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

Schedule III

Real Estate and Accumulated Depreciation — December 31, 2017

(in thousands)

				Initial Cost			Gross Amount Which Carried December 31, 2017
Property Name	City	State	Encumbrances (a)	Land	Building & Improvements	Net Improvements (Retirements) Since Acquisition	Land	Building & Improvements	Total (b)	Accumulated Depreciation at December 31, 2017 (c)	Year of Construction	Year Acquired	Depreciable Life
PENNSYLVANIA SUBURBS
400 Berwyn Park	Berwyn	PA	-	2,657	4,462	12,982	2,657	17,444	20,101	7,366	1999	1999	40
300 Berwyn Park	Berwyn	PA	-	2,206	13,422	3,119	2,206	16,541	18,747	9,112	1989	1997	40
1050 Westlakes Drive	Berwyn	PA	-	2,611	10,445	2,511	2,611	12,956	15,567	5,622	1984	1999	40
1200 Swedesford Road	Berwyn	PA	-	2,595	11,809	3,439	2,595	15,248	17,843	8,739	1994	2001	40
200 Berwyn Park	Berwyn	PA	-	1,533	9,460	2,042	1,533	11,502	13,035	6,235	1987	1997	40
1180 Swedesford Road	Berwyn	PA	-	2,086	8,342	3,110	2,086	11,452	13,538	4,962	1987	2001	40
100 Berwyn Park	Berwyn	PA	-	1,180	7,290	1,404	1,180	8,694	9,874	4,643	1986	1997	40
1160 Swedesford Road	Berwyn	PA	-	1,781	7,124	6,635	2,045	13,495	15,540	5,036	1986	2001	40
1100 Cassett Road	Berwyn	PA	-	1,695	6,779	1,271	1,695	8,050	9,745	3,419	1997	2001	40
Six Tower Bridge (181 Washington Street)	Conshohocken	PA	-	6,927	14,722	1,762	6,237	17,174	23,411	2,623	1999	2013	40
52 Swedesford Square	East Whiteland Twp.	PA	-	4,241	16,579	5,340	4,241	21,919	26,160	9,736	1988	1998	40
640 Freedom Business Center	King Of Prussia	PA	-	4,222	16,891	3,934	4,222	20,825	25,047	10,685	1991	1998	40
620 Freedom Business Center	King Of Prussia	PA	-	2,770	11,014	1,444	2,770	12,458	15,228	6,595	1986	1998	40
1000 First Avenue	King Of Prussia	PA	-	2,772	10,936	3,670	2,772	14,606	17,378	6,600	1980	1998	40
1060 First Avenue	King Of Prussia	PA	-	2,712	10,953	4,289	2,712	15,242	17,954	7,384	1987	1998	40
630 Freedom Business Center	King Of Prussia	PA	-	2,773	11,144	3,340	2,773	14,484	17,257	6,850	1989	1998	40
1020 First Avenue	King Of Prussia	PA	-	2,168	8,576	3,939	2,168	12,515	14,683	5,513	1984	1998	40
1040 First Avenue	King Of Prussia	PA	-	2,860	11,282	5,037	2,860	16,319	19,179	7,320	1985	1998	40
610 Freedom Business Center	King Of Prussia	PA	-	2,017	8,070	2,895	2,017	10,965	12,982	5,199	1985	1998	40
650 Park Avenue	King Of Prussia	PA	-	1,916	4,378	1,569	1,916	5,947	7,863	3,401	1968	1998	40
600 Park Avenue	King Of Prussia	PA	-	1,012	4,048	385	1,012	4,433	5,445	2,406	1964	1998	40
933 First Avenue	King Of Prussia	PA	-	3,127	20,794	(1,301)	3,127	19,493	22,620	482	2017	N/A	40
401 Plymouth Road	Plymouth Meeting	PA	-	6,199	16,131	16,905	6,199	33,036	39,235	13,795	2001	2000	40
Metroplex (4000 Chemical Road)	Plymouth Meeting	PA	-	4,373	24,546	679	4,373	25,225	29,598	6,437	2007	2001	40
610 West Germantown Pike	Plymouth Meeting	PA	-	3,651	14,514	3,172	3,651	17,686	21,337	7,309	1987	2002	40
600 West Germantown Pike	Plymouth Meeting	PA	-	3,652	15,288	2,251	3,652	17,539	21,191	6,877	1986	2002	40
630 West Germantown Pike	Plymouth Meeting	PA	-	3,558	14,743	2,172	3,558	16,915	20,473	6,645	1988	2002	40
620 West Germantown Pike	Plymouth Meeting	PA	-	3,572	14,435	1,199	3,572	15,634	19,206	6,262	1990	2002	40
660 West Germantown Pike	Plymouth Meeting	PA	-	3,694	5,487	20,715	5,405	24,491	29,896	4,429	1987	2012	30
351 Plymouth Road	Plymouth Meeting	PA	-	1,043	555	-	1,043	555	1,598	177	N/A	2000	40
150 Radnor Chester Road	Radnor	PA	-	11,925	36,986	12,659	11,897	49,673	61,570	21,400	1983	2004	29
One Radnor Corporate Center	Radnor	PA	-	7,323	28,613	22,440	7,323	51,053	58,376	26,157	1998	2004	29
201 King of Prussia Road	Radnor	PA	-	8,956	29,811	3,800	8,949	33,618	42,567	18,855	2001	2004	25
555 Lancaster Avenue	Radnor	PA	-	8,014	16,508	16,861	8,609	32,774	41,383	15,517	1973	2004	24
Four Radnor Corporate Center	Radnor	PA	-	5,406	21,390	12,190	5,705	33,281	38,986	13,192	1995	2004	30
Five Radnor Corporate Center	Radnor	PA	-	6,506	25,525	4,373	6,578	29,826	36,404	10,451	1998	2004	38
Three Radnor Corporate Center	Radnor	PA	-	4,773	17,961	2,790	4,791	20,733	25,524	10,342	1998	2004	29
Two Radnor Corporate Center	Radnor	PA	-	3,937	15,484	3,440	3,942	18,919	22,861	8,458	1998	2004	29
130 Radnor Chester Road	Radnor	PA	-	2,573	8,338	3,460	2,567	11,804	14,371	5,948	1983	2004	25
170 Radnor Chester Road	Radnor	PA	-	2,514	8,147	2,132	2,509	10,284	12,793	3,739	1983	2004	25
200 Radnor Chester Road	Radnor	PA	-	3,366	-	3,572	3,366	3,572	6,938	503	2014	2005	40
101 West Elm Street	W. Conshohocken	PA	-	6,251	25,209	2,872	6,251	28,081	34,332	8,968	1999	2005	40
1 West Elm Street	W. Conshohocken	PA	-	3,557	14,249	3,151	3,557	17,400	20,957	5,290	1999	2005	40
PHILADELPHIA CBD
Cira Centre (2929 Arch Street)	Philadelphia	PA	-	-	208,570	(6,931)	12,586	189,053	201,639	68,099	2005	N/A	40
Three Logan Square (1717 Arch Street)	Philadelphia	PA	-	-	98,188	61,060	25,195	134,053	159,248	31,079	1990	2010	40
Two Commerce Square (2001 Market Street)	Philadelphia	PA	112,000	15,323	120,200	21,892	15,323	142,092	157,415	17,086	1992	2013	40
One Logan Square (130 North 18th Street)	Philadelphia	PA	-	14,496	107,736	28,938	14,473	136,697	151,170	52,506	1998	2004	34
Two Logan Square (100 North 18th Street)	Philadelphia	PA	84,440	16,066	100,255	19,733	16,066	119,988	136,054	42,317	1988	2004	36
One Commerce Square (2005 Market Street)	Philadelphia	PA	123,667	15,161	105,021	22,924	15,160	127,946	143,106	15,828	1987	2013	40
Cira Centre South Garage	Philadelphia	PA	-	-	76,008	8,114	-	84,122	84,122	14,732	2010	N/A	40
1900 Market Street	Philadelphia	PA	-	7,768	17,263	46,556	7,768	63,819	71,587	7,484	1981	2012	30
3020 Market Street	Philadelphia	PA	-	-	21,417	7,603	-	29,020	29,020	7,511	1959	2011	26
The Lift at Juniper Street (101 - 103 Juniper Street)	Philadelphia	PA	-	-	14,401	(3,329)	478	10,594	11,072	2,803	2010	2006	40
618-634 Market Street (d)	Philadelphia	PA	-	13,365	5,791	490	13,365	6,281	19,646	3,258	1966	2015	5
FMC Tower at Cira Centre South (2929 Walnut Street)	Philadelphia	PA	-	-	400,294	(7,976)	-	392,318	392,318	16,218	2016	N/A	40
2100 Market Street (e)	Philadelphia	PA	-	18,827	-	5,494	18,854	5,467	24,321	121	N/A	2015	N/A
3000 Market Street (f)	Philadelphia	PA	-	18,924	13,080	8	18,924	13,088	32,012	569	1937	2017	12
One Drexel Plaza (f)	Philadelphia	PA	-	-	24,377	6,206	-	30,583	30,583	194	1953	2017	40
METROPOLITAN WASHINGTON, D.C.
6600 Rockledge Drive	Bethesda	MD	-	-	37,421	10,841	-	48,262	48,262	13,299	1981	2006	50
2340 Dulles Corner Boulevard	Herndon	VA	-	16,345	65,379	3,710	16,129	69,305	85,434	21,809	1987	2006	40
2291 Wood Oak Drive	Herndon	VA	-	8,243	52,413	12,549	8,782	64,423	73,205	19,549	1999	2006	55
2251 Corporate Park Drive	Herndon	VA	-	11,472	45,893	3,412	11,472	49,305	60,777	14,191	2000	2006	40
2355 Dulles Corner Boulevard	Herndon	VA	-	10,365	43,876	7,299	10,365	51,175	61,540	16,202	1988	2006	40
2411 Dulles Corner Park	Herndon	VA	-	7,279	46,340	17,626	7,417	63,828	71,245	16,736	1990	2006	50
13880 Dulles Corner Lane	Herndon	VA	-	7,236	39,213	5,904	7,373	44,980	52,353	11,525	1997	2006	55
2121 Cooperative Way	Herndon	VA	-	5,598	38,639	3,186	5,795	41,628	47,423	11,035	2000	2006	54
2201 Cooperative Way	Herndon	VA	-	4,809	34,093	6,018	4,809	40,111	44,920	10,205	1990	2006	54
13825 Sunrise Valley Drive	Herndon	VA	-	3,794	19,365	1,454	3,866	20,747	24,613	6,202	1989	2006	46
1676 International Drive	Mclean	VA	-	18,437	97,538	3,744	18,785	100,934	119,719	23,545	1999	2006	55
8260 Greensboro Drive	Mclean	VA	-	7,952	33,964	3,184	8,102	36,998	45,100	10,182	1980	2006	52
2273 Research Boulevard	Rockville	MD	-	5,167	31,110	4,098	5,237	35,138	40,375	9,332	1999	2006	45
2275 Research Boulevard	Rockville	MD	-	5,059	29,668	8,093	5,154	37,666	42,820	10,989	1990	2006	45
2277 Research Boulevard	Rockville	MD	-	4,649	26,952	18,867	4,733	45,735	50,468	12,369	1986	2006	45
1900 Gallows Road	Vienna	VA	-	7,797	47,817	12,333	7,944	60,003	67,947	17,697	1989	2006	52
8521 Leesburg Pike	Vienna	VA	-	4,316	30,885	6,846	4,397	37,650	42,047	9,854	1984	2006	51
AUSTIN, TX
11501 Burnet Road - Building 1	Austin	TX	-	3,755	22,702	130	3,755	22,832	26,587	1,783	1991	2015	35
11501 Burnet Road - Building 2	Austin	TX	-	2,732	16,305	1,572	2,732	17,877	20,609	1,606	1991	2015	35
11501 Burnet Road - Building 3	Austin	TX	-	3,688	22,348	128	3,688	22,476	26,164	1,755	1991	2015	35
11501 Burnet Road - Building 4	Austin	TX	-	2,614	15,740	90	2,614	15,830	18,444	1,236	1991	2015	35
11501 Burnet Road - Building 5	Austin	TX	-	3,689	22,354	128	3,689	22,482	26,171	1,755	1991	2015	35
11501 Burnet Road - Building 6 (g)	Austin	TX	-	2,676	15,972	(1,835)	2,676	14,137	16,813	121	1991	2015	40
11501 Burnet Road - Building 8	Austin	TX	-	1,400	7,422	104	1,400	7,526	8,926	591	1991	2015	35
11501 Burnet Road - Parking Garage	Austin	TX	-	-	19,826	113	-	19,939	19,939	2,070	1991	2015	35
OTHER
20 East Clementon Road	Gibbsboro	NJ	-	769	3,055	506	719	3,611	4,330	1,892	1986	1997	40
10 Foster Avenue	Gibbsboro	NJ	-	244	971	69	244	1,040	1,284	571	1983	1997	40
7 Foster Avenue	Gibbsboro	NJ	-	231	921	17	231	938	1,169	501	1983	1997	40
2 Foster Avenue	Gibbsboro	NJ	-	185	730	11	185	741	926	741	1974	1997	40
4 Foster Avenue	Gibbsboro	NJ	-	183	726	6	183	732	915	732	1974	1997	40
1 Foster Avenue	Gibbsboro	NJ	-	93	364	8	93	372	465	372	1972	1997	40
5 U.S. Avenue	Gibbsboro	NJ	-	21	81	2	21	83	104	45	1987	1997	40
5 Foster Avenue	Gibbsboro	NJ	-	9	32	26	9	58	67	33	1968	1997	40
Main Street - Plaza 1000	Voorhees	NJ	-	2,732	10,942	376	2,732	11,318	14,050	11,037	1988	1997	40
Main Street - Piazza	Voorhees	NJ	-	696	2,802	3,446	700	6,244	6,944	2,741	1990	1997	40
Main Street - Promenade	Voorhees	NJ	-	532	2,052	404	532	2,456	2,988	1,357	1988	1997	40
920 North King Street	Wilmington	DE	-	6,141	21,140	5,003	6,141	26,143	32,284	10,185	1989	2004	30
300 Delaware Avenue	Wilmington	DE	-	6,369	13,739	2,708	6,369	16,447	22,816	8,762	1989	2004	23
	Total:		$ 320,107	$ 449,911	$ 2,815,831	$ 566,606	$ 492,197	$ 3,340,151	$ 3,832,348	$ 895,091

(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, 2015 to December 31, 2017 (in thousands):

	2017			2016			2015
Balance at beginning of year	$	3,659,886		$	4,487,588		$	4,631,128
Additions:
Acquisitions		62,586			-			182,381
Capital expenditures and assets placed into service		356,857			213,996			165,941
Less:
Dispositions/impairments/placed into redevelopment		(189,395	)		(962,676	)		(442,327	)
Retirements		(57,586	)		(79,022	)		(49,535	)
Balance at end of year	$	3,832,348		$	3,659,886		$	4,487,588
Less:
Assets held for sale		-			(73,591	)		(794,588	)
Per consolidated balance sheet	$	3,832,348		$	3,586,295		$	3,693,000

The aggregate cost for federal income tax purposes is $3.1 billion as of December 31, 2017.

(c)	Reconciliation of Accumulated Depreciation:

The following table reconciles the accumulated depreciation on real estate investments from January 1, 2015 to December 31, 2017 (in thousands):

	2017			2016			2015
Balance at beginning of year	$	885,392		$	1,080,616		$	1,078,996
Additions:
Depreciation expense		135,823			131,859			159,080
Less:
Dispositions/impairments/placed into redevelopment		(74,178	)		(250,110	)		(109,243	)
Retirements		(51,946	)		(76,973	)		(48,217	)
Balance at end of year	$	895,091		$	885,392		$	1,080,616
Less:
Assets held for sale		-			(32,916	)		(213,581	)
Per consolidated balance sheet	$	895,091		$	852,476		$	867,035

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

(e)	Building and improvements consists of capital improvements, which are depreciated over the lease term.

(f)	Reflects original construction date. Significant improvements were made to 3000 Market Street in 1988 and One Drexel Plaza in 2012.

(g)	The property was partially placed into service during 2017.