BDN 8-K: Underwriting & Pricing Agreements Filed for Debt Offering

Rhea-AI Filing Summary

Brandywine Realty Trust and its subsidiary Brandywine Operating Partnership, L.P. filed a Current Report on Form 8-K that attaches underwriting and pricing agreements dated September 29, 2025 related to certain Notes. The filing lists Exhibits 1.1 (Underwriting Agreement) and 1.2 (Pricing Agreement) naming BofA Securities, Citigroup Global Markets, Truist Securities and Wells Fargo Securities as representatives of the underwriters. The exhibit list also references existing indentures and supplemental indentures incorporated by reference, a legal opinion from Troutman Pepper Locke LLP, consent from that firm, a press release dated September 29, 2025, and the cover page interactive data file.

Insights

Securities Attorney

TL;DR: The 8-K attaches underwriting and pricing agreements for Notes and includes legal opinions and referenced indentures.

The filing explicitly attaches an Underwriting Agreement and a Pricing Agreement dated September 29, 2025, naming leading broker-dealers as representatives of the underwriters. It incorporates prior indentures and supplemental indentures by reference and includes an opinion and consent from Troutman Pepper Locke LLP, plus a press release exhibit. The disclosure is procedural and documents transaction mechanics; it does not state issuance size, interest rates, closing terms, or other economic specifics, so legal analysis is limited to the agreements being filed and referenced documentation.

Fixed Income Analyst

TL;DR: The filing confirms underwriting/pricing agreements for Notes but provides no economic terms to assess credit or market impact.

Exhibits confirm that underwriters were engaged and that relevant indentures and counsel opinions are on file, which are standard steps for a debt offering. The document does not disclose principal amount, coupon, maturity, or use of proceeds, so there is no basis here to evaluate credit effects, dilution, or refinancing implications for investors.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 29, 2025

BRANDYWINE REALTY TRUST

BRANDYWINE OPERATING PARTNERSHIP, L.P.

(Exact name of registrant as specified in charter)

Maryland (Brandywine Realty Trust)		001-9106		23-2413352
Delaware (Brandywine Operating Partnership, L.P.)		000-24407		23-2862640
(State or Other Jurisdiction of Incorporation or Organization)		(Commission file number)		(I.R.S. Employer Identification Number)

2929 Arch Street

Suite 1800

Philadelphia, PA 19104

(Address of principal executive offices) (Zip Code)

(610) 325-5600

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Shares of Beneficial Interest		BDN		NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Brandywine Realty Trust:

Emerging growth company ☐

Brandywine Operating Partnership, L.P.:

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Brandywine Realty Trust: ☐

Brandywine Operating Partnership, L.P.: ☐

Item 1.01 Entry into a Material Definitive Agreement

On September 29, 2025, Brandywine Realty Trust, a Maryland real estate investment trust (the “Company”), and its operating partnership, Brandywine Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”), entered into an Underwriting Agreement (together with the Pricing Agreement (as defined below), the “Underwriting Agreement”) and a related Pricing Agreement (the “Pricing Agreement”) with BofA Securities, Inc., Citigroup Global Markets Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters named in the Pricing Agreement (the “Underwriters”), in connection with the public offering by the Operating Partnership of $300 million in aggregate principal amount of its 6.125% Guaranteed Notes due 2031 (the “Notes”). The Company will fully and unconditionally guarantee the payment of principal and of premium, if any, and interest on the Notes. The offering is expected to close on October 3, 2025, subject to customary closing conditions. Under the terms of the Underwriting Agreement, the Company and the Operating Partnership have agreed to indemnify the Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”), or to contribute payments that the Underwriters may be required to make because of any of those liabilities. The Underwriting Agreement contains customary representations and covenants. The offer and sale of the Notes were registered with the Securities and Exchange Commission (the “Commission”) pursuant to a registration statement on Form S-3 (File No. 333-270133), under the Securities Act.

Copies of each of the Underwriting Agreement and the Pricing Agreement are filed as Exhibit 1.1 and Exhibit 1.2, respectively, to this Current Report on Form 8-K. The foregoing is not a complete discussion of the Underwriting Agreement and the Pricing Agreement and is qualified in its entirety by reference to these agreements, and the information in the Underwriting Agreement and the Pricing Agreement is incorporated into this Item 1.01 by this reference.

The Operating Partnership intends to use the net proceeds from the offering to repay our consolidated secured debt and for general corporate purposes, which may include the repayment, repurchase or other retirement of other indebtedness.

The Notes will be issued under the Indenture, dated as of October 22, 2004 (the “Indenture”), as supplemented by the First Supplemental Indenture, dated as of May 25, 2005 (the “First Supplemental Indenture”), and the Third Supplemental Indenture, dated as of April 5, 2011 (the “Third Supplemental Indenture”), among the Company, the Operating Partnership and The Bank of New York Mellon (formerly, The Bank of New York), as trustee. The Indenture was previously filed with the Commission on October 22, 2004, as Exhibit 4.1 to the Company’s Current Report on Form 8-K, and is incorporated into this Item 1.01 by this reference. The First Supplemental Indenture was previously filed with the Commission on May 26, 2005, as Exhibit 4.1 to the Company’s Current Report on Form 8-K, and is incorporated into this Item 1.01 by this reference. The Third Supplemental Indenture was previously filed with the Commission on April 5, 2011, as Exhibit 4.1 to the Company’s Current Report on Form 8-K, and is incorporated into this Item 1.01 by this reference.

In connection with the foregoing, the Company and the Operating Partnership are filing as Exhibit 5.1 to this Current Report on Form 8-K the opinion of their counsel with respect to the validity of the Notes and the Guarantee.

Item 7.01 Regulation FD Disclosure

On September 29, 2025, the Company issued a press release announcing the pricing of the offering of Notes. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K.

The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Exchange Act or Securities Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits

Exhibit		Description
1.1		Underwriting Agreement, dated September 29, 2025, by and among Brandywine Operating Partnership, L.P. and Brandywine Realty Trust and BofA Securities, Inc., Citigroup Global Markets Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC, as representatives of the several underwriters named in the Pricing Agreement.
1.2		Pricing Agreement, dated September 29, 2025, by and among Brandywine Operating Partnership, L.P. and Brandywine Realty Trust and BofA Securities, Inc., Citigroup Global Markets Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC as representatives of the several underwriters named in the Pricing Agreement, relating to the Notes.
4.1*		Indenture, dated October 22, 2004, by and among Brandywine Operating Partnership, L.P., Brandywine Realty Trust, certain subsidiaries of Brandywine Operating Partnership, L.P. named therein and The Bank of New York Mellon, as Trustee (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K filed on October 22, 2004 and incorporated herein by reference).
4.2*		First Supplemental Indenture, dated as of May 25, 2005, by and among Brandywine Operating Partnership, L.P., Brandywine Realty Trust, certain wholly-owned subsidiaries of Brandywine Operating Partnership, L.P. named therein and The Bank of New York Mellon, as Trustee (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K filed on May 26, 2005 and incorporated herein by reference).
4.3*		Third Supplemental Indenture dated, as of April 5, 2011, by and among Brandywine Operating Partnership, L.P., Brandywine Realty Trust and The Bank of New York Mellon, as Trustee (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K filed on April 5, 2011 and incorporated herein by reference).
5.1		Opinion of Troutman Pepper Locke LLP regarding the legality of the Notes and the related Guarantee.
23.1		Consent of Troutman Pepper Locke LLP (contained in Exhibit 5.1 hereto).
99.1		Press Release of Brandywine Realty Trust dated September 29, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).
* Incorporated herein by reference as above indicated.

Signatures

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

B RANDYWINE R EALTY T RUST
		By:		/s/ Gerard H. Sweeney
				Gerard H. Sweeney
				President and Chief Executive Officer
B RANDYWINE O PERATING P ARTNERSHIP , L.P.
		By:		B RANDYWINE R EALTY T RUST , ITS G ENERAL P ARTNER
		By:		/s/ Gerard H. Sweeney
				Gerard H. Sweeney
				President and Chief Executive Officer

Date: September 30, 2025

FAQ

What did Brandywine Realty Trust (BDN) file in this 8-K?

The 8-K files the Underwriting Agreement (Exhibit 1.1) and Pricing Agreement (Exhibit 1.2) dated September 29, 2025, related to Notes.

Who are the underwriter representatives named in the filing?

The filing names BofA Securities, Inc., Citigroup Global Markets Inc., Truist Securities, Inc., and Wells Fargo Securities, LLC as representatives of the underwriters.

Does the 8-K disclose the amount or terms of the Notes?

No. The document references the agreements relating to the Notes but does not disclose principal amount, coupon, maturity, or other economic terms.

Are legal opinions or consents included in the filing?

Yes. The exhibit list includes an opinion of Troutman Pepper Locke LLP (Exhibit 5.1) and their consent (Exhibit 23.1).

Is there a press release attached to this 8-K?

Yes. The exhibit list includes a Press Release dated September 29, 2025 (Exhibit 99.1).