Director Joan Lau receives $115,000 share award at Brandywine Realty Trust (NYSE: BDN)

Rhea-AI Filing Summary

Brandywine Realty Trust director Joan Lau received a share-based compensation award. She acquired 37,582 Common Shares of Beneficial Interest on May 28, 2026 as a grant valued at $115,000, based on a closing price of $3.06 per share. The shares vested immediately upon grant, and following this award she directly holds 121,445 common shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Lau Joan

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Shares of Beneficial Interest	37,582	$0.00	--

Holdings After Transaction: Common Shares of Beneficial Interest — 121,445 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares granted: 37,582 shares Award value: $115,000 Reference share price: $3.06 per share +2 more

5 metrics

Shares granted 37,582 shares Annual Trustee award on May 28, 2026

Award value $115,000 Annual Trustee compensation award

Reference share price $3.06 per share Closing price on May 28, 2026 used to calculate award shares

Shares after transaction 121,445 shares Total Brandywine common shares directly held by Joan Lau after grant

Transaction price per share $0.00 per share Grant coded as compensation, not open-market purchase

Key Terms

Annual Trustee award, Common Shares of Beneficial Interest, vested immediately upon grant, transaction code "A"

4 terms

Annual Trustee award financial

"These shares reflect the $115,000 Annual Trustee award, the number of shares of which is calculated..."

Common Shares of Beneficial Interest financial

"security_title: Common Shares of Beneficial Interest"

Common Shares of Beneficial Interest are units that represent ownership in a company or organization, like owning a piece of a pie. They give investors voting rights and a chance to share in profits, making them important for those looking to invest and have a say in how the organization is run.

vested immediately upon grant financial

"Shares vested immediately upon grant."

transaction code "A" regulatory

"transaction_code_description: Grant, award, or other acquisition"

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Lau Joan

(Last) (First) (Middle)

2929 ARCH STREET, SUITE 1800

SUITE 1800

(Street)

PHILADELPHIA PENNSYLVANIA 19104

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
BRANDYWINE REALTY TRUST [ BDN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/28/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares of Beneficial Interest	05/28/2026		A		37,582(1)	A	$0	121,445	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. These shares reflect the $115,000 Annual Trustee award, the number of shares of which is calculated based upon a closing price on 05/28/26 of $3.06. Shares vested immediately upon grant.

	/s/ Shawn Neuman as Attorney-in-Fact for Joan Lau	06/01/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Brandywine Realty Trust (BDN) director Joan Lau report on this Form 4?

Director Joan Lau reported receiving a grant of 37,582 Common Shares of Beneficial Interest as share-based compensation. The award reflects an Annual Trustee grant that vested immediately, increasing her direct holdings to 121,445 Brandywine Realty Trust common shares after the transaction.

Was Joan Lau’s Brandywine Realty Trust (BDN) Form 4 a stock purchase or a grant?

The Form 4 shows a grant, not an open-market purchase. Joan Lau acquired 37,582 Brandywine Realty Trust common shares as an Annual Trustee award, coded as an “A” transaction for grant or award acquisition, with no cash paid per share in this filing.

What is the value of Joan Lau’s 2026 Annual Trustee share award from Brandywine Realty Trust (BDN)?

The Annual Trustee award was valued at $115,000. The number of shares granted, 37,582, was determined using a Brandywine Realty Trust closing share price of $3.06 on May 28, 2026, as disclosed in the Form 4 footnote.

Did the Brandywine Realty Trust (BDN) shares granted to Joan Lau vest immediately?

Yes. The Form 4 footnote states the 37,582-share Annual Trustee award to Joan Lau vested immediately upon grant. This means the compensation shares were fully earned and not subject to a time-based vesting schedule after the May 28, 2026 grant date.

How many Brandywine Realty Trust (BDN) shares does Joan Lau hold after this Form 4 transaction?

After the grant, Joan Lau directly holds 121,445 Brandywine Realty Trust common shares. This total includes the newly awarded 37,582 shares from the 2026 Annual Trustee grant, which were added to her prior direct holdings as reported in the Form 4.

What transaction code appears on Joan Lau’s Brandywine Realty Trust (BDN) Form 4?

The Form 4 uses transaction code “A” for Joan Lau’s award, which indicates a grant, award, or other acquisition. This code confirms the 37,582 Brandywine Realty Trust shares were received as compensation, rather than through an open-market purchase or option exercise.