BRANDYWINE REALTY TRUST AND BRANDYWINE OPERATING PARTNERSHIP, L.P.

Schedule III

Real Estate and Accumulated Depreciation — December 31, 2016

(in thousands)

				Initial Cost			Gross Amount Which Carried December 31, 2016 (c)
Property Name	City	State	Encumbrances (a)	Land	Building & Improvements	Net Improvements (Retirements) Since Acquisition	Land	Building & Improvements	Total (b)	Accumulated Depreciation at December 31, 2016 (c)	Year of Construction	Year Acquired	Depreciable Life
PENNSYLVANIA SUBURBS
400 Berwyn Park	Berwyn	PA	-	2,657	4,462	13,383	2,657	17,845	20,502	7,132	1999	1999	40
300 Berwyn Park	Berwyn	PA	-	2,206	13,422	4,014	2,206	17,436	19,642	9,213	1989	1997	40
1050 Westlakes Drive	Berwyn	PA	-	2,611	10,445	6,130	2,611	16,575	19,186	9,450	1984	1999	40
1200 Swedesford Road	Berwyn	PA	-	2,595	11,809	2,996	2,595	14,805	17,400	8,043	1994	2001	40
200 Berwyn Park	Berwyn	PA	-	1,533	9,460	1,864	1,533	11,324	12,857	5,947	1987	1997	40
1180 Swedesford Road	Berwyn	PA	-	2,086	8,342	3,110	2,086	11,452	13,538	4,429	1987	2001	40
100 Berwyn Park	Berwyn	PA	-	1,180	7,290	1,483	1,180	8,773	9,953	4,508	1986	1997	40
1160 Swedesford Road	Berwyn	PA	-	1,781	7,124	6,108	2,045	12,968	15,013	4,437	1986	2001	40
1100 Cassett Road	Berwyn	PA	-	1,695	6,779	1,271	1,695	8,050	9,745	3,133	1997	2001	40
Six Tower Bridge (181 Washington Street)	Conshohocken	PA	-	6,927	14,722	1,504	6,237	16,916	23,153	1,838	1999	2013	40
426 Lancaster Avenue	Devon	PA	-	1,689	6,756	376	1,689	7,132	8,821	3,812	1990	1998	40
52 Swedesford Square	East Whiteland Twp.	PA	-	4,241	16,579	3,852	4,241	20,431	24,672	8,834	1988	1998	40
640 Freedom Business Center	King Of Prussia	PA	-	4,222	16,891	5,060	4,222	21,951	26,173	10,997	1991	1998	40
630 Allendale Road	King of Prussia	PA	-	2,836	4,028	12,614	2,894	16,584	19,478	6,597	2000	2000	40
620 Freedom Business Center	King Of Prussia	PA	-	2,770	11,014	2,115	2,770	13,129	15,899	7,064	1986	1998	40
1000 First Avenue	King Of Prussia	PA	-	2,772	10,936	2,495	2,772	13,431	16,203	6,427	1980	1998	40
1060 First Avenue	King Of Prussia	PA	-	2,712	10,953	4,261	2,712	15,214	17,926	6,705	1987	1998	40
630 Freedom Business Center	King Of Prussia	PA	-	2,773	11,144	3,786	2,773	14,930	17,703	7,019	1989	1998	40
1020 First Avenue	King Of Prussia	PA	-	2,168	8,576	7,627	2,168	16,203	18,371	8,469	1984	1998	40
1040 First Avenue	King Of Prussia	PA	-	2,860	11,282	5,037	2,860	16,319	19,179	6,699	1985	1998	40
610 Freedom Business Center	King Of Prussia	PA	-	2,017	8,070	2,878	2,017	10,948	12,965	5,174	1985	1998	40
650 Park Avenue	King Of Prussia	PA	-	1,916	4,378	1,561	1,916	5,939	7,855	3,295	1968	1998	40
600 Park Avenue	King Of Prussia	PA	-	1,012	4,048	385	1,012	4,433	5,445	2,286	1964	1998	40
14 Campus Boulevard	Newtown Square	PA	-	2,244	4,217	1,533	2,244	5,750	7,994	4,008	1998	1998	40
17 Campus Boulevard	Newtown Square	PA	-	1,108	5,155	(924)	1,108	4,231	5,339	1,595	2001	1997	40
11 Campus Boulevard	Newtown Square	PA	-	1,112	4,067	998	1,112	5,065	6,177	2,286	1998	1999	40
15 Campus Boulevard	Newtown Square	PA	-	1,164	3,896	285	1,164	4,181	5,345	1,485	2002	2000	40
18 Campus Boulevard	Newtown Square	PA	-	787	3,312	856	787	4,168	4,955	1,844	1990	1996	40
401 Plymouth Road	Plymouth Meeting	PA	-	6,199	16,131	16,815	6,199	32,946	39,145	12,591	2001	2000	40
Metroplex (4000 Chemical Road)	Plymouth Meeting	PA	-	4,373	24,546	1,300	4,373	25,846	30,219	6,243	2007	2001	40
610 West Germantown Pike	Plymouth Meeting	PA	-	3,651	14,514	3,337	3,651	17,851	21,502	6,986	1987	2002	40
600 West Germantown Pike	Plymouth Meeting	PA	-	3,652	15,288	2,295	3,652	17,583	21,235	6,436	1986	2002	40
630 West Germantown Pike	Plymouth Meeting	PA	-	3,558	14,743	1,630	3,558	16,373	19,931	6,002	1988	2002	40
620 West Germantown Pike	Plymouth Meeting	PA	-	3,572	14,435	1,119	3,572	15,554	19,126	5,778	1990	2002	40
660 West Germantown Pike	Plymouth Meeting	PA	-	3,694	5,487	19,487	5,405	23,263	28,668	3,359	1987	2012	30
351 Plymouth Road	Plymouth Meeting	PA	-	1,043	555	-	1,043	555	1,598	163	N/A	2000	40
150 Radnor Chester Road	Radnor	PA	-	11,925	36,986	11,990	11,897	49,004	60,901	20,032	1983	2004	29
One Radnor Corporate Center	Radnor	PA	-	7,323	28,613	23,052	7,323	51,665	58,988	23,923	1998	2004	29
201 King of Prussia Road	Radnor	PA	-	8,956	29,811	4,587	8,949	34,405	43,354	17,840	2001	2004	25
555 Lancaster Avenue	Radnor	PA	-	8,014	16,508	17,847	8,609	33,760	42,369	15,559	1973	2004	24
Four Radnor Corporate Center	Radnor	PA	-	5,406	21,390	13,271	5,705	34,362	40,067	12,531	1995	2004	30
Five Radnor Corporate Center	Radnor	PA	-	6,506	25,525	5,540	6,578	30,993	37,571	10,392	1998	2004	38
Three Radnor Corporate Center	Radnor	PA	-	4,773	17,961	2,615	4,791	20,558	25,349	9,654	1998	2004	29
Two Radnor Corporate Center	Radnor	PA	-	3,937	15,484	4,075	3,942	19,554	23,496	8,510	1998	2004	29
130 Radnor Chester Road	Radnor	PA	-	2,573	8,338	3,483	2,567	11,827	14,394	5,433	1983	2004	25
170 Radnor Chester Road	Radnor	PA	-	2,514	8,147	2,864	2,509	11,016	13,525	3,992	1983	2004	25
200 Radnor Chester Road	Radnor	PA	-	3,366	-	3,583	3,366	3,583	6,949	373	2014	2005	40
101 West Elm Street	W. Conshohocken	PA	-	6,251	25,209	3,170	6,251	28,379	34,630	8,912	1999	2005	40
1 West Elm Street	W. Conshohocken	PA	-	3,557	14,249	3,125	3,557	17,374	20,931	4,687	1999	2005	40
PHILADELPHIA CBD
Cira Centre (2929 Arch Street)	Philadelphia	PA	-	-	208,570	(9,473)	12,586	186,511	199,097	63,153	2005	N/A	40
Three Logan Square (1717 Arch Street)	Philadelphia	PA	-	-	98,188	68,691	25,195	141,684	166,879	33,059	1990	2010	40
Two Commerce Square (2001 Market Street)	Philadelphia	PA	112,000	15,323	120,200	21,518	15,323	141,718	157,041	12,190	1992	2013	40
One Logan Square (130 North 18th Street)	Philadelphia	PA	-	14,496	107,736	27,447	14,473	135,206	149,679	46,840	1998	2004	34
Two Logan Square (100 North 18th Street)	Philadelphia	PA	86,012	16,066	100,255	17,631	16,066	117,886	133,952	37,378	1988	2004	36
One Commerce Square (2005 Market Street)	Philadelphia	PA	127,026	15,161	105,021	21,419	15,160	126,441	141,601	11,190	1987	2013	40
Cira Centre South Garage (d)	Philadelphia	PA	-	-	76,008	7,588	-	83,596	83,596	12,504	2010	N/A	40
1900 Market Street	Philadelphia	PA	-	7,768	17,263	27,176	7,768	44,439	52,207	4,389	1981	2012	30
3020 Market Street	Philadelphia	PA	-	-	21,417	7,651	-	29,068	29,068	6,105	1959	2011	26
The Lift at Juniper Street (101 - 103 Juniper Street)	Philadelphia	PA	-	-	14,401	324	478	14,247	14,725	2,915	2010	2006	40
Philadelphia Marine Center	Philadelphia	PA	-	532	2,196	4,317	628	6,417	7,045	2,965	Various	1998	40
618-634 Market Street (e)	Philadelphia	PA	-	13,365	5,791	460	13,365	6,251	19,616	2,056	1966	2015	5
FMC Tower at Cira Centre South	Philadelphia	PA	-	-	166,474	-	-	166,474	166,474	3,325	2016	N/A	40
METROPOLITAN WASHINGTON, D.C.
11720 Beltsville Drive (f), (g)	Beltsville	MD	-	3,831	16,661	(8,065)	1,472	10,955	12,427	6,066	1987	2006	46
11700 Beltsville Drive (f), (g)	Beltsville	MD	-	2,808	12,081	(10,823)	257	3,809	4,066	2,999	1981	2006	46
11710 Beltsville Drive (f), (g)	Beltsville	MD	-	2,278	11,100	(9,060)	408	3,910	4,318	2,615	1987	2006	46
11740 Beltsville Drive (f), (g)	Beltsville	MD	-	198	870	(159)	155	754	909	255	1987	2006	46
6600 Rockledge Drive	Bethesda	MD	-	-	37,421	10,700	-	48,121	48,121	11,894	1981	2006	50
2340 Dulles Corner Boulevard	Herndon	VA	-	16,345	65,379	5,188	16,129	70,783	86,912	21,568	1987	2006	40
2291 Wood Oak Drive	Herndon	VA	-	8,243	52,413	12,543	8,782	64,417	73,199	17,417	1999	2006	55
2251 Corporate Park Drive	Herndon	VA	-	11,472	45,893	3,411	11,472	49,304	60,776	12,696	2000	2006	40
2355 Dulles Corner Boulevard	Herndon	VA	-	10,365	43,876	4,510	10,365	48,386	58,751	15,120	1988	2006	40
2411 Dulles Corner Park	Herndon	VA	-	7,279	46,340	18,759	7,417	64,961	72,378	13,783	1990	2006	50
13880 Dulles Corner Lane	Herndon	VA	-	7,236	39,213	4,458	7,373	43,534	50,907	10,044	1997	2006	55
2121 Cooperative Way	Herndon	VA	-	5,598	38,639	2,793	5,795	41,235	47,030	9,814	2000	2006	54
2201 Cooperative Way	Herndon	VA	-	4,809	34,093	6,051	4,809	40,144	44,953	9,918	1990	2006	54
13825 Sunrise Valley Drive	Herndon	VA	-	3,794	19,365	2,485	3,866	21,778	25,644	6,283	1989	2006	46
1676 International Drive	Mclean	VA	-	18,437	97,538	3,307	18,785	100,497	119,282	21,039	1999	2006	55
8260 Greensboro Drive	Mclean	VA	-	7,952	33,964	2,873	8,102	36,687	44,789	9,000	1980	2006	52
2273 Research Boulevard	Rockville	MD	-	5,167	31,110	4,153	5,237	35,193	40,430	8,885	1999	2006	45
2275 Research Boulevard	Rockville	MD	-	5,059	29,668	8,227	5,154	37,800	42,954	10,439	1990	2006	45
2277 Research Boulevard	Rockville	MD	-	4,649	26,952	18,863	4,733	45,731	50,464	10,051	1986	2006	45
1900 Gallows Road	Vienna	VA	-	7,797	47,817	12,386	7,944	60,056	68,000	15,234	1989	2006	52
8521 Leesburg Pike	Vienna	VA	-	4,316	30,885	6,201	4,397	37,005	41,402	8,321	1984	2006	51
AUSTIN, TX
11501 Burnet Road - Building 1	Austin	TX	-	3,755	22,702	144	3,755	22,846	26,601	1,071	1991	2015	35
11501 Burnet Road - Building 2	Austin	TX	-	2,732	16,305	1,518	2,732	17,823	20,555	936	1991	2015	35
11501 Burnet Road - Building 3	Austin	TX	-	3,688	22,348	142	3,688	22,490	26,178	1,055	1991	2015	35
11501 Burnet Road - Building 4	Austin	TX	-	2,614	15,740	100	2,614	15,840	18,454	743	1991	2015	35
11501 Burnet Road - Building 5	Austin	TX	-	3,689	22,354	142	3,689	22,496	26,185	1,055	1991	2015	35
11501 Burnet Road - Building 8	Austin	TX	-	1,400	7,422	47	1,400	7,469	8,869	357	1991	2015	35
11501 Burnet Road - Parking Garage	Austin	TX	-	-	19,826	126	-	19,952	19,952	1,248	1991	2015	35
OTHER
200 Lake Drive East (h)	Cherry Hill	NJ	-	2,069	8,275	(844)	1,440	8,060	9,500	3,995	1989	2001	40
220 Lake Drive East (h)	Cherry Hill	NJ	-	2,144	8,798	(713)	1,492	8,737	10,229	4,093	1988	2001	40
210 Lake Drive East (h)	Cherry Hill	NJ	-	1,645	6,579	564	1,145	7,643	8,788	3,618	1986	2001	40
1200 Concord Avenue (f), (i)	Concord	CA	-	6,395	24,664	(5,168)	4,748	21,143	25,891	10,481	1984	2006	34
1220 Concord Avenue (f), (i)	Concord	CA	-	6,476	24,966	(5,463)	4,719	21,260	25,979	10,500	1984	2006	34
20 East Clementon Road	Gibbsboro	NJ	-	769	3,055	500	719	3,605	4,324	1,815	1986	1997	40
10 Foster Avenue	Gibbsboro	NJ	-	244	971	69	244	1,040	1,284	544	1983	1997	40
7 Foster Avenue	Gibbsboro	NJ	-	231	921	75	231	996	1,227	520	1983	1997	40
2 Foster Avenue	Gibbsboro	NJ	-	185	730	58	185	788	973	382	1974	1997	40
4 Foster Avenue	Gibbsboro	NJ	-	183	726	30	183	756	939	376	1974	1997	40
1 Foster Avenue	Gibbsboro	NJ	-	93	364	30	93	394	487	212	1972	1997	40
5 U.S. Avenue	Gibbsboro	NJ	-	21	81	2	21	83	104	43	1987	1997	40
5 Foster Avenue	Gibbsboro	NJ	-	9	32	26	9	58	67	32	1968	1997	40
Two Eves Drive	Marlton	NJ	-	818	3,461	269	818	3,730	4,548	1,897	1987	1997	40
Five Eves Drive	Marlton	NJ	-	703	2,819	1,456	703	4,275	4,978	1,996	1986	1997	40
Four B Eves Drive	Marlton	NJ	-	588	2,369	185	588	2,554	3,142	1,377	1987	1997	40
Four A Eves Drive	Marlton	NJ	-	539	2,168	608	539	2,776	3,315	1,305	1987	1997	40
7000 Midlantic Drive	Mt. Laurel	NJ	-	2,560	2,790	-	2,560	2,790	5,350	51	2016	2003	40
Main Street - Plaza 1000	Voorhees	NJ	-	2,732	10,942	95	2,732	11,037	13,769	11,012	1988	1997	40
Main Street - Piazza	Voorhees	NJ	-	696	2,802	3,442	696	6,244	6,940	2,375	1990	1997	40
Main Street - Promenade	Voorhees	NJ	-	532	2,052	525	532	2,577	3,109	1,379	1988	1997	40
920 North King Street	Wilmington	DE	-	6,141	21,140	3,599	6,141	24,739	30,880	9,090	1989	2004	30
300 Delaware Avenue	Wilmington	DE	-	6,369	13,739	3,032	6,369	16,771	23,140	8,202	1989	2004	23
	Total:		$ 325,038	$ 450,881	$ 2,669,016	$ 539,989	$ 481,282	$ 3,178,604	$ 3,659,886	$ 885,392

(a)	Excludes the effect of any net interest premium/(discount) and deferred financing costs.

(b)	Reconciliation of Real Estate:

The following table reconciles the real estate investments from January 1, 2014 to December 31, 2016 (in thousands):

	2016			2015			2014
Balance at beginning of year	$	4,487,588		$	4,631,128		$	4,669,289
Additions:
Acquisitions		-			182,381			-
Capital expenditures and assets placed into service		213,996			165,941			132,149
Less:
Dispositions/impairments/placed into redevelopment		(962,676	)		(442,327	)		(126,471	)
Retirements		(79,022	)		(49,535	)		(43,839	)
Balance at end of year	$	3,659,886		$	4,487,588		$	4,631,128
Less:
Assets held for sale		(73,591	)		(794,588	)		(27,436	)
Per consolidated balance sheet	$	3,586,295		$	3,693,000		$	4,603,692

The aggregate cost for federal income tax purposes is $3.0 billion as of December 31, 2016.

(c)	Reconciliation of Accumulated Depreciation:

The following table reconciles the accumulated depreciation on real estate investments from January 1, 2014 to December 31, 2016 (in thousands):

	2016			2015			2014
Balance at beginning of year	$	1,080,616		$	1,078,996		$	983,808
Additions:
Depreciation expense		131,859			159,080			160,641
Less:
Dispositions/impairments/placed into redevelopment		(250,110	)		(109,243	)		(22,459	)
Retirements		(76,973	)		(48,217	)		(42,994	)
Balance at end of year	$	885,392		$	1,080,616		$	1,078,996
Less:
Assets held for sale		(32,916	)		(213,581	)		(11,167	)
Per consolidated balance sheet	$	852,476		$	867,035		$	1,067,829

(d)	On January 14 2016, the Company funded $44.4 million, consisting of $35.5 million of principal repayment, $8.9 million in prepayment charges and a nominal amount of accrued interest, in repayment of the mortgage indebtedness.

(e)	At acquisition it was determined that the useful life of the parking structure is five years, which reflects the expected demolition date.

(f)	Properties were held for sale at December 31, 2016.

(g)

In connection with the held for sale determination the Company recorded an impairment charge of $3.0 million as of December 31, 2016, reducing the aggregate carrying value of these properties from $13.3 million to the sales price less estimated closing costs of $10.3 million in connection with the anticipated dispositions. The impairment was allocated between land and building. For further information, see Note 3, “Real Estate Investments.”

(h)

The Company evaluated the recoverability of the carrying value of these properties, and determined that due to the shortening of the expected hold periods of ownership, it was necessary to reduce the carrying value to estimated fair value. Accordingly, the Company recorded an impairment charge of $7.3 million as of December 31, 2016, reducing the aggregate carrying value of these properties from $25.8 million to their estimated fair value of $18.5 million. For further information see Note 3, “Real Estate Investments.”

(i)

In connection with the held for sale determination, the Company recorded an impairment charge of $11.5 million as of December 31, 2016, reducing the aggregate carrying value of these properties from $43.5 million to the sales price, less estimated closing costs, of $32.0 million in connection with the anticipated dispositions. The impairment was allocated between land and building. For further information, see Note 3, “Real Estate Investments.”