What changed in this filing

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Item 1. Business

2023-02-21 compared with 2022-02-24 · 26 added, 20 removed, 121 unchanged (28% of the section changed)

55 unchanged sentences

We also consider the following to be important objectives:

• to develop and opportunistically acquire high-quality office, life science/lab, residential, and mixed-use properties at attractive yields in markets that we expect will experience economic growth and where we can achieve operating efficiencies;

• to own and develop high-quality office, life science/lab, residential, and mixed-use properties meeting the demands of today’s tenants who require sophisticated telecommunications and related infrastructure, support services, sustainable features and amenities, and to manage those facilities so as to continue to be the landlord of choice for both existing and prospective tenants;

• to capitalize on our redevelopment expertise to selectively develop, redevelop and reposition properties in desirable locations that other organizations may not have the resources to pursue;

• to opportunistically acquire high-quality office, life science/lab, residential, and mixed-use properties at attractive yields in markets that we expect will experience economic growth and where we can achieve operating efficiencies;

• to monetize or deploy our land inventory for development of high-quality office, life science/lab, residential, and mixed-use properties, or rezone from office/industrial to life science/lab, residential, retail and hotel to align with market and demand shifts as appropriate;

• to control development sites, including sites under purchase options, that could support high-quality office, life science/lab, residential, and mixed-use properties within our core markets;

• to capitalize on our redevelopment expertise to selectively develop, redevelop and reposition properties in desirable locations that other organizations may not have the resources to pursue;

• to strategically grow our portfolio through the development and acquisition of new product types that support our strategy of transient-oriented and amenity based mixed-use properties located in the central business district of Philadelphia, Pennsylvania;

• to strategically grow our portfolio through the development and acquisition of new product types that support our strategy of transit-oriented and amenity based mixed-use properties located in the central business district of Philadelphia, Pennsylvania;

Pennsylvania Suburbs;

Austin, Texas;

and Metropolitan Washington, D.C.;

and Austin, Texas;

• to secure third-party development contracts, which can be a significant source of revenue and enable us to utilize and grow our existing development and construction management resources.

6 unchanged sentences

We currently expect to continue to operate in markets where we have a concentration advantage due to economies of scale.

We believe that where possible, it is best to operate with a strong base of properties in order to benefit from the personnel

allocation and the market strength associated with managing multiple properties in the same market.

We also intend to selectively dispose of properties and redeploy capital if we determine a property cannot meet our long-term earnings growth expectations.

We believe that where possible, it is best to operate with a strong base of properties in order to benefit from the personnel allocation and the market strength associated with managing multiple properties in the same market.

We also intend to

selectively dispose of properties and redeploy capital if we determine a property cannot meet our long-term earnings growth expectations.

We believe that recycling capital is an important aspect of maintaining the overall quality of our portfolio.

4 unchanged sentences

We use experienced on-site construction superintendents, operating under the supervision of our project managers and senior management, to control the construction process and mitigate the various risks associated with real estate development.

In order to fund developments, redevelopments and acquisitions, as well as refurbish and improve existing properties, we primarily use proceeds from property dispositions, excess cash from operations after satisfying our dividend and other financing requirements, and external sources of debt and equity capital.

The availability of funds for new investments and maintenance of existing properties largely depends on capital markets and liquidity factors over which we can exert little control.

34 unchanged sentences

Human Capital Resources

As of December 31, 2021, we had approximately 324 full-time employees and 3 part-time employees.

As of December 31, 2022, we had approximately 328 full-time employees and six part-time employees, one intern and one temporary employee.

We seek to maintain a challenging, enriching, respectful, diverse, inclusive, collaborative and rewarding work environment for our employees whom we consider to be among our most valuable assets.

8 unchanged sentences

Environmental, Social, and Corporate Governance

We are steadfast in our commitment to maintaining and implementing environment, social, and governance ("ESG”) standards while driving value through continual improvement of our operations, portfolio performance, and community impact.

Our reduction targets for energy, greenhouse gas emissions and water are to reduce consumption 15% by 2025 over our 2018 baseline.

In 2021, we earned the highest-level Governance score from ISS, continued to maintain an A rating from MSCI ESG Research, and received our seventh annual Global Real Estate Sustainability Benchmark (“GRESB”) Green Star ranking.

We were also recognized as the most committed building owner in the Philadelphia 2030 District initiative to achieve substantial reduction in energy use by the year 2030.

We have 11.5 million square feet of green building certifications across our portfolio.

With all the challenges over the last two years, Brandywine continues to proactively plan and work to provide safe spaces for tenants to return to the office while deepening our commitment and culture of giving back to the local community.

Our volunteer efforts and financial contributions included over $20,000 collected by employees and matched by us to support 16 third-party employees in our extended family of vendors who were impacted by furloughs and layoffs.

Through a meals program in partnership with several of our food and beverage tenants, we funded over 38,000 meals to Philadelphians in need.

We also donated $350,000 to the Enterprise Center to launch the Grow Philadelphia Small Business COVID-19 Resilience Fund and provided a loan guarantee of $200,000 to the African American Chamber of Commerce to make low-interest loans available to Chamber members impacted by the COVID-19 pandemic and social unrest.

Brandywine is committed to implementing and maintaining environmental, social, and governance (“ESG”) standards while driving value through continual improvement of our operations, portfolio performance, and community impact.

Our reduction targets for energy, greenhouse gas emissions and water are focused to reduce consumption 15% by 2025 over our 2018 baseline.

In 2022, we extended our industry-leading ISS Governance Quality Score of 1, representing the highest possible score and indicating the lowest shareholder risk.

We continued to maintain an A rating from MSCI ESG Research and received our seventh annual Global Real Estate Sustainability Benchmark (“GRESB”) Green Star ranking, as well as our first 5-Star ranking.

We achieved 2022 Green Lease Leaders Platinum recognition in the category’s inaugural year, recognizing our collaboration with tenants to equitably align financial and environmental benefits.

We were also recognized for our commitment to the Philadelphia 2030 District initiative to achieve substantial reduction in energy use by the year 2030.

We have further completed 13.5 million square feet of green building certifications, encompassing approximately 62% of our portfolio.

We remain committed to energy efficiency in our buildings.

We’ve achieved one or more green building certifications across 62% of our portfolio and participate in the UL Verified Healthy Buildings Program.

Over 700 energy, water, and waste efficiency projects were implemented in our portfolio, and we continue to generate and procure renewable energy for our properties.

Brandywine remains committed to supporting our employees and the communities we operate in.

We promote diversity, equity, and inclusion through internal affinity teams, board diversity, and employee engagement.

Employees are given access to mentorship and tuition reimbursement opportunities as well as numerous programs to promote health and wellness.

Brandywine maintains and encourages the use of over 74 acres of public green space for community engagement.

We continue to foster long-standing, ethical partnerships with local suppliers and drive economic resilience through the Schuylkill Yards projects and community totaling $16.4 million to date.

We’ve spearheaded new, equitable transit-oriented development in Austin and Philadelphia and continue to assess what investments will impact our employees and communities the most.

For further information regarding our environmental, social, and governance strategies and policies, please visit the “Responsibility” section of our website.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business