
<PAGE>   1
                                                                Exhibit 10.3
 
                    REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
 
To Brandywine Realty Trust:
 
     We have audited the combined statement of revenue and certain expenses of
the Equivest Management, Inc. Acquisition Properties ("700/800 Business Center
Drive") described in Note 1 for the year ended December 31, 1995. This financial
statement is the responsibility of management. Our responsibility is to express
an opinion on this financial statement based on our audit.
 
     We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.
 
     The combined statement of revenue and certain expenses was prepared for the
purpose of complying with the rules and regulations of the Securities and
Exchange Commission for inclusion in the registration statement on Form S-11 of
Brandywine Realty Trust as described in Note 1 and is not intended to be a
complete presentation of 700/800 Business Center Drive's revenue and expenses.
 
     In our opinion, the financial statement referred to above presents fairly,
in all material respects, the revenue and certain expenses of the 700/800
Business Center Drive for the year ended December 31, 1995, in conformity with
generally accepted accounting principles.
 
                                          ARTHUR ANDERSEN LLP
 
Philadelphia, Pa.,
  October 31, 1996
 
                                      F-57
<PAGE>   2
 
                         700/800 BUSINESS CENTER DRIVE
 
               COMBINED STATEMENT OF REVENUE AND CERTAIN EXPENSES
                                (NOTES 1 AND 2)
 
<TABLE>
<CAPTION>
                                                                                    FOR THE
                                                         FOR THE           NINE-MONTH PERIODS ENDED
                                                        YEAR ENDED      -------------------------------
                                                       DECEMBER 31,     SEPTEMBER 30,     SEPTEMBER 30,
                                                           1995             1995              1996
                                                       ------------     -------------     -------------
                                                                                   UNAUDITED
<S>                                                    <C>              <C>               <C>
REVENUE:
  Base rents (Note 2)................................    $567,000         $ 416,000         $ 533,000
  Tenant reimbursements..............................     188,000           144,000            62,000
                                                         --------          --------          --------
          Total revenue..............................     755,000           560,000           595,000
                                                         --------          --------          --------
CERTAIN EXPENSES:
  Maintenance and other operating expenses...........     154,000           108,000           118,000
  Utilities..........................................      40,000            26,000            20,000
  Real estate taxes..................................     111,000            83,000            83,000
                                                         --------          --------          --------
          Total certain expenses.....................     305,000           217,000           221,000
                                                         --------          --------          --------
REVENUE IN EXCESS OF CERTAIN EXPENSES................    $450,000         $ 343,000         $ 374,000
                                                         ========          ========          ========
</TABLE>
 
   The accompanying notes are an integral part of these financial statements.
 
                                      F-58
<PAGE>   3
 
                         700/800 BUSINESS CENTER DRIVE
 
          NOTES TO COMBINED STATEMENT OF REVENUE AND CERTAIN EXPENSES
                               DECEMBER 31, 1995
 
1. BASIS OF PRESENTATION:
 
     The combined statement of revenue and certain expenses reflect the
operations of the Equivest Management, Inc. Acquisition Properties ("700/800
Business Center Drive") located in Horsham, Pennsylvania, which are expected to
be acquired by Brandywine Realty Trust (the "Company") from Equivest Management,
Inc. in November, 1996. The Acquisition Properties have aggregate net rentable
area of approximately 82,000 square feet and were 62% leased as of December 31,
1995. This combined statement of revenue and certain expenses is to be included
in the Company's registration statement on Form S-11 as the acquisition has been
deemed significant pursuant to the rules and regulations of the Securities and
Exchange Commission.
 
     The accounting records of 700/800 Business Center Drive are maintained on a
modified cash basis. Adjusting entries have been made to present the
accompanying financial statements in accordance with generally accepted
accounting principles. The accompanying financial statements exclude certain
expenses such as interest, depreciation and amortization, professional fees, and
other costs not directly related to the future operations of 700/800 Business
Center Drive.
 
     The combined statements of revenue and certain expenses for the nine months
ended September 30, 1996 and 1995, are unaudited. In the opinion of management,
all adjustments consisting solely of normal recurring adjustments necessary for
a fair presentation of the financial statements for the interim period have been
included. The results for the interim period are not necessarily indicative of
the results for the full year.
 
     The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expense during the reporting
period. The ultimate results could differ from those estimates.
 
2. OPERATING LEASES:
 
     Base rents presented for the year ended December 31, 1995, and the nine
months ended September 30, 1996 and 1995, include straight-line adjustments for
rental revenue increases in accordance with generally accepted accounting
principles. The aggregate rental revenue increase resulting from the
straight-line adjustments for the year ended December 31, 1995, and the nine
months ended September 30, 1996 and 1995, were $68,000, $76,000 (unaudited) and
$45,000 (unaudited), respectively.
 
     Tenants whose minimum rentals were equal to 10% or more of total base rents
in 1995 are as follows:
 
<TABLE>
        <S>                                                                 <C>
        Metpath, Inc......................................................  $310,000
        Macro Corporation.................................................   201,000
</TABLE>
 
     700/800 Business Center Drive are leased to tenants under operating leases
with expiration dates extending to the year 2012. Future minimum rentals under
noncancelable operating leases, excluding tenant reimbursements of operating
expenses as of December 31, 1995, were as follows:
 
<TABLE>
        <S>                                                                <C>
        1996.............................................................  $  414,000
        1997.............................................................     381,000
        1998.............................................................     508,000
        1999.............................................................     529,000
        2000.............................................................     474,000
        Thereafter.......................................................   7,056,000
</TABLE>
 
     Certain leases also include provisions requiring tenants to reimburse the
Company for management costs and other operating expenses up to stipulated
amounts.
 
                                      F-59
