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

Schedule III

Real Estate and Accumulated Depreciation — December 31, 2015

(in thousands)

				Initial Cost			Gross Amount Which Carried December 31, 2015 (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, 2015 (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	6,357	1999	1999	40
300 Berwyn Park	Berwyn	PA	-	2,206	13,422	3,896	2,206	17,318	19,524	8,603	1989	1997	40
1050 Westlakes Drive	Berwyn	PA	-	2,611	10,445	5,056	2,611	15,501	18,112	8,686	1984	1999	40
1200 Swedesford Road	Berwyn	PA	-	2,595	11,809	3,533	2,595	15,342	17,937	7,454	1994	2001	40
200 Berwyn Park	Berwyn	PA	-	1,533	9,460	2,178	1,533	11,638	13,171	5,846	1987	1997	40
1180 Swedesford Road	Berwyn	PA	-	2,086	8,342	2,978	2,086	11,320	13,406	3,952	1987	2001	40
100 Berwyn Park	Berwyn	PA	-	1,180	7,290	1,948	1,180	9,238	10,418	4,696	1986	1997	40
1160 Swedesford Road	Berwyn	PA	-	1,781	7,124	6,108	2,045	12,968	15,013	3,689	1986	2001	40
1100 Cassett Road	Berwyn	PA	-	1,695	6,779	1,272	1,695	8,051	9,746	2,847	1997	2001	40
980 Harvest Drive (d), (e)	Blue Bell	PA	-	2,079	8,315	149	1,949	8,594	10,543	3,069	1988	2002	40
910 Harvest Drive (d)	Blue Bell	PA	-	1,225	8,645	(718)	1,225	7,927	9,152	4,822	1990	1998	40
925 Harvest Drive (d)	Blue Bell	PA	-	1,671	6,606	913	1,671	7,519	9,190	3,539	1990	1998	40
920 Harvest Drive (d)	Blue Bell	PA	-	1,208	6,595	(427)	1,208	6,168	7,376	2,892	1990	1998	40
181 Washington Street	Conshohocken	PA	-	6,927	14,722	318	6,237	15,730	21,967	1,215	1999	2013	40
426 Lancaster Avenue	Devon	PA	-	1,689	6,756	376	1,689	7,132	8,821	3,621	1990	1998	40
52 Swedesford Square	East Whiteland Twp.	PA	-	4,241	16,579	1,852	4,241	18,431	22,672	8,115	1988	1998	40
One Progress Drive (d), (e)	Horsham	PA	-	1,399	5,629	3,802	1,127	9,703	10,830	4,883	1986	1996	40
500 Enterprise Drive (d)	Horsham	PA	-	1,303	5,188	3,709	1,303	8,897	10,200	4,624	1990	1996	40
640 Freedom Business Center	King Of Prussia	PA	-	4,222	16,891	4,760	4,222	21,651	25,873	10,262	1991	1998	40
555 Croton Road (d), (e)	King of Prussia	PA	-	4,486	17,943	(228)	4,024	18,177	22,201	7,337	1999	2001	40
630 Allendale Road	King of Prussia	PA	-	2,836	4,028	12,595	2,898	16,561	19,459	6,083	2000	2000	40
620 Freedom Business Center	King Of Prussia	PA	-	2,770	11,014	3,700	2,770	14,714	17,484	8,116	1986	1998	40
1000 First Avenue	King Of Prussia	PA	-	2,772	10,936	1,912	2,772	12,848	15,620	5,898	1980	1998	40
1060 First Avenue	King Of Prussia	PA	-	2,712	10,953	3,585	2,712	14,538	17,250	6,418	1987	1998	40
630 Freedom Business Center	King Of Prussia	PA	-	2,773	11,144	1,991	2,773	13,135	15,908	6,403	1989	1998	40
1020 First Avenue	King Of Prussia	PA	-	2,168	8,576	7,627	2,168	16,203	18,371	7,618	1984	1998	40
1040 First Avenue	King Of Prussia	PA	-	2,860	11,282	5,037	2,860	16,319	19,179	6,079	1985	1998	40
610 Freedom Business Center	King Of Prussia	PA	-	2,017	8,070	2,477	2,017	10,547	12,564	5,363	1985	1998	40
650 Park Avenue	King Of Prussia	PA	-	1,916	4,378	1,655	1,916	6,033	7,949	3,129	1968	1998	40
500 North Gulph Road	King Of Prussia	PA	-	1,303	5,201	1,445	1,303	6,646	7,949	3,577	1979	1996	40
620 Allendale Road	King Of Prussia	PA	-	1,020	3,839	628	1,020	4,467	5,487	2,132	1961	1998	40
600 Park Avenue	King Of Prussia	PA	-	1,012	4,048	385	1,012	4,433	5,445	2,166	1964	1998	40
660 Allendale Road	King Of Prussia	PA	-	396	948	2,957	1,085	3,216	4,301	1,219	2011	1998	40
640 Allendale Road	King of Prussia	PA	-	439	432	1,507	439	1,939	2,378	808	2000	2000	40
14 Campus Boulevard	Newtown Square	PA	-	2,244	4,217	1,533	2,244	5,750	7,994	3,665	1998	1998	40
17 Campus Boulevard	Newtown Square	PA	-	1,108	5,155	(374)	1,108	4,781	5,889	1,939	2001	1997	40
11 Campus Boulevard	Newtown Square	PA	-	1,112	4,067	997	1,112	5,064	6,176	2,116	1998	1999	40
15 Campus Boulevard	Newtown Square	PA	-	1,164	3,896	247	1,164	4,143	5,307	1,519	2002	2000	40
18 Campus Boulevard	Newtown Square	PA	-	787	3,312	478	787	3,790	4,577	1,649	1990	1996	40
401 Plymouth Road	Plymouth Meeting	PA	-	6,199	16,131	16,709	6,199	32,840	39,039	11,265	2001	2000	40
4000 Chemical Road	Plymouth Meeting	PA	-	4,373	24,546	1,484	4,373	26,030	30,403	5,570	2006	2001	40
610 West Germantown Pike	Plymouth Meeting	PA	-	3,651	14,514	3,375	3,651	17,889	21,540	6,508	1987	2002	40
600 West Germantown Pike	Plymouth Meeting	PA	-	3,652	15,288	1,985	3,652	17,273	20,925	5,902	1986	2002	40
630 West Germantown Pike	Plymouth Meeting	PA	-	3,558	14,743	997	3,558	15,740	19,298	5,537	1988	2002	40
620 West Germantown Pike	Plymouth Meeting	PA	-	3,572	14,435	963	3,572	15,398	18,970	5,551	1990	2002	40
660 West Germantown Pike	Plymouth Meeting	PA	-	3,694	5,487	19,418	5,405	23,194	28,599	2,357	1987	2012	30
2240/2250 Butler Pike (d)	Plymouth Meeting	PA	-	1,104	4,627	1,312	1,104	5,939	7,043	3,888	1984	1996	40
2260 Butler Pike (d), (e)	Plymouth Meeting	PA	-	662	2,727	2,009	550	4,848	5,398	2,460	1984	1996	40
120 West Germantown Pike (d)	Plymouth Meeting	PA	-	685	2,773	667	685	3,440	4,125	1,861	1984	1996	40
140 West Germantown Pike (d)	Plymouth Meeting	PA	-	482	1,976	282	482	2,258	2,740	1,181	1984	1996	40
351 Plymouth Road	Plymouth Meeting	PA	-	1,043	555	-	1,043	555	1,598	149	N/A	2000	40
150 Radnor Chester Road	Radnor	PA	-	11,925	36,986	12,574	11,897	49,588	61,485	18,681	1983	2004	29
One Radnor Corporate Center	Radnor	PA	-	7,323	28,613	23,135	7,323	51,748	59,071	21,189	1998	2004	29
201 King of Prussia Road	Radnor	PA	-	8,956	29,811	4,530	8,949	34,348	43,297	16,172	2001	2004	25
555 Lancaster Avenue	Radnor	PA	-	8,014	16,508	16,414	8,609	32,327	40,936	13,850	1973	2004	24
Four Radnor Corporate Center	Radnor	PA	-	5,406	21,390	14,393	5,705	35,484	41,189	11,578	1995	2004	30
Five Radnor Corporate Center	Radnor	PA	-	6,506	25,525	5,512	6,578	30,965	37,543	9,253	1998	2004	38
Three Radnor Corporate Center	Radnor	PA	-	4,773	17,961	2,540	4,791	20,483	25,274	9,029	1998	2004	29
Two Radnor Corporate Center	Radnor	PA	-	3,937	15,484	3,883	3,942	19,362	23,304	7,797	1998	2004	29
130 Radnor Chester Road	Radnor	PA	-	2,573	8,338	3,483	2,567	11,827	14,394	4,895	1983	2004	25
170 Radnor Chester Road	Radnor	PA	-	2,514	8,147	2,486	2,509	10,638	13,147	3,488	1983	2004	25
200 Radnor Chester Road	Radnor	PA	-	3,366	-	3,583	3,366	3,583	6,949	239	2014	2005	40
101 West Elm Street	W. Conshohocken	PA	-	6,251	25,209	3,483	6,251	28,692	34,943	8,481	1999	2005	40
1 West Elm Street	W. Conshohocken	PA	-	3,557	14,249	3,069	3,557	17,318	20,875	4,089	1999	2005	40
PHILADELPHIA CBD
2970 Market Street (d) (f)	Philadelphia	PA	177,425	22,430	217,763	25,597	22,430	243,360	265,790	34,339	2010	2007	40
2929 Arch Street	Philadelphia	PA	-	-	208,570	27,724	12,586	223,708	236,294	93,087	2005	N/A	40
1717 Arch Street	Philadelphia	PA	-	-	98,188	68,523	25,195	141,516	166,711	26,182	1990	2010	40
2001 Market Street	Philadelphia	PA	112,000	15,323	120,200	17,323	15,323	137,523	152,846	7,332	1992	2013	40
130 North 18th Street	Philadelphia	PA	-	14,496	107,736	27,407	14,473	135,166	149,639	41,218	1998	2004	34
100 North 18th Street	Philadelphia	PA	86,886	16,066	100,255	12,834	16,066	113,089	129,155	33,526	1988	2004	36
2005 Market Street	Philadelphia	PA	130,000	15,161	105,021	14,907	15,161	119,928	135,089	6,783	1987	2013	40
Cira Centre South Garage (f)	Philadelphia	PA	35,546	-	76,008	2,538	-	78,546	78,546	10,467	2010	N/A	40
1900 Market Street	Philadelphia	PA	-	7,768	17,263	17,545	7,768	34,808	42,576	2,093	1981	2012	30
3020 Market Street	Philadelphia	PA	-	-	21,417	7,975	-	29,392	29,392	4,685	1959	2011	26
101 - 103 Juniper Street	Philadelphia	PA	-	-	14,401	324	478	14,247	14,725	2,390	2010	2006	40
Philadelphia Marine Center	Philadelphia	PA	-	532	2,196	3,444	628	5,544	6,172	2,679	Various	1998	40
618-634 Market Street (g)	Philadelphia	PA	-	13,365	5,791	-	13,365	5,791	19,156	869	1966	2015	5
METROPOLITAN WASHINGTON, D.C.
11720 Beltsville Drive (h)	Beltsville	MD	-	3,831	16,661	(5,279)	1,927	13,286	15,213	6,581	1987	2006	46
11700 Beltsville Drive (h)	Beltsville	MD	-	2,808	12,081	(10,493)	336	4,060	4,396	2,963	1981	2006	46
11710 Beltsville Drive (h)	Beltsville	MD	-	2,278	11,100	(8,534)	534	4,310	4,844	2,560	1987	2006	46
6600 Rockledge Drive	Bethesda	MD	-	-	37,421	10,749	-	48,170	48,170	10,174	1981	2006	50
11740 Beltsville Drive (h)	Bethesda	MD	-	198	870	42	202	908	1,110	233	1987	2006	46
12015 Lee Jackson Memorial Highway (d), (e)	Fairfax	VA	-	3,770	22,895	1,902	3,561	25,006	28,567	7,574	1985	2006	42
11781 Lee Jackson Memorial Highway (d), (e)	Fairfax	VA	-	3,246	19,836	(1,435)	2,615	19,032	21,647	5,512	1982	2006	40
4401 Fair Lakes Court (d), (e)	Fairfax	VA	-	1,569	11,982	(2,098)	990	10,463	11,453	2,766	1988	2006	52
3141 Fairview Park Drive (i)	Falls Church	VA	20,838	5,918	40,981	14,119	7,081	53,937	61,018	11,640	1988	2006	51
2340 Dulles Corner Boulevard	Herndon	VA	-	16,345	65,379	18,280	16,129	83,875	100,004	31,570	1987	2006	40
2291 Wood Oak Drive	Herndon	VA	-	8,243	52,413	12,524	8,782	64,398	73,180	15,294	1999	2006	55
196/198 Van Buren Street	Herndon	VA	-	7,931	43,812	9,059	8,348	52,454	60,802	11,986	1991	2006	53
2251 Corporate Park Drive	Herndon	VA	-	11,472	45,893	3,367	11,472	49,260	60,732	11,204	2000	2006	40
2355 Dulles Corner Boulevard	Herndon	VA	-	10,365	43,876	4,612	10,365	48,488	58,853	13,849	1988	2006	40
2411 Dulles Corner Park	Herndon	VA	-	7,279	46,340	16,028	7,417	62,230	69,647	10,822	1990	2006	50
13880 Dulles Corner Lane	Herndon	VA	-	7,236	39,213	4,556	7,373	43,632	51,005	9,193	1997	2006	55
2121 Cooperative Way	Herndon	VA	-	5,598	38,639	2,688	5,795	41,130	46,925	8,879	2000	2006	54
2201 Cooperative Way	Herndon	VA	-	4,809	34,093	5,317	4,809	39,410	44,219	8,573	1990	2006	54
13825 Sunrise Valley Drive	Herndon	VA	-	3,794	19,365	2,126	3,866	21,419	25,285	5,398	1989	2006	46
1676 International Drive (j)	Mclean	VA	-	18,437	97,538	3,740	18,785	100,930	119,715	19,257	1999	2006	55
8260 Greensboro Drive (j)	Mclean	VA	-	7,952	33,964	2,227	8,102	36,041	44,143	7,898	1980	2006	52
2273 Research Boulevard	Rockville	MD	-	5,167	31,110	4,638	5,237	35,678	40,915	10,292	1999	2006	45
2275 Research Boulevard	Rockville	MD	-	5,059	29,668	7,413	5,154	36,986	42,140	9,057	1990	2006	45
2277 Research Boulevard	Rockville	MD	-	4,649	26,952	17,817	4,733	44,685	49,418	7,715	1986	2006	45
1900 Gallows Road	Vienna	VA	-	7,797	47,817	11,469	7,944	59,139	67,083	13,191	1989	2006	52
8521 Leesburg Pike	Vienna	VA	-	4,316	30,885	5,280	4,397	36,084	40,481	7,393	1984	2006	51
NEW JERSEY/DELAWARE
200 Lake Drive East	Cherry Hill	NJ	-	2,069	8,275	1,798	2,069	10,073	12,142	3,922	1989	2001	40
220 Lake Drive East	Cherry Hill	NJ	-	2,144	8,798	1,955	2,144	10,753	12,897	3,818	1988	2001	40
210 Lake Drive East	Cherry Hill	NJ	-	1,645	6,579	2,748	1,645	9,327	10,972	3,102	1986	2001	40
20 East Clementon Road	Gibbsboro	NJ	-	769	3,055	401	769	3,456	4,225	1,712	1986	1997	40
10 Foster Avenue	Gibbsboro	NJ	-	244	971	78	244	1,049	1,293	525	1983	1997	40
7 Foster Avenue	Gibbsboro	NJ	-	231	921	123	231	1,044	1,275	514	1983	1997	40
50 East Clementon Road	Gibbsboro	NJ	-	114	964	671	114	1,635	1,749	584	1986	1997	40
2 Foster Avenue	Gibbsboro	NJ	-	185	730	16	185	746	931	369	1974	1997	40
4 Foster Avenue	Gibbsboro	NJ	-	183	726	16	183	742	925	362	1974	1997	40
1 Foster Avenue	Gibbsboro	NJ	-	93	364	57	93	421	514	228	1972	1997	40
5 U.S. Avenue	Gibbsboro	NJ	-	21	81	3	21	84	105	41	1987	1997	40
5 Foster Avenue	Gibbsboro	NJ	-	9	32	26	9	58	67	30	1968	1997	40
Two Eves Drive	Marlton	NJ	-	818	3,461	269	818	3,730	4,548	1,761	1987	1997	40
Five Eves Drive	Marlton	NJ	-	703	2,819	1,437	703	4,256	4,959	1,760	1986	1997	40
Four B Eves Drive	Marlton	NJ	-	588	2,369	185	588	2,554	3,142	1,311	1987	1997	40
Four A Eves Drive	Marlton	NJ	-	539	2,168	376	539	2,544	3,083	1,215	1987	1997	40
308 Harper Drive (d), (e)	Moorestown	NJ	-	1,643	6,663	(39)	1,425	6,842	8,267	3,481	1976	1998	40
1120 Executive Boulevard	Mt. Laurel	NJ	-	2,074	8,415	4,280	2,074	12,695	14,769	5,696	1987	1997	40
700 East Gate Drive (d)	Mt. Laurel	NJ	-	3,569	14,436	1,956	3,569	16,392	19,961	7,573	1984	1998	40
701 East Gate Drive (d), (e)	Mt. Laurel	NJ	-	1,736	6,877	1,163	1,589	8,187	9,776	4,033	1986	1998	40
307 Fellowship Drive (d), (e)	Mt. Laurel	NJ	-	1,565	6,342	306	1,330	6,883	8,213	3,551	1981	1998	40
305 Fellowship Drive (d), (e)	Mt. Laurel	NJ	-	1,421	5,768	920	1,233	6,876	8,109	3,340	1980	1998	40
303 Fellowship Drive (d), (e)	Mt. Laurel	NJ	-	1,493	6,055	205	1,250	6,503	7,753	3,213	1979	1998	40
309 Fellowship Drive (d)	Mt. Laurel	NJ	-	1,518	6,154	711	1,518	6,865	8,383	3,206	1982	1998	40
161 Gaither Drive (d), (e)	Mt. Laurel	NJ	-	1,016	4,064	535	1,011	4,604	5,615	1,724	1987	2001	40
815 East Gate Drive (d), (e)	Mt. Laurel	NJ	-	636	2,584	446	581	3,085	3,666	1,532	1986	1998	40
817 East Gate Drive (d), (e)	Mt. Laurel	NJ	-	611	2,426	216	600	2,653	3,253	1,247	1986	1998	40
Main Street - Plaza 1000	Voorhees	NJ	-	2,732	10,942	96	2,732	11,038	13,770	11,002	1988	1997	40
Main Street - Piazza	Voorhees	NJ	-	696	2,802	3,360	696	6,162	6,858	2,035	1990	1997	40
Main Street - Promenade	Voorhees	NJ	-	532	2,052	538	532	2,590	3,122	1,288	1988	1997	40
920 North King Street	Wilmington	DE	-	6,141	21,140	2,707	6,141	23,847	29,988	8,113	1989	2004	30
300 Delaware Avenue	Wilmington	DE	-	6,369	13,739	2,889	6,369	16,628	22,997	7,496	1989	2004	23
AUSTIN, TX
11501 Burnet Road - Building 1	Austin	TX	-	3,755	22,702	119	3,755	22,821	26,576	358	1991	2015	35
11501 Burnet Road - Building 2	Austin	TX	-	2,732	16,305	654	2,732	16,959	19,691	274	1991	2015	35
11501 Burnet Road - Building 3	Austin	TX	-	3,688	22,348	118	3,688	22,466	26,154	353	1991	2015	35
11501 Burnet Road - Building 4	Austin	TX	-	2,614	15,740	83	2,614	15,823	18,437	248	1991	2015	35
11501 Burnet Road - Building 5	Austin	TX	-	3,689	22,354	117	3,689	22,471	26,160	353	1991	2015	35
11501 Burnet Road - Building 6	Austin	TX	-	2,676	15,972	84	2,676	16,056	18,732	252	1991	2015	35
11501 Burnet Road - Building 8	Austin	TX	-	1,400	7,422	39	1,400	7,461	8,861	122	1991	2015	35
11501 Burnet Road - Parking Garage	Austin	TX	-	-	19,826	103	-	19,929	19,929	424	1991	2015	35
RICHMOND
4364 South Alston Avenue (d), (e)	Durham	NC	-	1,622	6,419	(454)	1,144	6,443	7,587	3,512	1985	1998	40
4805 Lake Brooke Drive (d), (e)	Glen Allen	VA	-	1,640	6,567	703	1,420	7,490	8,910	3,576	1996	1998	40
Overlook I (d)	Glen Allen	VA	-	748	3,976	600	791	4,533	5,324	916	1998	2011	40
Overlook II (d)	Glen Allen	VA	-	748	4,492	504	791	4,953	5,744	923	2000	2011	40
2812 Emerywood Parkway (d)	Henrico	VA	-	1,069	4,281	670	1,069	4,951	6,020	2,290	1980	1998	40
300 Arboretum Place (d), (e)	Richmond	VA	-	5,450	21,892	3,831	4,674	26,499	31,173	12,104	1988	1998	40
7501 Boulders View Drive (d), (e)	Richmond	VA	-	4,669	19,699	(2,770)	3,920	17,678	21,598	4,891	1989	2007	40
7300 Beaufont Springs Drive (d), (e)	Richmond	VA	-	4,672	19,689	(1,080)	3,980	19,301	23,281	4,999	2000	2007	40
6800 Paragon Place (d), (e)	Richmond	VA	-	4,552	18,414	(681)	3,821	18,464	22,285	5,456	1987	2006	40
6802 Paragon Place (d)	Richmond	VA	-	2,917	11,454	3,074	2,917	14,528	17,445	5,706	1989	2002	40
1025 Boulders Parkway (d), (e)	Richmond	VA	-	2,574	11,297	(1,314)	2,040	10,517	12,557	3,009	1994	2007	40
2100-2116 West Laburnam Avenue (d)	Richmond	VA	-	2,482	8,846	2,742	2,482	11,588	14,070	5,331	1984	1998	40
7401 Beaufont Springs Drive (d), (e)	Richmond	VA	-	2,349	10,396	(2,048)	1,788	8,909	10,697	2,649	1998	2007	40
7325 Beaufont Springs Drive (d), (e)	Richmond	VA	-	2,344	10,377	(1,745)	2,002	8,974	10,976	2,349	1999	2007	40
9011 Arboretum Parkway (d), (e)	Richmond	VA	-	1,857	7,702	(430)	1,501	7,628	9,129	4,104	1991	1998	40
6806 Paragon Place (d)	Richmond	VA	-	-	10,288	(117)	403	9,768	10,171	2,885	2007	2005	40
9100 Arboretum Parkway (d), (e)	Richmond	VA	-	1,362	5,489	541	1,274	6,118	7,392	2,974	1987	1998	40
2511 Brittons Hill Road (d)	Richmond	VA	-	1,202	4,820	1,221	1,202	6,041	7,243	3,041	1987	1998	40
9200 Arboretum Parkway (d)	Richmond	VA	-	985	3,973	1,275	985	5,248	6,233	2,562	1987	1998	40
9210 Arboretum Parkway (d), (e)	Richmond	VA	-	1,110	4,474	167	970	4,781	5,751	2,274	1988	1998	40
2201-2245 Tomlynn Street (d)	Richmond	VA	-	1,020	4,067	1,126	1,020	5,193	6,213	2,332	1989	1998	40
9211 Arboretum Parkway (d), (e)	Richmond	VA	-	582	2,433	317	470	2,862	3,332	1,395	1991	1998	40
2221-2245 Dabney Road (d)	Richmond	VA	-	530	2,123	369	530	2,492	3,022	1,091	1994	1998	40
2212-2224 Tomlynn Street (d)	Richmond	VA	-	502	2,014	487	502	2,501	3,003	1,109	1985	1998	40
2244 Dabney Road (d)	Richmond	VA	-	550	2,203	-	550	2,203	2,753	1,016	1993	1998	40
2277 Dabney Road (d)	Richmond	VA	-	507	2,034	294	507	2,328	2,835	1,077	1986	1998	40
2248 Dabney Road (d), (e)	Richmond	VA	-	512	2,049	379	503	2,437	2,940	1,000	1989	1998	40
2161-2179 Tomlynn Street (d)	Richmond	VA	-	423	1,695	306	423	2,001	2,424	867	1985	1998	40
2246 Dabney Road (d)	Richmond	VA	-	455	1,822	-	455	1,822	2,277	841	1987	1998	40
2251 Dabney Road (d)	Richmond	VA	-	387	1,552	59	387	1,611	1,998	740	1983	1998	40
2256 Dabney Road (d)	Richmond	VA	-	356	1,427	225	356	1,652	2,008	777	1982	1998	40
2130-2146 Tomlynn Street (d)	Richmond	VA	-	353	1,416	225	353	1,641	1,994	779	1988	1998	40
2112-2124 Tomlynn Street (d)	Richmond	VA	-	281	1,125	306	281	1,431	1,712	695	1984	1998	40
2240 Dabney Road (d)	Richmond	VA	-	264	1,059	88	264	1,147	1,411	514	1984	1998	40
Boulders Land (d), (e)	Richmond	VA	-	1,256	-	(116)	1,115	25	1,140	3	N/A	2007	N/A
CALIFORNIA
1200 Concord Avenue	Concord	CA	-	6,395	24,664	833	6,515	25,377	31,892	9,192	1984	2006	34
1220 Concord Avenue	Concord	CA	-	6,476	24,966	298	6,476	25,264	31,740	8,869	1984	2006	34
Oakland Lot B	Oakland	CA	-	4,342	-	17	4,332	27	4,359	-	N/A	2006	N/A
	Total:		$ 562,695	$ 589,391	$ 3,246,749	$ 651,448	$ 619,181	$ 3,868,407	$ 4,487,588	$ 1,080,616

(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, 2013 to December 31, 2015 (in thousands):

	2015			2014			2013
Balance at beginning of year	$	4,631,128		$	4,669,289		$	4,726,169
Additions:
Acquisitions		182,381			-			347,510
Capital expenditures and assets placed into service		165,941			132,149			109,740
Less:
Dispositions		(442,327	)		(126,471	)		(474,275	)
Retirements		(49,535	)		(43,839	)		(39,855	)
Balance at end of year	$	4,487,588		$	4,631,128		$	4,669,289
Less:
Assets held for sale		(794,588	)		(27,436	)		-
Per consolidated balance sheet	$	3,693,000		$	4,603,692		$	4,669,289

The aggregate cost for federal income tax purposes is $3.9 billion as of December 31, 2015.

(c)	Reconciliation of Accumulated Depreciation:

The following table reconciles the accumulated depreciation on real estate investments from January 1, 2013 to December 31, 2015 (in thousands):

	2015			2014			2013
Balance at beginning of year	$	1,078,996		$	983,808		$	954,665
Additions:
Depreciation expense — continuing operations		159,080			160,641			150,236
Depreciation expense — discontinued operations		-			-			9,164
Less:
Dispositions		(109,243	)		(22,459	)		(91,890	)
Retirements		(48,217	)		(42,994	)		(38,367	)
Balance at end of year	$	1,080,616		$	1,078,996		$	983,808
Less:
Assets held for sale		(213,581	)		(11,167	)		-
Per consolidated balance sheet	$	867,035		$	1,067,829		$	983,808

(d)	Properties were held for sale at December 31, 2015. For further information see Note 3, “Real Estate Investments.”

(e)

Properties were held for sale at December 31, 2015. In connection with the held for sale determination the Company recorded an impairment charge of $45.4 million as of December 31, 2015, reducing the aggregate carrying value of these properties from $426.2 million to the sales price less estimated closing costs of $380.8 million in connection with the anticipated disposition. The impairment was allocated between land and building. For further information see Note 3, “Real Estate Investments.”

(f)	Mortgage debt on these properties was repaid subsequent to December 31, 2015. For further information see Note 21, “Subsequent Events.”

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

(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 $27.5 million as of December 31, 2015, reducing the aggregate carrying value of these properties from $40.4 million to their estimated fair value of $12.9 million. For further information see Note 3, “Real Estate Investments.”

(i)

This property was contributed to an unconsolidated real estate venture, however, the Company will continue to consolidate this property due to its continuing involvement in this property resulting from its ongoing lease at this property and its 50% ownership interest in the venture. Please see Note 3, “Real Estate Investments,” to the consolidated financial statements for additional information.

(j)	On October 9, 2015, the Company funded the full repayment of the Tysons Corner mortgage note.