
    
    
    
    56.415 Foster Avenue
    
    
    
    
    
    Gibbsboro
    
    NJ
    
    
    1968
    
    
    
    2,000
    
    
    
    100.0
    %
    
    
    
    
    
    
    SUBTOTAL/WEIGHTED AVG  NEW JERSEY/DELAWARE SEGMENT
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,416,810
    
    
    
    87.3
    %
    
    
    73,800
    
    
    
    22.07RICHMOND, VA SEGMENT300 Arboretum Place
    
    
    
    
    
    Richmond
    
    VA
    
    
    1988
    
    
    
    212,698
    
    
    
    94.5
    %
    
    
    3,378
    
    
    
    18.056800 Paragon Place
    
    
    
    
    
    Richmond
    
    VA
    
    
    1986
    
    
    
    144,722
    
    
    
    85.5
    %
    
    
    2,571
    
    
    
    20.646802 Paragon Place
    
    
    
    
    
    Richmond
    
    VA
    
    
    1989
    
    
    
    143,567
    
    
    
    89.4
    %
    
    
    2,262
    
    
    
    18.237501 Boulders View Drive
    
    
    
    
    
    Richmond
    
    VA
    
    
    1990
    
    
    
    137,283
    
    
    
    62.7
    %
    
    
    1,980
    
    
    
    17.652511 Brittons Hill Road
    
    
    (f
    )
    
    Richmond
    
    VA
    
    
    1987
    
    
    
    132,548
    
    
    
    100.0
    %
    
    
    678
    
    
    
    6.652100-2116 West Laburnam Avenue
    
    
    
    
    
    Richmond
    
    VA
    
    
    1976
    
    
    
    127,929
    
    
    
    89.3
    %
    
    
    1,568
    
    
    
    14.511957 Westmoreland Street
    
    
    (g
    )
    
    Richmond
    
    VA
    
    
    1975
    
    
    
    121,815
    
    
    
    0.0
    %
    
    
    184
    
    
    
    7300 Beaufont Springs Drive
    
    
    
    
    
    Richmond
    
    VA
    
    
    2000
    
    
    
    120,665
    
    
    
    100.0
    %
    
    
    2,573
    
    
    
    22.031025 Boulders Parkway
    
    
    
    
    
    Richmond
    
    VA
    
    
    1994
    
    
    
    93,143
    
    
    
    98.8
    %
    
    
    1,826
    
    
    
    20.432201-2245 Tomlynn Street
    
    
    (f
    )
    
    Richmond
    
    VA
    
    
    1989
    
    
    
    85,860
    
    
    
    91.9
    %
    
    
    473
    
    
    
    8.337401 Beaufont Springs Drive
    
    
    
    
    
    Richmond
    
    VA
    
    
    1998
    
    
    
    82,639
    
    
    
    73.4
    %
    
    
    1,311
    
    
    
    20.627325 Beaufont Springs Drive
    
    
    
    
    
    Richmond
    
    VA
    
    
    1999
    
    
    
    75,218
    
    
    
    100.0
    %
    
    
    1,554
    
    
    
    22.29100 Gateway Centre Parkway
    
    
    
    
    
    Richmond
    
    VA
    
    
    2001
    
    
    
    74,991
    
    
    
    67.2
    %
    
    
    520
    
    
    
    16.816806 Paragon Place
    
    
    
    
    
    Richmond
    
    VA
    
    
    2007
    
    
    
    74,480
    
    
    
    100.0
    %
    
    
    1,754
    
    
    
    24.619011 Arboretum Parkway
    
    
    
    
    
    Richmond
    
    VA
    
    
    1991
    
    
    
    73,183
    
    
    
    93.0
    %
    
    
    1,292
    
    
    
    18.724805 Lake Brooke Drive
    
    
    
    
    
    Glen Allen
    
    VA
    
    
    1996
    
    
    
    60,867
    
    
    
    100.0
    %
    
    
    1,057
    
    
    
    19.029100 Arboretum Parkway
    
    
    
    
    
    Richmond
    
    VA
    
    
    1988
    
    
    
    57,974
    
    
    
    93.7
    %
    
    
    864
    
    
    
    16.242812 Emerywood Parkway
    
    
    
    
    
    Henrico
    
    VA
    
    
    1980
    
    
    
    56,984
    
    
    
    87.4
    %
    
    
    857
    
    
    
    15.464364 South Alston Avenue
    
    
    
    
    
    Durham
    
    NC
    
    
    1985
    
    
    
    56,601
    
    
    
    100.0
    %
    
    
    1,132
    
    
    
    21.372277 Dabney Road
    
    
    (f
    )
    
    Richmond
    
    VA
    
    
    1986
    
    
    
    50,400
    
    
    
    100.0
    %
    
    
    267
    
    
    
    7.409200 Arboretum Parkway
    
    
    
    
    
    Richmond
    
    VA
    
    
    1988
    
    
    
    49,542
    
    
    
    100.0
    %
    
    
    467
    
    
    
    17.049210 Arboretum Parkway
    
    
    
    
    
    Richmond
    
    VA
    
    
    1988
    
    
    
    48,012
    
    
    
    89.5
    %
    
    
    563
    
    
    
    14.852212-2224 Tomlynn Street
    
    
    (f
    )
    
    Richmond
    
    VA
    
    
    1985
    
    
    
    45,353
    
    
    
    100.0
    %
    
    
    230
    
    
    
    7.552221-2245 Dabney Road
    
    
    (f
    )
    
    Richmond
    
    VA
    
    
    1994
    
    
    
    45,250
    
    
    
    86.2
    %
    
    
    234
    
    
    
    7.802251 Dabney Road
    
    
    (f
    )
    
    Richmond
    
    VA
    
    
    1983
    
    
    
    42,000
    
    
    
    100.0
    %
    
    
    209
    
    
    
    6.772161-2179 Tomlynn Street
    
    
    (f
    )
    
    Richmond
    
    VA
    
    
    1985
    
    
    
    41,550
    
    
    
    100.0
    %
    
    
    273
    
    
    
    8.452256 Dabney Road
    
    
    (f
    )
    
    Richmond
    
    VA
    
    
    1982
    
    
    
    33,413
    
    
    
    100.0
    %
    
    
    232
    
    
    
    8.842246 Dabney Road
    
    
    (f
    )
    
    Richmond
    
    VA
    
    
    1987
    
    
    
    33,271
    
    
    
    100.0
    %
    
    
    287
    
    
    
    11.112244 Dabney Road
    
    
    (f
    )
    
    Richmond
    
    VA
    
    
    1993
    
    
    
    33,050
    
    
    
    100.0
    %
    
    
    297
    
    
    
    11.529211 Arboretum Parkway
    
    
    
    
    
    Richmond
    
    VA
    
    
    1991
    
    
    
    30,791
    
    
    
    63.1
    %
    
    
    330
    
    
    
    13.872248 Dabney Road
    
    
    (f
    )
    
    Richmond
    
    VA
    
    
    1989
    
    
    
    30,184
    
    
    
    100.0
    %
    
    
    194
    
    
    
    9.032130-2146 Tomlynn Street
    
    
    (f
    )
    
    Richmond
    
    VA
    
    
    1988
    
    
    
    29,700
    
    
    
    57.6
    %
    
    
    179
    
    
    
    11.752120 Tomlyn Street
    
    
    (f
    )
    
    Richmond
    
    VA
    
    
    1986
    
    
    
    23,850
    
    
    
    100.0
    %
    
    
    133
    
    
    
    7.672240 Dabney Road
    
    
    (f
    )
    
    Richmond
    
    VA
    
    
    1984
    
    
    
    15,389
    
    
    
    100.0
    %
    
    
    138
    
    
    
    11.85SUBTOTAL/WEIGHTED AVG  RICHMOND, VA SEGMENT
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,484,922
    
    
    
    86.3
    %
    
    
    31,867
    
    
    
    14.03
  -31-




---



##### Table of Contents



AverageTotal Base Rent
    
    
    AnnualizedNet
    
    
    Percentage
    
    
    for the Twelve
    
    
    Rental RateYear
    
    
    Rentable
    
    
    Leased as of
    
    
    Months Ended
    
    
    as ofBuilt/
    
    
    Square
    
    
    December 31,
    
    
    December 31,
    
    
    December 31,Property Name
    
    
    
    
    
    Location
    
    
    State
    
    
    Renovated
    
    
    Feet
    
    
    2009 (a)
    
    

2009 (b) (000s)
    
    
    2009 (c)CALIFORNIA155 Grand Avenue
    
    
    
    
    
    Oakland
    
    CA
    
    
    1990
    
    
    
    200,996
    
    
    
    71.7
    %
    
    
    4,128
    
    
    
    36.101220 Concord Avenue
    
    
    
    
    
    Concord
    
    CA
    
    
    1984
    
    
    
    175,153
    
    
    
    100.0
    %
    
    
    2,944
    
    
    
    22.461200 Concord Avenue
    
    
    
    
    
    Concord
    
    CA
    
    
    1984
    
    
    
    175,103
    
    
    
    100.0
    %
    
    
    4,161
    
    
    
    26.445780 & 5790 Fleet Street
    
    
    
    
    
    Carlsbad
    
    CA
    
    
    1999
    
    
    
    121,381
    
    
    
    68.3
    %
    
    
    2,834
    
    
    
    33.255900 & 5950 La Place Court
    
    
    
    
    
    Carlsbad
    
    CA
    
    
    1988
    
    
    
    80,506
    
    
    
    80.5
    %
    
    
    1,727
    
    
    
    25.3816870 West Bernardo Drive
    
    
    
    
    
    Rancho Bernardo
    
    CA
    
    
    2002
    
    
    
    68,708
    
    
    
    69.6
    %
    
    
    1,331
    
    
    
    31.255963 La Place Court
    
    
    
    
    
    Carlsbad
    
    CA
    
    
    1987
    
    
    
    61,587
    
    
    
    54.0
    %
    
    
    804
    
    
    
    24.192035 Corte Del Nogal
    
    
    
    
    
    Carlsbad
    
    CA
    
    
    1991
    
    
    
    53,982
    
    
    
    53.7
    %
    
    
    698
    
    
    
    14.255973 Avendia Encinas
    
    
    
    
    
    Carlsbad
    
    CA
    
    
    1986
    
    
    
    51,695
    
    
    
    79.6
    %
    
    
    1,132
    
    
    
    28.59SUBTOTAL/WEIGHTED AVG  CALIFORNIA
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    989,111
    
    
    
    80.2
    %
    
    
    19,759
    
    
    
    26.88AUSTIN, TX1250 Capital of Texas Highway South
    
    
    
    
    
    Austin
    
    TX
    
    
    1984
    
    
    
    270,711
    
    
    
    82.3
    %
    
    
    3,360
    
    
    
    24.131301 Mopac Expressway
    
    
    
    
    
    Austin
    
    TX
    
    
    2001
    
    
    
    222,580
    
    
    
    99.8
    %
    
    
    4,320
    
    
    
    31.543711 South Mopac Expressway
    
    
    
    
    
    Austin
    
    TX
    
    
    2007
    
    
    
    205,195
    
    
    
    93.5
    %
    
    
    2,230
    
    
    
    17.031601 Mopac Expressway
    
    
    
    
    
    Austin
    
    TX
    
    
    2000
    
    
    
    195,639
    
    
    
    100.0
    %
    
    
    2,966
    
    
    
    27.231501 South Mopac Expressway
    
    
    
    
    
    Austin
    
    TX
    
    
    1999
    
    
    
    195,324
    
    
    
    94.5
    %
    
    
    2,609
    
    
    
    26.891221 Mopac Expressway
    
    
    
    
    
    Austin
    
    TX
    
    
    2001
    
    
    
    173,302
    
    
    
    93.0
    %
    
    
    3,127
    
    
    
    32.641177 East Belt Line Road
    
    
    (h
    )
    
    Coppell
    
    TX
    
    
    1998
    
    
    
    150,000
    
    
    
    100.0
    %
    
    
    1,833
    
    
    
    14.871801 Mopac Expressway
    
    
    
    
    
    Austin
    
    TX
    
    
    1999
    
    
    
    58,576
    
    
    
    100.0
    %
    
    
    975
    
    
    
    28.23SUBTOTAL/WEIGHTED AVG  AUSTIN, TX
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,471,327
    
    
    
    94.3
    %
    
    
    21,420
    
    
    
    25.32SUBTOTAL FULLY OWNED PROPERTIES / WEIGHTED AVG.
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    23,658,832
    
    
    
    88.9
    %
    
    
    462,785
    
    
    
    21.792970 Market Street
    
    
    
    
    
    Philadelphia
    
    PA
    
    
    N/A
    
    
    
    862,692
    
    
    
    100.0
    %
    
    
    
    
    
    
    2930 Chestnut Street
    
    
    
    
    
    Philadelphia
    
    PA
    
    
    N/A
    
    
    
    553,421
    
    
    
    92.6
    %
    
    
    
    
    
    
    300 Delaware Avenue
    
    
    
    
    
    Wilmington
    
    DE
    
    
    1989
    
    
    
    298,071
    
    
    
    71.9
    %
    
    
    2,967
    
    
    
    17.94One Radnor Corporate Center
    
    
    
    
    
    Radnor
    
    PA
    
    
    1998
    
    
    
    190,219
    
    
    
    89.7
    %
    
    
    3,839
    
    
    
    21.98Juniper Street
    
    
    
    
    
    Philadelphia
    
    PA
    
    
    N/A
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    SUBTOTAL DEVELOPMENT/REDEVELOPMENT PROPERTIES / WEIGHTED AVG.
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,904,403
    
    
    
    92.4
    %
    
    
    6,806
    
    
    
    7.98TOTAL CORE PORTFOLIO
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    25,563,235
    
    
    
    89.2
    %
    
    
    469,591
 (a)
    
    Calculated by dividing net rentable square feet included in leases signed on or before
December 31, 2009 at the property by the aggregate net rentable square feet of the property.(b)
    
    Total Base Rent for the twelve months ended December 31, 2009 represents base rents earned
during such period, excluding tenant reimbursements, calculated in accordance with generally
accepted accounting principles (GAAP) determined on a straight-line basis.(c)
    
    Average Annualized Rental Rate is calculated as follows: (i) for office leases written on
a triple net basis, the sum of the annualized contracted base rental rates payable for all
space leased as of December 31, 2009 plus the prorata 2009
budgeted operating expense recoveries excluding
tenant electricity; and (ii) for office leases written on a full service basis, the annualized
contracted base rent payable for all space leased as of December 31, 2009. In both cases, the
annualized rental rate is divided by the total square footage leased as of December 31, 2009
without giving effect to free rent or scheduled rent increases that would be taken into
account under GAAP.(d)
    
    These properties are subject to a ground lease with a third party.(e)
    
    We hold our interest in Two Logan Square (100 North 18th Street) primarily through
our ownership of second and third mortgages that are secured by this property and that are
junior to a first mortgage with a third party. Our ownership of these two mortgages currently
provides us with all of the cash flows from Two Logan Square after the payment of operating
expenses and debt service on the first mortgage.(f)
    
    These properties are industrial facilities.(g)
    
    Property sold on January 14, 2010.(h)
    
    Property owned by consolidated real estate venture.  -32-




---



##### Table of Contents



Final
    
    
    PercentageRentable
    
    
    Final
    
    
    Annualized
    
    
    of Total FinalNumber of
    
    
    Square
    
    
    Annualized
    
    
    Base Rent
    
    
    AnnualizedYear of
    
    
    Leases
    
    
    Footage
    
    
    Base Rent
    
    
    Per Square
    
    
    Base RentLease
    
    
    Expiring
    
    
    Subject to
    
    
    Under
    
    
    Foot Under
    
    
    UnderExpiration
    
    
    Within the
    
    
    Expiring
    
    
    Expiring
    
    
    Expiring
    
    
    Expiring
    
    
    CumulativeDecember 31,
    
    
    Year
    
    
    Leases
    
    
    Leases (a)
    
    
    Leases
    
    
    Leases
    
    
    Total2010
    
    
    
    390
    
    
    
    2,978,553
    
    
    
    61,524,591
    
    
    
    20.66
    
    
    
    12.1
    %
    
    
    12.1
    %2011
    
    
    
    299
    
    
    
    3,201,307
    
    
    
    70,464,819
    
    
    
    22.01
    
    
    
    13.8
    %
    
    
    25.9
    %2012
    
    
    
    230
    
    
    
    2,479,141
    
    
    
    60,450,938
    
    
    
    24.38
    
    
    
    11.9
    %
    
    
    37.7
    %2013
    
    
    
    172
    
    
    
    2,261,892
    
    
    
    46,619,815
    
    
    
    20.61
    
    
    
    9.1
    %
    
    
    46.9
    %2014
    
    
    
    175
    
    
    
    2,409,842
    
    
    
    54,612,455
    
    
    
    22.66
    
    
    
    10.7
    %
    
    
    57.6
    %2015
    
    
    
    108
    
    
    
    1,950,515
    
    
    
    49,022,957
    
    
    
    25.13
    
    
    
    9.6
    %
    
    
    67.2
    %2016
    
    
    
    73
    
    
    
    1,129,774
    
    
    
    28,292,757
    
    
    
    25.04
    
    
    
    5.5
    %
    
    
    72.8
    %2017
    
    
    
    57
    
    
    
    1,394,958
    
    
    
    38,941,266
    
    
    
    27.92
    
    
    
    7.6
    %
    
    
    80.4
    %2018
    
    
    
    36
    
    
    
    1,014,518
    
    
    
    29,958,725
    
    
    
    29.53
    
    
    
    5.9
    %
    
    
    86.3
    %2019
    
    
    
    34
    
    
    
    927,351
    
    
    
    32,733,953
    
    
    
    35.30
    
    
    
    6.4
    %
    
    
    92.7
    %2020 and thereafter
    
    
    
    32
    
    
    
    1,413,069
    
    
    
    37,181,075
    
    
    
    26.31
    
    
    
    7.4
    %
    
    
    100.0
    %1,606
    
    
    
    21,160,920
    
    
    $
    509,803,351
    
    
    $
    24.09
    
    
    
    100.0
    %
 (a)
    
    Final Annualized Base Rent for each lease scheduled to expire represents the cash
rental rate of base rents, excluding tenant reimbursements, in the final month prior to
expiration multiplied by 12. Tenant reimbursements generally include payment of a portion of
real estate taxes, operating expenses and common area maintenance and utility charges.  Weighted
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Percentage ofAverage
    
    
    Aggregate
    
    
    Percentage
    
    
    Annualized
    
    
    AggregateNumber
    
    
    Remaining
    
    
    Leased
    
    
    of Aggregate
    
    
    Base
    
    
    Annualizedof
    
    
    Lease Term
    
    
    Square
    
    
    Leased
    
    
    Rent (in
    
    
    BaseTenant Name (a)
    
    Leases
    
    
    in Months
    
    
    Feet
    
    
    Square Feet
    
    
    000) (b)
    
    
    RentNorthrop Grumman Corporation
    
    
    6
    
    
    
    73
    
    
    
    469,116
    
    
    
    2.2
    %
    
    $
    13,787
    
    
    
    3.0
    %Pepper Hamilton LLP
    
    
    2
    
    
    
    59
    
    
    
    309,042
    
    
    
    1.5
    %
    
    
    10,604
    
    
    
    2.3
    %Wells Fargo Bank, N.A.
    
    
    15
    
    
    
    20
    
    
    
    475,326
    
    
    
    2.2
    %
    
    
    10,336
    
    
    
    2.2
    %Lockheed Martin
    
    
    9
    
    
    
    32
    
    
    
    577,251
    
    
    
    2.7
    %
    
    
    9,594
    
    
    
    2.1
    %Time Warner Cable, Inc.
    
    
    1
    
    
    
    115
    
    
    
    266,899
    
    
    
    1.3
    %
    
    
    8,307
    
    
    
    1.8
    %Dechert LLP
    
    
    1
    
    
    
    118
    
    
    
    218,565
    
    
    
    1.0
    %
    
    
    7,213
    
    
    
    1.6
    %KPMG, LLP
    
    
    2
    
    
    
    55
    
    
    
    245,828
    
    
    
    1.2
    %
    
    
    7,047
    
    
    
    1.5
    %Verizon
    
    
    4
    
    
    
    15
    
    
    
    302,087
    
    
    
    1.4
    %
    
    
    5,995
    
    
    
    1.3
    %Lincoln National Management Co.
    
    
    1
    
    
    
    127
    
    
    
    193,626
    
    
    
    0.9
    %
    
    
    5,952
    
    
    
    1.3
    %Computer Associates International
    
    
    1
    
    
    
    112
    
    
    
    227,574
    
    
    
    1.1
    %
    
    
    5,604
    
    
    
    1.2
    %Blank Rome LLP
    
    
    1
    
    
    
    145
    
    
    
    239,236
    
    
    
    1.1
    %
    
    
    5,529
    
    
    
    1.2
    %Computer Sciences
    
    
    6
    
    
    
    44
    
    
    
    276,410
    
    
    
    1.3
    %
    
    
    4,811
    
    
    
    1.0
    %AT&T
    
    
    5
    
    
    
    87
    
    
    
    144,451
    
    
    
    0.7
    %
    
    
    4,067
    
    
    
    0.9
    %General Services Administration  U.S. Govt.
    
    
    12
    
    
    
    58
    
    
    
    169,128
    
    
    
    0.8
    %
    
    
    3,925
    
    
    
    0.8
    %Omnicare Clinical Research
    
    
    1
    
    
    
    7
    
    
    
    150,000
    
    
    
    0.7
    %
    
    
    3,899
    
    
    
    0.8
    %Marsh USA, Inc.
    
    
    2
    
    
    
    43
    
    
    
    128,589
    
    
    
    0.6
    %
    
    
    3,839
    
    
    
    0.8
    %Hewlett Packard
    
    
    2
    
    
    
    78
    
    
    
    141,339
    
    
    
    0.7
    %
    
    
    3,803
    
    
    
    0.8
    %Deltek Systems, Inc.
    
    
    3
    
    
    
    27
    
    
    
    116,172
    
    
    
    0.5
    %
    
    
    3,696
    
    
    
    0.8
    %Woodcock Washburn, LLC
    
    
    1
    
    
    
    144
    
    
    
    109,323
    
    
    
    0.5
    %
    
    
    3,608
    
    
    
    0.8
    %National Rural Utilities Cooperative
    
    
    1
    
    
    
    22
    
    
    
    107,228
    
    
    
    0.6
    %
    
    
    3,438
    
    
    
    0.8
    %Consolidated Total/Weighted Average
    
    
    76
    
    
    
    60
    
    
    
    4,867,190
    
    
    
    23.0
    %
    
    $
    125,054
    
    
    
    27.0
    %
 (a)
    
    The identified tenant includes affiliates in certain circumstances.(b)
    
    Annualized Base Rent represents the monthly Base Rent, excluding tenant reimbursements, for
each lease in effect at December 31, 2009 multiplied by 12. Tenant reimbursements generally
include payment of a portion of real estate taxes, operating expenses and common area
maintenance and utility charges.  -33-




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##### Table of Contents



Real Estate Ventures
     
 Item 3.
    
    Legal Proceedings
  
 Item 4.
    
    Submission of Matters to a Vote of Security Holders
   -34-




---



##### Table of Contents



PART II
 
 Item 5.
    
    Market for Registrants Common Equity and Related Shareholder Matters and Issuer Purchases
of Equity Securities
  Share Price
    
    
    Share Price
    
    
    DistributionsHigh
    
    
    Low
    
    
    Paid During QuarterFirst Quarter 2008
    
    $
    19.39
    
    
    $
    15.70
    
    
    $
    0.44Second Quarter 2008
    
    $
    19.86
    
    
    $
    15.76
    
    
    $
    0.44Third Quarter 2008
    
    $
    18.30
    
    
    $
    13.48
    
    
    $
    0.44Fourth Quarter 2008
    
    $
    15.22
    
    
    $
    3.73
    
    
    $
    0.44First Quarter 2009
    
    $
    7.36
    
    
    $
    2.52
    
    
    $
    0.30Second Quarter 2009
    
    $
    7.45
    
    
    $
    2.91
    
    
    $
    0.10Third Quarter 2009
    
    $
    11.46
    
    
    $
    6.61
    
    
    $
    0.10Fourth Quarter 2009
    
    $
    11.85
    
    
    $
    9.48
    
    
    $
    0.10
       -35-




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##### Table of Contents



(a)
    
    
    (b)
    
    
    (c)Number of securitiesremaining available forNumber of securities to be
    
    
    Weighted-average
    
    
    future issuance underissued upon exercise of
    
    
    exercise price of
    
    
    equity compensation plansoutstanding options,
    
    
    outstanding options,
    
    
    (excluding securitiesPlan category
    
    warrants and rights
    
    
    warrants and rights
    
    
    reflected in column (a))Equity compensation
plans approved by
security holders
(1)
    
    
    2,404,566
    
    
    $
    15.48
    
    
    
    1,828,124Equity compensation
plans not approved
by security holders
    
    
    
    
    
    
    
    
    
    
    Total
    
    
    2,404,566
    
    
    $
    15.48
    
    
    
    1,828,124
 (1)
    
    Relates to our Amended and Restated 1997 Long-Term Incentive Plan. In May 2007, our
shareholders approved an amendment to our Amended and Restated 1997 Long-Term Incentive Plan
(the 1997 Plan). The amendment provided for the merger of the Prentiss Properties Trust 2005
Share Incentive Plan (the Prentiss 2005 Plan) with and into the 1997 Plan, thereby
transferring into the 1997 Plan all of the shares that remained available for award under the
Prentiss 2005 Plan. We had previously assumed the Prentiss 2005 Plan, together with other
Prentiss incentive plans, as part of our January 2006 acquisition of Prentiss Properties Trust
(Prentiss). The 1997 Plan reserves 500,000 common shares solely for awards under options and
share appreciation rights that have an exercise or strike price at least equal to the market
price of the common shares on the date of award and the remaining shares under the 1997 Plan
are available for any type of award, including restricted share and performance share awards
and options. Incentive stock options may not be granted with an exercise price below the
market price of the common shares on the grant date. To date we have awarded incentive stock
options and non-qualified stock options that generally have a ten year term and vest over a
one to three year period.  -36-




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##### Table of Contents



Purchased as Part of
    
    
    Shares that May Yet BeTotal Number of
    
    
    Average Price Paid
    
    
    Publicly Announced
    
    
    Purchased Under thePeriod
    
    Shares Purchased
    
    
    per Share
    
    
    Plans or Programs
    
    
    Plans or Programs (a)(in thousands)January 2009
    
    
    25,755
    (b)
    
    $
    6.96
    
    
    
    
    
    
    
    539,200February 2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    539,200March 2009
    
    
    5,008
    (b)
    
    
    2.52
    
    
    
    
    
    
    
    539,200April 2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    539,200May 2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    539,200June 2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    539,200July 2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    539,200August 2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    539,200September 2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    539,200October 2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    539,200November 2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    539,200December 2009
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    539,200Total
    
    
    30,763
    
    
    
    
    
    
    
    
 (a)
    
    On May 2, 2006, our Board of Trustees authorized an increase in the number of common shares
that we may repurchase, whether in open-market or privately negotiated transactions. The Board
authorized us to purchase up to an aggregate of 3,500,000 common shares (inclusive of remaining
share repurchase availability under the Boards prior authorization from September 2001). There is
no expiration date on the share repurchase program and the Board can cancel this program at any
time.(b)
    
    Represents Common Shares cancelled by the Company upon vesting of restricted Common Shares
previously awarded to Company employees in satisfaction of tax withholding obligations. Such
shares do not impact the total number of shares that may yet be purchased under the share
repurchase program.  -37-




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##### Table of Contents



SHARE PERFORMANCE GRAPH
  
 Period EndingIndex
    
    12/31/04
    
    
    12/31/05
    
    
    12/31/06
    
    
    12/31/07
    
    
    12/31/08
    
    
    12/31/09Brandywine Realty Trust
    
    
    100.00
    
    
    
    101.06
    
    
    
    125.40
    
    
    
    71.76
    
    
    
    34.33
    
    
    
    55.96S&P 500
    
    
    100.00
    
    
    
    104.91
    
    
    
    121.48
    
    
    
    128.16
    
    
    
    80.74
    
    
    
    102.11Russell 2000
    
    
    100.00
    
    
    
    104.55
    
    
    
    123.76
    
    
    
    121.82
    
    
    
    80.66
    
    
    
    102.58NAREIT All Equity
REIT Index
    
    
    100.00
    
    
    
    112.16
    
    
    
    151.49
    
    
    
    127.72
    
    
    
    79.53
    
    
    
    101.79
  -38-




---



##### Table of Contents



Item 6.
    
    Selected Financial Data
  Brandywine Realty Trust
 Year Ended December 31,
    
    2009
    
    
    2008 (a)
    
    
    2007 (a)
    
    
    2006 (a)
    
    
    2005 (a)Operating ResultsTotal revenue
    
    $
    582,219
    
    
    $
    589,421
    
    
    $
    604,811
    
    
    $
    551,367
    
    
    $
    340,190Income (loss) from continuing operations
    
    
    5,648
    
    
    
    1,422
    
    
    
    9,333
    
    
    
    (37,420
    )
    
    
    23,849Net income
    
    
    8,089
    
    
    
    38,525
    
    
    
    55,335
    
    
    
    10,949
    
    
    
    43,550Income allocated to Common Shares
    
    
    (245
    )
    
    
    28,462
    
    
    
    44,124
    
    
    
    332
    
    
    
    33,626Income (loss) from continuing operations
per Common ShareBasic
    
    $
    (0.02
    )
    
    $
    (0.08
    )
    
    $
    
    
    
    $
    (0.51
    )
    
    $
    0.26Diluted
    
    $
    (0.02
    )
    
    $
    (0.08
    )
    
    $
    
    
    
    $
    (0.51
    )
    
    $
    0.26Earnings per Common ShareBasic
    
    $
    
    
    
    $
    0.33
    
    
    $
    0.50
    
    
    $
    
    
    
    $
    0.60Diluted
    
    $
    
    
    
    $
    0.33
    
    
    $
    0.50
    
    
    $
    
    
    
    $
    0.60Cash distributions paid per Common Share
    
    $
    0.60
    
    
    $
    1.76
    
    
    $
    1.76
    
    
    $
    1.76
    
    
    $
    1.78
    (b)Balance Sheet DataReal estate investments, net of
accumulated depreciation
    
    $
    4,164,992
    
    
    $
    4,191,367
    
    
    $
    4,657,333
    
    
    $
    4,739,726
    
    
    $
    2,541,486Total assets
    
    
    4,663,750
    
    
    
    4,742,619
    
    
    
    5,213,968
    
    
    
    5,508,479
    
    
    
    2,805,745Total indebtedness
    
    
    2,454,577
    
    
    
    2,741,495
    
    
    
    3,081,949
    
    
    
    3,133,934
    
    
    
    1,521,384Total liabilities
    
    
    2,742,010
    
    
    
    3,020,121
    
    
    
    3,363,759
    
    
    
    3,462,272
    
    
    
    1,662,844Noncontrolling interest
    
    
    38,308
    
    
    
    52,961
    
    
    
    84,076
    
    
    
    123,630
    
    
    
    37,749Brandywine Realty Trusts equity
    
    
    1,883,432
    
    
    
    1,669,537
    
    
    
    1,766,133
    
    
    
    1,922,577
    
    
    
    1,105,152Other DataCash flows from:Operating activities
    
    $
    220,405
    
    
    $
    233,867
    
    
    $
    224,805
    
    
    $
    238,299
    
    
    $
    125,147Investing activities
    
    
    (102,549
    )
    
    
    164,046
    
    
    
    39,162
    
    
    
    (912,813
    )
    
    
    (252,417
    )Financing activities
    
    
    (120,213
    )
    
    
    (399,589
    )
    
    
    (283,746
    )
    
    
    692,719
    
    
    
    119,098Property DataNumber of properties owned at year end
    
    
    245
    
    
    
    248
    
    
    
    257
    
    
    
    313
    
    
    
    251Net rentable square feet owned at year end
    
    
    25,563
    
    
    
    26,257
    
    
    
    28,888
    
    
    
    31,764
    
    
    
    19,600
 (a)
    
    Net income has been increased/(reduced) by $(5.0)
million, $(1.4) million, $1.1 million and $1.2 million for the years ended December 31, 2008, 2007,
2006 and 2005, respectively, related to the retrospective adoption of the standards for convertibe
debt and non-controlling interest discussed in Note 2 of the Consolidated Financial Statements.
Total assets as of December 31, 2008, 2007, 2006 have also been increased/(reduced) by $0.3
million, $(0.1) million, and $(0.5) million, respectively. as a result of the retrospective
adoption of the accounting standard for convertible debt. Total liabilities as of December 31,
2008, 2007 and 2006 have also been increased/(reduced) by $(12.2) million, $(19.0) million and
$(23.4) million, respectively as a result of the retrospective adoption of the accounting standard
for convertible debt. Accordingly, total equity as of December 31, 2008, 2007, 2006 and 2005 have
been increased/(reduced) by $65.7 million, $102.9 million,
$146.9 million and $37.7 million,
respectively as result of these retrospective adjustments for convertible debt and noncontrolling
interests. The debt impacted by the adoption of the accounting standard for convertible debt was
issued in October 2006. We reclassified tenant reimbursements that
are payable to tenants of $4.7 million to accounts payable and
accrued expenses from accounts receivable, net at December
31, 2008.(b)
    
    Includes $0.02 special distribution declared in December 2006 for shareholders of record for
the period January 1, 2006 through January 4, 2006 (pre-Prentiss
merger period).  -39-




---



##### Table of Contents



Brandywine Operating Partnership, L.P.
 Year Ended December 31,
    
    2009
    
    
    2008 (a)
    
    
    2007 (a)
    
    
    2006 (a)
    
    
    2005 (a)Operating ResultsTotal revenue
    
    $
    582,219
    
    
    $
    589,421
    
    
    $
    604,811
    
    
    $
    551,367
    
    
    $
    340,190Income (loss) from continuing operations
    
    
    5,648
    
    
    
    1,422
    
    
    
    9,333
    
    
    
    (37,420
    )
    
    
    23,849Net income
    
    
    8,089
    
    
    
    38,525
    
    
    
    55,335
    
    
    
    10,949
    
    
    
    43,550Income from continuing operations perCommon Partnership UnitBasic
    
    $
    (0.02
    )
    
    $
    (0.08
    )
    
    $
    0.01
    
    
    $
    (0.49
    )
    
    $
    0.26Diluted
    
    $
    (0.02
    )
    
    $
    (0.08
    )
    
    $
    0.01
    
    
    $
    (0.49
    )
    
    $
    0.26Earnings per Common Partnership UnitsBasic
    
    $
    
    
    
    $
    0.33
    
    
    $
    0.49
    
    
    $
    0.03
    
    
    $
    0.60Diluted
    
    $
    
    
    
    $
    0.33
    
    
    $
    0.49
    
    
    $
    0.03
    
    
    $
    0.60Cash distributions paid per Common
    
    $
    0.60
    
    
    $
    1.76
    
    
    $
    1.76
    
    
    $
    1.76
    
    
    $
    1.78
    (b)Partnership UnitBalance Sheet DataReal estate investments, net of
accumulated depreciation
    
    $
    4,164,992
    
    
    $
    4,191,367
    
    
    $
    4,657,333
    
    
    $
    4,739,726
    
    
    $
    2,541,486Total assets
    
    
    4,663,750
    
    
    
    4,742,619
    
    
    
    5,213,968
    
    
    
    5,508,479
    
    
    
    2,805,745Total indebtedness
    
    
    2,454,577
    
    
    
    2,741,495
    
    
    
    3,081,949
    
    
    
    3,133,935
    
    
    
    1,521,384Total liabilities
    
    
    2,742,010
    
    
    
    3,020,121
    
    
    
    3,363,759
    
    
    
    3,462,272
    
    
    
    1,662,844Redeemable limited partnership units
    
    
    44,620
    
    
    
    54,166
    
    
    
    90,151
    
    
    
    96,544
    
    
    
    85,694Non-controlling
interest
    
    
    65
    
    
    
    
    
    
    
    28
    
    
    
    34,414
    
    
    
    Brandywine Operating Partnerships equity
    
    
    1,877,055
    
    
    
    1,668,332
    
    
    
    1,760,030
    
    
    
    1,915,249
    
    
    
    1,057,207Other DataCash flows from:Operating activities
    
    $
    220,405
    
    
    $
    233,867
    
    
    $
    224,805
    
    
    $
    238,299
    
    
    $
    125,147Investing activities
    
    
    (102,549
    )
    
    
    164,046
    
    
    
    39,162
    
    
    
    (912,813
    )
    
    
    (252,417
    )Financing activities
    
    
    (120,213
    )
    
    
    (399,589
    )
    
    
    (283,746
    )
    
    
    692,719
    
    
    
    119,098Property DataNumber of properties owned at year end
    
    
    245
    
    
    
    248
    
    
    
    257
    
    
    
    313
    
    
    
    251Net rentable square feet owned at year end
    
    
    25,563
    
    
    
    26,257
    
    
    
    28,888
    
    
    
    31,764
    
    
    
    19,600
 (a)
    
    Net income has been increased/(reduced) by $(6.3)
million, $(3.5) million, and $1.0 million for the years ended December 31, 2008, 2007, and 2006
respectively, related to the retrospective adoption of the accounting standards for convertibe debt
and non-controlling interest discussed in Note 2 of the Consolidated Financial Statements. Total
assets as of December 31, 2008, 2007, 2006 have also been increased/(reduced) by $0.3 million,
$(0.1) million, and $(0.5) million, respectively. as a result of the retrospective adoption of the
accounting standard for convertible debt. Total liabilities as of December 31, 2008, 2007 and 2006
have also been increased/(reduced) by $(12.2) million, $(19.0)
million and $(23.4) million,
respectively as a result of the retrospective adoption of the accounting standard for convertible
debt. Redeemable limited partnership units as of December 31, 2008, 2007,
2006 and 2005 have also been increased/(reduced) by $32.5 million, $21.3 million, $(35.2) million
and $31.4 million, respectively, as a result of the restrospective adoption of the accounting
standard for the classification and measurement of redeemable securities which also became
effective upon the adoption of the accounting standard for noncontrolling interest. Accordingly,
total equity as of December 31, 2008, 2007, 2006 and 2005 have been increased/(reduced) by $(20.0)
million, $(2.3) million, $92.1 million and $(31.4) million, respectively as a result of these
retrospective adjustments. The debt impacted by the adoption of the accounting standard for
convertible debt was obtained in October 2006. We
reclassified tenant reimbursements that are payable to tenants of
$4.7 million to accounts payable and accrued expenses from accounts receivable, net at December 31, 2008.(b)
    
    Includes $0.02 special distribution declared in December 2006 for shareholders of record for
the period January 1, 2006 through January 4, 2006 (pre-Prentiss
merger period).  -40-




---



##### Table of Contents



Item 7.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
  OVERVIEW
   Factors that May Influence Future Results of Operations
 Global Market and Economic Conditions
  Real Estate Asset Valuation
  Leasing Activity and Rental Rates
   -41-




---



##### Table of Contents



Development and Redevelopment Programs
    Financial and Operating Performance
   Tenant Rollover Risk
  Tenant Credit Risk
   Development Risk
 th
  -42-




---



##### Table of Contents



CRITICAL ACCOUNTING POLICIES AND ESTIMATES
  Revenue Recognition
  Real Estate Investments
  Real Estate Ventures
   -43-




---



##### Table of Contents



Impairment of Long-Lived Assets
     -44-




---



##### Table of Contents



Income Taxes
   Allowance for Doubtful Accounts
  Deferred Costs
  Purchase Price Allocation
   -45-




---



##### Table of Contents



RESULTS OF OPERATIONS
 Comparison of the Year Ended December 31, 2009 to the Year Ended December 31, 2008
    -46-




---



##### Table of Contents



Acquired/Completed
    
    
    Development/Redevelopment
    
    
    Other/Same Store Property Portfolio
    
    
    Properties
    
    
    Properties (a)
    
    
    (Eliminations) (b)
    
    
    Total PortfolioIncrease/
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Increase/(dollars in thousands)
    
    2009
    
    
    2008
    
    
    (Decrease)
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    2009
    
    
    2008
    
    
    (Decrease)Revenue:Cash rents
    
    $
    445,370
    
    
    $
    450,291
    
    
    $
    (4,921
    )
    
    $
    6,739
    
    
    $
    902
    
    
    $
    13,187
    
    
    $
    12,156
    
    
    $
    (2,413
    )
    
    $
    (2,940
    )
    
    $
    462,883
    
    
    $
    460,409
    
    
    $
    2,474Straight-line rents
    
    
    5,471
    
    
    
    14,102
    
    
    $
    (8,631
    )
    
    
    2,567
    
    
    
    322
    
    
    
    664
    
    
    
    1,123
    
    
    
    
    
    
    
    
    
    
    
    8,702
    
    
    
    15,547
    
    
    
    (6,845
    )Above/below market rent amortization
    
    
    6,514
    
    
    
    5,914
    
    
    $
    600
    
    
    
    
    
    
    
    
    
    
    
    129
    
    
    
    1,342
    
    
    
    
    
    
    
    
    
    
    
    6,643
    
    
    
    7,256
    
    
    
    (613
    )Total rents
    
    
    457,355
    
    
    
    470,307
    
    
    
    (12,952
    )
    
    
    9,306
    
    
    
    1,224
    
    
    
    13,980
    
    
    
    14,621
    
    
    
    (2,413
    )
    
    
    (2,940
    )
    
    
    478,228
    
    
    
    483,212
    
    
    
    (4,984
    )Tenant reimbursements
    
    
    75,390
    
    
    
    73,831
    
    
    
    1,559
    
    
    
    1,351
    
    
    
    376
    
    
    
    2,754
    
    
    
    3,198
    
    
    
    301
    
    
    
    685
    
    
    
    79,796
    
    
    
    78,090
    
    
    
    1,706Termination fees
    
    
    2,385
    
    
    
    4,800
    
    
    
    (2,415
    )
    
    
    
    
    
    
    
    
    
    
    1,216
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,601
    
    
    
    4,800
    
    
    
    (1,199
    )Third party management fees, labor reimbursement and
leasing
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    17,151
    
    
    
    20,401
    
    
    
    17,151
    
    
    
    20,401
    
    
    
    (3,250
    )Other
    
    
    2,019
    
    
    
    1,831
    
    
    
    188
    
    
    
    1
    
    
    
    
    
    
    
    314
    
    
    
    (6
    )
    
    
    1,109
    
    
    
    1,093
    
    
    
    3,443
    
    
    
    2,918
    
    
    
    525Total revenue
    
    
    537,149
    
    
    
    550,769
    
    
    
    (13,620
    )
    
    
    10,658
    
    
    
    1,600
    
    
    
    18,264
    
    
    
    17,813
    
    
    
    16,148
    
    
    
    19,239
    
    
    
    582,219
    
    
    
    589,421
    
    
    
    (7,202
    )Property operating expenses
    
    
    163,138
    
    
    
    159,236
    
    
    
    3,902
    
    
    
    3,626
    
    
    
    (737
    )
    
    
    7,740
    
    
    
    8,100
    
    
    
    (6,345
    )
    
    
    (5,829
    )
    
    
    168,159
    
    
    
    160,770
    
    
    
    7,389Real estate taxes
    
    
    53,621
    
    
    
    54,601
    
    
    
    (980
    )
    
    
    2,056
    
    
    
    1,712
    
    
    
    1,761
    
    
    
    1,753
    
    
    
    792
    
    
    
    583
    
    
    
    58,230
    
    
    
    58,649
    
    
    
    (419
    )Third party management expenses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,996
    
    
    
    8,965
    
    
    
    7,996
    
    
    
    8,965
    
    
    
    (969
    )Subtotal
    
    
    320,390
    
    
    
    336,932
    
    
    
    (16,542
    )
    
    
    4,976
    
    
    
    625
    
    
    
    8,763
    
    
    
    7,960
    
    
    
    13,705
    
    
    
    15,520
    
    
    
    347,834
    
    
    
    361,037
    
    
    
    (13,203
    )General & administrative expenses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    20,821
    
    
    
    23,002
    
    
    
    20,821
    
    
    
    23,002
    
    
    
    (2,181
    )Depreciation and amortization
    
    
    189,020
    
    
    
    190,584
    
    
    
    (1,564
    )
    
    
    5,145
    
    
    
    872
    
    
    
    11,198
    
    
    
    6,680
    
    
    
    3,227
    
    
    
    3,853
    
    
    
    208,590
    
    
    
    202,043
    
    
    
    6,547Operating Income (loss)
    
    $
    131,370
    
    
    $
    146,348
    
    
    $
    (14,978
    )
    
    $
    (169
    )
    
    $
    (247
    )
    
    $
    (2,435
    )
    
    $
    1,280
    
    
    $
    (10,343
    )
    
    $
    (11,335
    )
    
    $
    118,423
    
    
    $
    135,992
    
    
    $
    (17,569
    )Number of properties
    
    
    232
    
    
    
    232
    
    
    
    
    
    
    
    4
    
    
    
    4
    
    
    
    9
    
    
    
    9
    
    
    
    
    
    
    
    
    
    
    
    245
    
    
    
    245Square feet
    
    
    22,583
    
    
    
    22,583
    
    
    
    
    
    
    
    669
    
    
    
    669
    
    
    
    2,311
    
    
    
    2,311
    
    
    
    
    
    
    
    
    
    
    
    25,563
    
    
    
    25,563Other Income (Expense):Interest income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,500
    
    
    
    1,839
    
    
    
    661Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (135,740
    )
    
    
    (146,646
    )
    
    
    10,906Interest expense  Deferred financing costs
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (5,864
    )
    
    
    (5,450
    )
    
    
    (414
    )Recognized hedge activity
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (916
    )
    
    
    
    
    
    
    (916
    )Equity in income of real estate ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,069
    
    
    
    8,447
    
    
    
    (4,378
    )Net (loss) gain on disposition of undepreciated assets
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (24
    )
    
    
    24Provision for impairment on land inventory
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (10,841
    )
    
    
    10,841Gain on early extinguishment of debt
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    23,176
    
    
    
    18,105
    
    
    
    5,071Income (loss) from continuing operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,648
    
    
    
    1,422
    
    
    
    4,226Income from discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,441
    
    
    
    37,103
    
    
    
    (34,662
    )Net Income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    8,089
    
    
    $
    38,525
    
    
    $
    (30,436
    )Earnings per common share
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    
    
    
    $
    0.33
    
    
    $
    (0.33
    )
 EXPLANATORY NOTES(a) -
    
    Results include: two developments and three redevelopment properties.(b) -
    
    Represents certain revenues and expenses at the corporate level as well as various
intercompany costs that are eliminated in consolidation and third-party management fees.  -47-




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##### Table of Contents



Total Revenue
  1)
    
    An additional $5.8 million from four development/redevelopment properties
that we completed and placed in service subsequent to 2008.
 2)
    
    An additional $1.0 million of rental income due to increased occupancy at
nine development/redevelopment properties in 2009 in comparison to 2008.
 3)
    
    The increase was offset by the decrease of $4.9 million of rental income at
our Same Store properties from 2008 to 2009 due to a decrease in occupancy of 380
basis points.
     Property Operating Expenses
  General & Administrative Expenses
  Depreciation and Amortization Expense
   -48-




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##### Table of Contents



Interest Income/ Expense
   
    
    decrease of $4.9 million resulting from the payoff at maturity of our $113.0
million private placement notes in December 2008.
 
    
    decrease of $3.4 million resulting from a lower average Credit Facility balance
at the end of 2009 and a lower weighted average interest rate on such borrowings in
2009 compared to December 31, 2008.
 
    
    decrease of $6.9 million resulting from lower weighted average interest rates
on our $183.0 million Bank Term Loan and our three Preferred Trust borrowings. Such
borrowings have variable interest rates and a portion of such borrowings are swapped to
fixed rate debt through our hedging program. This decrease is offset by an increase of
$5.7 million paid under these hedges since the variable interest rates on such debt is
lower than the swapped fixed rate on the hedges assigned to these borrowings.
 
    
    decrease of $17.5 million resulting from our buybacks of unsecured notes in
2009. The details of the repurchases completed during the twelve months ended December
31, 2009 and 2008 are noted in the Gain on early extinguishment of debtsection below.
This decrease is offset by an increase of $5.1 million of interest on issuance of new
notes.
   Provision for impairment on land inventory
  Provision for Impairment on Real Estate
   -49-




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##### Table of Contents



Recognized hedge activity
  Equity in income of real estate ventures
  Gain on early extinguishment of debt
   Discontinued Operations
   -50-




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##### Table of Contents



Net Income
  Earnings per Common Share
   -51-




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##### Table of Contents



RESULTS OF OPERATIONS
 Comparison of the Year Ended December 31, 2008 to the Year Ended December 31, 2007
     -52-




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##### Table of Contents



Acquired/Completed
    
    
    Development/Redevelopment
    
    
    Other/Same Store Properties
    
    
    Properties
    
    
    Properties (a)
    
    
    (Eliminations) (b)
    
    
    Total PortfolioIncrease/
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Increase/(dollars in thousands)
    
    2008
    
    
    2007
    
    
    (Decrease)
    
    
    2008
    
    
    2007
    
    
    2008
    
    
    2007
    
    
    2008
    
    
    2007
    
    
    2008
    
    
    2007
    
    
    (Decrease)Revenue:Cash rents
    
    $
    423,112
    
    
    $
    414,696
    
    
    $
    8,416
    
    
    $
    39,280
    
    
    $
    25,416
    
    
    $
    12,387
    
    
    $
    8,738
    
    
    $
    (2,224
    )
    
    $
    20,992
    
    
    $
    472,555
    
    
    $
    469,842
    
    
    $
    2,713Straight-line rents
    
    
    10,432
    
    
    
    17,855
    
    
    
    (7,423
    )
    
    
    4,375
    
    
    
    7,286
    
    
    
    1,169
    
    
    
    966
    
    
    
    
    
    
    
    627
    
    
    $
    15,976
    
    
    $
    26,734
    
    
    
    (10,758
    )Above/below market rent amortization
    
    
    6,065
    
    
    
    8,761
    
    
    
    (2,696
    )
    
    
    (89
    )
    
    
    (289
    )
    
    
    1,342
    
    
    
    978
    
    
    
    
    
    
    
    
    
    
    $
    7,318
    
    
    $
    9,450
    
    
    
    (2,132
    )Total rents
    
    
    439,609
    
    
    
    441,312
    
    
    
    (1,703
    )
    
    
    43,566
    
    
    
    32,413
    
    
    
    14,898
    
    
    
    10,682
    
    
    
    (2,224
    )
    
    
    21,619
    
    
    
    495,849
    
    
    
    506,026
    
    
    
    (10,177
    )Tenant reimbursements
    
    
    75,828
    
    
    
    71,156
    
    
    
    4,672
    
    
    
    4,332
    
    
    
    3,187
    
    
    
    3,283
    
    
    
    2,907
    
    
    
    686
    
    
    
    3,916
    
    
    
    84,129
    
    
    
    81,166
    
    
    
    2,963Termination fees
    
    
    4,700
    
    
    
    9,950
    
    
    
    (5,250
    )
    
    
    100
    
    
    
    
    
    
    
    
    
    
    
    50
    
    
    
    
    
    
    
    53
    
    
    
    4,800
    
    
    
    10,053
    
    
    
    (5,253
    )Third party management fees, labor
reimbursement and leasing
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    20,401
    
    
    
    19,691
    
    
    
    20,401
    
    
    
    19,691
    
    
    
    710Other
    
    
    1,746
    
    
    
    2,610
    
    
    
    (864
    )
    
    
    99
    
    
    
    39
    
    
    
    (6
    )
    
    
    2
    
    
    
    1,093
    
    
    
    3,310
    
    
    
    2,932
    
    
    
    5,961
    
    
    
    (3,029
    )Total revenue
    
    
    521,883
    
    
    
    525,028
    
    
    
    (3,145
    )
    
    
    48,097
    
    
    
    35,639
    
    
    
    18,175
    
    
    
    13,641
    
    
    
    19,956
    
    
    
    48,589
    
    
    
    608,111
    
    
    
    622,897
    
    
    
    (14,786
    )Operating Expenses:Property operating expenses
    
    
    152,177
    
    
    
    149,484
    
    
    
    2,693
    
    
    
    12,229
    
    
    
    10,653
    
    
    
    8,228
    
    
    
    6,337
    
    
    
    (5,601
    )
    
    
    2,070
    
    
    
    167,033
    
    
    
    168,544
    
    
    
    (1,511
    )Real estate taxes
    
    
    52,167
    
    
    
    50,149
    
    
    
    2,018
    
    
    
    6,389
    
    
    
    4,190
    
    
    
    1,773
    
    
    
    1,702
    
    
    
    768
    
    
    
    3,822
    
    
    
    61,097
    
    
    
    59,863
    
    
    
    1,234Third party management expenses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,965
    
    
    
    10,361
    
    
    
    8,965
    
    
    
    10,361
    
    
    
    (1,396
    )Subtotal
    
    
    317,539
    
    
    
    325,395
    
    
    
    (7,856
    )
    
    
    29,479
    
    
    
    20,796
    
    
    
    8,174
    
    
    
    5,602
    
    
    
    15,824
    
    
    
    32,336
    
    
    
    371,016
    
    
    
    384,129
    
    
    
    (13,113
    )General and administrative expenses
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    23,002
    
    
    
    27,938
    
    
    
    23,002
    
    
    
    27,938
    
    
    
    (4,936
    )Depreciation and amortization
    
    
    176,056
    
    
    
    181,232
    
    
    
    (5,176
    )
    
    
    19,286
    
    
    
    16,813
    
    
    
    6,708
    
    
    
    8,689
    
    
    
    3,855
    
    
    
    16,493
    
    
    
    205,905
    
    
    
    223,227
    
    
    
    (17,322
    )Operating Income (loss)
    
    $
    141,483
    
    
    $
    144,163
    
    
    $
    (2,680
    )
    
    $
    10,193
    
    
    $
    3,983
    
    
    $
    1,466
    
    
    $
    (3,087
    )
    
    $
    (11,033
    )
    
    $
    (12,095
    )
    
    $
    142,109
    
    
    $
    132,964
    
    
    $
    9,145Number of properties
    
    
    224
    
    
    
    
    
    
    
    
    
    
    
    16
    
    
    
    
    
    
    
    8
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    248
    
    
    
    Square feet (in thousands)
    
    
    21,490
    
    
    
    
    
    
    
    
    
    
    
    2,440
    
    
    
    
    
    
    
    2,337
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    26,267
    
    
    
    Other Income (Expense):Interest income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,839
    
    
    
    4,014
    
    
    
    (2,175
    )Interest expense
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (146,646
    )
    
    
    (161,150
    )
    
    
    14,504Interest expense  Deferred financing costs
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (5,450
    )
    
    
    (4,496
    )
    
    
    (954
    )Recognized hedge activity
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,698
    )
    
    
    3,698Equity in income of real estate ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,447
    
    
    
    6,955
    
    
    
    1,492Net gain on disposition of depreciated real estate
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (24
    )
    
    
    40,919
    
    
    
    (40,943
    )Provision for impairment on land inventory
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (10,841
    )
    
    
    
    
    
    
    (10,841
    )Gain on early extinguishment of debt
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,105
    
    
    
    
    
    
    
    18,105Income (loss) from continuing operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,539
    
    
    
    15,508
    
    
    
    (7,969
    )Income (loss) from discontinued operations
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    30,986
    
    
    
    39,827
    
    
    
    (8,841
    )Net Income (loss)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    38,525
    
    
    $
    55,335
    
    
    $
    (16,810
    )Earnings per common share
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    0.33
    
    
    $
    0.50
    
    
    $
    (0.17
    )EXPLANATORY NOTES
 (a)-
    
    Results include: two developments and six redevelopment properties.(b)-
    
    Represents certain revenues and expenses at the corporate level as well as various
intercompany costs that are eliminated in consolidation and third-party management fees. Also
included are revenues and expenses from the 29 G&I properties.  -53-




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##### Table of Contents



Total Revenue
  1)
    
    An additional $8.4 million at the Same Store Portfolio from increased rents
received on lease renewals and free rent periods converting to cash rent. This free
rent conversion is the primary reason for the decrease in Total Portfolio
straight-line rental income.
 2)
    
    An additional $13.9 million from six properties that we acquired and ten
development/redevelopment properties that we completed and placed in service
subsequent to 2007.
 3)
    
    An additional $3.6 million of rental income due to increased occupancy at
eight development/redevelopment properties in 2008 in comparison to 2007.
 4)
    
    The increase was offset by the decrease of $25.1 million of rental income
earned from our G&I properties during 2007.
   Property Operating Expenses
  Depreciation and Amortization Expense
  General & Administrative Expenses
  Interest Income/ Expense
   -54-




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Loss on Settlement of Treasury Lock Agreements
  Provision for impairment on land inventory
  Gain on early extinguishment of debt
  Discontinued Operations
    -55-




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Net Income
  Earnings per Common Share
   -56-




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##### Table of Contents



LIQUIDITY AND CAPITAL RESOURCES
 General
  
    
    fund normal recurring expenses,
 
    
    fund capital expenditures, including capital and tenant improvements and leasing costs,
 
    
    fund repayment of certain debt instruments when they mature,
 
    
    fund current development and redevelopment costs, and
 
    
    fund distributions declared by our Board of Trustees.
     
    
    On April 1, 2009, we closed on an $89.8 million first mortgage financing on our
Two Logan Square property. The new loan bears interest at 7.57% per annum and has a
seven-year term with three years of interest only payments with principal payments
based on a thirty-year amortization schedule. We used $68.5 million in net proceeds to
repay without penalty the
balance of the former Two Logan Square first mortgage loan and $21.3 million for general
corporate purposes including the repayment of existing indebtedness.
  -57-




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##### Table of Contents




    
    On June 2, 2009, we completed the public offering of 40,250,000 of our common
 shares, par value $0.01 per share. The common shares were issued and sold to the
underwriters at a public offering price of $6.30 per common share in accordance with an
underwriting agreement. The common shares sold include 5,250,000 shares issued and sold
pursuant to the underwriters exercise in full of their over-allotment option under the
underwriting agreement. We received net proceeds of approximately $242.3 million from
the offering net of underwriting discounts, commissions and expenses. We used the net
proceeds from the offering to repay our $600 million unsecured revolving credit
facility and for general corporate purposes.
 
    
    On June 29, 2009, we entered into a forward financing commitment to borrow up
to $256.5 million under two separate loans at a per annum interest rate of 5.93%. The
loans, when funded, will be secured by mortgages on the 30th Street Post
Office (the Post Office project), the Cira South Garage (the garage project)
projects and by the leases of space at these facilities upon the completion of these
projects. Of the total borrowings, $209.7 million and $46.8 million will be allocated
to the Post Office project and to the garage project, respectively. In order for
funding to occur we need to meet certain conditions which primarily relate to the
completion of the projects and the commencement of the rental payments from the
respective leases on these properties.
 
    
    On July 7, 2009, we closed on a $60.0 million first mortgage financing on our One
Logan Square property. The new loan bears interest at a floating rate of LIBOR plus 350
basis points (subject to a LIBOR floor) and has a seven-year term with three years of
interest only payments with principal payments based on a thirty-year amortization
schedule at a 7.5% rate. We used the loan proceeds for general corporate purposes
including repayment of existing indebtedness.
 
    
    On September 25, 2009, we consummated a registered public offering of $250.0
million in aggregate principal amount of our 7.50% senior unsecured notes due 2015. The
notes were priced at 99.412% of their face amount with a yield to maturity of 7.625%,
representing a spread at the time of pricing of 5.162% to the yield on the August 2014
Treasury note. The notes have been reflected net of discount of $1.4 million in the
consolidated balance sheet as of December 31, 2009. The net proceeds which amounted to
$247.0 million after deducting underwriting discounts and offering expenses will be
used to repay our indebtedness under our existing unsecured revolving credit facility
and for general corporate purposes.
 
    
    In December 2009, we received the second contribution under the historic tax credit
transaction that we entered into in 2008 with US Bancorp amounting to $23.8 million.
 
    
    During 2009, we sold seven properties containing 0.7 million in net rentable square
feet for net cash proceeds of $101.3 million.
      -58-




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##### Table of Contents



Cash Flows
   Activity
    
    2009
    
    
    2008
    
    
    2007Operating
    
    $
    220,405
    
    
    $
    233,867
    
    
    $
    224,805Investing
    
    
    (102,549
    )
    
    
    164,046
    
    
    
    39,162Financing
    
    
    (120,213
    )
    
    
    (399,589
    )
    
    
    (283,746
    )Net cash flows
    
    $
    (2,357
    )
    
    $
    (1,676
    )
    
    $
    (19,779
    )
   
    
    Decrease in average occupancy from 92.1% during the year ended December 31,
2008 to 88.7% during the year ended December 31, 2009;
 
    
    Decrease in the number of operating properties due to dispositions. We sold a
total of seven properties during the year ended December 31, 2009;
 
    
    These decreases are offset by the receipt of the second contribution under the
historic tax credit transaction that we entered into in 2008 with US Bancorp amounting
to $23.8 million; and
 
    
    Timing of cash receipts from our tenants and cash expenditures in the normal
course of operations.
  
    
    Our capital expenditures for tenant and building improvements and leasing
commissions increased by $57.3 million during the year ended December 31, 2009 when
compared to the year ended December 31, 2008;
 
    
    Net proceeds from sales of properties during the year ended December 31,2009
decreased by $268.8 million when compared to the year ended December 31, 2008; and
 
    
    Receipt of funds placed in escrow during the last quarter of 2008 related to
the Cira garage project amounting to $31.4 million which was also used to finance the
project this year.
  
    
    Net proceeds received from the public offering of common shares amounting to
$242.3 million.
 
    
    Decrease in our distributions paid to shareholders and non-controlling
interests from $169.3 million during the year ended December 31, 2008 to $70.6 million
during the year ended December 31, 2009.
  -59-




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##### Table of Contents




    
    During the year ended December 31, 2009, we also obtained a total of $149.8
million first mortgage financings on our One Logan and Two Logan Square office
properties located in Philadelphia, Pennsylvania.
 
    
    Completion of a registered public offering of $250.0 million in aggregate
principal amount of our 7.50% senior unsecured notes due 2015. We received $247.0
million in net proceeds from this offering after deducting underwriting discounts and
offering expenses.
 
    
    Increase in the net activity of our credit facility and unsecured notes of
$370.2 million during the year ended December 31, 2009 when compared to the year ended
December 31, 2008.
 
    
    Repayments of mortgage notes payable also increased from $25.1 million during
year ended December 31, 2008 to $84.1 million during the year ended December 31, 2009.
 
    
    In addition, deferred financing costs paid also increased during the year ended
December 31, 2009 by $24.4 million when compared to the year ended December 31, 2008
and primarily relate to the payment of a $17.7 million forward financing commitment
fee, the remainder relates to costs incurred for other borrowings closed during the
year.
 Capitalization
 Indebtedness
  Repurchase
    
    
    
    
    
    
    
    
    
    
    Deferred FinancingNotes
    
    Amount
    
    
    Principal
    
    
    Gain
    
    
    Amortization2009 4.500% Notes
    
    $
    92,736
    
    
    $
    94,130
    
    
    $
    1,377
    
    
    $
    882010 5.625% Notes
    
    
    71,414
    
    
    
    76,999
    
    
    
    5,565
    
    
    
    2152012 5.750% Notes
    
    
    109,104
    
    
    
    112,175
    
    
    
    2,610
    
    
    
    3612014 5.400% Notes
    
    
    6,329
    
    
    
    7,319
    
    
    
    961
    
    
    
    283.875% Notes
    
    
    136,880
    
    
    
    154,070
    
    
    
    12,664
    
    
    
    1,289$
    416,463
    
    
    $
    444,693
    
    
    $
    23,177
    
    
    $
    1,981
      -60-




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-61-




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##### Table of Contents



December 31,
    
    
    December 31,2009
    
    
    2008(dollars in thousands)Balance:Fixed rate (includes variable swapped to fixed)
    
    $
    2,299,741
    
    
    $
    2,505,659Variable rate  unhedged
    
    
    154,836
    
    
    
    235,836Total
    
    $
    2,454,577
    
    
    $
    2,741,495Percent of Total Debt:Fixed rate (includes variable swapped to fixed)
    
    
    93.7
    %
    
    
    91.4
    %Variable rate  unhedged
    
    
    6.3
    %
    
    
    8.6
    %Total
    
    
    100
    %
    
    
    100
    %Weighted-average interest rate at period end:Fixed rate (includes variable swapped to fixed)
    
    
    5.9
    %
    
    
    5.6
    %Variable rate  unhedged
    
    
    1.8
    %
    
    
    2.1
    %Total
    
    
    5.6
    %
    
    
    5.1
    %
       -62-




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##### Table of Contents



Share Repurchases
  Off-Balance Sheet Arrangements
  Short- and Long-Term Liquidity
    -63-




---



##### Table of Contents



Inflation
  Commitments and Contingencies
  Payments by Period (in thousands)Less than
    
    
    
    
    
    
    
    
    
    
    More thanTotal
    
    
    1 Year
    
    
    1-3 Years
    
    
    3-5 Years
    
    
    5 YearsMortgage notes payable (a)
    
    $
    550,590
    
    
    $
    51,258
    
    
    $
    243,666
    
    
    $
    94,884
    
    
    $
    160,782Revolving credit facility
    
    
    92,000
    
    
    
    
    
    
    
    92,000
    
    
    
    
    
    
    
    Unsecured term loan
    
    
    183,000
    
    
    
    183,000
    
    
    
    
    
    
    
    
    
    
    
    Unsecured debt (a)
    
    
    1,635,621
    
    
    
    198,545
    
    
    
    187,825
    
    
    
    492,681
    
    
    
    756,570Ground leases (b)
    
    
    297,594
    
    
    
    2,318
    
    
    
    6,955
    
    
    
    7,226
    
    
    
    281,095Interest expense
    
    
    687,806
    
    
    
    134,019
    
    
    
    206,322
    
    
    
    233,911
    
    
    
    113,554Development contracts (c)
    
    
    77,418
    
    
    
    77,418
    
    
    
    
    
    
    
    
    
    
    
    Other liabilities
    
    
    7,162
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,162$
    3,531,191
    
    
    $
    646,558
    
    
    $
    736,768
    
    
    $
    828,702
    
    
    $
    1,319,163
 (a)
    
    Amounts do not include unamortized discounts and/or premiums.(b)
    
    Future minimum rental payments under the terms of all non-cancelable ground leases under which
we are the lessee are expensed on a straight-line basis regardless of when payments are due.(c)
    
    Represents contractual obligations for certain development projects and does not contemplate
all costs expected to be incurred.   -64-




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##### Table of Contents



-65-




---



##### Table of Contents



Interest Rate Risk and Sensitivity Analysis
          -66-




---



##### Table of Contents



Item 7A. Quantitative and Qualitative Disclosure About Market Risk
  
 Item 8. Financial Statements and Supplementary Data
  
 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
  
 Item 9A. Controls and Procedures
 Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures
  Managements Report on Internal Control Over Financial Reporting
  Internal Control  Integrated Framework Internal Control  Integrated Framework
    -67-




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##### Table of Contents



Changes in Internal Control over Financial Reporting.
  
 Item 9B. Other Information
  
 PART III
 
 Item 10. Directors, Executive Officers and Corporate Governance
  
 Item 11. Executive Compensation
  
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Shareholder
Matters
  
 Item 13. Certain Relationships and Related Transactions, and Director Independence
  
 Item 14. Principal Accounting Fees and Services
  
 PART IV
 
 Item 15. Exhibits and Financial Statement Schedules.
 (a)
    
    1. and 2. Financial Statements and Schedules
   -68-




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##### Table of Contents



Index to Financial Statements and Schedules
 BRANDYWINE REALTY TRUST
 PageReport of Independent Registered Public Accounting Firm
    
    
    F-1Consolidated Balance Sheets as of December 31, 2009 and 2008
    
    
    F-2Consolidated Statements of Operations for the Years Ended December 31, 2009,
2008 and 2007
    
    
    F-3Consolidated Statements of Other Comprehensive (Loss) Income for the Years Ended December 31, 2009,
2008 and 2007
    
    
    F-4Consolidated Statements of Beneficiaries Equity for the Years Ended December 31, 2009
2008 and 2007
    
    
    F-5Consolidated Statements of Cash Flows for the Years Ended December 31, 2009,
2008 and 2007
    
    
    F-6Notes to Consolidated Financial Statements
    
    
    F-7Schedule II  Valuation and Qualifying Accounts
    
    
    F-42Schedule III  Real Estate and Accumulated Depreciation
    
    
    F-43
 BRANDYWINE OPERATING PARTNERSHIP, L.P.
 PageReport of Independent Registered Public Accounting Firm
    
    
    F-48Consolidated Balance Sheets as of December 31, 2009 and 2008
    
    
    F-49Consolidated Statements of Operations for the Years Ended December 31, 2009,
2008 and 2007
    
    
    F-50Consolidated Statements of Other Comprehensive (Loss)
Income for the Years Ended December 31, 2009, 2008 and 2007
    
    
    F-51Consolidated Statements of Partners Equity for the Years Ended December 31, 2009
2008 and 2007
    
    
    F-52Consolidated Statements of Cash Flows for the Years Ended December 31, 2009,
2008 and 2007
    
    
    F-53Notes to Consolidated Financial Statements
    
    
    F-54Schedule II  Valuation and Qualifying Accounts
    
    
    F-89Schedule III  Real Estate and Accumulated Depreciation
    
    
    F-90(c)(1) Financial Statements of G&I Interchange Office, LLC
    
    
    F-95
  -69-




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##### Table of Contents



3. Exhibits
 Exhibits No.
    
    Description3.1.1
    
    
    Amended and Restated Declaration of Trust of Brandywine Realty Trust (amended and restated as of
May 12, 1997) (previously filed as an exhibit to Brandywine Realty Trusts Form 8-K dated June
9, 1997 and incorporated herein by reference)3.1.2
    
    
    Articles of Amendment to Declaration of Trust of Brandywine Realty Trust (September 4, 1997)
(previously filed as an exhibit to Brandywine Realty Trusts Form 8-K dated September 10, 1997
and incorporated herein by reference)3.1.3
    
    
    Articles of Amendment to Declaration of Trust of Brandywine Realty Trust (previously filed as an
exhibit to Brandywine Realty Trusts Form 8-K dated June 3, 1998 and incorporated herein by
reference)3.1.4
    
    
    Articles Supplementary to Declaration of Trust of Brandywine Realty Trust (September 28, 1998)
(previously filed as an exhibit to Brandywine Realty Trusts Form 8-K dated October 13, 1998 and
incorporated herein by reference)3.1.5
    
    
    Articles of Amendment to Declaration of Trust of Brandywine Realty Trust (March 19, 1999)
(previously filed as an exhibit to Brandywine Realty Trusts Form 10-K for the fiscal year ended
December 31, 1998 and incorporated herein by reference)3.1.6
    
    
    Articles Supplementary to Declaration of Trust of Brandywine Realty Trust (April 19, 1999)
(previously filed as an exhibit to Brandywine Realty Trusts Form 8-K dated April 26, 1999 and
incorporated herein by reference)3.1.7
    
    
    Articles Supplementary to Declaration of Trust of Brandywine Realty Trust (December 30, 2003)
(previously filed as an exhibit to Brandywine Realty Trusts Form 8-A dated December 29, 2003
and incorporated herein by reference)3.1.8
    
    
    Articles Supplementary to Declaration of Trust of Brandywine Realty Trust (February 5, 2004)
(previously filed as an exhibit to Brandywine Realty Trusts Form 8-A dated February 5, 2004 and
incorporated herein by reference)3.1.9
    
    
    Articles of Amendment to Declaration of Trust of Brandywine Realty Trust (October 3, 2005)
(previously filed as an exhibit to Brandywine Realty Trusts Form 8-K dated October 4, 2005 and
incorporated herein by reference)3.1.10
    
    
    Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P.
(the Operating Partnership) (previously filed as an exhibit to Brandywine Realty Trusts Form
8-K dated December 17, 1997 and incorporated herein by reference)3.1.11
    
    
    First Amendment to Amended and Restated Agreement of Limited Partnership of Brandywine Operating
Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trusts Form 8-K dated
December 17, 1997 and incorporated herein by reference)3.1.12
    
    
    Second Amendment to the Amended and Restated Agreement of Limited Partnership Agreement of
Brandywine Operating Partnership, L.P.** (previously filed as an exhibit to Brandywine Realty
Trusts Form 8-K dated April 13, 1998 and incorporated herein by reference)3.1.13
    
    
    Third Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine
Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trusts Form
8-K dated May 14, 1998 and incorporated herein by reference)3.1.14
    
    
    Fourth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine
Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trusts Form
8-K dated October 13, 1998 and incorporated herein by reference)3.1.15
    
    
    Fifth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine
Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trusts Form
8-K dated October 13, 1998 and incorporated herein by reference)3.1.16
    
    
    Sixth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine
Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trusts Form
8-K dated October 13, 1998 and incorporated herein by reference)3.1.17
    
    
    Seventh Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine
Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trusts Form
10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference)3.1.18
    
    
    Eighth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine
Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trusts Form
10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference)3.1.19
    
    
    Ninth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine
Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trusts Form
10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference)3.1.20
    
    
    Tenth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine
Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trusts Form
10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference)3.1.21
    
    
    Eleventh Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine
Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trusts Form
10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference)3.1.22
    
    
    Twelfth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine
Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trusts Form
10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference)
  -70-




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Exhibits No.
    
    Description3.1.23
    
    
    Thirteenth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine
Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trusts Form
8-K dated September 21, 2004 and incorporated herein by reference)3.1.24
    
    
    Fourteenth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine
Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trusts Form
8-K dated January 10, 2006 and incorporated herein by reference)3.1.25
    
    
    Fifteenth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine
Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trusts Form
8-K dated August 18, 2006 and incorporated herein by reference)3.1.26
    
    
    List of partners of Brandywine Operating Partnership, L.P.3.2
    
    
    Amended and Restated Bylaws of Brandywine Realty Trust (previously filed as an exhibit to
Brandywine Realty Trusts Form 8-K dated October 14, 2003 and incorporated herein by reference)4.1
    
    
    Form of 7.50% Series C Cumulative Redeemable Preferred Share Certificate (previously filed as an
exhibit to Brandywine Realty Trusts Form 8-A dated December 29, 2003 and incorporated herein by
reference)4.2
    
    
    Form of 7.375% Series D Cumulative Redeemable Preferred Share Certificate (previously filed as
an exhibit to Brandywine Realty Trusts Form 8-A dated February 5, 2004 and incorporated herein
by reference)4.3.1
    
    
    Indenture dated October 22, 2004 by and among Brandywine Operating Partnership, L.P., Brandywine
Realty Trust, certain subsidiaries of Brandywine Operating Partnership, L.P. named therein and
The Bank of New York, as Trustee (previously filed as an exhibit to Brandywine Realty Trusts
Form 8-K dated October 22, 2004 and incorporated herein by reference)4.3.2
    
    
    First Supplemental Indenture dated as of May 25, 2005 by and among Brandywine Operating
Partnership, L.P., Brandywine Realty Trust, certain subsidiaries of Brandywine Operating
Partnership, L.P. named therein and The Bank of New York, as Trustee (previously filed as an
exhibit to Brandywine Realty Trusts Form 8-K dated May 26, 2005 and incorporated herein by
reference)4.3.3
    
    
    Second Supplemental Indenture dated as of October 4, 2006 by and among Brandywine Operating
Partnership, L.P., Brandywine Realty Trust and the Bank of New York, as Trustee (previously
filed as an exhibit to Brandywine Realty Trusts Form 8-K dated October 4, 2006 and incorporated
herein by reference)4.4
    
    
    Form of $250,000,000 5.40% Guaranteed Note due 2014 (previously filed as an exhibit to
Brandywine Realty Trusts Form 8-K dated October 22, 2004 and incorporated herein by reference)4.5
    
    
    Form of $300,000,000 5.625% Guaranteed Note due 2010 (previously filed as an exhibit to
Brandywine Realty Trusts Form 8-K dated December 20, 2005 and incorporated herein by reference)4.6
    
    
    Form of $300,000,000 aggregate principal amount of 5.75% Guaranteed Note due 2012 (previously
filed as an exhibit to Brandywine Realty Trusts Form 8-K dated March 28, 2006 and incorporated
herein by reference).4.7
    
    
    Form of $250,000,000 aggregate principal amount of 6.00% Guaranteed Note due 2016 (previously
filed as an exhibit to Brandywine Realty Trusts Form 8-K dated March 28, 2006 and incorporated
herein by reference).4.8
    
    
    Form of 3.875% Exchangeable Guaranteed Notes due 2026 (previously filed as an exhibit to
Brandywine Realty Trusts Form 8-K dated October 4, 2006 and incorporated herein by reference)4.9
    
    
    Form of $300,000,000 aggregate principal amount of 5.70% Guaranteed Notes due 2017 (previously
filed as an exhibit to Brandywine Realty Trusts Form 8-K dated April 30, 2007 and incorporated
herein by reference)4.10
    
    
    Form of $250,000,000 aggregate principal amount of 7.50% Guaranteed Notes due 2015 (previously
filed as an exhibit to Brandywine Realty Trusts Form 8-K dated September 25, 2009 and
incorporated herein by reference)10.1
    
    
    Second Amended and Restated Revolving Credit Agreement dated as of June 29, 2007 (previously
filed as an exhibit to Brandywine Realty Trusts Form 8-K dated June 29, 2007 and incorporated
herein by reference)10.2
    
    
    Term Loan Agreement dated as of October 15, 2007 (previously filed as an exhibit to Brandywine
Realty Trusts Form 8-K dated October 16, 2007 and incorporated herein by reference)10.3
    
    
    Contribution Agreement dated as of July 10, 1998 (with Donald E. Axinn) (previously filed as an
exhibit to Brandywine Realty Trusts Form 8-K dated July 30, 1998 and incorporated herein by
reference)10.4
    
    
    First Amendment to Contribution Agreement (with Donald E. Axinn) (previously filed as an exhibit
to Brandywine Realty Trusts Form 8-K dated October 13, 1998 and incorporated herein by
reference)10.5
    
    
    Modification Agreement dated as of June 20, 2005 between Brandywine Operating Partnership, L.P.
and Donald E. Axinn (previously filed as an exhibit to Brandywine Realty Trusts Form 8-K dated
June 21, 2005 and incorporated herein by reference)10.6
    
    
    Contribution Agreement dated August 18, 2004 with TRC Realty, Inc.-GP, TRC-LB LLC and TRC
Associates Limited Partnership (previously filed as an exhibit to Brandywine Realty Trusts Form
8-K dated August 19, 2004 and incorporated herein by reference)10.7
    
    
    Registration Rights Agreement (previously filed as an exhibit to Brandywine Realty Trusts Form
8-K dated September 21, 2004 and incorporated herein by reference)10.8
    
    
    Tax Protection Agreement (previously filed as an exhibit to Brandywine Realty Trusts Form 8-K
dated September 21, 2004 and incorporated herein by reference)10.9
    
    
    Registration Rights Agreement dated as of October 3, 2005 (previously filed as an exhibit to
Brandywine Realty Trusts Form 8-K dated October 4, 2005 and incorporated herein by reference)10.10
    
    
    Letter to Cohen & Steers Capital Management, Inc. relating to waiver of share ownership limit
(previously filed as an exhibit to Brandywine Realty Trusts Form 10-Q for the quarter ended
June 30, 2003 and incorporated herein by reference)10.11
    
    
    Registration Rights Agreement dated as of October 4, 2006 relating to 3.875% Exchangeable
Guaranteed Notes due 2026 (previously filed as an exhibit to Brandywine Realty Trusts Form 8-K
dated October 4, 2006 and incorporated herein by reference)
  -71-




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##### Table of Contents



Exhibits No.
    
    Description10.12
    
    
    Common Share Delivery Agreement (previously filed as an exhibit to Brandywine Realty Trusts
Form 8-K dated October 4, 2006 and incorporated herein by reference)10.13
    
    
    2006 Amended and Restated Agreement dated as of January 5, 2006 with Anthony A. Nichols, Sr.**
(previously filed as an exhibit to Brandywine Realty Trusts Form 8-K dated January 10, 2006 and
incorporated herein by reference)10.14
    
    
    Consulting Letter Agreement with Anthony A. Nichols, Sr.** (previously filed as an exhibit to
Brandywine Realty Trusts Form 10-K for the fiscal year ended December 31, 2008 and incorporated
herein by reference)10.15
    
    
    Amended and Restated Employment Agreement dated as of February 9, 2007 of Gerard H. Sweeney**
(previously filed as an exhibit to Brandywine Realty Trusts Form 8-K dated February 14, 2007
and incorporated herein by reference)10.16
    
    
    Amended and Restated 1997 Long-Term Incentive Plan** (previously filed as an exhibit to
Brandywine Realty Trusts Form 10-Q for the quarter ended March 31, 2007 and incorporated herein
by reference)10.17
    
    
    Amended and Restated Executive Deferred Compensation Plan effective March 25, 2004** (previously
filed as an exhibit to Brandywine Realty Trusts Form 10-Q for the quarter ended March 31, 2004
and incorporated herein by reference)10.18
    
    
    Amended and Restated Executive Deferred Compensation Plan effective January 1, 2009**
(previously filed as an exhibit to Brandywine Realty Trusts Form 10-K for the fiscal year ended
December 31, 2008 and incorporated herein by reference)10.19
    
    
    2007 Non-Qualified Employee Share Purchase Plan** (previously filed as an exhibit to Brandywine
Realty Trusts Form 10-Q for the quarter ended March 31, 2007 and incorporated herein by
reference)10.20
    
    
    2006 Restricted Share Award to Gerard H. Sweeney** (previously filed as an exhibit to Brandywine
Realty Trusts Form 8-K dated February 15, 2006 and incorporated herein by reference)10.21
    
    
    Form of 2006 Restricted Share Award to executive officers (other than the President and Chief
Executive Officer)** (previously filed as an exhibit to Brandywine Realty Trusts Form 8-K dated
February 15, 2006 and incorporated herein by reference)10.22
    
    
    Form of 2007 Restricted Share Award to non-executive trustees** (previously filed as an exhibit
to Brandywine Realty Trusts Form 10-Q for the quarter ended March 31, 2007 and incorporated
herein by reference)10.23
    
    
    Performance Share Award to Howard M. Sipzner** (previously filed as an exhibit to Brandywine
Realty Trusts Form 8-K dated December 12, 2006 and incorporated herein by reference)10.24
    
    
    2007 Performance Share Award to Gerard H. Sweeney** (previously filed as an exhibit to
Brandywine Realty Trusts Form 8-K dated February 14, 2007 and incorporated herein by reference)10.25
    
    
    Form of 2007 Performance Share Award to executive officers (other than the President and Chief
Executive Officer)** (previously filed as an exhibit to Brandywine Realty Trusts Form 8-K dated
February 14, 2007 and incorporated herein by reference)10.26
    
    
    Summary of Trustee Compensation** (previously filed as an exhibit to Brandywine Realty Trusts
Form 8-K dated March 17, 2006 and incorporated herein by reference)10.27
    
    
    Form of Restricted Share Award** (previously filed as an exhibit to Brandywine Realty Trusts
Form 8-K dated January 10, 2006 and incorporated herein by reference)10.28
    
    
    Form of Performance Share Award to the President and CEO and Executive Vice President and CFO**
(previously filed as an exhibit to Brandywine Realty Trusts Form 8-K dated April 11, 2008 and
incorporated herein by reference)10.29
    
    
    Form of Performance Share Award to the executive officers (other than the President and CEO and
Executive Vice President and CFO)** (previously filed as an exhibit to Brandywine Realty Trusts
Form 8-K dated April 11, 2008 and incorporated herein by reference)10.30
    
    
    Form of Non-Qualified Share Option Agreement to the President and CEO and Executive Vice
President and CFO** (previously filed as an exhibit to Brandywine Realty Trusts Form 8-K dated
April 11, 2008 and incorporated herein by reference)10.31
    
    
    Form of Non-Qualified Share Option Agreement to the executive officers (other than the President
and CEO and Executive Vice President and CFO)** (previously filed as an exhibit to Brandywine
Realty Trusts Form 8-K dated April 11, 2008 and incorporated herein by reference)10.32
    
    
    Form of Incentive Stock Option Agreement to the President and CEO and Executive Vice President
and CFO ** (previously filed as an exhibit to Brandywine Realty Trusts Form 8-K dated April 11,
2008 and incorporated herein by reference)10.33
    
    
    Form of Incentive Stock Option Agreement to the executive officers (other than the President and
CEO and Executive Vice President and CFO)** (previously filed as an exhibit to Brandywine Realty
Trusts Form 8-K dated April 11, 2008 and incorporated herein by reference)10.34
    
    
    Form of Restricted Share Award for Executive Officers** (previously filed as an exhibit to
Brandywine Realty Trusts Form 8-K dated April 1, 2009 and incorporated herein by reference)10.35
    
    
    Form of Restricted Performance Share Unit and Dividend Equivalent Rights Award Agreement for
Executive Officers** (previously filed as an exhibit to Brandywine Realty Trusts Form 8-K dated
April 1, 2009 and incorporated herein by reference)10.36
    
    
    2009-2011 Restricted Performance Share Unit Program** (previously filed as an exhibit to
Brandywine Realty Trusts Form 8-K dated April 1, 2009 and incorporated herein by reference)10.37
    
    
    Forms of Non-Qualified Share Option Agreement for Executive Officers** (previously filed as an
exhibit to Brandywine Realty Trusts Form 8-K dated April 1, 2009 and incorporated herein by
reference)10.38
    
    
    Forms of Incentive Stock Option Agreement for Executive Officers ** (previously filed as an
exhibit to Brandywine Realty Trusts Form 8-K dated April 1, 2009 and incorporated herein by
reference)
  -72-




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##### Table of Contents



Exhibits No.
    
    Description10.39
    
    
    Form of Amended and Restated Change of Control Agreement with Executive Officers** (previously
filed as an exhibit to Brandywine Realty Trusts Form 8-K filed on February 4, 2010 and
incorporated herein by reference)10.40
    
    
    Employment Agreement dated February 3, 2010 with Howard M. Sipzner ** (previously filed as an
exhibit to Brandywine Realty Trusts Form 8-K filed on February 4, 2010 and incorporated herein
by reference)10.41
    
    
    Letter to RREEF America LLC relating to waiver of share ownership limit12.1
    
    
    Statement re Computation of Ratios of Brandywine Realty Trust12.2
    
    
    Statement re Computation of Ratios of Brandywine Operating Partnership, L.P.14.1
    
    
    Code of Business Conduct and Ethics** (previously filed as an exhibit to Brandywine Realty
Trusts Form 8-K dated December 22, 2004 and incorporated herein by reference)21
    
    
    List of subsidiaries23.1
    
    
    Consent of PricewaterhouseCoopers LLP relating to financial statements of Brandywine Realty Trust23.2
    
    
    Consent of PricewaterhouseCoopers LLP relating to financial statements of Brandywine Operating
Partnership, L.P.23.3
    
    
    Consent of PricewaterhouseCoopers LLP relating to financial statements of
G&I Interchange Office L.L.C.31.1
    
    
    Certification of the Chief Executive Officer of Brandywine Realty Trust pursuant to 13a-14
under the Securities Exchange Act of 193431.2
    
    
    Certification of the Chief Financial Officer of Brandywine Realty Trust pursuant to 13a-14
under the Securities Exchange Act of 193431.3
    
    
    Certification of the Chief Executive Officer of Brandywine Realty Trust, in its capacity as
the general partner of Brandywine Operating Partnership, L.P., pursuant to 13a-14 under the
Securities Exchange Act of 193431.4
    
    
    Certification of the Chief Financial Officer of Brandywine Realty Trust, in its capacity as
the general partner of Brandywine Operating Partnership, L.P., pursuant to 13a-14 under the
Securities Exchange Act of 193432.1
    
    
    Certification of the Chief Executive Officer of Brandywine Realty Trust pursuant to 18 U.S.C.
Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 200232.2
    
    
    Certification of the Chief Financial Officer of Brandywine Realty Trust pursuant to 18 U.S.C.
Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 200232.3
    
    
    Certification of the Chief Executive Officer of Brandywine Realty Trust, in its capacity as
the general partner of Brandywine Operating Partnership, L.P., pursuant to 18 U.S.C. Section
1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 200232.4
    
    
    Certification of the Chief Financial Officer of Brandywine Realty Trust, in its capacity as
the general partner of Brandywine Operating Partnership, L.P., pursuant to 18 U.S.C. Section
1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 200299.1
    
    
    Material Tax Consequences
 **
    
    Management contract or compensatory plan or arrangement(b)
    
    Financial Statement Schedule: See Item 15 (a) (1) and (2) above(c)(1)
    
    The Financial Statements of G&I Interchange Office, LLC on page F-99  -73-




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##### Table of Contents



SIGNATURES
  BRANDYWINE REALTY TRUSTBy:
    /s/ Gerard H. SweeneyGerard H. SweeneyPresident and Chief Executive Officer   Signature
    
    Title
    
    Date/s/ Walter DAlessio

Walter DAlessio
    
    Chairman of the Board and Trustee
    
    March 1, 2010/s/ Gerard H. Sweeney

Gerard H. Sweeney
    
    President, Chief Executive Officer and
Trustee (Principal Executive Officer)
    
    March 1, 2010/s/ Howard M. Sipzner

Howard M. Sipzner
    
    Executive Vice President and Chief
Financial Officer (Principal Financial
Officer)
    
    March 1, 2010/s/ Gabriel J. Mainardi

Gabriel J. Mainardi
    
    Vice President and Chief Accounting Officer
(Principal Accounting Officer)
    
    March 1, 2010/s/ D. Pike Aloian

D. Pike Aloian
    
    Trustee
    
    March 1, 2010/s/ Wyche Fowler

Wyche Fowler
    
    Trustee
    
    March 1, 2010/s/ Michael J. Joyce

Michael J. Joyce
    
    Trustee
    
    March 1, 2010/s/ Anthony A. Nichols, Sr.

Anthony A. Nichols, Sr.
    
    Trustee
    
    March 1, 2010/s/ Charles P. Pizzi

Charles P. Pizzi
    
    Trustee
    
    March 1, 2010
  -74-




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##### Table of Contents



SIGNATURES
  BRANDYWINE OPERATING PARTNERSHIP, L.P.By:
    Brandywine Realty Trust, its General PartnerBy:
    /s/ Gerard H. SweeneyGerard H. SweeneyPresident and Chief Executive Officer   Signature
    
    Title
    
    Date/s/ Walter DAlessio

Walter DAlessio
    
    Chairman of the Board and Trustee
    
    March 1, 2010/s/ Gerard H. Sweeney

Gerard H. Sweeney
    
    President, Chief Executive Officer and
Trustee (Principal Executive Officer)
    
    March 1, 2010/s/ Howard M. Sipzner

Howard M. Sipzner
    
    Executive Vice President and Chief
Financial Officer (Principal Financial
Officer)
    
    March 1, 2010/s/ Gabriel J. Mainardi

Gabriel J. Mainardi
    
    Vice President and Chief Accounting Officer
(Principal Accounting Officer)
    
    March 1, 2010/s/ D. Pike Aloian

D. Pike Aloian
    
    Trustee
    
    March 1, 2010/s/ Wyche Fowler

Wyche Fowler
    
    Trustee
    
    March 1, 2010/s/ Michael J. Joyce

Michael J. Joyce
    
    Trustee
    
    March 1, 2010/s/ Anthony A. Nichols, Sr.

Anthony A. Nichols, Sr.
    
    Trustee
    
    March 1, 2010/s/ Charles P. Pizzi

Charles P. Pizzi
    
    Trustee
    
    March 1, 2010
  -75-




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
  Internal Control -
Integrated Framework
     
  F-1




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##### Table of Contents



BRANDYWINE REALTY TRUST
 
 CONSOLIDATED BALANCE SHEETS
 (in thousands, except share and per share information)
 December 31,
    
    
    December 31,2009
    
    
    2008 (as adjusted)ASSETSReal estate investments:Rental properties
    
    $
    4,512,618
    
    
    $
    4,608,320Accumulated depreciation
    
    
    (716,956
    )
    
    
    (639,688
    )Operating real estate investments, net
    
    
    3,795,662
    
    
    
    3,968,632Construction-in-progress
    
    
    271,962
    
    
    
    122,219Land inventory
    
    
    97,368
    
    
    
    100,516Total real estate investments, net
    
    
    4,164,992
    
    
    
    4,191,367Cash and cash equivalents
    
    
    1,567
    
    
    
    3,924Cash in escrow
    
    
    
    
    
    
    31,385Accounts receivable, net
    
    
    10,934
    
    
    
    16,413Accrued rent receivable, net
    
    
    87,173
    
    
    
    86,362Investment in real estate ventures, at equity
    
    
    75,458
    
    
    
    71,028Deferred costs, net
    
    
    106,097
    
    
    
    89,327Intangible assets, net
    
    
    105,163
    
    
    
    145,757Notes receivable
    
    
    59,008
    
    
    
    48,048Other assets
    
    
    53,358
    
    
    
    59,008Total assets
    
    $
    4,663,750
    
    
    $
    4,742,619LIABILITIES AND BENEFICIARIES EQUITYMortgage notes payable
    
    $
    551,720
    
    
    $
    487,525Borrowing under credit facilities
    
    
    92,000
    
    
    
    153,000Unsecured term loan
    
    
    183,000
    
    
    
    183,000Unsecured senior notes, net of discounts
    
    
    1,627,857
    
    
    
    1,917,970Accounts payable and accrued expenses
    
    
    88,599
    
    
    
    79,475Distributions payable
    
    
    21,799
    
    
    
    29,288Tenant security deposits and deferred rents
    
    
    58,572
    
    
    
    58,692Acquired below market leases, net
    
    
    37,087
    
    
    
    47,626Deferred income
    
    
    47,379
    
    
    
    24,271Other liabilities
    
    
    33,997
    
    
    
    39,274Total liabilities
    
    
    2,742,010
    
    
    
    3,020,121Commitments
and contingencies (Note 20)Brandywine Realty Trusts equity:Preferred Shares (shares authorized-20,000,000):7.50% Series C Preferred Shares, $0.01 par value; issued and outstanding-
2,000,000 in 2009 and 2008
    
    
    20
    
    
    
    207.375% Series D Preferred Shares, $0.01 par value; issued and outstanding-
2,300,000 in 2009 and 2008
    
    
    23
    
    
    
    23Common Shares of Brandywine Realty Trusts beneficial interest, $0.01 par value;
shares authorized 200,000,000; 128,849,176 and 88,610,053 issued in 2009
and 2008, respectively and 128,582,334 and 88,158,937 outstanding in 2009 and 2008,
respectively
    
    
    1,286
    
    
    
    882Additional paid-in capital
    
    
    2,610,421
    
    
    
    2,351,428Deferred compensation payable in common stock
    
    
    5,549
    
    
    
    6,274Common shares in treasury, at cost, 251,764 and 451,116 in 2009 and 2008, respectively
    
    
    (7,205
    )
    
    
    (14,121
    )Common shares in grantor trust, 255,700 in 2009 and 215,742 in 2008
    
    
    (5,549
    )
    
    
    (6,274
    )Cumulative earnings
    
    
    501,384
    
    
    
    498,716Accumulated other comprehensive loss
    
    
    (9,138
    )
    
    
    (17,005
    )Cumulative distributions
    
    
    (1,213,359
    )
    
    
    (1,150,406
    )Total Brandywine Realty Trusts equity
    
    
    1,883,432
    
    
    
    1,669,537Non-controlling interests
    
    
    38,308
    
    
    
    52,961Total equity
    
    
    1,921,740
    
    
    
    1,722,498Total liabilities and equity
    
    $
    4,663,750
    
    
    $
    4,742,619
   F-2




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##### Table of Contents



BRANDYWINE REALTY TRUST
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (in thousands, except share and per share information)
 Years ended December 31,2009
    
    
    2008 (as adjusted)
    
    
    2007 (as adjusted)Revenue:Rents
    
    $
    478,228
    
    
    $
    483,212
    
    
    $
    493,309Tenant reimbursements
    
    
    79,796
    
    
    
    78,090
    
    
    
    75,821Termination fees
    
    
    3,601
    
    
    
    4,800
    
    
    
    10,053Third party management fees, labor reimbursement and leasing
    
    
    17,151
    
    
    
    20,401
    
    
    
    19,691Other
    
    
    3,443
    
    
    
    2,918
    
    
    
    5,937Total revenue
    
    
    582,219
    
    
    
    589,421
    
    
    
    604,811Operating Expenses:Property operating expenses
    
    
    168,159
    
    
    
    160,770
    
    
    
    162,590Real estate taxes
    
    
    58,230
    
    
    
    58,649
    
    
    
    57,586Third party management expenses
    
    
    7,996
    
    
    
    8,965
    
    
    
    10,361Depreciation and amortization
    
    
    208,590
    
    
    
    202,043
    
    
    
    219,553General and administrative expenses
    
    
    20,821
    
    
    
    23,002
    
    
    
    27,932Provision for impairment on land inventory
    
    
    
    
    
    
    10,841
    
    
    
    Total operating expenses
    
    
    463,796
    
    
    
    464,270
    
    
    
    478,022Operating income
    
    
    118,423
    
    
    
    125,151
    
    
    
    126,789Other Income (Expense):Interest income
    
    
    2,500
    
    
    
    1,839
    
    
    
    4,014Interest expense
    
    
    (135,740
    )
    
    
    (146,646
    )
    
    
    (161,150
    )Interest expense  amortization of deferred financing costs
    
    
    (5,864
    )
    
    
    (5,450
    )
    
    
    (4,496
    )Loss on settlement of treasury lock agreements
    
    
    
    
    
    
    
    
    
    
    (3,698
    )Recognized hedge activity
    
    
    (916
    )
    
    
    
    
    
    
    Equity in income of real estate ventures
    
    
    4,069
    
    
    
    8,447
    
    
    
    6,955Net gain on sale of interests in depreciated real estate
    
    
    
    
    
    
    
    
    
    
    40,919Net (loss) gain on sale of interests in undepreciated real estate
    
    
    
    
    
    
    (24
    )Gain on early extinguishment of debt
    
    
    23,176
    
    
    
    18,105
    
    
    
    Income from continuing operations
    
    
    5,648
    
    
    
    1,422
    
    
    
    9,333Discontinued operations:Income from discontinued operations
    
    
    4,903
    
    
    
    15,456
    
    
    
    20,259Net gain on disposition of discontinued operations
    
    
    1,238
    
    
    
    28,497
    
    
    
    25,743Provision for impairment
    
    
    (3,700
    )
    
    
    (6,850
    )
    
    
    Total discontinued operations
    
    
    2,441
    
    
    
    37,103
    
    
    
    46,002Net income
    
    
    8,089
    
    
    
    38,525
    
    
    
    55,335Net income (loss) from discontinued operations attributable to non-
controlling interests
    
    
    (38
    )
    
    
    (1,399
    )
    
    
    (1,964
    )Net income (loss) from continuing operations attributable to non-
controlling interests
    
    
    (25
    )
    
    
    91
    
    
    
    (490
    )Net (income) attributable to non-controlling interests
    
    
    (63
    )
    
    
    (1,308
    )
    
    
    (2,454
    )Net income attributable to Brandywine Realty Trust
    
    
    8,026
    
    
    
    37,217
    
    
    
    52,881Distribution to Preferred Shares
    
    
    (7,992
    )
    
    
    (7,992
    )
    
    
    (7,992
    )Amount allocated to unvested restricted shareholders
    
    
    (279
    )
    
    
    (763
    )
    
    
    (765
    )Income (loss) allocated to Common Shares
    
    $
    (245
    )
    
    $
    28,462
    
    
    $
    44,124Basic earnings per Common Share:Continuing operations
    
    $
    (0.02
    )
    
    $
    (0.08
    )
    
    $
    0.00Discontinued operations
    
    
    0.02
    
    
    
    0.41
    
    
    
    0.50$
    
    
    
    $
    0.33
    
    
    $
    0.50Diluted earnings per Common Share:Continuing operations
    
    $
    (0.02
    )
    
    $
    (0.08
    )
    
    $
    0.00Discontinued operations
    
    
    0.02
    
    
    
    0.41
    
    
    
    0.50$
    
    
    
    $
    0.33
    
    
    $
    0.50Basic weighted average shares outstanding
    
    
    111,898,045
    
    
    
    87,574,423
    
    
    
    87,272,148Diluted weighted average shares outstanding
    
    
    113,251,291
    
    
    
    87,583,163
    
    
    
    87,321,276Net (loss) income attributable to Brandywine Realty TrustIncome (loss) from continuing operations
    
    $
    5,623
    
    
    $
    1,513
    
    
    $
    8,843Income (loss) from discontinued operations
    
    
    2,403
    
    
    
    35,704
    
    
    
    44,038Net income
    
    $
    8,026
    
    
    $
    37,217
    
    
    $
    52,881
   F-3




---



##### Table of Contents



BRANDYWINE REALTY TRUST
 
 CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE (LOSS) INCOME
 (in thousands)
 Years ended December 31,2009
    
    
    2008 (as adjusted)
    
    
    2007 (as adjusted)Net income
    
    $
    8,089
    
    
    $
    38,525
    
    
    $
    55,335Other comprehensive income:Unrealized gain (loss) on derivative financial instruments
    
    
    7,395
    
    
    
    (15,288
    )
    
    
    (3,600
    )Settlement of treasury locks
    
    
    
    
    
    
    
    
    
    
    (3,860
    )Settlement of forward starting swaps
    
    
    
    
    
    
    
    
    
    
    1,148Ineffectiveness
of the hedges
    
    
    (125
    )
    
    
    
    
    
    
    Reclassification of realized (gains)/losses on derivative financial
instruments to operations, net
    
    
    (184
    )
    
    
    (80
    )
    
    
    3,436Unrealized gain (loss) on available-for-sale securities
    
    
    
    
    
    
    248
    
    
    
    (585
    )Total other comprehensive income (loss)
    
    
    7,086
    
    
    
    (15,120
    )
    
    
    (3,461
    )Comprehensive income
    
    
    15,175
    
    
    
    23,405
    
    
    
    51,874Comprehensive (income) loss attributable to non-controlling interest
    
    
    227
    
    
    
    (1,309
    )
    
    
    (2,454
    )Comprehensive income attributable to Brandywine Realty Trust
    
    $
    15,402
    
    
    $
    22,096
    
    
    $
    49,420
   F-4




---



##### Table of Contents



BRANDYWINE REALTY TRUST
 
 CONSOLIDATED STATEMENTS OF BENEFICIARIES EQUITY
 For the years ended December 31, 2009, 2008 and 2007
 (in thousands, except number of shares)
 Number of
    
    
    Common SharesRabbi
    
    
    of Brandywine
    
    
    
    
    
    
    
    
    
    
    Deferred
    
    
    
    
    
    
    
    
    
    
    AccumulatedNumber of
    
    
    Par Value
    
    
    Number of
    
    
    Par Value of
    
    
    Number of
    
    
    Number of
    
    
    Trust/Deferred
    
    
    Realty Trusts
    
    
    
    
    
    
    
    
    
    
    Compensation
    
    
    
    
    
    
    
    
    
    
    OtherPreferred C
    
    
    of Preferred
    
    
    Preferred
    
    
    Preferred D
    
    
    Common
    
    
    Treasury
    
    
    Compensation
    
    
    beneficial
    
    
    Additional Paid-in
    
    
    Common Shares
    
    
    Payable in
    
    
    Common Shares in
    
    
    Cumulative
    
    
    Comprehensive
    
    
    Cumulative
    
    
    Non-ControllingShares
    
    
    C Shares
    
    
    D Shares
    
    
    Shares
    
    
    Shares
    
    
    Shares
    
    
    Shares
    
    
    interest
    
    
    Capital
    
    
    in Treasury
    
    
    Common Stock
    
    
    Grantor Trust
    
    
    Earnings
    
    
    Income (Loss)
    
    
    Distributions
    
    
    Interests
    
    
    TotalBALANCE, December 31, 2006 (as adjusted)
    
    
    2,000,000
    
    
    $
    20
    
    
    
    2,300,000
    
    
    $
    23
    
    
    
    88,327,041
    
    
    
    
    
    
    
    
    
    
    $
    883
    
    
    $
    2,338,487
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    419,470
    
    
    $
    1,576
    
    
    $
    (837,882
    )
    
    $
    123,630
    
    
    $
    2,046,207Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    52,881
    
    
    
    
    
    
    
    
    
    
    
    2,454
    
    
    
    55,335Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,461
    )
    
    
    
    
    
    
    
    
    
    
    (3,461
    )Vesting of Restricted Stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    66,086
    
    
    
    
    
    
    
    
    
    
    
    1
    
    
    
    402
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    403Restricted Stock Amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,974
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,974Conversion of LP units to Common Shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    21,951
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    716
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    

    
    (716
    )

    
    
    LP units
Cash Redemption
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,846
    )
    
    
    (2,846
    )Non-controlling interest reclassification
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,828
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    



    
    2,828


    
    
    
    Repurchase of Common Shares into Treasury
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,780,600
    
    
    
    
    
    
    
    (16
    )
    
    
    
    
    
    
    (59,408
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (59,424
    )Deferred Compensation Obligation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (180,963
    )
    
    
    180,963
    
    
    
    2
    
    
    
    
    
    
    
    6,130
    
    
    
    5,959
    
    
    
    (5,959
    )
    
    
    (296
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,836Share Issuance from Deferred Compensation Plan
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (8,398
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (277
    )
    
    
    277
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Share Cancellation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (915
    )
    
    
    
    
    
    
    (915
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (31
    )
    
    
    31
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Trustee Fees Paid in Shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,664
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    55
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    55Exercise of Options
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    198,495
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,008
    
    
    
    (171
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,837Outperformance Plan Amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,339
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,339Acquisition of noncontrolling interest
in consolidated joint venture
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (34,385
    )
    
    
    (34,385
    )Preferred Share distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,992
    )
    
    
    
    
    
    
    (7,992
    )Distributions declared ($1.76 per share)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (153,780
    )
    
    
    (6,889
    )
    
    
    (160,669
    )BALANCE, December 31, 2007 (as adjusted)
    
    
    2,000,000
    
    
    $
    20
    
    
    
    2,300,000
    
    
    $
    23
    
    
    
    88,614,322
    
    
    
    1,599,637
    
    
    
    171,650
    
    
    $
    870
    
    
    $
    2,348,153
    
    
    $
    (53,449
    )
    
    $
    5,651
    
    
    $
    (5,651
    )
    
    $
    472,055
    
    
    $
    (1,885
    )
    
    $
    (999,654
    )
    
    $
    84,076
    
    
    $
    1,850,209Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    37,216
    
    
    
    
    
    
    
    
    
    
    
    1,309
    
    
    
    38,525Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (15,120
    )
    
    
    
    
    
    
    
    
    
    
    (15,120
    )Vesting of Restricted Stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (77,191
    )
    
    
    9,895
    
    
    
    
    
    
    
    (912
    )
    
    
    2,582
    
    
    
    167
    
    
    
    (167
    )
    
    
    (1,344
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    326Restricted Stock Amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,884
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,884Conversion of LP units to Common Shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,021,608
    )
    
    
    
    
    
    
    10
    
    
    
    
    
    
    
    35,052
    
    
    
    
    
    
    
    
    
    
    
    (8,323
    )
    
    
    
    
    
    
    
    
    
    
    (27,058
    )
    
    
    (319
    )Share Cancellation/Forfeiture
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,269
    )
    
    
    150
    
    
    
    (1,524
    )
    
    
    2
    
    
    
    (33
    )
    
    
    
    
    
    
    (47
    )
    
    
    47
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (31
    )Share Issuance from/to Deferred Compensation Plan
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (44,286
    )
    
    
    33,663
    
    
    
    
    
    
    
    
    
    
    
    1,502
    
    
    
    468
    
    
    
    (468
    )
    
    
    (792
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    710Share Choice Plan Issuance
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (49
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (49
    )Stock Option Amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    336
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    336Outperformance Plan Amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    989
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    989Trustee Fees Paid in Shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (5,586
    )
    
    
    2,058
    
    
    
    
    
    
    
    60
    
    
    
    192
    
    
    
    35
    
    
    
    (35
    )
    
    
    (97
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    155Preferred Share distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,992
    )
    
    
    
    
    
    
    (7,992
    )Distributions declared ($1.76 per share)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (142,760
    )
    
    
    (5,365
    )
    
    
    (148,125
    )BALANCE, December 31, 2008 (as adjusted)
    
    
    2,000,000
    
    
    $
    20
    
    
    
    2,300,000
    
    
    $
    23
    
    
    
    88,610,053
    
    
    
    451,116
    
    
    
    215,742
    
    
    $
    882
    
    
    $
    2,351,428
    
    
    $
    (14,121
    )
    
    $
    6,274
    
    
    $
    (6,274
    )
    
    $
    498,716
    
    
    $
    (17,005
    )
    
    $
    (1,150,406
    )
    
    $
    52,961
    
    
    $
    1,722,498Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,026
    
    
    
    
    
    
    
    
    
    
    
    63
    
    
    
    8,089Other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,376
    
    
    
    
    
    
    
    (290
    )
    
    
    7,086Issuance of Common Shares of Beneficial Interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    40,250,000
    
    
    
    
    
    
    
    
    
    
    
    403
    
    
    
    241,920
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    242,323Bonus Share Issuance
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (36,826
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,228
    
    
    
    
    
    
    
    
    
    
    
    (1,105
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    123Vesting of Restricted Stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (86,172
    )
    
    
    8,971
    
    
    
    2
    
    
    
    (852
    )
    
    
    2,960
    
    
    
    56
    
    
    
    (56
    )
    
    
    (2,322
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (212
    )Restricted Stock Amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,286
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,286Restricted Performance Units Amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    288
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    288Conversion of LP units to Common Shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,513
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    432
    
    
    
    
    
    
    
    
    
    
    
    (178
    )
    
    
    
    
    
    
    
    
    
    
    (254
    )
    
    
    (0
    )Share Issuance from/to Deferred Compensation Plan
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,796
    )
    
    
    (54,854
    )
    
    
    26,092
    
    
    
    
    
    
    
    (29
    )
    
    
    1,830
    
    
    
    (816
    )
    
    
    816
    
    
    
    (1,670
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    131Share Choice Plan Issuance
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,081
    )
    
    
    
    
    
    
    
    
    
    
    (1
    )
    
    
    (45
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (46
    )Stock Option Amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    602
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    602Outperformance Plan Amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    927
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    927Trustee Fees Paid in Shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (13,987
    )
    
    
    4,895
    
    
    
    
    
    
    
    
    
    
    
    466
    
    
    
    35
    
    
    
    (35
    )
    
    
    (314
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    152Other  consolidated real estate ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    34
    
    
    
    34Other activity
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    187
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    491
    
    
    
    
    
    
    
    
    
    
    
    678Adjustment for Non-Controlling Interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    12,709
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    231
    
    
    
    
    
    
    
    
    
    
    
    (12,940
    )
    
    
    Preferred Share distributions
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,992
    )
    
    
    
    
    
    
    (7,992
    )Distributions declared ($0.45 per share)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (54,961
    )
    
    
    (1,266
    )
    
    
    (56,227
    )BALANCE, December 31, 2009
    
    
    2,000,000
    
    
    $
    20
    
    
    
    2,300,000
    
    
    $
    23
    
    
    
    128,849,176
    
    
    
    251,764
    
    
    
    255,700
    
    
    $
    1,286
    
    
    $
    2,610,421
    
    
    $
    (7,205
    )
    
    $
    5,549
    
    
    $
    (5,549
    )
    
    $
    501,384
    
    
    $
    (9,138
    )
    
    $
    (1,213,359
    )
    
    $
    38,308
    
    
    $
    1,921,740
   F-5




---



##### Table of Contents



BRANDYWINE REALTY TRUST
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in thousands)
 Years ended December 31,2009
    
    
    2008 (as adjusted)
    
    
    2007 (as adjusted)Cash flows from operating activities:Net income
    
    $
    8,089
    
    
    $
    38,525
    
    
    $
    55,335Adjustments to reconcile net income to net cash from
operating activities:Depreciation
    
    
    160,039
    
    
    
    158,234
    
    
    
    179,724Amortization:Deferred financing costs
    
    
    5,864
    
    
    
    5,450
    
    
    
    4,497Amortization of debt discount
    
    
    3,495
    
    
    
    6,843
    
    
    
    4,381Deferred leasing costs
    
    
    18,037
    
    
    
    16,561
    
    
    
    15,672Acquired above (below) market leases, net
    
    
    (6,661
    )
    
    
    (8,104
    )
    
    
    (12,225
    )Acquired lease intangibles
    
    
    32,387
    
    
    
    40,663
    
    
    
    51,669Deferred compensation costs
    
    
    5,200
    
    
    
    4,522
    
    
    
    4,672Recognized hedge activity
    
    
    916
    
    
    
    
    
    
    
    Straight-line rent
    
    
    (9,116
    )
    
    
    (16,543
    )
    
    
    (28,304
    )Provision for doubtful accounts
    
    
    5,371
    
    
    
    6,769
    
    
    
    3,147Provision for impairment in real estate
    
    
    3,700
    
    
    
    6,850
    
    
    
    Provision for impairment on land inventory
    
    
    
    
    
    
    10,841
    
    
    
    Real estate venture income in excess of distributions
    
    
    (2,512
    )
    
    
    (808
    )
    
    
    (55
    )Net gain on sale of interests in real estate
    
    
    (1,237
    )
    
    
    (28,473
    )
    
    
    (66,662
    )Gain on early extinguishment of debt
    
    
    (23,176
    )
    
    
    (18,105
    )
    
    
    Cumulative interest accretion of repayments of unsecured notes
    
    
    (5,009
    )
    
    
    (435
    )Contributions from historic tax credit transaction, net of deferred costs
    
    
    23,763
    
    
    
    7,952
    
    
    
    Contributions from new market tax credit transaction, net of deferred costs
    
    
    
    
    
    
    8,965
    
    
    
    Changes in assets and liabilities:Accounts receivable
    
    
    3,746
    
    
    
    (1,631
    )
    
    
    6,449Other assets
    
    
    2,373
    
    
    
    3,683
    
    
    
    (1,366
    )Accounts payable and accrued expenses
    
    
    (10,067
    )
    
    
    2,491
    
    
    
    (11,091
    )Tenant security deposits and deferred rents
    
    
    2,397
    
    
    
    (827
    )
    
    
    12,634Other liabilities
    
    
    2,806
    
    
    
    (9,556
    )
    
    
    6,328Net cash from operating activities
    
    
    220,405
    
    
    
    233,867
    
    
    
    224,805Cash flows from investing activities:Acquisition of properties
    
    
    
    
    
    
    
    
    
    
    (88,890
    )Acquisition of non-controlling interest in consolidated real estate venture
    
    
    
    
    
    
    
    
    
    
    (63,732
    )Sales of properties, net
    
    
    101,305
    
    
    
    370,087
    
    
    
    472,590Capital expenditures
    
    
    (206,311
    )
    
    
    (146,583
    )
    
    
    (267,516
    )Investment in unconsolidated Real Estate Ventures
    
    
    (14,980
    )
    
    
    (934
    )
    
    
    (897
    )Escrowed cash
    
    
    31,385
    
    
    
    (31,385
    )
    
    
    Cash distributions from unconsolidated Real Estate Ventures
in excess of cumulative equity in income
    
    
    13,062
    
    
    
    2,311
    
    
    
    3,711Leasing costs
    
    
    (27,010
    )
    
    
    (29,450
    )
    
    
    (16,104
    )Net cash from (used in) investing activities
    
    
    (102,549
    )
    
    
    164,046
    
    
    
    39,162Cash flows from financing activities:Proceeds from Credit Facility borrowings
    
    
    983,000
    
    
    
    514,000
    
    
    
    959,602Repayments of Credit Facility borrowings
    
    
    (1,044,000
    )
    
    
    (491,727
    )
    
    
    (888,875
    )Proceeds from mortgage notes payable
    
    
    149,800
    
    
    
    
    
    
    
    Repayments of mortgage notes payable
    
    
    (84,102
    )
    
    
    (25,155
    )
    
    
    (272,028
    )Proceeds from unsecured term loan
    
    
    
    
    
    
    33,000
    
    
    
    150,000Proceeds from unsecured notes
    
    
    247,030
    
    
    
    
    
    
    
    300,000Repayments of unsecured notes
    
    
    (514,004
    )
    
    
    (260,088
    )
    
    
    (299,926
    )Net settlement of hedge transactions
    
    
    (5,044
    )
    
    
    
    
    
    
    (2,712
    )Debt financing costs
    
    
    (24,620
    )
    
    
    (278
    )
    
    
    (4,474
    )Net proceeds from issuance of shares
    
    
    242,332
    
    
    
    
    
    
    
    Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    6,011Repurchases of common shares
    
    
    
    
    
    
    
    
    
    
    (59,426
    )Distributions paid to shareholders
    
    
    (68,914
    )
    
    
    (162,882
    )
    
    
    (162,043
    )Distributions to noncontrolling interest
    
    
    (1,691
    )
    
    
    (6,459
    )
    
    
    (9,875
    )Net cash (used in) from financing activities
    
    
    (120,213
    )
    
    
    (399,589
    )
    
    
    (283,746
    )Increase (decrease) in cash and cash equivalents
    
    
    (2,357
    )
    
    
    (1,676
    )
    
    
    (19,779
    )Cash and cash equivalents at beginning of year
    
    
    3,924
    
    
    
    5,600
    
    
    
    25,379Cash and cash equivalents at end of year
    
    $
    1,567
    
    
    $
    3,924
    
    
    $
    5,600Supplemental disclosure:Cash paid for interest, net of capitalized interest
    
    $
    139,636
    
    
    $
    178,725
    
    
    $
    182,790Supplemental disclosure of non-cash activity:Note receivable issued in the Northern California transaction at its present value
    
    
    
    
    
    
    37,100
    
    
    
    Note
receivable issued related to the sale of the two Trenton properties,
net of the $12.9 million deferred gain
    
    
    9,600
    
    
    
    
    
    
    
    Debt assumed by the purchaser in the Northern California transaction
    
    
    
    
    
    
    95,300
    
    
    
    Capital expenditures financed through accounts payable as of year end
    
    
    7,086
    
    
    
    9,029
    
    
    
    7,744Capital
expenditures financed through retention payable
    
    
    5,862
    
    
    
    (928
    )
    
    
    1,117Unfunded
tenant allowance
    
    
    5,986
    
    
    
    
    
    
    
    
   F-6




---



##### Table of Contents



BRANDYWINE REALTY TRUST
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 DECEMBER 31, 2009, 2008 AND 2007
 ORGANIZATION AND NATURE OF OPERATIONS
       F-7




---



##### Table of Contents



SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Reclassifications and Revisions
  Principles of Consolidation
  Use of Estimates
  Operating Properties
  Purchase Price Allocation
   F-8




---



##### Table of Contents



Depreciation and Amortization
  Construction in Progress
  Impairment or Disposal of Long-Lived Assets
    F-9




---



##### Table of Contents



Cash and Cash Equivalents
  Cash in Escrow
  Restricted Cash
  Accounts Receivable and Accrued Rent Receivable
    F-10




---



##### Table of Contents



Investments in Unconsolidated Real Estate Ventures
    Deferred Costs
   Other Assets
  December 31,2009
    
    
    2008(amounts in thousands)Prepaid ground rent
    
    $
    7,733
    
    
    $
    Prepaid real estate taxes
    
    
    7,492
    
    
    
    7,720Rent inducements, net
    
    
    6,680
    
    
    
    8,432Cash surrender value of life insurance
    
    
    6,498
    
    
    
    5,262Restricted cash
    
    
    5,632
    
    
    
    13,292Marketable securities
    
    
    2,798
    
    
    
    2,789Prepaid insurance
    
    
    2,747
    
    
    
    4,058Furnitures, fixtures and equipment
    
    
    2,664
    
    
    
    4,641Deposits on future settlements
    
    
    1,108
    
    
    
    2,966Others
    
    
    10,006
    
    
    
    9,848Total
    
    $
    53,358
    
    
    $
    59,008
  F-11




---



##### Table of Contents



Notes Receivable
    Revenue Recognition
    Income Taxes
     F-12




---



##### Table of Contents



Earnings Per Share
  Treasury Shares
  Stock-Based Compensation Plans
   Comprehensive Income
  Accounting for Derivative Instruments and Hedging Activities
   F-13




---



##### Table of Contents



Fair Value Measurements
      Fair Value Measurements at ReportingDate Using:Quoted Prices inActive Markets for
    
    
    Significant Other
    
    
    UnobservableDecember 31,
    
    
    Identical Assets
    
    
    Observable Inputs
    
    
    InputsDescription
    
    2009
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)RecurringAssets:Available-for-Sale Securities
    
    $
    431
    
    
    $
    431
    
    
    $
    
    
    
    $
    Liabilities:Interest Rate Swaps
    
    $
    7,320
    
    
    $
    
    
    
    $
    7,320
    
    
    $
    
  F-14




---



##### Table of Contents



Fair Value Measurements at ReportingDate Using:Quoted Prices inActive Markets for
    
    
    Significant Other
    
    
    UnobservableDecember 31,
    
    
    Identical Assets
    
    
    Observable Inputs
    
    
    InputsDescription
    
    2008
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)RecurringAssets:Available-for-Sale Securities
    
    $
    423
    
    
    $
    423
    
    
    $
    
    
    
    $
    Liabilities:Interest Rate Swaps
    
    $
    10,985
    
    
    $
    
    
    
    $
    10,985
    
    
    $
    Forward Starting Interest Rate
Swaps
    
    
    7,481
    
    
    
    
    
    
    
    7,481
    
    
    
    $
    18,466
    
    
    $
    
    
    
    $
    18,466
    
    
    $
    
  
    
    Non-financial assets and liabilities initially measured at fair value in an
acquisition or business combination that are not remeasured at least annually at fair
value,
 
    
    Long-lived assets measured at fair value due to an impairment in accordance with
the accounting standard for the impairment or disposal of long-lived assets,
 
    
    Equity and cost method investments measured at fair value due to an impairment in
accordance with the accounting standard for investments,
 
    
    Notes receivable adjusted for any impairment in its value in accordance with the
accounting standard for loan receivables and
 
    
    Asset retirement obligations initially measured at fair value under the
accounting standard for asset retirement obligations.
  Accounting Pronouncements Adopted in 2009
    F-15




---



##### Table of Contents



F-16




---



##### Table of Contents



As of December 31, 2008Convertible Debt
    
    
    Non-ControllingBalance Sheet:
    
    As Reported
    
    
    Adjustment
    
    
    Interest Adjustment
    
    
    As RevisedAssets:Construction-in-progress
    
    $
    121,402
    
    
    $
    817
    
    
    $
    
    
    
    $
    122,219Deferred costs, net
    
    
    89,866
    
    
    
    (539
    )
    
    
    
    
    
    
    89,327Total assets
    
    
    4,737,690
    
    
    
    278
    
    
    
    
    
    
    
    4,737,968Liabilities:Unsecured bonds, net of discount
    
    
    1,930,147
    
    
    
    (12,177
    )
    
    
    
    
    
    
    1,917,970Total liabilities
    
    
    3,027,647
    
    
    
    (12,177
    )
    
    
    
    
    
    
    3,015,470Non-controlling interest
    
    
    53,199
    
    
    
    
    
    
    
    (53,199
    )
    
    
    Equity:Additional paid-in capital
    
    
    2,327,617
    
    
    
    23,811
    
    
    
    
    
    
    
    2,351,428Cumulative earnings
    
    
    509,834
    
    
    
    (11,118
    )
    
    
    
    
    
    
    498,716Non-controlling interests
    
    
    
    
    
    
    (238
    )
    
    
    53,199
    
    
    
    52,961Total equity
    
    $
    1,710,043
    
    
    $
    12,455
    
    
    $
    
    
    
    $
    1,722,498
  For the Year Ended December 31, 2008Convertible Debt
    
    
    Non-ControllingIncome Statement:
    
    As Reported
    
    
    Adjustment
    
    
    Interest Adjustment
    
    
    As RevisedInterest expense
    
    $
    (142,770
    )
    
    $
    (3,876
    )
    
    $
    
    
    
    $
    (146,646
    )Gain on extinguishment of debt
    
    
    20,664
    
    
    
    (2,559
    )
    
    
    
    
    
    
    18,105Net income
    
    $
    43,480
    
    
    $
    (6,435
    )
    
    $
    1,480
    
    
    $
    38,525
 For the Year Ended December 31, 2007Convertible Debt
    
    
    Non-ControllingIncome Statement:
    
    As Reported
    
    
    Adjustment
    
    
    Interest Adjustment
    
    
    As RevisedInterest expense
    
    $
    (157,178
    )
    
    $
    (3,972
    )
    
    $
    
    
    
    $
    (161,150
    )Net income
    
    $
    56,706
    
    
    $
    (3,972
    )
    
    $
    2,601
    
    
    $
    55,335
  New Pronouncements
   F-17




---



##### Table of Contents



REAL ESTATE INVESTMENTS
  December 31,2009
    
    
    2008(amounts in thousands)Land
    
    $
    690,441
    
    
    $
    707,591Building and improvements
    
    
    3,393,498
    
    
    
    3,481,289Tenant improvements
    
    
    428,679
    
    
    
    419,440$
    4,512,618
    
    
    $
    4,608,320
 Acquisitions and Dispositions
  2009
      2008
   F-18




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##### Table of Contents



INVESTMENT IN UNCONSOLIDATED VENTURES
     F-19




---



##### Table of Contents



Companys Shareof 2009 Real
    
    
    Real Estate
    
    
    CurrentOwnership
    
    
    Carrying
    
    
    Estate Venture
    
    
    Venture
    
    
    Interest
    
    
    DebtPercentage (1)
    
    
    Amount
    
    
    Income (Loss)
    
    
    Debt at 100%
    
    
    Rate
    
    
    MaturityTwo Tower Bridge Associates
    
    
    35
    %
    
    $
    1,468
    
    
    $
    (114
    )
    
    $
    15,560
    
    
    
    5.90
    %
    
    May-13Seven Tower Bridge Associates (2)
    
    
    10
    %
    
    
    
    
    
    
    (551
    )
    
    
    
    
    
    
    N/A
    
    
    
    N/AEight Tower Bridge Associates (5)
    
    
    3.4
    %
    
    
    
    
    
    
    339
    
    
    
    52,500
    
    
    
    L+5.00
    %
    
    Jun-121000 Chesterbrook Boulevard
    
    
    50
    %
    
    
    1,770
    
    
    
    204
    
    
    
    25,446
    
    
    
    6.88
    %
    
    Nov-11PJP Building Two, LC
    
    
    30
    %
    
    
    263
    
    
    
    120
    
    
    
    4,703
    
    
    
    6.12
    %
    
    Nov-23PJP Building Three, LC
    
    
    25
    %
    
    
    
    
    
    
    32
    
    
    
    
    
    
    
    N/A
    
    
    
    N/APJP Building Five, LC
    
    
    25
    %
    
    
    156
    
    
    
    96
    
    
    
    6,099
    
    
    
    6.47
    %
    
    Aug-19PJP Building Six, LC
    
    
    25
    %
    
    
    115
    
    
    
    55
    
    
    
    9,215
    
    
    
    6.08
    %
    
    Apr-23PJP Building Seven, LC
    
    
    25
    %
    
    
    177
    
    
    
    177
    
    
    
    8,508
    
    
    
    L+1.55
    %
    
    Nov-13Macquarie BDN Christina LLC
    
    
    20
    %
    
    
    6,859
    
    
    
    797
    
    
    
    59,000
    
    
    
    8.00
    %
    
    Jun-11Broadmoor Austin Associates
    
    
    50
    %
    
    
    64,086
    
    
    
    1,327
    
    
    
    90,721
    
    
    
    5.79
    %
    
    Apr-11Residence Inn Tower Bridge
    
    
    50
    %
    
    
    564
    
    
    
    162
    
    
    
    14,480
    
    
    
    5.63
    %
    
    Feb-16G&I Interchange Office LLC (DRA) (3)
    
    
    20
    %
    
    
    
    
    
    
    1,180
    
    
    
    184,000
    
    
    
    5.78
    %
    
    Jan-15Invesco, L.P. (4)
    
    
    
    
    
    
    
    
    
    
    244
    
    
    
    
    
    
    
    N/A
    
    
    
    N/A$
    75,458
    
    
    $
    4,068
    
    
    $
    470,232
 (1)
    
    Ownership percentage represents the Companys entitlement to residual distributions after payments of priority returns,
where applicable.(2)
    
    The loss related to Seven Tower Bridge above represents a write-off of our investment balance due to the Venture terminating
development on a parcel of land owned by the partnership.(3)
    
    The Company retained a 20% interest and received distributions from financing in excess of its basis. The Company has no
commitment to fund and no expectation of operating losses,
accordingly, the Companys carrying value has not been
reduced below zero. The income recognized for the year ended
December 31, 2009 relates to the distributions in excess of the
Companys investment in the Venture. The amount is shown gross of the elimination of 20% portion of revenues we received for management
fees of $0.4 million as of December 31, 2009.(4)
    
    The Companys interest consists solely of a residual profits interest. The Company no longer has an investment in this
real estate venture.(5)
    
    The Company has no commitment to fund and no expectations of operating losses, accordingly, the Companys carrying value
has not been reduced below zero.  December 31,2009
    
    
    2008 (adjusted)Net property
    
    $
    503,932
    
    
    $
    553,833Other assets
    
    
    96,643
    
    
    
    94,165Other Liabilities
    
    
    37,774
    
    
    
    37,863Debt
    
    
    470,232
    
    
    
    515,832Equity
    
    
    92,569
    
    
    
    94,164Companys share of equity (Companys basis)
    
    
    75,458
    
    
    
    71,028
  Year ended December 31,2009
    
    
    2008
    
    
    2007Revenue
    
    $
    105,236
    
    
    $
    105,844
    
    
    $
    75,541Operating expenses
    
    
    38,691
    
    
    
    38,036
    
    
    
    25,724Interest expense, net
    
    
    30,858
    
    
    
    30,585
    
    
    
    21,442Depreciation and amortization
    
    
    36,700
    
    
    
    32,057
    (a)
    
    
    15,526Net income
    
    
    (1,012
    )
    
    
    (416
    )(a)
    
    
    12,849Companys
share of income (Companys basis)
    
    
    4,069
    
    
    
    8,447
    
    
    
    2,926
 (a)-
    
    Pertains to the correction of an error in DRAs unaudited financial statements. The
adjustments relate to the understatement of depreciation expense amounting to $2.1 million. The adjustments
have no impact on the Companys consolidated financial statements.  F-20




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##### Table of Contents



2010
    
    $
    21,4102011
    
    
    165,3032012
    
    
    56,0722013
    
    
    22,2202014
    
    
    3,162Thereafter
    
    
    202,065$
    470,232
  DEFERRED COSTS
  December 31, 2009Accumulated
    
    
    Deferred Costs,Total Cost
    
    
    Amortization
    
    
    netLeasing Costs
    
    $
    124,391
    
    
    $
    (50,643
    )
    
    $
    73,748Financing Costs
    
    
    42,965
    
    
    
    (10,616
    )
    
    
    32,349Total
    
    $
    167,356
    
    
    $
    (61,259
    )
    
    $
    106,097
 December 31, 2008Accumulated
    
    
    Deferred Costs,Total Cost
    
    
    Amortization
    
    
    netLeasing Costs
    
    $
    115,263
    
    
    $
    (39,528
    )
    
    $
    75,735Financing Costs
    
    
    25,169
    
    
    
    (11,577
    )
    
    
    13,592Total
    
    $
    140,432
    
    
    $
    (51,105
    )
    
    $
    89,327
   F-21




---



##### Table of Contents



INTANGIBLE ASSETS AND LIABILITIES
  December 31, 2009Accumulated
    
    
    Deferred Costs,Total Cost
    
    
    Amortization
    
    
    netIn-place lease value
    
    $
    123,456
    
    
    $
    (71,402
    )
    
    $
    52,054Tenant relationship value
    
    
    97,566
    
    
    
    (49,374
    )
    
    
    48,192Above market leases acquired
    
    
    15,674
    
    
    
    (10,757
    )
    
    
    4,917Total
    
    $
    236,696
    
    
    $
    (131,533
    )
    
    $
    105,163Below market leases acquired
    
    $
    75,325
    
    
    $
    (38,238
    )
    
    $
    37,087
 December 31, 2008Accumulated
    
    
    Deferred Costs,Total Cost
    
    
    Amortization
    
    
    netIn-place lease value
    
    $
    145,518
    
    
    $
    (71,138
    )
    
    $
    74,380Tenant relationship value
    
    
    103,485
    
    
    
    (40,835
    )
    
    
    62,650Above market leases acquired
    
    
    23,351
    
    
    
    (14,624
    )
    
    
    8,727Total
    
    $
    272,354
    
    
    $
    (126,597
    )
    
    $
    145,757Below market leases acquired
    
    $
    82,950
    
    
    $
    (35,324
    )
    
    $
    47,626
   Assets
    
    
    Liabilities2010
    
    $
    28,842
    
    
    $
    8,3072011
    
    
    22,452
    
    
    
    7,0132012
    
    
    17,217
    
    
    
    6,2752013
    
    
    12,438
    
    
    
    5,8362014
    
    
    9,130
    
    
    
    4,348Thereafter
    
    
    15,084
    
    
    
    5,308Total
    
    $
    105,163
    
    
    $
    37,087
  F-22




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##### Table of Contents



DEBT OBLIGATIONS
  EffectiveDecember 31,
    
    
    December 31,
    
    
    Interest
    
    
    MaturityProperty / Location
    
    2009
    
    
    2008
    
    
    Rate
    
    
    DateMORTGAGE DEBT:200 Commerce Drive
    
    $
    
    
    
    $
    5,684
    
    
    
    7.12
    %(a)
    
    Sep-09Plymouth Meeting Exec.
    
    
    42,042
    
    
    
    42,785
    
    
    
    7.00
    %(b)
    
    Dec-10Four Tower Bridge
    
    
    10,158
    
    
    
    10,404
    
    
    
    6.62
    %
    
    Feb-11Arboretum I, II, III & V
    
    
    21,046
    
    
    
    21,657
    
    
    
    7.59
    %
    
    Jul-11Midlantic Drive/Lenox Drive/DCC I
    
    
    58,215
    
    
    
    59,784
    
    
    
    8.05
    %
    
    Oct-11Research Office Center
    
    
    39,999
    
    
    
    40,791
    
    
    
    5.30
    %(b)
    
    Oct-11Concord Airport Plaza
    
    
    35,594
    
    
    
    36,617
    
    
    
    5.55
    %(b)
    
    Jan-12Six Tower Bridge
    
    
    13,557
    
    
    
    14,185
    
    
    
    7.79
    %
    
    Aug-12Newtown Square/Berwyn Park/Libertyview
    
    
    59,557
    
    
    
    60,910
    
    
    
    7.25
    %
    
    May-13Coppell Associates
    
    
    2,711
    
    
    
    3,273
    
    
    
    6.89
    %
    
    Dec-13Southpoint III
    
    
    3,255
    
    
    
    3,863
    
    
    
    7.75
    %
    
    Apr-14Tysons Corner
    
    
    98,056
    
    
    
    99,529
    
    
    
    5.36
    %(b)
    
    Aug-15Coppell Associates
    
    
    16,600
    
    
    
    16,600
    
    
    
    5.75
    %
    
    Feb-16Two Logan Square
    
    
    89,800
    
    
    
    68,808
    
    
    
    7.57
    %(c)
    
    Apr-16One Logan Square
    
    
    60,000
    
    
    
    
    
    
    
    4.50
    %(d)
    
    Jul-16Principal balance outstanding
    
    
    550,590
    
    
    
    484,890Plus: unamortized fixed-rate debt premiums, net
    
    
    1,130
    
    
    
    2,635Total mortgage indebtedness
    
    $
    551,720
    
    
    $
    487,525UNSECURED DEBT:$275.0M 4.500% Guaranteed Notes due 2009
    
    
    
    
    
    
    196,680
    
    
    
    4.62
    %
    
    Nov-09Bank Term Loan
    
    
    183,000
    
    
    
    183,000
    
    
    LIBOR + 0.80
    %
    
    Oct-10
    (e)$300.0M 5.625% Guaranteed Notes due 2010
    
    
    198,545
    
    
    
    275,545
    
    
    
    5.61
    %
    
    Dec-10Credit Facility
    
    
    92,000
    
    
    
    153,000
    
    
    LIBOR + 0.725
    %
    
    Jun-11
    (e)$345.0M 3.875% Guaranteed Exchangeable Notes due 2026
    
    
    127,960
    
    
    
    282,030
    
    
    
    5.50
    %
    
    Oct-11
    (f)$300.0M 5.750% Guaranteed Notes due 2012
    
    
    187,825
    
    
    
    300,000
    
    
    
    5.77
    %
    
    Apr-12$250.0M 5.400% Guaranteed Notes due 2014
    
    
    242,681
    
    
    
    250,000
    
    
    
    5.53
    %
    
    Nov-14$250.0M 7.500% Guaranteed Notes due 2015
    
    
    250,000
    
    
    
    
    
    
    
    7.75
    %
    
    May-15$250.0M 6.000% Guaranteed Notes due 2016
    
    
    250,000
    
    
    
    250,000
    
    
    
    5.95
    %
    
    Apr-16$300.0M 5.700% Guaranteed Notes due 2017
    
    
    300,000
    
    
    
    300,000
    
    
    
    5.75
    %
    
    May-17Indenture IA (Preferred Trust I)
    
    
    27,062
    
    
    
    27,062
    
    
    LIBOR + 1.25
    %
    
    Mar-35Indenture IB (Preferred Trust I)
    
    
    25,774
    
    
    
    25,774
    
    
    LIBOR + 1.25
    %
    
    Apr-35Indenture II (Preferred Trust II)
    
    
    25,774
    
    
    
    25,774
    
    
    LIBOR + 1.25
    %
    
    Jul-35Principal balance outstanding
    
    
    1,910,621
    
    
    
    2,268,865Less: unamortized exchangeable debt discount
    
    
    (4,327
    )
    
    
    (12,177
    )unamortized fixed-rate debt discounts, net
    
    
    (3,437
    )
    
    
    (2,718
    )Total unsecured indebtedness
    
    $
    1,902,857
    
    
    $
    2,253,970Total Debt Obligations
    
    $
    2,454,577
    
    
    $
    2,741,495
 (a)
    
    On September 30, 2009, the Company pre-paid the remaining balance of the mortgage debt with
no penalty.(b)
    
    Loans were assumed upon acquisition of the related property. Interest rates presented above
reflect the market rate at the time of acquisition.(c)
    
    The Two Logan Square mortgage loan was re-financed in the amount of $89.8 million on April 1,
2009. The new loan bears interest at 7.57% per annum and has a seven year term with three
years of interest only payments followed by a thirty year amortization schedule.(d)
    
    The Company obtained a mortgage on a previously unencumbered property during the third
quarter 2009. The loan features a floating rate of LIBOR plus 350 basis points (subject to a
LIBOR floor) and a seven-year term with three years interest only followed by a thirty-year
amortization schedule at a 7.5% constant.(e)
    
    These loans may be extended to June 29, 2012 at the Companys discretion.(f)
    
    On October 20, 2011, the holders of the Exchangeable Notes have the right to request the
redemption of all or a portion of the Exchangeable Notes they hold at a price equal to 100% of
the principal amount plus accrued and unpaid interest. Accordingly, the Exchangeable Notes
have been presented with an October 20, 2011 maturity date.    F-23




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##### Table of Contents



th
   Repurchase
    
    
    
    
    
    
    
    
    
    
    Deferred FinancingNotes
    
    Amount
    
    
    Principal
    
    
    Gain
    
    
    Amortization2009 Notes
    
    $
    92,736
    
    
    $
    94,130
    
    
    $
    1,377
    
    
    $
    882010 Notes
    
    
    71,414
    
    
    
    76,999
    
    
    
    5,565
    
    
    
    2152012 Notes
    
    
    109,104
    
    
    
    112,175
    
    
    
    2,610
    
    
    
    3612014 Notes
    
    
    6,329
    
    
    
    7,319
    
    
    
    961
    
    
    
    283.875% Notes
    
    
    136,880
    
    
    
    154,070
    
    
    
    12,664
    
    
    
    1,289$
    416,463
    
    
    $
    444,693
    
    
    $
    23,177
    
    
    $
    1,981
   F-24




---



##### Table of Contents



2010
    
    $
    432,8042011
    
    
    352,2142012
    
    
    239,4832013
    
    
    59,7532014
    
    
    246,394Thereafter
    
    
    1,130,563Total principal payments
    
    
    2,461,211Net unamortized premiums/discounts
    
    
    (6,634
    )Outstanding indebtedness
    
    $
    2,454,577
 FAIR VALUE OF FINANCIAL INSTRUMENTS
   F-25




---



##### Table of Contents



December 31, 2009
    
    
    December 31, 2008Carrying
    
    
    Fair
    
    
    Carrying
    
    
    FairAmount
    
    
    Value
    
    
    Amount
    
    
    ValueMortgage payable, net of premiums
    
    $
    551,873
    
    
    $
    523,745
    
    
    $
    484,890
    
    
    $
    459,519Unsecured notes payable, net of discounts
    
    $
    1,557,011
    
    
    $
    1,497,356
    
    
    $
    1,854,186
    
    
    $
    1,152,056Variable Rate Debt Instruments
    
    $
    353,610
    
    
    $
    341,210
    
    
    $
    414,610
    
    
    $
    398,748Notes Receivable
    
    $
    71,989
    (a)
    
    $
    62,776
    
    
    $
    48,048
    
    
    $
    46,227
 (a)
    
    For purposes of this disclosure, the Trenton Note is presented gross of the recognized
deferred gain of $12.9 million. RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
 Risk Management
  Risks and Uncertainties
      F-26




---



##### Table of Contents



Use of Derivative Financial Instruments
        F-27




---



##### Table of Contents



Hedge
    
    Hedge
    
    
    
    
    
    Notional Amount
    
    
    
    
    
    
    Trade
    
    
    Maturity
    
    
    Fair ValueProduct
    
    Type
    
    Designation
    
    
    
    12/31/2009
    
    
    12/31/2008
    
    
    Strike
    
    
    Date
    
    
    Date
    
    
    12/31/2009
    
    
    12/31/2008Swap
    
    Interest Rate
    
    Cash Flow
    
    (b)
    
    $
    123,000
    
    
    $
    78,000
    (a)
    
    
    4.709
    %
    
    
    9/20/07
    
    
    
    10/18/10
    
    
    $
    5,162
    
    
    $
    7,204Swap
    
    Interest Rate
    
    Cash Flow
    
    (b)
    
    
    25,000
    
    
    
    25,000
    
    
    
    4.415
    %
    
    
    10/19/07
    
    
    
    10/18/10
    
    
    
    827
    
    
    
    1,439Swap
    
    Interest Rate
    
    Cash Flow
    
    (b)
    
    
    25,000
    
    
    
    25,000
    
    
    
    3.747
    %
    
    
    11/26/07
    
    
    
    10/18/10
    
    
    
    688
    
    
    
    1,111Swap
    
    Interest Rate
    
    Cash Flow
    
    (b)
    
    
    
    
    
    
    25,000
    
    
    
    3.338
    %
    
    
    1/4/08
    
    
    
    12/18/09
    
    
    
    
    
    
    
    603Swap
    
    Interest Rate
    
    Cash Flow
    
    (b)
    
    
    25,774
    
    
    
    25,774
    
    
    
    2.975
    %
    
    
    10/16/08
    
    
    
    10/30/10
    
    
    
    643
    
    
    
    628Swap
    
    Interest Rate
    
    Cash Flow
    
    (b),(c)
    
    
    
    
    
    
    25,000
    
    
    
    4.770
    %
    
    
    1/4/08
    
    
    
    12/18/19
    
    
    
    
    
    
    
    4,079Swap
    
    Interest Rate
    
    Cash Flow
    
    (b),(c)
    
    
    
    
    
    
    25,000
    
    
    
    4.423
    %
    
    
    3/19/08
    
    
    
    12/18/19
    
    
    
    
    
    
    
    3,402$
    198,774
    
    
    $
    228,774
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    7,320
    
    
    $
    18,466
 (a)-
    
    Notional amount accreting up to $155,000 through October 8, 2010.(b)-
    
    Hedging unsecured variable rate debt.(c)-
    
    Cash settled at their maturity dates. Concentration of Credit Risk
  DISCONTINUED OPERATIONS
    F-28




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##### Table of Contents



Years Ended December 31,2009
    
    
    2008
    
    
    2007Revenue:Rents
    
    $
    8,055
    
    
    $
    52,712
    
    
    $
    82,049Tenant reimbursements
    
    
    5,309
    
    
    
    7,829
    
    
    
    11,114Termination fees
    
    
    
    
    
    
    25
    
    
    
    183Other
    
    
    123
    
    
    
    227
    
    
    
    404Total revenue
    
    
    13,487
    
    
    
    60,793
    
    
    
    93,750Expenses:Property operating expenses
    
    
    4,665
    
    
    
    21,077
    
    
    
    31,560Real estate taxes
    
    
    1,763
    
    
    
    6,270
    
    
    
    8,953Depreciation & amortization
    
    
    2,155
    
    
    
    13,412
    
    
    
    27,507Provision for impairment
    
    
    3,700
    
    
    
    6,850
    
    
    
    Total operating expenses
    
    
    12,283
    
    
    
    47,609
    
    
    
    68,020Operating income
    
    
    1,204
    
    
    
    13,184
    
    
    
    25,730Interest income
    
    
    (1
    )
    
    
    17
    
    
    
    26Interest expense
    
    
    
    
    
    
    (4,595
    )
    
    
    (5,497
    )Income from discontinued operations before gain on
sale of interests in real estate
    
    
    1,203
    
    
    
    8,606
    
    
    
    20,259Net gain on sale of interests in real estate
    
    
    1,238
    
    
    
    28,497
    
    
    
    25,743Income from discontinued operations
    
    
    2,441
    
    
    
    37,103
    
    
    
    46,002Income from discontinued operations attributable
to non-controlling interest
    
    
    (38
    )
    
    
    (1,399
    )
    
    
    (1,964
    )Income from discontinued operations attributable
to Brandywine Realty Trust
    
    $
    2,403
    
    
    $
    35,704
    
    
    $
    44,038
  11.
    
    NON-CONTROLLING INTEREST IN OPERATING PARTNERSHIP AND CONSOLIDATED REAL ESTATE VENTURES
 Operating Partnership
  Non-controlling Interest  Partners Share of Consolidated Real Estate Ventures
    F-29




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##### Table of Contents



BENEFICIARIES EQUITY
 Earnings per Share (EPS)
  Years ended December 31,2009
    
    
    2008
    
    
    2007Basic
    
    
    Diluted
    
    
    Basic
    
    
    Diluted
    
    
    Basic
    
    
    DilutedNumeratorIncome from continuing operations
    
    $
    5,648
    
    
    $
    5,648
    
    
    $
    1,422
    
    
    $
    1,422
    
    
    $
    9,333
    
    
    $
    9,333Net income (loss) from continuing operations attributable to non-controlling interests
    
    
    (25
    )
    
    
    (25
    )
    
    
    91
    
    
    
    91
    
    
    
    (490
    )
    
    
    (490
    )Amount allocable to unvested restricted shareholders
    
    
    (279
    )
    
    
    (279
    )
    
    
    (763
    )
    
    
    (763
    )
    
    
    (765
    )
    
    
    (765
    )Preferred share dividends
    
    
    (7,992
    )
    
    
    (7,992
    )
    
    
    (7,992
    )
    
    
    (7,992
    )
    
    
    (7,992
    )
    
    
    (7,992
    )Income (loss) from continuing operations available to common shareholders
    
    
    (2,648
    )
    
    
    (2,648
    )
    
    
    (7,242
    )
    
    
    (7,242
    )
    
    
    86
    
    
    
    86Income from discontinued operations
    
    
    2,441
    
    
    
    2,441
    
    
    
    37,103
    
    
    
    37,103
    
    
    
    46,002
    
    
    
    46,002Net income from discontinued operations attributable to non-controlling interests
    
    
    (38
    )
    
    
    (38
    )
    
    
    (1,399
    )
    
    
    (1,399
    )
    
    
    (1,964
    )
    
    
    (1,964
    )Discontinued operations attributable to common shareholders
    
    
    2,403
    
    
    
    2,403
    
    
    
    35,704
    
    
    
    35,704
    
    
    
    44,038
    
    
    
    44,038Net income (loss) available to common shareholders
    
    $
    (245
    )
    
    $
    (245
    )
    
    $
    28,462
    
    
    $
    28,462
    
    
    $
    44,124
    
    
    $
    44,124DenominatorWeighted-average shares outstanding
    
    
    111,898,045
    
    
    
    111,898,045
    
    
    
    87,574,423
    
    
    
    87,574,423
    
    
    
    87,272,148
    
    
    
    87,272,148Contingent securities/Stock based compensation
    
    
    
    
    
    
    1,353,246
    
    
    
    
    
    
    
    8,740
    
    
    
    
    
    
    
    49,128Total weighted-average shares outstanding
    
    
    111,898,045
    
    
    
    113,251,291
    
    
    
    87,574,423
    
    
    
    87,583,163
    
    
    
    87,272,148
    
    
    
    87,321,276Earnings per Common Share:Income from continuing operations attributable to common shareholders
    
    $
    (0.02
    )
    
    $
    (0.02
    )
    
    $
    (0.08
    )
    
    $
    (0.08
    )
    
    $
    
    
    
    $
    Discontinued operations attributable to common shareholders
    
    
    0.02
    
    
    
    0.02
    
    
    
    0.41
    
    
    
    0.41
    
    
    
    0.50
    
    
    
    0.50Net income attributable to common shareholders
    
    $
    
    
    
    $
    
    
    
    $
    0.33
    
    
    $
    0.33
    
    
    $
    0.50
    
    
    $
    0.50
    Common and Preferred Shares
    F-30




---



##### Table of Contents



Common Share Repurchases
    SHARE BASED COMPENSATION
 Stock Options
   Weighted
    
    
    Weighted AverageAverage
    
    
    Remaining Contractual
    
    
    Aggregate IntrinsicShares
    
    
    Exercise Price
    
    
    Term (in years)
    
    
    ValueOutstanding at January 1, 2009
    
    
    1,754,648
    
    
    $
    20.41
    
    
    
    8.77
    
    
    $
    (30,093
    )Granted
    
    
    676,491
    
    
    
    2.91
    
    
    
    9.25
    
    
    
    5,743,405Exercised
    
    
    Forfeited or expired
    
    
    (26,572
    )
    
    
    20.61Outstanding at December 31, 2009
    
    
    2,404,567
    
    
    $
    15.48
    
    
    
    8.38
    
    
    $
    (9,816,670
    )Vested/Exercisable at December 31, 2009
    
    
    616,119
    
    
    $
    20.03
    
    
    
    7.54
    
    
    $
    (5,268,260
    )
  Grant Date
    
    April 1, 2009
    
    
    March 20, 2008
    
    
    April 8, 2008Risk-free interest rate
    
    
    2.20
    %
    
    
    2.74
    %
    
    
    3.03
    %Dividend yield
    
    
    23.64
    %
    
    
    8.81
    %
    
    
    8.52
    %Volatility factor
    
    
    40.99
    %
    
    
    23.15
    %
    
    
    23.22
    %Weighted-average expected life
    
    7 yrs
    
    
    7 yrs
    
    
    7 yrs
   F-31




---



##### Table of Contents



Years ended December 31,2008
    
    
    2007Weighted
    
    
    
    
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    
    
    
    
    AverageWeighted
    
    
    Remaining
    
    
    
    
    
    
    Weighted
    
    
    RemainingAverage
    
    
    Contractual
    
    
    
    
    
    
    Average
    
    
    ContractualExercise
    
    
    Term
    
    
    
    
    
    
    Exercise
    
    
    TermShares
    
    
    Price
    
    
    (in Years)
    
    
    Shares
    
    
    Price
    
    
    (in Years)Outstanding at beginning of year
    
    
    1,070,099
    
    
    $
    26.13
    
    
    
    0.54
    
    
    
    1,286,075
    
    
    $
    26.45
    
    
    
    1.5Granted
    
    
    1,824,594
    
    
    
    20.61
    
    
    
    8.61
    
    
    
    Prentiss options converted to Company options
as part of the Prentiss acquisition (See Note 3)
    
    
    
    
    
    
    0.00
    
    
    
    
    
    
    
    
    
    
    $
    28.80
    
    
    
    0.87Exercised
    
    
    
    
    
    
    0.00
    
    
    
    
    
    
    
    (198,495
    )
    
    $
    0.00
    
    
    
    Forfeited/Expired
    
    
    (1,140,045
    )
    
    
    26.10
    
    
    
    
    
    
    
    (17,481
    )
    
    
    Outstanding at end of year
    
    
    1,754,648
    
    
    $
    20.41
    
    
    
    9.01
    
    
    
    1,070,099
    
    
    $
    26.13
    
    
    
    0.54Vested/Exercisable at end of year
    
    
    60,224
    
    
    $
    14.71
    
    
    
    1.83
    
    
    
    1,070,099
    
    
    $
    26.13
 401(k) Plan
  Restricted Share Awards
   WeightedAverage GrantShares
    
    
    Date Fair valueNon-vested at January 1, 2009
    
    
    475,496
    
    
    $
    26.21Granted
    
    
    372,586
    
    
    
    3.36Vested
    
    
    (119,268
    )
    
    
    21.84Forfeited
    
    
    (20,234
    )
    
    
    14.65Non-vested at December 31, 2009
    
    
    708,580
    
    
    $
    9.69
 Restricted Performance Share Units Plan
   F-32




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##### Table of Contents



Outperformance Program
  Employee Share Purchase Plan
  Deferred Compensation
    F-33




---



##### Table of Contents



PREFERRED SHARES
   DISTRIBUTIONS
 Years ended December 31,2009
    
    
    2008
    
    
    2007Common Share Distributions:Ordinary income
    
    $
    0.60
    
    
    $
    1.53
    
    
    $
    1.16Capital gain
    
    
    
    
    
    
    0.11
    
    
    
    0.46Non-taxable distributions
    
    
    
    
    
    
    0.12
    
    
    
    0.14Distributions per share
    
    $
    0.60
    
    
    $
    1.76
    
    
    $
    1.76Percentage classified as ordinary income
    
    
    100.0
    %
    
    
    86.9
    %
    
    
    65.9
    %Percentage classified as capital gain
    
    
    0.0
    %
    
    
    6.3
    %
    
    
    26.1
    %Percentage
classified as non-taxable distribution
    
    
    0.0
    %
    
    
    6.8
    %
    
    
    8.0
    %Preferred Share Distributions:Total distributions declared
    
    $
    7,992,000
    
    
    $
    7,992,000
    
    
    $
    7,992,000
 TAX CREDIT TRANSACTIONS
 Historic Tax Credit Transaction
   F-34




---



##### Table of Contents



New Markets Tax Credit Transaction
      F-35




---



##### Table of Contents



ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
  Unrealized Gains
    
    
    Cash Flow
    
    
    Accumulated Other(Losses) on Securities
    
    
    Hedges
    
    
    Comprehensive LossBalance at January 1, 2007
    
    
    328
    
    
    
    1,248
    
    
    
    1,576Change during year
    
    
    
    
    
    
    (3,600
    )
    
    
    (3,600
    )Settlement of treasury locks
    
    
    
    
    
    
    (3,860
    )
    
    
    (3,860
    )Settlement of forward starting swaps
    
    
    
    
    
    
    1,148
    
    
    
    1,148Reclassification adjustments for (gains) losses
reclassified into operations
    
    
    (585
    )
    
    
    3,436
    
    
    
    2,851Balance at December 31, 2007
    
    
    (257
    )
    
    
    (1,628
    )
    
    
    (1,885
    )Change during year
    
    
    
    
    
    
    (15,288
    )
    
    
    (15,288
    )Reclassification adjustments for (gains) losses
reclassified into operations
    
    
    248
    
    
    
    (80
    )
    
    
    168Balance at December 31, 2008
    
    $
    (9
    )
    
    $
    (16,996
    )
    
    $
    (17,005
    )Change during year
    
    
    
    
    
    
    7,395
    
    
    
    7,395Non-controlling interest  consolidated real estate venture
partners share of unrealized (gains)/losses on
derivative financial instruments
    
    
    
    
    
    
    290
    
    
    
    290Ineffectiveness of forward starting swaps
    
    
    
    
    
    
    (125
    )
    
    
    (125
    )Other
    
    
    
    
    
    
    491
    
    
    
    491Reclassification adjustments for (gains) losses
reclassified into operations
    
    
    
    
    
    
    (184
    )
    
    
    (184
    )Balance at December 31, 2009
    
    $
    (9
    )
    
    $
    (9,129
    )
    
    $
    (9,138
    )
  SEGMENT INFORMATION
   F-36




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##### Table of Contents



Metropolitan,
    
    
    New Jersey
    
    
    Richmond,Pennsylvania
    
    
    D.C.
    
    
    /Delaware
    
    
    Virginia
    
    
    Austin, Texas
    
    
    California
    
    
    Corporate
    
    
    Total2009:Real estate investments, at cost:Operating properties
    
    $
    1,726,267
    
    
    $
    1,356,206
    
    
    $
    598,122
    
    
    $
    297,958
    
    
    $
    282,093
    
    
    $
    251,972
    
    
    $
    
    
    
    $
    4,512,618Construction-in-progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    271,962
    
    
    
    271,962Land inventory
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    97,368
    
    
    
    97,368Total revenue
    
    
    239,038
    
    
    
    140,438
    
    
    
    103,277
    
    
    
    36,387
    
    
    
    35,143
    
    
    
    29,282
    
    
    
    (1,346
    )
    
    
    582,219Property operating expenses, real estate taxes and
third party management expenses
    
    
    90,455
    
    
    
    52,712
    
    
    
    48,254
    
    
    
    14,337
    
    
    
    15,404
    
    
    
    14,683
    
    
    
    (1,460
    )
    
    
    234,385Net operating income
    
    $
    148,583
    
    
    $
    87,726
    
    
    $
    55,023
    
    
    $
    22,050
    
    
    $
    19,739
    
    
    $
    14,599
    
    
    $
    114
    
    
    $
    347,8342008:Real estate investments, at cost:Operating properties
    
    $
    1,734,946
    
    
    $
    1,371,997
    
    
    $
    674,503
    
    
    $
    297,171
    
    
    $
    280,826
    
    
    $
    248,877
    
    
    $
    
    
    
    $
    4,608,320Construction-in-progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    122,219
    
    
    
    122,219Land inventory
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    100,516
    
    
    
    100,516Total revenue
    
    
    243,216
    
    
    
    138,339
    
    
    
    104,711
    
    
    
    38,047
    
    
    
    37,388
    
    
    
    29,590
    
    
    
    (1,870
    )
    
    
    589,421Property operating expenses, real estate taxes and
third party management expenses
    
    
    86,071
    
    
    
    49,672
    
    
    
    46,895
    
    
    
    13,136
    
    
    
    16,385
    
    
    
    12,855
    
    
    
    3,370
    
    
    
    228,384Net operating income
    
    $
    157,145
    
    
    $
    88,667
    
    
    $
    57,816
    
    
    $
    24,911
    
    
    $
    21,003
    
    
    $
    16,735
    
    
    $
    (5,240
    )
    
    $
    361,0372007:Real estate investments, at cost:Operating properties
    
    $
    1,682,840
    
    
    $
    1,302,833
    
    
    $
    663,503
    
    
    $
    348,310
    
    
    $
    236,959
    
    
    $
    579,120
    
    
    $
    
    
    
    $
    4,813,565Construction-in-progress
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    332,380
    
    
    
    332,380Land inventory
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    70,297
    
    
    
    70,297Total revenue
    
    
    274,246
    
    
    
    130,731
    
    
    
    101,927
    
    
    
    31,693
    
    
    
    37,874
    
    
    
    30,141
    
    
    
    (1,801
    )
    
    
    604,811Property operating expenses, real estate taxes and
third party management expenses
    
    
    96,366
    
    
    
    44,963
    
    
    
    46,911
    
    
    
    10,655
    
    
    
    16,407
    
    
    
    10,942
    
    
    
    4,293
    
    
    
    230,537Net operating income
    
    $
    177,880
    
    
    $
    85,768
    
    
    $
    55,016
    
    
    $
    21,038
    
    
    $
    21,467
    
    
    $
    19,199
    
    
    $
    (6,094
    )
    
    $
    374,274
  F-37




---



##### Table of Contents



Year Ended December 31,2009
    
    
    2008
    
    
    2007(amounts in thousands)Consolidated net operating income
    
    $
    347,834
    
    
    $
    361,037
    
    
    $
    374,274Less:Interest expense
    
    
    (135,740
    )
    
    
    (146,646
    )
    
    
    (161,150
    )Deferred financing costs
    
    
    (5,864
    )
    
    
    (5,450
    )
    
    
    (4,496
    )Loss on settlement of treasury lock agreements
    
    
    
    
    
    
    
    
    
    
    (3,698
    )Depreciation and amortization
    
    
    (208,590
    )
    
    
    (202,043
    )
    
    
    (219,553
    )Administrative expenses
    
    
    (20,821
    )
    
    
    (23,002
    )
    
    
    (27,932
    )Provision for impairment on land inventory
    
    
    
    
    
    
    (10,841
    )
    
    
    Recognized Hedge Activity
    
    
    (916
    )
    
    
    
    
    
    
    Plus:Interest income
    
    
    2,500
    
    
    
    1,839
    
    
    
    4,014Equity in income of real estate ventures
    
    
    4,069
    
    
    
    8,447
    
    
    
    6,955Net gain on sales of interests in depreciated real estate
    
    
    
    
    
    
    
    
    
    
    40,919Net (loss) gain on sales of interests in undepreciated real estate
    
    
    
    
    
    
    (24
    )
    
    
    Gain on early extinguishment of debt
    
    
    23,176
    
    
    
    18,105
    
    
    
    Income (loss) from continuing operations
    
    
    5,648
    
    
    
    1,422
    
    
    
    9,333Income from discontinued operations
    
    
    2,441
    
    
    
    37,103
    
    
    
    46,002Net income
    
    $
    8,089
    
    
    $
    38,525
    
    
    $
    55,335
 OPERATING LEASES
  Year
    
    Minimum Rent2010
    
    $
    473,9532011
    
    
    421,1202012
    
    
    358,0972013
    
    
    309,0522014
    
    
    260,157Thereafter
    
    
    1,010,618
   F-38




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##### Table of Contents



COMMITMENTS AND CONTINGENCIES
 Legal Proceedings
  Letters-of-Credit
  Ground Rent
  2010
    
    $
    2,3182011
    
    
    2,3182012
    
    
    2,3182013
    
    
    2,3182014
    
    
    2,409Thereafter
    
    
    285,913
  Other Commitments or Contingencies
    F-39




---



##### Table of Contents



SUBSEQUENT EVENT
    F-40




---



##### Table of Contents



SUMMARY OF QUARTERLY RESULTS (UNAUDITED)
  1st
    
    
    2nd
    
    
    3rd
    
    
    4thQuarter
    
    
    Quarter
    
    
    Quarter (a)
    
    
    Quarter (a)2009:Total revenue
    
    $
    146,917
    
    
    $
    142,074
    
    
    $
    146,593
    
    
    $
    146,635Net income
    
    
    (873
    )
    
    
    5,780
    
    
    
    7,309
    
    
    
    (4,127
    )Income allocated to Common Shares
    
    
    (778
    )
    
    
    5,612
    
    
    
    7,148
    
    
    
    (3,956
    )Basic earnings per Common Share
    
    $
    (0.03
    )
    
    $
    0.03
    
    
    $
    0.04
    
    
    $
    (0.04
    )Diluted earnings per Common Share
    
    $
    (0.03
    )
    
    $
    0.03
    
    
    $
    0.04
    
    
    $
    (0.04
    )2008:Total revenue
    
    $
    148,457
    
    
    $
    147,516
    
    
    $
    144,338
    
    
    $
    149,110Net income
    
    
    13,597
    
    
    
    8,213
    
    
    
    1,746
    
    
    
    14,969Income allocated to Common Shares
    
    
    13,070
    
    
    
    7,912
    
    
    
    1,697
    
    
    
    14,538Basic earnings per Common Share
    
    $
    0.13
    
    
    $
    0.07
    
    
    $
    (0.01
    )
    
    $
    0.14Diluted earnings per Common Share
    
    $
    0.13
    
    
    $
    0.06
    
    
    $
    (0.01
    )
    
    $
    0.14
 (a)
    
    The fourth quarter net income includes a $0.9 million out of period adjustment pertaining
to the Companys incorrect recording during the quarter ended September 30, 2009 of an amount
released from Accumulated Other Comprehensive Income as a charge rather than a credit to
recognized hedge activity. The amount released of $0.4 million relates to a forecasted
transaction which was no longer expected to occur. The reversal of the entry resulted in the
$0.9 million of income in the quarter ended December 31, 2009. In addition, the fourth
quarter of 2009 contains an out of period depreciation adjustment of $1.3 million relating to
tenant assets that should have been written off over the second and third quarters of 2009
amounting to $0.6 million and $0.7 million, respectively.   F-41




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##### Table of Contents



Balance at
    
    
    
    
    
    
    
    
    
    
    BalanceBeginning
    
    
    
    
    
    
    
    
    
    
    at EndDescription
    
    of Period
    
    
    Additions
    
    
    Deductions (1)
    
    
    of PeriodAllowance for doubtful accounts:Year ended December 31, 2009
    
    $
    15,474
    
    
    $
    2,596
    
    
    $
    1,707
    
    
    $
    16,363Year ended December 31, 2008
    
    $
    10,162
    
    
    $
    6,900
    
    
    $
    1,588
    
    
    $
    15,474Year ended December 31, 2007
    
    $
    9,311
    
    
    $
    2,147
    
    
    $
    1,296
    
    
    $
    10,162
 (1)
    
    Deductions represent amounts that the Company had fully reserved for in
prior periods and pursuit of collection of such amounts was ceased during the period.  F-42




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##### Table of Contents



Gross Amount at Which CarriedInitial Cost
    
    
    December 31, 2009NetImprovements
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Accumulated(Retirements)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciation atEncumberances at
    
    
    
    
    
    
    Building and
    
    
    Since
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    December 31,
    
    
    Year of
    
    
    Year
    
    
    DepreciableCity
    
    State
    
    December 31, 2009
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total (a)
    
    
    2009 (b)
    
    
    Construction
    
    
    Acquired
    
    
    LifePENNSYLVANIA2929 Arch Street
    
    Philadelphia
    
    PA
    
    
    
    
    
    
    
    
    
    
    208,570
    
    
    
    17,954
    
    
    
    
    
    
    
    226,524
    
    
    
    226,524
    
    
    
    36,427
    
    
    
    2005
    
    
    
    N/A
    
    
    
    40130 North 18th Street
    
    Philadelphia
    
    PA
    
    
    89,800
    
    
    
    14,496
    
    
    
    107,736
    
    
    
    9,874
    
    
    
    14,473
    
    
    
    117,633
    
    
    
    132,106
    
    
    
    20,451
    
    
    
    1983
    
    
    
    2004
    
    
    
    23100 North 18th Street
    
    Philadelphia
    
    PA
    
    
    60,000
    
    
    
    16,066
    
    
    
    100,255
    
    
    
    3,940
    
    
    
    16,066
    
    
    
    104,195
    
    
    
    120,261
    
    
    
    17,168
    
    
    
    1988
    
    
    
    2004
    
    
    
    33150 Radnor Chester Road
    
    Radnor
    
    PA
    
    
    
    
    
    
    11,925
    
    
    
    36,986
    
    
    
    13,064
    
    
    
    11,897
    
    
    
    50,078
    
    
    
    61,975
    
    
    
    10,691
    
    
    
    1983
    
    
    
    2004
    
    
    
    29555 Lancaster Avenue
    
    Radnor
    
    PA
    
    
    
    
    
    
    8,014
    
    
    
    16,508
    
    
    
    25,497
    
    
    
    8,609
    
    
    
    41,410
    
    
    
    50,019
    
    
    
    10,236
    
    
    
    1973
    
    
    
    2004
    
    
    
    24One Radnor Corporate Center
    
    Radnor
    
    PA
    
    
    
    
    
    
    7,323
    
    
    
    28,613
    
    
    
    11,526
    
    
    
    7,323
    
    
    
    40,139
    
    
    
    47,462
    
    
    
    6,107
    
    
    
    1998
    
    
    
    2004
    
    
    
    29201 King of Prussia Road
    
    Radnor
    
    PA
    
    
    
    
    
    
    8,956
    
    
    
    29,811
    
    
    
    5,101
    
    
    
    8,949
    
    
    
    34,918
    
    
    
    43,868
    
    
    
    8,466
    
    
    
    2001
    
    
    
    2004
    
    
    
    25401 Plymouth Road
    
    Plymouth Meeting
    
    PA
    
    
    
    
    
    
    6,198
    
    
    
    16,131
    
    
    
    15,222
    
    
    
    6,199
    
    
    
    31,353
    
    
    
    37,551
    
    
    
    7,442
    
    
    
    2001
    
    
    
    2000
    
    
    
    40Four Radnor Corporate Center
    
    Radnor
    
    PA
    
    
    
    
    
    
    5,406
    
    
    
    21,390
    
    
    
    8,976
    
    
    
    5,705
    
    
    
    30,067
    
    
    
    35,772
    
    
    
    6,300
    
    
    
    1995
    
    
    
    2004
    
    
    
    30Five Radnor Corporate Center
    
    Radnor
    
    PA
    
    
    
    
    
    
    6,506
    
    
    
    25,525
    
    
    
    1,892
    
    
    
    6,578
    
    
    
    27,345
    
    
    
    33,923
    
    
    
    4,678
    
    
    
    1998
    
    
    
    2004
    
    
    
    38101 West Elm Street
    
    W. Conshohocken
    
    PA
    
    
    
    
    
    
    6,251
    
    
    
    25,209
    
    
    
    1,031
    
    
    
    6,251
    
    
    
    26,239
    
    
    
    32,491
    
    
    
    3,261
    
    
    
    1999
    
    
    
    2005
    
    
    
    404000 Chemical Road
    
    Plymouth Meeting
    
    PA
    
    
    
    
    
    
    4,373
    
    
    
    24,546
    
    
    
    1,295
    
    
    
    4,373
    
    
    
    25,841
    
    
    
    30,214
    
    
    
    1,157
    
    
    
    2007
    
    
    
    N/A
    
    
    
    40Three Radnor Corporate Center
    
    Radnor
    
    PA
    
    
    
    
    
    
    4,773
    
    
    
    17,961
    
    
    
    1,250
    
    
    
    4,791
    
    
    
    19,192
    
    
    
    23,984
    
    
    
    3,766
    
    
    
    1998
    
    
    
    2004
    
    
    
    29640 Freedom Business Center
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    4,222
    
    
    
    16,891
    
    
    
    2,689
    
    
    
    4,222
    
    
    
    19,580
    
    
    
    23,802
    
    
    
    6,628
    
    
    
    1991
    
    
    
    1998
    
    
    
    40555 Croton Road
    
    King of Prussia
    
    PA
    
    
    
    
    
    
    4,486
    
    
    
    17,943
    
    
    
    1,026
    
    
    
    4,486
    
    
    
    18,969
    
    
    
    23,455
    
    
    
    4,261
    
    
    
    1999
    
    
    
    2001
    
    
    
    40400 Berwyn Park
    
    Berwyn
    
    PA
    
    
    
    
    
    
    2,657
    
    
    
    4,462
    
    
    
    15,790
    
    
    
    2,657
    
    
    
    20,252
    
    
    
    22,909
    
    
    
    6,473
    
    
    
    1999
    
    
    
    1999
    
    
    
    40630 Allendale Road
    
    King of Prussia
    
    PA
    
    
    
    
    
    
    2,836
    
    
    
    4,028
    
    
    
    15,499
    
    
    
    2,636
    
    
    
    19,727
    
    
    
    22,363
    
    
    
    7,289
    
    
    
    2000
    
    
    
    2000
    
    
    
    40101 Lindenwood Drive
    
    Malvern
    
    PA
    
    
    
    
    
    
    4,152
    
    
    
    16,606
    
    
    
    1,324
    
    
    
    4,152
    
    
    
    17,931
    
    
    
    22,082
    
    
    
    4,334
    
    
    
    1988
    
    
    
    2001
    
    
    
    4052 Swedesford Square
    
    East Whiteland Twp.
    
    PA
    
    
    
    
    
    
    4,241
    
    
    
    16,579
    
    
    
    1,002
    
    
    
    4,241
    
    
    
    17,581
    
    
    
    21,822
    
    
    
    5,771
    
    
    
    1988
    
    
    
    1998
    
    
    
    40600 West Germantown Pike
    
    Plymouth Meeting
    
    PA
    
    
    10,626
    
    
    
    3,652
    
    
    
    15,288
    
    
    
    1,456
    
    
    
    3,652
    
    
    
    16,744
    
    
    
    20,396
    
    
    
    3,685
    
    
    
    1986
    
    
    
    2002
    
    
    
    40630 West Germantown Pike
    
    Plymouth Meeting
    
    PA
    
    
    10,652
    
    
    
    3,558
    
    
    
    14,743
    
    
    
    2,094
    
    
    
    3,558
    
    
    
    16,836
    
    
    
    20,395
    
    
    
    3,376
    
    
    
    1988
    
    
    
    2002
    
    
    
    40980 Harvest Drive
    
    Blue Bell
    
    PA
    
    
    
    
    
    
    3,304
    
    
    
    16,960
    
    
    
    0
    
    
    
    3,304
    
    
    
    16,961
    
    
    
    20,264
    
    
    
    5,098
    
    
    
    1988
    
    
    
    2002
    
    
    
    40Two Radnor Corporate Center
    
    Radnor
    
    PA
    
    
    
    
    
    
    3,937
    
    
    
    15,484
    
    
    
    810
    
    
    
    3,942
    
    
    
    16,289
    
    
    
    20,231
    
    
    
    3,144
    
    
    
    1998
    
    
    
    2004
    
    
    
    29610 West Germantown Pike
    
    Plymouth Meeting
    
    PA
    
    
    10,682
    
    
    
    3,651
    
    
    
    14,514
    
    
    
    1,921
    
    
    
    3,651
    
    
    
    16,434
    
    
    
    20,086
    
    
    
    3,588
    
    
    
    1987
    
    
    
    2002
    
    
    
    40620 West Germantown Pike
    
    Plymouth Meeting
    
    PA
    
    
    10,682
    
    
    
    3,572
    
    
    
    14,435
    
    
    
    1,417
    
    
    
    3,572
    
    
    
    15,851
    
    
    
    19,424
    
    
    
    3,843
    
    
    
    1990
    
    
    
    2002
    
    
    
    40200 Barr Harbour Drive
    
    Conshohocken
    
    PA
    
    
    13,557
    
    
    
    2,827
    
    
    
    15,525
    
    
    
    163
    
    
    
    2,827
    
    
    
    15,688
    
    
    
    18,515
    
    
    
    6,116
    
    
    
    1999
    
    
    
    2004
    
    
    
    401050 Westlakes Drive
    
    Berwyn
    
    PA
    
    
    
    
    
    
    2,611
    
    
    
    10,445
    
    
    
    5,046
    
    
    
    2,611
    
    
    
    15,491
    
    
    
    18,102
    
    
    
    4,376
    
    
    
    1984
    
    
    
    1999
    
    
    
    401 West Elm Street
    
    W. Conshohocken
    
    PA
    
    
    
    
    
    
    3,557
    
    
    
    14,249
    
    
    
    
    
    
    
    3,557
    
    
    
    14,347
    
    
    
    17,904
    
    
    
    1,526
    
    
    
    1999
    
    
    
    2005
    
    
    
    401200 Swedesford Road
    
    Berwyn
    
    PA
    
    
    3,255
    
    
    
    2,595
    
    
    
    11,809
    
    
    
    3,370
    
    
    
    2,595
    
    
    
    15,178
    
    
    
    17,774
    
    
    
    2,189
    
    
    
    1994
    
    
    
    2001
    
    
    
    40181 Washington Street
    
    Conshohocken
    
    PA
    
    
    10,158
    
    
    
    2,672
    
    
    
    14,221
    
    
    
    812
    
    
    
    2,673
    
    
    
    15,032
    
    
    
    17,705
    
    
    
    6,688
    
    
    
    1998
    
    
    
    2004
    
    
    
    40300 Berwyn Park
    
    Berwyn
    
    PA
    
    
    10,506
    
    
    
    2,206
    
    
    
    13,422
    
    
    
    1,983
    
    
    
    2,206
    
    
    
    15,405
    
    
    
    17,611
    
    
    
    5,478
    
    
    
    1989
    
    
    
    1997
    
    
    
    40620 Freedom Business Center
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    2,770
    
    
    
    11,014
    
    
    
    3,295
    
    
    
    2,770
    
    
    
    14,309
    
    
    
    17,079
    
    
    
    5,242
    
    
    
    1986
    
    
    
    1998
    
    
    
    401000 First Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    2,772
    
    
    
    10,936
    
    
    
    3,177
    
    
    
    2,772
    
    
    
    14,113
    
    
    
    16,885
    
    
    
    4,494
    
    
    
    1980
    
    
    
    1998
    
    
    
    401060 First Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    2,712
    
    
    
    10,953
    
    
    
    2,609
    
    
    
    2,712
    
    
    
    13,562
    
    
    
    16,274
    
    
    
    4,279
    
    
    
    1987
    
    
    
    1998
    
    
    
    40301 Lindenwood Drive
    
    Malvern
    
    PA
    
    
    
    
    
    
    2,729
    
    
    
    10,915
    
    
    
    1,955
    
    
    
    2,729
    
    
    
    12,870
    
    
    
    15,599
    
    
    
    3,419
    
    
    
    1984
    
    
    
    2001
    
    
    
    401040 First Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    2,860
    
    
    
    11,282
    
    
    
    1,047
    
    
    
    2,860
    
    
    
    12,329
    
    
    
    15,189
    
    
    
    4,192
    
    
    
    1985
    
    
    
    1998
    
    
    
    40595 East Swedesford Road
    
    Wayne
    
    PA
    
    
    
    
    
    
    2,729
    
    
    
    10,917
    
    
    
    1,491
    
    
    
    2,729
    
    
    
    12,408
    
    
    
    15,137
    
    
    
    2,063
    
    
    
    1998
    
    
    
    2003
    
    
    
    40630 Freedom Business Center
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    2,773
    
    
    
    11,144
    
    
    
    978
    
    
    
    2,773
    
    
    
    12,122
    
    
    
    14,895
    
    
    
    4,203
    
    
    
    1989
    
    
    
    1998
    
    
    
    401020 First Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    2,168
    
    
    
    8,576
    
    
    
    4,118
    
    
    
    2,168
    
    
    
    12,693
    
    
    
    14,862
    
    
    
    3,895
    
    
    
    1984
    
    
    
    1998
    
    
    
    40130 Radnor Chester Road
    
    Radnor
    
    PA
    
    
    
    
    
    
    2,573
    
    
    
    8,338
    
    
    
    3,692
    
    
    
    2,567
    
    
    
    12,035
    
    
    
    14,603
    
    
    
    1,830
    
    
    
    1983
    
    
    
    2004
    
    
    
    25170 Radnor Chester Road
    
    Radnor
    
    PA
    
    
    
    
    
    
    2,514
    
    
    
    8,147
    
    
    
    3,340
    
    
    
    2,509
    
    
    
    11,493
    
    
    
    14,001
    
    
    
    2,246
    
    
    
    1983
    
    
    
    2004
    
    
    
    25200 Berwyn Park
    
    Berwyn
    
    PA
    
    
    7,254
    
    
    
    1,533
    
    
    
    9,460
    
    
    
    2,351
    
    
    
    1,533
    
    
    
    11,811
    
    
    
    13,344
    
    
    
    4,564
    
    
    
    1987
    
    
    
    1997
    
    
    
    40575 East Swedesford Road
    
    Wayne
    
    PA
    
    
    
    
    
    
    2,178
    
    
    
    8,712
    
    
    
    1,856
    
    
    
    2,178
    
    
    
    10,568
    
    
    
    12,746
    
    
    
    1,842
    
    
    
    1985
    
    
    
    2003
    
    
    
    401180 Swedesford Road
    
    Berwyn
    
    PA
    
    
    
    
    
    
    2,086
    
    
    
    8,342
    
    
    
    1,237
    
    
    
    2,086
    
    
    
    9,580
    
    
    
    11,665
    
    
    
    2,471
    
    
    
    1987
    
    
    
    2001
    
    
    
    40610 Freedom Business Center
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    2,017
    
    
    
    8,070
    
    
    
    722
    
    
    
    2,017
    
    
    
    8,792
    
    
    
    10,809
    
    
    
    3,086
    
    
    
    1985
    
    
    
    1998
    
    
    
    40565 East Swedesford Road
    
    Wayne
    
    PA
    
    
    
    
    
    
    1,872
    
    
    
    7,489
    
    
    
    1,201
    
    
    
    1,872
    
    
    
    8,690
    
    
    
    10,562
    
    
    
    1,688
    
    
    
    1984
    
    
    
    2003
    
    
    
    401160 Swedesford Road
    
    Berwyn
    
    PA
    
    
    
    
    
    
    1,781
    
    
    
    7,124
    
    
    
    1,245
    
    
    
    1,781
    
    
    
    8,369
    
    
    
    10,150
    
    
    
    2,248
    
    
    
    1986
    
    
    
    2001
    
    
    
    40100 Berwyn Park
    
    Berwyn
    
    PA
    
    
    5,580
    
    
    
    1,180
    
    
    
    7,290
    
    
    
    963
    
    
    
    1,180
    
    
    
    8,253
    
    
    
    9,433
    
    
    
    3,135
    
    
    
    1986
    
    
    
    1997
    
    
    
    40925 Harvest Drive
    
    Blue Bell
    
    PA
    
    
    
    
    
    
    1,671
    
    
    
    6,606
    
    
    
    1,128
    
    
    
    1,671
    
    
    
    7,734
    
    
    
    9,405
    
    
    
    2,775
    
    
    
    1990
    
    
    
    1998
    
    
    
    40650 Park Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    1,916
    
    
    
    4,378
    
    
    
    2,530
    
    
    
    1,916
    
    
    
    6,908
    
    
    
    8,824
    
    
    
    2,950
    
    
    
    1968
    
    
    
    1998
    
    
    
    40426 Lancaster Avenue
    
    Devon
    
    PA
    
    
    
    
    
    
    1,689
    
    
    
    6,756
    
    
    
    369
    
    
    
    1,689
    
    
    
    7,126
    
    
    
    8,814
    
    
    
    2,489
    
    
    
    1990
    
    
    
    1998
    
    
    
    401100 Cassett Road
    
    Berwyn
    
    PA
    
    
    
    
    
    
    1,695
    
    
    
    6,779
    
    
    
    (0
    )
    
    
    1,695
    
    
    
    6,779
    
    
    
    8,474
    
    
    
    1,483
    
    
    
    1997
    
    
    
    2001
    
    
    
    4014 Campus Boulevard
    
    Newtown Square
    
    PA
    
    
    6,725
    
    
    
    2,244
    
    
    
    4,217
    
    
    
    1,734
    
    
    
    2,244
    
    
    
    5,951
    
    
    
    8,195
    
    
    
    1,648
    
    
    
    1998
    
    
    
    1998
    
    
    
    40500 North Gulph Road
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    1,303
    
    
    
    5,201
    
    
    
    1,564
    
    
    
    1,303
    
    
    
    6,765
    
    
    
    8,068
    
    
    
    2,661
    
    
    
    1979
    
    
    
    1996
    
    
    
    40920 Harvest Drive
    
    Blue Bell
    
    PA
    
    
    
    
    
    
    1,209
    
    
    
    6,595
    
    
    
    (245
    )
    
    
    1,208
    
    
    
    6,351
    
    
    
    7,559
    
    
    
    2,398
    
    
    
    1990
    
    
    
    1998
    
    
    
    402240/2250 Butler Pike
    
    Plymouth Meeting
    
    PA
    
    
    
    
    
    
    1,104
    
    
    
    4,627
    
    
    
    1,666
    
    
    
    1,104
    
    
    
    6,293
    
    
    
    7,397
    
    
    
    2,811
    
    
    
    1984
    
    
    
    1996
    
    
    
    40One Progress Drive
    
    Horsham
    
    PA
    
    
    
    
    
    
    1,399
    
    
    
    5,629
    
    
    
    230
    
    
    
    1,399
    
    
    
    5,859
    
    
    
    7,258
    
    
    
    2,360
    
    
    
    1986
    
    
    
    1996
    
    
    
    40585 East Swedesford Road
    
    Wayne
    
    PA
    
    
    
    
    
    
    1,350
    
    
    
    5,401
    
    
    
    358
    
    
    
    1,350
    
    
    
    5,758
    
    
    
    7,109
    
    
    
    902
    
    
    
    1998
    
    
    
    2003
    
    
    
    40429 Creamery Way
    
    Exton
    
    PA
    
    
    
    
    
    
    1,368
    
    
    
    5,471
    
    
    
    19
    
    
    
    1,368
    
    
    
    5,490
    
    
    
    6,858
    
    
    
    1,244
    
    
    
    1996
    
    
    
    2001
    
    
    
    40741 First Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    1,287
    
    
    
    5,151
    
    
    
    219
    
    
    
    1,287
    
    
    
    5,369
    
    
    
    6,657
    
    
    
    1,956
    
    
    
    1966
    
    
    
    1998
    
    
    
    40440 Creamery Way
    
    Exton
    
    PA
    
    
    
    
    
    
    982
    
    
    
    3,927
    
    
    
    1,717
    
    
    
    982
    
    
    
    5,644
    
    
    
    6,626
    
    
    
    1,508
    
    
    
    1991
    
    
    
    2001
    
    
    
    40412 Creamery Way
    
    Exton
    
    PA
    
    
    
    
    
    
    1,195
    
    
    
    4,779
    
    
    
    503
    
    
    
    1,195
    
    
    
    5,282
    
    
    
    6,477
    
    
    
    1,296
    
    
    
    1999
    
    
    
    2001
    
    
    
    40875 First Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    618
    
    
    
    2,473
    
    
    
    3,302
    
    
    
    618
    
    
    
    5,775
    
    
    
    6,393
    
    
    
    2,086
    
    
    
    1966
    
    
    
    1998
    
    
    
    4017 Campus Boulevard
    
    Newtown Square
    
    PA
    
    
    4,699
    
    
    
    1,108
    
    
    
    5,155
    
    
    
    46
    
    
    
    1,108
    
    
    
    5,201
    
    
    
    6,309
    
    
    
    2,083
    
    
    
    2001
    
    
    
    1997
    
    
    
    40479 Thomas Jones Way
    
    Exton
    
    PA
    
    
    
    
    
    
    1,075
    
    
    
    4,299
    
    
    
    808
    
    
    
    1,075
    
    
    
    5,107
    
    
    
    6,182
    
    
    
    1,231
    
    
    
    1988
    
    
    
    2001
    
    
    
    40500 Enterprise Drive
    
    Horsham
    
    PA
    
    
    
    
    
    
    1,303
    
    
    
    5,188
    
    
    
    (446
    )
    
    
    1,303
    
    
    
    4,741
    
    
    
    6,045
    
    
    
    1,804
    
    
    
    1990
    
    
    
    1996
    
    
    
    4011 Campus Boulevard
    
    Newtown Square
    
    PA
    
    
    4,610
    
    
    
    1,112
    
    
    
    4,067
    
    
    
    802
    
    
    
    1,112
    
    
    
    4,869
    
    
    
    5,981
    
    
    
    1,429
    
    
    
    1998
    
    
    
    1999
    
    
    
    40Philadelphia Marine Center
    
    Philadelphia
    
    PA
    
    
    
    
    
    
    532
    
    
    
    2,196
    
    
    
    3,249
    
    
    
    628
    
    
    
    5,349
    
    
    
    5,977
    
    
    
    1,241
    
    
    Various
    
    
    1998
    
    
    
    40467 Creamery Way
    
    Exton
    
    PA
    
    
    
    
    
    
    906
    
    
    
    3,623
    
    
    
    1,365
    
    
    
    906
    
    
    
    4,988
    
    
    
    5,894
    
    
    
    1,171
    
    
    
    1988
    
    
    
    2001
    
    
    
    40
  F-43




---



##### Table of Contents



Gross Amount at Which CarriedInitial Cost
    
    
    December 31, 2009NetImprovements
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Accumulated(Retirements)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciation atEncumberances at
    
    
    
    
    
    
    Building and
    
    
    Since
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    December 31,
    
    
    Year of
    
    
    Year
    
    
    DepreciableCity
    
    State
    
    December 31, 2009
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total (a)
    
    
    2009 (b)
    
    
    Construction
    
    
    Acquired
    
    
    Life300 Lindenwood Drive
    
    Malvern
    
    PA
    
    
    
    
    
    
    848
    
    
    
    3,394
    
    
    
    1,362
    
    
    
    849
    
    
    
    4,756
    
    
    
    5,604
    
    
    
    1,110
    
    
    
    1991
    
    
    
    2001
    
    
    
    40436 Creamery Way
    
    Exton
    
    PA
    
    
    
    
    
    
    994
    
    
    
    3,978
    
    
    
    555
    
    
    
    994
    
    
    
    4,532
    
    
    
    5,527
    
    
    
    1,112
    
    
    
    1991
    
    
    
    2001
    
    
    
    40751-761 Fifth Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    1,097
    
    
    
    4,391
    
    
    
    31
    
    
    
    1,097
    
    
    
    4,422
    
    
    
    5,519
    
    
    
    1,505
    
    
    
    1967
    
    
    
    1998
    
    
    
    4015 Campus Boulevard
    
    Newtown Square
    
    PA
    
    
    4,800
    
    
    
    1,164
    
    
    
    3,896
    
    
    
    408
    
    
    
    1,164
    
    
    
    4,304
    
    
    
    5,468
    
    
    
    1,012
    
    
    
    2002
    
    
    
    2000
    
    
    
    40600 Park Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    1,012
    
    
    
    4,048
    
    
    
    385
    
    
    
    1,012
    
    
    
    4,433
    
    
    
    5,445
    
    
    
    1,443
    
    
    
    1964
    
    
    
    1998
    
    
    
    40620 Allendale Road
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    1,020
    
    
    
    3,839
    
    
    
    514
    
    
    
    1,020
    
    
    
    4,353
    
    
    
    5,373
    
    
    
    1,387
    
    
    
    1961
    
    
    
    1998
    
    
    
    40442 Creamery Way
    
    Exton
    
    PA
    
    
    
    
    
    
    894
    
    
    
    3,576
    
    
    
    684
    
    
    
    894
    
    
    
    4,260
    
    
    
    5,154
    
    
    
    1,100
    
    
    
    1991
    
    
    
    2001
    
    
    
    40100 Arrandale Boulevard
    
    Exton
    
    PA
    
    
    
    
    
    
    970
    
    
    
    3,878
    
    
    
    274
    
    
    
    970
    
    
    
    4,152
    
    
    
    5,122
    
    
    
    983
    
    
    
    1997
    
    
    
    2001
    
    
    
    4018 Campus Boulevard
    
    Newtown Square
    
    PA
    
    
    3,615
    
    
    
    787
    
    
    
    3,312
    
    
    
    461
    
    
    
    787
    
    
    
    3,773
    
    
    
    4,560
    
    
    
    1,676
    
    
    
    1990
    
    
    
    1996
    
    
    
    402260 Butler Pike
    
    Plymouth Meeting
    
    PA
    
    
    
    
    
    
    661
    
    
    
    2,727
    
    
    
    1,103
    
    
    
    662
    
    
    
    3,829
    
    
    
    4,491
    
    
    
    1,665
    
    
    
    1984
    
    
    
    1996
    
    
    
    40486 Thomas Jones Way
    
    Exton
    
    PA
    
    
    
    
    
    
    806
    
    
    
    3,256
    
    
    
    339
    
    
    
    806
    
    
    
    3,595
    
    
    
    4,401
    
    
    
    1,360
    
    
    
    1990
    
    
    
    1996
    
    
    
    401700 Paoli Pike
    
    Malvern
    
    PA
    
    
    
    
    
    
    458
    
    
    
    559
    
    
    
    3,281
    
    
    
    488
    
    
    
    3,810
    
    
    
    4,298
    
    
    
    1,017
    
    
    
    2000
    
    
    
    2000
    
    
    
    40120 West Germantown Pike
    
    Plymouth Meeting
    
    PA
    
    
    
    
    
    
    685
    
    
    
    2,773
    
    
    
    652
    
    
    
    685
    
    
    
    3,425
    
    
    
    4,110
    
    
    
    1,518
    
    
    
    1984
    
    
    
    1996
    
    
    
    40457 Creamery Way
    
    Exton
    
    PA
    
    
    
    
    
    
    777
    
    
    
    3,107
    
    
    
    25
    
    
    
    777
    
    
    
    3,132
    
    
    
    3,909
    
    
    
    699
    
    
    
    1990
    
    
    
    2001
    
    
    
    401336 Enterprise Drive
    
    West Goshen
    
    PA
    
    
    
    
    
    
    731
    
    
    
    2,946
    
    
    
    47
    
    
    
    731
    
    
    
    2,993
    
    
    
    3,724
    
    
    
    1,133
    
    
    
    1989
    
    
    
    1997
    
    
    
    40680 Allendale Road
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    689
    
    
    
    2,756
    
    
    
    9
    
    
    
    689
    
    
    
    2,765
    
    
    
    3,454
    
    
    
    946
    
    
    
    1962
    
    
    
    1998
    
    
    
    40456 Creamery Way
    
    Exton
    
    PA
    
    
    
    
    
    
    635
    
    
    
    2,548
    
    
    
    (48
    )
    
    
    635
    
    
    
    2,500
    
    
    
    3,135
    
    
    
    1,010
    
    
    
    1987
    
    
    
    1996
    
    
    
    40630 Clark Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    547
    
    
    
    2,190
    
    
    
    0
    
    
    
    547
    
    
    
    2,190
    
    
    
    2,737
    
    
    
    746
    
    
    
    1960
    
    
    
    1998
    
    
    
    40140 West Germantown Pike
    
    Plymouth Meeting
    
    PA
    
    
    
    
    
    
    481
    
    
    
    1,976
    
    
    
    264
    
    
    
    482
    
    
    
    2,239
    
    
    
    2,721
    
    
    
    934
    
    
    
    1984
    
    
    
    1996
    
    
    
    40468 Thomas Jones Way
    
    Exton
    
    PA
    
    
    
    
    
    
    526
    
    
    
    2,112
    
    
    
    74
    
    
    
    527
    
    
    
    2,185
    
    
    
    2,712
    
    
    
    926
    
    
    
    1990
    
    
    
    1996
    
    
    
    40481 John Young Way
    
    Exton
    
    PA
    
    
    
    
    
    
    496
    
    
    
    1,983
    
    
    
    14
    
    
    
    496
    
    
    
    1,997
    
    
    
    2,493
    
    
    
    435
    
    
    
    1997
    
    
    
    2001
    
    
    
    40100 Lindenwood Drive
    
    Malvern
    
    PA
    
    
    
    
    
    
    473
    
    
    
    1,892
    
    
    
    78
    
    
    
    473
    
    
    
    1,970
    
    
    
    2,443
    
    
    
    452
    
    
    
    1985
    
    
    
    2001
    
    
    
    40640 Allendale Road
    
    King of Prussia
    
    PA
    
    
    
    
    
    
    439
    
    
    
    432
    
    
    
    1,480
    
    
    
    439
    
    
    
    1,912
    
    
    
    2,351
    
    
    
    445
    
    
    
    2000
    
    
    
    2000
    
    
    
    40660 Allendale Road
    
    King of Prussia
    
    PA
    
    
    
    
    
    
    396
    
    
    
    3,343
    
    
    
    (1,637
    )
    
    
    396
    
    
    
    1,706
    
    
    
    2,102
    
    
    
    821
    
    
    
    1962
    
    
    
    1998
    
    
    
    40200 Lindenwood Drive
    
    Malvern
    
    PA
    
    
    
    
    
    
    324
    
    
    
    1,295
    
    
    
    1
    
    
    
    324
    
    
    
    1,296
    
    
    
    1,620
    
    
    
    284
    
    
    
    1984
    
    
    
    2001
    
    
    
    40351 Plymouth Road
    
    Plymouth Meeting
    
    PA
    
    
    
    
    
    
    1,043
    
    
    
    555
    
    
    
    
    
    
    
    1,043
    
    
    
    555
    
    
    
    1,598
    
    
    
    66
    
    
    
    N/A
    
    
    
    2000
    
    
    
    40111 Arrandale Road
    
    Exton
    
    PA
    
    
    
    
    
    
    262
    
    
    
    1,048
    
    
    
    125
    
    
    
    262
    
    
    
    1,173
    
    
    
    1,435
    
    
    
    287
    
    
    
    1996
    
    
    
    2001
    
    
    
    40922 Swedesford Road
    
    Berwyn
    
    PA
    
    
    
    
    
    
    218
    
    
    
    
    
    
    
    (218
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    N/A
    
    
    
    N/A
    
    
    
    40METROPOLITAN WASHINGTON, D.C.1676 International Drive
    
    Mclean
    
    VA
    
    
    62,713
    
    
    
    18,437
    
    
    
    97,538
    
    
    
    1,031
    
    
    
    18,785
    
    
    
    98,221
    
    
    
    117,006
    
    
    
    8,591
    
    
    
    1999
    
    
    
    2006
    
    
    
    552340 Dulles Corner Boulevard
    
    Herndon
    
    VA
    
    
    
    
    
    
    16,345
    
    
    
    65,379
    
    
    
    18,370
    
    
    
    16,129
    
    
    
    83,965
    
    
    
    100,094
    
    
    
    10,569
    
    
    
    1987
    
    
    
    2006
    
    
    
    4013820 Sunrise Valley Drive
    
    Herndon
    
    VA
    
    
    
    
    
    
    11,082
    
    
    
    47,290
    
    
    
    19,687
    
    
    
    11,082
    
    
    
    66,977
    
    
    
    78,059
    
    
    
    1,931
    
    
    
    2007
    
    
    
    N/A
    
    
    
    407101 Wisconsin Avenue
    
    Bethesda
    
    MD
    
    
    
    
    
    
    9,634
    
    
    
    48,402
    
    
    
    4,825
    
    
    
    9,816
    
    
    
    53,045
    
    
    
    62,860
    
    
    
    6,396
    
    
    
    1975
    
    
    
    2006
    
    
    
    453130 Fairview Park Drive
    
    Falls Church
    
    VA
    
    
    
    
    
    
    6,576
    
    
    
    51,605
    
    
    
    2,262
    
    
    
    6,700
    
    
    
    53,743
    
    
    
    60,443
    
    
    
    4,739
    
    
    
    1999
    
    
    
    2006
    
    
    
    532291 Wood Oak Drive
    
    Herndon
    
    VA
    
    
    
    
    
    
    8,243
    
    
    
    52,413
    
    
    
    (741
    )
    
    
    8,782
    
    
    
    51,133
    
    
    
    59,915
    
    
    
    4,610
    
    
    
    1999
    
    
    
    2006
    
    
    
    552355 Dulles Corner Boulevard
    
    Herndon
    
    VA
    
    
    
    
    
    
    10,365
    
    
    
    43,876
    
    
    
    5,245
    
    
    
    10,365
    
    
    
    49,121
    
    
    
    59,486
    
    
    
    5,514
    
    
    
    1988
    
    
    
    2006
    
    
    
    40196/198 Van Buren Street
    
    Herndon
    
    VA
    
    
    
    
    
    
    7,931
    
    
    
    43,812
    
    
    
    7,171
    
    
    
    8,348
    
    
    
    50,565
    
    
    
    58,914
    
    
    
    6,513
    
    
    
    1991
    
    
    
    2006
    
    
    
    532251 Corporate Park Drive
    
    Herndon
    
    VA
    
    
    
    
    
    
    11,472
    
    
    
    45,893
    
    
    
    42
    
    
    
    11,472
    
    
    
    45,936
    
    
    
    57,407
    
    
    
    3,636
    
    
    
    2000
    
    
    
    2006
    
    
    
    402411 Dulles Corner Park
    
    Herndon
    
    VA
    
    
    
    
    
    
    7,279
    
    
    
    46,340
    
    
    
    3,654
    
    
    
    7,417
    
    
    
    49,856
    
    
    
    57,273
    
    
    
    4,630
    
    
    
    1990
    
    
    
    2006
    
    
    
    501900 Gallows Road
    
    Vienna
    
    VA
    
    
    
    
    
    
    7,797
    
    
    
    47,817
    
    
    
    (897
    )
    
    
    7,944
    
    
    
    46,773
    
    
    
    54,717
    
    
    
    3,680
    
    
    
    1989
    
    
    
    2006
    
    
    
    523141 Fairview Park Drive
    
    Falls Church
    
    VA
    
    
    
    
    
    
    5,918
    
    
    
    40,981
    
    
    
    841
    
    
    
    6,050
    
    
    
    41,691
    
    
    
    47,741
    
    
    
    4,573
    
    
    
    1988
    
    
    
    2006
    
    
    
    5113880 Dulles Corner Lane
    
    Herndon
    
    VA
    
    
    
    
    
    
    7,236
    
    
    
    39,213
    
    
    
    640
    
    
    
    7,373
    
    
    
    39,716
    
    
    
    47,089
    
    
    
    4,728
    
    
    
    1997
    
    
    
    2006
    
    
    
    556600 Rockledge Drive
    
    Bethesda
    
    MD
    
    
    
    
    
    
    
    
    
    
    37,421
    
    
    
    8,329
    
    
    
    
    
    
    
    45,750
    
    
    
    45,750
    
    
    
    4,819
    
    
    
    1981
    
    
    
    2006
    
    
    
    502121 Cooperative Way
    
    Herndon
    
    VA
    
    
    
    
    
    
    5,598
    
    
    
    38,639
    
    
    
    219
    
    
    
    5,795
    
    
    
    38,661
    
    
    
    44,456
    
    
    
    3,536
    
    
    
    2000
    
    
    
    2006
    
    
    
    548260 Greensboro Drive
    
    Mclean
    
    VA
    
    
    33,296
    
    
    
    7,952
    
    
    
    33,964
    
    
    
    407
    
    
    
    8,102
    
    
    
    34,221
    
    
    
    42,323
    
    
    
    3,794
    
    
    
    1980
    
    
    
    2006
    
    
    
    522273 Research Boulevard
    
    Rockville
    
    MD
    
    
    14,180
    
    
    
    5,167
    
    
    
    31,110
    
    
    
    3,128
    
    
    
    5,237
    
    
    
    34,168
    
    
    
    39,405
    
    
    
    4,552
    
    
    
    1999
    
    
    
    2006
    
    
    
    452201 Cooperative Way
    
    Herndon
    
    VA
    
    
    
    
    
    
    4,809
    
    
    
    34,093
    
    
    
    (1,785
    )
    
    
    4,809
    
    
    
    32,309
    
    
    
    37,118
    
    
    
    2,772
    
    
    
    1990
    
    
    
    2006
    
    
    
    542275 Research Boulevard
    
    Rockville
    
    MD
    
    
    14,180
    
    
    
    5,059
    
    
    
    29,668
    
    
    
    1,389
    
    
    
    5,154
    
    
    
    30,962
    
    
    
    36,116
    
    
    
    3,158
    
    
    
    1990
    
    
    
    2006
    
    
    
    458521 Leesburg Pike
    
    Vienna
    
    VA
    
    
    
    
    
    
    4,316
    
    
    
    30,885
    
    
    
    (57
    )
    
    
    4,397
    
    
    
    30,746
    
    
    
    35,143
    
    
    
    3,276
    
    
    
    1984
    
    
    
    2006
    
    
    
    511880 Campus Commons Drive
    
    Reston
    
    VA
    
    
    
    
    
    
    6,164
    
    
    
    28,114
    
    
    
    86
    
    
    
    6,281
    
    
    
    28,083
    
    
    
    34,364
    
    
    
    2,466
    
    
    
    1985
    
    
    
    2006
    
    
    
    522277 Research Boulevard
    
    Rockville
    
    MD
    
    
    13,163
    
    
    
    4,649
    
    
    
    26,952
    
    
    
    (238
    )
    
    
    4,733
    
    
    
    26,629
    
    
    
    31,362
    
    
    
    2,451
    
    
    
    1986
    
    
    
    2006
    
    
    
    4512015 Lee Jackson Memorial Highway
    
    Fairfax
    
    VA
    
    
    
    
    
    
    3,770
    
    
    
    22,895
    
    
    
    2,188
    
    
    
    3,842
    
    
    
    25,012
    
    
    
    28,853
    
    
    
    3,605
    
    
    
    1985
    
    
    
    2006
    
    
    
    4211720 Beltsville Drive
    
    Beltsville
    
    MD
    
    
    
    
    
    
    3,831
    
    
    
    16,661
    
    
    
    4,660
    
    
    
    3,904
    
    
    
    21,248
    
    
    
    25,151
    
    
    
    2,913
    
    
    
    1987
    
    
    
    2006
    
    
    
    4611781 Lee Jackson Memorial Highway
    
    Fairfax
    
    VA
    
    
    
    
    
    
    3,246
    
    
    
    19,836
    
    
    
    (229
    )
    
    
    3,307
    
    
    
    19,546
    
    
    
    22,853
    
    
    
    2,611
    
    
    
    1982
    
    
    
    2006
    
    
    
    4013825 Sunrise Valley Drive
    
    Herndon
    
    VA
    
    
    
    
    
    
    3,794
    
    
    
    19,365
    
    
    
    (1,376
    )
    
    
    3,866
    
    
    
    17,917
    
    
    
    21,783
    
    
    
    1,590
    
    
    
    1989
    
    
    
    2006
    
    
    
    4611700 Beltsville Drive
    
    Beltsville
    
    MD
    
    
    
    
    
    
    2,808
    
    
    
    12,081
    
    
    
    743
    
    
    
    2,863
    
    
    
    12,769
    
    
    
    15,632
    
    
    
    1,707
    
    
    
    1981
    
    
    
    2006
    
    
    
    464401 Fair Lakes Court
    
    Fairfax
    
    VA
    
    
    
    
    
    
    1,569
    
    
    
    11,982
    
    
    
    (142
    )
    
    
    1,599
    
    
    
    11,810
    
    
    
    13,409
    
    
    
    1,171
    
    
    
    1988
    
    
    
    2006
    
    
    
    5211710 Beltsville Drive
    
    Beltsville
    
    MD
    
    
    
    
    
    
    2,278
    
    
    
    11,100
    
    
    
    (709
    )
    
    
    2,321
    
    
    
    10,348
    
    
    
    12,669
    
    
    
    1,359
    
    
    
    1987
    
    
    
    2006
    
    
    
    463141 Fairview Park Drive  I
    
    Falls Church
    
    VA
    
    
    
    
    
    
    733
    
    
    
    4,939
    
    
    
    (100
    )
    
    
    733
    
    
    
    4,838
    
    
    
    5,572
    
    
    
    386
    
    
    
    1988
    
    
    
    2006
    
    
    
    513141 Fairview Park Drive  II
    
    Falls Church
    
    VA
    
    
    
    
    
    
    297
    
    
    
    1,964
    
    
    
    0
    
    
    
    297
    
    
    
    1,964
    
    
    
    2,261
    
    
    
    157
    
    
    
    1988
    
    
    
    2006
    
    
    
    5111740 Beltsville Drive
    
    Bethesda
    
    MD
    
    
    
    
    
    
    198
    
    
    
    870
    
    
    
    18
    
    
    
    202
    
    
    
    884
    
    
    
    1,086
    
    
    
    75
    
    
    
    1987
    
    
    
    2006
    
    
    
    46NEW JERSEY/DELAWARE920 North King Street
    
    Wilmington
    
    DE
    
    
    
    
    
    
    6,141
    
    
    
    21,140
    
    
    
    1,081
    
    
    
    6,141
    
    
    
    22,221
    
    
    
    28,362
    
    
    
    4,529
    
    
    
    1989
    
    
    
    2004
    
    
    
    301009 Lenox Drive
    
    Lawrenceville
    
    NJ
    
    
    
    
    
    
    4,876
    
    
    
    19,284
    
    
    
    4,020
    
    
    
    5,118
    
    
    
    23,063
    
    
    
    28,180
    
    
    
    7,914
    
    
    
    1989
    
    
    
    1998
    
    
    
    40300 Delaware Avenue
    
    Wilmington
    
    DE
    
    
    
    
    
    
    6,368
    
    
    
    13,739
    
    
    
    2,614
    
    
    
    6,369
    
    
    
    16,353
    
    
    
    22,721
    
    
    
    4,168
    
    
    
    1989
    
    
    
    2004
    
    
    
    23525 Lincoln Drive West
    
    Marlton
    
    NJ
    
    
    
    
    
    
    3,727
    
    
    
    17,620
    
    
    
    1,009
    
    
    
    3,727
    
    
    
    18,630
    
    
    
    22,356
    
    
    
    4,090
    
    
    
    1986
    
    
    
    2004
    
    
    
    40700 East Gate Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    3,569
    
    
    
    14,436
    
    
    
    2,153
    
    
    
    3,569
    
    
    
    16,590
    
    
    
    20,158
    
    
    
    5,362
    
    
    
    1984
    
    
    
    1998
    
    
    
    40989 Lenox Drive
    
    Lawrenceville
    
    NJ
    
    
    
    
    
    
    3,701
    
    
    
    14,802
    
    
    
    1,481
    
    
    
    3,850
    
    
    
    16,134
    
    
    
    19,984
    
    
    
    2,839
    
    
    
    1984
    
    
    
    2003
    
    
    
    4010000 Midlantic Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    3,206
    
    
    
    12,857
    
    
    
    2,613
    
    
    
    3,206
    
    
    
    15,470
    
    
    
    18,676
    
    
    
    6,307
    
    
    
    1990
    
    
    
    1997
    
    
    
    40One Righter Parkway
    
    Wilmington
    
    DE
    
    
    9,227
    
    
    
    2,545
    
    
    
    10,195
    
    
    
    5,456
    
    
    
    2,545
    
    
    
    15,651
    
    
    
    18,196
    
    
    
    5,871
    
    
    
    1989
    
    
    
    1996
    
    
    
    40Main Street  Plaza 1000
    
    Voorhees
    
    NJ
    
    
    
    
    
    
    2,732
    
    
    
    10,942
    
    
    
    4,127
    
    
    
    2,732
    
    
    
    15,069
    
    
    
    17,801
    
    
    
    6,463
    
    
    
    1988
    
    
    
    1997
    
    
    
    402000 Lenox Drive
    
    Lawrenceville
    
    NJ
    
    
    10,496
    
    
    
    2,291
    
    
    
    12,221
    
    
    
    3,210
    
    
    
    2,684
    
    
    
    15,038
    
    
    
    17,722
    
    
    
    6,400
    
    
    
    2000
    
    
    
    2000
    
    
    
    40
  F-44




---



##### Table of Contents



Gross Amount at Which CarriedInitial Cost
    
    
    December 31, 2009NetImprovements
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Accumulated(Retirements)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciation atEncumberances at
    
    
    
    
    
    
    Building and
    
    
    Since
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    December 31,
    
    
    Year of
    
    
    Year
    
    
    DepreciableCity
    
    State
    
    December 31, 2009
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total (a)
    
    
    2009 (b)
    
    
    Construction
    
    
    Acquired
    
    
    LifeTwo Righter Parkway
    
    Wilmington
    
    DE
    
    
    
    
    
    
    2,802
    
    
    
    11,217
    
    
    
    3,460
    
    
    
    2,802
    
    
    
    14,677
    
    
    
    17,479
    
    
    
    955
    
    
    
    1987
    
    
    
    2001
    
    
    
    4015000 Midlantic Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    3,061
    
    
    
    12,254
    
    
    
    1,106
    
    
    
    3,061
    
    
    
    13,360
    
    
    
    16,421
    
    
    
    4,889
    
    
    
    1991
    
    
    
    1997
    
    
    
    40997 Lenox Drive
    
    Lawrenceville
    
    NJ
    
    
    7,917
    
    
    
    2,410
    
    
    
    9,700
    
    
    
    4,140
    
    
    
    2,540
    
    
    
    13,710
    
    
    
    16,250
    
    
    
    4,021
    
    
    
    1987
    
    
    
    1998
    
    
    
    40993 Lenox Drive
    
    Lawrenceville
    
    NJ
    
    
    9,792
    
    
    
    2,811
    
    
    
    17,996
    
    
    
    (5,484
    )
    
    
    2,960
    
    
    
    12,363
    
    
    
    15,323
    
    
    
    4,372
    
    
    
    1985
    
    
    
    1998
    
    
    
    401200 Lenox Drive
    
    Lawrenceville
    
    NJ
    
    
    
    
    
    
    1,071
    
    
    
    12,967
    
    
    
    851
    
    
    
    1,071
    
    
    
    13,817
    
    
    
    14,889
    
    
    
    549
    
    
    
    2007
    
    
    
    N/A
    
    
    
    401000 Atrium Way
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    2,061
    
    
    
    8,180
    
    
    
    3,962
    
    
    
    2,061
    
    
    
    12,142
    
    
    
    14,203
    
    
    
    3,848
    
    
    
    1989
    
    
    
    1997
    
    
    
    401120 Executive Boulevard
    
    Marlton
    
    NJ
    
    
    
    
    
    
    2,074
    
    
    
    8,415
    
    
    
    2,239
    
    
    
    2,074
    
    
    
    10,654
    
    
    
    12,728
    
    
    
    4,465
    
    
    
    1987
    
    
    
    1997
    
    
    
    401000 Howard Boulevard
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    2,297
    
    
    
    9,288
    
    
    
    965
    
    
    
    2,297
    
    
    
    10,253
    
    
    
    12,550
    
    
    
    4,151
    
    
    
    1988
    
    
    
    1997
    
    
    
    40400 Commerce Drive
    
    Newark
    
    DE
    
    
    
    
    
    
    2,528
    
    
    
    9,220
    
    
    
    733
    
    
    
    2,528
    
    
    
    9,953
    
    
    
    12,481
    
    
    
    2,262
    
    
    
    1997
    
    
    
    2002
    
    
    
    40220 Lake Drive East
    
    Cherry Hill
    
    NJ
    
    
    
    
    
    
    2,144
    
    
    
    8,798
    
    
    
    878
    
    
    
    2,144
    
    
    
    9,676
    
    
    
    11,820
    
    
    
    2,417
    
    
    
    1988
    
    
    
    2001
    
    
    
    40200 Lake Drive East
    
    Cherry Hill
    
    NJ
    
    
    
    
    
    
    2,069
    
    
    
    8,275
    
    
    
    1,474
    
    
    
    2,069
    
    
    
    9,749
    
    
    
    11,818
    
    
    
    2,752
    
    
    
    1989
    
    
    
    2001
    
    
    
    40457 Haddonfield Road
    
    Cherry Hill
    
    NJ
    
    
    11,774
    
    
    
    2,142
    
    
    
    9,120
    
    
    
    329
    
    
    
    2,142
    
    
    
    9,449
    
    
    
    11,591
    
    
    
    4,092
    
    
    
    1990
    
    
    
    1996
    
    
    
    402000 Midlantic Drive
    
    Mt. Laurel
    
    NJ
    
    
    10,717
    
    
    
    2,202
    
    
    
    8,823
    
    
    
    60
    
    
    
    2,203
    
    
    
    8,882
    
    
    
    11,085
    
    
    
    3,270
    
    
    
    1989
    
    
    
    1997
    
    
    
    4010 Lake Center Drive
    
    Marlton
    
    NJ
    
    
    
    
    
    
    1,880
    
    
    
    7,521
    
    
    
    1,619
    
    
    
    1,880
    
    
    
    9,140
    
    
    
    11,020
    
    
    
    2,534
    
    
    
    1989
    
    
    
    2001
    
    
    
    40100 Lenox Drive
    
    Lawrenceville
    
    NJ
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,771
    
    
    
    1,134
    
    
    
    9,637
    
    
    
    10,771
    
    
    
    539
    
    
    
    1977
    
    
    
    1999
    
    
    
    N/A701 East Gate Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    1,736
    
    
    
    6,877
    
    
    
    1,005
    
    
    
    1,736
    
    
    
    7,882
    
    
    
    9,618
    
    
    
    2,785
    
    
    
    1986
    
    
    
    1998
    
    
    
    40210 Lake Drive East
    
    Cherry Hill
    
    NJ
    
    
    
    
    
    
    1,645
    
    
    
    6,579
    
    
    
    759
    
    
    
    1,645
    
    
    
    7,338
    
    
    
    8,983
    
    
    
    1,906
    
    
    
    1986
    
    
    
    2001
    
    
    
    40308 Harper Drive
    
    Moorestown
    
    NJ
    
    
    
    
    
    
    1,643
    
    
    
    6,663
    
    
    
    219
    
    
    
    1,644
    
    
    
    6,881
    
    
    
    8,525
    
    
    
    2,209
    
    
    
    1976
    
    
    
    1998
    
    
    
    40305 Fellowship Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    1,421
    
    
    
    5,768
    
    
    
    1,265
    
    
    
    1,421
    
    
    
    7,033
    
    
    
    8,454
    
    
    
    2,466
    
    
    
    1980
    
    
    
    1998
    
    
    
    40307 Fellowship Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    1,565
    
    
    
    6,342
    
    
    
    449
    
    
    
    1,565
    
    
    
    6,792
    
    
    
    8,356
    
    
    
    2,259
    
    
    
    1981
    
    
    
    1998
    
    
    
    40303 Fellowship Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    1,493
    
    
    
    6,055
    
    
    
    652
    
    
    
    1,494
    
    
    
    6,707
    
    
    
    8,200
    
    
    
    2,194
    
    
    
    1979
    
    
    
    1998
    
    
    
    40309 Fellowship Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    1,518
    
    
    
    6,154
    
    
    
    397
    
    
    
    1,518
    
    
    
    6,551
    
    
    
    8,069
    
    
    
    2,087
    
    
    
    1982
    
    
    
    1998
    
    
    
    401000 Lenox Drive
    
    Lawrenceville
    
    NJ
    
    
    
    
    
    
    1,174
    
    
    
    4,696
    
    
    
    2,180
    
    
    
    1,244
    
    
    
    6,806
    
    
    
    8,050
    
    
    
    2,033
    
    
    
    1982
    
    
    
    2002
    
    
    
    401000 Bishops Gate
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    934
    
    
    
    6,287
    
    
    
    
    
    
    
    934
    
    
    
    6,883
    
    
    
    7,817
    
    
    
    1,612
    
    
    
    2005
    
    
    
    2000
    
    
    
    409000 Midlantic Drive
    
    Mt. Laurel
    
    NJ
    
    
    5,926
    
    
    
    1,472
    
    
    
    5,895
    
    
    
    95
    
    
    
    1,472
    
    
    
    5,990
    
    
    
    7,462
    
    
    
    2,230
    
    
    
    1989
    
    
    
    1997
    
    
    
    406 East Clementon Road
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    1,345
    
    
    
    5,366
    
    
    
    350
    
    
    
    1,345
    
    
    
    5,716
    
    
    
    7,061
    
    
    
    2,015
    
    
    
    1980
    
    
    
    1997
    
    
    
    40Three Greentree Centre
    
    Marlton
    
    NJ
    
    
    
    
    
    
    323
    
    
    
    6,024
    
    
    
    607
    
    
    
    324
    
    
    
    6,631
    
    
    
    6,954
    
    
    
    4,930
    
    
    
    1984
    
    
    
    1986
    
    
    
    40100 Commerce Drive
    
    Newark
    
    DE
    
    
    
    
    
    
    1,160
    
    
    
    4,633
    
    
    
    849
    
    
    
    1,160
    
    
    
    5,482
    
    
    
    6,642
    
    
    
    2,139
    
    
    
    1989
    
    
    
    1997
    
    
    
    40200 Commerce Drive
    
    Newark
    
    DE
    
    
    
    
    
    
    911
    
    
    
    4,414
    
    
    
    1,018
    
    
    
    911
    
    
    
    5,432
    
    
    
    6,343
    
    
    
    1,340
    
    
    
    1998
    
    
    
    2002
    
    
    
    4030 Lake Center Drive
    
    Marlton
    
    NJ
    
    
    
    
    
    
    1,043
    
    
    
    4,171
    
    
    
    912
    
    
    
    1,043
    
    
    
    5,084
    
    
    
    6,126
    
    
    
    1,310
    
    
    
    1986
    
    
    
    2001
    
    
    
    40161 Gaither Drive
    
    Mount Laurel
    
    NJ
    
    
    
    
    
    
    1,016
    
    
    
    4,064
    
    
    
    714
    
    
    
    1,016
    
    
    
    4,778
    
    
    
    5,794
    
    
    
    1,183
    
    
    
    1987
    
    
    
    2001
    
    
    
    40Two Greentree Centre
    
    Marlton
    
    NJ
    
    
    
    
    
    
    264
    
    
    
    4,693
    
    
    
    694
    
    
    
    264
    
    
    
    5,387
    
    
    
    5,651
    
    
    
    3,616
    
    
    
    1983
    
    
    
    1986
    
    
    
    40One Greentree Centre
    
    Marlton
    
    NJ
    
    
    
    
    
    
    345
    
    
    
    4,440
    
    
    
    590
    
    
    
    345
    
    
    
    5,030
    
    
    
    5,375
    
    
    
    3,365
    
    
    
    1982
    
    
    
    1986
    
    
    
    40Two Eves Drive
    
    Marlton
    
    NJ
    
    
    
    
    
    
    818
    
    
    
    3,461
    
    
    
    43
    
    
    
    818
    
    
    
    3,503
    
    
    
    4,322
    
    
    
    1,326
    
    
    
    1987
    
    
    
    1997
    
    
    
    404000 Midlantic Drive
    
    Mt. Laurel
    
    NJ
    
    
    4,133
    
    
    
    714
    
    
    
    5,085
    
    
    
    (1,524
    )
    
    
    714
    
    
    
    3,561
    
    
    
    4,275
    
    
    
    1,412
    
    
    
    1998
    
    
    
    1997
    
    
    
    4020 East Clementon Road
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    769
    
    
    
    3,055
    
    
    
    281
    
    
    
    769
    
    
    
    3,336
    
    
    
    4,105
    
    
    
    1,201
    
    
    
    1986
    
    
    
    1997
    
    
    
    40Five Eves Drive
    
    Marlton
    
    NJ
    
    
    
    
    
    
    703
    
    
    
    2,819
    
    
    
    491
    
    
    
    703
    
    
    
    3,310
    
    
    
    4,013
    
    
    
    1,303
    
    
    
    1986
    
    
    
    1997
    
    
    
    408000 Lincoln Drive
    
    Marlton
    
    NJ
    
    
    
    
    
    
    606
    
    
    
    2,887
    
    
    
    303
    
    
    
    606
    
    
    
    3,189
    
    
    
    3,796
    
    
    
    1,442
    
    
    
    1997
    
    
    
    1996
    
    
    
    40304 Harper Drive
    
    Moorestown
    
    NJ
    
    
    
    
    
    
    657
    
    
    
    2,674
    
    
    
    418
    
    
    
    657
    
    
    
    3,092
    
    
    
    3,749
    
    
    
    1,076
    
    
    
    1975
    
    
    
    1998
    
    
    
    40Main Street  Piazza
    
    Voorhees
    
    NJ
    
    
    
    
    
    
    696
    
    
    
    2,802
    
    
    
    151
    
    
    
    696
    
    
    
    2,953
    
    
    
    3,649
    
    
    
    1,158
    
    
    
    1990
    
    
    
    1997
    
    
    
    40815 East Gate Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    636
    
    
    
    2,584
    
    
    
    307
    
    
    
    636
    
    
    
    2,891
    
    
    
    3,527
    
    
    
    995
    
    
    
    1986
    
    
    
    1998
    
    
    
    40817 East Gate Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    611
    
    
    
    2,426
    
    
    
    360
    
    
    
    611
    
    
    
    2,785
    
    
    
    3,397
    
    
    
    886
    
    
    
    1986
    
    
    
    1998
    
    
    
    40Four B Eves Drive
    
    Marlton
    
    NJ
    
    
    
    
    
    
    588
    
    
    
    2,369
    
    
    
    381
    
    
    
    588
    
    
    
    2,749
    
    
    
    3,338
    
    
    
    1,148
    
    
    
    1987
    
    
    
    1997
    
    
    
    40Four A Eves Drive
    
    Marlton
    
    NJ
    
    
    
    
    
    
    539
    
    
    
    2,168
    
    
    
    142
    
    
    
    539
    
    
    
    2,310
    
    
    
    2,849
    
    
    
    876
    
    
    
    1987
    
    
    
    1997
    
    
    
    40Main Street  Promenade
    
    Voorhees
    
    NJ
    
    
    
    
    
    
    531
    
    
    
    2,052
    
    
    
    55
    
    
    
    532
    
    
    
    2,107
    
    
    
    2,638
    
    
    
    805
    
    
    
    1988
    
    
    
    1997
    
    
    
    4010 Foster Avenue
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    244
    
    
    
    971
    
    
    
    265
    
    
    
    244
    
    
    
    1,236
    
    
    
    1,480
    
    
    
    492
    
    
    
    1983
    
    
    
    1997
    
    
    
    407 Foster Avenue
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    231
    
    
    
    921
    
    
    
    94
    
    
    
    231
    
    
    
    1,014
    
    
    
    1,246
    
    
    
    391
    
    
    
    1983
    
    
    
    1997
    
    
    
    4050 East Clementon Road
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    114
    
    
    
    964
    
    
    
    3
    
    
    
    114
    
    
    
    967
    
    
    
    1,081
    
    
    
    338
    
    
    
    1986
    
    
    
    1997
    
    
    
    404 Foster Avenue
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    183
    
    
    
    726
    
    
    
    37
    
    
    
    183
    
    
    
    763
    
    
    
    946
    
    
    
    280
    
    
    
    1974
    
    
    
    1997
    
    
    
    402 Foster Avenue
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    185
    
    
    
    730
    
    
    
    24
    
    
    
    185
    
    
    
    754
    
    
    
    939
    
    
    
    269
    
    
    
    1974
    
    
    
    1997
    
    
    
    401 Foster Avenue
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    93
    
    
    
    364
    
    
    
    63
    
    
    
    93
    
    
    
    428
    
    
    
    520
    
    
    
    157
    
    
    
    1972
    
    
    
    1997
    
    
    
    405 U.S. Avenue
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    21
    
    
    
    81
    
    
    
    3
    
    
    
    21
    
    
    
    84
    
    
    
    105
    
    
    
    29
    
    
    
    1987
    
    
    
    1997
    
    
    
    405 Foster Avenue
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    9
    
    
    
    32
    
    
    
    26
    
    
    
    9
    
    
    
    58
    
    
    
    67
    
    
    
    19
    
    
    
    1968
    
    
    
    1997
    
    
    
    40RICHMOND300 Arboretum Place
    
    Richmond
    
    VA
    
    
    12,156
    
    
    
    5,450
    
    
    
    21,892
    
    
    
    3,089
    
    
    
    5,450
    
    
    
    24,982
    
    
    
    30,431
    
    
    
    7,830
    
    
    
    1988
    
    
    
    1998
    
    
    
    407501 Boulders View Drive
    
    Richmond
    
    VA
    
    
    
    
    
    
    4,669
    
    
    
    19,699
    
    
    
    474
    
    
    
    4,925
    
    
    
    19,917
    
    
    
    24,842
    
    
    
    1,234
    
    
    
    1990
    
    
    
    2007
    
    
    
    407300 Beaufont Springs Drive
    
    Richmond
    
    VA
    
    
    
    
    
    
    4,672
    
    
    
    19,689
    
    
    
    306
    
    
    
    4,922
    
    
    
    19,745
    
    
    
    24,667
    
    
    
    1,196
    
    
    
    2000
    
    
    
    2007
    
    
    
    406800 Paragon Place
    
    Richmond
    
    VA
    
    
    
    
    
    
    4,552
    
    
    
    18,414
    
    
    
    975
    
    
    
    4,552
    
    
    
    19,389
    
    
    
    23,941
    
    
    
    1,790
    
    
    
    1986
    
    
    
    2006
    
    
    
    406802 Paragon Place
    
    Richmond
    
    VA
    
    
    
    
    
    
    2,917
    
    
    
    11,454
    
    
    
    1,890
    
    
    
    2,917
    
    
    
    13,344
    
    
    
    16,261
    
    
    
    3,080
    
    
    
    1989
    
    
    
    2002
    
    
    
    401025 Boulders Parkway
    
    Richmond
    
    VA
    
    
    
    
    
    
    2,574
    
    
    
    11,297
    
    
    
    738
    
    
    
    2,824
    
    
    
    11,785
    
    
    
    14,609
    
    
    
    836
    
    
    
    1994
    
    
    
    2007
    
    
    
    40
  F-45




---



##### Table of Contents



Gross Amount at Which CarriedInitial Cost
    
    
    December 31, 2009NetImprovements
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Accumulated(Retirements)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciation atEncumberances at
    
    
    
    
    
    
    Building and
    
    
    Since
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    December 31,
    
    
    Year of
    
    
    Year
    
    
    DepreciableCity
    
    State
    
    December 31, 2009
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total (a)
    
    
    2009 (b)
    
    
    Construction
    
    
    Acquired
    
    
    Life2100-2116 West Laburnam Avenue
    
    Richmond
    
    VA
    
    
    
    
    
    
    2,482
    
    
    
    8,846
    
    
    
    2,533
    
    
    
    2,482
    
    
    
    11,378
    
    
    
    13,861
    
    
    
    3,618
    
    
    
    1976
    
    
    
    1998
    
    
    
    407325 Beaufont Springs Drive
    
    Richmond
    
    VA
    
    
    
    
    
    
    2,344
    
    
    
    10,377
    
    
    
    502
    
    
    
    2,594
    
    
    
    10,629
    
    
    
    13,223
    
    
    
    672
    
    
    
    1999
    
    
    
    2007
    
    
    
    407401 Beaufont Springs Drive
    
    Richmond
    
    VA
    
    
    
    
    
    
    2,349
    
    
    
    10,396
    
    
    
    276
    
    
    
    2,599
    
    
    
    10,422
    
    
    
    13,021
    
    
    
    632
    
    
    
    1998
    
    
    
    2007
    
    
    
    406806 Paragon Place
    
    Richmond
    
    VA
    
    
    
    
    
    
    
    
    
    
    10,288
    
    
    
    809
    
    
    
    403
    
    
    
    10,695
    
    
    
    11,097
    
    
    
    1,473
    
    
    
    2007
    
    
    
    2005
    
    
    
    409011 Arboretum Parkway
    
    Richmond
    
    VA
    
    
    
    
    
    
    1,857
    
    
    
    7,702
    
    
    
    877
    
    
    
    1,857
    
    
    
    8,579
    
    
    
    10,436
    
    
    
    2,799
    
    
    
    1991
    
    
    
    1998
    
    
    
    404805 Lake Brooke Drive
    
    Glen Allen
    
    VA
    
    
    
    
    
    
    1,640
    
    
    
    6,567
    
    
    
    1,373
    
    
    
    1,640
    
    
    
    7,939
    
    
    
    9,580
    
    
    
    2,534
    
    
    
    1996
    
    
    
    1998
    
    
    
    404364 South Alston Avenue
    
    Durham
    
    NC
    
    
    
    
    
    
    1,622
    
    
    
    6,419
    
    
    
    910
    
    
    
    1,581
    
    
    
    7,370
    
    
    
    8,951
    
    
    
    2,694
    
    
    
    1985
    
    
    
    1998
    
    
    
    402511 Brittons Hill Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    1,202
    
    
    
    4,820
    
    
    
    1,863
    
    
    
    1,202
    
    
    
    6,683
    
    
    
    7,885
    
    
    
    2,329
    
    
    
    1987
    
    
    
    1998
    
    
    
    409100 Arboretum Parkway
    
    Richmond
    
    VA
    
    
    3,313
    
    
    
    1,362
    
    
    
    5,489
    
    
    
    590
    
    
    
    1,362
    
    
    
    6,079
    
    
    
    7,441
    
    
    
    1,948
    
    
    
    1988
    
    
    
    1998
    
    
    
    40100 Gateway Centre Parkway
    
    Richmond
    
    VA
    
    
    
    
    
    
    391
    
    
    
    5,410
    
    
    
    760
    
    
    
    391
    
    
    
    6,170
    
    
    
    6,561
    
    
    
    1,231
    
    
    
    2001
    
    
    
    1998
    
    
    
    402812 Emerywood Parkway
    
    Henrico
    
    VA
    
    
    
    
    
    
    1,069
    
    
    
    4,281
    
    
    
    984
    
    
    
    1,069
    
    
    
    5,265
    
    
    
    6,334
    
    
    
    1,845
    
    
    
    1980
    
    
    
    1998
    
    
    
    409210 Arboretum Parkway
    
    Richmond
    
    VA
    
    
    2,747
    
    
    
    1,110
    
    
    
    4,474
    
    
    
    457
    
    
    
    1,110
    
    
    
    4,931
    
    
    
    6,041
    
    
    
    1,611
    
    
    
    1988
    
    
    
    1998
    
    
    
    409200 Arboretum Parkway
    
    Richmond
    
    VA
    
    
    2,831
    
    
    
    985
    
    
    
    3,973
    
    
    
    993
    
    
    
    985
    
    
    
    4,966
    
    
    
    5,951
    
    
    
    1,389
    
    
    
    1988
    
    
    
    1998
    
    
    
    401957 Westmoreland Street
    
    Richmond
    
    VA
    
    
    
    
    
    
    1,061
    
    
    
    4,241
    
    
    
    224
    
    
    
    1,061
    
    
    
    4,465
    
    
    
    5,526
    
    
    
    1,389
    
    
    
    1975
    
    
    
    1998
    
    
    
    402201-2245 Tomlynn Street
    
    Richmond
    
    VA
    
    
    
    
    
    
    1,020
    
    
    
    4,067
    
    
    
    370
    
    
    
    1,020
    
    
    
    4,437
    
    
    
    5,457
    
    
    
    1,430
    
    
    
    1989
    
    
    
    1998
    
    
    
    409211 Arboretum Parkway
    
    Richmond
    
    VA
    
    
    
    
    
    
    582
    
    
    
    2,433
    
    
    
    224
    
    
    
    582
    
    
    
    2,658
    
    
    
    3,239
    
    
    
    884
    
    
    
    1991
    
    
    
    1998
    
    
    
    402248 Dabney Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    512
    
    
    
    2,049
    
    
    
    234
    
    
    
    512
    
    
    
    2,283
    
    
    
    2,795
    
    
    
    793
    
    
    
    1989
    
    
    
    1998
    
    
    
    402221-2245 Dabney Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    530
    
    
    
    2,123
    
    
    
    140
    
    
    
    530
    
    
    
    2,263
    
    
    
    2,793
    
    
    
    794
    
    
    
    1994
    
    
    
    1998
    
    
    
    402244 Dabney Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    550
    
    
    
    2,203
    
    
    
    37
    
    
    
    550
    
    
    
    2,240
    
    
    
    2,790
    
    
    
    727
    
    
    
    1993
    
    
    
    1998
    
    
    
    402212-2224 Tomlynn Street
    
    Richmond
    
    VA
    
    
    
    
    
    
    502
    
    
    
    2,014
    
    
    
    157
    
    
    
    502
    
    
    
    2,170
    
    
    
    2,673
    
    
    
    714
    
    
    
    1985
    
    
    
    1998
    
    
    
    402277 Dabney Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    507
    
    
    
    2,034
    
    
    
    15
    
    
    
    507
    
    
    
    2,049
    
    
    
    2,556
    
    
    
    662
    
    
    
    1986
    
    
    
    1998
    
    
    
    402161-2179 Tomlynn Street
    
    Richmond
    
    VA
    
    
    
    
    
    
    423
    
    
    
    1,695
    
    
    
    269
    
    
    
    423
    
    
    
    1,964
    
    
    
    2,387
    
    
    
    701
    
    
    
    1985
    
    
    
    1998
    
    
    
    402246 Dabney Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    455
    
    
    
    1,822
    
    
    
    18
    
    
    
    455
    
    
    
    1,840
    
    
    
    2,295
    
    
    
    593
    
    
    
    1987
    
    
    
    1998
    
    
    
    402256 Dabney Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    356
    
    
    
    1,427
    
    
    
    379
    
    
    
    356
    
    
    
    1,806
    
    
    
    2,162
    
    
    
    653
    
    
    
    1982
    
    
    
    1998
    
    
    
    402251 Dabney Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    387
    
    
    
    1,552
    
    
    
    111
    
    
    
    387
    
    
    
    1,663
    
    
    
    2,050
    
    
    
    535
    
    
    
    1983
    
    
    
    1998
    
    
    
    402130-2146 Tomlynn Street
    
    Richmond
    
    VA
    
    
    
    
    
    
    353
    
    
    
    1,416
    
    
    
    194
    
    
    
    353
    
    
    
    1,609
    
    
    
    1,963
    
    
    
    578
    
    
    
    1988
    
    
    
    1998
    
    
    
    402120 Tomlynn Street
    
    Richmond
    
    VA
    
    
    
    
    
    
    281
    
    
    
    1,125
    
    
    
    106
    
    
    
    281
    
    
    
    1,231
    
    
    
    1,512
    
    
    
    384
    
    
    
    1986
    
    
    
    1998
    
    
    
    402240 Dabney Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    264
    
    
    
    1,059
    
    
    
    11
    
    
    
    265
    
    
    
    1,068
    
    
    
    1,334
    
    
    
    344
    
    
    
    1984
    
    
    
    1998
    
    
    
    40Boulders Land
    
    Richmond
    
    VA
    
    
    
    
    
    
    1,256
    
    
    
    
    
    
    
    0
    
    
    
    1,256
    
    
    
    
    
    
    
    1,256
    
    
    
    
    
    
    NA
    
    
    2007
    
    
    
    N/ACALIFORNIA155 Grand Avenue
    
    Oakland
    
    CA
    
    
    
    
    
    
    13,556
    
    
    
    54,266
    
    
    
    3,148
    
    
    
    13,557
    
    
    
    57,413
    
    
    
    70,970
    
    
    
    3,650
    
    
    
    1990
    
    
    
    2007
    
    
    
    405780 & 5790 Fleet Street
    
    Carlsbad
    
    CA
    
    
    
    
    
    
    7,073
    
    
    
    22,907
    
    
    
    2,854
    
    
    
    7,517
    
    
    
    25,317
    
    
    
    32,834
    
    
    
    2,485
    
    
    
    1999
    
    
    
    2006
    
    
    
    551200 Concord Avenue
    
    Concord
    
    CA
    
    
    18,320
    
    
    
    6,395
    
    
    
    24,664
    
    
    
    640
    
    
    
    6,515
    
    
    
    25,183
    
    
    
    31,698
    
    
    
    6,635
    
    
    
    1984
    
    
    
    2006
    
    
    
    341220 Concord Avenue
    
    Concord
    
    CA
    
    
    18,327
    
    
    
    6,476
    
    
    
    24,966
    
    
    
    215
    
    
    
    6,476
    
    
    
    25,180
    
    
    
    31,656
    
    
    
    6,777
    
    
    
    1984
    
    
    
    2006
    
    
    
    3416870 W Bernardo Drive
    
    San Diego
    
    CA
    
    
    
    
    
    
    2,979
    
    
    
    15,896
    
    
    
    1,407
    
    
    
    3,155
    
    
    
    17,127
    
    
    
    20,282
    
    
    
    1,745
    
    
    
    2002
    
    
    
    2006
    
    
    
    565900 & 5950 La Place Court
    
    Carlsbad
    
    CA
    
    
    
    
    
    
    3,706
    
    
    
    11,185
    
    
    
    1,537
    
    
    
    3,956
    
    
    
    12,472
    
    
    
    16,428
    
    
    
    1,397
    
    
    
    1988
    
    
    
    2006
    
    
    
    485963 La Place Court
    
    Carlsbad
    
    CA
    
    
    
    
    
    
    2,824
    
    
    
    9,413
    
    
    
    1,619
    
    
    
    3,000
    
    
    
    10,856
    
    
    
    13,856
    
    
    
    1,121
    
    
    
    1987
    
    
    
    2006
    
    
    
    555973 Avenida Encinas
    
    Carlsbad
    
    CA
    
    
    
    
    
    
    2,121
    
    
    
    8,361
    
    
    
    1,216
    
    
    
    2,257
    
    
    
    9,441
    
    
    
    11,698
    
    
    
    1,220
    
    
    
    1986
    
    
    
    2006
    
    
    
    452035 Corte Del Nogal
    
    Carlsbad
    
    CA
    
    
    
    
    
    
    3,261
    
    
    
    6,077
    
    
    
    1,026
    
    
    
    3,500
    
    
    
    6,865
    
    
    
    10,364
    
    
    
    1,034
    
    
    
    1991
    
    
    
    2006
    
    
    
    39Two Kaiser Plaza
    
    Oakland
    
    CA
    
    
    
    
    
    
    7,841
    
    
    
    
    
    
    
    
    
    
    
    7,841
    
    
    
    
    
    
    
    7,841
    
    
    
    
    
    
    
    N/A
    
    
    
    2006
    
    
    
    N/AOakland Lot B
    
    Oakland
    
    CA
    
    
    
    
    
    
    4,342
    
    
    
    
    
    
    
    (0
    )
    
    
    4,342
    
    
    
    
    
    
    
    4,342
    
    
    
    
    
    
    
    N/A
    
    
    
    2006
    
    
    
    N/AAUSTIN1250 Capital of Texas Hwy South
    
    Austin
    
    TX
    
    
    
    
    
    
    5,152
    
    
    
    37,928
    
    
    
    3,798
    
    
    
    5,251
    
    
    
    41,628
    
    
    
    46,878
    
    
    
    5,107
    
    
    
    1984
    
    
    
    2006
    
    
    
    521301 Mopac Expressway
    
    Austin
    
    TX
    
    
    
    
    
    
    4,188
    
    
    
    41,229
    
    
    
    266
    
    
    
    4,251
    
    
    
    41,432
    
    
    
    45,683
    
    
    
    4,354
    
    
    
    2001
    
    
    
    2006
    
    
    
    551601 Mopac Expressway
    
    Austin
    
    TX
    
    
    
    
    
    
    3,538
    
    
    
    34,346
    
    
    
    2,241
    
    
    
    3,606
    
    
    
    36,520
    
    
    
    40,126
    
    
    
    5,324
    
    
    
    2000
    
    
    
    2006
    
    
    
    541501 South Mopac Expressway
    
    Austin
    
    TX
    
    
    
    
    
    
    3,698
    
    
    
    34,912
    
    
    
    (2,352
    )
    
    
    3,769
    
    
    
    32,489
    
    
    
    36,257
    
    
    
    2,535
    
    
    
    1999
    
    
    
    2006
    
    
    
    531221 Mopac Expressway
    
    Austin
    
    TX
    
    
    
    
    
    
    3,290
    
    
    
    31,548
    
    
    
    89
    
    
    
    3,370
    
    
    
    31,556
    
    
    
    34,926
    
    
    
    3,000
    
    
    
    2001
    
    
    
    2006
    
    
    
    553711 South Mopac Expressway  I
    
    Austin
    
    TX
    
    
    
    
    
    
    1,688
    
    
    
    21,011
    
    
    
    2,884
    
    
    
    1,689
    
    
    
    23,894
    
    
    
    25,583
    
    
    
    103
    
    
    
    2007
    
    
    
    2006
    
    
    
    403711 South Mopac Expressway  II
    
    Austin
    
    TX
    
    
    
    
    
    
    1,688
    
    
    
    19,229
    
    
    
    2,640
    
    
    
    1,689
    
    
    
    21,868
    
    
    
    23,557
    
    
    
    1,524
    
    
    
    2007
    
    
    
    2006
    
    
    
    401177 East Beltline Road
    
    Coppell
    
    TX
    
    
    19,311
    
    
    
    1,516
    
    
    
    14,895
    
    
    
    8
    
    
    
    1,517
    
    
    
    14,903
    
    
    
    16,420
    
    
    
    2,547
    
    
    
    1998
    
    
    
    2006
    
    
    
    421801 Mopac Expressway
    
    Austin
    
    TX
    
    
    
    
    
    
    1,227
    
    
    
    10,959
    
    
    
    469
    
    
    
    1,250
    
    
    
    11,405
    
    
    
    12,655
    
    
    
    1,114
    
    
    
    1999
    
    
    
    2006
    
    
    
    53Total:
    
    
    
    
    
    $
    551,720
    
    
    $
    680,832
    
    
    $
    3,396,822
    
    
    $
    434,271
    
    
    $
    690,441
    
    
    $
    3,822,177
    
    
    $
    4,512,618
    
    
    $
    716,956
  F-46




---



##### Table of Contents



(a)
    
    Reconciliation of Real Estate:
  2009
    
    
    2008
    
    
    2007Balance at beginning of year
    
    $
    4,608,320
    
    
    $
    4,825,747
    
    
    $
    4,939,489Additions:Acquisitions
    
    
    
    
    
    
    122
    
    
    
    158,399Capital expenditures
    
    
    80,506
    
    
    
    247,345
    
    
    
    179,691Less:Dispositions
    
    
    (176,208
    )
    
    
    (464,894
    )
    
    
    (451,832
    )Balance at end of year
    
    $
    4,512,618
    
    
    $
    4,608,320
    
    
    $
    4,825,747
  (b)
    
    Reconciliation of Accumulated Depreciation:
  2009
    
    
    2008
    
    
    2007Balance at beginning of year
    
    $
    639,688
    
    
    $
    558,908
    
    
    $
    515,698Additions:Depreciation expense  continued operations
    
    
    141,309
    
    
    
    144,631
    
    
    
    167,160Depreciation expense  discontinued operations
    
    
    6,494
    
    
    
    6,494
    
    
    
    4,748Less:Dispositions
    
    
    (70,535
    )
    
    
    (70,345
    )
    
    
    (128,698
    )Balance at end of year
    
    $
    716,956
    
    
    $
    639,688
    
    
    $
    558,908
  F-47




---



##### Table of Contents



Report of Independent Registered Public Accounting Firm
  Internal Control  Integrated Framework
     
  F-48




---



##### Table of Contents



BRANDYWINE OPERATING PARTNERSHIP, L.P.
 
 CONSOLIDATED BALANCE SHEETS
 (in thousands, except unit and per unit information)
 December 31,2009
    
    
    2008 (as adjusted)Real estate investments:Operating properties
    
    $
    4,512,618
    
    
    $
    4,608,320Accumulated depreciation
    
    
    (716,956
    )
    
    
    (639,688
    )Operating real estate investments, net
    
    
    3,795,662
    
    
    
    3,968,632Construction-in-progress
    
    
    271,962
    
    
    
    122,219Land inventory
    
    
    97,368
    
    
    
    100,516Total real estate invesmtents, net
    
    
    4,164,992
    
    
    
    4,191,367Cash and cash equivalents
    
    
    1,567
    
    
    
    3,924Cash in escrow
    
    
    
    
    
    
    31,385Accounts receivable, net
    
    
    10,934
    
    
    
    16,413Accrued rent receivable, net
    
    
    87,173
    
    
    
    86,362Investment in real estate ventures, at equity
    
    
    75,458
    
    
    
    71,028Deferred costs, net
    
    
    106,097
    
    
    
    89,327Intangible assets, net
    
    
    105,163
    
    
    
    145,757Notes receivable
    
    
    59,008
    
    
    
    48,048Other assets
    
    
    53,358
    
    
    
    59,008Total assets
    
    $
    4,663,750
    
    
    $
    4,742,619LIABILITIES AND BENEFICIARIES EQUITYMortgage notes payable
    
    $
    551,720
    
    
    $
    487,525Borrowing under credit facilities
    
    
    92,000
    
    
    
    153,000Unsecured term loan
    
    
    183,000
    
    
    
    183,000Unsecured senior notes, net of discounts
    
    
    1,627,857
    
    
    
    1,917,970Accounts payable and accrued expenses
    
    
    88,599
    
    
    
    79,475Distributions payable
    
    
    21,799
    
    
    
    29,288Tenant security deposits and deferred rents
    
    
    58,572
    
    
    
    58,692Acquired below market leases, net
    
    
    37,087
    
    
    
    47,626Deferred income
    
    
    47,379
    
    
    
    24,271Other liabilities
    
    
    33,997
    
    
    
    39,274Total liabilities
    
    
    2,742,010
    
    
    
    3,020,121Commitments and contingencies (Note 20)Redeemable limited partnership units at redemption value;
2,809,108 and 2,816,621 issued and outstanding in 2009 and 2008, respectively
    
    
    44,620
    
    
    
    54,166Brandywine Operating Partnerships equity:7.50%
Series D Preferred Mirror Units; issued and outstanding 
2,000,000 in 2009 and 2008
    
    
    47,912
    
    
    
    47,9127.375%
Series E Preferred Mirror Units; issued and outstanding 
2,300,000 in 2009 and 2008
    
    
    55,538
    
    
    
    55,538General Partnership Capital, 128,849,176 and 88,610,053 units issued in 2009
and 2008, respectively and 128,582,334 and
88,158,937 units outstanding
in 2009 and 2008, respectively
    
    
    1,783,033
    
    
    
    1,581,887Accumulated other comprehensive loss
    
    
    (9,428
    )
    
    
    (17,005
    )Total Brandywine Operating Partnerships equity
    
    
    1,877,055
    
    
    
    1,668,332Non-controlling interest  consolidated real estate ventures
    
    
    65
    
    
    
    Total Equity
    
    
    1,877,120
    
    
    
    1,668,332Total liabilities and partners equity
    
    $
    4,663,750
    
    
    $
    4,742,619
   F-49




---



##### Table of Contents



BRANDYWINE OPERATING PARTNERSHIP, L.P.
 
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (in thousands, except unit and per unit information)
 Years ended December 31,2009
    
    
    2008 (as adjusted)
    
    
    2007 (as adjusted)Revenue:Rents
    
    $
    478,228
    
    
    $
    483,212
    
    
    $
    493,309Tenant reimbursements
    
    
    79,796
    
    
    
    78,090
    
    
    
    75,821Termination fees
    
    
    3,601
    
    
    
    4,800
    
    
    
    10,053Third party management fees, labor reimbursement and leasing
    
    
    17,151
    
    
    
    20,401
    
    
    
    19,691Other
    
    
    3,443
    
    
    
    2,918
    
    
    
    5,937Total revenue
    
    
    582,219
    
    
    
    589,421
    
    
    
    604,811Operating Expenses:Property operating expenses
    
    
    168,159
    
    
    
    160,770
    
    
    
    162,590Real estate taxes
    
    
    58,230
    
    
    
    58,649
    
    
    
    57,586Third party management expenses
    
    
    7,996
    
    
    
    8,965
    
    
    
    10,361Depreciation and amortization
    
    
    208,590
    
    
    
    202,043
    
    
    
    219,553General & administrative expenses
    
    
    20,821
    
    
    
    23,002
    
    
    
    27,932Provision for impairment on land inventory
    
    
    
    
    
    
    10,841
    
    
    
    Total operating expenses
    
    
    463,796
    
    
    
    464,270
    
    
    
    478,022Operating income
    
    
    118,423
    
    
    
    125,151
    
    
    
    126,789Other Income (Expense):Interest income
    
    
    2,500
    
    
    
    1,839
    
    
    
    4,014Interest expense
    
    
    (135,740
    )
    
    
    (146,646
    )
    
    
    (161,150
    )Interest expense  amortization of deferred financing costs
    
    
    (5,864
    )
    
    
    (5,450
    )
    
    
    (4,496
    )Loss on settlement of treasury lock agreements
    
    
    
    
    
    
    
    
    
    
    (3,698
    )Recognized hedge activity
    
    
    (916
    )
    
    
    
    
    
    
    Equity in income of real estate ventures
    
    
    4,069
    
    
    
    8,447
    
    
    
    6,955Net gain on sale of interests in depreciated real estate
    
    
    
    
    
    
    
    
    
    
    40,919Net (loss) gain on sale of interests in undepreciated real estate
    
    
    
    
    
    
    (24
    )
    
    
    Gain on early extinguishment of debt
    
    
    23,176
    
    
    
    18,105
    
    
    
    Income from continuing operations
    
    
    5,648
    
    
    
    1,422
    
    
    
    9,333Discontinued operations:Income from discontinued operations
    
    
    4,903
    
    
    
    15,456
    
    
    
    20,259Net gain on disposition of discontinued operations
    
    
    1,238
    
    
    
    28,497
    
    
    
    25,743Provision for impairment
    
    
    (3,700
    )
    
    
    (6,850
    )
    
    
    Total discontinued operations
    
    
    2,441
    
    
    
    37,103
    
    
    
    46,002Net income
    
    
    8,089
    
    
    
    38,525
    
    
    
    55,335Net (income) attributable to non-controlling interests
    
    
    (30
    )
    
    
    (127
    )
    
    
    (465
    )Net income attributable to Brandywine Operating Partnership
    
    
    8,059
    
    
    
    38,398
    
    
    
    54,870Distribution to Preferred Shares
    
    
    (7,992
    )
    
    
    (7,992
    )
    
    
    (7,992
    )Amount allocated to unvested restricted shareholders
    
    
    (279
    )
    
    
    (763
    )
    
    
    (765
    )Income allocated to Common Partnership Units
    
    $
    (212
    )
    
    $
    29,643
    
    
    $
    46,113Basic earnings per Common Partnership Units:Continuing operations
    
    $
    (0.02
    )
    
    $
    (0.08
    )
    
    $
    0.01Discontinued operations
    
    
    0.02
    
    
    
    0.41
    
    
    
    0.48$
    
    
    
    $
    0.33
    
    
    $
    0.49Diluted earnings per Common Partnership Units:Continuing operations
    
    $
    (0.02
    )
    
    $
    (0.08
    )
    
    $
    0.01Discontinued operations
    
    
    0.02
    
    
    
    0.41
    
    
    
    0.48$
    
    
    
    $
    0.33
    
    
    $
    0.49Basic weighted average common partnership units outstanding
    
    
    114,712,869
    
    
    
    90,391,044
    
    
    
    91,170,209Diluted weighted average common partnership units outstanding
    
    
    116,066,115
    
    
    
    90,399,784
    
    
    
    91,219,337Net (loss) income attributable to Brandywine Operating PartnershipIncome (loss) from continuing operations
    
    $
    5,618
    
    
    $
    1,295
    
    
    $
    8,868Income (loss) from discontinued operations
    
    
    2,441
    
    
    
    37,103
    
    
    
    46,002Net income
    
    $
    8,059
    
    
    $
    38,398
    
    
    $
    54,870
   F-50




---



##### Table of Contents



BRANDYWINE OPERATING PARTNERSHIP, L.P.
 
 CONSOLIDATED STATEMENTS OF OTHER COMPREHENSIVE (LOSS) INCOME
 (in thousands)
 Years ended December 31,2009
    
    
    2008
    
    
    2007Net income
    
    $
    8,089
    
    
    $
    38,525
    
    
    $
    55,335Other comprehensive income (loss):Unrealized gain (loss) on derivative financial instruments
    
    
    7,395
    
    
    
    (15,288
    )
    
    
    (3,600
    )Settlement of treasury locks
    
    
    
    
    
    
    
    
    
    
    (3,860
    )Settlement of forward starting swaps
    
    
    
    
    
    
    
    
    
    
    1,148Ineffectiveness
of the hedges
    
    
    (125
    )
    
    
    
    
    
    
    Reclassification of realized (gains)/losses on derivative financial
instruments to operations, net
    
    
    (184
    )
    
    
    (80
    )
    
    
    3,436Unrealized gain (loss) on available-for-sale securities
    
    
    
    
    
    
    248
    
    
    
    (585
    )Total other comprehensive income (loss)
    
    
    7,086
    
    
    
    (15,120
    )
    
    
    (3,461
    )Comprehensive income
    
    
    15,175
    
    
    
    23,405
    
    
    
    51,874Comprehensive (income) loss attributable to non-controlling interest
    
    
    (30
    )
    
    
    (127
    )
    
    
    (465
    )Comprehensive income attributable to Brandywine Operating Partnership
    
    $
    15,145
    
    
    $
    23,278
    
    
    $
    51,409
   F-51




---



##### Table of Contents



BRANDYWINE OPERATING PARTNERSHIP, L.P.
 
 CONSOLIDATED STATEMENT OF PARTNERS EQUITY
 For the years ended December 31, 2009, 2008 and 2007
 (in thousands, except Units)
 Non-controlling Interest -Series D Preferred Mirror Units
    
    
    Series E Preferred Mirror Units
    
    
    General Partner Capital
    
    
    Accumulated Other
    
    
    Consolidated Real
    
    
    Total PartnersUnits
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Units
    
    
    Amount
    
    
    Comprehensive Income
    
    
    Estate Ventures
    
    
    EquityBalance, December 31, 2006 (as adjusted)
    
    
    2,000,000
    
    
    
    47,912
    
    
    
    2,300,000
    
    
    
    55,538
    
    
    
    88,327,041
    
    
    
    1,810,223
    
    
    
    1,576
    
    
    
    34,414
    
    
    
    1,949,663Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    54,870
    
    
    
    
    
    
    
    465
    
    
    
    55,335Other comprehensive income:
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,461
    )
    
    
    
    
    
    
    (3,461
    )Repurchase of common partnership units in treasury and for deferred comp plan
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,780,600
    )
    
    
    (59,408
    )
    
    
    
    
    
    
    
    
    
    
    (59,408
    )Common partnership units used for deferred compensation plan
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    172,565
    
    
    
    5,890
    
    
    
    
    
    
    
    
    
    
    
    5,890Conversion of LP units to common shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    21,951
    
    
    
    716
    
    
    
    
    
    
    
    
    
    
    
    716Vesting of restricted units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    66,086
    
    
    
    402
    
    
    
    
    
    
    
    
    
    
    
    402Restricted stock amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,974
    
    
    
    
    
    
    
    
    
    
    
    1,974Common partnership units cancellation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (915
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Outperformance plan amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,339
    
    
    
    
    
    
    
    
    
    
    
    1,339Trustee fees paid in shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,664
    
    
    
    55
    
    
    
    
    
    
    
    
    
    
    
    55Exercise of options
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    206,893
    
    
    
    7,837
    
    
    
    
    
    
    
    
    
    
    
    7,837Non-controlling interest reclassification
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,828
    )
    
    
    
    
    
    
    
    
    
    
    (2,828
    )Adjustment of redeemable partnership units to liquidation value at period end
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (833
    )
    
    
    
    
    
    
    
    
    
    
    (833
    )Acquisition of non-controlling interest in consolidated JV
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (34,527
    )
    
    
    (34,527
    )Distributions to Preferred Mirror Units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,992
    )
    
    
    
    
    
    
    
    
    
    
    (7,992
    )Distributions to general partnership unit holder
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (153,780
    )
    
    
    
    
    
    
    (324
    )
    
    
    (154,104
    )Balance, December 31, 2007 (as adjusted)
    
    
    2,000,000
    
    
    
    47,912
    
    
    
    2,300,000
    
    
    
    55,538
    
    
    
    87,014,685
    
    
    
    1,658,465
    
    
    
    (1,885
    )
    
    
    28
    
    
    
    1,760,058Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    38,398
    
    
    
    
    
    
    
    127
    
    
    
    38,525Other comprehensive income:
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (15,120
    )
    
    
    
    
    
    
    (15,120
    )Deferred compensation obligation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    44,286
    
    
    
    710
    
    
    
    
    
    
    
    
    
    
    
    710Conversion of LP units to common shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,021,608
    
    
    
    26,729
    
    
    
    
    
    
    
    
    
    
    
    26,729Share choice plan
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (49
    )
    
    
    
    
    
    
    
    
    
    
    (49
    )Common partnership units cancellation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (4,419
    )
    
    
    (33
    )
    
    
    
    
    
    
    
    
    
    
    (33
    )Vesting of restricted units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    77,191
    
    
    
    326
    
    
    
    
    
    
    
    
    
    
    
    326Restricted stock amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,887
    
    
    
    
    
    
    
    
    
    
    
    2,887Outperformance plan amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    989
    
    
    
    
    
    
    
    
    
    
    
    989Option amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    336
    
    
    
    
    
    
    
    
    
    
    
    336Trustee fees paid in shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,586
    
    
    
    155
    
    
    
    
    
    
    
    
    
    
    
    155Adjustment of redeemable partnership units to liquidation value at period end
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,726
    
    
    
    
    
    
    
    
    
    
    
    3,726Distributions to Preferred Mirror Units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,992
    )
    
    
    
    
    
    
    
    
    
    
    (7,992
    )Distributions to general partnership unit holder
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (142,760
    )
    
    
    
    
    
    
    (155
    )
    
    
    (142,915
    )Balance, December 31, 2008 (as adjusted)
    
    
    2,000,000
    
    
    $
    47,912
    
    
    
    2,300,000
    
    
    $
    55,538
    
    
    
    88,158,937
    
    
    $
    1,581,887
    
    
    $
    (17,005
    )
    
    $
    
    
    
    $
    1,668,332Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,059
    
    
    
    
    
    
    
    30
    
    
    
    8,089Other comprehensive income:
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,086
    
    
    
    
    
    
    
    7,086Deferred compensation obligation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    51,058
    
    
    
    131
    
    
    
    
    
    
    
    
    
    
    
    131Issuance of LP Units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    40,250,000
    
    
    
    242,323
    
    
    
    
    
    
    
    
    
    
    
    242,323Bonus Share Issuance
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    36,826
    
    
    
    123
    
    
    
    
    
    
    
    
    
    
    
    123Conversion of LP units to common shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,513
    
    
    
    254
    
    
    
    
    
    
    
    
    
    
    
    254Share choice plan
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,081
    )
    
    
    (46
    )
    
    
    
    
    
    
    
    
    
    
    (46
    )Common partnership units cancellation
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Vesting of restricted units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    86,172
    
    
    
    (213
    )
    
    
    
    
    
    
    
    
    
    
    (213
    )Restricted stock amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,286
    
    
    
    
    
    
    
    
    
    
    
    3,286Restricted performance units amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    288
    
    
    
    
    
    
    
    
    
    
    
    288Outperformance plan amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    927
    
    
    
    
    
    
    
    
    
    
    
    927Option amortization
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    602
    
    
    
    
    
    
    
    
    
    
    
    602Trustee fees paid in shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    13,987
    
    
    
    4,895
    
    
    
    
    
    
    
    
    
    
    
    4,895Adjustment of redeemable partnership units to liquidation value at period end
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,470
    
    
    
    
    
    
    
    
    
    
    
    3,470Adjustment to non-controlling interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    35
    
    
    
    35Other
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    491
    
    
    
    
    
    
    
    491Distributions to Preferred Mirror Units
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,992
    )
    
    
    
    
    
    
    
    
    
    
    (7,992
    )Distributions to general partnership unit holder
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (54,961
    )
    
    
    
    
    
    
    
    
    
    
    (54,961
    )Balance, December 31, 2009
    
    
    2,000,000
    
    
    $
    47,912
    
    
    
    2,300,000
    
    
    $
    55,538
    
    
    
    128,597,412
    
    
    $
    1,783,033
    
    
    $
    (9,428
    )
    
    $
    65
    
    
    $
    1,877,120
   F-52




---



##### Table of Contents



BRANDYWINE OPERATING PARTNERSHIP, L.P.
 
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in thousands)
 Years ended December 31,2009
    
    
    2008 (as adjusted)
    
    
    2007 (as adjusted)Cash flows from operating activities:Net income
    
    $
    8,089
    
    
    $
    38,525
    
    
    $
    55,335Adjustments to reconcile net income to net cash from
operating activities:Depreciation
    
    
    160,039
    
    
    
    158,234
    
    
    
    179,724Amortization:Deferred financing costs
    
    
    5,864
    
    
    
    5,450
    
    
    
    4,497Amortization of debt discount
    
    
    3,495
    
    
    
    6,843
    
    
    
    4,381Deferred leasing costs
    
    
    18,037
    
    
    
    16,561
    
    
    
    15,672Acquired above (below) market leases, net
    
    
    (6,661
    )
    
    
    (8,104
    )
    
    
    (12,225
    )Acquired lease intangibles
    
    
    32,387
    
    
    
    40,663
    
    
    
    51,669Deferred compensation costs
    
    
    5,200
    
    
    
    4,522
    
    
    
    4,672Recognized hedge activity
    
    
    916
    
    
    
    
    
    
    
    Straight-line rent
    
    
    (9,116
    )
    
    
    (16,543
    )
    
    
    (28,304
    )Provision for doubtful accounts
    
    
    5,371
    
    
    
    6,769
    
    
    
    3,147Provision for impairment in real estate
    
    
    3,700
    
    
    
    6,850
    
    
    
    Provision for impairment on land inventory
    
    
    
    
    
    
    10,841
    
    
    
    Real estate venture income in excess of distributions
    
    
    (2,512
    )
    
    
    (808
    )
    
    
    (55
    )Net gain on sale of interests in real estate
    
    
    (1,237
    )
    
    
    (28,473
    )
    
    
    (66,662
    )Gain on early extinguishment of debt
    
    
    (23,176
    )
    
    
    (18,105
    )
    
    
    Cumulative interest accretion of repayments of unsecured notes
    
    
    (5,009
    )
    
    
    (435
    )
    
    
    Contributions from historic tax credit transaction, net of deferred costs
    
    
    23,763
    
    
    
    7,952
    
    
    
    Contributions from new market tax credit transaction, net of deferred costs
    
    
    
    
    
    
    8,965
    
    
    
    Changes in assets and liabilities:Accounts receivable
    
    
    3,746
    
    
    
    (1,631
    )
    
    
    6,449Other assets
    
    
    2,373
    
    
    
    3,683
    
    
    
    (1,366
    )Accounts payable and accrued expenses
    
    
    (10,067
    )
    
    
    2,491
    
    
    
    (11,091
    )Tenant security deposits and deferred rents
    
    
    2,397
    
    
    
    (827
    )
    
    
    12,634Other liabilities
    
    
    2,806
    
    
    
    (9,556
    )
    
    
    6,328Net cash from operating activities
    
    
    220,405
    
    
    
    233,867
    
    
    
    224,805Cash flows from investing activities:Acquisition of properties
    
    
    
    
    
    
    
    
    
    
    (88,890
    )Acquisition
of non-controlling interest in consolidated real estate venture
    
    
    
    
    
    
    
    
    
    
    (63,732
    )Sales of properties, net
    
    
    101,305
    
    
    
    370,087
    
    
    
    472,590Capital expenditures
    
    
    (206,311
    )
    
    
    (146,583
    )
    
    
    (267,516
    )Investment in marketable securities
    
    
    
    
    
    
    
    
    
    
    Investment in unconsolidated Real Estate Ventures
    
    
    (14,980
    )
    
    
    (934
    )
    
    
    (897
    )Escrowed cash
    
    
    31,385
    
    
    
    (31,385
    )
    
    
    Cash distributions from unconsolidated Real Estate Ventures
in excess of equity in income
    
    
    13,062
    
    
    
    2,311
    
    
    
    3,711Leasing costs
    
    
    (27,010
    )
    
    
    (29,450
    )
    
    
    (16,104
    )Net cash from (used in) investing activities
    
    
    (102,549
    )
    
    
    164,046
    
    
    
    39,162Cash flows from financing activities:Proceeds from Credit Facility borrowings
    
    
    983,000
    
    
    
    514,000
    
    
    
    959,602Repayments of Credit Facility borrowings
    
    
    (1,044,000
    )
    
    
    (491,727
    )
    
    
    (888,875
    )Proceeds from mortgage notes payable
    
    
    149,800
    
    
    
    
    
    
    
    Repayments of mortgage notes payable
    
    
    (84,102
    )
    
    
    (25,155
    )
    
    
    (272,028
    )Proceeds from unsecured term loan
    
    
    
    
    
    
    33,000
    
    
    
    150,000Proceeds from unsecured notes
    
    
    247,030
    
    
    
    
    
    
    
    300,000Repayments of unsecured notes
    
    
    (514,004
    )
    
    
    (260,088
    )
    
    
    (299,926
    )Net settlement of of hedge transactions
    
    
    (5,044
    )
    
    
    
    
    
    
    (2,712
    )Debt financing costs
    
    
    (24,620
    )
    
    
    (278
    )
    
    
    (4,474
    )Net proceeds from issuance of shares
    
    
    242,332
    
    
    
    
    
    
    
    Exercise of stock options
    
    
    
    
    
    
    
    
    
    
    6,011Repurchases of Common Shares
    
    
    
    
    
    
    
    
    
    
    (59,426
    )Distributions
paid to preferred and common partnership unitholders
    
    
    (70,605
    )
    
    
    (169,341
    )
    
    
    (171,918
    )Net cash used in (from) financing activities
    
    
    (120,213
    )
    
    
    (399,589
    )
    
    
    (283,746
    )Increase (decrease) in cash and cash equivalents
    
    
    (2,357
    )
    
    
    (1,676
    )
    
    
    (19,779
    )Cash and cash equivalents at beginning of period
    
    
    3,924
    
    
    
    5,600
    
    
    
    25,379Cash and cash equivalents at end of period
    
    $
    1,567
    
    
    $
    3,924
    
    
    $
    5,600Supplemental disclosure:Cash paid for interest, net of capitalized interest
    
    $
    139,636
    
    
    $
    178,725
    
    
    $
    182,790Supplemental disclosure of non-cash activity:Note receivable issued in the Northern California transaction at its present value
    
    
    
    
    
    
    37,100
    
    
    
    Note receivable issued on the two Trenton properties sale transaction at its present value
    
    
    9,600
    
    
    
    
    
    
    
    Debt assumed by the purchaser in the Northern California transaction
    
    
    
    
    
    
    95,300
    
    
    
    Capital expenditures financed through accounts payable as of year end
    
    
    7,086
    
    
    
    9,029
    
    
    
    7,744Capital
expenditures financed through retention payable
    
    
    5,862
    
    
    
    (928
    )
    
    
    1,117Unfunded
tenant allowance
    
    
    5,986
    
    
    
    
    
    
    
    
   F-53




---



##### Table of Contents



BRANDYWINE OPERATING PARTNERSHIP, L.P.
 
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 DECEMBER 31, 2009, 2008 AND 2007
 ORGANIZATION AND NATURE OF OPERATIONS
      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 Reclassification and Revisions
   F-54




---



##### Table of Contents



Principles of Consolidation
  Use of Estimates
  Operating Properties
  Purchase Price Allocation
    F-55




---



##### Table of Contents



Depreciation and Amortization
  Construction in Progress
  Impairment or Disposal of Long-Lived Assets
     F-56




---



##### Table of Contents



Cash and Cash Equivalents
  Cash in Escrow
  Restricted Cash
  Accounts Receivable and Accrued Rent Receivable
   Investments in Unconsolidated Real Estate Ventures
   F-57




---



##### Table of Contents



Deferred Costs
   Other Assets
  December 31,2009
    
    
    2008(amounts in thousands)Prepaid ground rent
    
    $
    7,733
    
    
    $
    Prepaid real estate taxes
    
    
    7,492
    
    
    
    7,720Rent inducements, net
    
    
    6,680
    
    
    
    8,432Cash surrender value of life insurance
    
    
    6,498
    
    
    
    5,262Restricted cash
    
    
    5,632
    
    
    
    13,292Marketable securities
    
    
    2,798
    
    
    
    2,789Prepaid insurance
    
    
    2,747
    
    
    
    4,058Furnitures, fixtures and equipment
    
    
    2,664
    
    
    
    4,641Deposits on future settlements
    
    
    1,108
    
    
    
    2,966Others
    
    
    10,006
    
    
    
    9,848Total
    
    $
    53,358
    
    
    $
    59,008
 Notes Receivable
   F-58




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##### Table of Contents



Revenue Recognition
    Income Taxes
     F-59




---



##### Table of Contents



Earnings Per Share
  Treasury Shares
  Stock-Based Compensation Plans
   Comprehensive Income
   F-60




---



##### Table of Contents



Accounting for Derivative Instruments and Hedging Activities
    Fair Value Measurements
     Fair Value Measurements at ReportingDate Using:Quoted Prices inActive Markets for
    
    
    Significant Other
    
    
    UnobservableDecember 31,
    
    
    Identical Assets
    
    
    Observable Inputs
    
    
    InputsDescription
    
    2009
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)RecurringAssets:Available-for-Sale Securities
    
    $
    431
    
    
    $
    431
    
    
    $
    
    
    
    $
    Liabilities:Interest Rate Swaps
    
    $
    7,320
    
    
    $
    
    
    
    $
    7,320
    
    
    $
    
  F-61




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##### Table of Contents



Fair Value Measurements at ReportingDate Using:Quoted Prices inActive Markets for
    
    
    Significant Other
    
    
    UnobservableDecember 31,
    
    
    Identical Assets
    
    
    Observable Inputs
    
    
    InputsDescription
    
    2008
    
    
    (Level 1)
    
    
    (Level 2)
    
    
    (Level 3)RecurringAssets:Available-for-Sale Securities
    
    $
    423
    
    
    $
    423
    
    
    $
    
    
    
    $
    Liabilities:Interest Rate Swaps
    
    $
    10,985
    
    
    $
    
    
    
    $
    10,985
    
    
    $
    Forward Starting Interest Rate
Swaps
    
    
    7,481
    
    
    
    
    
    
    
    7,481
    
    
    
    $
    18,466
    
    
    $
    
    
    
    $
    18,466
    
    
    $
    
  
    
    Non-financial assets and liabilities initially measured at fair value in an
acquisition or business combination that are not remeasured at least annually at fair
value,
 
    
    Long-lived assets measured at fair value due to an impairment in accordance with
the accounting standard for the impairment or disposal of long-lived assets,
 
    
    Equity and cost method investments measured at fair value due to an impairment in
accordance with the accounting standard for investments,
 
    
    Notes receivable adjusted for any impairment in its value in accordance with the
accounting standard for loan receivables and
 
    
    Asset retirement obligations initially measured at fair value under the
accounting standard for asset retirement obligations.
  Accounting Pronouncements Adopted in 2009
    F-62




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##### Table of Contents



F-63




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##### Table of Contents



As of December 31, 2008Convertible Debt
    
    
    Redeemable
LimitedPartnership UnitsBalance Sheet:
    
    As Reported
    
    
    Adjustment
    
    
    Interest Adjustment
    
    
    As RevisedAssets:Construction-in-progress
    
    $
    121,402
    
    
    $
    817
    
    
    $
    
    
    
    $
    122,219Deferred costs, net
    
    
    89,866
    
    
    
    (539
    )
    
    
    
    
    
    
    89,327Total assets
    
    
    4,737,690
    
    
    
    278
    
    
    
    
    
    
    
    4,737,968Liabilities:Unsecured bonds, net of discount
    
    
    1,930,147
    
    
    
    (12,177
    )
    
    
    
    
    
    
    1,917,970Total liabilities
    
    
    3,027,647
    
    
    
    (12,177
    )
    
    
    
    
    
    
    3,015,470Redeemable limited partnership units
    
    
    21,716
    
    
    
    
    
    
    
    32,450
    
    
    
    54,166Brandywine Operating Partnerships
equity
    
    $
    1,688,327
    
    
    $
    12,455
    
    
    $
    (32,450
    )
    
    $
    1,668,332
  For the Year Ended December 31, 2008Convertible Debt
    
    
    Non-controllingIncome Statement:
    
    As Reported
    
    
    Adjustment
    
    
    Interest Adjustment
    
    
    As RevisedInterest expense
    
    $
    (142,770
    )
    
    $
    (3,876
    )
    
    $
    
    
    
    $
    (146,646
    )Gain on extinguishment of debt
    
    
    20,664
    
    
    
    (2,559
    )
    
    
    
    
    
    
    18,105Net income
    
    $
    44,833
    
    
    $
    (6,435
    )
    
    $
    127
    
    
    $
    38,525
 For the Year Ended December 31, 2007Convertible Debt
    
    
    Non-controllingIncome Statement:
    
    As Reported
    
    
    Adjustment
    
    
    Interest Adjustment
    
    
    As RevisedInterest expense
    
    $
    (157,178
    )
    
    $
    (3,972
    )
    
    $
    
    
    
    $
    (161,150
    )Net income
    
    $
    58,843
    
    
    $
    (3,972
    )
    
    $
    464
    
    
    $
    55,335
  F-64




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##### Table of Contents



New Pronouncements
   REAL ESTATE INVESTMENTS
  December 31,2009
    
    
    2008(amounts in thousands)Land
    
    $
    690,441
    
    
    $
    707,591Building and improvements
    
    
    3,393,498
    
    
    
    3,481,289Tenant improvements
    
    
    428,679
    
    
    
    419,440$
    4,512,618
    
    
    $
    4,608,320
 Acquisitions and Dispositions
  2009
    F-65




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##### Table of Contents



2008
        INVESTMENT IN UNCONSOLIDATED VENTURES
    F-66




---



##### Table of Contents



Companys Shareof 2009 Real
    
    
    Real Estate
    
    
    CurrentOwnership
    
    
    Carrying
    
    
    Estate Venture
    
    
    Venture
    
    
    Interest
    
    
    DebtPercentage (1)
    
    
    Amount
    
    
    Income (Loss)
    
    
    Debt at 100%
    
    
    Rate
    
    
    MaturityTwo Tower Bridge Associates
    
    
    35
    %
    
    $
    1,468
    
    
    $
    (114
    )
    
    $
    15,560
    
    
    
    5.90
    %
    
    May-13Seven Tower Bridge Associates (2)
    
    
    10
    %
    
    
    
    
    
    
    (551
    )
    
    
    
    
    
    
    N/A
    
    
    
    N/AEight Tower Bridge Associates (5)
    
    
    3.4
    %
    
    
    
    
    
    
    339
    
    
    
    52,500
    
    
    
    L+5.00
    %
    
    Jun-121000 Chesterbrook Boulevard
    
    
    50
    %
    
    
    1,770
    
    
    
    204
    
    
    
    25,446
    
    
    
    6.88
    %
    
    Nov-11PJP Building Two, LC
    
    
    30
    %
    
    
    263
    
    
    
    120
    
    
    
    4,703
    
    
    
    6.12
    %
    
    Nov-23PJP Building Three, LC
    
    
    25
    %
    
    
    
    
    
    
    32
    
    
    
    
    
    
    
    N/A
    
    
    
    N/APJP Building Five, LC
    
    
    25
    %
    
    
    156
    
    
    
    96
    
    
    
    6,099
    
    
    
    6.47
    %
    
    Aug-19PJP Building Six, LC
    
    
    25
    %
    
    
    115
    
    
    
    55
    
    
    
    9,215
    
    
    
    6.08
    %
    
    Apr-23PJP Building Seven, LC
    
    
    25
    %
    
    
    177
    
    
    
    177
    
    
    
    8,508
    
    
    
    L+1.55
    %
    
    Nov-13Macquarie BDN Christina LLC
    
    
    20
    %
    
    
    6,859
    
    
    
    797
    
    
    
    59,000
    
    
    
    8.00
    %
    
    Jun-11Broadmoor Austin Associates
    
    
    50
    %
    
    
    64,086
    
    
    
    1,327
    
    
    
    90,721
    
    
    
    5.79
    %
    
    Apr-11Residence Inn Tower Bridge
    
    
    50
    %
    
    
    564
    
    
    
    162
    
    
    
    14,480
    
    
    
    5.63
    %
    
    Feb-16G&I Interchange Office LLC (DRA) (3)
    
    
    20
    %
    
    
    
    
    
    
    1,180
    
    
    
    184,000
    
    
    
    5.78
    %
    
    Jan-15Invesco, L.P. (4)
    
    
    
    
    
    
    
    
    
    
    244
    
    
    
    
    
    
    
    N/A
    
    
    
    N/A$
    75,458
    
    
    $
    4,068
    
    
    $
    470,232
 (1)
    
    Ownership percentage represents the Partnerships entitlement to residual distributions after
payments of priority returns,
where applicable.(2)
    
    The loss related to Seven Tower Bridge above represents a writeoff of our investment balance
due to the Venture terminating
development on a parcel of land owned by the partnership.(3)
    
    The Partnership retained a 20% interest and received distributions from financing in excess of
its basis. The Partnership has no
commitment to fund and no expectation of operating losses, accordingly, the Partnerships carrying
value has not been
reduced below zero. The income recognized for the year ended December 31, 2009 relates to the
distributions in excess of the Partnerships investment in the
Venture. The amount is shown gross of the elimination of 20% portion of revenues we
received for management
fees of $0.4 million as of December 31, 2009.(4)
    
    The Partnerships interest consists solely of a residual profits interest. The Partnership no
longer has an investment in this
real estate venture.(5)
    
    The Partnership has no commitment to fund and no expectations of operating losses, accordingly,
the Partnerships carrying value
has not been reduced below zero.  December 31,2009
    
    
    2008Net property
    
    $
    503,932
    
    
    $
    553,833Other assets
    
    
    96,643
    
    
    
    94,165Other Liabilities
    
    
    37,774
    
    
    
    37,863Debt
    
    
    470,232
    
    
    
    515,832Equity
    
    
    92,569
    
    
    
    94,164Partnerships share of equity (Partnerships
basis)
    
    
    75,458
    
    
    
    71,028
  F-67




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##### Table of Contents



Year ended December 31,2009
    
    
    2008 (a)
    
    
    2007Revenue
    
    $
    105,236
    
    
    $
    105,844
    
    
    $
    75,541Operating expenses
    
    
    38,691
    
    
    
    38,036
    
    
    
    25,724Interest expense, net
    
    
    30,858
    
    
    
    30,585
    
    
    
    21,442Depreciation and amortization
    
    
    36,700
    
    
    
    32,057
    (a)
    
    
    15,526Net income
    
    
    (1,012
    )
    
    
    416
    (a)
    
    
    12,849Partnerships share of income (Partnerships basis)
    
    
    4,069
    
    
    
    8,447
    
    
    
    6,955
 (a)
    
    - Pertains to the correction of an error in DRAs unaudited financial statements. The
adjustments
relate to the understatement of depreciation expense amounting to $2.1 million. The adjustments
have no impact on the Companys consolidated financial statements.   2010
    
    $
    21,4102011
    
    
    165,3032012
    
    
    56,0722013
    
    
    22,2202014
    
    
    3,162Thereafter
    
    
    202,065$
    470,232
  DEFERRED COSTS
  December 31, 2009Accumulated
    
    
    Deferred Costs,Total Cost
    
    
    Amortization
    
    
    netLeasing Costs
    
    $
    124,391
    
    
    $
    (50,643
    )
    
    $
    73,748Financing Costs
    
    
    42,965
    
    
    
    (10,616
    )
    
    
    32,349Total
    
    $
    167,356
    
    
    $
    (61,259
    )
    
    $
    106,097
 December 31, 2008Accumulated
    
    
    Deferred Costs,Total Cost
    
    
    Amortization
    
    
    netLeasing Costs
    
    $
    115,263
    
    
    $
    (39,528
    )
    
    $
    75,735Financing Costs
    
    
    25,169
    
    
    
    (11,577
    )
    
    $
    13,592Total
    
    $
    140,432
    
    
    $
    (51,105
    )
    
    $
    89,327
   F-68




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##### Table of Contents



INTANGIBLE ASSETS AND LIABILITIES
  December 31, 2009Accumulated
    
    
    Deferred Costs,Total Cost
    
    
    Amortization
    
    
    netIn-place lease value
    
    $
    123,456
    
    
    $
    (71,402
    )
    
    $
    52,054Tenant relationship value
    
    
    97,566
    
    
    
    (49,374
    )
    
    
    48,192Above market leases acquired
    
    
    15,674
    
    
    
    (10,757
    )
    
    
    4,917Total
    
    $
    236,696
    
    
    $
    (131,533
    )
    
    $
    105,163Below market leases acquired
    
    $
    75,325
    
    
    $
    (38,238
    )
    
    $
    37,087
 December 31, 2008Accumulated
    
    
    Deferred Costs,Total Cost
    
    
    Amortization
    
    
    netIn-place lease value
    
    $
    145,518
    
    
    $
    (71,138
    )
    
    $
    74,380Tenant relationship value
    
    
    103,485
    
    
    
    (40,835
    )
    
    
    62,650Above market leases acquired
    
    
    23,351
    
    
    
    (14,624
    )
    
    
    8,727Total
    
    $
    272,354
    
    
    $
    (126,597
    )
    
    $
    145,757Below market leases acquired
    
    $
    82,950
    
    
    $
    (35,324
    )
    
    $
    47,626
   Assets
    
    
    Liabilities2010
    
    $
    28,842
    
    
    $
    8,3072011
    
    
    22,452
    
    
    
    7,0132012
    
    
    17,217
    
    
    
    6,2752013
    
    
    12,438
    
    
    
    5,8362014
    
    
    9,130
    
    
    
    4,348Thereafter
    
    
    15,084
    
    
    
    5,308Total
    
    $
    105,163
    
    
    $
    37,087
 DEBT OBLIGATIONS
  December 31,
    
    
    December 31,
    
    
    
    
    
    
    Maturity2009
    
    
    2008
    
    
    Interest Rate
    
    
    DateMORTGAGE DEBT:200 Commerce Drive
    
    $
    
    
    
    $
    5,684
    
    
    
    7.12
    %(a)
    
    Sep-09Plymouth Meeting Exec
    
    
    42,042
    
    
    
    42,785
    
    
    
    7.00
    %(b)
    
    Dec-10Four Tower Bridge
    
    
    10,158
    
    
    
    10,404
    
    
    
    6.62
    %
    
    Feb-11Arboretum I, II, III & V
    
    
    21,046
    
    
    
    21,657
    
    
    
    7.59
    %
    
    Jul-11Midlantic Drive/Lenox Drive/DCC I
    
    
    58,215
    
    
    
    59,784
    
    
    
    8.05
    %
    
    Oct-11Research Office Center
    
    
    39,999
    
    
    
    40,791
    
    
    
    5.30
    %(b)
    
    Oct-11Concord Airport Plaza
    
    
    35,594
    
    
    
    36,617
    
    
    
    5.55
    %(b)
    
    Jan-12Six Tower Bridge
    
    
    13,557
    
    
    
    14,185
    
    
    
    7.79
    %
    
    Aug-12Newtown Square/Berwyn Park/Libertyview
    
    
    59,557
    
    
    
    60,910
    
    
    
    7.25
    %
    
    May-13Coppell Associates
    
    
    2,711
    
    
    
    3,273
    
    
    
    6.89
    %
    
    Dec-13Southpoint III
    
    
    3,255
    
    
    
    3,863
    
    
    
    7.75
    %
    
    Apr-14
  F-69




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##### Table of Contents



December 31,
    
    
    December 31,
    
    
    
    
    
    
    Maturity2009
    
    
    2008
    
    
    Interest Rate
    
    
    DateTysons Corner
    
    
    98,056
    
    
    
    99,529
    
    
    
    5.36
    %(b)
    
    Aug-15Coppell Associates
    
    
    16,600
    
    
    
    16,600
    
    
    
    5.75
    %
    
    Feb-16Two Logan Square
    
    
    89,800
    
    
    
    68,808
    
    
    
    7.57
    %(c)
    
    Apr-16One Logan Square
    
    
    60,000
    
    
    
    
    
    
    
    4.50
    %(d)
    
    Jul-16Principal balance outstanding
    
    
    550,590
    
    
    
    484,890Plus: unamortized fixed-rate debt premiums,
net
    
    
    1,130
    
    
    
    2,635Total mortgage indebtedness
    
    $
    551,720
    
    
    $
    487,525UNSECURED DEBT:$275.0M 4.500% Guaranteed Notes due 2009
    
    
    
    
    
    
    196,680
    
    
    
    4.62
    %
    
    Nov-09Bank Term Loan
    
    
    183,000
    
    
    
    183,000
    
    
    LIBOR + 0.80
    %
    
    Oct-10
    (e)$300.0M 5.625% Guaranteed Notes due 2010
    
    
    198,545
    
    
    
    275,545
    
    
    
    5.61
    %
    
    Dec-10Credit Facility
    
    
    92,000
    
    
    
    153,000
    
    
    LIBOR + 0.725
    %
    
    Jun-11
    (e)$320.7M 3.875% Guaranteed Exchangeable Notes due
2026
    
    
    127,960
    
    
    
    282,030
    
    
    
    5.50
    %
    
    Oct-11
    (f)$300.0M 5.750% Guaranteed Notes due 2012
    
    
    187,825
    
    
    
    300,000
    
    
    
    5.77
    %
    
    Apr-12$250.0M 5.400% Guaranteed Notes due 2014
    
    
    242,681
    
    
    
    250,000
    
    
    
    5.53
    %
    
    Nov-14$250.0M 7.500% Guaranteed Notes due 2015
    
    
    250,000
    
    
    
    
    
    
    
    7.75
    %
    
    May-15$250.0M 6.000% Guaranteed Notes due 2016
    
    
    250,000
    
    
    
    250,000
    
    
    
    5.95
    %
    
    Apr-16$300.0M 5.700% Guaranteed Notes due 2017
    
    
    300,000
    
    
    
    300,000
    
    
    
    5.75
    %
    
    May-17Indenture IA (Preferred Trust I)
    
    
    27,062
    
    
    
    27,062
    
    
    LIBOR + 1.25
    %
    
    Mar-35Indenture IB (Preferred Trust I)
    
    
    25,774
    
    
    
    25,774
    
    
    LIBOR + 1.25
    %
    
    Apr-35Indenture II (Preferred Trust II)
    
    
    25,774
    
    
    
    25,774
    
    
    LIBOR + 1.25
    %
    
    Jul-35Principal balance outstanding
    
    
    1,910,621
    
    
    
    2,268,865Less: unamortized exchangeable debt discount
    
    
    (4,327
    )
    
    
    (12,177
    )unamortized fixed-rate debt discounts, net
    
    
    (3,437
    )
    
    
    (2,718
    )Total unsecured indebtedness
    
    $
    1,902,857
    
    
    $
    2,253,970Total Debt Obligations
    
    $
    2,454,577
    
    
    $
    2,741,495
 (a)
    
    On September 30, 2009, the Partnership pre-paid the remaining balance of the mortgage debt
with no penalty.(b)
    
    Loans were assumed upon acquisition of the related property. Interest rates presented above
reflect the market rate at the time of acquisition.(c)
    
    The Two Logan Square mortgage loan was re-financed in the amount of $89.8 million on April 1,
2009. The new loan bears interest at 7.57% per annum and has a seven year term with three
years of interest only payments followed by a thirty year amortization schedule.(d)
    
    The Partnership obtained a mortgage on a previously unencumbered property during the third
quarter 2009. The loan features a floating rate of LIBOR plus 350 basis points (subject to a
LIBOR floor) and a seven-year term with three years interest only followed by a thirty-year
amortization schedule at a 7.5% constant.(e)
    
    These loans may be extended to June 29, 2012 at the Partnerships discretion.(f)
    
    On October 20, 2011, the holders of the Exchangeable Notes have the right to request the
redemption of all or a portion of the Exchangeable Notes they hold at a price equal to 100% of
the principal amount plus accrued and unpaid interest. Accordingly, the Exchangeable Notes
have been presented with an October 20, 2011 maturity date.    F-70




---



##### Table of Contents



th
   Repurchase
    
    
    
    
    
    
    
    
    
    
    Deferred FinancingNotes
    
    Amount
    
    
    Principal
    
    
    Gain
    
    
    Amortization2009 Notes
    
    $
    92,736
    
    
    $
    94,130
    
    
    $
    1,377
    
    
    $
    882010 Notes
    
    
    71,414
    
    
    
    76,999
    
    
    
    5,565
    
    
    
    2152012 Notes
    
    
    109,104
    
    
    
    112,175
    
    
    
    2,610
    
    
    
    3612014 Notes
    
    
    6,329
    
    
    
    7,319
    
    
    
    961
    
    
    
    283.875% Notes
    
    
    136,880
    
    
    
    154,070
    
    
    
    12,664
    
    
    
    1,289$
    416,463
    
    
    $
    444,693
    
    
    $
    23,177
    
    
    $
    1,981
    F-71




---



##### Table of Contents



2010
    
    $
    432,8042011
    
    
    352,2142012
    
    
    239,4832013
    
    
    59,7532014
    
    
    246,394Thereafter
    
    
    1,130,563Total principal payments
    
    
    2,461,211Net unamortized premiums/discounts
    
    
    (6,634
    )Outstanding indebtedness
    
    $
    2,454,577
 8.

    FAIR VALUE OF FINANCIAL INSTRUMENTS
   F-72




---



##### Table of Contents



December 31, 2009
    
    
    December 31, 2008Carrying
    
    
    Fair
    
    
    Carrying
    
    
    FairAmount
    
    
    Value
    
    
    Amount
    
    
    ValueMortgage payable, net of premiums
    
    $
    551,720
    
    
    $
    523,745
    
    
    $
    484,890
    
    
    $
    459,519Unsecured notes payable, net of discounts
    
    $
    1,557,011
    
    
    $
    1,497,356
    
    
    $
    1,854,186
    
    
    $
    1,152,056Variable Rate Debt Instruments
    
    $
    353,610
    
    
    $
    341,210
    
    
    $
    414,610
    
    
    $
    398,748Notes Receivable
    
    $
    71,989
    (a)
    
    $
    62,776
    
    
    $
    48,048
    
    
    $
    46,227
 (a)
    
    For purposes of this disclosure, the Trenton Note is presented gross of the recognized deferred gain of $12.9 million. 9.

    RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS
 Risk Management
  Risks and Uncertainties
       F-73




---



##### Table of Contents



Use of Derivative Financial Instruments
        F-74




---



##### Table of Contents



Hedge
    
    Hedge
    
    
    
    
    
    
    
    Notional Amount
    
    
    
    
    
    
    Trade
    
    
    Maturity
    
    
    Fair ValueProduct
    
    Type
    
    Designation
    
    
    
    
    
    12/31/2009
    
    
    12/31/2008
    
    
    Strike
    
    
    Date
    
    
    Date
    
    
    12/31/2009
    
    
    12/31/2008Swap
    
    Interest Rate
    
    Cash Flow
    
    
    (b
    )
    
    $
    123,000
    
    
    $
    78,000
    (a)
    
    
    4.709
    %
    
    
    9/20/07
    
    
    
    10/18/10
    
    
    $
    5,162
    
    
    $
    7,204Swap
    
    Interest Rate
    
    Cash Flow
    
    
    (b
    )
    
    
    25,000
    
    
    
    25,000
    
    
    
    4.415
    %
    
    
    10/19/07
    
    
    
    10/18/10
    
    
    
    827
    
    
    
    1,439Swap
    
    Interest Rate
    
    Cash Flow
    
    
    (b
    )
    
    
    25,000
    
    
    
    25,000
    
    
    
    3.747
    %
    
    
    11/26/07
    
    
    
    10/18/10
    
    
    
    688
    
    
    
    1,111Swap
    
    Interest Rate
    
    Cash Flow
    
    
    (b
    )
    
    
    
    
    
    
    25,000
    
    
    
    3.338
    %
    
    
    1/4/08
    
    
    
    12/18/10
    
    
    
    
    
    
    
    603Swap
    
    Interest Rate
    
    Cash Flow
    
    
    (b
    )
    
    
    25,774
    
    
    
    25,774
    
    
    
    2.975
    %
    
    
    10/16/08
    
    
    
    10/30/10
    
    
    
    643
    
    
    
    628Swap
    
    Interest Rate
    
    Cash Flow
    
    
    (c
    )
    
    
    
    
    
    
    25,000
    
    
    
    4.770
    %
    
    
    1/4/08
    
    
    
    12/18/19
    
    
    
    
    
    
    
    4,079Swap
    
    Interest Rate
    
    Cash Flow
    
    
    (c
    )
    
    
    
    
    
    
    25,000
    
    
    
    4.423
    %
    
    
    3/19/08
    
    
    
    12/18/19
    
    
    
    
    
    
    
    3,402$
    198,774
    
    
    $
    228,774
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    7,320
    
    
    $
    18,466
 (a)
    
    - National amount accreting up to $155,000 through October 8, 2010.(b)
    
    - Hedging unsecured variable rate debt.(c)
    
    - Cash settled at their maturity dates. Concentration of Credit Risk
  DISCONTINUED OPERATIONS
   Years Ended December 31,2009
    
    
    2008
    
    
    2007Revenue:Rents
    
    $
    8,055
    
    
    $
    52,712
    
    
    $
    82,049Tenant reimbursements
    
    
    5,309
    
    
    
    7,829
    
    
    
    11,114Termination fees
    
    
    
    
    
    
    25
    
    
    
    183Other
    
    
    123
    
    
    
    227
    
    
    
    404Total revenue
    
    
    13,487
    
    
    
    60,793
    
    
    
    93,750Expenses:Property operating expenses
    
    
    4,665
    
    
    
    21,077
    
    
    
    31,560Real estate taxes
    
    
    1,763
    
    
    
    6,270
    
    
    
    8,953Depreciation & amortization
    
    
    2,155
    
    
    
    13,412
    
    
    
    27,507Provision for impairment
    
    
    3,700
    
    
    
    6,850
    
    
    
    Total operating expenses
    
    
    12,283
    
    
    
    47,609
    
    
    
    68,020Operating income
    
    
    1,204
    
    
    
    13,184
    
    
    
    25,730Interest income
    
    
    (1
    )
    
    
    17
    
    
    
    26Interest expense
    
    
    
    
    
    
    (4,595
    )
    
    
    (5,497
    )Income from discontinued operations before gain on
sale of interests in real estate and minority interest
    
    
    1,203
    
    
    
    8,606
    
    
    
    20,259Net gain on sale of interests in real estate
    
    
    1,238
    
    
    
    28,497
    
    
    
    25,743Income from discontinued operations
    
    
    2,441
    
    
    
    37,103
    
    
    
    46,002Income from discontinued operations attributable
to non-controlling interest
    
    
    (30
    )
    
    
    (127
    )
    
    
    (465
    )Income from discontinued operations attributable
to Brandywine Operating Partnership
    
    $
    2,411
    
    
    $
    36,976
    
    
    $
    45,537
   F-75




---



##### Table of Contents



NON-CONTROLLING INTEREST IN CONSOLIDATED REAL ESTATE VENTURES
   PARTNERS EQUITY
 Earnings per Common Partnership Unit
  Years ended December 31,2009
    
    
    2008
    
    
    2007Basic
    
    
    Diluted
    
    
    Basic
    
    
    Diluted
    
    
    Basic
    
    
    DilutedNumeratorIncome from continuing operations
    
    $
    5,648
    
    
    $
    5,648
    
    
    $
    1,422
    
    
    $
    1,422
    
    
    $
    9,333
    
    
    $
    9,333Net income (loss) from continuing operations attributable to non-controlling interests
    
    
    (30
    )
    
    
    (30
    )
    
    
    (127
    )
    
    
    (127
    )
    
    
    (465
    )
    
    
    (465
    )Amount allocable to unvested restricted unitholders
    
    
    (279
    )
    
    
    (279
    )
    
    
    (763
    )
    
    
    (763
    )
    
    
    (765
    )
    
    
    (765
    )Preferred units dividends
    
    
    (7,992
    )
    
    
    (7,992
    )
    
    
    (7,992
    )
    
    
    (7,992
    )
    
    
    (7,992
    )
    
    
    (7,992
    )Income (loss) from continuing operations available to common unitholders
    
    
    (2,653
    )
    
    
    (2,653
    )
    
    
    (7,460
    )
    
    
    (7,460
    )
    
    
    111
    
    
    
    111Discontinued operations attributable to common unitholders
    
    
    2,441
    
    
    
    2,441
    
    
    
    37,103
    
    
    
    37,103
    
    
    
    46,002
    
    
    
    46,002Net income (loss) available to common unitholders
    
    $
    (212
    )
    
    $
    (212
    )
    
    $
    29,643
    
    
    $
    29,643
    
    
    $
    46,113
    
    
    $
    46,113DenominatorWeighted-average units outstanding
    
    
    114,712,869
    
    
    
    114,712,869
    
    
    
    90,391,044
    
    
    
    90,391,044
    
    
    
    91,170,209
    
    
    
    91,170,209Contingent securities/Stock based compensation
    
    
    
    
    
    
    1,353,246
    
    
    
    
    
    
    
    8,740
    
    
    
    
    
    
    
    49,128Total weighted-average units outstanding
    
    
    114,712,869
    
    
    
    116,066,115
    
    
    
    90,391,044
    
    
    
    90,399,784
    
    
    
    91,170,209
    
    
    
    91,219,337Earnings per Common Partnership Units:Income from continuing operations attributable to common unitholders
    
    $
    (0.02
    )
    
    $
    (0.02
    )
    
    $
    (0.08
    )
    
    $
    (0.08
    )
    
    $
    0.01
    
    
    $
    0.01Discontinued operations attributable to common unitholders
    
    
    0.02
    
    
    
    0.02
    
    
    
    0.41
    
    
    
    0.41
    
    
    
    0.48
    
    
    
    0.48Net income attributable to common unitholders
    
    $
    
    
    
    $
    
    
    
    $
    0.33
    
    
    $
    0.33
    
    
    $
    0.49
    
    
    $
    0.49
   F-76




---



##### Table of Contents



Common Partnership Unit and Preferred Mirror Units
   Preferred Mirror Partnership Units
    Common Partnership Units (Redeemable and General)
     F-77




---



##### Table of Contents



Common Share Repurchases
    SHARE BASED COMPENSATION
 Stock Options
   Weighted
    
    
    Weighted AverageAverage
    
    
    Remaining Contractual
    
    
    Aggregate IntrinsicShares
    
    
    Exercise Price
    
    
    Term (in years)
    
    
    Value (in 000s)Outstanding at January 1, 2009
    
    
    1,754,648
    
    
    $
    20.41
    
    
    
    8.77
    
    
    $
    (30,093
    )Granted
    
    
    676,491
    
    
    
    2.91
    
    
    
    9.25
    
    
    
    5,743,405Exercised
    
    
    Forfeited or expired
    
    
    (26,572
    )
    
    
    20.61Outstanding at December 31, 2009
    
    
    2,404,567
    
    
    $
    15.48
    
    
    
    8.38
    
    
    $
    (9,816,670
    )Vested/Exercisable at December 31, 2009
    
    
    616,119
    
    
    $
    20.03
    
    
    
    7.54
    
    
    $
    (5,268,260
    )
  F-78




---



##### Table of Contents



Grant Date
    
    April 1, 2009
    
    
    March 20, 2008
    
    
    April 8, 2008Risk-free interest rate
    
    
    2.20
    %
    
    
    2.74
    %
    
    
    3.03
    %Dividend yield
    
    
    23.64
    %
    
    
    8.81
    %
    
    
    8.52
    %Volatility factor
    
    
    40.99
    %
    
    
    23.15
    %
    
    
    23.22
    %Weighted-average expected life
    
    7 yrs
    
    
    7 yrs
    
    
    7 yrs
  Weighted
    
    
    
    
    
    
    
    
    
    
    WeightedAverage
    
    
    
    
    
    
    
    
    
    
    AverageWeighted
    
    
    Remaining
    
    
    
    
    
    
    Weighted
    
    
    RemainingAverage
    
    
    Contractual
    
    
    
    
    
    
    Average
    
    
    ContractualExercise
    
    
    Term
    
    
    
    
    
    
    Exercise
    
    
    TermShares
    
    
    Price
    
    
    (in Years)
    
    
    Shares
    
    
    Price
    
    
    (in Years)Outstanding at beginning of year
    
    
    1,070,099
    
    
    $
    26.13
    
    
    
    0.54
    
    
    
    1,286,075
    
    
    $
    26.45
    
    
    
    1.5Granted
    
    
    1,824,594
    
    
    
    20.61
    
    
    
    8.61
    
    
    
    Prentiss options converted to Company options
as part of the Prentiss acquisition (See Note 3)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    28.80
    
    
    
    0.87Exercised
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (198,495
    )
    
    $
    0.00
    
    
    
    Forfeited/Expired
    
    
    (1,140,045
    )
    
    
    26.10
    
    
    
    
    
    
    
    (17,481
    )
    
    
    Outstanding at end of year
    
    
    1,754,648
    
    
    $
    20.41
    
    
    
    9.01
    
    
    
    1,070,099
    
    
    $
    26.13
    
    
    
    0.54Vested/Exercisable at end of year
    
    
    60,224
    
    
    $
    14.71
    
    
    
    1.83
    
    
    
    1,070,099
    
    
    $
    26.13
 401(k) Plan
  Restricted Share Awards
   WeightedAverage GrantShares
    
    
    Date Fair valueNon-vested at January 1, 2009
    
    
    475,496
    
    
    $
    26.21Granted
    
    
    372,586
    
    
    
    3.36Vested
    
    
    (119,268
    )
    
    
    21.84Forfeited
    
    
    (20,234
    )
    
    
    14.65Non-vested at December 31, 2009
    
    
    708,580
    
    
    $
    9.69
  F-79




---



##### Table of Contents



Restricted Performance Share Units Plan
    Outperformance Program
  Employee Share Purchase Plan
  Deferred Compensation
   F-80




---



##### Table of Contents



DISTRIBUTIONS
 Years ended December 31,2009
    
    
    2008
    
    
    2007Common Partnership Unit
Distributions:Total distributions per unit
    
    $
    0.60
    
    
    $
    1.76
    
    
    $
    1.76Preferred Unit Distributions:Total distributions declared
    
    $
    7,992,000
    
    
    $
    7,992,000
    
    
    $
    7,992,000
 TAX CREDIT TRANSACTIONS
 Historic Tax Credit Transaction
     F-81




---



##### Table of Contents



New Markets Tax Credit Transaction
      F-82




---



##### Table of Contents



ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
  Unrealized Gains
    
    
    Cash Flow
    
    
    Accumulated Other(Losses) on Securities
    
    
    Hedges
    
    
    Comprehensive LossBalance at January 1, 2007
    
    
    328
    
    
    
    1,248
    
    
    
    1,576Change during year
    
    
    
    
    
    
    (3,600
    )
    
    
    (3,600
    )Settlement of treasury locks
    
    
    
    
    
    
    (3,860
    )
    
    
    (3,860
    )Settlement of forward starting swaps
    
    
    
    
    
    
    1,148
    
    
    
    1,148Reclassification adjustments for (gains) losses
reclassified into operations
    
    
    (585
    )
    
    
    3,436
    
    
    
    2,851Balance at December 31, 2007
    
    
    (257
    )
    
    
    (1,628
    )
    
    
    (1,885
    )Change during year
    
    
    
    
    
    
    (15,288
    )
    
    
    (15,288
    )Reclassification adjustments for (gains) losses
reclassified into operations
    
    
    248
    
    
    
    (80
    )
    
    
    168Balance at December 31, 2008
    
    $
    (9
    )
    
    $
    (16,996
    )
    
    $
    (17,005
    )Change during year
    
    
    
    
    
    
    7,395
    
    
    
    7,395Ineffectiveness of forward starting swaps
    
    
    
    
    
    
    (125
    )
    
    
    (125
    )Other
    
    
    
    
    
    
    491
    
    
    
    491Reclassification adjustments for (gains) losses
reclassified into operations
    
    
    
    
    
    
    (184
    )
    
    
    (184
    )Balance at December 31, 2009
    
    $
    (9
    )
    
    $
    (9,419
    )
    
    $
    (9,428
    )
  SEGMENT INFORMATION
   F-83




---



##### Table of Contents



Metropolitan,
    
    
    New Jersey
    
    
    Richmond,Pennsylvania
    
    
    D.C.
    
    
    /Delaware
    
    
    Virginia
    
    
    Austin, Texas
    
    
    California
    
    
    Corporate
    
    
    Total2009:Real estate investments, at cost:Operating properties
    
    $
    1,726,267
    
    
    $
    1,356,206
    
    
    $
    598,122
    
    
    $
    297,958
    
    
    $
    282,093
    
    
    $
    251,972
    
    
    $
    
    
    
    $
    4,512,618Construction-in-progress
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    271,962
    
    
    $
    271,962Land inventory
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    97,368
    
    
    $
    97,368Total revenue
    
    $
    239,038
    
    
    $
    140,438
    
    
    $
    103,277
    
    
    $
    36,387
    
    
    $
    35,143
    
    
    $
    29,282
    
    
    $
    (1,346
    )
    
    $
    582,219Property operating expenses, real estate taxes and
third party management expenses
    
    
    90,455
    
    
    
    52,712
    
    
    
    48,254
    
    
    
    14,337
    
    
    
    15,404
    
    
    
    14,683
    
    
    
    (1,460
    )
    
    
    234,385Net operating income
    
    $
    148,583
    
    
    $
    87,726
    
    
    $
    55,023
    
    
    $
    22,050
    
    
    $
    19,739
    
    
    $
    14,599
    
    
    $
    114
    
    
    $
    347,8342008:Real estate investments, at cost:Operating properties
    
    $
    1,734,946
    
    
    $
    1,371,997
    
    
    $
    674,503
    
    
    $
    297,171
    
    
    $
    280,826
    
    
    $
    248,877
    
    
    $
    
    
    
    $
    4,608,320Construction-in-progress
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    122,219
    
    
    $
    122,219Land inventory
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    100,516
    
    
    $
    100,516Total revenue
    
    $
    243,216
    
    
    $
    138,339
    
    
    $
    104,711
    
    
    $
    38,047
    
    
    $
    37,388
    
    
    $
    29,590
    
    
    $
    (1,870
    )
    
    $
    589,421Property operating expenses, real estate taxes and
third party management expenses
    
    
    86,071
    
    
    
    49,672
    
    
    
    46,895
    
    
    
    13,136
    
    
    
    16,385
    
    
    
    12,855
    
    
    
    3,370
    
    
    
    228,384Net operating income
    
    $
    157,145
    
    
    $
    88,667
    
    
    $
    57,816
    
    
    $
    24,911
    
    
    $
    21,003
    
    
    $
    16,735
    
    
    $
    (5,240
    )
    
    $
    361,0372007:Real estate investments, at cost:Operating properties
    
    $
    1,682,840
    
    
    $
    1,302,833
    
    
    $
    663,503
    
    
    $
    348,310
    
    
    $
    236,959
    
    
    $
    579,120
    
    
    $
    
    
    
    $
    4,813,565Construction-in-progress
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    332,380
    
    
    $
    332,380Land inventory
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    
    
    
    $
    70,297
    
    
    $
    70,297Total revenue
    
    $
    274,246
    
    
    $
    130,731
    
    
    $
    101,927
    
    
    $
    31,693
    
    
    $
    37,874
    
    
    $
    30,141
    
    
    $
    (1,801
    )
    
    $
    604,811Property operating expenses, real estate taxes and
third party management expenses
    
    
    96,366
    
    
    
    44,963
    
    
    
    46,911
    
    
    
    10,655
    
    
    
    16,407
    
    
    
    10,942
    
    
    
    4,293
    
    
    
    230,537Net operating income
    
    $
    177,880
    
    
    $
    85,768
    
    
    $
    55,016
    
    
    $
    21,038
    
    
    $
    21,467
    
    
    $
    19,199
    
    
    $
    (6,094
    )
    
    $
    374,274
  F-84




---



##### Table of Contents



Year Ended December 31,2009
    
    
    2008
    
    
    2007(amounts in thousands)Consolidated net operating income
    
    $
    347,834
    
    
    $
    361,037
    
    
    $
    374,274Less:Interest expense
    
    
    (135,740
    )
    
    
    (146,646
    )
    
    
    (161,150
    )Deferred financing costs
    
    
    (5,864
    )
    
    
    (5,450
    )
    
    
    (4,496
    )Loss on settlement of treasury lock agreements
    
    
    
    
    
    
    
    
    
    
    (3,698
    )Depreciation and amortization
    
    
    (208,590
    )
    
    
    (202,043
    )
    
    
    (219,553
    )Administrative expenses
    
    
    (20,821
    )
    
    
    (23,002
    )
    
    
    (27,932
    )Provision for impairment on land inventory
    
    
    
    
    
    
    (10,841
    )
    
    
    Recognized Hedge Activity
    
    
    (916
    )
    
    
    
    
    
    
    Plus:Interest income
    
    
    2,500
    
    
    
    1,839
    
    
    
    4,014Equity in income of real estate ventures
    
    
    4,069
    
    
    
    8,447
    
    
    
    6,955Net gain on sales of interests in depreciated real estate
    
    
    
    
    
    
    
    
    
    
    40,919Net (loss) gain on sales of interests in undepreciated real estate
    
    
    
    
    
    
    (24
    )
    
    
    Gain on early extinguishment of debt
    
    
    23,176
    
    
    
    18,105
    
    
    
    Income (loss) from continuing operations
    
    
    5,648
    
    
    
    1,422
    
    
    
    9,333Income from discontinued operations
    
    
    2,441
    
    
    
    37,103
    
    
    
    46,002Net income
    
    $
    8,089
    
    
    $
    38,525
    
    
    $
    55,335
 OPERATING LEASES
  Year
    
    Minimum Rent2010
    
    $
    473,9532011
    
    
    421,1202012
    
    
    358,0972013
    
    
    309,0522014
    
    
    260,157Thereafter
    
    
    1,010,618
  COMMITMENTS AND CONTINGENCIES
 Legal Proceedings
   F-85




---



##### Table of Contents



Letters-of-Credit
  Ground Rent
  2010
    
    $
    2,3182011
    
    
    2,3182012
    
    
    2,3182013
    
    
    2,3182014
    
    
    2,409Thereafter
    
    
    285,913
  Other Commitments or Contingencies
      F-86




---



##### Table of Contents



SUBSEQUENT EVENT
    F-87




---



##### Table of Contents



SUMMARY OF QUARTERLY RESULTS (UNAUDITED)
  1st
    
    
    2nd
    
    
    3rd
    
    
    4thQuarter
    
    
    Quarter
    
    
    Quarter (a)
    
    
    Quarter (a)2009:Total revenue
    
    $
    146,917
    
    
    $
    142,074
    
    
    $
    146,593
    
    
    $
    146,635Net income
    
    
    (873
    )
    
    
    5,780
    
    
    
    7,309
    
    
    
    (4,127
    )Income allocated to Common Partnership Units
    
    
    (778
    )
    
    
    5,612
    
    
    
    7,148
    
    
    
    (3,956
    )Basic earnings per Common Partnership Unit
    
    $
    (0.03
    )
    
    $
    0.03
    
    
    $
    0.04
    
    
    $
    (0.04
    )Diluted earnings per Common Partnership Unit
    
    $
    (0.03
    )
    
    $
    0.03
    
    
    $
    0.04
    
    
    $
    (0.04
    )2008:Total revenue
    
    $
    148,457
    
    
    $
    147,516
    
    
    $
    144,338
    
    
    $
    149,110Net income
    
    
    13,597
    
    
    
    8,213
    
    
    
    1,746
    
    
    
    14,969Income allocated to Common Partnership Units
    
    
    13,070
    
    
    
    7,912
    
    
    
    1,697
    
    
    
    14,538Basic earnings per Common Partnership Unit
    
    $
    0.13
    
    
    $
    0.07
    
    
    $
    (0.01
    )
    
    $
    0.14Diluted earnings per Common Partnership Unit
    
    $
    0.13
    
    
    $
    0.06
    
    
    $
    (0.01
    )
    
    $
    0.14
 (a)
    
    The fourth quarter net income includes a $0.9 million out of period adjustment pertaining to
the Companys
incorrect recording during the quarter ended September 30, 2009 of an amount released from
Accumulated Other
Comprehensive Income as a charge rather than a credit to recognized hedge activity. The amount
released of
$0.4 million relates to a forecasted transaction which was no longer expected to occur. The
reversal of the entry
resulted in the $0.9 million of income in the quarter ended December 31, 2009. In addition, the
fourth quarter of 2009
contains an out of period depreciation adjustment of $1.3 million relating to tenant assets that
should have been
written off over the second and third quarters of 2009 amounting to $0.6 million and $0.7 million,
respectively.   F-88




---



##### Table of Contents



Balance at
    
    
    
    
    
    
    
    
    
    
    BalanceBeginning
    
    
    
    
    
    
    
    
    
    
    at EndDescription
    
    of Period
    
    
    Additions
    
    
    Deductions (1)
    
    
    of PeriodAllowance for doubtful accounts:Year ended December 31, 2009
    
    $
    15,474
    
    
    $
    2,596
    
    
    $
    1,707
    
    
    $
    16,363Year ended December 31, 2008
    
    $
    10,162
    
    
    $
    6,900
    
    
    $
    1,588
    
    
    $
    15,474Year ended December 31, 2007
    
    $
    9,311
    
    
    $
    2,147
    
    
    $
    1,296
    
    
    $
    10,162
 (1)
    
    Deductions represent amounts that the Partnership had fully reserved for in prior periods and
pursuit of collection of such
amounts was ceased during the period.  F-89




---



##### Table of Contents



Gross Amount at Which CarriedInitial Cost
    
    
    December 31, 2009NetImprovements
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Accumulated(Retirements)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciation atEncumberances at
    
    
    
    
    
    
    Building and
    
    
    Since
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    December 31,
    
    
    Year of
    
    
    Year
    
    
    DepreciableCity
    
    State
    
    
    December 31, 2009
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total (a)
    
    
    2009 (b)
    
    
    Construction
    
    
    Acquired
    
    
    LifePENNSYLVANIA2929 Arch Street
    
    Philadelphia
    
    PA
    
    
    
    
    
    
    
    
    
    
    208,570
    
    
    
    17,954
    
    
    
    
    
    
    
    226,524
    
    
    
    226,524
    
    
    
    36,427
    
    
    
    2005
    
    
    
    N/A
    
    
    
    40130 North 18th Street
    
    Philadelphia
    
    PA
    
    
    89,800
    
    
    
    14,496
    
    
    
    107,736
    
    
    
    9,874
    
    
    
    14,473
    
    
    
    117,633
    
    
    
    132,106
    
    
    
    20,451
    
    
    
    1983
    
    
    
    2004
    
    
    
    23100 North 18th Street
    
    Philadelphia
    
    PA
    
    
    60,000
    
    
    
    16,066
    
    
    
    100,255
    
    
    
    3,940
    
    
    
    16,066
    
    
    
    104,195
    
    
    
    120,261
    
    
    
    17,168
    
    
    
    1988
    
    
    
    2004
    
    
    
    33150 Radnor Chester Road
    
    Radnor
    
    PA
    
    
    
    
    
    
    11,925
    
    
    
    36,986
    
    
    
    13,064
    
    
    
    11,897
    
    
    
    50,078
    
    
    
    61,975
    
    
    
    10,691
    
    
    
    1983
    
    
    
    2004
    
    
    
    29555 Lancaster Avenue
    
    Radnor
    
    PA
    
    
    
    
    
    
    8,014
    
    
    
    16,508
    
    
    
    25,497
    
    
    
    8,609
    
    
    
    41,410
    
    
    
    50,019
    
    
    
    10,236
    
    
    
    1973
    
    
    
    2004
    
    
    
    24One Radnor Corporate Center
    
    Radnor
    
    PA
    
    
    
    
    
    
    7,323
    
    
    
    28,613
    
    
    
    11,526
    
    
    
    7,323
    
    
    
    40,139
    
    
    
    47,462
    
    
    
    6,107
    
    
    
    1998
    
    
    
    2004
    
    
    
    29201 King of Prussia Road
    
    Radnor
    
    PA
    
    
    
    
    
    
    8,956
    
    
    
    29,811
    
    
    
    5,101
    
    
    
    8,949
    
    
    
    34,918
    
    
    
    43,868
    
    
    
    8,466
    
    
    
    2001
    
    
    
    2004
    
    
    
    25401 Plymouth Road
    
    Plymouth Meeting
    
    PA
    
    
    
    
    
    
    6,198
    
    
    
    16,131
    
    
    
    15,222
    
    
    
    6,199
    
    
    
    31,353
    
    
    
    37,551
    
    
    
    7,442
    
    
    
    2001
    
    
    
    2000
    
    
    
    40Four Radnor Corporate Center
    
    Radnor
    
    PA
    
    
    
    
    
    
    5,406
    
    
    
    21,390
    
    
    
    8,976
    
    
    
    5,705
    
    
    
    30,067
    
    
    
    35,772
    
    
    
    6,300
    
    
    
    1995
    
    
    
    2004
    
    
    
    30Five Radnor Corporate Center
    
    Radnor
    
    PA
    
    
    
    
    
    
    6,506
    
    
    
    25,525
    
    
    
    1,892
    
    
    
    6,578
    
    
    
    27,345
    
    
    
    33,923
    
    
    
    4,678
    
    
    
    1998
    
    
    
    2004
    
    
    
    38101 West Elm Street
    
    W. Conshohocken
    
    PA
    
    
    
    
    
    
    6,251
    
    
    
    25,209
    
    
    
    1,031
    
    
    
    6,251
    
    
    
    26,239
    
    
    
    32,491
    
    
    
    3,261
    
    
    
    1999
    
    
    
    2005
    
    
    
    404000 Chemical Road
    
    Plymouth Meeting
    
    PA
    
    
    
    
    
    
    4,373
    
    
    
    24,546
    
    
    
    1,295
    
    
    
    4,373
    
    
    
    25,841
    
    
    
    30,214
    
    
    
    1,157
    
    
    
    2007
    
    
    
    N/A
    
    
    
    40Three Radnor Corporate Center
    
    Radnor
    
    PA
    
    
    
    
    
    
    4,773
    
    
    
    17,961
    
    
    
    1,250
    
    
    
    4,791
    
    
    
    19,192
    
    
    
    23,984
    
    
    
    3,766
    
    
    
    1998
    
    
    
    2004
    
    
    
    29640 Freedom Business Center
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    4,222
    
    
    
    16,891
    
    
    
    2,689
    
    
    
    4,222
    
    
    
    19,580
    
    
    
    23,802
    
    
    
    6,628
    
    
    
    1991
    
    
    
    1998
    
    
    
    40555 Croton Road
    
    King of Prussia
    
    PA
    
    
    
    
    
    
    4,486
    
    
    
    17,943
    
    
    
    1,026
    
    
    
    4,486
    
    
    
    18,969
    
    
    
    23,455
    
    
    
    4,261
    
    
    
    1999
    
    
    
    2001
    
    
    
    40400 Berwyn Park
    
    Berwyn
    
    PA
    
    
    
    
    
    
    2,657
    
    
    
    4,462
    
    
    
    15,790
    
    
    
    2,657
    
    
    
    20,252
    
    
    
    22,909
    
    
    
    6,473
    
    
    
    1999
    
    
    
    1999
    
    
    
    40630 Allendale Road
    
    King of Prussia
    
    PA
    
    
    
    
    
    
    2,836
    
    
    
    4,028
    
    
    
    15,499
    
    
    
    2,636
    
    
    
    19,727
    
    
    
    22,363
    
    
    
    7,289
    
    
    
    2000
    
    
    
    2000
    
    
    
    40101 Lindenwood Drive
    
    Malvern
    
    PA
    
    
    
    
    
    
    4,152
    
    
    
    16,606
    
    
    
    1,324
    
    
    
    4,152
    
    
    
    17,931
    
    
    
    22,082
    
    
    
    4,334
    
    
    
    1988
    
    
    
    2001
    
    
    
    4052 Swedesford Square
    
    East Whiteland Twp.
    
    PA
    
    
    
    
    
    
    4,241
    
    
    
    16,579
    
    
    
    1,002
    
    
    
    4,241
    
    
    
    17,581
    
    
    
    21,822
    
    
    
    5,771
    
    
    
    1988
    
    
    
    1998
    
    
    
    40600 West Germantown Pike
    
    Plymouth Meeting
    
    PA
    
    
    10,626
    
    
    
    3,652
    
    
    
    15,288
    
    
    
    1,456
    
    
    
    3,652
    
    
    
    16,744
    
    
    
    20,396
    
    
    
    3,685
    
    
    
    1986
    
    
    
    2002
    
    
    
    40630 West Germantown Pike
    
    Plymouth Meeting
    
    PA
    
    
    10,652
    
    
    
    3,558
    
    
    
    14,743
    
    
    
    2,094
    
    
    
    3,558
    
    
    
    16,836
    
    
    
    20,395
    
    
    
    3,376
    
    
    
    1988
    
    
    
    2002
    
    
    
    40980 Harvest Drive
    
    Blue Bell
    
    PA
    
    
    
    
    
    
    3,304
    
    
    
    16,960
    
    
    
    0
    
    
    
    3,304
    
    
    
    16,961
    
    
    
    20,264
    
    
    
    5,098
    
    
    
    1988
    
    
    
    2002
    
    
    
    40Two Radnor Corporate Center
    
    Radnor
    
    PA
    
    
    
    
    
    
    3,937
    
    
    
    15,484
    
    
    
    810
    
    
    
    3,942
    
    
    
    16,289
    
    
    
    20,231
    
    
    
    3,144
    
    
    
    1998
    
    
    
    2004
    
    
    
    29610 West Germantown Pike
    
    Plymouth Meeting
    
    PA
    
    
    10,682
    
    
    
    3,651
    
    
    
    14,514
    
    
    
    1,921
    
    
    
    3,651
    
    
    
    16,434
    
    
    
    20,086
    
    
    
    3,588
    
    
    
    1987
    
    
    
    2002
    
    
    
    40620 West Germantown Pike
    
    Plymouth Meeting
    
    PA
    
    
    10,682
    
    
    
    3,572
    
    
    
    14,435
    
    
    
    1,417
    
    
    
    3,572
    
    
    
    15,851
    
    
    
    19,424
    
    
    
    3,843
    
    
    
    1990
    
    
    
    2002
    
    
    
    40200 Barr Harbour Drive
    
    Conshohocken
    
    PA
    
    
    13,557
    
    
    
    2,827
    
    
    
    15,525
    
    
    
    163
    
    
    
    2,827
    
    
    
    15,688
    
    
    
    18,515
    
    
    
    6,116
    
    
    
    1999
    
    
    
    2004
    
    
    
    401050 Westlakes Drive
    
    Berwyn
    
    PA
    
    
    
    
    
    
    2,611
    
    
    
    10,445
    
    
    
    5,046
    
    
    
    2,611
    
    
    
    15,491
    
    
    
    18,102
    
    
    
    4,376
    
    
    
    1984
    
    
    
    1999
    
    
    
    401 West Elm Street
    
    W. Conshohocken
    
    PA
    
    
    
    
    
    
    3,557
    
    
    
    14,249
    
    
    
    
    
    
    
    3,557
    
    
    
    14,347
    
    
    
    17,904
    
    
    
    1,526
    
    
    
    1999
    
    
    
    2005
    
    
    
    401200 Swedesford Road
    
    Berwyn
    
    PA
    
    
    3,255
    
    
    
    2,595
    
    
    
    11,809
    
    
    
    3,370
    
    
    
    2,595
    
    
    
    15,178
    
    
    
    17,774
    
    
    
    2,189
    
    
    
    1994
    
    
    
    2001
    
    
    
    40181 Washington Street
    
    Conshohocken
    
    PA
    
    
    10,158
    
    
    
    2,672
    
    
    
    14,221
    
    
    
    812
    
    
    
    2,673
    
    
    
    15,032
    
    
    
    17,705
    
    
    
    6,688
    
    
    
    1998
    
    
    
    2004
    
    
    
    40300 Berwyn Park
    
    Berwyn
    
    PA
    
    
    10,506
    
    
    
    2,206
    
    
    
    13,422
    
    
    
    1,983
    
    
    
    2,206
    
    
    
    15,405
    
    
    
    17,611
    
    
    
    5,478
    
    
    
    1989
    
    
    
    1997
    
    
    
    40620 Freedom Business Center
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    2,770
    
    
    
    11,014
    
    
    
    3,295
    
    
    
    2,770
    
    
    
    14,309
    
    
    
    17,079
    
    
    
    5,242
    
    
    
    1986
    
    
    
    1998
    
    
    
    401000 First Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    2,772
    
    
    
    10,936
    
    
    
    3,177
    
    
    
    2,772
    
    
    
    14,113
    
    
    
    16,885
    
    
    
    4,494
    
    
    
    1980
    
    
    
    1998
    
    
    
    401060 First Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    2,712
    
    
    
    10,953
    
    
    
    2,609
    
    
    
    2,712
    
    
    
    13,562
    
    
    
    16,274
    
    
    
    4,279
    
    
    
    1987
    
    
    
    1998
    
    
    
    40301 Lindenwood Drive
    
    Malvern
    
    PA
    
    
    
    
    
    
    2,729
    
    
    
    10,915
    
    
    
    1,955
    
    
    
    2,729
    
    
    
    12,870
    
    
    
    15,599
    
    
    
    3,419
    
    
    
    1984
    
    
    
    2001
    
    
    
    401040 First Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    2,860
    
    
    
    11,282
    
    
    
    1,047
    
    
    
    2,860
    
    
    
    12,329
    
    
    
    15,189
    
    
    
    4,192
    
    
    
    1985
    
    
    
    1998
    
    
    
    40595 East Swedesford Road
    
    Wayne
    
    PA
    
    
    
    
    
    
    2,729
    
    
    
    10,917
    
    
    
    1,491
    
    
    
    2,729
    
    
    
    12,408
    
    
    
    15,137
    
    
    
    2,063
    
    
    
    1998
    
    
    
    2003
    
    
    
    40630 Freedom Business Center
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    2,773
    
    
    
    11,144
    
    
    
    978
    
    
    
    2,773
    
    
    
    12,122
    
    
    
    14,895
    
    
    
    4,203
    
    
    
    1989
    
    
    
    1998
    
    
    
    401020 First Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    2,168
    
    
    
    8,576
    
    
    
    4,118
    
    
    
    2,168
    
    
    
    12,693
    
    
    
    14,862
    
    
    
    3,895
    
    
    
    1984
    
    
    
    1998
    
    
    
    40130 Radnor Chester Road
    
    Radnor
    
    PA
    
    
    
    
    
    
    2,573
    
    
    
    8,338
    
    
    
    3,692
    
    
    
    2,567
    
    
    
    12,035
    
    
    
    14,603
    
    
    
    1,830
    
    
    
    1983
    
    
    
    2004
    
    
    
    25170 Radnor Chester Road
    
    Radnor
    
    PA
    
    
    
    
    
    
    2,514
    
    
    
    8,147
    
    
    
    3,340
    
    
    
    2,509
    
    
    
    11,493
    
    
    
    14,001
    
    
    
    2,246
    
    
    
    1983
    
    
    
    2004
    
    
    
    25200 Berwyn Park
    
    Berwyn
    
    PA
    
    
    7,254
    
    
    
    1,533
    
    
    
    9,460
    
    
    
    2,351
    
    
    
    1,533
    
    
    
    11,811
    
    
    
    13,344
    
    
    
    4,564
    
    
    
    1987
    
    
    
    1997
    
    
    
    40575 East Swedesford Road
    
    Wayne
    
    PA
    
    
    
    
    
    
    2,178
    
    
    
    8,712
    
    
    
    1,856
    
    
    
    2,178
    
    
    
    10,568
    
    
    
    12,746
    
    
    
    1,842
    
    
    
    1985
    
    
    
    2003
    
    
    
    401180 Swedesford Road
    
    Berwyn
    
    PA
    
    
    
    
    
    
    2,086
    
    
    
    8,342
    
    
    
    1,237
    
    
    
    2,086
    
    
    
    9,580
    
    
    
    11,665
    
    
    
    2,471
    
    
    
    1987
    
    
    
    2001
    
    
    
    40610 Freedom Business Center
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    2,017
    
    
    
    8,070
    
    
    
    722
    
    
    
    2,017
    
    
    
    8,792
    
    
    
    10,809
    
    
    
    3,086
    
    
    
    1985
    
    
    
    1998
    
    
    
    40565 East Swedesford Road
    
    Wayne
    
    PA
    
    
    
    
    
    
    1,872
    
    
    
    7,489
    
    
    
    1,201
    
    
    
    1,872
    
    
    
    8,690
    
    
    
    10,562
    
    
    
    1,688
    
    
    
    1984
    
    
    
    2003
    
    
    
    401160 Swedesford Road
    
    Berwyn
    
    PA
    
    
    
    
    
    
    1,781
    
    
    
    7,124
    
    
    
    1,245
    
    
    
    1,781
    
    
    
    8,369
    
    
    
    10,150
    
    
    
    2,248
    
    
    
    1986
    
    
    
    2001
    
    
    
    40100 Berwyn Park
    
    Berwyn
    
    PA
    
    
    5,580
    
    
    
    1,180
    
    
    
    7,290
    
    
    
    963
    
    
    
    1,180
    
    
    
    8,253
    
    
    
    9,433
    
    
    
    3,135
    
    
    
    1986
    
    
    
    1997
    
    
    
    40925 Harvest Drive
    
    Blue Bell
    
    PA
    
    
    
    
    
    
    1,671
    
    
    
    6,606
    
    
    
    1,128
    
    
    
    1,671
    
    
    
    7,734
    
    
    
    9,405
    
    
    
    2,775
    
    
    
    1990
    
    
    
    1998
    
    
    
    40650 Park Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    1,916
    
    
    
    4,378
    
    
    
    2,530
    
    
    
    1,916
    
    
    
    6,908
    
    
    
    8,824
    
    
    
    2,950
    
    
    
    1968
    
    
    
    1998
    
    
    
    40426 Lancaster Avenue
    
    Devon
    
    PA
    
    
    
    
    
    
    1,689
    
    
    
    6,756
    
    
    
    369
    
    
    
    1,689
    
    
    
    7,126
    
    
    
    8,814
    
    
    
    2,489
    
    
    
    1990
    
    
    
    1998
    
    
    
    401100 Cassett Road
    
    Berwyn
    
    PA
    
    
    
    
    
    
    1,695
    
    
    
    6,779
    
    
    
    (0
    )
    
    
    1,695
    
    
    
    6,779
    
    
    
    8,474
    
    
    
    1,483
    
    
    
    1997
    
    
    
    2001
    
    
    
    4014 Campus Boulevard
    
    Newtown Square
    
    PA
    
    
    6,725
    
    
    
    2,244
    
    
    
    4,217
    
    
    
    1,734
    
    
    
    2,244
    
    
    
    5,951
    
    
    
    8,195
    
    
    
    1,648
    
    
    
    1998
    
    
    
    1998
    
    
    
    40500 North Gulph Road
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    1,303
    
    
    
    5,201
    
    
    
    1,564
    
    
    
    1,303
    
    
    
    6,765
    
    
    
    8,068
    
    
    
    2,661
    
    
    
    1979
    
    
    
    1996
    
    
    
    40920 Harvest Drive
    
    Blue Bell
    
    PA
    
    
    
    
    
    
    1,209
    
    
    
    6,595
    
    
    
    (245
    )
    
    
    1,208
    
    
    
    6,351
    
    
    
    7,559
    
    
    
    2,398
    
    
    
    1990
    
    
    
    1998
    
    
    
    402240/2250 Butler Pike
    
    Plymouth Meeting
    
    PA
    
    
    
    
    
    
    1,104
    
    
    
    4,627
    
    
    
    1,666
    
    
    
    1,104
    
    
    
    6,293
    
    
    
    7,397
    
    
    
    2,811
    
    
    
    1984
    
    
    
    1996
    
    
    
    40One Progress Drive
    
    Horsham
    
    PA
    
    
    
    
    
    
    1,399
    
    
    
    5,629
    
    
    
    230
    
    
    
    1,399
    
    
    
    5,859
    
    
    
    7,258
    
    
    
    2,360
    
    
    
    1986
    
    
    
    1996
    
    
    
    40585 East Swedesford Road
    
    Wayne
    
    PA
    
    
    
    
    
    
    1,350
    
    
    
    5,401
    
    
    
    358
    
    
    
    1,350
    
    
    
    5,758
    
    
    
    7,109
    
    
    
    902
    
    
    
    1998
    
    
    
    2003
    
    
    
    40429 Creamery Way
    
    Exton
    
    PA
    
    
    
    
    
    
    1,368
    
    
    
    5,471
    
    
    
    19
    
    
    
    1,368
    
    
    
    5,490
    
    
    
    6,858
    
    
    
    1,244
    
    
    
    1996
    
    
    
    2001
    
    
    
    40741 First Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    1,287
    
    
    
    5,151
    
    
    
    219
    
    
    
    1,287
    
    
    
    5,369
    
    
    
    6,657
    
    
    
    1,956
    
    
    
    1966
    
    
    
    1998
    
    
    
    40440 Creamery Way
    
    Exton
    
    PA
    
    
    
    
    
    
    982
    
    
    
    3,927
    
    
    
    1,717
    
    
    
    982
    
    
    
    5,644
    
    
    
    6,626
    
    
    
    1,508
    
    
    
    1991
    
    
    
    2001
    
    
    
    40412 Creamery Way
    
    Exton
    
    PA
    
    
    
    
    
    
    1,195
    
    
    
    4,779
    
    
    
    503
    
    
    
    1,195
    
    
    
    5,282
    
    
    
    6,477
    
    
    
    1,296
    
    
    
    1999
    
    
    
    2001
    
    
    
    40875 First Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    618
    
    
    
    2,473
    
    
    
    3,302
    
    
    
    618
    
    
    
    5,775
    
    
    
    6,393
    
    
    
    2,086
    
    
    
    1966
    
    
    
    1998
    
    
    
    4017 Campus Boulevard
    
    Newtown Square
    
    PA
    
    
    4,699
    
    
    
    1,108
    
    
    
    5,155
    
    
    
    46
    
    
    
    1,108
    
    
    
    5,201
    
    
    
    6,309
    
    
    
    2,083
    
    
    
    2001
    
    
    
    1997
    
    
    
    40479 Thomas Jones Way
    
    Exton
    
    PA
    
    
    
    
    
    
    1,075
    
    
    
    4,299
    
    
    
    808
    
    
    
    1,075
    
    
    
    5,107
    
    
    
    6,182
    
    
    
    1,231
    
    
    
    1988
    
    
    
    2001
    
    
    
    40500 Enterprise Drive
    
    Horsham
    
    PA
    
    
    
    
    
    
    1,303
    
    
    
    5,188
    
    
    
    (446
    )
    
    
    1,303
    
    
    
    4,741
    
    
    
    6,045
    
    
    
    1,804
    
    
    
    1990
    
    
    
    1996
    
    
    
    4011 Campus Boulevard
    
    Newtown Square
    
    PA
    
    
    4,610
    
    
    
    1,112
    
    
    
    4,067
    
    
    
    802
    
    
    
    1,112
    
    
    
    4,869
    
    
    
    5,981
    
    
    
    1,429
    
    
    
    1998
    
    
    
    1999
    
    
    
    40Philadelphia Marine Center
    
    Philadelphia
    
    PA
    
    
    
    
    
    
    532
    
    
    
    2,196
    
    
    
    3,249
    
    
    
    628
    
    
    
    5,349
    
    
    
    5,977
    
    
    
    1,241
    
    
    Various
    
    
    1998
    
    
    
    40
  F-90




---



##### Table of Contents



Gross Amount at Which CarriedInitial Cost
    
    
    December 31, 2009NetImprovements
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Accumulated(Retirements)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciation atEncumberances at
    
    
    
    
    
    
    Building and
    
    
    Since
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    December 31,
    
    
    Year of
    
    
    Year
    
    
    DepreciableCity
    
    State
    
    
    December 31, 2009
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total (a)
    
    
    2009 (b)
    
    
    Construction
    
    
    Acquired
    
    
    Life467 Creamery Way
    
    Exton
    
    PA
    
    
    
    
    
    
    906
    
    
    
    3,623
    
    
    
    1,365
    
    
    
    906
    
    
    
    4,988
    
    
    
    5,894
    
    
    
    1,171
    
    
    
    1988
    
    
    
    2001
    
    
    
    40300 Lindenwood Drive
    
    Malvern
    
    PA
    
    
    
    
    
    
    848
    
    
    
    3,394
    
    
    
    1,362
    
    
    
    849
    
    
    
    4,756
    
    
    
    5,604
    
    
    
    1,110
    
    
    
    1991
    
    
    
    2001
    
    
    
    40436 Creamery Way
    
    Exton
    
    PA
    
    
    
    
    
    
    994
    
    
    
    3,978
    
    
    
    555
    
    
    
    994
    
    
    
    4,532
    
    
    
    5,527
    
    
    
    1,112
    
    
    
    1991
    
    
    
    2001
    
    
    
    40751-761 Fifth Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    1,097
    
    
    
    4,391
    
    
    
    31
    
    
    
    1,097
    
    
    
    4,422
    
    
    
    5,519
    
    
    
    1,505
    
    
    
    1967
    
    
    
    1998
    
    
    
    4015 Campus Boulevard
    
    Newtown Square
    
    PA
    
    
    4,800
    
    
    
    1,164
    
    
    
    3,896
    
    
    
    408
    
    
    
    1,164
    
    
    
    4,304
    
    
    
    5,468
    
    
    
    1,012
    
    
    
    2002
    
    
    
    2000
    
    
    
    40600 Park Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    1,012
    
    
    
    4,048
    
    
    
    385
    
    
    
    1,012
    
    
    
    4,433
    
    
    
    5,445
    
    
    
    1,443
    
    
    
    1964
    
    
    
    1998
    
    
    
    40620 Allendale Road
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    1,020
    
    
    
    3,839
    
    
    
    514
    
    
    
    1,020
    
    
    
    4,353
    
    
    
    5,373
    
    
    
    1,387
    
    
    
    1961
    
    
    
    1998
    
    
    
    40442 Creamery Way
    
    Exton
    
    PA
    
    
    
    
    
    
    894
    
    
    
    3,576
    
    
    
    684
    
    
    
    894
    
    
    
    4,260
    
    
    
    5,154
    
    
    
    1,100
    
    
    
    1991
    
    
    
    2001
    
    
    
    40100 Arrandale Boulevard
    
    Exton
    
    PA
    
    
    
    
    
    
    970
    
    
    
    3,878
    
    
    
    274
    
    
    
    970
    
    
    
    4,152
    
    
    
    5,122
    
    
    
    983
    
    
    
    1997
    
    
    
    2001
    
    
    
    4018 Campus Boulevard
    
    Newtown Square
    
    PA
    
    
    3,615
    
    
    
    787
    
    
    
    3,312
    
    
    
    461
    
    
    
    787
    
    
    
    3,773
    
    
    
    4,560
    
    
    
    1,676
    
    
    
    1990
    
    
    
    1996
    
    
    
    402260 Butler Pike
    
    Plymouth Meeting
    
    PA
    
    
    
    
    
    
    661
    
    
    
    2,727
    
    
    
    1,103
    
    
    
    662
    
    
    
    3,829
    
    
    
    4,491
    
    
    
    1,665
    
    
    
    1984
    
    
    
    1996
    
    
    
    40486 Thomas Jones Way
    
    Exton
    
    PA
    
    
    
    
    
    
    806
    
    
    
    3,256
    
    
    
    339
    
    
    
    806
    
    
    
    3,595
    
    
    
    4,401
    
    
    
    1,360
    
    
    
    1990
    
    
    
    1996
    
    
    
    401700 Paoli Pike
    
    Malvern
    
    PA
    
    
    
    
    
    
    458
    
    
    
    559
    
    
    
    3,281
    
    
    
    488
    
    
    
    3,810
    
    
    
    4,298
    
    
    
    1,017
    
    
    
    2000
    
    
    
    2000
    
    
    
    40120 West Germantown Pike
    
    Plymouth Meeting
    
    PA
    
    
    
    
    
    
    685
    
    
    
    2,773
    
    
    
    652
    
    
    
    685
    
    
    
    3,425
    
    
    
    4,110
    
    
    
    1,518
    
    
    
    1984
    
    
    
    1996
    
    
    
    40457 Creamery Way
    
    Exton
    
    PA
    
    
    
    
    
    
    777
    
    
    
    3,107
    
    
    
    25
    
    
    
    777
    
    
    
    3,132
    
    
    
    3,909
    
    
    
    699
    
    
    
    1990
    
    
    
    2001
    
    
    
    401336 Enterprise Drive
    
    West Goshen
    
    PA
    
    
    
    
    
    
    731
    
    
    
    2,946
    
    
    
    47
    
    
    
    731
    
    
    
    2,993
    
    
    
    3,724
    
    
    
    1,133
    
    
    
    1989
    
    
    
    1997
    
    
    
    40680 Allendale Road
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    689
    
    
    
    2,756
    
    
    
    9
    
    
    
    689
    
    
    
    2,765
    
    
    
    3,454
    
    
    
    946
    
    
    
    1962
    
    
    
    1998
    
    
    
    40456 Creamery Way
    
    Exton
    
    PA
    
    
    
    
    
    
    635
    
    
    
    2,548
    
    
    
    (48
    )
    
    
    635
    
    
    
    2,500
    
    
    
    3,135
    
    
    
    1,010
    
    
    
    1987
    
    
    
    1996
    
    
    
    40630 Clark Avenue
    
    King Of Prussia
    
    PA
    
    
    
    
    
    
    547
    
    
    
    2,190
    
    
    
    0
    
    
    
    547
    
    
    
    2,190
    
    
    
    2,737
    
    
    
    746
    
    
    
    1960
    
    
    
    1998
    
    
    
    40140 West Germantown Pike
    
    Plymouth Meeting
    
    PA
    
    
    
    
    
    
    481
    
    
    
    1,976
    
    
    
    264
    
    
    
    482
    
    
    
    2,239
    
    
    
    2,721
    
    
    
    934
    
    
    
    1984
    
    
    
    1996
    
    
    
    40468 Thomas Jones Way
    
    Exton
    
    PA
    
    
    
    
    
    
    526
    
    
    
    2,112
    
    
    
    74
    
    
    
    527
    
    
    
    2,185
    
    
    
    2,712
    
    
    
    926
    
    
    
    1990
    
    
    
    1996
    
    
    
    40481 John Young Way
    
    Exton
    
    PA
    
    
    
    
    
    
    496
    
    
    
    1,983
    
    
    
    14
    
    
    
    496
    
    
    
    1,997
    
    
    
    2,493
    
    
    
    435
    
    
    
    1997
    
    
    
    2001
    
    
    
    40100 Lindenwood Drive
    
    Malvern
    
    PA
    
    
    
    
    
    
    473
    
    
    
    1,892
    
    
    
    78
    
    
    
    473
    
    
    
    1,970
    
    
    
    2,443
    
    
    
    452
    
    
    
    1985
    
    
    
    2001
    
    
    
    40640 Allendale Road
    
    King of Prussia
    
    PA
    
    
    
    
    
    
    439
    
    
    
    432
    
    
    
    1,480
    
    
    
    439
    
    
    
    1,912
    
    
    
    2,351
    
    
    
    445
    
    
    
    2000
    
    
    
    2000
    
    
    
    40660 Allendale Road
    
    King of Prussia
    
    PA
    
    
    
    
    
    
    396
    
    
    
    3,343
    
    
    
    (1,637
    )
    
    
    396
    
    
    
    1,706
    
    
    
    2,102
    
    
    
    821
    
    
    
    1962
    
    
    
    1998
    
    
    
    40200 Lindenwood Drive
    
    Malvern
    
    PA
    
    
    
    
    
    
    324
    
    
    
    1,295
    
    
    
    1
    
    
    
    324
    
    
    
    1,296
    
    
    
    1,620
    
    
    
    284
    
    
    
    1984
    
    
    
    2001
    
    
    
    40351 Plymouth Road
    
    Plymouth Meeting
    
    PA
    
    
    
    
    
    
    1,043
    
    
    
    555
    
    
    
    
    
    
    
    1,043
    
    
    
    555
    
    
    
    1,598
    
    
    
    66
    
    
    
    N/A
    
    
    
    2000
    
    
    
    40111 Arrandale Road
    
    Exton
    
    PA
    
    
    
    
    
    
    262
    
    
    
    1,048
    
    
    
    125
    
    
    
    262
    
    
    
    1,173
    
    
    
    1,435
    
    
    
    287
    
    
    
    1996
    
    
    
    2001
    
    
    
    40922 Swedesford Road
    
    Berwyn
    
    PA
    
    
    
    
    
    
    218
    
    
    
    
    
    
    
    (218
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    N/A
    
    
    
    N/A
    
    
    
    40METROPOLITAN WASHINGTON D.C.1676 International Drive
    
    Mclean
    
    VA
    
    
    62,713
    
    
    
    18,437
    
    
    
    97,538
    
    
    
    1,031
    
    
    
    18,785
    
    
    
    98,221
    
    
    
    117,006
    
    
    
    8,591
    
    
    
    1999
    
    
    
    2006
    
    
    
    552340 Dulles Corner Boulevard
    
    Herndon
    
    VA
    
    
    
    
    
    
    16,345
    
    
    
    65,379
    
    
    
    18,370
    
    
    
    16,129
    
    
    
    83,965
    
    
    
    100,094
    
    
    
    10,569
    
    
    
    1987
    
    
    
    2006
    
    
    
    4013820 Sunrise Valley Drive
    
    Herndon
    
    VA
    
    
    
    
    
    
    11,082
    
    
    
    47,290
    
    
    
    19,687
    
    
    
    11,082
    
    
    
    66,977
    
    
    
    78,059
    
    
    
    1,931
    
    
    
    2007
    
    
    
    N/A
    
    
    
    407101 Wisconsin Avenue
    
    Bethesda
    
    MD
    
    
    
    
    
    
    9,634
    
    
    
    48,402
    
    
    
    4,825
    
    
    
    9,816
    
    
    
    53,045
    
    
    
    62,860
    
    
    
    6,396
    
    
    
    1975
    
    
    
    2006
    
    
    
    453130 Fairview Park Drive
    
    Falls Church
    
    VA
    
    
    
    
    
    
    6,576
    
    
    
    51,605
    
    
    
    2,262
    
    
    
    6,700
    
    
    
    53,743
    
    
    
    60,443
    
    
    
    4,739
    
    
    
    1999
    
    
    
    2006
    
    
    
    532291 Wood Oak Drive
    
    Herndon
    
    VA
    
    
    
    
    
    
    8,243
    
    
    
    52,413
    
    
    
    (741
    )
    
    
    8,782
    
    
    
    51,133
    
    
    
    59,915
    
    
    
    4,610
    
    
    
    1999
    
    
    
    2006
    
    
    
    552355 Dulles Corner Boulevard
    
    Herndon
    
    VA
    
    
    
    
    
    
    10,365
    
    
    
    43,876
    
    
    
    5,245
    
    
    
    10,365
    
    
    
    49,121
    
    
    
    59,486
    
    
    
    5,514
    
    
    
    1988
    
    
    
    2006
    
    
    
    40196/198 Van Buren Street
    
    Herndon
    
    VA
    
    
    
    
    
    
    7,931
    
    
    
    43,812
    
    
    
    7,171
    
    
    
    8,348
    
    
    
    50,565
    
    
    
    58,914
    
    
    
    6,513
    
    
    
    1991
    
    
    
    2006
    
    
    
    532251 Corporate Park Drive
    
    Herndon
    
    VA
    
    
    
    
    
    
    11,472
    
    
    
    45,893
    
    
    
    42
    
    
    
    11,472
    
    
    
    45,936
    
    
    
    57,407
    
    
    
    3,636
    
    
    
    2000
    
    
    
    2006
    
    
    
    402411 Dulles Corner Park
    
    Herndon
    
    VA
    
    
    
    
    
    
    7,279
    
    
    
    46,340
    
    
    
    3,654
    
    
    
    7,417
    
    
    
    49,856
    
    
    
    57,273
    
    
    
    4,630
    
    
    
    1990
    
    
    
    2006
    
    
    
    501900 Gallows Road
    
    Vienna
    
    VA
    
    
    
    
    
    
    7,797
    
    
    
    47,817
    
    
    
    (897
    )
    
    
    7,944
    
    
    
    46,773
    
    
    
    54,717
    
    
    
    3,680
    
    
    
    1989
    
    
    
    2006
    
    
    
    523141 Fairview Park Drive
    
    Falls Church
    
    VA
    
    
    
    
    
    
    5,918
    
    
    
    40,981
    
    
    
    841
    
    
    
    6,050
    
    
    
    41,691
    
    
    
    47,741
    
    
    
    4,573
    
    
    
    1988
    
    
    
    2006
    
    
    
    5113880 Dulles Corner Lane
    
    Herndon
    
    VA
    
    
    
    
    
    
    7,236
    
    
    
    39,213
    
    
    
    640
    
    
    
    7,373
    
    
    
    39,716
    
    
    
    47,089
    
    
    
    4,728
    
    
    
    1997
    
    
    
    2006
    
    
    
    556600 Rockledge Drive
    
    Bethesda
    
    MD
    
    
    
    
    
    
    
    
    
    
    37,421
    
    
    
    8,329
    
    
    
    
    
    
    
    45,750
    
    
    
    45,750
    
    
    
    4,819
    
    
    
    1981
    
    
    
    2006
    
    
    
    502121 Cooperative Way
    
    Herndon
    
    VA
    
    
    
    
    
    
    5,598
    
    
    
    38,639
    
    
    
    219
    
    
    
    5,795
    
    
    
    38,661
    
    
    
    44,456
    
    
    
    3,536
    
    
    
    2000
    
    
    
    2006
    
    
    
    548260 Greensboro Drive
    
    Mclean
    
    VA
    
    
    33,296
    
    
    
    7,952
    
    
    
    33,964
    
    
    
    407
    
    
    
    8,102
    
    
    
    34,221
    
    
    
    42,323
    
    
    
    3,794
    
    
    
    1980
    
    
    
    2006
    
    
    
    522273 Research Boulevard
    
    Rockville
    
    MD
    
    
    14,180
    
    
    
    5,167
    
    
    
    31,110
    
    
    
    3,128
    
    
    
    5,237
    
    
    
    34,168
    
    
    
    39,405
    
    
    
    4,552
    
    
    
    1999
    
    
    
    2006
    
    
    
    452201 Cooperative Way
    
    Herndon
    
    VA
    
    
    
    
    
    
    4,809
    
    
    
    34,093
    
    
    
    (1,785
    )
    
    
    4,809
    
    
    
    32,309
    
    
    
    37,118
    
    
    
    2,772
    
    
    
    1990
    
    
    
    2006
    
    
    
    542275 Research Boulevard
    
    Rockville
    
    MD
    
    
    14,180
    
    
    
    5,059
    
    
    
    29,668
    
    
    
    1,389
    
    
    
    5,154
    
    
    
    30,962
    
    
    
    36,116
    
    
    
    3,158
    
    
    
    1990
    
    
    
    2006
    
    
    
    458521 Leesburg Pike
    
    Vienna
    
    VA
    
    
    
    
    
    
    4,316
    
    
    
    30,885
    
    
    
    (57
    )
    
    
    4,397
    
    
    
    30,746
    
    
    
    35,143
    
    
    
    3,276
    
    
    
    1984
    
    
    
    2006
    
    
    
    511880 Campus Commons Drive
    
    Reston
    
    VA
    
    
    
    
    
    
    6,164
    
    
    
    28,114
    
    
    
    86
    
    
    
    6,281
    
    
    
    28,083
    
    
    
    34,364
    
    
    
    2,466
    
    
    
    1985
    
    
    
    2006
    
    
    
    522277 Research Boulevard
    
    Rockville
    
    MD
    
    
    13,163
    
    
    
    4,649
    
    
    
    26,952
    
    
    
    (238
    )
    
    
    4,733
    
    
    
    26,629
    
    
    
    31,362
    
    
    
    2,451
    
    
    
    1986
    
    
    
    2006
    
    
    
    4512015 Lee Jackson Memorial Highway
    
    Fairfax
    
    VA
    
    
    
    
    
    
    3,770
    
    
    
    22,895
    
    
    
    2,188
    
    
    
    3,842
    
    
    
    25,012
    
    
    
    28,853
    
    
    
    3,605
    
    
    
    1985
    
    
    
    2006
    
    
    
    4211720 Beltsville Drive
    
    Beltsville
    
    MD
    
    
    
    
    
    
    3,831
    
    
    
    16,661
    
    
    
    4,660
    
    
    
    3,904
    
    
    
    21,248
    
    
    
    25,151
    
    
    
    2,913
    
    
    
    1987
    
    
    
    2006
    
    
    
    4611781 Lee Jackson Memorial Highway
    
    Fairfax
    
    VA
    
    
    
    
    
    
    3,246
    
    
    
    19,836
    
    
    
    (229
    )
    
    
    3,307
    
    
    
    19,546
    
    
    
    22,853
    
    
    
    2,611
    
    
    
    1982
    
    
    
    2006
    
    
    
    4013825 Sunrise Valley Drive
    
    Herndon
    
    VA
    
    
    
    
    
    
    3,794
    
    
    
    19,365
    
    
    
    (1,376
    )
    
    
    3,866
    
    
    
    17,917
    
    
    
    21,783
    
    
    
    1,590
    
    
    
    1989
    
    
    
    2006
    
    
    
    4611700 Beltsville Drive
    
    Beltsville
    
    MD
    
    
    
    
    
    
    2,808
    
    
    
    12,081
    
    
    
    743
    
    
    
    2,863
    
    
    
    12,769
    
    
    
    15,632
    
    
    
    1,707
    
    
    
    1981
    
    
    
    2006
    
    
    
    464401 Fair Lakes Court
    
    Fairfax
    
    VA
    
    
    
    
    
    
    1,569
    
    
    
    11,982
    
    
    
    (142
    )
    
    
    1,599
    
    
    
    11,810
    
    
    
    13,409
    
    
    
    1,171
    
    
    
    1988
    
    
    
    2006
    
    
    
    5211710 Beltsville Drive
    
    Beltsville
    
    MD
    
    
    
    
    
    
    2,278
    
    
    
    11,100
    
    
    
    (709
    )
    
    
    2,321
    
    
    
    10,348
    
    
    
    12,669
    
    
    
    1,359
    
    
    
    1987
    
    
    
    2006
    
    
    
    463141 Fairview Park Drive  I
    
    Falls Church
    
    VA
    
    
    
    
    
    
    733
    
    
    
    4,939
    
    
    
    (100
    )
    
    
    733
    
    
    
    4,838
    
    
    
    5,572
    
    
    
    386
    
    
    
    1988
    
    
    
    2006
    
    
    
    513141 Fairview Park Drive  II
    
    Falls Church
    
    VA
    
    
    
    
    
    
    297
    
    
    
    1,964
    
    
    
    0
    
    
    
    297
    
    
    
    1,964
    
    
    
    2,261
    
    
    
    157
    
    
    
    1988
    
    
    
    2006
    
    
    
    5111740 Beltsville Drive
    
    Bethesda
    
    MD
    
    
    
    
    
    
    198
    
    
    
    870
    
    
    
    18
    
    
    
    202
    
    
    
    884
    
    
    
    1,086
    
    
    
    75
    
    
    
    1987
    
    
    
    2006
    
    
    
    46NEW JERSEY/DELAWARE920 North King Street
    
    Wilmington
    
    DE
    
    
    
    
    
    
    6,141
    
    
    
    21,140
    
    
    
    1,081
    
    
    
    6,141
    
    
    
    22,221
    
    
    
    28,362
    
    
    
    4,529
    
    
    
    1989
    
    
    
    2004
    
    
    
    301009 Lenox Drive
    
    Lawrenceville
    
    NJ
    
    
    
    
    
    
    4,876
    
    
    
    19,284
    
    
    
    4,020
    
    
    
    5,118
    
    
    
    23,063
    
    
    
    28,180
    
    
    
    7,914
    
    
    
    1989
    
    
    
    1998
    
    
    
    40300 Delaware Avenue
    
    Wilmington
    
    DE
    
    
    
    
    
    
    6,368
    
    
    
    13,739
    
    
    
    2,614
    
    
    
    6,369
    
    
    
    16,353
    
    
    
    22,721
    
    
    
    4,168
    
    
    
    1989
    
    
    
    2004
    
    
    
    23525 Lincoln Drive West
    
    Marlton
    
    NJ
    
    
    
    
    
    
    3,727
    
    
    
    17,620
    
    
    
    1,009
    
    
    
    3,727
    
    
    
    18,630
    
    
    
    22,356
    
    
    
    4,090
    
    
    
    1986
    
    
    
    2004
    
    
    
    40
  F-91




---



##### Table of Contents



Gross Amount at Which CarriedInitial Cost
    
    
    December 31, 2009NetImprovements
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Accumulated(Retirements)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciation atEncumberances at
    
    
    
    
    
    
    Building and
    
    
    Since
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    December 31,
    
    
    Year of
    
    
    Year
    
    
    DepreciableCity
    
    State
    
    
    December 31, 2009
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total (a)
    
    
    2009 (b)
    
    
    Construction
    
    
    Acquired
    
    
    Life700 East Gate Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    3,569
    
    
    
    14,436
    
    
    
    2,153
    
    
    
    3,569
    
    
    
    16,590
    
    
    
    20,158
    
    
    
    5,362
    
    
    
    1984
    
    
    
    1998
    
    
    
    40989 Lenox Drive
    
    Lawrenceville
    
    NJ
    
    
    
    
    
    
    3,701
    
    
    
    14,802
    
    
    
    1,481
    
    
    
    3,850
    
    
    
    16,134
    
    
    
    19,984
    
    
    
    2,839
    
    
    
    1984
    
    
    
    2003
    
    
    
    4010000 Midlantic Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    3,206
    
    
    
    12,857
    
    
    
    2,613
    
    
    
    3,206
    
    
    
    15,470
    
    
    
    18,676
    
    
    
    6,307
    
    
    
    1990
    
    
    
    1997
    
    
    
    40One Righter Parkway
    
    Wilmington
    
    DE
    
    
    9,227
    
    
    
    2,545
    
    
    
    10,195
    
    
    
    5,456
    
    
    
    2,545
    
    
    
    15,651
    
    
    
    18,196
    
    
    
    5,871
    
    
    
    1989
    
    
    
    1996
    
    
    
    40Main Street  Plaza 1000
    
    Voorhees
    
    NJ
    
    
    
    
    
    
    2,732
    
    
    
    10,942
    
    
    
    4,127
    
    
    
    2,732
    
    
    
    15,069
    
    
    
    17,801
    
    
    
    6,463
    
    
    
    1988
    
    
    
    1997
    
    
    
    402000 Lenox Drive
    
    Lawrenceville
    
    NJ
    
    
    10,496
    
    
    
    2,291
    
    
    
    12,221
    
    
    
    3,210
    
    
    
    2,684
    
    
    
    15,038
    
    
    
    17,722
    
    
    
    6,400
    
    
    
    2000
    
    
    
    2000
    
    
    
    40Two Righter Parkway
    
    Wilmington
    
    DE
    
    
    
    
    
    
    2,802
    
    
    
    11,217
    
    
    
    3,460
    
    
    
    2,802
    
    
    
    14,677
    
    
    
    17,479
    
    
    
    955
    
    
    
    1987
    
    
    
    2001
    
    
    
    4015000 Midlantic Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    3,061
    
    
    
    12,254
    
    
    
    1,106
    
    
    
    3,061
    
    
    
    13,360
    
    
    
    16,421
    
    
    
    4,889
    
    
    
    1991
    
    
    
    1997
    
    
    
    40997 Lenox Drive
    
    Lawrenceville
    
    NJ
    
    
    7,917
    
    
    
    2,410
    
    
    
    9,700
    
    
    
    4,140
    
    
    
    2,540
    
    
    
    13,710
    
    
    
    16,250
    
    
    
    4,021
    
    
    
    1987
    
    
    
    1998
    
    
    
    40993 Lenox Drive
    
    Lawrenceville
    
    NJ
    
    
    9,792
    
    
    
    2,811
    
    
    
    17,996
    
    
    
    (5,484
    )
    
    
    2,960
    
    
    
    12,363
    
    
    
    15,323
    
    
    
    4,372
    
    
    
    1985
    
    
    
    1998
    
    
    
    401200 Lenox Drive
    
    Lawrenceville
    
    NJ
    
    
    
    
    
    
    1,071
    
    
    
    12,967
    
    
    
    851
    
    
    
    1,071
    
    
    
    13,817
    
    
    
    14,889
    
    
    
    549
    
    
    
    2007
    
    
    
    N/A
    
    
    
    401000 Atrium Way
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    2,061
    
    
    
    8,180
    
    
    
    3,962
    
    
    
    2,061
    
    
    
    12,142
    
    
    
    14,203
    
    
    
    3,848
    
    
    
    1989
    
    
    
    1997
    
    
    
    401120 Executive Boulevard
    
    Marlton
    
    NJ
    
    
    
    
    
    
    2,074
    
    
    
    8,415
    
    
    
    2,239
    
    
    
    2,074
    
    
    
    10,654
    
    
    
    12,728
    
    
    
    4,465
    
    
    
    1987
    
    
    
    1997
    
    
    
    401000 Howard Boulevard
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    2,297
    
    
    
    9,288
    
    
    
    965
    
    
    
    2,297
    
    
    
    10,253
    
    
    
    12,550
    
    
    
    4,151
    
    
    
    1988
    
    
    
    1997
    
    
    
    40400 Commerce Drive
    
    Newark
    
    DE
    
    
    
    
    
    
    2,528
    
    
    
    9,220
    
    
    
    733
    
    
    
    2,528
    
    
    
    9,953
    
    
    
    12,481
    
    
    
    2,262
    
    
    
    1997
    
    
    
    2002
    
    
    
    40220 Lake Drive East
    
    Cherry Hill
    
    NJ
    
    
    
    
    
    
    2,144
    
    
    
    8,798
    
    
    
    878
    
    
    
    2,144
    
    
    
    9,676
    
    
    
    11,820
    
    
    
    2,417
    
    
    
    1988
    
    
    
    2001
    
    
    
    40200 Lake Drive East
    
    Cherry Hill
    
    NJ
    
    
    
    
    
    
    2,069
    
    
    
    8,275
    
    
    
    1,474
    
    
    
    2,069
    
    
    
    9,749
    
    
    
    11,818
    
    
    
    2,752
    
    
    
    1989
    
    
    
    2001
    
    
    
    40457 Haddonfield Road
    
    Cherry Hill
    
    NJ
    
    
    11,774
    
    
    
    2,142
    
    
    
    9,120
    
    
    
    329
    
    
    
    2,142
    
    
    
    9,449
    
    
    
    11,591
    
    
    
    4,092
    
    
    
    1990
    
    
    
    1996
    
    
    
    402000 Midlantic Drive
    
    Mt. Laurel
    
    NJ
    
    
    10,717
    
    
    
    2,202
    
    
    
    8,823
    
    
    
    60
    
    
    
    2,203
    
    
    
    8,882
    
    
    
    11,085
    
    
    
    3,270
    
    
    
    1989
    
    
    
    1997
    
    
    
    4010 Lake Center Drive
    
    Marlton
    
    NJ
    
    
    
    
    
    
    1,880
    
    
    
    7,521
    
    
    
    1,619
    
    
    
    1,880
    
    
    
    9,140
    
    
    
    11,020
    
    
    
    2,534
    
    
    
    1989
    
    
    
    2001
    
    
    
    40100 Lenox Drive
    
    Lawrenceville
    
    NJ
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,771
    
    
    
    1,134
    
    
    
    9,637
    
    
    
    10,771
    
    
    
    539
    
    
    
    1977
    
    
    
    1999
    
    
    
    N/A701 East Gate Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    1,736
    
    
    
    6,877
    
    
    
    1,005
    
    
    
    1,736
    
    
    
    7,882
    
    
    
    9,618
    
    
    
    2,785
    
    
    
    1986
    
    
    
    1998
    
    
    
    40210 Lake Drive East
    
    Cherry Hill
    
    NJ
    
    
    
    
    
    
    1,645
    
    
    
    6,579
    
    
    
    759
    
    
    
    1,645
    
    
    
    7,338
    
    
    
    8,983
    
    
    
    1,906
    
    
    
    1986
    
    
    
    2001
    
    
    
    40308 Harper Drive
    
    Moorestown
    
    NJ
    
    
    
    
    
    
    1,643
    
    
    
    6,663
    
    
    
    219
    
    
    
    1,644
    
    
    
    6,881
    
    
    
    8,525
    
    
    
    2,209
    
    
    
    1976
    
    
    
    1998
    
    
    
    40305 Fellowship Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    1,421
    
    
    
    5,768
    
    
    
    1,265
    
    
    
    1,421
    
    
    
    7,033
    
    
    
    8,454
    
    
    
    2,466
    
    
    
    1980
    
    
    
    1998
    
    
    
    40307 Fellowship Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    1,565
    
    
    
    6,342
    
    
    
    449
    
    
    
    1,565
    
    
    
    6,792
    
    
    
    8,356
    
    
    
    2,259
    
    
    
    1981
    
    
    
    1998
    
    
    
    40303 Fellowship Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    1,493
    
    
    
    6,055
    
    
    
    652
    
    
    
    1,494
    
    
    
    6,707
    
    
    
    8,200
    
    
    
    2,194
    
    
    
    1979
    
    
    
    1998
    
    
    
    40309 Fellowship Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    1,518
    
    
    
    6,154
    
    
    
    397
    
    
    
    1,518
    
    
    
    6,551
    
    
    
    8,069
    
    
    
    2,087
    
    
    
    1982
    
    
    
    1998
    
    
    
    401000 Lenox Drive
    
    Lawrenceville
    
    NJ
    
    
    
    
    
    
    1,174
    
    
    
    4,696
    
    
    
    2,180
    
    
    
    1,244
    
    
    
    6,806
    
    
    
    8,050
    
    
    
    2,033
    
    
    
    1982
    
    
    
    2002
    
    
    
    401000 Bishops Gate
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    934
    
    
    
    6,287
    
    
    
    
    
    
    
    934
    
    
    
    6,883
    
    
    
    7,817
    
    
    
    1,612
    
    
    
    2005
    
    
    
    2000
    
    
    
    409000 Midlantic Drive
    
    Mt. Laurel
    
    NJ
    
    
    5,926
    
    
    
    1,472
    
    
    
    5,895
    
    
    
    95
    
    
    
    1,472
    
    
    
    5,990
    
    
    
    7,462
    
    
    
    2,230
    
    
    
    1989
    
    
    
    1997
    
    
    
    406 East Clementon Road
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    1,345
    
    
    
    5,366
    
    
    
    350
    
    
    
    1,345
    
    
    
    5,716
    
    
    
    7,061
    
    
    
    2,015
    
    
    
    1980
    
    
    
    1997
    
    
    
    40Three Greentree Centre
    
    Marlton
    
    NJ
    
    
    
    
    
    
    323
    
    
    
    6,024
    
    
    
    607
    
    
    
    324
    
    
    
    6,631
    
    
    
    6,954
    
    
    
    4,930
    
    
    
    1984
    
    
    
    1986
    
    
    
    40100 Commerce Drive
    
    Newark
    
    DE
    
    
    
    
    
    
    1,160
    
    
    
    4,633
    
    
    
    849
    
    
    
    1,160
    
    
    
    5,482
    
    
    
    6,642
    
    
    
    2,139
    
    
    
    1989
    
    
    
    1997
    
    
    
    40200 Commerce Drive
    
    Newark
    
    DE
    
    
    
    
    
    
    911
    
    
    
    4,414
    
    
    
    1,018
    
    
    
    911
    
    
    
    5,432
    
    
    
    6,343
    
    
    
    1,340
    
    
    
    1998
    
    
    
    2002
    
    
    
    4030 Lake Center Drive
    
    Marlton
    
    NJ
    
    
    
    
    
    
    1,043
    
    
    
    4,171
    
    
    
    912
    
    
    
    1,043
    
    
    
    5,084
    
    
    
    6,126
    
    
    
    1,310
    
    
    
    1986
    
    
    
    2001
    
    
    
    40161 Gaither Drive
    
    Mount Laurel
    
    NJ
    
    
    
    
    
    
    1,016
    
    
    
    4,064
    
    
    
    714
    
    
    
    1,016
    
    
    
    4,778
    
    
    
    5,794
    
    
    
    1,183
    
    
    
    1987
    
    
    
    2001
    
    
    
    40Two Greentree Centre
    
    Marlton
    
    NJ
    
    
    
    
    
    
    264
    
    
    
    4,693
    
    
    
    694
    
    
    
    264
    
    
    
    5,387
    
    
    
    5,651
    
    
    
    3,616
    
    
    
    1983
    
    
    
    1986
    
    
    
    40One Greentree Centre
    
    Marlton
    
    NJ
    
    
    
    
    
    
    345
    
    
    
    4,440
    
    
    
    590
    
    
    
    345
    
    
    
    5,030
    
    
    
    5,375
    
    
    
    3,365
    
    
    
    1982
    
    
    
    1986
    
    
    
    40Two Eves Drive
    
    Marlton
    
    NJ
    
    
    
    
    
    
    818
    
    
    
    3,461
    
    
    
    43
    
    
    
    818
    
    
    
    3,503
    
    
    
    4,322
    
    
    
    1,326
    
    
    
    1987
    
    
    
    1997
    
    
    
    404000 Midlantic Drive
    
    Mt. Laurel
    
    NJ
    
    
    4,133
    
    
    
    714
    
    
    
    5,085
    
    
    
    (1,524
    )
    
    
    714
    
    
    
    3,561
    
    
    
    4,275
    
    
    
    1,412
    
    
    
    1998
    
    
    
    1997
    
    
    
    4020 East Clementon Road
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    769
    
    
    
    3,055
    
    
    
    281
    
    
    
    769
    
    
    
    3,336
    
    
    
    4,105
    
    
    
    1,201
    
    
    
    1986
    
    
    
    1997
    
    
    
    40Five Eves Drive
    
    Marlton
    
    NJ
    
    
    
    
    
    
    703
    
    
    
    2,819
    
    
    
    491
    
    
    
    703
    
    
    
    3,310
    
    
    
    4,013
    
    
    
    1,303
    
    
    
    1986
    
    
    
    1997
    
    
    
    408000 Lincoln Drive
    
    Marlton
    
    NJ
    
    
    
    
    
    
    606
    
    
    
    2,887
    
    
    
    303
    
    
    
    606
    
    
    
    3,189
    
    
    
    3,796
    
    
    
    1,442
    
    
    
    1997
    
    
    
    1996
    
    
    
    40304 Harper Drive
    
    Moorestown
    
    NJ
    
    
    
    
    
    
    657
    
    
    
    2,674
    
    
    
    418
    
    
    
    657
    
    
    
    3,092
    
    
    
    3,749
    
    
    
    1,076
    
    
    
    1975
    
    
    
    1998
    
    
    
    40Main Street  Piazza
    
    Voorhees
    
    NJ
    
    
    
    
    
    
    696
    
    
    
    2,802
    
    
    
    151
    
    
    
    696
    
    
    
    2,953
    
    
    
    3,649
    
    
    
    1,158
    
    
    
    1990
    
    
    
    1997
    
    
    
    40815 East Gate Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    636
    
    
    
    2,584
    
    
    
    307
    
    
    
    636
    
    
    
    2,891
    
    
    
    3,527
    
    
    
    995
    
    
    
    1986
    
    
    
    1998
    
    
    
    40817 East Gate Drive
    
    Mt. Laurel
    
    NJ
    
    
    
    
    
    
    611
    
    
    
    2,426
    
    
    
    360
    
    
    
    611
    
    
    
    2,785
    
    
    
    3,397
    
    
    
    886
    
    
    
    1986
    
    
    
    1998
    
    
    
    40Four B Eves Drive
    
    Marlton
    
    NJ
    
    
    
    
    
    
    588
    
    
    
    2,369
    
    
    
    381
    
    
    
    588
    
    
    
    2,749
    
    
    
    3,338
    
    
    
    1,148
    
    
    
    1987
    
    
    
    1997
    
    
    
    40Four A Eves Drive
    
    Marlton
    
    NJ
    
    
    
    
    
    
    539
    
    
    
    2,168
    
    
    
    142
    
    
    
    539
    
    
    
    2,310
    
    
    
    2,849
    
    
    
    876
    
    
    
    1987
    
    
    
    1997
    
    
    
    40Main Street  Promenade
    
    Voorhees
    
    NJ
    
    
    
    
    
    
    531
    
    
    
    2,052
    
    
    
    55
    
    
    
    532
    
    
    
    2,107
    
    
    
    2,638
    
    
    
    805
    
    
    
    1988
    
    
    
    1997
    
    
    
    4010 Foster Avenue
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    244
    
    
    
    971
    
    
    
    265
    
    
    
    244
    
    
    
    1,236
    
    
    
    1,480
    
    
    
    492
    
    
    
    1983
    
    
    
    1997
    
    
    
    407 Foster Avenue
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    231
    
    
    
    921
    
    
    
    94
    
    
    
    231
    
    
    
    1,014
    
    
    
    1,246
    
    
    
    391
    
    
    
    1983
    
    
    
    1997
    
    
    
    4050 East Clementon Road
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    114
    
    
    
    964
    
    
    
    3
    
    
    
    114
    
    
    
    967
    
    
    
    1,081
    
    
    
    338
    
    
    
    1986
    
    
    
    1997
    
    
    
    404 Foster Avenue
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    183
    
    
    
    726
    
    
    
    37
    
    
    
    183
    
    
    
    763
    
    
    
    946
    
    
    
    280
    
    
    
    1974
    
    
    
    1997
    
    
    
    402 Foster Avenue
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    185
    
    
    
    730
    
    
    
    24
    
    
    
    185
    
    
    
    754
    
    
    
    939
    
    
    
    269
    
    
    
    1974
    
    
    
    1997
    
    
    
    401 Foster Avenue
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    93
    
    
    
    364
    
    
    
    63
    
    
    
    93
    
    
    
    428
    
    
    
    520
    
    
    
    157
    
    
    
    1972
    
    
    
    1997
    
    
    
    405 U.S. Avenue
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    21
    
    
    
    81
    
    
    
    3
    
    
    
    21
    
    
    
    84
    
    
    
    105
    
    
    
    29
    
    
    
    1987
    
    
    
    1997
    
    
    
    405 Foster Avenue
    
    Gibbsboro
    
    NJ
    
    
    
    
    
    
    9
    
    
    
    32
    
    
    
    26
    
    
    
    9
    
    
    
    58
    
    
    
    67
    
    
    
    19
    
    
    
    1968
    
    
    
    1997
    
    
    
    40RICHMOND300 Arboretum Place
    
    Richmond
    
    VA
    
    
    12,156
    
    
    
    5,450
    
    
    
    21,892
    
    
    
    3,089
    
    
    
    5,450
    
    
    
    24,982
    
    
    
    30,431
    
    
    
    7,830
    
    
    
    1988
    
    
    
    1998
    
    
    
    407501 Boulders View Drive
    
    Richmond
    
    VA
    
    
    
    
    
    
    4,669
    
    
    
    19,699
    
    
    
    474
    
    
    
    4,925
    
    
    
    19,917
    
    
    
    24,842
    
    
    
    1,234
    
    
    
    1990
    
    
    
    2007
    
    
    
    407300 Beaufont Springs Drive
    
    Richmond
    
    VA
    
    
    
    
    
    
    4,672
    
    
    
    19,689
    
    
    
    306
    
    
    
    4,922
    
    
    
    19,745
    
    
    
    24,667
    
    
    
    1,196
    
    
    
    2000
    
    
    
    2007
    
    
    
    406800 Paragon Place
    
    Richmond
    
    VA
    
    
    
    
    
    
    4,552
    
    
    
    18,414
    
    
    
    975
    
    
    
    4,552
    
    
    
    19,389
    
    
    
    23,941
    
    
    
    1,790
    
    
    
    1986
    
    
    
    2006
    
    
    
    406802 Paragon Place
    
    Richmond
    
    VA
    
    
    
    
    
    
    2,917
    
    
    
    11,454
    
    
    
    1,890
    
    
    
    2,917
    
    
    
    13,344
    
    
    
    16,261
    
    
    
    3,080
    
    
    
    1989
    
    
    
    2002
    
    
    
    401025 Boulders Parkway
    
    Richmond
    
    VA
    
    
    
    
    
    
    2,574
    
    
    
    11,297
    
    
    
    738
    
    
    
    2,824
    
    
    
    11,785
    
    
    
    14,609
    
    
    
    836
    
    
    
    1994
    
    
    
    2007
    
    
    
    402100-2116 West Laburnam Avenue
    
    Richmond
    
    VA
    
    
    
    
    
    
    2,482
    
    
    
    8,846
    
    
    
    2,533
    
    
    
    2,482
    
    
    
    11,378
    
    
    
    13,861
    
    
    
    3,618
    
    
    
    1976
    
    
    
    1998
    
    
    
    40
  F-92




---



##### Table of Contents



Gross Amount at Which CarriedInitial Cost
    
    
    December 31, 2009NetImprovements
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Accumulated(Retirements)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Depreciation atEncumberances at
    
    
    
    
    
    
    Building and
    
    
    Since
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    December 31,
    
    
    Year of
    
    
    Year
    
    
    DepreciableCity
    
    State
    
    
    December 31, 2009
    
    
    Land
    
    
    Improvements
    
    
    Acquisition
    
    
    Land
    
    
    Improvements
    
    
    Total (a)
    
    
    2009 (b)
    
    
    Construction
    
    
    Acquired
    
    
    Life7325 Beaufont Springs Drive
    
    Richmond
    
    VA
    
    
    
    
    
    
    2,344
    
    
    
    10,377
    
    
    
    502
    
    
    
    2,594
    
    
    
    10,629
    
    
    
    13,223
    
    
    
    672
    
    
    
    1999
    
    
    
    2007
    
    
    
    407401 Beaufont Springs Drive
    
    Richmond
    
    VA
    
    
    
    
    
    
    2,349
    
    
    
    10,396
    
    
    
    276
    
    
    
    2,599
    
    
    
    10,422
    
    
    
    13,021
    
    
    
    632
    
    
    
    1998
    
    
    
    2007
    
    
    
    406806 Paragon Place
    
    Richmond
    
    VA
    
    
    
    
    
    
    
    
    
    
    10,288
    
    
    
    809
    
    
    
    403
    
    
    
    10,695
    
    
    
    11,097
    
    
    
    1,473
    
    
    
    2007
    
    
    
    2005
    
    
    
    409011 Arboretum Parkway
    
    Richmond
    
    VA
    
    
    
    
    
    
    1,857
    
    
    
    7,702
    
    
    
    877
    
    
    
    1,857
    
    
    
    8,579
    
    
    
    10,436
    
    
    
    2,799
    
    
    
    1991
    
    
    
    1998
    
    
    
    404805 Lake Brooke Drive
    
    Glen Allen
    
    VA
    
    
    
    
    
    
    1,640
    
    
    
    6,567
    
    
    
    1,373
    
    
    
    1,640
    
    
    
    7,939
    
    
    
    9,580
    
    
    
    2,534
    
    
    
    1996
    
    
    
    1998
    
    
    
    404364 South Alston Avenue
    
    Durham
    
    NC
    
    
    
    
    
    
    1,622
    
    
    
    6,419
    
    
    
    910
    
    
    
    1,581
    
    
    
    7,370
    
    
    
    8,951
    
    
    
    2,694
    
    
    
    1985
    
    
    
    1998
    
    
    
    402511 Brittons Hill Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    1,202
    
    
    
    4,820
    
    
    
    1,863
    
    
    
    1,202
    
    
    
    6,683
    
    
    
    7,885
    
    
    
    2,329
    
    
    
    1987
    
    
    
    1998
    
    
    
    409100 Arboretum Parkway
    
    Richmond
    
    VA
    
    
    3,313
    
    
    
    1,362
    
    
    
    5,489
    
    
    
    590
    
    
    
    1,362
    
    
    
    6,079
    
    
    
    7,441
    
    
    
    1,948
    
    
    
    1988
    
    
    
    1998
    
    
    
    40100 Gateway Centre Parkway
    
    Richmond
    
    VA
    
    
    
    
    
    
    391
    
    
    
    5,410
    
    
    
    760
    
    
    
    391
    
    
    
    6,170
    
    
    
    6,561
    
    
    
    1,231
    
    
    
    2001
    
    
    
    1998
    
    
    
    402812 Emerywood Parkway
    
    Henrico
    
    VA
    
    
    
    
    
    
    1,069
    
    
    
    4,281
    
    
    
    984
    
    
    
    1,069
    
    
    
    5,265
    
    
    
    6,334
    
    
    
    1,845
    
    
    
    1980
    
    
    
    1998
    
    
    
    409210 Arboretum Parkway
    
    Richmond
    
    VA
    
    
    2,747
    
    
    
    1,110
    
    
    
    4,474
    
    
    
    457
    
    
    
    1,110
    
    
    
    4,931
    
    
    
    6,041
    
    
    
    1,611
    
    
    
    1988
    
    
    
    1998
    
    
    
    409200 Arboretum Parkway
    
    Richmond
    
    VA
    
    
    2,831
    
    
    
    985
    
    
    
    3,973
    
    
    
    993
    
    
    
    985
    
    
    
    4,966
    
    
    
    5,951
    
    
    
    1,389
    
    
    
    1988
    
    
    
    1998
    
    
    
    401957 Westmoreland Street
    
    Richmond
    
    VA
    
    
    
    
    
    
    1,061
    
    
    
    4,241
    
    
    
    224
    
    
    
    1,061
    
    
    
    4,465
    
    
    
    5,526
    
    
    
    1,389
    
    
    
    1975
    
    
    
    1998
    
    
    
    402201-2245 Tomlynn Street
    
    Richmond
    
    VA
    
    
    
    
    
    
    1,020
    
    
    
    4,067
    
    
    
    370
    
    
    
    1,020
    
    
    
    4,437
    
    
    
    5,457
    
    
    
    1,430
    
    
    
    1989
    
    
    
    1998
    
    
    
    409211 Arboretum Parkway
    
    Richmond
    
    VA
    
    
    
    
    
    
    582
    
    
    
    2,433
    
    
    
    224
    
    
    
    582
    
    
    
    2,658
    
    
    
    3,239
    
    
    
    884
    
    
    
    1991
    
    
    
    1998
    
    
    
    402248 Dabney Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    512
    
    
    
    2,049
    
    
    
    234
    
    
    
    512
    
    
    
    2,283
    
    
    
    2,795
    
    
    
    793
    
    
    
    1989
    
    
    
    1998
    
    
    
    402221-2245 Dabney Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    530
    
    
    
    2,123
    
    
    
    140
    
    
    
    530
    
    
    
    2,263
    
    
    
    2,793
    
    
    
    794
    
    
    
    1994
    
    
    
    1998
    
    
    
    402244 Dabney Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    550
    
    
    
    2,203
    
    
    
    37
    
    
    
    550
    
    
    
    2,240
    
    
    
    2,790
    
    
    
    727
    
    
    
    1993
    
    
    
    1998
    
    
    
    402212-2224 Tomlynn Street
    
    Richmond
    
    VA
    
    
    
    
    
    
    502
    
    
    
    2,014
    
    
    
    157
    
    
    
    502
    
    
    
    2,170
    
    
    
    2,673
    
    
    
    714
    
    
    
    1985
    
    
    
    1998
    
    
    
    402277 Dabney Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    507
    
    
    
    2,034
    
    
    
    15
    
    
    
    507
    
    
    
    2,049
    
    
    
    2,556
    
    
    
    662
    
    
    
    1986
    
    
    
    1998
    
    
    
    402161-2179 Tomlynn Street
    
    Richmond
    
    VA
    
    
    
    
    
    
    423
    
    
    
    1,695
    
    
    
    269
    
    
    
    423
    
    
    
    1,964
    
    
    
    2,387
    
    
    
    701
    
    
    
    1985
    
    
    
    1998
    
    
    
    402246 Dabney Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    455
    
    
    
    1,822
    
    
    
    18
    
    
    
    455
    
    
    
    1,840
    
    
    
    2,295
    
    
    
    593
    
    
    
    1987
    
    
    
    1998
    
    
    
    402256 Dabney Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    356
    
    
    
    1,427
    
    
    
    379
    
    
    
    356
    
    
    
    1,806
    
    
    
    2,162
    
    
    
    653
    
    
    
    1982
    
    
    
    1998
    
    
    
    402251 Dabney Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    387
    
    
    
    1,552
    
    
    
    111
    
    
    
    387
    
    
    
    1,663
    
    
    
    2,050
    
    
    
    535
    
    
    
    1983
    
    
    
    1998
    
    
    
    402130-2146 Tomlynn Street
    
    Richmond
    
    VA
    
    
    
    
    
    
    353
    
    
    
    1,416
    
    
    
    194
    
    
    
    353
    
    
    
    1,609
    
    
    
    1,963
    
    
    
    578
    
    
    
    1988
    
    
    
    1998
    
    
    
    402120 Tomlynn Street
    
    Richmond
    
    VA
    
    
    
    
    
    
    281
    
    
    
    1,125
    
    
    
    106
    
    
    
    281
    
    
    
    1,231
    
    
    
    1,512
    
    
    
    384
    
    
    
    1986
    
    
    
    1998
    
    
    
    402240 Dabney Road
    
    Richmond
    
    VA
    
    
    
    
    
    
    264
    
    
    
    1,059
    
    
    
    11
    
    
    
    265
    
    
    
    1,068
    
    
    
    1,334
    
    
    
    344
    
    
    
    1984
    
    
    
    1998
    
    
    
    40Boulders Land
    
    Richmond
    
    VA
    
    
    
    
    
    
    1,256
    
    
    
    
    
    
    
    0
    
    
    
    1,256
    
    
    
    
    
    
    
    1,256
    
    
    
    
    
    
    NA
    
    
    2007
    
    
    
    N/ACALIFORNIA155 Grand Avenue
    
    Oakland
    
    CA
    
    
    
    
    
    
    13,556
    
    
    
    54,266
    
    
    
    3,148
    
    
    
    13,557
    
    
    
    57,413
    
    
    
    70,970
    
    
    
    3,650
    
    
    
    1990
    
    
    
    2007
    
    
    
    405780 & 5790 Fleet Street
    
    Carlsbad
    
    CA
    
    
    
    
    
    
    7,073
    
    
    
    22,907
    
    
    
    2,854
    
    
    
    7,517
    
    
    
    25,317
    
    
    
    32,834
    
    
    
    2,485
    
    
    
    1999
    
    
    
    2006
    
    
    
    551200 Concord Avenue
    
    Concord
    
    CA
    
    
    18,320
    
    
    
    6,395
    
    
    
    24,664
    
    
    
    640
    
    
    
    6,515
    
    
    
    25,183
    
    
    
    31,698
    
    
    
    6,635
    
    
    
    1984
    
    
    
    2006
    
    
    
    341220 Concord Avenue
    
    Concord
    
    CA
    
    
    18,327
    
    
    
    6,476
    
    
    
    24,966
    
    
    
    215
    
    
    
    6,476
    
    
    
    25,180
    
    
    
    31,656
    
    
    
    6,777
    
    
    
    1984
    
    
    
    2006
    
    
    
    3416870 W Bernardo Drive
    
    San Diego
    
    CA
    
    
    
    
    
    
    2,979
    
    
    
    15,896
    
    
    
    1,407
    
    
    
    3,155
    
    
    
    17,127
    
    
    
    20,282
    
    
    
    1,745
    
    
    
    2002
    
    
    
    2006
    
    
    
    565900 & 5950 La Place Court
    
    Carlsbad
    
    CA
    
    
    
    
    
    
    3,706
    
    
    
    11,185
    
    
    
    1,537
    
    
    
    3,956
    
    
    
    12,472
    
    
    
    16,428
    
    
    
    1,397
    
    
    
    1988
    
    
    
    2006
    
    
    
    485963 La Place Court
    
    Carlsbad
    
    CA
    
    
    
    
    
    
    2,824
    
    
    
    9,413
    
    
    
    1,619
    
    
    
    3,000
    
    
    
    10,856
    
    
    
    13,856
    
    
    
    1,121
    
    
    
    1987
    
    
    
    2006
    
    
    
    555973 Avenida Encinas
    
    Carlsbad
    
    CA
    
    
    
    
    
    
    2,121
    
    
    
    8,361
    
    
    
    1,216
    
    
    
    2,257
    
    
    
    9,441
    
    
    
    11,698
    
    
    
    1,220
    
    
    
    1986
    
    
    
    2006
    
    
    
    452035 Corte Del Nogal
    
    Carlsbad
    
    CA
    
    
    
    
    
    
    3,261
    
    
    
    6,077
    
    
    
    1,026
    
    
    
    3,500
    
    
    
    6,865
    
    
    
    10,364
    
    
    
    1,034
    
    
    
    1991
    
    
    
    2006
    
    
    
    39Two Kaiser Plaza
    
    Oakland
    
    CA
    
    
    
    
    
    
    7,841
    
    
    
    
    
    
    
    
    
    
    
    7,841
    
    
    
    
    
    
    
    7,841
    
    
    
    
    
    
    
    N/A
    
    
    
    2006
    
    
    
    N/AOakland Lot B
    
    Oakland
    
    CA
    
    
    
    
    
    
    4,342
    
    
    
    
    
    
    
    (0
    )
    
    
    4,342
    
    
    
    
    
    
    
    4,342
    
    
    
    
    
    
    
    N/A
    
    
    
    2006
    
    
    
    N/AAUSTIN1250 Capital of Texas Hwy South
    
    Austin
    
    TX
    
    
    
    
    
    
    5,152
    
    
    
    37,928
    
    
    
    3,798
    
    
    
    5,251
    
    
    
    41,628
    
    
    
    46,878
    
    
    
    5,107
    
    
    
    1984
    
    
    
    2006
    
    
    
    521301 Mopac Expressway
    
    Austin
    
    TX
    
    
    
    
    
    
    4,188
    
    
    
    41,229
    
    
    
    266
    
    
    
    4,251
    
    
    
    41,432
    
    
    
    45,683
    
    
    
    4,354
    
    
    
    2001
    
    
    
    2006
    
    
    
    551601 Mopac Expressway
    
    Austin
    
    TX
    
    
    
    
    
    
    3,538
    
    
    
    34,346
    
    
    
    2,241
    
    
    
    3,606
    
    
    
    36,520
    
    
    
    40,126
    
    
    
    5,324
    
    
    
    2000
    
    
    
    2006
    
    
    
    541501 South Mopac Expressway
    
    Austin
    
    TX
    
    
    
    
    
    
    3,698
    
    
    
    34,912
    
    
    
    (2,352
    )
    
    
    3,769
    
    
    
    32,489
    
    
    
    36,257
    
    
    
    2,535
    
    
    
    1999
    
    
    
    2006
    
    
    
    531221 Mopac Expressway
    
    Austin
    
    TX
    
    
    
    
    
    
    3,290
    
    
    
    31,548
    
    
    
    89
    
    
    
    3,370
    
    
    
    31,556
    
    
    
    34,926
    
    
    
    3,000
    
    
    
    2001
    
    
    
    2006
    
    
    
    553711 South Mopac Expressway  I
    
    Austin
    
    TX
    
    
    
    
    
    
    1,688
    
    
    
    21,011
    
    
    
    2,884
    
    
    
    1,689
    
    
    
    23,894
    
    
    
    25,583
    
    
    
    103
    
    
    
    2007
    
    
    
    2006
    
    
    
    403711 South Mopac Expressway  II
    
    Austin
    
    TX
    
    
    
    
    
    
    1,688
    
    
    
    19,229
    
    
    
    2,640
    
    
    
    1,689
    
    
    
    21,868
    
    
    
    23,557
    
    
    
    1,524
    
    
    
    2007
    
    
    
    2006
    
    
    
    401177 East Beltline Road
    
    Coppell
    
    TX
    
    
    19,311
    
    
    
    1,516
    
    
    
    14,895
    
    
    
    8
    
    
    
    1,517
    
    
    
    14,903
    
    
    
    16,420
    
    
    
    2,547
    
    
    
    1998
    
    
    
    2006
    
    
    
    421801 Mopac Expressway
    
    Austin
    
    TX
    
    
    
    
    
    
    1,227
    
    
    
    10,959
    
    
    
    469
    
    
    
    1,250
    
    
    
    11,405
    
    
    
    12,655
    
    
    
    1,114
    
    
    
    1999
    
    
    
    2006
    
    
    
    53Total:
    
    
    
    
    
    
    
    $
    551,720
    
    
    $
    680,832
    
    
    $
    3,396,822
    
    
    $
    434,271
    
    
    $
    690,441
    
    
    $
    3,822,177
    
    
    $
    4,512,618
    
    
    $
    716,956
  F-93




---



##### Table of Contents



2009
    
    
    2008
    
    
    2007Balance at beginning of year
    
    $
    4,608,320
    
    
    $
    4,825,747
    
    
    $
    4,939,489Additions:Acquisitions
    
    
    
    
    
    
    122
    
    
    
    158,399Capital expenditures
    
    
    80,506
    
    
    
    247,345
    
    
    
    179,691Less:Dispositions
    
    
    (176,208
    )
    
    
    (464,894
    )
    
    
    (451,832
    )Assets transferred to held-for-sale
    
    
    
    
    
    
    
    
    
    
    Balance at end of year
    
    $
    4,512,618
    
    
    $
    4,608,320
    
    
    $
    4,825,747
    2009
    
    
    2008
    
    
    2007Balance at beginning of year
    
    $
    639,688
    
    
    $
    558,908
    
    
    $
    515,698Additions:Depreciation expense  continued operations
    
    
    141,309
    
    
    
    144,631
    
    
    
    167,160Depreciation expense  discontinued operations
    
    
    6,494
    
    
    
    6,494
    
    
    
    4,748Acquisitions
    
    
    
    
    
    
    
    
    
    
    Less:Dispositions
    
    
    (70,535
    )
    
    
    (70,345
    )
    
    
    (128,698
    )Assets transferred to held-for-sale
    
    
    
    
    
    
    
    
    
    
    Balance at end of year
    
    $
    716,956
    
    
    $
    639,688
    
    
    $
    558,908
  F-94




---



##### Table of Contents



G&I VI Interchange Office, LLC
Consolidated Financial Statements for the Years
Ended December 31, 2009, 2008 and 2007
  F-95




---



##### Table of Contents



G&I VI Interchange Office, LLC
Index
 Page(s)Report of Independent Auditors
    
    
    F-97Consolidated Financial StatementsBalance Sheets
    
    
    F-98Statements of Operations
    
    
    F-99Statements of Members Equity
    
    
    F-100Statements of Cash Flows
    
    
    F-101Notes to Consolidated Financial Statements
    
    
    F-102110
  F-96




---



##### Table of Contents



Report of Independent Auditors
 
   
  F-97




---



##### Table of Contents



G&I VI Interchange Office, LLC
 
 Consolidated Balance Sheets
December 31, 2009 and 2008 (Not covered by Auditors Report)
 (in thousands of dollars)
 2009
    
    
    2008AssetsReal estate investments:Land
    
    $
    36,741
    
    
    $
    36,741Building and improvements
    
    
    150,466
    
    
    
    150,105Development land and construction in progress
    
    
    1,594
    
    
    
    3,188Tenant improvements
    
    
    22,509
    
    
    
    19,961211,310
    
    
    
    209,995Accumulated depreciation
    
    
    (20,022
    )
    
    
    (10,690
    )Real estate investments, net
    
    
    191,288
    
    
    
    199,305Cash and cash equivalents
    
    
    2,989
    
    
    
    2,682Restricted cash
    
    
    1,328
    
    
    
    1,398Accounts receivable, net
    
    
    469
    
    
    
    42Accrued rent receivable, net
    
    
    2,988
    
    
    
    1,782Deferred costs, net of accumulated amortization of $618 and $187
    
    
    2,162
    
    
    
    1,309Intangible assets, net of accumulated amortization of $17,135 and $10,754
    
    
    26,509
    
    
    
    35,094Related party assets (Note 7)
    
    
    5,124
    
    
    
    5,517Other assets
    
    
    1,475
    
    
    
    1,231Total assets
    
    $
    234,332
    
    
    $
    248,360Liabilities and Members EquityMortgage notes payable
    
    $
    184,000
    
    
    $
    184,000Accounts payable and accrued expenses
    
    
    2,328
    
    
    
    2,162Security deposits and deferred rents
    
    
    1,941
    
    
    
    1,436Acquired below market leases, net of accumulated amortization of $2,765 and $1,517
    
    
    3,766
    
    
    
    5,075Total liabilities
    
    
    192,035
    
    
    
    192,673Non-controlling interest
    
    
    3,205
    
    
    
    3,205Commitments and contingencies (Note 8)Members equity
    
    
    39,092
    
    
    
    52,482Total liabilities, non-controlling interest, and members equity
    
    $
    234,332
    
    
    $
    248,360
   F-98




---



##### Table of Contents



G&I VI Interchange Office, LLC
 
 Consolidated Statements of Operations
Years Ended December 31, 2009, 2008 (Not covered by Auditors Report) and for the
Period from October 24, 2007 (Inception) to December 31, 2007
 (in thousands of dollars)
 For the Years Ended
    
    
    For the Period FromDecember 31,
    
    
    Inception to December 31,20082009
    
    
    (as adjusted)
    
    

2007RevenueRental income
    
    $
    28,381
    
    
    $
    28,849
    
    
    $
    991Tenant reimbursements
    
    
    4,605
    
    
    
    2,815
    
    
    
    82Termination fees
    
    
    73
    
    
    
    1,379
    
    
    
    Other income
    
    
    363
    
    
    
    302
    
    
    
    Total revenues
    
    
    33,422
    
    
    
    33,345
    
    
    
    1,073ExpensesProperty operating expenses
    
    
    8,998
    
    
    
    8,256
    
    
    
    236Real estate taxes
    
    
    3,227
    
    
    
    3,213
    
    
    
    111Interest
    
    
    10,937
    
    
    
    11,058
    
    
    
    385Depreciation and amortization
    
    
    17,911
    
    
    
    22,084
    
    
    
    767Administrative expenses
    
    
    802
    
    
    
    413
    
    
    
    Total expenses
    
    
    41,875
    
    
    
    45,024
    
    
    
    1,499Net loss
    
    
    (8,453
    )
    
    
    (11,679
    )
    
    
    (426
    )Non-controlling interest
    
    
    (272
    )
    
    
    (214
    )
    
    
    Net loss attributable to the Company
    
    $
    (8,725
    )
    
    $
    (11,893
    )
    
    $
    (426
    )
   F-99




---



##### Table of Contents



G&I VI Interchange Office, LLC
 
 Consolidated Statements of Members Equity
Years Ended December 31, 2009, 2008 (Not covered by Auditors Report) and for
the Period from October 24, 2007 (Inception) to December 31, 2007
 (in thousands of dollars)
 G&I VIInvestment
    
    
    BrandywineInterchange
    
    
    OperatingOffice LLC
    
    
    Partnership, L.P.
    
    
    TotalBalance at Inception
    
    $
    
    
    
    $
    
    
    
    $
    Contributions
    
    
    54,288
    
    
    
    13,572
    
    
    
    67,860Net loss
    
    
    (341
    )
    
    
    (85
    )
    
    
    (426
    )Balance at December 31, 2007
    
    
    53,947
    
    
    
    13,487
    
    
    
    67,434Distributions
    
    
    (2,447
    )
    
    
    (612
    )
    
    
    (3,059
    )Net loss
    
    
    (9,514
    )
    
    
    (2,379
    )
    
    
    (11,893
    )Balance
at December 31, 2008 (as adjusted)
    
    
    41,986
    
    
    
    10,496
    
    
    
    52,482Distributions
    
    
    (3,732
    )
    
    
    (933
    )
    
    
    (4,665
    )Net loss
    
    
    (6,980
    )
    
    
    (1,745
    )
    
    
    (8,725
    )Balance at December 31, 2009
    
    $
    31,274
    
    
    $
    7,818
    
    
    $
    39,092
   F-100




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G&I VI Interchange Office, LLC
 
 Consolidated Statements of Cash Flows
Years Ended December 31, 2009, 2008 (Not covered by Auditors Report) and for
the Period from October 24, 2007 (Inception) to December 31, 2007
 (in thousands of dollars)
 20082009
    
    
    (as adjusted)
    
    

2007Cash flows from operating activitiesNet loss
    
    $
    (8,453
    )
    
    $
    (11,679
    )
    
    $
    (426
    )Adjustments to reconcile net loss to net cash
from operating activitiesDepreciation and amortization
    
    
    17,911
    
    
    
    22,084
    
    
    
    767Straight
line rents and amortization of above/below market intangibles
    
    
    (1,859
    )
    
    
    (1,140
    )
    
    
    (51
    )Deferred financing cost amortization
    
    
    184
    
    
    
    184
    
    
    
    7Changes in assets and liabilities related to operationsAccounts receivable
    
    
    (427
    )
    
    
    (42
    )
    
    
    Related party assets (unearned rent receivable)
    
    
    
    
    
    
    319
    
    
    
    Other assets
    
    
    (243
    )
    
    
    6
    
    
    
    (1,237
    )Tenant security deposits and deferred rents
    
    
    505
    
    
    
    (170
    )
    
    
    Accounts payable and accrued expenses
    
    
    166
    
    
    
    1,855
    
    
    
    154Net cash provided by (used in) operating activities
    
    
    7,784
    
    
    
    11,417
    
    
    
    (786
    )Cash flows from investing activitiesCash paid for property acquisitions
    
    
    
    
    
    
    
    
    
    
    (229,806
    )Property advance
    
    
    
    
    
    
    
    
    
    
    (3,205
    )Construction receivable from affiliate of member
    
    
    393
    
    
    
    888
    
    
    
    (3,200
    )Capital expenditures
    
    
    (1,966
    )
    
    
    (6,031
    )
    
    
    Leasing costs
    
    
    (1,037
    )
    
    
    (208
    )
    
    
    Restricted cash
    
    
    70
    
    
    
    (1,398
    )
    
    
    Net cash used in investing activities
    
    
    (2,540
    )
    
    
    (6,749
    )
    
    
    (236,211
    )Cash flows from financing activitiesMortgage notes payable
    
    
    
    
    
    
    
    
    
    
    184,000Payments for deferred financing costs
    
    
    
    
    
    
    
    
    
    
    (1,291
    )Contributions from members
    
    
    
    
    
    
    
    
    
    
    54,288Distributions to
non-controlling interests
    
    
    (272
    )
    
    
    (214
    )
    
    
    Distributions to members
    
    
    (4,665
    )
    
    
    (3,059
    )
    
    
    Related party assets (funding of tenant security deposit receivable)
    
    
    
    
    
    
    1,287
    
    
    
    Net cash provided by (used in) financing activities
    
    
    4,937
    
    
    
    2,143
    
    
    
    236,997Net change in cash and cash equivalents
    
    
    307
    
    
    
    2,682
    
    
    
    Cash and cash equivalents  Beginning of period
    
    
    2,682
    
    
    
    
    
    
    
    Cash and cash equivalents  End of period
    
    $
    2,989
    
    
    $
    2,682
    
    
    $
    Supplemental disclosureCash paid for interest during the period
    
    $
    10,783
    
    
    $
    9,930
    
    
    $
    379Supplemental disclosure of non-cash financing activityContributions from member
    
    
    
    
    
    
    
    
    
    
    13,572Tenant security deposits and deferred rents
    
    
    
    
    
    
    
    
    
    
    1,606Related party assets
    
    
    
    
    
    
    
    
    
    
    (1,606
    )Capital expenditures financed through accounts
payable as of year-end
    
    
    133
    
    
    
    153
    
    
    
    
   F-101




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##### Table of Contents



G&I VI Interchange Office, LLC
Years Ended December 31, 2009, 2008 (Not covered by Auditors Report) and for
the Period from October 24, 2007 (Inception) to December 31, 2007
 (in thousands of dollars)
 1.
    
    Organization and Nature of Operations
 G&I VI Interchange Office LLC (the Company) was formed on October 24, 2007 (Inception),
as a Delaware Limited Liability Company. Two wholly-owned subsidiaries of Brandywine
Operating Partnership, L.P. (collectively, Brandywine) were admitted as members of the
Company on December 19, 2007. The other member of the Company is G&I VI Investment
Interchange Office LLC (G&I VI), an investment vehicle advised by DRA Advisors LLC. Neither
G&I VI nor DRA Advisors LLC is affiliated with Brandywine. The Company was formed for the
purpose of acquiring, owning, leasing and managing 29 office buildings, (collectively, the
Properties) totaling approximately 1,611,000 net rentable square feet. The Properties are
located in the Montgomery, Bucks, and Lehigh counties in Pennsylvania. On December 19, 2007,
Brandywine transferred to the Company 100% of its ownership interests in 26 of the Properties
and transferred to the Company an 89% ownership interest in three of the Properties (89/11
Properties) with Brandywines remaining 11% ownership interest reflected as non-controlling
interest on the consolidated balance sheet of the Company. As of December 31, 2009, G&I VI
and Brandywine maintained an 80% and 20% interest in the Company, respectively. The Company
engaged Brandywine to perform property management and leasing services for the Properties.
(See Note 7).2.
    
    Summary of Significant Accounting PoliciesBasis of Accounting and Principles of ConsolidationThe consolidated financial statements are prepared on the accrual basis of accounting in
accordance with accounting principles generally accepted in the United States of America. The
accompanying consolidated financial statements include the financial position, results of
operations, and cash flows of the Company and the Properties in which the Company has a
controlling interest.When the Company obtains an economic interest in an entity, the Company evaluates the entity
to determine if the entity is deemed a variable interest entity (VIE), and if the Company
is deemed to be the primary beneficiary, in accordance with the accounting standard for the
consolidation of variable interest entities. When an entity is not deemed to be a VIE, the
Company considers the provisions of the same accounting standard in determining whether a
general partner, or the general partners as a group, controls a limited partnership or
similar entity when the limited partners have certain rights. The Company consolidates (i)
entities that are VIEs and of which the Company is deemed to be the primary beneficiary and
(ii) entities that are non-VIEs which the Company controls and in which the limited partners
do not have the ability to dissolve the entity or remove the Company without cause nor
substantive participating rights. The 89/11 Properties are considered VIEs of which the
Company is the primary beneficiary and therefore these properties are consolidated. The
Company will reconsider its determination of whether an entity is a VIE and who the primary
beneficiary is, and whether or not the limited partners in an entity have substantive rights,
if certain events occur that are likely to cause a change in the original determinations. The
portion of the 89/11 Properties not owned by the Company is presented as non-controlling
interest as of December 31, 2009. All intercompany accounts and transactions have been
eliminated in consolidation.Use of EstimatesThe preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenue and expenses during the reporting period. Actual results could differ from
those estimates. Management makes significant estimates regarding revenue, impairment of
long-lived assets, allowance for doubtful accounts and deferred costs.
  F-102




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##### Table of Contents



G&I VI Interchange Office, LLC
Years Ended December 31, 2009, 2008 (Not covered by Auditors Report) and for
the Period from October 24, 2007 (Inception) to December 31, 2007
 (in thousands of dollars)
 Real Estate Investments
    Purchase Price Allocation
   F-103




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G&I VI Interchange Office, LLC
Years Ended December 31, 2009, 2008 (Not covered by Auditors Report) and for
the Period from October 24, 2007 (Inception) to December 31, 2007
 (in thousands of dollars)
    Cash and Cash Equivalents
  Restricted Cash
  Deferred Costs
  Revenue Recognition
    F-104




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G&I VI Interchange Office, LLC
Years Ended December 31, 2009, 2008 (Not covered by Auditors Report) and for
the Period from October 24, 2007 (Inception) to December 31, 2007
 (in thousands of dollars)
 Other Assets
  Deferred Rent
  Income Taxes
   New Accounting Pronouncements
 FASB Codification
  Accounting for Uncertainty in Income Taxes
 Accounting for Uncertainty in Income Taxes
 Non-Controlling Interests
   F-105




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##### Table of Contents



G&I VI Interchange Office, LLC
Years Ended December 31, 2009, 2008 (Not covered by Auditors Report) and for
the Period from October 24, 2007 (Inception) to December 31, 2007
 (in thousands of dollars)
 Subsequent Events
 Subsequent Events
 Correction of previously filed financial statements for the year ended December 31, 2008
  (in thousands)
    
    As of December 31, 2008Balance Sheet:
    
    As Reported
    
    
    Adjustments
    
    
    As RevisedAssets:Tenant improvements
    
    $
    19,947
    
    
    $
    14
    
    
    $
    19,961Accumulated depreciation
    
    
    (10,099
    )
    
    
    (591
    )
    
    $
    (10,690
    )Intangible
assets, net of accumulated amortization
    
    
    37,207
    
    
    
    (2,113
    )
    
    $
    35,094Total assets
    
    
    251,050
    
    
    
    (2,690
    )
    
    $
    248,360Liabilities and Members Equity:Accounts payable and accrued expenses
    
    
    2,009
    
    
    
    153
    
    
    $
    2,162Members equity
    
    
    55,325
    
    
    
    (2,843
    )
    
    $
    52,482Total liabilities and members equity
    
    $
    251,050
    
    
    $
    (2,690
    )
    
    $
    248,360
  F-106




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##### Table of Contents



G&I VI Interchange Office, LLC
Years Ended December 31, 2009, 2008 (Not covered by Auditors Report) and for
the Period from October 24, 2007 (Inception) to December 31, 2007
 (in thousands of dollars)
 (in thousands)
    
    For the Year Ended December 31, 2008Income Statement:
    
    As Reported
    
    
    Adjustments
    
    
    As RevisedRental income
    
    $
    28,901
    
    
    $
    (52
    )
    
    $
    28,849Depreciation and amortization
    
    
    19,293
    
    
    
    2,791
    
    
    
    22,084Net loss before non-controlling interest
    
    
    (8,836
    )
    
    
    (2,843
    )
    
    
    (11,679
    )Net loss
attributable to the Company
    
    $
    (9,050
    )
    
    $
    (2,843
    )
    
    $
    (11,893
    )
 3.
    
    Intangible Assets and LiabilitiesAs of December 31, 2009 and 2008, the Companys intangible assets and liabilities are
comprised of the following:
 2009
    
    
    2008Customer relationship value
    
    $
    19,418
    
    
    $
    21,213Value of in-place leases
    
    
    20,829
    
    
    
    21,178Above-market lease assets
    
    
    3,397
    
    
    
    3,457Total intangible assets
    
    
    43,644
    
    
    
    45,848Less: Accumulated amortization
    
    
    (17,135
    )
    
    
    (10,754
    )Intangible assets, net
    
    $
    26,509
    
    
    $
    35,094Acquired lease liability (below market rent)
    
    $
    6,531
    
    
    $
    6,592Less: Accumulated amortization
    
    
    (2,765
    )
    
    
    (1,517
    )Acquired lease liability, net
    
    $
    3,766
    
    
    $
    5,075
  F-107




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G&I VI Interchange Office, LLC
Years Ended December 31, 2009, 2008 (Not covered by Auditors Report) and for
the Period from October 24, 2007 (Inception) to December 31, 2007
 (in thousands of dollars)
  Year
    
    Assets
    
    
    Liabilities2010
    
    $
    5,735
    
    
    $
    1,0022011
    
    
    5,074
    
    
    
    8852012
    
    
    4,107
    
    
    
    5852013
    
    
    3,429
    
    
    
    3552014
    
    
    2,624
    
    
    
    299Thereafter
    
    
    5,539
    
    
    
    640$
    26,509
    
    
    $
    3,766
 4.
    
    Mortgage Notes PayableOn December 19, 2007, the Company obtained four mortgage notes payable aggregating $184,000
to finance the Properties, each with a maturity date of January 1, 2015. The mortgage notes
payable require interest only payments through January 1, 2011 at an interest rate of 5.78%
per annum and, after that date, interest and principal payments through December 1, 2014. All
unpaid principal is due upon maturity.The mortgages are collateralized by a first lien mortgage and an assignment of rents and
leases on the Properties owned by the Company.The mortgage notes are not prepayable for the first two years. Thereafter, the loans may be
prepaid in whole or in part subject to prepayment penalties. A partial prepayment to release
one or more of the properties from the lien is based on specifically allocated loan balance
by property, subject to certain financial covenants with respect to the remaining properties.The following fair value disclosure was determined by the Company using available market
information and discounted cash flow analyses as of December 31, 2009. The discount rate
used in calculating fair value is the sum of the current risk free rate and the risk premium
on the measurement date. Considerable judgment is necessary to interpret market data and to
develop the related estimates of fair value. Accordingly, the estimates presented are not
necessarily
indicative of the amounts that the Company could realize upon disposition. The use of
different estimation methodologies may have a material effect on the estimated fair value
amounts. As of December 31, 2009, the fair market value of the mortgage notes payable was
approximately $173,656.
  F-108




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##### Table of Contents



G&I VI Interchange Office, LLC
Years Ended December 31, 2009, 2008 (Not covered by Auditors Report) and for
the Period from October 24, 2007 (Inception) to December 31, 2007
 (in
thousands of dollars)
  2010
    
    $
    2011
    
    
    2,1532012
    
    
    2,4822013
    
    
    2,6292014
    
    
    2,785Thereafter
    
    
    173,951Total
    
    $
    184,000
 5.
    
    Members EquityAllocation of Net Income (Loss)Net income (loss) is allocated to the members in accordance with the provisions of the
Operating Agreement. Losses are generally allocated ratably. Certain incentives are provided
to Brandywine to maximize the performance of the Company. Accordingly, the relative
percentage of the total distributions actually received by Brandywine and G&I VI will vary
depending on Company income.Distributions of Cash Flows from OperationsDistributions of cash flows from operations, as defined in the operating agreement of the
Company, are to be made quarterly to the members in accordance with their percentage
interests.Distributions of Net Proceeds from Capital TransactionsDistributions of net proceeds from a capital transaction are to be made, first, to return
capital contributions of the members, pro rata in accordance with the percentage interests of
the members, then to each member pro rata in accordance with their percentage until an
internal rate of return hurdle has been achieved, and thereafter in accordance with an
adjusted percentage that reflects Brandywines residual profits interest in the Company.6.
    
    Leasing ArrangementsThe Company leases the Properties to tenants under operating leases with expiration dates
extending to the year 2018. Future minimum rentals under noncancelable operating leases,
excluding tenant reimbursements of operating costs, as of December 31, 2009, are as follows:
 Year
    
    Minimum Rent2010
    
    $
    25,8952011
    
    
    22,2382012
    
    
    18,7412013
    
    
    14,4112014
    
    
    9,820Thereafter
    
    
    18,847
   F-109




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##### Table of Contents



G&I VI Interchange Office, LLC
Years Ended December 31, 2009, 2008 (Not covered by Auditors Report) and for
the Period from October 24, 2007 (Inception) to December 31, 2007
 (in thousands of dollars)
 7.
    
    Related Party TransactionsAn affiliate of Brandywine provides management services to the Properties and in return
receives a management fee equal to 3% of the monthly Effective Gross Revenue (as defined in
the Operating Agreement). As of December 31, 2009, 2008 and 2007, the Company incurred
approximately $974, $854 and $10, respectively.In addition, other payroll and administrative costs, based on a per Property square foot
amount, are allocated from Brandywine to the Company. As of December 31, 2009, 2008 and 2007,
the Company incurred approximately $889, $889 and $37, respectively.Upon transfer of certain of the Properties to the Company, Brandywine received $3,200 in
exchange for the execution and delivery of an agreement related to future capital
expenditures of the Company. This agreement requires Brandywine to fund $3,200 of the first
$6,000 of capital expenditures incurred by the Company. The amount paid to Brandywine is
included in related party assets on the accompanying consolidated balance sheet.Upon transfer of certain of the Properties on December 19, 2007, the Company advanced
Brandywine $3,205 which Brandywine expects to repay together with interest at 8.5% per annum
in approximately 3 years. The amount paid to Brandywine is included in related party assets
on the accompanying consolidated balance sheet.A summary of related party receivables as of December 31, 2009 and 2008 is as follows:
 2009
    
    
    2008Capital expenditure receivable
    
    $
    1,919
    
    
    $
    2,312Property advance
    
    
    3,205
    
    
    
    3,205$
    5,124
    
    
    $
    5,517
 8.
    
    Commitments and ContingenciesIn the normal course of business, the Company may, from time to time, enter into contracts or
agreements with tenants and other vendors that commit the Company to specific or contingent
liabilities. As of December 31, 2009, there were no contracts or agreements with tenants or
vendors that management considers significant (either individually or in the aggregate) to
the financial position or results of operations of the Company. The Company is also subject
to legal claims in the ordinary course of business as a property owner.As an owner and operator of real estate, the Company is subject to various environmental laws
of federal, state, and local governments. Compliance with these laws has not had a material
effect on the financial statements and management does not believe it will have such an
impact in the future.9.
    
    Subsequent EventsThe Company has evaluated subsequent events through February 26, 2010 and none were
considered significant.
  F-110