We are a self-administered and self-managed real estate investment trust (“REIT”) engaged in the acquisition, development, redevelopment, ownership, management, and operation of a portfolio of office, life science/lab, residential and mixed-use properties.
−Removed: During the twelve months ended December 31, 2022, we owned and managed properties within five markets:
−Removed: (1) Philadelphia Central Business District (“Philadelphia CBD”), (2) Pennsylvania Suburbs, (3) Austin, Texas (4) Metropolitan Washington, D.C., and (5) Other.
+Added: During the twelve months ended December 31, 2023, we owned and managed properties within four markets:
+Added: (1) Philadelphia Central Business District (“Philadelphia CBD”), (2) Pennsylvania Suburbs, (3) Austin, Texas, and (4) Other.
The Philadelphia CBD segment includes properties located in the City of Philadelphia in Pennsylvania.
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The Austin, Texas segment includes properties in the City of Austin, Texas.
−Removed: The Metropolitan Washington, D.C.
−Removed: segment includes properties in Northern Virginia, Washington, D.C., and Southern Maryland.
−Removed: The Other segment includes properties in Camden County in New Jersey and properties in New Castle County in Delaware.
−Removed: In addition to the five markets, our corporate group is responsible for cash and investment management, development of certain real estate properties during the construction period, and certain other general support functions.
+Added: The Other segment includes properties in Washington, D.C., Northern Virginia, Southern Maryland, Camden County, New Jersey and New Castle County, Delaware.
+Added: In addition to our four geographic markets, our corporate group is responsible for cash and investment management, development of certain real estate properties during the construction period, and certain other general support functions.
See Note 1 “Organization of the Parent Company and the Operating Partnership,” to our Consolidated Financial Statements for our property portfolio, management services and land holdings.
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We face risks associated with security breaches through cyber attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology networks and related systems.
−Removed: The Audit Committee of our Board (the “Audit Committee”) and senior management receive and review quarterly reports on cybersecurity matters from our Chief Technology and Innovation Officer, including reports on documented incidents or violations of our IT and security policies.
+Added: The Audit Committee of our Board (the “Audit Committee”) and senior management receive and review periodic reports on cybersecurity matters from our Chief Technology and Innovation Officer, including reports on documented incidents or violations of our IT and security policies.
Documented incidents or violations are discussed, and managers are notified for the appropriate follow-up with our human resources department or the employees involved in such incidents or violations, as needed.
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Human Capital Resources
−Removed: As of December 31, 2022, we had approximately 328 full-time employees and six part-time employees, one intern and one temporary employee.
+Added: As of December 31, 2023, we had approximately 323 full-time employees and eight part-time employees and two interns.
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.
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• regular assessment of the engagement, satisfaction and retention of our employees.
−Removed: • programs such as internally organized affinity groups which are intended to foster an atmosphere of collaboration and inclusion.
Environmental, Social, and Corporate Governance
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.
−Removed: Our reduction targets for energy, greenhouse gas emissions and water are focused to reduce consumption 15% by 2025 over our 2018 baseline.
−Removed: In 2022, we extended our industry-leading ISS Governance Quality Score of 1, representing the highest possible score and indicating the lowest shareholder risk.
−Removed: 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.
+Added: Our reduction targets for energy, greenhouse gas emissions and water are focused to reduce consumption 15% compared to our 2018 baseline by 2025.
+Added: We have reached a 25% like-for-like intensity use reduction from baseline for water and energy, as well as a 23.9% like-for-like intensity use reduction from baseline for greenhouse gas emissions.
+Added: In 2023, we extended our industry-leading ISS Governance Quality Score of 1, representing the highest possible score and indicating the lowest shareholder risk and received our eighth annual Global Real Estate Sustainability Benchmark (“GRESB”) Green Star ranking, and our second 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.
−Removed: We have further completed 13.5 million square feet of green building certifications, encompassing approximately 62% of our portfolio.
+Added: We have further completed an additional 1.8 million square feet of green certifications for our buildings raising the total to 15.3 million square feet of green building certifications, encompassing approximately 54% of our portfolio.
We remain committed to energy efficiency in our buildings.
−Removed: We’ve achieved one or more green building certifications across 62% of our portfolio and participate in the UL Verified Healthy Buildings Program.
+Added: We’ve achieved Energy Star certification across the majority of our portfolio and participate in the UL Verified Healthy Buildings Program.
Over 650 energy, water, and waste efficiency projects were implemented in our portfolio, and we continue to generate and procure renewable energy for our properties.
−Removed: Brandywine remains committed to supporting our employees and the communities we operate in.
−Removed: We promote diversity, equity, and inclusion through internal affinity teams, board diversity, and employee engagement.
+Added: Brandywine remains committed to supporting our employees and the communities where we operate .
+Added: We promote diversity, equity, and inclusion through 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.
−Removed: Brandywine maintains and encourages the use of over 74 acres of public green space for community engagement.
+Added: Brandywine maintains and encourages the use of over 74 acres of public green space for community engagement including a focus on biodiversity through our onsite, honey generating, beekeeping habitats.
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.
−Removed: 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.
+Added: We’ve spearheaded new, equitable transit-oriented development in Austin and Philadelphia and continue to assess what investments will impact our employees and communities in the most impactful ways.
For further information regarding our environmental, social, and governance strategies and policies, please visit the “Responsibility” section of our website.
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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.