EX-25.1 10 p415387_ex25-1.htm EXHIBIT 25.1 Prepared and filed by St Ives Financial
Exhibit 25.1

FORM T-1

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE

CHECK IF AN APPLICATION TO DETERMINE
ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b)(2)           |__|


THE BANK OF NEW YORK
(Exact name of trustee as specified in its charter)

New York
(State of incorporation
if not a U.S. national bank)
13-5160382
(I.R.S. employer
identification no.)
   
One Wall Street, New York, N.Y.
(Address of principal executive offices)
10286
(Zip code)


BRANDYWINE OPERATING PARTNERSHIP, L.P.
(Exact name of obligor as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation or organization)
23-2862640
(I.R.S. employer
identification no.)

BRANDYWINE REALTY TRUST
(Exact name of obligor as specified in its charter)

Maryland
(State or other jurisdiction of
incorporation or organization)
23-2413352
(I.R.S. employer
identification no.)


555 East Lancaster Avenue
Suite 100
Radnor, Pennsylvania
(Address of principal executive offices)


19087
(Zip code)


3.875% Exchangeable Guaranteed Notes due 2026
(Title of the indenture securities)

 

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1. General information. Furnish the following information as to the Trustee:
     
  (a) Name and address of each examining or supervising authority to which it is subject.
     
   
    Name Address
   
    Superintendent of Banks of the State of New York One State Street, New York, N.Y. 10004-1417, and Albany, N.Y. 12223
       
    Federal Reserve Bank of New York 33 Liberty Street, New York, N.Y. 10045
       
    Federal Deposit Insurance Corporation Washington, D.C. 20429
       
    New York Clearing House Association New York, New York 10005
     
  (b) Whether it is authorized to exercise corporate trust powers.
   
  Yes.
   
2. Affiliations with Obligor.
   
  If the obligor is an affiliate of the trustee, describe each such affiliation.
   
  None.
   
16. List of Exhibits.
   
  Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as an exhibit hereto, pursuant to Rule 7a-29 under the Trust Indenture Act of 1939 (the "Act") and 17 C.F.R. 229.10(d).
     
  1. A copy of the Organization Certificate of The Bank of New York (formerly Irving Trust Company) as now in effect, which contains the authority to commence business and a grant of powers to exercise corporate trust powers. (Exhibit 1 to Amendment No. 1 to Form T-1 filed with Registration Statement No. 33-6215, Exhibits 1a and 1b to Form T-1 filed with Registration Statement No. 33-21672, Exhibit 1 to Form T-1 filed with Registration Statement No. 33-29637 and Exhibit 1 to Form
T-1 filed with Registration Statement No. 333-121195.)
     
  4. A copy of the existing By-laws of the Trustee. (Exhibit 4 to Form T-1 filed with Registration Statement No. 333-121195.)

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  6. The consent of the Trustee required by Section 321(b) of the Act. (Exhibit 6 to Form T-1 filed with Registration Statement No. 333-106702.)
     
  7. A copy of the latest report of condition of the Trustee published pursuant to law or to the requirements of its supervising or examining authority.

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SIGNATURE

     Pursuant to the requirements of the Act, the Trustee, The Bank of New York, a corporation organized and existing under the laws of the State of New York, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of New York, and State of New York, on the 26th day of October, 2006.

   THE BANK OF NEW YORK
     
  By: /S/ BEATA HRYNIEWICKA
   
    Name: BEATA HRYNIEWICKA
    Title: ASSISTANT VICE PRESIDENT


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Consolidated Report of Condition of

THE BANK OF NEW YORK

of One Wall Street, New York, N.Y. 10286
And Foreign and Domestic Subsidiaries,

a member of the Federal Reserve System, at the close of business June 30, 2006, published in accordance with a call made by the Federal Reserve Bank of this District pursuant to the provisions of the Federal Reserve Act.

ASSETS     Dollar Amounts
In Thousands
 
     
 
Cash and balances due from depository institutions:
       
Noninterest-bearing balances and currency and coin
    3,372,000  
Interest-bearing balances
    11,005,000  
Securities:
       
Held-to-maturity securities
    2,269,000  
Available-for-sale securities
    23,124,000  
Federal funds sold and securities purchased under agreements to resell
Federal funds sold in domestic offices
    490,000  
Securities purchased under agreements to resell
    252,000  
Loans and lease financing receivables:
       
Loans and leases held for sale
    0  
Loans and leases, net of unearned income
    36,722,000  
LESS: Allowance for loan and lease losses
    414,000  
Loans and leases, net of unearned income and allowance
    36,308,000  
Trading assets
    5,770,000  
Premises and fixed assets (including capitalized leases)
    848,000  
Other real estate owned
    0  
Investments in unconsolidated subsidiaries and associated companies
    302,000  
Not applicable
       
Intangible assets:
       
Goodwill
    2,177,000  
Other intangible assets
    750,000  
Other assets     7,196,000  
     
 
Total assets     93,863,000  
     
 


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LIABILITIES
       
Deposits:
       
In domestic offices
    40,014,000  
Noninterest-bearing
    21,153,000  
Interest-bearing
    18,861,000  
In foreign offices, Edge and Agreement subsidiaries, and IBFs
    31,312,000  
Noninterest-bearing
    286,000  
Interest-bearing
    31,026,000  
Federal funds purchased and securities sold under agreements to repurchase
       
Federal funds purchased in domestic offices
    839,000  
Securities sold under agreements to repurchase
    396,000  
Trading liabilities     3,045,000  
Other borrowed money:
       
(includes mortgage indebtedness and obligations under capitalized leases)
    1,670,000  
Not applicable
       
Not applicable
       
Subordinated notes and debentures
    1,955,000  
Other liabilities
    6,011,000  
     
 
Total liabilities
    85,242,000  
     
 
Minority interest in consolidated subsidiaries
    150,000  
         
EQUITY CAPITAL
       
Perpetual preferred stock and related surplus
    0  
Common stock
    1,135,000  
Surplus (exclude all surplus related to preferred stock)
    2,112,000  
Retained earnings
    5,444,000  
Accumulated other comprehensive income
    -220,000  
Other equity capital components
    0  
Total equity capital
    8,471,000  
     
 
Total liabilities, minority interest, and equity capital
    93,863,000  
     
 

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     I, Thomas J. Mastro, Executive Vice President and Comptroller of the above-named bank do hereby declare that this Report of Condition is true and correct to the best of my knowledge and belief.

          Thomas J. Mastro,
Executive Vice President and Comptroller

     We, the undersigned directors, attest to the correctness of this statement of resources and liabilities. We declare that it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the instructions and is true and correct.

Thomas A. Renyi
Gerald L. Hassell
  Directors

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