# EDGAR Filing Document

**Accession Number:** 0001060386
**File Stem:** 0001193125-25-142144
**Filing Date:** 2025-6
**Character Count:** 7801
**Document Hash:** 328fd504b71cb967eef448dc087c79f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-142144.hdr.sgml**: 20250617

**ACCESSION NUMBER**: 0001193125-25-142144

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250617

**DATE AS OF CHANGE**: 20250617

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BRANDYWINE OPERATING PARTNERSHIP, L.P.
- **CENTRAL INDEX KEY:** 0001060386
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 232862640
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-270133-01
- **FILM NUMBER:** 251054291

**BUSINESS ADDRESS:**
- **STREET 1:** C/O BRANDYWINE REALTY TRUST
- **STREET 2:** 2929 ARCH STREET, SUITE 1800
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19104
- **BUSINESS PHONE:** 6103255600

**MAIL ADDRESS:**
- **STREET 1:** C/O BRANDYWINE REALTY TRUST
- **STREET 2:** 2929 ARCH STREET, SUITE 1800
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRANDYWINE OPERATING PARTNERSHIP LP /PA
- **DATE OF NAME CHANGE:** 19980428
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BRANDYWINE REALTY TRUST
- **CENTRAL INDEX KEY:** 0000790816
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 232413352
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 2929 ARCH STREET
- **STREET 2:** SUITE 1800
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19104
- **BUSINESS PHONE:** 6103255600

**MAIL ADDRESS:**
- **STREET 1:** 2929 ARCH STREET
- **STREET 2:** SUITE 1800
- **CITY:** PHILADELPHIA
- **STATE:** PA
- **ZIP:** 19104

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LINPRO SPECIFIED PROPERTIES
- **DATE OF NAME CHANGE:** 19920703

**Issuer Free Writing Prospectus** 

**Filed Pursuant to Rule 433** 

**Registration Statement** 

**No. 333-270133** 

**June 17, 2025** 

**PRICING TERM SHEET** 

**BRANDYWINE OPERATING PARTNERSHIP, L.P.** 

**$150,000,000 8.875% GUARANTEED NOTES DUE 2029** 

---

| | |
|:---|:---|
| **Issuer:** | Brandywine Operating Partnership, L.P. |
| **Guarantor:** | Brandywine Realty Trust |
| **Type of Offering:** | SEC registered |
| **Trade Date:** | June 17, 2025 |
| **Settlement Date\*:** | June 27, 2025 (T+ 7) |
| **Title of Securities:** | $150,000,000 8.875% Guaranteed Notes due 2029 (the "Additional Notes") |
|  | The Additional Notes will become part of the same series as the outstanding 8.875% Guaranteed Notes due April 12, 2029, $400,000,000 aggregate principal amount of which was originally issued on April 12, 2024, for all purposes. |
| **Aggregate Principal Amount:** | $150,000,000 of the Additional Notes. |
|  | Immediately after giving effect to the issuance of the Additional Notes and together with the previously issued $400,000,000 in aggregate principal amount of the 8.875% Guaranteed Notes due 2029, the total outstanding aggregate principal amount of the 8.875% Guaranteed Notes due 2029 will be $550,000,000. |
| **Maturity Date:** | April 12, 2029 |
| **Interest Payment Dates:** | April 12 and October 12, beginning on October 12, 2025 |
| **Coupon (Interest Rate):** | 8.875% |
| **Yield to Maturity:** | 7.039% |
| **Price to Public:** | 106.000% of the principal amount, plus accrued interest for the period from and including April 12, 2025 up to but excluding the settlement date. |
| **Optional Redemption:** | Prior to March 12, 2029 (one month prior to their maturity date) (the "Par Call Date"), the Company may redeem the notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points less interest accrued to the date of redemption or (b) 100% of the principal amount of the notes to be redeemed, plus in either case, accrued and unpaid interest thereon to the redemption date. |
|  | On or after the Par Call Date, the Company may redeem the notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued and unpaid interest thereon to the redemption date. |
| **CUSIP / ISIN:** | 105340AS2 / US105340AS20 |
| **Joint Book-Running Managers:** | BofA Securities, Inc. |
|  | Wells Fargo Securities, LLC |
|  | PNC Capital Markets LLC |

---

------

---

| | |
|:---|:---|
|  | BNY Mellon Capital Markets, LLC |
|  | Citigroup Global Markets Inc. |
|  | Truist Securities, Inc. |
|  | U.S. Bancorp Investments, Inc. |
| **Senior Co-Managers:** | Citizens JMP Securities, LLC |
|  | M&T Securities, Inc. |
| **Co-Managers:** | Samuel A. Ramirez & Company, Inc. |
|  | Synovus Securities, Inc. |
| **Expected Ratings\*\*:** | Moody's: Ba2 (stable); S&P: BB+ (stable) |

---

\* The settlement date of the Notes is the seventh business day following the trade date (such settlement being referred to as "T+7"). Under Rule 15c6-1 under the Exchange Act of 1934, as amended, trades in the secondary market are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on any date prior to the second business day before delivery of the Notes will be required, by virtue of the fact that the Notes initially settle in T+7, to specify an alternative settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the Notes who wish to trade the Notes on any date prior to two business days before delivery of the Notes should consult their advisors. 

\*\* Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

**<u>Changes from the Preliminary Prospectus Supplement</u>**

The Company intends to use the net proceeds from this offering to repay outstanding borrowings under its $600 million unsecured

revolving credit facility, to fund a partial repayment of the Company's secured debt <u>and for general corporate purposes, which may include the repayment, repurchase or other retirement of other indebtedness</u>. As a result, all information (including financial information) presented in the preliminary prospectus supplement, dated June 17, 2025, is deemed to have changed to the extent affected by the changes described herein.

**The issuer has filed a registration statement (including a preliminary prospectus supplement and a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement, the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at <u>www.sec.gov</u>. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement and prospectus if you request it by calling BofA Securities, Inc. at 1-800-294-1322 or by calling Wells Fargo Securities, LLC at 1-800-645-3751.**