<SEC-DOCUMENT>0000950123-11-030482.txt : 20110330
<SEC-HEADER>0000950123-11-030482.hdr.sgml : 20110330
<ACCEPTANCE-DATETIME>20110330084544
ACCESSION NUMBER:		0000950123-11-030482
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20110330
DATE AS OF CHANGE:		20110330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRANDYWINE REALTY TRUST
		CENTRAL INDEX KEY:			0000790816
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232413352
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-158589
		FILM NUMBER:		11720454

	BUSINESS ADDRESS:	
		STREET 1:		555 EAST LANCASTER AVE.
		STREET 2:		SUITE 100
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		6103255600

	MAIL ADDRESS:	
		STREET 1:		555 EAST LANCASTER AVE.
		STREET 2:		SUITE 100
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LINPRO SPECIFIED PROPERTIES
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BRANDYWINE OPERATING PARTNERSHIP, L.P.
		CENTRAL INDEX KEY:			0001060386
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232862640
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-158589-01
		FILM NUMBER:		11720453

	BUSINESS ADDRESS:	
		STREET 1:		C/O BRANDYWINE REALTY TRUST
		STREET 2:		555 E. LANCASTER AVENUE, SUITE 100
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		6103255600

	MAIL ADDRESS:	
		STREET 1:		C/O BRANDYWINE REALTY TRUST
		STREET 2:		555 E. LANCASTER AVENUE, SUITE 100
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BRANDYWINE OPERATING PARTNERSHIP LP /PA
		DATE OF NAME CHANGE:	19980428
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>w82170e424b5.htm
<DESCRIPTION>FORM 424B5
<TEXT>
<HTML>
<HEAD>
<TITLE>e424b5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #E8112D">This
preliminary prospectus supplement and the accompanying
prospectus relate to an effective registration statement under
the Securities Act of 1933, as amended, but are not complete and
may be changed. This preliminary prospectus supplement and the
accompanying prospectus are not an offer to sell these
securities and are not soliciting an offer to buy these
securities in any state where the offer or sale is not
permitted.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Filed Pursuant to Rule 424(b)(5)<BR>
    Registration No. 333-158589</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="color: #E8112D">SUBJECT TO COMPLETION
    DATED&#160;MARCH&#160;30, 2011</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Preliminary Prospectus Supplement</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>To Prospectus dated April&#160;29, 2009</I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="w82170w8217002.gif" alt="(BRANDYWINEREALTYTRUST LOGO)">
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 24pt">Brandywine Operating
    Partnership, L.P.</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">$&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;%
    Guaranteed Notes due</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We are offering $&#160;&#160;&#160;&#160;&#160;
    of&#160;&#160;&#160;&#160;&#160;%&#160;notes
    due&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes will bear interest at a rate
    of&#160;&#160;&#160;&#160;&#160;% per year. We will pay interest
    on the notes semi-annually
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    of each year, beginning
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may redeem the notes, in whole or in part, at any time at the
    applicable redemption prices described in this prospectus
    supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes will be unsecured and will rank equally with all of
    the other unsecured unsubordinated indebtedness of Brandywine
    Operating Partnership, L.P. from time to time outstanding.
    Brandywine Realty Trust, the sole general partner of Brandywine
    Operating Partnership, L.P., will guarantee payment of principal
    and interest on the notes. The guarantee of the notes will be an
    unsecured and unsubordinated obligation of Brandywine Realty
    Trust. Brandywine Realty Trust has no material assets other than
    its investment in Brandywine Operating Partnership, L.P.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes will not be listed on any securities exchange.
    Currently, there is no public market for the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Investing in the notes involves risks. See &#147;Cautionary
    Statement Regarding
    <FONT style="white-space: nowrap">Forward-Looking</FONT>
    Statements&#148; in this prospectus supplement and &#147;Risk
    Factors&#148; beginning on page&#160;S-4 of this prospectus
    supplement and in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of the
    securities or passed upon the accuracy or adequacy of this
    prospectus supplement or the accompanying prospectus. Any
    representation to the contrary is a criminal offense.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="59%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="7%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="7%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Price to<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Underwriting<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Proceeds to us,<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Public(1)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Discount</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Before Expenses(1)</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Per note
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">

</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Plus interest, if any, from April&#160;&#160;, 2011 if
    settlement occurs after that date.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The underwriters expect to deliver the notes in book-entry form
    only through the facilities of The Depository Trust&#160;Company
    against payment on or about April&#160;&#160;&#160;, 2011.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Joint Book-Running Managers</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

<TR>
    <TD width="33%"></TD>
    <TD width="33%"></TD>
    <TD width="33%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 18pt; font-family: 'Times New Roman', Times">Wells
    Fargo Securities</FONT></B></TD>
    <TD nowrap align="center">    <B><FONT style="font-size: 18pt; font-family: 'Times New Roman', Times">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;J.P.&#160;Morgan</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 18pt; font-family: 'Times New Roman', Times">
    Citi</FONT></B></TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
     March&#160;&#160;&#160;, 2011
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Prospectus
    Supplement</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="W82170tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170201'>About This Prospectus Supplement</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-ii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170202'>Cautionary Statement Regarding Forward-Looking
    Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-iii
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170203'>Summary</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170204'>Risk Factors</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170205'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-6
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170206'>Ratios of Earnings to Combined Fixed Charges and
    Preferred Share Distributions and Earnings to Fixed Charges</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-7
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170207'>Capitalization</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-8
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170208'>Description of the Notes and the Guarantee</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-9
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170209'>Material Federal Income Tax Considerations</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-15
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170210'>Underwriting</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170211'>Conflicts of Interest</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-22
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170212'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-22
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170213'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    S-22
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD colspan="5">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="5" align="center" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Prospectus</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170101'>About This Prospectus</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170102'>Where You Can Find More Information</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170103'>Incorporation by Reference</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170104'>Cautionary Statement Concerning Forward-Looking
    Statements</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170105'>Brandywine and the Operating Partnership</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170106'>Use of Proceeds</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170107'>Ratios of Earnings to Fixed Charges and Earnings
    to Combined Fixed Charges and Preferred Share Distributions</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170109'>Description of the Debt Securities</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170110'>Description of the Shares of Beneficial
    Interest</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170111'>Description of the Depositary Shares</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170112'>Description of the Subscription Rights</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170113'>Description of the Warrants</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170114'>Provisions of Maryland Law and of
    Brandywine&#146;s Declaration of Trust&#160;and Bylaws</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170115'>Material Federal Income Tax Consequences</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170116'>Plan of Distribution</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170117'>Legal Matters</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170118'>Experts</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should rely only on the information contained or
    incorporated by reference in this prospectus supplement and the
    accompanying prospectus. We have not, and the underwriters have
    not, authorized any dealer, salesman or other person to provide
    you with additional or different information. This prospectus
    supplement and the accompanying prospectus are not an offer to
    sell or the solicitation of an offer to buy any securities other
    than the securities to which they relate and are not an offer to
    sell or the solicitation of an offer to buy securities in any
    jurisdiction to any person to whom it is unlawful to make an
    offer or solicitation in that jurisdiction. You should not
    assume that the information in this prospectus supplement, the
    accompanying prospectus or in any document incorporated by
    reference in this prospectus supplement or the accompanying
    prospectus is accurate as of any date other than the date of the
    document containing the information.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-i
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='W82170201'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">ABOUT
    THIS PROSPECTUS SUPPLEMENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should carefully read this prospectus supplement, the
    accompanying prospectus and the additional information
    incorporated by reference in this prospectus supplement and the
    accompanying prospectus before investing in the notes. See
    &#147;Where You Can Find More Information&#148; in the
    accompanying prospectus. These documents contain important
    information that you should consider before making your
    investment decision. This prospectus supplement and the
    accompanying prospectus contain the terms of this offering of
    notes. The accompanying prospectus contains information about
    certain of our securities generally, some of which does not
    apply to the notes covered by this prospectus supplement. This
    prospectus supplement may add, update or change information
    contained in or incorporated by reference in the accompanying
    prospectus. If the information in or incorporated by reference
    in this prospectus supplement is inconsistent with any
    information contained in or incorporated by reference in the
    accompanying prospectus, the information in or incorporated by
    reference in this prospectus supplement will apply and will
    supersede the inconsistent information contained in or
    incorporated by reference in the accompanying prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>You should rely only on the information contained or
    incorporated by reference in this prospectus supplement, the
    accompanying prospectus and any related free writing prospectus
    required to be filed with the Securities and Exchange
    Commission. Neither we nor the underwriters have authorized any
    other person to provide you with additional or different
    information. If any person provides you with additional or
    different information, you should not rely on it. Neither we nor
    the underwriters are making an offer to sell the notes in any
    jurisdiction where the offer or sale is not permitted. You
    should assume that the information appearing in this prospectus
    supplement, the accompanying prospectus, any such free writing
    prospectus and the documents incorporated by reference herein
    and therein is accurate only as of their respective dates. Our
    business, financial condition, results of operations and
    prospects may have changed since those dates.</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-ii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='W82170202'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CAUTIONARY
    STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain statements contained or incorporated by reference in
    this prospectus supplement and the accompanying prospectus,
    including those related to our future operations, constitute
    &#147;forward-looking statements&#148; within the meaning of
    Section&#160;27A of the Securities Act of 1933, as amended (the
    &#147;Securities Act&#148;), and Section&#160;21E of the
    Securities Exchange Act of 1934, as amended (the &#147;Exchange
    Act&#148;). Such forward-looking statements relate to, without
    limitation, our future economic performance, plans and
    objectives for future operations and projections of revenue and
    other financial items. Forward-looking statements can be
    identified by the use of words such as &#147;may,&#148;
    &#147;will,&#148; &#147;plan,&#148; &#147;should,&#148;
    &#147;expect,&#148; &#147;anticipate,&#148;
    &#147;estimate,&#148; &#147;continue&#148; or comparable
    terminology. Forward-looking statements are inherently subject
    to risks and uncertainties, many of which we cannot predict with
    accuracy and some of which we might not even anticipate.
    Although we believe that the expectations reflected in such
    forward-looking statements are based upon reasonable assumptions
    at the time made, we can give no assurance that such
    expectations will be achieved. Future events and actual results,
    financial and otherwise, may differ materially from the results
    discussed in the forward-looking statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Factors that could cause actual results to differ materially
    from our expectations include, without limitation, the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    the continuing impact of the recent credit crisis and global
    economic slowdown, which is having and may continue to have
    negative effect on the following:
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="3%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    the fundamentals of our business, including overall market
    occupancy, demand for office space and rental rates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    the financial condition of our tenants, (many of which are
    financial, legal and other professional firms), our lenders,
    counterparties to our derivative financial instruments and
    institutions that hold our cash balances and short-term
    investments, which may expose us to increased risks of default
    by these parties;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    availability of financing on attractive terms or at all, which
    may adversely impact our future interest expense and our ability
    to pursue acquisition and development opportunities and
    refinance existing debt;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    a decline in real estate asset valuations, which may limit our
    ability to dispose of assets at attractive prices or obtain or
    maintain debt financing secured by our properties or on an
    unsecured basis;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    changes in local real estate conditions (including changes in
    rental rates and the number of properties that compete with our
    properties);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    changes in the economic conditions affecting industries in which
    our principal tenants compete;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    the unavailability of equity and debt financing;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    our failure to lease unoccupied space in accordance with our
    projections;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    our failure to re-lease occupied space upon expiration of leases;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    tenant defaults and the bankruptcy of major tenants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    increases in interest rates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    failure of interest rate hedging contracts to perform as
    expected and the effectiveness of such arrangements;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    failure of acquisitions to perform as expected;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    unanticipated costs associated with the acquisition, integration
    and operation of, our acquisitions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;&#160;
</TD>
    <TD align="left">
    unanticipated costs to complete,
    <FONT style="white-space: nowrap">lease-up</FONT> and
    operate our developments and redevelopments;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-iii
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unanticipated costs associated with land development (including
    building moratoriums and inability to obtain necessary zoning,
    land-use, building, occupancy and other required governmental
    approvals), construction cost increases or overruns and
    construction delays;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    impairment charges;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increased costs for, or lack of availability of, adequate
    insurance, including for terrorist acts;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    actual or threatened terrorist attacks;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    demand for tenant services beyond those traditionally provided
    by landlords;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    liability under environmental or other laws;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    failure or bankruptcy of real estate venture partners;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    inability of real estate venture partners to fund venture
    obligations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    failure of dispositions to close in a timely manner;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    failure of buyers of our properties to comply with terms of
    their financing agreements to us;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    earthquakes and other natural disasters;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    climate change and compliance costs relating to laws and
    regulations governing climate change;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks associated with federal, state and local tax audits;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    regulations relating to our status as a REIT and the adverse
    consequences of any failure to qualify as a REIT;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the impact of newly adopted accounting principles on our
    accounting policies and on
    <FONT style="white-space: nowrap">period-to-period</FONT>
    comparisons of financial results.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For further information on factors which could affect us, see
    &#147;Risk Factors&#148; in this prospectus supplement and in
    our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010, which is incorporated
    by reference in the accompanying prospectus. We caution you not
    to place undue reliance on forward-looking statements, which
    reflect our analysis only and speak as of the date of this
    prospectus supplement or the accompanying prospectus, as
    applicable, or as of the dates indicated in the statements. All
    of our forward-looking statements, including those included or
    incorporated by reference in this prospectus supplement and the
    accompanying prospectus, are qualified in their entirety by this
    statement. We assume no obligation to update and supplement
    forward-looking statements that become untrue because of
    subsequent events, new information or otherwise.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-iv
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<A name='W82170203'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">SUMMARY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>The information below is only a summary of more detailed
    information included elsewhere, or incorporated by reference, in
    this prospectus supplement and the accompanying prospectus. This
    summary does not contain all of the information that is
    important to you or that you should consider before buying notes
    in this offering. The other information is important, so please
    read carefully this prospectus supplement and the accompanying
    prospectus, as well as the information incorporated by
    reference.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>As used in this prospectus supplement, unless the context
    otherwise requires, the term &#147;Operating Partnership&#148;
    refers to Brandywine Operating Partnership, L.P., the term
    &#147;Brandywine&#148; refers to Brandywine Realty Trust and the
    terms &#147;we,&#148; &#147;us&#148; and &#147;our&#148; or
    similar expressions refer collectively to Brandywine Realty
    Trust and its subsidiaries (including the Operating
    Partnership).</I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Brandywine
    Realty Trust and Brandywine Operating Partnership,
    L.P.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine is a self-administered and self-managed real estate
    investment trust, or REIT, that is active in acquiring,
    developing, redeveloping, leasing and managing office and
    industrial properties. Brandywine owns its assets and conducts
    its operations through the Operating Partnership. Brandywine
    controls the Operating Partnership as its sole general partner
    and, as of December&#160;31, 2010, owned an approximately 93.1%
    interest in the Operating Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of December&#160;31, 2010, we owned 208 office properties, 20
    industrial facilities, four mixed-use properties and a garage
    property under redevelopment. As a result, as of
    December&#160;31, 2010, we owned and consolidated 233 properties
    with an aggregate of approximately 25.6&#160;million net
    rentable square feet. As of December&#160;31, 2010, we owned
    economic interests in 17 unconsolidated real estate ventures
    that own properties containing approximately 6.5&#160;million
    net rentable square feet. In addition, as of December&#160;31,
    2010, we owned approximately 509&#160;acres of undeveloped land.
    Our properties and the properties owned by our real estate
    ventures are located in and surrounding Philadelphia,
    Pennsylvania, Metropolitan Washington,&#160;D.C., Southern and
    Central New Jersey, Richmond, Virginia, Wilmington, Delaware,
    Austin, Texas and Oakland, Concord, Carlsbad and Rancho
    Bernardo, California.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine was organized and commenced operations in 1986 as a
    Maryland REIT. The Operating Partnership was formed and
    commenced operations in 1996 as a Delaware limited partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our principal executive offices are located at 555 East
    Lancaster Avenue, Radnor, Pennsylvania 19087, and our telephone
    number is
    <FONT style="white-space: nowrap">(610)&#160;325-5600.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We maintain an Internet website at
    <I><FONT style="white-space: nowrap">http://www.brandywinerealty.com</FONT></I>.
    We have not incorporated by reference into this prospectus
    supplement or the accompanying prospectus the information in, or
    that can be accessed through, our website, and you should not
    consider it to be a part of the prospectus supplement or the
    accompanying prospectus.
</DIV>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Offering</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Issuer</TD>
    <TD></TD>
    <TD valign="bottom">
    Brandywine Operating Partnership, L.P.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Guarantor</TD>
    <TD></TD>
    <TD valign="bottom">
    Brandywine Realty Trust.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Securities Offered</TD>
    <TD></TD>
    <TD valign="bottom">
    $&#160;&#160;&#160;&#160;&#160; principal amount
    of&#160;&#160;&#160;&#160;&#160;% Guaranteed Notes
    due&#160;&#160;&#160;&#160;&#160;.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Maturity</TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will mature
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Interest Rate</TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will bear interest at a rate
    of&#160;&#160;&#160;&#160;&#160;% per annum.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Interest Payment Dates </TD>
    <TD></TD>
    <TD valign="bottom">
    Interest on the notes will be payable
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    beginning
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011. Interest will accrue from April&#160;&#160;&#160;, 2011.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Optional Redemption</TD>
    <TD></TD>
    <TD valign="bottom">
    We may redeem the notes, in whole or in part, at any time at the
    applicable redemption prices described in &#147;Description of
    the Notes and the Guarantee&#160;&#151; Optional
    Redemption&#148; in this prospectus supplement.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Ranking</TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will be unsecured obligations of the Operating
    Partnership and will rank equally with all of its other
    unsecured unsubordinated indebtedness from time to time
    outstanding. The notes will be effectively subordinated to the
    indebtedness and other liabilities of the consolidated
    subsidiaries of the Operating Partnership. See &#147;Risk
    Factors&#160;&#151; Effective subordination of the notes and the
    guarantee may reduce amounts available for payment of the notes
    and the guarantee&#148; in this prospectus supplement.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Guarantee</TD>
    <TD></TD>
    <TD valign="bottom">
    Brandywine will fully and unconditionally guarantee payment of
    principal of and premium, if any, and interest on the notes. The
    guarantee will be an unsecured and unsubordinated obligation of
    Brandywine. Brandywine, however, has no material assets other
    than its investment in the Operating Partnership.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Covenants</TD>
    <TD></TD>
    <TD valign="bottom">
    Under the indenture, we have agreed to certain restrictions on
    our ability to incur debt and to enter into certain
    transactions. See &#147;Description of the Debt
    Securities&#160;&#151; Covenants&#148; in the accompanying
    prospectus.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Form and Denominations</TD>
    <TD></TD>
    <TD valign="bottom">
    We will issue the notes in fully registered form in
    denominations of $2,000 and integral multiples of $1,000 in
    excess thereof. The notes will be represented by one or more
    global securities registered in the name of a nominee of The
    Depository Trust&#160;Company, or DTC. You will hold beneficial
    interests in the notes through DTC, and DTC and its direct and
    indirect participants will record your beneficial interest on
    their books. Except under limited circumstances, we will not
    issue certificated notes.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Use of Proceeds</TD>
    <TD></TD>
    <TD valign="bottom">
    We estimate that the net proceeds from the sale of the notes in
    this offering will be approximately
    $&#160;&#160;&#160;&#160;&#160; after deducting the underwriting
    discount and our estimated transaction expenses relating to this
    offering and payable by us. We intend to use the net proceeds
    from this offering to reduce outstanding borrowings under our
    revolving credit facility and for general corporate purposes.
    See &#147;Use of Proceeds&#148; in this prospectus supplement.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Market for Notes</TD>
    <TD></TD>
    <TD valign="bottom">
    The notes are a new issue of securities, and there is currently
    no established trading market for the notes. An active or liquid
    market may not develop for the notes or, if developed, may not
    be maintained.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    No Listing</TD>
    <TD></TD>
    <TD valign="bottom">
    We have not applied, and do not intend to apply, for the listing
    of the notes on any securities exchange or for quotation on any
    automated quotation system.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Conflicts of Interest</TD>
    <TD></TD>
    <TD valign="bottom">
    Affiliates of certain of the underwriters are lenders under our
    credit facility and will receive a portion of the net proceeds
    from this offering. See &#147;Conflicts of Interest&#148; in
    this prospectus supplement.</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>
</DIV><!-- End box 1 -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='W82170204'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>Before deciding to invest in the notes, you should carefully
    consider &#147;Risk Factors&#148; in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010, which is incorporated
    by reference in the accompanying prospectus. In addition, you
    should carefully consider the following additional risk
    factors.</I>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Brandywine
    has no material assets other than its investment in the
    Operating Partnership.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine will fully and unconditionally guarantee the payment
    of principal, the Make-Whole Amount, if any, and interest with
    respect to the notes. The guarantee will be an unsecured and
    unsubordinated obligation of Brandywine and will rank equally
    with Brandywine&#146;s other unsecured and unsubordinated
    obligations. As of December&#160;31, 2010, Brandywine and its
    consolidated subsidiaries had unsecured and unsubordinated
    obligations of approximately $1,722.3&#160;million, consisting
    of (1)&#160;$183.0&#160;million of indebtedness under our
    revolving credit facility, (2)&#160;$183.0&#160;million of
    indebtedness under our unsecured term loan,
    (3)&#160;$175.2&#160;million principal amount of
    5.75%&#160;notes due 2012, (4)&#160;$242.7&#160;million
    principal amount of 5.40%&#160;notes due 2014,
    (5)&#160;$250.0&#160;million principal amount of
    7.50%&#160;notes due 2015, (6)&#160;$250.0&#160;million
    principal amount of 6.00%&#160;notes due 2016,
    (7)&#160;$300.0&#160;million principal amount of
    5.70%&#160;notes due 2017, (8)&#160;$59.8&#160;million principal
    amount of 3.875% exchangeable notes due 2026 and
    (9)&#160;$78.6&#160;million principal amount of trust preferred
    noted due 2035. In addition, as of that date, Brandywine and its
    consolidated subsidiaries had secured obligations of
    approximately $712.2&#160;million consisting of mortgage notes
    payable. Holders of the notes will be relying upon solely the
    Operating Partnership, as issuer, and Brandywine, as guarantor,
    to make payments in respect of the notes. Brandywine has no
    material assets other than its investment in the Operating
    Partnership.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Effective
    subordination of the notes and the guarantee may reduce amounts
    available for payment of the notes and the guarantee.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Both the notes and the guarantee will be unsecured. The holders
    of our secured debt may foreclose on the assets securing such
    debt, reducing the cash flow from the foreclosed property
    available for payment of unsecured debt, including the notes and
    the guarantee. The holders of our secured debt also would have
    priority over unsecured creditors in the event of our
    bankruptcy, liquidation or similar proceeding. As a result, the
    notes and the guarantee will be effectively subordinated to our
    secured debt. The notes effectively will also be subordinated to
    the unsecured indebtedness and other liabilities of the
    consolidated subsidiaries of the Operating Partnership. After
    giving effect to the consummation of this offering and the use
    of proceeds therefrom as described in &#147;Use of
    Proceeds&#148; in this prospectus supplement, the Operating
    Partnership and its consolidated subsidiaries will have secured
    indebtedness of approximately $712.2&#160;million. The indenture
    governing the notes will permit us and our subsidiaries to incur
    additional secured and unsecured indebtedness if the conditions
    specified in the indenture are met. See &#147;Description of the
    Debt Securities&#160;&#151; Covenants&#148; in the accompanying
    prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The notes
    will restrict, but will not eliminate, our ability to incur
    additional debt or prohibit us from taking other action that
    could negatively impact holders of the notes.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will be restricted from incurring additional indebtedness
    under the terms of the notes and the indenture governing the
    notes. However, these limitations are subject to significant
    exceptions. See &#147;Description of the Debt
    Securities&#160;&#151; Covenants&#160;&#151; Limitations on the
    Incurrence of Debt&#148; in the accompanying prospectus. Our
    ability to recapitalize our debt and capital structure, incur
    additional debt, secure existing or future debt or take other
    actions not limited by the terms of the indenture and the notes,
    including repurchasing indebtedness or common or preferred
    shares or paying dividends, could negatively affect our ability
    to make payments in respect of the notes when due. In addition,
    except as set forth under &#147;Description of the Debt
    Securities&#160;&#151; Covenants&#160;&#151; Limitations on the
    Incurrence of Debt&#148; in the accompanying prospectus, the
    indenture will not contain provisions applicable to the notes
    that would limit our ability to incur indebtedness or that would
    afford holders of the notes protection in the event of a highly
    leveraged or similar transaction involving us.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">A trading
    market may not develop for the notes.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes will be a new issue of securities with no established
    trading market. We do not intend to apply for listing of the
    notes on any securities exchange or for quotation on any
    automated quotation system. We cannot assure you that an active
    or liquid trading market for the notes will develop. If a
    trading market were to develop, the notes could trade at prices
    that may be higher or lower than their initial offering price
    and this may result in a return that is greater or less than the
    applicable interest rate on the notes, depending on many
    factors, including, among others, prevailing interest rates, our
    financial results, any decline in our creditworthiness and the
    market for similar securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    market price of the notes may be subject to
    fluctuations.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The market price of the notes will depend on many factors that
    may vary over time and some of which are beyond our control,
    including, among others, the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our financial performance;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the amount of outstanding indebtedness of our company and our
    subsidiaries;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    prevailing market interest rates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the market for similar securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    competition;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the ratings of the notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the size and liquidity of the market for the notes;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    general economic conditions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As a result of these factors, you may be able to sell your notes
    only at prices below those you believe to be appropriate,
    including prices below the price you paid for them.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">An
    increase in interest rates could result in a decrease in the
    market value of the notes.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, as prevailing market interest rates rise, notes
    bearing interest at a fixed rate generally decline in value.
    Consequently, if you purchase the notes and interest rates
    increase, the market value of the notes may decline. We cannot
    predict the future level of interest rates.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='W82170205'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We estimate that the net proceeds from the sale of the notes in
    this offering will be approximately
    $&#160;&#160;&#160;&#160;&#160; after deducting the underwriting
    discount and estimated transaction expenses relating to this
    offering and payable by us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We intend to use a portion of the net proceeds from this
    offering to reduce outstanding borrowings under our
    $600&#160;million unsecured revolving credit facility. We intend
    to use the balance of the net proceeds from this offering for
    general corporate purposes, which may include repayment or
    repurchase of other indebtedness.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Outstanding borrowings under our revolving credit facility
    currently bear interest at the London Interbank Offered Rate
    (LIBOR) plus 0.725% per annum based on the credit ratings for
    the Operating Partnership&#146;s unsecured debt. Our revolving
    credit facility, under which $198.5&#160;million was outstanding
    as of March&#160;29, 2011, matures in June 2011, with an
    extension option, at our option, of one year. On or about
    April&#160;1, 2011, we intend to exercise our options to extend
    the maturity dates of our revolving credit facility and our
    $183&#160;million term loan to June 2012.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Affiliates of certain of the underwriters in this offering are
    lenders
    <FONT style="white-space: nowrap">and/or</FONT>
    agents under our revolving credit facility. In the aggregate,
    these affiliates of the underwriters hold
    approximately&#160;&#160;&#160;&#160;&#160;% of the commitments
    under our revolving credit facility. See
    &#147;Underwriting&#148; and &#147;Conflicts of Interest&#148;
    in this prospectus supplement.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='W82170206'>
<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">RATIOS OF
    EARNINGS TO COMBINED FIXED<BR>
    CHARGES AND PREFERRED SHARE DISTRIBUTIONS<BR>
    AND EARNINGS TO FIXED CHARGES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 16pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Brandywine</FONT></B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth Brandywine&#146;s ratios of
    earnings to combined fixed charges and preferred share
    distributions for the periods indicated.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="59%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>For Years Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of earnings to combined fixed charges and preferred share
    distributions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (a
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (a
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (a
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (a
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (a
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    (a) </TD>
    <TD></TD>
    <TD valign="bottom">
    Brandywine&#146;s ratio of earnings to combined fixed charges
    was less that 1.1 because of its loss from continuing operations
    for the years ended December&#160;31, 2010, 2009, 2008, 2007 and
    2006. In the period, the coverage ratio was less than 1:1.
    Brandywine must generate additional earnings of $49,136 for the
    year ended December&#160;31, 2010, $10,892 for the year ended
    December&#160;31, 2009, $23,407 for the year ended
    December&#160;31, 2008, $16,917 for the year ended
    December&#160;31, 2007 and $56,039 for the year ended
    December&#160;31, 2006 in order to achieve a coverage ratio of
    1:1.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the purpose of calculating the ratios of earnings to
    combined fixed charges and preferred share distributions,
    earnings have been calculated by adding fixed charges,
    distributed income of equity investees and amortization of
    capitalized interest to income from continuing operations before
    non-controlling interest and equity in earnings from
    unconsolidated real estate ventures of Brandywine, less
    capitalized interest and preferred distributions of consolidated
    subsidiaries. Fixed charges consist of interest costs (whether
    expensed or capitalized), amortization of deferred financing
    costs, amortization of discounts or premiums related to
    indebtedness, Brandywine&#146;s share of interest expense from
    unconsolidated equity method investments, the interest portion
    of rent expense, and preferred distributions of consolidated
    subsidiaries. Preferred share distributions includes income
    allocated to holders of Brandywine&#146;s preferred shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Operating
    Partnership</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth the Operating Partnership&#146;s
    ratios of earnings to fixed charges for the periods indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="59%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>For Years Ended December&#160;31,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of earnings to fixed charges
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (a
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (a
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (a
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (a
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (a
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
    (a) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Operating Partnership&#146;s ratio of earnings to combined
    fixed charges and preferred share distributions was less than
    1.1 because of losses from continuing operations in the relevant
    years. Brandywine would have needed to generate additional
    earnings of $41,144 for the year ended December&#160;31, 2010,
    $2,900 for the year ended December&#160;31, 2009, $15,415 for
    the year ended December&#160;31, 2008, December&#160;31, 2007,
    $8,925 for the year ended December&#160;31, 2007 and $48,047 for
    the year ended December&#160;31, 2006 in order to achieve a
    coverage ratio of 1:1.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the purpose of calculating the ratios of earnings to
    combined fixed charges and preferred share distributions,
    earnings have been calculated by adding fixed charges,
    distributed income of equity investees and amortization of
    capitalized interest to income from continuing operations before
    non-controlling interest and equity in earnings from
    unconsolidated real estate ventures of the Operating
    Partnership. Fixed charges consist of interest costs (whether
    expensed or capitalized), amortization of deferred financing
    costs, amortization of discounts or premiums related to
    indebtedness, the Operating Partnership&#146;s share of interest
    expense from unconsolidated equity method investments and the
    interest portion of rent expense.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='W82170207'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CAPITALIZATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth the Operating Partnership&#146;s
    capitalization as of December&#160;31, 2010 on an actual basis
    and on an adjusted basis to give effect to the consummation of
    this offering and the use of the net proceeds to repay
    outstanding borrowings under our revolving credit facility (but
    not the use of the balance of such net proceeds for general
    corporate purposes). See &#147;Use of Proceeds&#148; in this
    prospectus supplement. This table should be read in conjunction
    with the Operating Partnership&#146;s consolidated financial
    statements and the notes thereto incorporated by reference in
    this prospectus supplement and the accompanying prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="75%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31, 2010</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Actual</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>As Adjusted</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" align="center" valign="bottom">
    <B>(In thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Debt:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Mortgage notes payable, including premiums
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    711,789
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    711,789
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Revolving credit facility(1)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    183,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Unsecured term loan
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    183,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    183,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Unsecured senior notes, net of discounts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,352,657
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,352,657
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    % Guaranteed Notes
    due&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,430,446
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Redeemable limited partnership units at redemption value:
    </B>9,902,752, as reported and as adjusted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    132,855
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    132,855
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Operating Partnership&#146;s equity:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    7.50% Series&#160;D Preferred Mirror Units: 2,000,000 issued and
    outstanding, as reported and as adjusted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47,912
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    47,912
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    7.375% Series&#160;E Preferred Mirror Units: 2,300,000 issued
    and outstanding, as reported and as adjusted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55,538
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    55,538
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    General partnership capital: 134,601,796&#160;units issued and
    134,485,117 outstanding, as reported and as adjusted
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,743,549
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,743,549
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Accumulated other comprehensive loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,080
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (2,080
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total Operating Partnership&#146;s equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,844,919
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,844,919
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Non-controlling interest</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,844,919
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,844,919
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total capitalization</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,275,365
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    As of March&#160;29, 2011, we had outstanding borrowings of
    $198.5&#160;million under our revolving credit agreement.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='W82170208'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF THE NOTES&#160;AND THE GUARANTEE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>The following description of the particular terms of the
    notes and the guarantee offered by this prospectus supplement
    supplements the description of the general terms and provisions
    of the debt securities and the guarantee set forth in the
    accompanying prospectus under &#147;Description of the Debt
    Securities.&#148;</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes and the guarantee will be issued under an indenture
    dated October&#160;22, 2004, as amended and supplemented, which
    Brandywine and the Operating Partnership have entered into with
    The Bank of New&#160;York Mellon, as trustee (the
    &#147;indenture&#148;). The indenture is subject to and is
    governed by the Trust&#160;Indenture Act of 1939, as amended. We
    have filed the indenture as an exhibit to the registration
    statement of which the accompanying prospectus forms a part, and
    the indenture is available for inspection at the corporate trust
    office of The Bank of New York Mellon at 101 Barclay Street,
    Floor 8W, Attention: Corporate Trust&#160;Administration, New
    York, New York 10286.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following description summarizes selected provisions of the
    indenture and the notes. It does not restate the indenture or
    the terms of the notes in their entirety. We urge you to read
    the forms of the indenture and the notes because the indenture
    and the notes, and not this description, define the rights of
    holders of the notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes will be issued in an aggregate principal amount of
    $&#160;&#160;&#160;&#160;&#160;. The notes will mature
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;.
    The notes will bear interest at a rate
    of&#160;&#160;&#160;&#160;&#160;% per year. The notes will
    constitute a separate series under the indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes will be unsecured obligations of the Operating
    Partnership and will rank equally with all other unsecured debt
    of the Operating Partnership that is not subordinated to the
    notes. The notes will also be effectively subordinated to the
    secured indebtedness of the Operating Partnership and Brandywine
    and will be effectively subordinated to the indebtedness and
    other liabilities of our other subsidiaries. See &#147;Risk
    Factors&#160;&#151; Effective subordination of the notes and the
    guarantee may reduce amounts available for payment of the notes
    and the guarantee&#148; in this prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine will fully and unconditionally guarantee the due and
    punctual payment of principal of and the Make-Whole Amount, if
    any, and interest on the notes. The guarantee will be an
    unsecured and unsubordinated obligation of Brandywine.
    Brandywine, however, has no material assets other than its
    interest in the Operating Partnership. See &#147;Risk
    Factors&#160;&#151; Brandywine has no material assets other than
    its investment in the Operating Partnership&#148; and
    &#147;&#151;&#160;Effective subordination of the notes and the
    guarantee may reduce amounts available for payment of the notes
    and the guarantee&#148; in this prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes will be issued only in registered form in
    denominations of $2,000 and integral multiples of $1,000 in
    excess thereof. The notes will be issued in the form of one or
    more global securities. See &#147;&#151;&#160;Book-Entry,
    Delivery and Form&#148; &#147;&#151;&#160;Global Clearance and
    Settlement Procedures&#148; and &#147;&#151;&#160;Definitive
    Notes and Paying Agents&#148; in this prospectus supplement and
    &#147;Description of the Debt Securities&#160;&#151; Book-Entry
    System and Global Securities&#148; in the accompanying
    prospectus. The Depository Trust&#160;Company (&#147;DTC&#148;)
    will be the depositary with respect to the notes. The notes will
    be issued as fully registered securities in the name of
    Cede&#160;&#038; Co., DTC&#146;s nominee, and will be held by a
    custodian for DTC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The defeasance and covenant defeasance provisions of the
    indenture will apply to the notes. The notes will not be subject
    to repayment at the option of any holder before maturity. In
    addition, the notes will not be entitled to the benefit of any
    sinking fund.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We reserve the right to issue additional notes, without
    limitation, without your consent. If we issue additional notes
    under the indenture, the additional notes will be identical to
    the notes being offered by this prospectus supplement in all
    respects (except for the payment of interest accruing prior to
    the issue date of the additional notes) so that the additional
    notes may be consolidated, and form a single series with, the
    notes offered by this prospectus supplement.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As used in this prospectus supplement, &#147;Business Day&#148;
    means any day, other than a Saturday or Sunday, on which banking
    institutions in New York City are not required or authorized by
    law or executive order to close.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Interest on the notes will accrue from and including
    April&#160;&#160;&#160;, 2011. We will make interest payments on
    the notes semi-annually in arrears
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    and&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    of each year, beginning
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2011, to the registered holders of such series of notes on the
    immediately
    preceding&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    or&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Interest payments in respect of the notes will equal the amount
    of interest accrued from and including the immediately preceding
    interest payment date in respect of which interest has been paid
    or duly made available for payment (or from and including the
    date of issue, if no interest has been paid or duly made
    available for payment with respect to the notes) but excluding
    the applicable interest payment date or maturity date, as the
    case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Interest on the notes will be computed on the basis of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any interest payment date, maturity date or redemption date
    with respect to the notes falls on a day that is not a Business
    Day, the required payment of principal, premium, if any,
    <FONT style="white-space: nowrap">and/or</FONT>
    interest will be made on the next succeeding Business Day as if
    made on the date on which such payment was due, and no interest
    will accrue on such payment for the period from and after such
    interest payment date, maturity date or redemption date, as the
    case may be, to the date of such payment on the next succeeding
    Business Day.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Optional
    Redemption</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes may be redeemed at any time, in whole or in part, at
    our option, at a redemption price equal to the greater of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    100% of the principal amount of the notes then outstanding to be
    redeemed;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the sum of the present values of the remaining scheduled
    payments of principal and interest on the notes to be redeemed
    (not including any portion of such payments of interest accrued
    to the date of redemption) discounted to the date of redemption
    on a semiannual basis (assuming a
    <FONT style="white-space: nowrap">360-day</FONT> year
    consisting of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months) at the applicable treasury rate plus&#160;&#160; basis
    points,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    plus, in each case, accrued and unpaid interest on the principal
    amount being redeemed to the redemption date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of the optional redemption provisions, the
    following terms have the following definitions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;treasury rate&#148;</I> means, with respect to any
    redemption date:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the yield, under the heading which represents the average for
    the immediately preceding week, appearing in the most recently
    published statistical release designated &#147;H.15(519)&#148;
    or any successor publication which is published weekly by the
    Board of Governors of the Federal Reserve System and which
    establishes yields on actively traded U.S.&#160;Treasury
    securities adjusted to constant maturity under the caption
    &#147;Treasury Constant Maturities,&#148; for the maturity
    corresponding to the comparable treasury issue (if no maturity
    is within three months before or after the remaining life (as
    defined below), yields for the two published maturities most
    closely corresponding to the comparable treasury issue will be
    determined and the treasury rate will be interpolated or
    extrapolated from such yields on a straight line basis, rounding
    to the nearest month); or;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if such release (or any successor release) is not published
    during the week preceding the calculation date or does not
    contain such yields, the rate per annum equal to the semiannual
    equivalent yield to maturity of the comparable treasury issue,
    calculated using a price for the comparable treasury issue
    (expressed as a percentage of its principal amount) equal to the
    comparable treasury price for such redemption date.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The treasury rate will be calculated on the third business day
    preceding the date fixed for redemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;comparable treasury issue&#148;</I> means the
    U.S.&#160;Treasury security selected by an independent
    investment banker as having a maturity comparable to the
    remaining term (&#147;remaining life&#148;) of the notes to be
    redeemed that would be utilized, at the time of selection and in
    accordance with customary financial practice, in pricing new
    issues of corporate debt securities of comparable maturity to
    the remaining term of such notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;comparable treasury price&#148;</I> means (1)&#160;the
    average of five reference treasury dealer quotations for such
    redemption date, after excluding the highest and lowest
    reference treasury dealer quotations, or (2)&#160;if the
    independent investment banker obtains fewer than four such
    reference treasury dealer quotations, the average of all such
    quotations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;independent investment banker&#148;</I> means any of
    Wells Fargo Securities, LLC, J.P. Morgan Securities LLC or
    Citigroup Global Markets Inc., as specified by us, or, if these
    firms are unwilling or unable to select the comparable treasury
    issue, an independent investment banking institution of national
    standing appointed by us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;reference treasury dealer&#148;</I> means (1) a primary
    U.S. government securities dealer in New York City (a
    &#147;primary treasury dealer&#148;) selected by Wells Fargo
    Securities, LLC, J.P. Morgan Securities LLC and Citigroup Global
    Markets Inc. and their respective successors; provided, however,
    that, if any of the foregoing ceases to be a primary treasury
    dealer, we will substitute therefor another primary treasury
    dealer and (2)&#160;any two other primary treasury dealers
    selected by us after consultation with the independent
    investment banker.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;reference treasury dealer quotations&#148;</I> means,
    with respect to each reference treasury dealer and any
    redemption date, the average, as determined by the independent
    investment banker, of the bid and asked prices for the
    comparable treasury issue (expressed in each case as a
    percentage of its principal amount) quoted in writing to the
    independent investment banker at 5:00&#160;p.m. (New York City
    time) on the third business day preceding such redemption date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will mail a notice of redemption to each holder of notes to
    be redeemed by first-class mail at least 30 and not more than
    60&#160;days prior to the date fixed for redemption. Unless we
    default on payment of the redemption price, interest will cease
    to accrue on the notes or portions thereof called for
    redemption. If fewer than all of the notes are to be redeemed,
    the trustee will select, not more than 60&#160;days prior to the
    redemption date, the particular notes or portions thereof for
    redemption from the outstanding notes not previously called by
    such method as the trustee deems fair and appropriate.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Covenants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture contains various covenants. See &#147;Description
    of the Debt Securities&#160;&#151; Covenants&#148; and
    &#147;&#151;&#160;Events of Default, Notice and Waiver&#148; in
    the accompanying prospectus. Except as explained below or as may
    be provided in any supplemental indenture, the covenants
    contained in the indenture will apply to the notes. With regard
    to such notes issued on or after April&#160;&#160;&#160;, 2011,
    and not any other notes previously issued under the indenture,
    the Third Supplemental Indenture replaces the definition of
    &#147;Total Unencumbered Assets&#148; with the definition
    provided below. This definition is used in the covenant
    regarding our maintenance of Total Unencumbered Assets. The
    other covenants contained in the indenture apply to the notes as
    well as any other notes issued on or after
    April&#160;&#160;&#160;, 2011.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <I>&#147;Total Unencumbered Assets&#148;</I> means the sum of
    (1)&#160;those Undepreciated Real Estate Assets (as defined in
    the indenture) not subject to an Encumbrance (as defined in the
    indenture) for borrowed money; and (2)&#160;all of the other
    assets of the Operating Partnership and its Subsidiaries not
    subject to an Encumbrance for borrowed money, determined in
    accordance with GAAP (but excluding accounts receivable and
    intangibles); <I>provided</I>, <I>however</I>, that, in
    determining Total Unencumbered Assets as a percentage of
    outstanding Unsecured Indebtedness for purposes of the covenant
    requiring the Operating Partnership and its Subsidiaries to
    maintain Total Unencumbered Assets equal to at least 150% of the
    aggregate outstanding principal amount of their Unsecured
    Indebtedness on a consolidated basis, all investments in any
    Person that is not consolidated for financial reporting purposes
    in accordance with GAAP shall be excluded from Total
    Unencumbered Assets.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As of December&#160;31, 2010, the aggregate investments of the
    Operating Partnership and its Subsidiaries in all Persons that
    are not consolidated for financial reporting purposes was
    $84.4&#160;million.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Same-Day</FONT>
    Payment</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will make all payments due on the notes in immediately
    available funds so long as the notes are in book-entry form.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Book-Entry,
    Delivery and Form</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have obtained the information in this section concerning DTC
    and the book-entry system and procedures from sources that we
    believe to be reliable, but we take no responsibility for the
    accuracy of this information.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes will be issued as fully-registered global notes which
    will be deposited with, or on behalf of, DTC, and registered, at
    the request of DTC, in the name of Cede&#160;&#038; Co.
    Beneficial interests in the global notes will be represented
    through book-entry accounts of financial institutions acting on
    behalf of beneficial owners as direct or indirect participants
    in DTC. Beneficial interests in the global notes will be held in
    denominations of $2,000 and whole multiples of $1,000 in excess
    thereof. Except as set forth below, the global notes may be
    transferred, in whole and not in part, only to another nominee
    of DTC or to a successor of DTC or its nominee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will make principal, premium, if any, and interest payments
    on all notes represented by a global note to the paying agent
    which in turn will make payment to DTC or its nominee, as the
    case may be, as the sole registered owner and the sole holder of
    the notes represented by that global note for all purposes under
    the indenture. Accordingly, we, the trustee and any paying agent
    will have no responsibility or liability for:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any aspect of DTC&#146;s records relating to, or payments made
    on account of, beneficial ownership interests in a note
    represented by a global note;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other aspect of the relationship between DTC and its
    participants or the relationship between those participants and
    the owners of beneficial interests in a global note held through
    those participants;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the maintenance, supervision or review of any of DTC&#146;s
    records relating to those beneficial ownership interests.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC has advised us that its current practice is to credit
    participants&#146; accounts on each payment date with payments
    in amounts proportionate to their respective beneficial
    interests in the principal amount of such global note as shown
    on DTC&#146;s records, upon DTC&#146;s receipt of funds and
    corresponding detail information. The underwriters will
    initially designate the accounts to be credited. Payments by
    participants to owners of beneficial interests in a global note
    will be governed by standing instructions and customary
    practices, as is the case with securities held for customer
    accounts registered in &#147;street name,&#148; and will be the
    sole responsibility of those participants. Book-entry notes may
    be more difficult to pledge because of the lack of a physical
    note.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">DTC</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    So long as DTC or its nominee is the registered owner of a
    global note, DTC or its nominee, as the case may be, will be
    considered the sole owner and holder of the notes represented by
    that global note for all purposes of the notes. Owners of
    beneficial interests in the notes will not be entitled to have
    notes registered in their names, will not receive or be entitled
    to receive physical delivery of the notes in definitive form and
    will not be considered owners or holders of notes under the
    indenture. Accordingly, each person owning a beneficial interest
    in a global note must rely on the procedures of DTC and, if that
    person is not a DTC participant, on the procedures of the
    participant through which that person owns its interest, to
    exercise any rights of a holder of notes. The laws of some
    jurisdictions require that certain purchasers of securities take
    physical delivery of the securities in certificated form. These
    laws may impair the ability to transfer beneficial interests in
    a global note. Beneficial owners may experience delays in
    receiving distributions on their notes
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    since distributions will initially be made to DTC and must then
    be transferred through the chain of intermediaries to the
    beneficial owner&#146;s account.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We understand that, under existing industry practices, if we
    request holders to take any action, or if an owner of a
    beneficial interest in a global note desires to take any action
    which a holder is entitled to take under the indenture, then DTC
    would authorize the participants holding the relevant beneficial
    interests to take that action and those participants would
    authorize the beneficial owners owning through such participants
    to take that action or would otherwise act upon the instructions
    of beneficial owners owning through them.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Beneficial interests in a global note will be shown on, and
    transfers of those ownership interests will be effected only
    through, records maintained by DTC and its participants for that
    global note. The conveyance of notices and other communications
    by DTC to its participants and by its participants to owners of
    beneficial interests in the notes will be governed by
    arrangements among them, subject to any statutory or regulatory
    requirements in effect.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC has advised us that it is a limited-purpose trust company
    organized under the New York banking law, a &#147;banking
    organization&#148; within the meaning of the New York Banking
    Law, a member of the Federal Reserve System, a &#147;clearing
    corporation&#148; within the meaning of the New York Uniform
    Commercial Code and a &#147;clearing agency&#148; registered
    under the Securities Exchange Act of 1934, as amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC holds the securities of its participants and facilitates the
    clearance and settlement of securities transactions among its
    participants in such securities through electronic book-entry
    changes in accounts of its participants. The electronic
    book-entry system eliminates the need for physical certificates.
    DTC&#146;s participants include securities brokers and dealers,
    including the underwriters, banks, trust companies, clearing
    corporations and certain other organizations, some of which,
    <FONT style="white-space: nowrap">and/or</FONT> their
    representatives, own DTC. Banks, brokers, dealers, trust
    companies and others that clear through or maintain a custodial
    relationship with a participant, either directly or indirectly,
    also have access to DTC&#146;s book-entry system. The rules
    applicable to DTC and its participants are on file with the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    DTC has advised us that the above information with respect to
    DTC has been provided to its participants and other members of
    the financial community for informational purposes only and is
    not intended to serve as a representation, warranty or contract
    modification of any kind.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Global
    Clearance and Settlement Procedures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Initial settlement for the notes will be made in immediately
    available funds. Secondary market trading between DTC
    participants will occur in the ordinary way in accordance with
    DTC rules and will be settled in immediately available funds
    using DTC&#146;s
    <FONT style="white-space: nowrap">Same-Day</FONT>
    Funds Settlement System.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Definitive
    Notes and Paying Agents</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that DTC discontinues providing its services as
    securities depository or ceases to be a clearing agency
    registered under the Exchange Act, we decide to discontinue use
    of the system of book-entry transfers through DTC, or an event
    of default with respect to the notes occurs, then the beneficial
    owners will be notified through the chain of intermediaries that
    definitive notes are available. Beneficial owners of global
    notes will then be entitled (1)&#160;to receive physical
    delivery in certificated form of definitive notes equal in
    principal amount to their beneficial interest and (2)&#160;to
    have the definitive notes registered in their names. The
    definitive notes will be issued in denominations of $2,000 and
    whole multiples of $1,000 in excess thereof. Definitive notes
    will be registered in the name or names of the person or persons
    DTC specifies in a written instruction to the registrar of the
    applicable series of notes. DTC may base its written instruction
    upon directions it receives from its participants. Thereafter,
    the holders of the definitive notes will be recognized as the
    &#147;holders&#148; of the notes under the indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture provides for the replacement of a mutilated, lost,
    stolen or destroyed definitive note, so long as the applicant
    furnishes to the Operating Partnership and Brandywine and the
    trustee such security or indemnity and such evidence of
    ownership as they may require.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event definitive notes are issued, the holders of
    definitive notes will be able to receive payments of principal,
    premium, if any, and interest on their notes at the office of
    the Operating Partnership&#146;s paying agent maintained in the
    Borough of Manhattan, The City of New York. Payment of principal
    of or premium, if any, on a definitive note may be made only
    against surrender of the note to the Operating
    Partnership&#146;s paying agent. The Operating Partnership has
    the option, however, of making payments of interest by mailing
    checks to the address of the holder appearing in the security
    register maintained by the registrar of the applicable series of
    notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Operating Partnership&#146;s paying agent in the Borough of
    Manhattan is currently the corporate trust office of The Bank of
    New York Mellon, located at 101 Barclay Street, 8W, New York,
    New York 10286.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event that definitive notes are issued, the holders of
    definitive notes will be able to transfer their notes, in whole
    or in part, by surrendering the notes for registration of
    transfer at the office of The Bank of New York Mellon, duly
    endorsed by or accompanied by a written instrument of transfer
    in form satisfactory to the Operating Partnership, the trustee
    and the securities registrar. A form of such instrument of
    transfer will be obtainable at the offices of The Bank of New
    York Mellon. Upon surrender, the Operating Partnership will
    execute, and the trustee will authenticate and deliver new notes
    of the applicable series to the designated transferee in the
    amount being transferred, and a new note of the applicable
    series for any amount not being transferred will be issued to
    the transferor. The Operating Partnership will not charge any
    fee for the registration of transfer or exchange, except that
    the Operating Partnership may require the payment of a sum
    sufficient to cover any applicable tax or other governmental
    charge payable in connection with the transfer.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Governing
    Law</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes, the guarantee and the indenture will be governed by,
    and construed in accordance with, the laws of the State of New
    York.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='W82170209'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">MATERIAL
    FEDERAL INCOME TAX CONSIDERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following discussion describes the material
    U.S.&#160;federal income tax considerations relating to the
    purchase, ownership and disposition of the notes issued pursuant
    to this offering. Please see the discussion entitled
    &#147;Material Federal Income Tax Considerations&#148; in
    Exhibit&#160;99.1 of our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010 for a summary of the
    material U.S.&#160;federal income tax considerations relating
    the qualification and taxation of Brandywine as a REIT.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because this is a summary that is intended to address only
    material U.S.&#160;federal income tax considerations relating to
    the ownership and disposition of the notes that will apply to
    all holders, this summary may not contain all the information
    that may be important to you. As you review this discussion, you
    should keep in mind that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the tax consequences to you may vary depending on your
    particular tax situation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    special rules that are not discussed below may apply to you if,
    for example, you are a tax-exempt organization, a broker-dealer,
    a
    <FONT style="white-space: nowrap">non-U.S.&#160;person,</FONT>
    a trust, an estate, a regulated investment company, a REIT, a
    financial institution, an insurance company, a holder of the
    notes or shares through a partnership or other pass-through
    entity, or otherwise subject to special tax treatment under the
    Code;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    this summary does not address state, local or
    <FONT style="white-space: nowrap">non-U.S.&#160;tax</FONT>
    considerations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    this summary deals only with note holders that hold the notes as
    &#147;capital assets&#148; within the meaning of
    Section&#160;1221 of the Code;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    this discussion is not intended to be, and should not be
    construed as, tax advice.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>You are urged both to review the following discussion and to
    consult with your own tax advisor to determine the effect of
    ownership and disposition of the notes on your individual tax
    situation, including any state, local or
    <FONT style="white-space: nowrap">non-U.S.&#160;tax</FONT>
    consequences.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The information in this summary is based on the Code, current,
    temporary and proposed Treasury regulations, the legislative
    history of the Code, current administrative interpretations and
    practices of the Internal Revenue Service, including its
    practices and policies as endorsed in private letter rulings,
    which are not binding on the Internal Revenue Service, and
    existing court decisions. Future legislation, regulations,
    administrative interpretations and court decisions could change
    current law or adversely affect existing interpretations of
    current law. Any change could apply retroactively. We have not
    obtained any rulings from the Internal Revenue Service
    concerning the tax treatment of the matters discussed in this
    summary. Therefore, it is possible that the Internal Revenue
    Service could challenge the statements in this summary, which do
    not bind the Internal Revenue Service or the courts, and that a
    court could agree with the Internal Revenue Service.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As used herein, a &#147;U.S.&#160;Holder&#148; means a
    beneficial owner of the notes, who is, for U.S.&#160;federal
    income tax purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a citizen or resident of the U.S.&#160;as defined in
    section&#160;7701(b) of the Code,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a corporation (or other entity treated as a corporation for
    U.S.&#160;federal income tax purposes) created or organized in
    or under the laws of the U.S.&#160;or any state thereof or the
    District of Columbia,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an estate the income of which is subject to U.S.&#160;federal
    income taxation regardless of its source,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a trust if it (a)&#160;is subject to the primary supervision of
    a court within the U.S.&#160;and one or more U.S.&#160;persons
    have the authority to control all substantial decisions of the
    trust or (b)&#160;has a valid election in effect under
    applicable U.S.&#160;Treasury regulations to be treated as a
    U.S.&#160;person.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As used herein, a
    <FONT style="white-space: nowrap">&#147;non-U.S.&#160;Holder&#148;</FONT>
    means a beneficial owner of the notes that is not a
    &#147;U.S.&#160;Holder,&#148; and that is not a partnership (or
    other entity treated as a partnership for U.S.&#160;federal
    income tax purposes).
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a partnership holds the notes, the tax treatment of a partner
    will generally depend upon the status of the partner and the
    activities of the partnership. If you are a partner of a
    partnership holding the notes, you should consult your tax
    advisors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of U.S. Holders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Interest</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The stated interest on the notes generally will be taxable to a
    U.S.&#160;Holder as ordinary income at the time that it is paid
    or accrued, in accordance with the U.S.&#160;Holder&#146;s
    method of accounting for United States federal income tax
    purposes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Market
    Discount</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you purchase the notes for an amount that is less than their
    stated redemption price at maturity the amount of the difference
    will be treated as &#147;market discount&#148; for United States
    federal income tax purposes, unless that difference is less than
    a specified de minimis amount. Under the market discount rules,
    you will be required to treat any principal payment on, or any
    gain on the sale, exchange, retirement or other disposition of,
    the notes as ordinary income to the extent of the market
    discount that you have not previously included in income and are
    treated as having accrued on the notes at the time of their
    payment or disposition. In addition, you may be required to
    defer, until the maturity of the notes or their earlier
    disposition in a taxable transaction, the deduction of all or a
    portion of the interest expense on any indebtedness attributable
    to the notes. You may elect, on a debt
    <FONT style="white-space: nowrap">security-by-debt</FONT>
    security basis, to deduct the deferred interest expense in a tax
    year prior to the year of disposition. You should consult your
    own tax advisors before making this election.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any market discount will be considered to accrue ratably during
    the period from the date of acquisition to the maturity date of
    the notes, unless you elect to accrue on a constant interest
    method. You may elect to include market discount in income
    currently as it accrues, on either a ratable or constant
    interest method, in which case the rule described above
    regarding deferral of interest deductions will not apply. Your
    election to include market discount in income currently, once
    made, applies to all market discount obligations acquired by you
    on or after the first taxable year to which your election
    applies and may not be revoked without the consent of the
    Internal Revenue Service. You should consult your own tax
    advisor before making this election.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Amortizable
    Bond Premium</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you purchase the notes for an amount in excess of the sum of
    all amounts payable on those notes after the purchase date other
    than qualified stated interest, you will be considered to have
    purchased those notes at a &#147;premium&#148;. You generally
    may elect to amortize the premium over the remaining term of
    those notes on a constant yield method as an offset to interest
    when includible in income under your regular accounting method.
    If you do not elect to amortize bond premium, that premium will
    decrease the gain or increase the loss you would otherwise
    recognize on disposition of the debt security. Your election to
    amortize premium on a constant yield method will also apply to
    all debt obligations held or subsequently acquired by you on or
    after the first day of the first taxable year to which the
    election applies. You may not revoke the election without the
    consent of the Internal Revenue Service. You should consult your
    own tax advisor before making this election.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Sale,
    Exchange and Retirement of the Notes</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A U.S.&#160;Holder of the notes will recognize gain or loss upon
    the sale, exchange, retirement, redemption or other taxable
    disposition of such notes in an amount equal to the difference
    between:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the amount of cash and the fair market value of other property
    received in exchange for such notes, other than amounts
    attributable to accrued but unpaid stated interest, which will
    be subject to tax as ordinary income to the extent not
    previously included in income;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the U.S.&#160;Holder&#146;s adjusted tax basis in such notes.
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A U.S.&#160;Holder&#146;s adjusted tax basis in a note generally
    will equal the cost of the note to such holder
    (A)&#160;increased by the amount of accrued market discount (if
    any) previously included in income by such holder and
    (B)&#160;decreased by the amount of any payments other than
    qualified stated interest payments and any amortizable bond
    premium taken by the holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any gain or loss recognized will generally be capital gain or
    loss, and such capital gain or loss will generally be long-term
    capital gain or loss if the notes have been held by the
    U.S.&#160;Holder for more than one year. Long-term capital gain
    for non-corporate taxpayers is subject to reduced rates of
    United States federal income taxation (15% maximum federal rate
    through the end of 2012). The deductibility of capital losses is
    subject to certain limitations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a U.S.&#160;Holder recognizes a loss upon a subsequent
    disposition of the notes in an amount that exceeds a prescribed
    threshold, it is possible that the provisions of Treasury
    Regulations involving &#147;reportable transactions&#148; could
    apply, with a resulting requirement to separately disclose the
    loss generating transactions to the Internal Revenue Service.
    While these regulations are directed towards &#147;tax
    shelters,&#148; they are written broadly, and apply to
    transactions that would not typically be considered tax
    shelters. Significant penalties apply for failure to comply with
    these requirements. You should consult your tax advisors
    concerning any possible disclosure obligation with respect to
    the receipt or disposition of the notes, or transactions that
    might be undertaken directly or indirectly by us. Moreover, you
    should be aware that we and other participants in transactions
    involving us (including our advisors) might be subject to
    disclosure or other requirements pursuant to these regulations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Tax-Exempt Holders of the Notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Assuming the notes are debt for tax purposes, interest income
    accrued on the notes should not constitute unrelated business
    taxable income to a tax-exempt holder. As a result, a tax-exempt
    holder generally should not be subject to U.S.&#160;federal
    income tax on the interest income accruing on the notes.
    Similarly, any gain recognized by the tax-exempt holder in
    connection with a sale of the notes generally should not be
    unrelated business taxable income. However, if a tax-exempt
    holder were to finance its acquisition of the notes with debt, a
    portion of the interest income and gain attributable to the
    notes would constitute unrelated business taxable income
    pursuant to the &#147;debt-financed property&#148; rules.
    Tax-exempt holders should consult their own counsel to determine
    the potential tax consequences of an investment in the notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>The rules governing the U.S.&#160;federal income taxation of
    a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    are complex and no attempt will be made herein to provide more
    than a summary of such rules.
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders</FONT>
    should consult their tax advisors to determine the effect of
    U.S.&#160;federal, state, local and foreign tax laws, as well as
    tax treaties, with regard to an investment in the notes.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Interest</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Interest paid to a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    of the notes will not be subject to United States federal
    withholding tax under the &#147;portfolio interest
    exception,&#148; provided that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    interest paid on the notes is not effectively connected with a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder&#146;s</FONT>
    conduct of a trade or business in the United States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    does not actually or constructively own 10% or more of the
    capital or profits interest in the Operating Partnership;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    is not
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="2%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a controlled foreign corporation that is related to the
    Operating Partnership,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a bank that receives such interest on an extension of credit
    made pursuant to a loan agreement entered into in the ordinary
    course of its trade or business;&#160;and
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the beneficial owner of the notes provides a certification,
    which is generally made on an Internal Revenue Service
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or a suitable substitute form and signed under penalties of
    perjury, that it is not a United States person.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A payment of interest to a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    that does not qualify for the portfolio interest exception and
    that is not effectively connected to a United States trade or
    business will be subject to United States federal withholding
    tax at a rate of 30%, unless a United States income tax treaty
    applies to reduce or eliminate withholding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    will generally be subject to tax in the same manner as a
    U.S.&#160;Holder with respect to payments of interest if such
    payments are effectively connected with the conduct of a trade
    or business by the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    in the United States and, if an applicable tax treaty provides,
    such gain is attributable to a United States permanent
    establishment maintained by the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder.</FONT>
    In some circumstances, such effectively connected income
    received by a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    which is a corporation may be subject to an additional
    &#147;branch profits tax&#148; at a 30% base rate or, if
    applicable, a lower treaty rate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To claim the benefit of a lower treaty rate or to claim
    exemption from withholding because the income is effectively
    connected with a United States trade or business, the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    must provide a properly executed Internal Revenue Service
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or Internal Revenue Service
    <FONT style="white-space: nowrap">Form&#160;W-8ECI,</FONT>
    or a suitable substitute form, as applicable, prior to the
    payment of interest. Such certificate must contain, among other
    information, the name and address of the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders</FONT>
    are urged to consult their own tax advisors regarding applicable
    income tax treaties, which may provide different rules.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">Sale or
    Retirement of the Notes</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    generally will not be subject to United States federal income
    tax or withholding tax on gain realized on the sale, exchange or
    redemption of the notes unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    is an individual who is present in the United States for
    183&#160;days or more in the taxable year of the sale, exchange
    or redemption, and certain other conditions are met;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the gain is effectively connected with the conduct of a trade or
    business of the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    in the United States and, if an applicable tax treaty so
    provides, such gain is attributable to a United States permanent
    establishment maintained by such holder.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except to the extent that an applicable tax treaty provides
    otherwise, a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    will generally be subject to tax in the same manner as a
    U.S.&#160;Holder with respect to gain realized on the sale,
    exchange or redemption of the notes if such gain is effectively
    connected with the conduct of a trade or business by the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    in the United States and, if an applicable tax treaty provides,
    such gain is attributable to a United States permanent
    establishment maintained by the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder.</FONT>
    In certain circumstances, a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    that is a corporation will be subject to an additional
    &#147;branch profits tax&#148; at a 30% rate or, if applicable,
    a lower treaty rate on such income.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">U.S.
    Federal Estate Tax</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Your estate will not be subject to U.S.&#160;federal estate tax
    on the notes beneficially owned by you at the time of your
    death, provided that any payment to you on the notes would be
    eligible for exemption from the 30% U.S.&#160;federal
    withholding tax under the &#147;portfolio interest&#148; rule
    described above, without regard to the certification requirement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Information
    Reporting and Backup Withholding Applicable to Holders of the
    Notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times">U.S.
    Holders</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain non-corporate U.S.&#160;Holders may be subject to
    information reporting requirements on payments of principal and
    interest on the notes and payments of the proceeds of the sale,
    exchange, or redemption of the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    notes, and backup withholding, currently imposed at a rate of
    28%, may apply to such payment if the U.S.&#160;Holder:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    fails to furnish an accurate taxpayer identification number, or
    TIN, to the payor in the manner required;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    is notified by the Internal Revenue Service that it has failed
    to properly report payments of interest or dividends;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    under certain circumstances, fails to certify, under penalties
    of perjury, that it has furnished a correct TIN and that it has
    not been notified by the Internal Revenue Service that it is
    subject to backup withholding.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <I><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    is generally not subject to backup withholding with respect to
    payments of interest on the notes if it certifies as to its
    status as a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    under penalties of perjury or if it otherwise establishes an
    exemption, provided that neither we nor our paying agent has
    actual knowledge or reason to know that the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    is a United States person or that the conditions of any other
    exemptions are not, in fact, satisfied. Information reporting
    requirements, however, will apply to payments of interest to
    <FONT style="white-space: nowrap">non-U.S.&#160;Holders</FONT>
    where such interest is subject to withholding or exempt from
    United States withholding tax pursuant to a tax treaty. Copies
    of these information returns may also be made available under
    the provisions of a specific treaty or agreement to the tax
    authorities of the country in which the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    resides.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The payment of the proceeds from the disposition of the notes to
    or through the United States office of any broker, United States
    or foreign, will be subject to information reporting and
    possible backup withholding unless the owner certifies as to its
    <FONT style="white-space: nowrap">non-United</FONT>
    States status under penalties of perjury or otherwise
    establishes an exemption, provided that the broker does not have
    actual knowledge or reason to know that the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    is a United States person or that the conditions of any other
    exemption are not, in fact, satisfied.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The payment of the proceeds from the disposition of the notes to
    or through a
    <FONT style="white-space: nowrap">non-United</FONT>
    States office of a
    <FONT style="white-space: nowrap">non-United</FONT>
    States broker that is not a &#147;United States related
    person&#148; generally will not be subject to information
    reporting or backup withholding. For this purpose, a
    &#147;United States related person&#148; is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a controlled foreign corporation for United States federal
    income tax purposes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a foreign person 50% or more of whose gross income from all
    sources for the three-year period ending with the close of its
    taxable year preceding the payment, or for such part of the
    period that the broker has been in existence, is derived from
    activities that are effectively connected with the conduct of a
    United States trade or business;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a foreign partnership that at any time during the
    partnership&#146;s taxable year is either engaged in the conduct
    of a trade or business in the United States or of which 50% or
    more of its income or capital interests are held by United
    States persons.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the case of the payment of proceeds from the disposition of
    the notes to or through a
    <FONT style="white-space: nowrap">non-United&#160;States</FONT>
    office of a broker that is either a United States person or a
    United States related person, the payment may be subject to
    information reporting unless the broker has documentary evidence
    in its files that the owner is a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    and the broker has no knowledge or reason to know to the
    contrary. Backup withholding will not apply to payments made
    through foreign offices of a broker that is a United States
    person or a United&#160;States related person, absent actual
    knowledge that the payee is a United States person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Backup withholding is not an additional tax. Any amounts
    withheld under the backup withholding rules from a payment to a
    Holder will be allowed as a refund or a credit against such
    Holder&#146;s United States federal income tax liability,
    provided that the requisite procedures are followed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders of the notes are urged to consult their tax advisors
    regarding their qualification for exemption from backup
    withholding and the procedure for obtaining such an exemption,
    if applicable.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">New
    Health Care Legislation</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    On March&#160;30, 2010, the President signed into law the Health
    Care and Reconciliation Act of 2010 (the &#147;Reconciliation
    Act&#148;). The Reconciliation Act will require certain
    U.S.&#160;Shareholders who are individuals, estates or trusts
    and whose income exceeds certain thresholds to pay a 3.8%
    Medicare tax on &#147;net investment income&#148; which
    includes, among other things, interest on the notes and capital
    gains from the sale or other disposition of the notes, subject
    to certain exceptions. This tax will apply for taxable years
    beginning after December&#160;31, 2012. U.S.&#160;shareholders
    should consult their tax advisors regarding the effect, if any,
    of this legislation on their ownership and disposition of the
    notes.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='W82170210'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">UNDERWRITING</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the terms and subject to the conditions in the
    underwriting agreement dated the date of this prospectus
    supplement, we have agreed to sell to each of the underwriters
    named below, and each of the underwriters has severally agreed
    to purchase, severally and not jointly, the principal amount of
    notes set forth opposite its name below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="86%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Principal<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Amount of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Underwriter</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Notes</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Wells Fargo Securities, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    J.P. Morgan Securities LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Citigroup Global Markets Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 40pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    &#160;&#160;&#160;&#160;&#160;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under the underwriting agreement, if the underwriters take any
    of the notes, then the underwriters are obligated to take and
    pay for all of the notes. The underwriting agreement also
    provides that if one or more underwriters default, the purchase
    commitments of the non-defaulting underwriters may be increased
    or the offering of notes may be terminated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The notes represent a new issue of securities with no
    established trading market. The underwriters have advised us
    that they intend to make a market in the notes, but they are not
    obligated to do so. The underwriters may discontinue any market
    making in the notes at any time at their sole discretion.
    Accordingly, we cannot assure you that a liquid trading market
    for the notes will develop and be sustained, that you will be
    able to sell your notes at a particular time or that the prices
    you receive when you sell will be favorable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The underwriters initially propose to offer part of the notes
    directly to the public at the offering price described on the
    cover page of this prospectus supplement and part to certain
    dealers at a price that represents a concession not in excess
    of&#160;&#160;&#160;&#160;&#160;% of the principal amount of the
    notes. Any underwriter may allow, and any such dealer may
    reallow, a concession not in excess
    of&#160;&#160;&#160;&#160;&#160;% of the principal amount of the
    notes to certain other dealers. After the initial offering of
    the notes, the underwriters may from time to time vary the
    offering price and other selling terms.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have also agreed to indemnify the underwriters against
    certain liabilities, including liabilities under the Securities
    Act or to contribute to payments which the underwriters may be
    required to make in respect of any such liabilities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In connection with the offering of the notes, the underwriters
    may engage in transactions that stabilize, maintain or otherwise
    affect the price of the notes. Specifically, the underwriters
    may overallot in connection with this offering, creating a
    syndicate short position. In addition, the underwriters may bid
    for, and purchase, notes in the open market to cover syndicate
    short positions or to stabilize the price of the notes. Finally,
    the underwriting syndicate may reclaim selling concessions
    allowed for distributing the notes in this offering if the
    syndicate repurchases previously distributed notes in a
    syndicate covering transaction, a stabilization transaction or
    otherwise. Any of these activities may stabilize or maintain the
    market price of any of the notes above independent market
    levels. The underwriters are not required to engage in any of
    these activities, and may end any of them at any time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Transaction expenses relating to this offering, and payable by
    us, are estimated to be $&#160;&#160;&#160;&#160;&#160; .
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For a discussion of certain conflicts of interest involving the
    underwriters, see &#147;Conflicts of Interest.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We expect to deliver the notes against payment for the notes on
    or about the date specified in the last paragraph of the cover
    page of this prospectus supplement, which will be the fourth
    business day following the date of the pricing of the notes.
    Because trades in the secondary market generally settle in three
    business days, purchasers who wish to trade notes on the date of
    the pricing will be required, by virtue of the fact that notes
    initially will settle T+4, to specify alternative settlement
    arrangements to prevent a failed settlement.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='W82170211'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CONFLICTS
    OF INTEREST</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain of the underwriters and their affiliates have in the
    past provided, and may in the future provide, investment
    banking, commercial banking and financial advisory services to
    us and our affiliates in the ordinary course of business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Affiliates of the underwriters serve various roles in our credit
    facility: JPMorgan Chase Bank, N.A., an affiliate of
    J.P.&#160;Morgan Securities LLC, serves as administrative agent,
    swing lender and an issuing lender; Wells Fargo Bank, National
    Association (as successor to Wachovia Bank, National
    Association), an affiliate of Wells Fargo Securities, LLC,
    serves as co-documentation agent and lender; and Citibank, N.A.,
    an affiliate of Citigroup Global Markets Inc. serves as lender.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We intend to use more than 5% of the net proceeds of this
    offering to repay indebtedness owed by us to certain affiliates
    of the underwriters which are lenders under our credit facility.
    See &#147;Use of Proceeds&#148; in this prospectus supplement.
    Accordingly, this offering is being made in compliance with the
    requirements of Rule&#160;5121 of the Financial Industry
    Regulatory Authority, Inc. Pursuant to Rule&#160;5121, the
    appointment of a &#147;qualified independent underwriter&#148;
    is not necessary in connection with this offering, as the
    offering is of a class of securities that are investment grade
    rated. Wells Fargo Securities, LLC, J.P.&#160;Morgan Securities
    LLC and Citigroup Global Markets Inc. will not confirm sales of
    the debt securities to any account over which they exercise
    discretionary authority without the prior written approval of
    the customer.
</DIV>

<A name='W82170212'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The validity of the notes and the guarantee will be passed upon
    for Brandywine Operating Partnership, L.P. and Brandywine Realty
    Trust by Pepper Hamilton LLP and for the underwriters by Simpson
    Thacher&#160;&#038; Bartlett LLP.
</DIV>

<A name='W82170213'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The financial statements and management&#146;s assessment of the
    effectiveness of internal control over financial reporting
    (which is included in Management&#146;s Report on Internal
    Control over Financial Reporting) incorporated in this
    prospectus by reference to the Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010 for Brandywine Realty
    Trust have been so incorporated in reliance on the report (which
    contains an explanatory paragraph on the effectiveness of
    internal control over financial reporting due to the exclusion
    of Brandywine&#146;s investments in Three Logan Square from its
    assessment of internal control over financial reporting as of
    December&#160;31, 2010 because it was acquired by Brandywine
    during 2010)&#160;of PricewaterhouseCoopers LLP, an independent
    registered public accounting firm, given on the authority of
    said firm as experts in auditing and accounting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The financial statements and management&#146;s assessment of the
    effectiveness of internal control over financial reporting
    (which is included in Management&#146;s Report on Internal
    Control over Financial Reporting) incorporated in this
    prospectus by reference to the Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2010 for Brandywine
    Operating Partnership, L.P. have been so incorporated in
    reliance on the report (which contains an explanatory paragraph
    on the effectiveness of internal control over financial
    reporting due to the exclusion of Brandywine&#146;s investments
    in Three Logan Square from its assessment of internal control
    over financial reporting as of December&#160;31, 2010 because it
    was acquired during 2010)&#160;of PricewaterhouseCoopers LLP, an
    independent registered public accounting firm, given on the
    authority of said firm as experts in auditing and accounting.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    S-22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 16pt">BRANDYWINE REALTY
    TRUST</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Preferred Shares</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Common Shares</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Depositary Shares</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">Subscription Rights</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 14pt">and Warrants</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B><FONT style="font-size: 20pt">BRANDYWINE OPERATING
    PARTNERSHIP, L.P.</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Debt
    Securities</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine Realty Trust may offer from time to time its common
    shares, preferred shares, depository shares, subscription rights
    or warrants with a total initial offering price of up to
    $750,000,000 under this prospectus. The common shares of
    Brandywine Realty Trust are listed on the New York Stock
    Exchange under the symbol &#147;BDN.&#148; Brandywine Operating
    Partnership, L.P. may offer from time to time its debt
    securities in one or more series with a total initial offering
    price of up to $750,000,000 under this prospectus. Brandywine
    Realty Trust will unconditionally guarantee the payment
    obligations of the debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We will offer the securities at prices and on the terms to be
    determined at the time of offering. We may offer and sell these
    securities to or through one or more underwriters, dealers and
    agents, or directly to purchasers, on a continuous or delayed
    basis.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus describes some of the general terms that may
    apply to these securities. The specific terms of any securities
    to be offered will be described in a supplement to this
    prospectus. We may describe the terms of these securities in a
    term sheet that will precede the prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>This prospectus may not be used to sell securities unless
    accompanied by a prospectus supplement.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>You should carefully read and consider this prospectus, the
    applicable prospectus supplement and the risk factors included
    in the applicable prospectus supplement
    <FONT style="white-space: nowrap">and/or</FONT> in
    our periodic reports and other information that we file with the
    Securities and Exchange Commission before investing in our
    securities.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or passed upon the accuracy or adequacy of this
    prospectus. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The date of this Prospectus is April&#160;29, 2009.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="W82170tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="97%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170101'>ABOUT THIS PROSPECTUS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170102'>WHERE YOU CAN FIND MORE INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170103'>INCORPORATION BY REFERENCE</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170104'>CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING
    STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170105'>BRANDYWINE AND THE OPERATING PARTNERSHIP</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170106'>USE OF PROCEEDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170107'>RATIOS OF EARNINGS TO FIXED CHARGES AND EARNINGS
    TO COMBINED FIXED CHARGES AND PREFERRED SHARE DISTRIBUTIONS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170109'>DESCRIPTION OF THE DEBT SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170110'>DESCRIPTION OF THE SHARES OF BENEFICIAL
    INTEREST</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170111'>DESCRIPTION OF THE DEPOSITARY SHARES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170112'>DESCRIPTION OF THE SUBSCRIPTION RIGHTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170113'>DESCRIPTION OF THE WARRANTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170114'>PROVISIONS OF MARYLAND LAW AND OF
    BRANDYWINE&#146;S DECLARATION OF TRUST&#160;AND BYLAWS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170115'>MATERIAL FEDERAL INCOME TAX CONSEQUENCES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170116'>PLAN OF DISTRIBUTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170117'>LEGAL MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#W82170118'>EXPERTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    59
</TD>
<TD>&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should rely only on the information contained or
    incorporated by reference in this prospectus and any prospectus
    supplement. We have not authorized any dealer, salesman or other
    person to provide you with additional or different information.
    This prospectus and any prospectus supplement are not an offer
    to sell or the solicitation of an offer to buy any securities
    other than the securities to which they relate and are not an
    offer to sell or the solicitation of an offer to buy securities
    in any jurisdiction to any person to whom it is unlawful to make
    an offer or solicitation in that jurisdiction. You should not
    assume that the information in this prospectus or any prospectus
    supplement or in any document incorporated by reference in this
    prospectus or any prospectus supplement is accurate as of any
    date other than the date of the document containing the
    information.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    -i-
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='W82170101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">ABOUT
    THIS PROSPECTUS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus is part of a registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    that we filed with the Securities and Exchange Commission, or
    the SEC, using a &#147;shelf&#148; registration process for the
    delayed offering and sale of securities pursuant to
    Rule&#160;415 under the Securities Act of 1933, as amended, or
    the Securities Act. Under the shelf registration statement,
    Brandywine Realty Trust may sell any combination of common
    shares, preferred shares, depositary shares, subscription rights
    and warrants in one or more offerings with a total offering
    price of up to $750,000,000, and Brandywine Operating
    Partnership, L.P. may sell debt securities of various terms in
    one or more offerings with a total offering price of up to
    $750,000,000.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As used in this prospectus and the registration statement on
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    of which this prospectus is a part, unless the context otherwise
    requires, references to &#147;Brandywine&#148; refer to
    Brandywine Realty Trust, a Maryland real estate investment
    trust, or &#147;REIT&#148;; references to the &#147;Operating
    Partnership&#148; refer to Brandywine Operating Partnership,
    L.P., a Delaware limited partnership; and references to
    &#147;we,&#148; &#147;us,&#148; &#147;our&#148; or similar
    expressions refer collectively to Brandywine Realty Trust and
    its consolidated subsidiaries (including the Operating
    Partnership) unless the context otherwise indicates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus provides you with a general description of the
    securities that we may offer under this prospectus. Each time we
    sell securities under this prospectus, we will provide a
    prospectus supplement that will contain specific information
    about the terms of that offering. The prospectus supplement may
    also add, update or change information contained in this
    prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You should rely only on the information contained or
    incorporated by reference in this prospectus and, if applicable,
    any prospectus supplement. We have not authorized anyone to
    provide you with any other information. If you receive any other
    information, you should not rely on it. No offer to sell these
    securities is being made in any jurisdiction where the offer or
    sale is not permitted. You should not assume that the
    information contained in this prospectus and, if applicable, any
    prospectus supplement or any document incorporated by reference
    in this prospectus or any prospectus supplement, is accurate as
    of any date other than the date on the front cover of this
    prospectus or on the front cover of the applicable prospectus
    supplement or documents or as specifically indicated in the
    document. Our business, financial condition, results of
    operations and prospects may have changed since that date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Statements contained in this prospectus and any accompanying
    prospectus supplement about the provisions or contents of any
    agreement or any other document are not necessarily complete. If
    the SEC rules and regulations require that an agreement or
    document be filed as an exhibit to the shelf registration
    statement, please see that agreement or document for a complete
    description of these matters. You should read both this
    prospectus and the applicable prospectus supplement together
    with the additional information described under the caption
    &#147;Where You Can Find More Information&#148; below.
</DIV>

<A name='W82170102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine and the Operating Partnership file annual, quarterly
    and current reports, proxy statements and other information with
    the SEC. The filings of Brandywine and the Operating Partnership
    with the SEC are available to the public on the Internet at the
    SEC&#146;s web site at
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
    You may also read and copy any document that Brandywine or the
    Operating Partnership files with the SEC at its Public Reference
    Room located at 100&#160;F&#160;Street, N.E.,
    Washington,&#160;D.C. 20549. Please call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the public reference room and their
    copy charges.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You can inspect reports, proxy statements and other information
    that Brandywine files at the offices of the New York Stock
    Exchange at 20&#160;Broad Street, New York, New York 10005.
</DIV>

<A name='W82170103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The SEC allows us to &#147;incorporate by reference&#148;
    information into this prospectus. This means that we can
    disclose important information to you by referring you to
    another document. Any information referred to in this way is
    considered part of this prospectus from the date we file that
    document.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any reports filed by us with the SEC after the date of this
    prospectus and before the date that the offering of the
    securities by means of this prospectus is terminated will
    automatically update and, where applicable, supersede any
    information contained in this prospectus or incorporated by
    reference in this prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We incorporate by reference into this prospectus the following
    documents or information filed with the SEC (other than, in each
    case, documents or information deemed furnished and not filed in
    accordance with SEC rules, and no such information shall be
    deemed specifically incorporated by reference hereby):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    of Brandywine Realty Trust for the fiscal year ended
    December&#160;31, 2008;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    of Brandywine Operating Partnership, L.P. for the fiscal year
    ended December&#160;31, 2008;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    of Brandywine Realty Trust filed on January&#160;22, 2009,
    January&#160;30, 2009, and April&#160;7, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    of Brandywine Operating Partnership, L.P. filed on
    January&#160;22, 2009, January&#160;30, 2009, and April&#160;7,
    2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Registration Statements on
    <FONT style="white-space: nowrap">Form&#160;8-A</FONT>
    of Brandywine Realty Trust filed on October&#160;14, 1997,
    December&#160;29, 2003 and February&#160;5, 2004;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    All documents filed by either Brandywine Realty Trust or
    Brandywine Operating Partnership, L.P. with the SEC pursuant to
    Sections&#160;13(a), 13(c), 14 or 15(d) of the Securities
    Exchange Act of 1934, as amended, or the Exchange Act, after the
    date of the initial registration statement and prior to the
    effectiveness of the registration statement of which this
    prospectus is a part, as well as all such documents filed by us
    with the SEC subsequent to the date of this prospectus and prior
    to the termination of this offering.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To receive a free copy of any of the documents incorporated by
    reference in this prospectus (other than exhibits, unless they
    are specifically incorporated by reference in the documents),
    write us at the following address or call us at the telephone
    number listed below:
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">BRANDYWINE
    REALTY TRUST<BR>
    555 East Lancaster Avenue, Suite&#160;100<BR>
    Radnor, PA 19087<BR>
    Telephone:
    <FONT style="white-space: nowrap">(610)&#160;832-4907</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine also maintains a web site at
    <FONT style="white-space: nowrap">http://www.brandywinerealty.com</FONT>
    through which you can obtain copies of documents that Brandywine
    and the Operating Partnership have filed with the SEC. The
    contents of that site are not incorporated by reference in or
    otherwise a part of this prospectus.
</DIV>

<A name='W82170104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">CAUTIONARY
    STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This prospectus, including the information incorporated by
    reference into this prospectus, and any prospectus supplement,
    may contain forward-looking statements within the meaning of
    Section&#160;27A of the Securities Act and Section&#160;21E of
    the Exchange Act. Forward-looking statements involve known and
    unknown risks, uncertainties and other factors which may cause
    our actual results, performance or achievements of each of
    Brandywine and the Operating Partnership to be materially
    different from future results, performance or achievements
    expressed or implied by these forward-looking statements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Forward-looking statements, which are based on certain
    assumptions and describe our future plans, strategies and
    expectations, are generally identifiable by use of the words
    &#147;may,&#148; &#147;will,&#148; &#147;should,&#148;
    &#147;expect,&#148; &#147;anticipate,&#148;
    &#147;estimate,&#148; &#147;believe,&#148; &#147;intend,&#148;
    &#147;project,&#148; or the negative of these words, or other
    similar words or terms. Factors which could materially and
    adversely affect us include, but are not limited to the
    following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our failure to lease unoccupied space in accordance with our
    projections;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our failure to re-lease occupied space upon expiration of leases;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    tenant defaults and the bankruptcy of major tenants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in prevailing interest rates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the impact of unrealized hedging transactions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the unavailability of equity and debt financing;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unanticipated costs associated with the acquisition, integration
    and operation of our acquisitions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unanticipated costs to complete,
    <FONT style="white-space: nowrap">lease-up</FONT> and
    operate our developments and redevelopments;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    impairment charges;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increased costs for, or lack of availability of, adequate
    insurance, including for terrorist acts;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks associated with actual or threatened terrorist attacks;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    demand for tenant services beyond those traditionally provided
    by landlords;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential liability under environmental or other laws;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    earthquakes and other natural disasters;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    risks associated with state and local tax audits;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    complex regulations relating to our status as a REIT and the
    adverse consequences of our failure to qualify as a REIT;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in local real estate conditions (including changes in
    rental rates and the number of competing properties);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in the economic conditions affecting industries in which
    our principal tenants compete;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    changes in general economic conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the impact of newly adopted accounting principles on our
    accounting policies and on period-to-period comparisons of
    financial results and the other risks identified in the
    &#147;Risk Factors&#148; section and elsewhere in our Annual
    Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All of these factors should be considered in evaluating any
    forward-looking statements included or incorporated by reference
    in this prospectus or any accompanying prospectus supplement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In light of these uncertainties and risks, prospective investors
    are cautioned not to place undue reliance on these
    forward-looking statements. Except with respect to such material
    changes to our risk factors as may be reflected from time to
    time in our quarterly filings or as otherwise required by law,
    we are under no obligation to, and expressly disclaim any
    obligation to, update or revise any forward-looking statements
    included or incorporated by reference in this prospectus or any
    accompanying prospectus supplement, whether as a result of new
    information, future events or otherwise. Because of the factors
    referred to above, the future events discussed in or
    incorporated by reference in this prospectus or any accompanying
    prospectus supplement may not occur and actual results,
    performance or achievement could differ materially from that
    anticipated or implied in the forward-looking statements.
</DIV>

<A name='W82170105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">BRANDYWINE
    AND THE OPERATING PARTNERSHIP</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine is a self-administered and self-managed real estate
    investment trust, or REIT, active in acquiring, developing,
    redeveloping, leasing and managing office and industrial
    properties. Brandywine was organized and commenced operations in
    1986 as a Maryland REIT. The Operating Partnership was formed
    and commenced operations in 1996 as a Delaware limited
    partnership. Brandywine owns its assets, and conducts its
    operations, through the Operating Partnership. Brandywine
    controls the Operating Partnership as its sole general partner
    and, as of December&#160;31, 2008, Brandywine owned an
    approximately 96.9% interest in the Operating Partnership. Our
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    executive offices are located at 555 East Lancaster Avenue,
    Suite&#160;100, Radnor, Pennsylvania 19087 and our telephone
    number is
    <FONT style="white-space: nowrap">(610)&#160;325-5600.</FONT>
</DIV>

<A name='W82170106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise indicated in the applicable prospectus
    supplement, Brandywine will contribute or otherwise transfer the
    net proceeds of any sale of securities to the Operating
    Partnership in exchange for additional partnership interests in
    the Operating Partnership, the economic terms of which will be
    substantially identical to those of the securities sold.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise indicated in the applicable prospectus
    supplement, the Operating Partnership will use those net
    proceeds and any net proceeds from any sale of its debt
    securities for general business purposes, including, without
    limitation, repayment of outstanding debt and the acquisition or
    development of office and industrial properties.
</DIV>

<A name='W82170107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">RATIOS OF
    EARNINGS TO FIXED CHARGES AND EARNINGS TO<BR>
    COMBINED FIXED CHARGES AND PREFERRED SHARE
    DISTRIBUTIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth the Operating Partnership&#146;s
    ratios of earnings to fixed charges for the periods indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="68%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>For the Years Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of earnings to fixed charges
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.02
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.24
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The Operating Partnership&#146;s ratio of earnings to combined
    fixed charges was less than 1.00 because of its loss from
    continuing operations for the years ended December&#160;31, 2008
    and 2006. The Operating Partnership must generate additional
    earnings of approximately $0.4&#160;million for the year ended
    December&#160;31, 2008 and $34.3&#160;million for the year ended
    December&#160;31, 2006 in order to achieve a ratio coverage of
    1.00. The loss for the year ended December&#160;31, 2006
    included significant depreciation of operating real estate and
    amortization of lease intangibles resulting from acquisitions
    completed during 2006.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the purpose of calculating the ratios of earnings to fixed
    charges, earnings have been calculated by adding fixed charges,
    distributed income of equity investees, and amortization of
    capitalized interest to income from continuing operations before
    minority interest and equity in earnings from unconsolidated
    real estate ventures of the Operating Partnership, less
    capitalized interest. Fixed charges consist of interest costs,
    whether expensed or capitalized, amortization of deferred
    financing costs, amortization of discounts or premiums related
    to indebtedness and the interest portion of rent expense.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following table sets forth Brandywine&#146;s ratios of
    earnings to combined fixed charges and preferred share
    distributions for the periods indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="69%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="2%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>For the Years Ended December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2004</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of earnings to fixed charges
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (1
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.13
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Brandywine&#146;s ratio of earnings to combined fixed charges
    was less than 1.00 because of its loss from continuing
    operations for the years ended December&#160;31, 2008, 2007 and
    2006. Brandywine must generate additional earnings of
    approximately $8.4&#160;million for the year ended
    December&#160;31, 2008, $3.9&#160;million for the year ended
    December&#160;31, 2007 and $46.6&#160;million for the year ended
    December&#160;31, 2006 in order to achieve a ratio coverage of
    1.00. The loss for the year ended December&#160;31, 2006
    included significant depreciation of operating real estate and
    amortization of lease intangibles resulting from acquisitions
    completed during 2006.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For the purpose of calculating the ratios of earnings to
    combined fixed charges and preferred share distributions,
    earnings have been calculated by adding fixed charges,
    distributed income of equity investees, and amortization of
    capitalized interest to income from continuing operations before
    minority interest and equity in
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    earnings from unconsolidated real estate ventures of Brandywine,
    less capitalized interest and preferred distributions of
    consolidated subsidiaries. Fixed charges consist of interest
    costs, whether expensed or capitalized, amortization of deferred
    financing costs, amortization of discounts or premiums related
    to indebtedness, the interest portion of rent expense and
    preferred distributions of consolidated subsidiaries. Preferred
    distributions includes income allocated to holders of
    Brandywine&#146;s Preferred Shares.
</DIV>

<A name='W82170109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF THE DEBT SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a summary of the general terms and provisions
    of the indenture under which the debt securities will be issued
    by the Operating Partnership. The particular terms and
    provisions of the debt securities with respect to a specific
    offering of debt securities will be set forth in the applicable
    prospectus supplement. This summary of general terms and
    provisions of the indenture and the debt securities does not
    purport to be complete and is subject to, and is qualified in
    its entirety by reference to, all provisions of the indenture
    and those debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities will be issued by the Operating Partnership
    under the indenture dated as of October&#160;22, 2004, as
    amended or supplemented from time to time, among the Operating
    Partnership, Brandywine and The Bank of New York Mellon
    (formerly known as The Bank of New York) as trustee. The
    indenture is filed as an exhibit to the registration statement
    of which this prospectus is a part and will be available for
    inspection at the corporate trust office of the trustee or as
    described under &#147;Where You Can Find More Information.&#148;
    The indenture is qualified under, subject to, and governed by,
    the Trust&#160;Indenture Act of 1939, as amended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All section references appearing herein are to sections of the
    indenture, and capitalized terms used but not defined herein
    will have the respective meanings set forth in the indenture.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities will be direct, unsecured obligations of the
    Operating Partnership. Except for any series of debt securities
    which is expressly subordinated to other indebtedness of the
    Operating Partnership, the debt securities will rank equally
    with all other unsecured and unsubordinated indebtedness of the
    Operating Partnership. Under the indenture, the debt securities
    may be issued without limit as to aggregate principal amount, in
    one or more series, as established from time to time pursuant to
    authority granted by a resolution of the Board of Trustees of
    Brandywine as sole general partner of the Operating Partnership
    or as established in one or more supplemental indentures to the
    indenture. All of the debt securities of any one series need not
    be issued at the same time and, unless otherwise provided, a
    series may be reopened, without the consent of the holders of
    the debt securities of that series, for issuances of additional
    debt securities of that series (Section&#160;301). All debt
    securities of a particular series shall be substantially
    identical except as to denomination, date of issuance, issue
    price and the date from which interest, if any, shall accrue.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine will, under the indenture, fully and unconditionally
    guarantee the due and punctual payment of principal of and
    premium, if any, and interest on all debt securities issued by
    the Operating Partnership, and the due and punctual payment of
    any sinking fund payments on those debt securities, when and as
    the same shall become due and payable, whether at a maturity
    date, by declaration of acceleration, call for redemption or
    otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture requires any subsidiary of the Operating
    Partnership that is a significant subsidiary (as defined in
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    promulgated under the Securities Act) to provide a full and
    unconditional guaranty as to payment of principal and premium,
    if any, and interest on the debt securities issued by the
    Operating Partnership not later than 180&#160;days following the
    date on which that subsidiary becomes a guarantor under our
    principal credit agreement. We refer to any such
    &#147;significant&#148; subsidiary that becomes a guarantor
    under our principal credit agreement as a &#147;Subsidiary
    Guarantor&#148; and, together with Brandywine, as the
    &#147;Guarantors.&#148; As of the date of this prospectus, we
    have no significant subsidiaries that are guarantors under our
    principal credit agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If for any reason the obligations of a significant subsidiary
    that has become a Subsidiary Guarantor terminate under our
    principal credit agreement, such Subsidiary Guarantor will be
    deemed released from all of its obligations under the indenture
    and its guarantee will terminate (Sections&#160;1401 and 1404).
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture provides that there may be more than one trustee
    for any one or more series of debt securities. Any trustee under
    the indenture may resign or be removed with respect to one or
    more series of debt securities, and a successor trustee may be
    appointed to act with respect to that series (Section&#160;610).
    Except as otherwise indicated in this prospectus or the
    applicable prospectus supplement, any action to be taken by the
    trustee may be taken by each such trustee with respect to, and
    only with respect to, the one or more series of debt securities
    for which it is trustee under the indenture.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Terms</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The applicable prospectus supplement relating to the series of
    debt securities being offered will describe the specific terms
    and provisions of those debt securities, including the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the title of the debt securities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the aggregate principal amount of the debt securities
    and any limit on that aggregate principal amount;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the percentage of the principal amount at which the
    debt securities will be issued and, if other than the principal
    amount thereof, the portion of the principal amount payable upon
    declaration of acceleration of the maturity thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;the date or dates, or the manner of determining the
    date or dates, on which the principal of the debt securities
    will be payable;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;the rate or rates (which may be fixed or variable), or
    the method by which the rate or rates will be determined, at
    which the debt securities will bear interest, if any;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;the date or dates, or the method for determining the
    date or dates, from which any interest will accrue, the interest
    payment dates on which that interest will be payable, the
    regular record dates for interest payment dates, or the method
    by which those dates will be determined, the person to whom
    interest will be payable, and the basis upon which interest will
    be calculated if other than that of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;the place or places where the principal of and premium,
    if any, and interest, if any, on the debt securities will be
    payable and where notices or demands to or upon the Operating
    Partnership in respect of the debt securities and the indenture
    may be served;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;the period or periods within which, or the date or
    dates on which, the price or prices at which and the terms and
    conditions upon which the debt securities may be redeemed, as a
    whole or in part, at the option of the Operating Partnership, if
    the Operating Partnership is to have such an option;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;the obligation, if any, of the Operating Partnership to
    redeem, repay or repurchase the debt securities pursuant to any
    sinking fund or analogous provisions or at the option of the
    holders, and the period or periods within which, or the date or
    dates on which, the price or prices at which and the terms and
    conditions upon which the debt securities are required to be
    redeemed, repaid or purchased, in whole or in part, pursuant to
    that obligation;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (10)&#160;if other than U.S.&#160;dollars, the currency or
    currencies in which the debt securities are denominated
    <FONT style="white-space: nowrap">and/or</FONT>
    payable, which may be a foreign currency or units of two or more
    foreign currencies or a composite currency or currencies, and
    the terms and conditions relating thereto;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (11)&#160;whether the amount of payments of principal of and
    premium, if any, or interest, if any, on the debt securities may
    be determined with reference to an index, formula or other
    method (which index, formula or method may, but need not, be
    based on a currency, currencies, currency unit or units or
    composite currency or currencies) and the manner in which those
    amounts will be determined;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (12)&#160;any additions to, modifications of or inapplicability
    of the terms of the debt securities with respect to the events
    of default or covenants or other provisions set forth in the
    indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (13)&#160;whether the debt securities will be issued in global
    or book-entry form or definitive certificated form, and whether
    the debt securities will be issued in bearer form;
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (14)&#160;if other than $5,000 and any integral multiple of
    $1,000 in excess thereof, the denominations in which the debt
    securities shall be issuable;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (15)&#160;the applicability, if any, of the defeasance and
    covenant defeasance provisions of the indenture, or any
    modification thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (16)&#160;the extent and manner, if any, to which payments on
    the debt securities may be subordinated to other indebtedness of
    the Operating Partnership;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (17)&#160;whether and under what circumstances the Operating
    Partnership will pay additional amounts as contemplated in the
    indenture on the debt securities in respect of any tax,
    assessment or governmental charge and, if so, whether the
    Operating Partnership will have the option to redeem the debt
    securities in lieu of paying additional amounts;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (18)&#160;any other terms of the debt securities not
    inconsistent with the provisions of the indenture
    (Section&#160;301).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities may provide for less than the entire
    principal amount of those debt securities to be payable upon
    declaration of acceleration of the maturity thereof
    (&#147;original issue discount securities&#148;). The applicable
    prospectus supplement will describe special U.S.&#160;federal
    income tax, accounting and other considerations applicable to
    the original issue discount securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture does not contain any provisions (other than as
    described under &#147;Covenants&#160;&#151; Limitations on
    Incurrence of Indebtedness&#148;) that would limit the ability
    of the Operating Partnership to incur indebtedness or that would
    afford holders of debt securities protection in the event of a
    highly leveraged or similar transaction involving the Operating
    Partnership. However, restrictions on ownership and transfers of
    Brandywine&#146;s common shares and preferred shares, designed
    to preserve Brandywine&#146;s status as a REIT, may prevent or
    hinder a change of control. Reference is made to the applicable
    prospectus supplement for information with respect to any
    deletions from, modifications of or additions to the events of
    default or covenants of the Operating Partnership that are
    described below, including any addition of a covenant or other
    provision providing event risk or similar protection.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Guarantees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine will, under the indenture, fully and unconditionally
    guarantee the due and punctual payment of principal of and
    premium, if any, and interest on all debt securities issued by
    the Operating Partnership, and the due and punctual payment of
    any sinking fund payments on those debt securities, when and as
    the same shall become due and payable, whether at a maturity
    date, by declaration of acceleration, call for redemption or
    otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture requires any &#147;significant&#148; subsidiary to
    provide a full and unconditional guaranty as to payment of
    principal and premium, if any, and interest on the debt
    securities issued by the Operating Partnership not later than
    180&#160;days following the date on which that subsidiary
    becomes a guarantor under our principal credit agreement. As of
    the date of this prospectus, we have no significant subsidiaries
    that are guarantors under our principal credit agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If for any reason the obligations of a significant subsidiary
    that has become a Subsidiary Guarantor terminate under our
    principal credit agreement, such Subsidiary Guarantor will be
    deemed released from all of its obligations under the indenture
    and its guarantee will terminate (Sections&#160;1401 and 1404).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Denominations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise specified in the applicable prospectus
    supplement, the debt securities of any series shall be issuable
    only in registered form without coupons and, other than
    securities in global form (which may be of any denomination),
    will be issuable in denominations of $5,000 and integral
    multiples of $1,000 in excess thereof (Section&#160;302).
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Payments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise specified in the applicable prospectus
    supplement, the principal of and premium, if any, and interest
    on any series of debt securities will be payable at the
    corporate trust office of the trustee. However, at the option of
    the Operating Partnership, payment of interest may be made by
    check mailed to the address of the person entitled thereto as it
    appears in the security register or by wire transfer of funds to
    that person at a bank account maintained within the United
    States (Sections&#160;307 and 1002).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All amounts paid by the Operating Partnership to a paying agent
    or a trustee for the payment of the principal of or premium, if
    any, or interest on any debt security which remain unclaimed at
    the end of two years after the principal, premium or interest
    has become due and payable will be repaid to the Operating
    Partnership, and the holder of the debt security thereafter may
    look only to the Operating Partnership for payment of these
    amounts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any interest not punctually paid or duly provided for on any
    interest payment date with respect to a debt security will
    forthwith cease to be payable to the holder on the applicable
    regular record date and may either be paid to the person in
    whose name that debt security is registered at the close of
    business on a special record date for the payment of that
    defaulted interest to be fixed by the trustee or may be paid at
    any time in any other lawful manner, all in accordance with the
    indenture (Section&#160;307). Notice of any special record date
    will be given to the holder of that debt security not less than
    10&#160;days prior to the special record date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Registration
    and Transfer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to certain limitations imposed upon debt securities
    issued in book-entry form, the debt securities of any series
    will be exchangeable for other debt securities of the same
    series, of a like aggregate principal amount and tenor, of
    different authorized denominations upon surrender of such debt
    securities at the corporate trust office of the trustee. In
    addition, subject to certain limitations imposed upon debt
    securities issued in book-entry form, the debt securities of any
    series may be surrendered for registration of transfer at the
    corporate trust office of the trustee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Every debt security surrendered for registration of transfer or
    exchange will be duly endorsed or accompanied by a written
    instrument of transfer. No service charge will be made for any
    registration of transfer or exchange of any debt securities, but
    the Operating Partnership may require payment of a sum
    sufficient to cover any tax or other governmental charge payable
    in connection therewith (Section&#160;305).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the applicable prospectus supplement refers to any transfer
    agent (in addition to the trustee) initially designated by the
    Operating Partnership and the Guarantors with respect to any
    series of debt securities, the Operating Partnership may at any
    time rescind the designation of that transfer agent or approve a
    change in the location through which that transfer agent acts,
    except that the Operating Partnership and the Guarantors will be
    required to maintain a transfer agent in each place of payment
    for that series. The Operating Partnership and the Guarantors
    may at any time designate additional transfer agents with
    respect to any series of debt securities (Section&#160;1002).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Neither the Operating Partnership nor the trustee will be
    required to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;issue, register the transfer of or exchange debt
    securities of any series during a period beginning at the
    opening of business 15&#160;days before any selection of debt
    securities of that series to be redeemed and ending at the close
    of business of the day of mailing of the relevant notice of
    redemption;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;register the transfer of or exchange any debt security,
    or portion thereof, called for redemption, except the unredeemed
    portion of any debt security being redeemed in part;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;issue, register the transfer of or exchange any debt
    security which has been surrendered for repayment at the option
    of the holder, except that portion, if any, of such debt
    security which is not to be so repaid (Section&#160;305).
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Merger,
    Consolidation or Sale</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Operating Partnership may consolidate with, or sell, lease
    or convey all or substantially all of its assets to, or merge
    with or into, any other entity, provided that the following
    conditions are satisfied or fulfilled:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;either the Operating Partnership is the continuing
    entity, or the successor (if other than the Operating
    Partnership) formed by or resulting from any such consolidation
    or merger or which has received the transfer of those assets is
    organized under the laws of the United States of America and
    expressly assumes payment of the principal of and premium, if
    any, and interest on all of the debt securities and the due and
    punctual performance and observance of all of the covenants and
    conditions contained in the indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;immediately after giving effect to the transaction and
    taking into account any indebtedness which becomes an obligation
    of the Operating Partnership or any Subsidiary at the time of
    the transaction, no event of default under the indenture, and no
    event which, after notice or the lapse of time, or both, would
    become an event of default, has occurred and is
    continuing;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;an officer&#146;s certificate of Brandywine as general
    partner of the Operating Partnership and a legal opinion
    covering these conditions is delivered to the trustee
    (Section&#160;801).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Guarantors may consolidate with, or sell, lease or convey
    all or substantially all of their respective assets to, or merge
    with or into, any other entity, provided that substantially the
    same conditions as above are satisfied or fulfilled
    (Section&#160;803).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Conversion
    and Exchange Rights</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The terms and conditions, if any, upon which any series of debt
    securities will be convertible into or exchangeable for
    Brandywine common shares or other securities will be set forth
    in an applicable prospectus supplement. Such terms will include,
    as applicable, the conversion price or exchange rate, the
    conversion or exchange period, provisions as to whether
    conversion or exchange of the debt securities will be at the
    option of the holder or the Operating Partnership, the events
    requiring an adjustment to the conversion price or exchange rate
    and provisions affecting the conversion or exchange of the debt
    securities in the event that the debt securities are redeemed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Covenants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Incurrence of Indebtedness</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Operating Partnership will not, and will not permit any of
    its Subsidiaries to, incur any Indebtedness, other than
    Intercompany Indebtedness, if, immediately after giving effect
    to the incurrence of that additional Indebtedness and the
    application of the proceeds thereof, the aggregate principal
    amount of all of its outstanding Indebtedness and that of its
    Subsidiaries on a consolidated basis is greater than 60% of the
    sum of (without duplication):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the Total Assets of the Operating Partnership and its
    Subsidiaries as of the end of the calendar quarter covered in
    its Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    or Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q,</FONT>
    as the case may be, most recently filed with the SEC (or, if
    such filing is not permitted under the Exchange Act, with the
    trustee) prior to the incurrence of that additional
    Indebtedness;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the purchase price of any assets included in the
    definition of Total Assets acquired, and the amount of any
    securities offering proceeds received (to the extent that the
    proceeds were not used to acquire assets included with Total
    Assets or used to reduce Indebtedness), by the Operating
    Partnership or any of its Subsidiaries since the end of that
    calendar quarter, including those proceeds obtained in
    connection with the incurrence of that additional Indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Operating Partnership also will not, and will not permit any
    of its Subsidiaries to, incur any Indebtedness secured by any
    Encumbrance upon any of its properties or any of its
    Subsidiaries&#146; properties, whether owned at the date of the
    indenture or thereafter acquired, if, immediately after giving
    effect to the incurrence of that additional Indebtedness secured
    by an Encumbrance and the application of the proceeds thereof,
    the aggregate principal
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    amount of its outstanding indebtedness and that of its
    Subsidiaries on a consolidated basis which is secured by any
    Encumbrance on its properties or any of its Subsidiaries&#146;
    properties is greater than 40% of the sum of (without
    duplication):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the Total Assets of the Operating Partnership and its
    Subsidiaries as of the end of the calendar quarter covered in
    its Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    or Quarterly Report on
    <FONT style="white-space: nowrap">Form&#160;10-Q,</FONT>
    as the case may be, most recently filed with the SEC (or, if
    such filing is not permitted under the Exchange Act, with the
    trustee) prior to the incurrence of that additional
    Indebtedness;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the purchase price of any assets included in the
    definition of Total Assets acquired, and the amount of any
    securities offering proceeds received (to the extent that such
    proceeds were not used to acquire assets included in the
    definition of Total Assets or used to reduce Indebtedness), by
    the Operating Partnership or any of its Subsidiaries since the
    end of that calendar quarter, including those proceeds obtained
    in connection with the incurrence of that additional
    Indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the Operating Partnership will not, and will not
    permit any of its Subsidiaries to, incur any Indebtedness if the
    ratio of Consolidated Income Available for Debt Service to
    Annual Debt Service Charge for the four consecutive fiscal
    quarters most recently ended prior to the date on which that
    additional Indebtedness is to be incurred will be less than
    1.5:1 on a pro forma basis after giving effect thereto and to
    the application of the proceeds therefrom, and calculated on the
    assumption that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;that Indebtedness and any other Indebtedness incurred
    by the Operating Partnership and its Subsidiaries since the
    first day of that four-quarter period and the application of the
    proceeds therefrom, including to refinance other Indebtedness,
    had occurred at the beginning of that four-quarter period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the repayment or retirement of any other Indebtedness
    by the Operating Partnership and its Subsidiaries since the
    first day of that four-quarter period had been repaid or retired
    at the beginning of that four-quarter period (except that, for
    purposes of this computation, the amount of Indebtedness under
    any revolving credit facility will be computed based upon the
    average daily balance of that Indebtedness during that
    four-quarter period);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;in the case of Acquired Indebtedness or Indebtedness
    incurred in connection with any acquisition since the first day
    of that four-quarter period, the acquisition had occurred as of
    the first day of that four-quarter period with the appropriate
    adjustments with respect to the acquisition being included in
    the pro forma calculation;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;in the case of any acquisition or disposition by the
    Operating Partnership or any of its Subsidiaries of any asset or
    group of assets since the first day of that four-quarter period,
    whether by merger, stock purchase or sale, or asset purchase or
    sale, the acquisition or disposition or any related repayment of
    Indebtedness had occurred as of the first day of that
    four-quarter period with the appropriate adjustments with
    respect to the acquisition or disposition being included in the
    pro forma calculation (Section&#160;1006).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Maintenance
    of Unencumbered Assets</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Operating Partnership and its Subsidiaries will at all times
    maintain Total Unencumbered Assets of not less than 150% of the
    aggregate outstanding principal amount of its Unsecured
    Indebtedness and that of its Subsidiaries on a consolidated
    basis (Section&#160;1006).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Provision
    of Financial Information</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    So long as any debt securities are outstanding and whether or
    not required by the SEC, Brandywine and the Operating
    Partnership will furnish to the trustee within 15&#160;days of
    the time periods specified in the SEC&#146;s rules and
    regulations:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;all annual and quarterly financial information that
    would be required to be contained in filings with the SEC on
    <FONT style="white-space: nowrap">Forms&#160;10-K</FONT>
    and <FONT style="white-space: nowrap">10-Q</FONT> if
    Brandywine and the Operating Partnership were required to file
    those filings, including a &#147;Management&#146;s Discussion
    and Analysis of Financial Condition and Results of
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Operations&#148; and, with respect to the annual information
    only, a report on the annual financial statements by our
    certified independent accountants;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;all current reports that would be required to be filed
    with the SEC on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    if Brandywine and the Operating Partnership were required to
    file such reports.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If Brandywine or the Operating Partnership is not subject to
    Sections&#160;13 and 15(d) of the Exchange Act, Brandywine or
    the Operating Partnership, as the case may be, will
    (A)&#160;furnish to the holders of the debt securities, without
    cost to such holders, a copy of the information and reports
    referred to in clauses&#160;(1) and (2)&#160;above within
    15&#160;days of the time periods specified in the SEC&#146;s
    rules and regulations, and (B)&#160;upon written request and
    payment of the reasonable cost of duplication and delivery,
    promptly supply to any prospective holder of the debt securities
    a copy of the information and reports referred to in
    clauses&#160;(1) and (2)&#160;above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, whether or not required by the SEC, Brandywine and
    the Operating Partnership will file a copy of the information
    and reports referred to in clauses&#160;(1) and (2)&#160;above
    with the SEC for public availability within the time periods
    specified in the SEC&#146;s rules and regulations (unless the
    SEC will not accept such a filing) (Section&#160;704).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Waiver
    of Certain Covenants</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Operating Partnership and the Guarantors may choose not to
    comply with any term, provision or condition of the preceding
    covenants, and with any other term, provision or condition with
    respect to the debt securities (except for any term, provision
    or condition which could not be amended without the consent of
    all holders of debt securities), if at any time the holders of
    at least a majority in principal amount of all the outstanding
    debt securities, by act of those holders, either waive
    compliance in that instance or generally waive compliance with
    that covenant. Except to the extent so expressly waived, and
    until any waiver becomes effective, the Operating
    Partnership&#146;s and the Guarantors&#146; obligations and the
    duties of the trustee in respect of any such term, provision or
    condition will remain in full force and effect
    (Section&#160;1010).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Other
    Covenants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Existence</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as permitted under &#147;Merger, Consolidation or
    Sale,&#148; each of the Operating Partnership and the Guarantors
    will do or cause to be done all things necessary to preserve and
    keep in full force and effect its existence, rights (declaration
    and statutory) and franchises; provided, however, that neither
    the Operating Partnership nor any Guarantor will be required to
    preserve any right or franchise if it determines that the
    preservation thereof is no longer desirable in the conduct of
    its business and that the loss of that right or franchise is not
    disadvantageous in any material respect to the holders of the
    debt securities (Section&#160;1005).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Maintenance
    of Properties</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each of the Operating Partnership and the Guarantors will cause
    all of its material properties used or useful in the conduct of
    its business or the business of any of its Subsidiaries to be
    maintained and kept in good condition, repair and working order,
    all as in the judgment of the Operating Partnership or the
    applicable Guarantor may be necessary so that the business
    carried on in connection with those properties may be properly
    and advantageously conducted at all times; provided, however,
    that neither the Operating Partnership nor any Guarantor nor any
    of their respective Subsidiaries will be prevented from selling
    or otherwise disposing of their properties for value in the
    ordinary course of business (Section&#160;1007).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Insurance</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each of the Operating Partnership and the Guarantors will cause
    each of its and its Subsidiaries&#146; insurable properties to
    be insured in a commercially reasonable amount against loss of
    damage with insurers of recognized responsibility and, if
    described in the applicable prospectus supplement, in specified
    amounts and with insurers having a specified rating from a
    recognized insurance rating service (Section&#160;1008).
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Payment
    of Taxes and Other Claims</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each of the Operating Partnership and the Guarantors will pay or
    discharge or cause to be paid or discharged, before becoming
    delinquent:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all taxes, assessments and governmental charges levied or
    imposed upon it or any of its Subsidiaries or upon its income,
    profits or property or that of any of its Subsidiaries;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all lawful claims for labor, materials and supplies which, if
    unpaid, might by law become a lien upon its property or the
    property of any of its Subsidiaries;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    provided, however, that neither the Operating Partnership nor
    any Guarantor will be required to pay or discharge or cause to
    be paid or discharged any tax, assessment, charge or claim whose
    amount or applicability is being contested in good faith
    (Section&#160;1009).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Additional
    Covenants</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The applicable prospectus supplement relating to the series of
    debt securities being offered will describe any additional
    covenants specific to that series.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Events of
    Default, Notice and Waiver</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise provided in the applicable prospectus
    supplement, the indenture provides that the following events
    will be &#147;events of default&#148; with respect to each
    series of debt securities issued under the indenture:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;default for 30&#160;days in the payment of any interest
    on any debt security of that series;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;default in the payment of any principal of or premium,
    if any, on any debt security of that series when due;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;default in making any sinking fund payment as required
    for any debt security of that series;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;default in the performance of any other covenant or
    warranty of the Operating Partnership
    <FONT style="white-space: nowrap">and/or</FONT> any
    of the Guarantors contained in the indenture with respect to any
    debt security of that series, which continues for 60&#160;days
    after written notice as provided in the indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;default in the payment of an aggregate principal amount
    exceeding $25,000,000 of any evidence of indebtedness of the
    Operating Partnership
    <FONT style="white-space: nowrap">and/or</FONT> any
    of the Guarantors or any mortgage, indenture, note, bond,
    capitalized lease or other instrument under which that
    indebtedness is issued or by which that indebtedness is secured,
    such default having continued after the expiration of any
    applicable grace period or having resulted in the acceleration
    of the maturity of that indebtedness, but only if that
    indebtedness is not discharged or such acceleration is not
    rescinded or annulled;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;certain events of bankruptcy, insolvency or
    reorganization, or court appointment of a receiver, liquidator
    or trustee of the Operating Partnership, Brandywine, any
    Subsidiary Guarantor or any other Significant Subsidiary or any
    of their respective properties;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;except as otherwise permitted in the Indenture, any
    guarantee of the debt securities of any series is held in any
    judicial proceeding to be unenforceable or invalid or shall
    cease for any reason to be in full force and effect, or
    Brandywine or any Subsidiary Guarantor that is a Significant
    Subsidiary shall deny or disaffirm its obligations under its
    guarantee with respect to the debt securities of the applicable
    series;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;any other event of default provided with respect to a
    particular series of debt securities (Section&#160;501).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If an event of default (other than as described in
    clause&#160;(6) above) with respect to debt securities of any
    series at the time outstanding occurs and is continuing, then in
    each case the trustee or the holders of not less than 25% in
    principal amount of the outstanding debt securities of that
    series may declare the principal (or, if the debt securities of
    that series are original issue discount securities or indexed
    securities, that portion of the principal amount as may be
    specified in the terms thereof) of and premium, if any, and
    accrued and unpaid interest on all of the debt securities of
    that series to be due and payable immediately by written notice
    thereof to the Operating Partnership and
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine (and to the trustee if given by the holders). If an
    event of default described in clause&#160;(6) above occurs and
    is continuing, the principal (or such portion thereof) of and
    premium, if any, and accrued and unpaid interest on all of the
    debt securities of that series will become and be immediately
    due and payable without any declaration or other act on the part
    of the trustee or any holders. However, at any time after any
    acceleration with respect to debt securities of that series, but
    before a judgment or decree for payment of the amounts due has
    been obtained by the trustee, the holders of not less then a
    majority in principal amount of outstanding debt securities of
    that series may rescind and annul that acceleration and its
    consequences if (1)&#160;the Operating Partnership or any
    Guarantor has paid or deposited with the trustee all required
    payments of the principal of and premium, if any, and interest
    on the debt securities of that series (without giving effect to
    the acceleration) plus certain fees, expenses, disbursements
    and, premium, if any, advances of the trustee and (2)&#160;all
    events of default, other than the nonpayment of accelerated
    principal, premium, if any, or interest with respect to debt
    securities of that series, have been cured or waived as provided
    in the indenture (Section&#160;502). The indenture also provides
    that the holders of not less than a majority in principal amount
    of the outstanding debt securities of any series may waive any
    past default with respect to that series and its consequences,
    except a default (A)&#160;in the payment of the principal of or
    premium, if any, or interest on any debt security of that series
    or (B)&#160;in respect of a covenant or provision contained in
    the indenture that cannot be modified or amended without the
    consent of the holder of each outstanding debt security affected
    thereby (Section&#160;513).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The trustee will be required to give notice to the holders of
    debt securities within 90&#160;days of a default under the
    indenture; provided, however, that the trustee may withhold
    notice to the holders of any series of debt securities of any
    default with respect to that series (except a default in the
    payment of the principal of or premium, if any, or interest on
    any debt securities of that series or in the payment of any
    sinking fund installment in respect of any debt securities of
    that series) if the responsible officers of the trustee consider
    withholding of notice to be in the interest of the holders
    (Section&#160;602).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture provides that no holders of debt securities of any
    series may institute any judicial or other proceedings with
    respect to the indenture or for any remedy thereunder, except in
    the case of failure of the trustee, for 60&#160;days, to act
    after it has received a written request to institute proceedings
    in respect of an event of default from the holders of not less
    than 25% in principal amount of the outstanding debt securities
    of that series, as well as an offer of security or indemnity
    satisfactory to it (Section&#160;507). This provision will not
    prevent, however, any holder of debt securities from instituting
    suit for the enforcement of payment of the principal of and
    premium, if any, and interest on the debt securities at the
    respective due date or dates for payment (Section&#160;508).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to provisions in the indenture relating to its duties in
    case of default, the trustee is under no obligation to exercise
    any of its rights or powers under the indenture at the request
    or direction of any holders of debt securities of any series
    then outstanding under the indenture, unless the holders offer
    to the trustee security or indemnity satisfactory to it
    (Section&#160;603). The holders of not less than a majority in
    principal amount of the outstanding debt securities of any
    series will have the right to direct the time, method and place
    of conducting any proceeding for any remedy available to the
    trustee, or of exercising any trust or power conferred upon the
    trustee for that series. However, the trustee may refuse to
    follow any direction which is in conflict with any law or the
    indenture, which may involve the trustee in personal liability
    or which may be unduly prejudicial to the holders of debt
    securities of that series not joining in the proceeding
    (Section&#160;512).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Within 120&#160;days after the end of each fiscal year, the
    Operating Partnership and Brandywine must deliver to the trustee
    a certificate, signed by one of several specified officers of
    the general partner of the Operating Partnership and of
    Brandywine, stating whether or not such officers have knowledge
    of any default under the indenture and, if so, specifying each
    such default and the nature and status thereof
    (Section&#160;1004).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Modification
    of the Indenture</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Modifications and amendments of provisions of the indenture
    applicable to any series may be made only with consent of the
    holders of not less than a majority in principal amount of all
    outstanding debt securities which are
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    affected by the modification or amendment; provided, however,
    that no such modification or amendment may, without the consent
    of the holder of each debt security affected thereby:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;change the stated maturity of the principal of, or any
    installment of interest or premium, if any, on, that debt
    security;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;reduce the principal amount of, or the rate or amount
    of interest on, or any premium payable on redemption of, that
    debt security, or reduce the amount of principal of an original
    issue discount security that would be due and payable upon
    declaration of acceleration of the maturity thereof or would be
    provable in bankruptcy, or adversely affect any right of
    repayment of the holder of that debt security;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;change the place of payment, or the coin or currency,
    for payment of principal of, premium, if any, or interest on
    that debt security;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;impair the right to institute suit for the enforcement
    of any payment on or with respect to that debt security on or
    after the stated maturity thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;reduce the above-stated percentage of outstanding debt
    securities of any series necessary to modify or amend the
    indenture, to waive compliance with certain provisions thereof
    or specified defaults and consequences thereunder or to reduce
    the quorum or voting requirements set forth in the indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;modify or affect in any manner adverse to the holders
    the terms and conditions of the obligations of any of the
    Guarantors under the guarantees applicable to that debt security
    (other than releases of guarantees when a Subsidiary
    Guarantor&#146;s guarantee under our principal credit agreement
    is terminated);&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;modify any of the foregoing provisions or any of the
    provisions relating to the waiver of certain past defaults or
    certain covenants, except to increase the required percentage to
    effect that action or to provide that certain other provisions
    may not be modified or waived without the consent of the holder
    of that debt security (Section&#160;902).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The holders of not less than a majority in principal amount of
    outstanding debt securities of a particular series have the
    right to waive compliance by the Operating Partnership and the
    Guarantors with certain covenants in the indenture relating to
    that series (Section&#160;1010).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Modifications and amendments of the indenture may be made by the
    Operating Partnership, the Guarantors and the trustee without
    the consent of any holder of debt securities for any of the
    following purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;to evidence the succession of another person to the
    Operating Partnership as obligor, or to any of the Guarantors
    under the indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;to add to the covenants of the Operating Partnership or
    any of the Guarantors for the benefit of the holders of all or
    any series of debt securities or to surrender any right or power
    conferred upon the Operating Partnership or any of the
    Guarantors in the indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;to add events of default for the benefit of the holders
    of all or any series of debt securities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;to change or eliminate any provisions of the indenture,
    provided that the change or elimination will become effective
    only when there are no outstanding debt securities of any series
    created prior thereto which are entitled to the benefit of such
    provision;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;to secure, or add additional guarantees with respect
    to, the debt securities;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;to establish the form or terms of debt securities of
    any series;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;to provide for the acceptance of appointment by a
    successor trustee or facilitate the administration of the trust
    under the indenture by more than one trustee;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (8)&#160;to cure any ambiguity, defect or inconsistency in the
    indenture, provided that such action will not adversely affect
    the interests of holders of debt securities of any series in any
    material respect;&#160;or
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (9)&#160;to supplement any of the provisions of the indenture to
    the extent necessary to permit or facilitate defeasance and
    discharge of any series of such debt securities, provided that
    such action will not adversely affect the interests of the
    holders of the debt securities of any series in any material
    respect (Section&#160;901).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture provides that, in determining whether the holders
    of the requisite principal amount of outstanding debt securities
    of a series have given any request, demand, authorization,
    direction, notice, consent or waiver thereunder or whether a
    quorum is present at a meeting of holders of debt securities:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the principal amount of an original issue discount
    security that is deemed to be outstanding will be the amount of
    the principal thereof that would be due and payable as of the
    date of determination upon declaration of acceleration of the
    maturity of that debt security;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the principal amount of a debt security denominated in
    a foreign currency that is deemed outstanding will be the
    U.S.&#160;dollar equivalent, determined on the issue date for
    that debt security, of the principal amount (or, in the case of
    an original issue discount security, the U.S.&#160;dollar
    equivalent on the issue date of that debt security of the amount
    determined as provided in clause&#160;(1) above);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;the principal amount of an indexed security that is
    deemed outstanding will be the principal face amount of that
    indexed security at original issuance, unless otherwise provided
    with respect to that indexed security pursuant to the
    indenture;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;debt securities owned by the Operating Partnership, any
    of the Guarantors or any other obligor upon the debt securities
    or any affiliate of the Operating Partnership, any of the
    Guarantors or of that other obligor will be disregarded
    (Section&#160;101).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The indenture contains provisions for convening meetings of the
    holders of debt securities of a series (Article&#160;Thirteen).
    A meeting may be called at any time by the trustee, and also,
    upon request, by the Operating Partnership or the holders of at
    least 10% in principal amount of the outstanding debt securities
    of that series, in each case upon notice given as provided in
    the indenture (Section&#160;1302). Except for any consent that
    must be given by the holder of each debt security affected by
    certain modifications and amendments of the indenture, any
    resolution presented at a meeting or adjourned meeting duly
    reconvened at which a quorum is present may be adopted by the
    affirmative vote of the holders of a majority in principal
    amount of the outstanding debt securities of that series;
    provided, however, that, except as referred to above, any
    resolution with respect to any request, demand, authorization,
    direction, notice, consent, waiver or other action that may be
    made, given or taken by the holders of a specified percentage,
    which is less than a majority, in principal amount of the
    outstanding debt securities of a series may be adopted at a
    meeting or adjourned meeting duly reconvened at which a quorum
    is present by the affirmative vote of the holders of the debt
    securities of that series. Any resolution passed or decision
    taken at any meeting of holders of debt securities of any series
    duly held in accordance with the indenture will be binding on
    all holders of debt securities of that series. The quorum at any
    meeting called to adopt a resolution, and at any reconvened
    meeting, will be persons, holding or representing a majority in
    principal amount of the outstanding debt securities of a series;
    provided, however, that if any action is to be taken at such
    meeting with respect to a consent or waiver which may be given
    by the holders of not less than a specified percentage in
    principal amount of the outstanding debt securities of a series,
    the persons holding or representing such specified percentage in
    principal amount of the outstanding debt securities of such
    series will constitute a quorum (Section&#160;1304).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Notwithstanding the foregoing provisions, if any action is to be
    taken at a meeting of holders of debt securities of any series
    with respect to any request, demand, authorization, direction,
    notice, consent, waiver or other action that the indenture
    expressly provides may be made, given or taken by the holders of
    a specified percentage in principal amount of all outstanding
    debt securities affected thereby, or of the holders of that
    series and one or more additional series:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;there will be no minimum quorum requirement for the
    meeting;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;the principal amount of the outstanding debt securities
    of such series that vote in favor of the request, demand,
    authorization, direction, notice, consent, waiver or other
    action will be taken into account in determining whether such
    request, demand, authorization, direction, notice, consent,
    waiver or other action has been made, given or taken under the
    indenture (Section&#160;1304).
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Discharge;
    Legal Defeasance and Covenant Defeasance</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise provided in the applicable prospectus
    supplement, the Operating Partnership and the Guarantors may
    discharge certain obligations to holders of any series of debt
    securities that have not already been delivered to the trustee
    for cancellation and that either have become due and payable or
    will become due and payable within one year (or are scheduled
    for redemption within one year) by irrevocably depositing with
    the trustee, in trust, funds in such currency or currencies,
    currency unit or units or composite currency or currencies in
    which such debt securities are payable in an amount sufficient
    to pay the entire indebtedness on such debt securities in
    respect of principal and premium, if any, and interest to the
    date of such deposit (if such debt securities have become due
    and payable) or to the stated maturity or redemption date, as
    the case may be (Section&#160;404).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, the indenture provides that, unless otherwise
    provided in the applicable prospectus supplement, if the
    provisions of Article&#160;Four are made applicable to the debt
    securities of any series pursuant to the indenture, the
    Operating Partnership may elect either
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;to defease and discharge itself and the Guarantors from
    any and all obligations with respect to those debt securities
    (except for the obligation to pay additional amounts, if any,
    upon the occurrence of certain events of tax, assessment or
    governmental charge with respect to payments on such debt
    securities and the obligations to register the transfer or
    exchange of such debt securities, to replace temporary or
    mutilated, destroyed, lost or stolen debt securities, to
    maintain an office or agency in respect of such debt securities
    and to hold moneys for payment in trust) (&#147;legal
    defeasance&#148;) (Section&#160;402);&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;to release itself and the Guarantors from their
    obligations with respect to those debt securities under
    &#147;&#151;&#160;Covenants,&#148; &#147;&#151;&#160;Other
    Covenants&#148; or their obligations with respect to any other
    covenant, and any omission to comply with such obligations will
    not constitute a default or an event of default with respect to
    those debt securities (&#147;covenant defeasance&#148;)
    (Section&#160;403);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    in either case upon the irrevocable deposit by the Operating
    Partnership or the Guarantors with the trustee, in trust, of any
    amount, in such currency or currencies, currency unit or units
    or composite currency or currencies in which those debt
    securities are payable at stated maturity, or Government
    Obligations, or both, applicable to those debt securities which
    through the scheduled payment of principal and interest in
    accordance with their terms will provide money in an amount
    sufficient to pay the principal of and premium, if any, and
    interest on such debt securities, and any mandatory sinking fund
    or analogous payments thereon, on the scheduled due dates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This trust may only be established if, among other conditions,
    the Operating Partnership has delivered to the trustee an
    opinion of counsel to the effect that the holders of the debt
    securities will not recognize income, gain or loss for
    U.S.&#160;federal income tax purposes as a result of legal
    defeasance or covenant defeasance, as the case may be, and will
    be subject to U.S.&#160;federal income tax on the same amounts,
    in the same manner and at the same times as would have been the
    case if legal defeasance or covenant defeasance, as the case may
    be, had not occurred, and the opinion of counsel, in the case of
    legal defeasance, must refer to and be based upon a ruling of
    the Internal Revenue Service (the &#147;IRS&#148;) or a change
    in applicable U.S.&#160;federal income tax law occurring after
    the date of the indenture (Section&#160;404).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event the Operating Partnership effects covenant
    defeasance with respect to the debt securities of any series and
    those debt securities are declared due and payable because of
    the occurrence of any event of default other than an event of
    default described in clause&#160;(4) under &#147;Events of
    Default, Notice and Waiver&#148; with respect to the covenants
    described under &#147;&#151;&#160;Covenants&#148; and
    &#147;&#151;&#160;Other Covenants&#148; (which would no longer
    be applicable to those debt securities) or described in
    clause&#160;(7) under &#147;Events of Default, Notice and
    Waiver&#148; with respect to any other covenant as to which
    there has been covenant defeasance, the amount in the currency,
    currency unit or composite currency in which those debt
    securities are payable, and Government Obligations on deposit
    with the trustee, will be sufficient to pay amounts due on those
    debt securities at the time of their stated maturity but may not
    be sufficient to pay amounts due on those debt securities at the
    time of the acceleration resulting from such event of default.
    However, the Operating Partnership and the Guarantors would
    remain liable to make payment of those amounts due at the time
    of acceleration.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The applicable prospectus supplement may further describe the
    provisions, if any, permitting legal defeasance or covenant
    defeasance, including any modifications to the provisions
    described above, with respect to the debt securities of a
    particular series.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Subordination</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The terms and conditions, if any, upon which the debt securities
    of any series will subordinated to other indebtedness of the
    Operating Partnership, including the debt securities of other
    series, will be set forth in the applicable prospectus
    supplement. These terms will include a description of the
    indebtedness ranking senior to the debt securities of that
    series, the restrictions on payments to the holders of the debt
    securities of that series while a default with respect to the
    senior indebtedness is continuing, the restrictions, if any, on
    payments to the holders of the debt securities of that series
    following an event of default, and provisions requiring holders
    of the debt securities of that series to remit certain payments
    to holders of senior indebtedness.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Book-Entry
    System and Global Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities of a series may be issued in whole or in
    part in the form of one or more securities in global form that
    will be deposited with, or on behalf of, a depository identified
    in the applicable prospectus supplement relating to that series.
    Global securities, if any, issued in the United States are
    expected to be deposited with The Depository Trust&#160;Company,
    or &#147;DTC,&#148; as depository. Unless otherwise indicated,
    global securities will be issued in fully registered form and in
    either temporary or permanent form. Unless the applicable
    prospectus supplement states otherwise, and until it is
    exchanged in whole or in part for the debt securities
    represented thereby, a global security may not be transferred
    except as a whole by the depository for that global security to
    a nominee of that depository or by a nominee of that depository
    to that depository or another nominee of such depository or by
    that depository or any nominee of that depository to a successor
    depository or any nominee of that successor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The specific terms of the depository arrangement with respect to
    a series of debt securities will be described in the applicable
    prospectus supplement. We anticipate that, unless otherwise
    indicated in the applicable prospectus supplement, the following
    provisions will apply to depository arrangements.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The applicable prospectus supplement will state whether the
    global securities will be issued in certificated or book-entry
    form. If the global securities are to be issued in book-entry
    form, we expect that upon the issuance of a global security, the
    depository for the global security or its nominee will credit on
    its book-entry registration and transfer system the respective
    principal amounts of the individual debt securities represented
    by the global security to the accounts of persons that have
    accounts with such depository (&#147;participants&#148;). These
    accounts will be designated by the underwriters, dealers or
    agents with respect to the debt securities. Ownership of
    beneficial interests in a global security will be limited to
    participants or persons that may hold interests through
    participants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We expect that, for the global securities deposited with DTC,
    pursuant to procedures established by DTC, ownership of
    beneficial interests in any global security with respect to
    which DTC is the depository will be shown on, and the transfer
    of that ownership will be effected only through, records
    maintained by DTC or its nominee (with respect to beneficial
    interests of participants) and records of participants (with
    respect to beneficial interests of persons who hold through
    participants). None of the Operating Partnership, the
    Guarantors, the trustee, any paying agent and the security
    registrar will have any responsibility or liability for any
    aspect of the records of DTC or for maintaining, supervising or
    reviewing any records of DTC or any of its participants relating
    to beneficial ownership interests in the debt securities. The
    laws of some states require that certain purchasers of
    securities take physical delivery of such securities in
    definitive form. These limits and laws may impair the ability to
    own, pledge or transfer beneficial interest in a global security.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise specified in the applicable prospectus
    supplement or the actual global security, so long as the
    depository for a global security or its nominee is the
    registered owner of the book-entry global security, the
    depository or that nominee, as the case may be, will be
    considered the sole owner or holder of the debt securities
    represented by that global security for all purposes under the
    applicable indenture. Except as described below or in the
    applicable prospectus supplement or the global security, owners
    of beneficial interest in a global security will not be entitled
    to have any of the individual debt securities represented by the
    global security registered in their names, will not receive or
    be entitled to receive delivery of debt securities in definitive
    certificated form and will not
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    be considered the owners or holders thereof under the applicable
    indenture. Beneficial owners of debt securities evidenced by a
    global security will not be considered the owners or holders
    thereof under the indenture for any purpose, including with
    respect to the giving of any direction, instructions or
    approvals to the trustee thereunder. Accordingly, each person
    owning a beneficial interest in a global security with respect
    to which DTC is the depository must rely on the procedures of
    DTC and, if that person is not a participant, on the procedures
    of the participant through which that person owns its interests,
    to exercise any rights of a holder under the applicable
    indenture. We understand that, under existing industry practice,
    if we request any action of holders or if an owner of a
    beneficial interest in a global security desires to give or take
    any action which a holder is entitled to give or take under the
    applicable indenture, DTC would authorize the participants
    holding the relevant beneficial interest to give or take that
    action, and the participants would authorize beneficial owners
    through the participants to give or take that action or would
    otherwise act upon the instructions of beneficial owners holding
    through them.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payments of principal of and premium, if any, and interest on
    debt securities represented by a global security registered in
    the name of a depository or its nominee will be made to or at
    the direction of the depository or its nominee, as the case may
    be, as the registered owner of the global security under the
    indenture. Under the terms of the indenture, the Operating
    Partnership, the Guarantors, the trustee, any paying agent and
    the security registrar may treat the persons in whose name debt
    securities, including a global security, are registered as the
    owners thereof for the purpose of receiving such payments.
    Consequently, none of the Operating Partnership, the Guarantors,
    the trustee, any paying agent and the security registrar has or
    will have any responsibility or liability for the payment of
    those amounts to beneficial owners of debt securities (including
    principal, premium, if any, and interest). We believe, however,
    that it is currently the policy of DTC to immediately credit the
    accounts of relevant participants with payments, in amounts
    proportionate to their respective holdings of beneficial
    interests in the relevant global security as shown on the
    records of DTC or its nominee. Payments by participants to
    owners of beneficial interests in the global security held
    through participants will be governed by standing instructions
    and customary practices, as is the case with securities held for
    the account of customers in bearer form or registered in street
    name, and will be the responsibility of the participants.
    Redemption notices with respect to any debt securities
    represented by a global security will be sent to the depository
    or its nominee. If less than all of the debt securities of any
    series are to be redeemed, we expect the depository to determine
    the amount of the interest of each participant in the debt
    securities to be redeemed to be determined by lot. None of the
    Operating Partnership, the Guarantors, the trustee, any paying
    agent and the security registrar for the debt securities will
    have any responsibility or liability for any aspect of the
    records relating to or payments made on account of beneficial
    ownership interests in the global security for the debt
    securities or for maintaining any records with respect thereto.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    None of the Operating Partnership, the Guarantors, the trustee,
    any paying agent and the security registrar will be liable for
    any delay by the holders of a global security or the depository
    in identifying the beneficial owners of debt securities and the
    Operating Partnership, the Guarantors and the trustee may
    conclusively rely on, and will be protected in relying on,
    instructions from the holder of a global security or the
    depository for all purposes. The rules applicable to DTC and its
    participants are on file with the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a depository for any debt securities is at any time
    unwilling, unable or ineligible to continue as depository and a
    successor depository is not appointed by the Operating
    Partnership within 90&#160;days, the Operating Partnership will
    issue definitive certificated debt securities in exchange for
    the global security representing those debt securities. If an
    event of default has occurred and is continuing with respect to
    the debt securities of any series, the Operating Partnership
    will issue definitive certificated debt securities in exchange
    for the global security or securities representing the debt
    securities of such series. In addition, the Operating
    Partnership may at any time and in its sole discretion, subject
    to any limitations described in the applicable prospectus
    supplement or the global security relating to the debt
    securities, determine not to have any of the debt securities
    represented by one or more global securities and in such event
    will issue definitive certificated debt securities in exchange
    for the global security or securities representing the debt
    securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The debt securities of a series may also be issued in whole or
    in part in the form of one or more bearer global securities that
    will be deposited outside of the United States with a
    depository, or with a nominee for the depository, identified in
    the applicable prospectus supplement
    <FONT style="white-space: nowrap">and/or</FONT>
    global security. Any such bearer global securities may be issued
    in temporary or permanent form. The specific terms and
    procedures, including the specific terms of the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    depository arrangement, with respect to any portion of a series
    of debt securities to be represented by one or more bearer
    global securities will be described in the applicable prospectus
    supplement
    <FONT style="white-space: nowrap">and/or</FONT>
    global security.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Definitions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following are certain defined terms used in this prospectus
    and the indenture. We refer you to the indenture for the
    complete definition of all defined terms, as well as any other
    capitalized terms used in this prospectus or the applicable
    prospectus supplement for which no definition is provided
    (Section&#160;101).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For purposes of the following definitions and the indenture
    generally, all calculations and determinations will be made in
    accordance with generally accepted accounting principles and
    will be based upon the consolidated financial statements of the
    Operating Partnership and its Subsidiaries prepared in
    accordance with generally accepted accounting principles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;<I>Acquired Indebtedness</I>&#148; means Indebtedness of a
    person (1)&#160;existing at the time that person becomes a
    Subsidiary or (2)&#160;assumed in connection with the
    acquisition of assets from that person, in each case, other than
    Indebtedness incurred in connection with, or in contemplation
    of, that person becoming a Subsidiary or that acquisition.
    Acquired Indebtedness will be deemed to be incurred on the date
    of the related acquisition of assets from any person or the date
    on which the acquired person becomes a Subsidiary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;<I>Annual Debt Service Charge</I>&#148; means, for any
    period, the aggregate interest expense (including, without
    limitation, the interest component of rentals on capitalized
    leases and letter of credit fees, commitment fees and other
    similar financial charges) for that period in respect of, and
    the amortization during such period of any original issue
    discount of, the Operating Partnership&#146;s Indebtedness and
    that of its Subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;<I>Consolidated Income Available for Debt
    Service</I>&#148; means, for any period, Earnings from
    Operations plus amounts which have been deducted, and minus
    amounts which have been added, for the following (without
    duplication):
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;Annual Debt Service Charge;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;provision for taxes based on income;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;provisions for gains and losses on properties and
    depreciation and amortization;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;increases in deferred taxes and other non-cash items;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;depreciation and amortization with respect to interests
    in joint venture and partially owned entity investments;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (6)&#160;the effect of any charge resulting from a change in
    accounting principles;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (7)&#160;amortization of deferred charges.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;<I>Earnings from Operations</I>&#148; means, for any
    period, net income or loss of the Operating Partnership and its
    Subsidiaries, excluding:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;provisions for gains and losses on sales of investments
    or joint ventures;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;provisions for gains and losses on dispositions of
    discontinued operations
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;extraordinary and non-recurring items;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;impairment charges and property valuation losses, as
    reflected in the consolidated financial statements of the
    Operating Partnership and its Subsidiaries for that period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;<I>Encumbrance</I>&#148; means any mortgage, lien, charge,
    pledge or security interest of any kind.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;<I>Government Obligations</I>&#148; means securities which
    are:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;direct obligations of the United States of America or
    the government which issued the foreign currency in which the
    debt securities of a particular series are payable;&#160;or
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    19
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;obligations of a person controlled or supervised by and
    acting as an agency or instrumentality of the United States of
    America, or the government which issued the foreign currency in
    which the debt securities of that series are payable, the
    payment of which is unconditionally guaranteed by the United
    States of America or that other government;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    which in either case, are full faith and credit obligations of
    the United States of America or that other government, and are
    not callable or redeemable at the option of the issuer thereof,
    and will also include a depositary receipt issued by a bank or
    trust company as custodian with respect to any such Government
    Obligation or a specific payment of interest on or principal of
    any such Government Obligation held by that custodian for the
    account of the holder of a depositary receipt, provided that
    (except as required by law) the custodian is not authorized to
    make any deduction from the amount payable to the holder of that
    depositary receipt from any amount received by the custodian in
    respect of the Government Obligation or the specific payment of
    interest on or principal of the Government Obligation evidenced
    by such depositary receipt.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;<I>Indebtedness</I>&#148; means, with respect to the
    Operating Partnership or any of its Subsidiaries (without
    duplication) any indebtedness of the Operating Partnership or
    any of its respective Subsidiaries:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;in respect of borrowed money;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;evidenced by bonds, notes, debentures or similar
    instruments;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (3)&#160;secured by any mortgage, pledge, lien, charge,
    encumbrance or any security interest existing on property owned
    by the Operating Partnership or any of its Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (4)&#160;consisting of letters of credit or amounts representing
    the balance deferred and unpaid of the purchase price of any
    property, except any such balance that constitutes an accrued
    expense or trade payable;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (5)&#160;consisting of capitalized leases;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    and also includes, to the extent not otherwise included, any
    obligation by the Operating Partnership or any of its
    Subsidiaries to be liable for, or to pay, as obligor, guarantor
    or otherwise (other than for purposes of collection in the
    ordinary course of business), indebtedness of another person
    (other than the Operating Partnership or its Subsidiaries), it
    being understood that indebtedness shall be deemed to be
    incurred by the Operating Partnership or any of its Subsidiaries
    whenever it or that Subsidiary creates, assumes, guarantees or
    otherwise becomes liable in respect thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;<I>Intercompany Indebtedness</I>&#148; means indebtedness
    to which the only parties are the Operating Partnership,
    Brandywine and any Subsidiary (but only so long as such
    indebtedness is held solely by any of the Operating Partnership,
    Brandywine and any Subsidiary) that is subordinate in right of
    payment to the debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;<I>Significant Subsidiary</I>&#148; means each significant
    subsidiary (as defined in
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    promulgated under the Securities Act) of the Operating
    Partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;<I>Subsidiary</I>&#148; means, as to any person,
    (a)&#160;any corporation more than 50% of whose stock of any
    class or classes having by the terms thereof ordinary voting
    power to elect a majority of the directors of such corporation
    (irrespective of whether or not at the time, any class or
    classes of stock of such corporation shall have or might have
    voting power by reason of the lapse of time or the happening of
    any contingency) is at the time owned by such person directly or
    indirectly through Subsidiaries, and (b)&#160;any partnership,
    association, joint venture, limited liability company, trust or
    other entity in which such person directly or indirectly through
    Subsidiaries has more than a 50% equity interest or 50% Capital
    Percentage at any time. For the purpose of this definition,
    &#147;Capital Percentage&#148; means, with respect to the
    interest of Brandywine, the Operating Partnership or one of its
    Subsidiaries in any partnership, association, joint venture,
    limited liability company, trust or other entity, the percentage
    interest of such partnership, association, joint venture,
    limited liability company, trust or other entity based on the
    aggregate amount of net capital contributed by Brandywine, the
    Operating Partnership or such Subsidiary in such partnership,
    association, joint venture, limited liability company, trust or
    other entity at the time of determination relative to all
    capital contributions made in such partnership, association,
    joint venture, limited liability company, trust or other entity
    at such time of determination.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;<I>Total Assets</I>&#148; means, as of any date, the sum
    of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;the Undepreciated Real Estate Assets;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;all of the other assets of the Operating Partnership
    and its Subsidiaries determined in accordance with generally
    accepted accounting principles (but excluding accounts
    receivable and intangibles).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;<I>Total Unencumbered Assets</I>&#148; means the sum of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (1)&#160;those Undepreciated Real Estate Assets not subject to
    an Encumbrance for borrowed money;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    (2)&#160;all of the other assets of the Operating Partnership
    and its Subsidiaries not subject to an Encumbrance for borrowed
    money, determined in accordance with generally accepted
    accounting principles (but excluding accounts receivable and
    intangibles).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;<I>Undepreciated Real Estate Assets</I>&#148; means, as of
    any date, the cost (original cost plus capital improvements) of
    the real estate assets of the Operating Partnership and its
    Subsidiaries on that date, before depreciation and amortization
    determined in accordance with generally accepted accounting
    principles.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    &#147;<I>Unsecured Indebtedness</I>&#148; means indebtedness
    which is not secured by any Encumbrance upon any of the
    properties of the Operating Partnership and its Subsidiaries.
</DIV>

<A name='W82170110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF THE SHARES OF BENEFICIAL INTEREST</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a summary of provisions of Brandywine&#146;s
    shares of beneficial interest as of the date of this prospectus.
    This summary does not completely describe Brandywine&#146;s
    shares of beneficial interest. For a complete description of
    Brandywine&#146;s shares of beneficial interest, we refer you to
    Brandywine&#146;s Declaration of Trust and Bylaws, each of which
    is incorporated by reference in this prospectus. See &#147;Where
    You Can Find More Information&#148; on page&#160;1.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine&#146;s Declaration of Trust provides that it is
    authorized to issue up to 220,000,000&#160;shares of beneficial
    interest (which we refer to in this prospectus as shares)
    consisting of 200,000,000 common shares, par value $.01 per
    share, which are referred to in this prospectus as
    Brandywine&#146;s &#147;common shares,&#148; and 20,000,000
    preferred shares, par value $.01 per share, which are referred
    to in this prospectus as Brandywine&#146;s &#147;preferred
    shares.&#148; Of the preferred shares, 2,000,000 preferred
    shares, designated as 7.50% Series&#160;C Cumulative Redeemable
    Preferred Shares, are issued and outstanding as of the date of
    this prospectus and are referred to in this prospectus as the
    Series&#160;C Preferred Shares, and an additional 2,300,000
    preferred shares, designated as 7.375% Series&#160;D Cumulative
    Redeemable Preferred Shares, are issued and outstanding as of
    the date of this prospectus and are referred to in this
    prospectus as the Series&#160;D Preferred Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine&#146;s Declaration of Trust generally may be amended
    by its Board of Trustees, without shareholder approval, to
    increase or decrease the aggregate number of authorized shares
    or the number of shares of any class. The authorized common
    shares and undesignated preferred shares are generally available
    for future issuance without further action by Brandywine&#146;s
    shareholders, unless such action is required by applicable law,
    the rules of any stock exchange or automated quotation system on
    which Brandywine&#146;s securities may be listed or traded or
    pursuant to the preferential rights of the Series&#160;C
    Preferred Shares or the Series&#160;D Preferred Shares. Holders
    of Series&#160;C Preferred Shares and Series&#160;D Preferred
    Shares have the right to approve certain additional issuances of
    Preferred Shares, such as shares that would rank senior to the
    Series&#160;C Preferred Shares or the Series&#160;D Preferred
    Shares as to distributions or upon liquidation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Both Maryland statutory law governing real estate investment
    trusts formed under Maryland law (the &#147;Maryland REIT
    Law&#148;) and Brandywine&#146;s Declaration of Trust provide
    that none of its shareholders will be personally liable, by
    reason of status as a shareholder, for any of its obligations.
    Brandywine&#146;s Bylaws further provide that it will indemnify
    any shareholder or former shareholder against any claim or
    liability to which such shareholder may become subject by reason
    of being or having been a shareholder, and that Brandywine shall
    reimburse each shareholder who has been successful, on the
    merits or otherwise, in the defense of a proceeding to
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    which the shareholder has been made a party by reason of status
    as such for all reasonable expenses incurred by the shareholder
    in connection with any such claim or liability.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine&#146;s Declaration of Trust provides that, subject to
    the provisions of any class or series of Preferred Shares then
    outstanding and to the mandatory provisions of applicable law,
    its shareholders are entitled to vote only on the following
    matters:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    election or removal of trustees;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    amendment of the Declaration of Trust (other than an amendment
    to increase or decrease the number of authorized shares or the
    number of shares of any class);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a determination by the Board of Trustees to cause Brandywine to
    invest in commodities contracts (other than interest rate
    futures intended to hedge against interest rate risk), engage in
    securities trading (as compared to investment) activities or
    hold properties primarily for sale to customers in the ordinary
    course of business;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Brandywine&#146;s merger with another entity.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except with respect to these matters, no action taken by
    Brandywine&#146;s shareholders at any meeting binds the Board of
    Trustees.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Common
    Shares of Beneficial Interest</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each outstanding common share entitles the holder to one vote on
    all matters submitted to a vote of shareholders, including the
    election of trustees. There is no cumulative voting in the
    election of trustees. The common shareholders vote as single
    class. In the future, Brandywine may issue a series of preferred
    shares that votes together with the common shares as a single
    class. Holders of Brandywine&#146;s outstanding preferred shares
    have voting rights only under limited circumstances and, in such
    circumstances, vote in a class separate from the common
    shareholders. See &#147;&#151;&#160;Preferred Shares of
    Beneficial Interest.&#148; Subject to (1)&#160;the preferential
    rights of the Series&#160;C Preferred Shares and the
    Series&#160;D Preferred Shares and (2)&#160;such preferential
    rights as may be granted by the Brandywine Board of Trustees in
    future issuances of additional series of preferred shares,
    holders of common shares are entitled to such distributions as
    may be authorized from time to time by the Brandywine Board of
    Trustees and declared by Brandywine out of funds legally
    available therefor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders of common shares have no conversion, exchange or
    redemption rights or preemptive rights to subscribe to any
    Brandywine securities. All outstanding common shares are fully
    paid and nonassessable. In the event of any liquidation,
    dissolution or
    <FONT style="white-space: nowrap">winding-up</FONT>
    of Brandywine&#146;s affairs, subject to (1)&#160;the
    preferential rights of the Brandywine Series&#160;C Preferred
    Shares and the Brandywine Series&#160;D Preferred Shares and
    (2)&#160;such preferential rights as may be granted by the Board
    of Trustees in future issuances of additional series of
    preferred shares, holders of common shares will be entitled to
    share ratably in any of Brandywine&#146;s assets remaining after
    provision for payment of liabilities to creditors. All common
    shares have equal dividend, distribution, liquidation and other
    rights.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine&#146;s common shares are listed on the New York Stock
    Exchange under the symbol &#147;BDN.&#148; The transfer agent
    and registrar for the common shares is currently Computershare
    Limited.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Preferred
    Shares of Beneficial Interest</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine&#146;s Declaration of Trust authorizes it to issue up
    to 20,000,000 preferred shares, par value $0.01 per share. The
    Declaration of Trust generally may be amended by the Board of
    Trustees, without shareholder approval, to increase or decrease
    the aggregate number of authorized shares of any class.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The holders of the Series&#160;C Preferred Shares and the
    Series&#160;D Preferred Shares do not have voting rights, except
    (1)&#160;with respect to actions which would have a material
    adverse effect on holders of such shares, or (2)&#160;in the
    event that Brandywine fails to pay quarterly distributions for
    six or more quarters to the holders of the Series&#160;C
    Preferred Shares or the Series&#160;D Preferred Shares. If the
    conditions specified in clause&#160;(2) exist, then those
    holders will have
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the right, voting together as a single class with any other
    series of Brandywine&#146;s preferred shares ranking on a parity
    with the Series&#160;C Preferred Shares and the Series&#160;D
    Preferred Shares and upon which like voting rights have been
    conferred, to elect two additional members to Brandywine&#146;s
    Board of Trustees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If Brandywine issues preferred shares, the shares will be fully
    paid and non-assessable. Prior to the issuance of a new series
    of preferred shares, Brandywine will file, with the State
    Department of Assessments and Taxation of Maryland,
    Articles&#160;Supplementary that will become part of
    Brandywine&#146;s Declaration of Trust and that will set forth
    the terms of the new series. The prospectus supplement relating
    to any preferred shares offered thereby will describe the
    specific terms of the preferred shares, including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the title and stated value;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of shares offered, liquidation preference and
    offering price;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the distribution rate, distribution periods and payment dates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date on which distributions begin to accrue, and, if
    applicable, accumulate;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any auction and remarketing procedures;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any retirement or sinking fund requirement;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the terms and conditions of any redemption right;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the terms and conditions of any conversion or exchange right;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any listing of the offered shares on any securities exchange;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whether interests in the offered shares will be represented by
    Depositary Shares;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any voting rights;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the relative ranking and preferences of the preferred shares as
    to distributions, liquidation, dissolution or winding up;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any limitations on issuances of any other series of preferred
    shares ranking senior to or on a parity with the series of
    preferred shares as to distributions, liquidation, dissolution
    or winding up;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any limitations on direct or beneficial ownership and
    restrictions on transfer;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other specific terms, preferences, rights, limitations or
    restrictions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Restrictions
    on Transfer</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order for Brandywine to qualify as a REIT under the Internal
    Revenue Code of 1986, as amended (the &#147;Code&#148;), not
    more than 50% in value of its outstanding shares may be owned,
    directly or indirectly, by five or fewer individuals (defined in
    the Code to include certain entities such as qualified pension
    plans) during the last half of a taxable year and shares must be
    beneficially owned by 100 or more persons during at least
    335&#160;days of a taxable year of twelve months (or during a
    proportionate part of a shorter taxable year).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because Brandywine&#146;s Board of Trustees believes it is at
    present important for it to continue to qualify as a REIT, the
    Declaration of Trust, subject to certain exceptions, contains
    provisions that restrict the number of shares that a person may
    own and that are designed to safeguard Brandywine against an
    inadvertent loss of REIT status. In order to prevent any
    shareholder from owning shares in an amount that would cause
    more than 50% in value of the outstanding shares to be held by
    five or fewer individuals, the Board of Trustees, pursuant to
    authority granted in Brandywine&#146;s Declaration of Trust, has
    passed a resolution that, subject to certain exceptions,
    provides that no person may own, or be deemed to own by virtue
    of the attribution provisions of the Code, more than 9.8% in
    value of the outstanding shares. This limitation is referred to
    in this prospectus as the &#147;ownership limit.&#148;
    Brandywine&#146;s Board of Trustees, subject to limitations,
    retains the authority to effect additional increases to, or
    establish exemptions from, the ownership limit.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    23
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, pursuant to Brandywine&#146; s Declaration of
    Trust, no purported transfer of shares may be given effect if it
    would result in ownership of all of the outstanding shares by
    fewer than 100&#160;persons (determined without any reference to
    the rules of attribution) or result in Brandywine being
    &#147;closely held&#148; within the meaning of
    Section&#160;856(h) of the Code. These restrictions are referred
    to in this prospectus as the &#147;ownership restrictions.&#148;
    In the event of a purported transfer or other event that would,
    if effective, result in the ownership of shares in violation of
    the ownership limit or the ownership restrictions, such transfer
    would be deemed void and such shares automatically would be
    exchanged for &#147;excess shares&#148; authorized by the
    Declaration of Trust, according to rules set forth in the
    Declaration of Trust, to the extent necessary to ensure that the
    purported transfer or other event does not result in the
    ownership of shares in violation of the ownership limit or the
    ownership restrictions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders of excess shares are not entitled to voting rights
    (except to the extent required by law), dividends or
    distributions. If, after the purported transfer or other event
    resulting in an exchange of shares for excess shares and prior
    to the discovery by Brandywine of such exchange, dividends or
    distributions are paid with respect to shares that were
    exchanged for excess shares, then such dividends or
    distributions would be repayable to Brandywine upon demand.
    While outstanding, excess shares would be held in trust by
    Brandywine for the benefit of the ultimate transferee of an
    interest in such trust, as described below. While excess shares
    are held in trust, an interest in that trust may be transferred
    by the purported transferee or other purported holder with
    respect to such excess shares only to a person whose ownership
    of the shares would not violate the ownership limit or the
    ownership restrictions, at which time the excess shares would be
    exchanged automatically for shares of the same type and class as
    the shares for which the excess shares were originally
    exchanged. Brandywine&#146;s Declaration of Trust contains
    provisions that are designed to ensure that the purported
    transferee or other purported holder of the excess shares may
    not receive in return for such a transfer an amount that
    reflects any appreciation in the shares for which such excess
    shares were exchanged during the period that such excess shares
    were outstanding. Any amount received by a purported transferee
    or other purported holder in excess of the amount permitted to
    be received would be required to be turned over to Brandywine.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine&#146;s Declaration of Trust also provides that excess
    shares shall be deemed to have been offered for sale to
    Brandywine, or its designee, which shall have the right to
    accept such offer for a period of 90&#160;days after the later
    of: (1)&#160;the date of the purported transfer or event which
    resulted in an exchange of shares for such excess shares; and
    (2)&#160;the date the Board of Trustees determines that a
    purported transfer or other event resulting in an exchange of
    shares for such excess shares has occurred if Brandywine does
    not receive notice of any such transfer. The price at which
    Brandywine may purchase such excess shares would be equal to the
    lesser of: (1)&#160;in the case of excess shares resulting from
    a purported transfer for value, the price per share in the
    purported transfer that caused the automatic exchange for such
    excess shares or, in the case of excess shares resulting from
    some other event, the market price of such shares on the date of
    the automatic exchange for excess shares; or (2)&#160;the market
    price of such shares on the date that Brandywine accepts the
    excess shares. Any dividend or distribution paid to a proposed
    transferee on excess shares prior to the discovery by Brandywine
    that such shares have been transferred in violation of the
    provisions of the Declaration of Trust shall be repaid to
    Brandywine upon its demand. If the foregoing restrictions are
    determined to be void or invalid by virtue of any legal
    decision, statute, rule or regulation, then the intended
    transferee or holder of any excess shares may be deemed, at
    Brandywine&#146;s option, to have acted as Brandywine&#146;s
    agent and on Brandywine&#146;s behalf in acquiring or holding
    such excess shares and to hold such excess shares on
    Brandywine&#146;s behalf.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine&#146;s trustees may waive the ownership restrictions
    if evidence satisfactory to the trustees and its tax counsel or
    tax accountants is presented showing that such waiver will not
    jeopardize Brandywine&#146;s status as a REIT under the Code. As
    a condition of such waiver, Brandywine&#146;s trustees may
    require that an intended transferee give written notice to
    Brandywine, furnish such undertakings, agreements and
    information as may be required by Brandywine&#146;s trustees
    <FONT style="white-space: nowrap">and/or</FONT> an
    undertaking from the applicant with respect to preserving
    Brandywine&#146;s status. Any transfer of shares or any security
    convertible into shares that would create a direct or indirect
    ownership of shares in excess of the ownership limit or result
    in the violation of the ownership restrictions will be void with
    respect to the intended transferee and will result in excess
    shares as described above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Neither the ownership restrictions nor the ownership limit will
    be removed automatically even if the REIT provisions of the Code
    are changed so as no longer to contain any ownership
    concentration limitation or if the ownership concentration
    limitation is increased. Except as described above, any change
    in the ownership
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    restrictions would require an amendment to Brandywine&#146;s
    Declaration of the Trust. Amendments to Brandywine&#146;s
    Declaration of Trust generally require the affirmative vote of
    holders owning not less than a majority of the outstanding
    shares entitled to vote thereon. In addition to preserving
    Brandywine&#146;s status as a REIT, the ownership restrictions
    and the ownership limit may have the effect of precluding an
    acquisition of control of Brandywine without the approval of its
    Board of Trustees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    All persons who own, directly or by virtue of the applicable
    attribution provisions of the Code, more than 4.0% of the value
    of any class of outstanding shares, must file an affidavit with
    Brandywine containing the information specified in the
    Declaration of Trust by January 31 of each year. In addition,
    each shareholder shall upon demand be required to disclose to
    Brandywine in writing such information with respect to the
    direct, indirect and constructive ownership of shares as
    Brandywine&#146;s trustees deem necessary to comply with the
    provisions of the Code applicable to REITs, to comply with the
    requirements of any taxing authority or governmental agency or
    to determine any such compliance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The ownership limit could have the effect of delaying, deferring
    or preventing a transaction or a change in control of Brandywine
    that might involve a premium price for the Common Shares or
    otherwise be in the best interest of Brandywine&#146;s
    shareholders.
</DIV>

<A name='W82170111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF THE DEPOSITARY SHARES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine may issue receipts (which we refer to in this
    prospectus as &#147;depositary receipts&#148;) for the
    Depositary Shares (which we refer to in this prospectus as
    &#147;depository shares&#148;), each of which will represent a
    fractional interest of a share of a particular series of
    Preferred Shares, as specified in the applicable prospectus
    supplement. Brandywine will deposit Preferred Shares of each
    series represented by depository shares under a separate deposit
    agreement among Brandywine, the preferred share depositary and
    the holders from time to time of the depositary receipts.
    Subject to the terms of the deposit agreement, each owner of a
    depositary receipt will be entitled, in proportion to the
    fractional interest of a share of a particular series of
    Preferred Shares represented by the Depositary Shares evidenced
    by such depositary receipt, to all the rights and preferences of
    the Preferred Shares represented by such Depositary Shares
    (including distribution, voting, conversion, redemption and
    liquidation rights).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Depositary Shares will be evidenced by depositary receipts
    issued pursuant to the applicable deposit agreement. Immediately
    following Brandywine&#146;s issuance and delivery of the
    Preferred Shares to the preferred share depositary, Brandywine
    will cause the preferred share depositary to issue, on
    Brandywine&#146;s behalf, the depositary receipts. Copies of the
    applicable form of deposit agreement and depositary receipt may
    be obtained from Brandywine upon request, and the following
    summary of that form filed as an exhibit to the registration
    statement of which this prospectus is a part is qualified in its
    entirety by reference to these documents.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Distributions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The preferred share depositary will distribute all cash
    distributions received in respect of the Preferred Shares to the
    record holders of depositary receipts evidencing the related
    Depositary Shares in proportion to the number of such depositary
    receipts owned by such holders, subject to certain obligations
    of holders to file proofs, certificates and other information
    and to pay certain charges and expenses to the preferred share
    depositary.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event of a distribution other than in cash, the preferred
    share depositary will distribute property received by it to the
    record holders of depositary receipts entitled to such
    distributions, subject to certain obligations of holders to file
    proofs, certificates and other information and to pay certain
    charges and expenses to the preferred share depositary, unless
    the preferred share depositary determines that it is not
    feasible to make such distribution, in which case the preferred
    share depositary may, with our approval, sell such property and
    distribute the net proceeds from such sale to such holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    No distribution will be made in respect of any depositary share
    to the extent that it represents any Preferred Shares converted
    into excess shares.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Withdrawal
    of Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon surrender of the depositary receipts at the corporate trust
    office of the preferred share depositary (unless the related
    Depositary Shares have previously been called for redemption or
    converted into excess shares), the holders of the depositary
    receipts will be entitled to delivery at such office, to or upon
    such holder&#146;s order, of the number of whole or fractional
    Preferred Shares and any money or other property represented by
    the Depositary Shares evidenced by such depositary receipts.
    Holders of depositary receipts will be entitled to receive whole
    or fractional shares of the related Preferred Shares on the
    basis of the proportion of the Preferred Shares represented by
    each depositary share as specified in the applicable prospectus
    supplement, but holders of such Preferred Shares will not
    thereafter be entitled to receive Depositary Shares therefor. If
    the depositary receipts delivered by the holder evidence a
    number of Depositary Shares in excess of the number of
    Depositary Shares representing the number of Preferred Shares to
    be withdrawn, the preferred share depositary will deliver to
    such holder at the same time a new depositary receipt evidencing
    such excess number of Depositary Shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Redemption
    of Depositary Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Whenever Brandywine redeems Preferred Shares held by the
    preferred share depositary, the preferred share depositary will
    redeem as of the same redemption date the number of Depositary
    Shares representing the Preferred Shares so redeemed, provided
    Brandywine has paid in full to the preferred share depositary
    the redemption price of the Preferred Shares to be redeemed plus
    an amount equal to any accrued and unpaid distributions thereon
    to the date fixed for redemption. The redemption price per
    depositary share will be equal to the redemption price and any
    other amounts per share payable with respect to the Preferred
    Shares. If fewer than all the Depositary Shares are to be
    redeemed, the Depositary Shares to be redeemed will be selected
    pro rata (as nearly as may be practicable without creating
    fractional Depositary Shares) or by any other equitable method
    determined by us that will not result in the issuance of any
    excess shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    From and after the date fixed for redemption, all distributions
    in respect of the Preferred Shares so called for redemption will
    cease to accrue, the Depositary Shares so called for redemption
    will no longer be deemed to be outstanding and all rights of the
    holders of the depositary receipts evidencing the Depositary
    Shares so called for redemption will cease, except the right to
    receive any monies payable upon such redemption and any money or
    other property to which the holders of such depositary receipts
    were entitled upon such redemption upon surrender thereof to the
    preferred share depositary.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Voting of
    the Preferred Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Upon receipt of notice of any meeting at which the holders of
    the Preferred Shares are entitled to vote, the preferred share
    depositary will mail the information contained in such notice of
    meeting to the record holders of the depositary receipts
    evidencing the Depositary Shares which represent such Preferred
    Shares. Each record holder of depositary receipts evidencing
    Depositary Shares on the record date (which will be the same
    date as the record date for the Preferred Shares) will be
    entitled to instruct the preferred share depositary as to the
    exercise of the voting rights pertaining to the amount of
    Preferred Shares represented by such holder&#146;s Depositary
    Shares. The preferred share depositary will vote the amount of
    Preferred Shares represented by such Depositary Shares in
    accordance with such instructions, and we will agree to take all
    reasonable actions that may be deemed necessary by the preferred
    share depositary in order to enable the preferred share
    depositary to do so. The preferred share depositary will abstain
    from voting the amount of Preferred Shares represented by such
    Depositary Shares to the extent it does not receive specific
    instructions from the holders of depositary receipts evidencing
    such Depositary Shares. The preferred share depositary will not
    be responsible for any failure to carry out any instruction to
    vote, or for the manner or effect of any such vote made, as long
    as any such action or non-action is in good faith and does not
    result from negligence or willful misconduct of the preferred
    share depositary.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Liquidation
    Preference</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event of our liquidation, dissolution or winding up,
    whether voluntary or involuntary, the holders of each depositary
    receipt will be entitled to the fraction of the liquidation
    preference, if any, accorded each preferred share
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    26
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    represented by the depositary share evidenced by such depositary
    receipt, as set forth in the applicable prospectus supplement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Conversion
    of Preferred Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Depositary Shares, as such, are not convertible into Common
    Shares or any of our other securities or property, except in
    connection with certain conversions in connection with the
    preservation of Brandywine&#146;s status as a REIT.
    Nevertheless, if so specified in the applicable prospectus
    supplement relating to an offering of Depositary Shares, the
    depositary receipts may be surrendered by holders thereof to the
    preferred share depositary with written instructions to the
    preferred share depositary to instruct Brandywine to cause
    conversion of the Preferred Shares represented by the Depositary
    Shares evidenced by such depositary receipts into whole Common
    Shares, other Preferred Shares (including excess shares) or
    other shares of beneficial interest. If the Depositary Shares
    evidenced by a depositary receipt are to be converted in part
    only, a new depositary receipt or receipts will be issued for
    any Depositary Shares not to be converted. No fractional Common
    Shares will be issued upon conversion, and if such conversion
    will result in a fractional share being issued, we will pay an
    amount in cash equal to the value of the fractional interest
    based upon the closing price of the Common Shares on the last
    business day prior to the conversion.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Amendment
    and Termination of the Deposit Agreement</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The form of depositary receipt evidencing the Depositary Shares
    which represent the Preferred Shares and any provision of the
    deposit agreement may at any time be amended by agreement
    between us and the preferred share depositary. However, any
    amendment that materially and adversely alters the rights of the
    holders of depositary receipts or that would be materially and
    adversely inconsistent with the rights granted to the holders of
    the related Preferred Shares will not be effective unless such
    amendment has been approved by the existing holders of at least
    a majority of the Depositary Shares evidenced by the depositary
    receipts then outstanding. No amendment shall impair the right,
    subject to certain exceptions in the depositary agreement, of
    any holder of depositary receipts to surrender any depositary
    receipt with instructions to deliver to the holder the related
    Preferred Shares and all money and other property, if any,
    represented thereby, except in order to comply with law. Every
    holder of an outstanding depositary receipt at the time any such
    amendment becomes effective shall be deemed, by continuing to
    hold such depositary receipt, to consent and agree to such
    amendment and to be bound by the deposit agreement as amended
    thereby.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise provided in the applicable prospectus
    supplement, Brandywine may terminate the deposit agreement upon
    not less than 30&#160;days&#146; prior written notice to the
    preferred share depositary if: (1)&#160;such termination is
    necessary to assist in maintaining Brandywine&#146;s status as a
    REIT or (2)&#160;a majority of each series of Preferred Shares
    affected by such termination consents to such termination,
    whereupon the preferred share depositary shall deliver or make
    available to each holder of depositary receipts, upon surrender
    of the depositary receipts held by such holder, such number of
    whole or fractional Preferred Shares as are represented by the
    Depositary Shares evidenced by such depositary receipts together
    with any other property held by the preferred share depositary
    with respect to such depositary receipts. If the deposit
    agreement is terminated to assist in maintaining
    Brandywine&#146;s status as a REIT, then, if the Depositary
    Shares are listed on a national securities exchange, Brandywine
    will use its best efforts to list the Preferred Shares issued
    upon surrender of the related Depositary Shares on a national
    securities exchange. In addition, the deposit agreement will
    automatically terminate if: (1)&#160;all outstanding Depositary
    Shares shall have been redeemed, (2)&#160;there shall have been
    a final distribution in respect of the related Preferred Shares
    in connection with Brandywine&#146;s liquidation, dissolution or
    winding up and such distribution shall have been distributed to
    the holders of depositary receipts evidencing the Depositary
    Shares representing such Preferred Shares, or (3)&#160;each
    share of the related Preferred Shares shall have been converted
    into Brandywine&#146;s shares of beneficial interest not so
    represented by Depositary Shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Charges
    of Preferred Share Depositary</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine will pay all transfer and other taxes and
    governmental charges arising solely from the existence of the
    deposit agreement. In addition, Brandywine will generally pay
    the fees and expenses of the preferred share depositary in
    connection with the performance of its duties under the deposit
    agreement. However, holders of
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    27
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    depositary receipts will pay certain other transfer and other
    taxes and governmental charges as well as the fees and expenses
    of the preferred share depositary for any duties requested by
    such holders to be performed which are outside of those
    expressly provided for in the deposit agreement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Resignation
    and Removal of Depositary</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The preferred share depositary may resign at any time by
    delivering to Brandywine notice of its election to do so, and
    Brandywine may at any time remove the preferred share
    depositary, any such resignation or removal to take effect upon
    the appointment of a successor preferred share depositary. A
    successor preferred share depositary must be appointed within
    60&#160;days after delivery of the notice of resignation or
    removal and, unless otherwise specified in the applicable
    prospectus supplement, must be a bank or trust company having
    its principal office in the United States and having a combined
    capital and surplus of at least $50,000,000.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Miscellaneous</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The preferred share depositary will forward to holders of
    depositary receipts any reports and communications from us which
    are received by the preferred share depositary with respect to
    the related Preferred Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Neither Brandywine nor the preferred share depositary will be
    liable if it is prevented from or delayed in, by law or any
    circumstances beyond its control, performing its obligations
    under the deposit agreement. Brandywine&#146;s obligations and
    the preferred share depositary&#146;s obligations under the
    deposit agreement will be limited to performing their respective
    duties thereunder in good faith and without negligence (in the
    case of any action or inaction in the voting of Preferred Shares
    represented by the Depositary Shares), gross negligence or
    willful misconduct, and Brandywine and the preferred share
    depositary will not be obligated to prosecute or defend any
    legal proceeding in respect of any depositary receipts,
    Depositary Shares or Preferred Shares represented thereby unless
    satisfactory indemnity is furnished. Brandywine and the
    preferred share depositary may rely on written advice of counsel
    or accountants, or information provided by persons presenting
    Preferred Shares represented thereby for deposit, holders of
    depositary receipts or other persons believed in good faith to
    be competent to give such information, and on documents believed
    in good faith to be genuine and signed by a proper party.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the event the preferred share depositary receives conflicting
    claims, requests or instructions from Brandywine and any holders
    of depositary receipts, the preferred share depositary will be
    entitled to act on such claims, requests or instructions
    received from Brandywine.
</DIV>

<A name='W82170112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF THE SUBSCRIPTION RIGHTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine may issue Subscription Rights to purchase Common
    Shares, which we refer to in this prospectus as
    &#147;Subscription Rights.&#148; Subscription Rights may be may
    be issued independently or together with any other security
    offered hereby and may be attached to or separate from such
    security. Subscription Rights may or may not be transferable by
    the securityholder receiving the Subscription Rights in such
    offering. In connection with any offering of Subscription
    Rights, Brandywine may enter into a standby arrangement with one
    or more underwriters or other purchasers pursuant to which the
    underwriters or other purchasers may be required to purchase any
    securities remaining unsubscribed after such offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The applicable prospectus supplement will describe the specific
    terms of any offering of Subscription Rights for which this
    prospectus is being delivered, including the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price, if any, for the Subscription Rights;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exercise price payable for each common share upon the
    exercise of the subscriptions rights;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number of Subscription Rights issued to each securityholder;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the number and terms of the Common Shares that may be purchased
    per each subscription right;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the extent to which the Subscription Rights are transferable;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other terms of the Subscription Rights, including the terms,
    procedures and limitations relating to the exchange and exercise
    of the Subscription Rights;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date on which the right to exercise the Subscription Rights
    shall commence, and the date on which the Subscription Rights
    shall expire;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the extent to which the Subscription Rights may include an
    over-subscription privilege with respect to unsubscribed
    securities;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, the material terms of any standby underwriting or
    purchase arrangement entered into by Brandywine in connection
    with the offering of the Subscription Rights.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The description in the applicable prospectus supplement of any
    Subscription Rights that Brandywine offers will not necessarily
    be complete and will be qualified in its entirety by reference
    to the applicable Subscription Rights certificate or
    Subscription Rights agreement, which will be filed with the SEC
    if Brandywine offers Subscription Rights.
</DIV>

<A name='W82170113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF THE WARRANTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine may issue Warrants to purchase Preferred Shares,
    Common Shares
    <FONT style="white-space: nowrap">and/or</FONT>
    Depositary Shares, which may be sold separately, together or in
    units with other securities registered hereby., which we refer
    to in this prospectus as &#147;Warrants.&#148; Warrants may be
    issued independently or together with any securities and may be
    attached to or separate from such securities. Each series of
    Warrants will be issued under a separate warrant agreement to be
    entered into between us and a specified warrant agent. The
    warrant agent will act solely as Brandywine&#146;s agent in
    connection with the Warrants of such series and will not assume
    any obligation or relationship of agency or trust for or with
    any holders or beneficial owners of Warrants.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The applicable prospectus supplement will describe the following
    terms, where applicable, of the Warrants in respect of which
    this prospectus is being delivered:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the title of the Warrants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the aggregate number of outstanding Warrants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price or prices at which the Warrants will be issued;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the price or prices at which the securities purchasable upon
    exercise of the Warrants may be purchased;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the designation, amount and terms of the securities purchasable
    upon exercise of the Warrants;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if applicable, the date on and after which the Warrants and the
    securities purchasable upon exercise of the Warrants will be
    separately transferable;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the date on which the right to exercise the Warrants shall
    commence and the date on which such right shall expire;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the minimum or maximum amount of the Warrants which may be
    exercised at any one time;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    information with respect to book-entry procedures, if any;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a discussion of federal income tax considerations;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any other material terms of the Warrants, including terms,
    procedures and limitations relating to the exchange and exercise
    of the Warrants.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Exercise
    of Warrants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Each Warrant will entitle the holder of the warrant to purchase
    for cash the amount of Preferred Shares, Common Shares
    <FONT style="white-space: nowrap">and/or</FONT>
    Depositary Shares, as the case may be, which may be sold
    separately, together or in units with other securities
    registered hereby at the exercise price stated or determinable
    in the applicable prospectus supplement. Warrants may be
    exercised at any time up to the close of business on the
    expiration date shown in the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    29
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    applicable prospectus supplement, unless otherwise specified in
    such prospectus supplement. After the close of business on the
    expiration date, unexercised Warrants will become void. Warrants
    may be exercised as described in the applicable prospectus
    supplement. When the warrant holder makes the payment and
    properly completes and signs the warrant certificate at the
    corporate trust office of the warrant agent or any other office
    indicated in the prospectus supplement, Brandywine will, as soon
    as possible, forward the Preferred Shares, Common Shares
    <FONT style="white-space: nowrap">and/or</FONT>
    Depositary Shares, as the case may be, which may be sold
    separately, together or in units with other securities
    registered hereby that the warrant holder has purchased. If the
    warrant holder exercises the Warrant for less than all of the
    Warrants represented by the warrant certificate, Brandywine will
    issue a new warrant certificate for the remaining Warrants.
</DIV>

<A name='W82170114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PROVISIONS
    OF MARYLAND LAW AND OF BRANDYWINE&#146;S<BR>
    DECLARATION OF TRUST&#160;AND BYLAWS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following is a summary of provisions of Maryland law,
    Brandywine&#146;s Declaration of Trust and its Bylaws. This
    summary does not completely describe Maryland law, the
    Declaration of Trust or the Bylaws. For a complete description
    of each of the foregoing, we refer you to the Maryland statutes
    applicable to REITs, and Brandywine&#146;s Declaration of Trust
    and Bylaws, each of which is incorporated by reference in this
    prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Duration</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under Brandywine&#146;s Declaration of Trust, Brandywine has a
    perpetual term of existence and will continue perpetually
    subject to the authority of its Board of Trustees to terminate
    its existence and liquidate its assets and subject to
    termination pursuant to the Maryland REIT Law.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Board of
    Trustees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine&#146;s Declaration of Trust provides that the number
    of its trustees shall not be less than three nor more than 15.
    Any vacancy, including a vacancy created by an increase in the
    number of trustees, may be filled by a majority of the trustees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine&#146;s trustees generally will each serve for a
    one-year term. In the event that Brandywine fails to pay
    quarterly distributions for six or more quarters to the holders
    of the Series&#160;C Preferred Shares and the Series&#160;D
    Preferred Shares, those holders will have the right, voting
    together as a single class with any other series of
    Brandywine&#146;s Preferred Shares ranking on a parity with the
    Series&#160;C Preferred Shares and the Series&#160;D Preferred
    Shares and upon which like voting rights have been conferred, to
    elect two additional members to the Board of Trustees. See
    &#147;Description of Shares of Beneficial Interest&#160;&#151;
    Preferred Shares of Beneficial Interest.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine&#146;s Declaration of Trust generally provides that a
    trustee may be removed from office only at a meeting of
    shareholders. However, a trustee elected solely by holders of a
    series of Preferred Shares may be removed only by the
    affirmative vote of a majority of the Preferred Shares of that
    series voting as a single class.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Business
    Combinations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under Maryland law, as applicable to Maryland real estate
    investment trusts, certain &#147;business combinations&#148;
    (including certain mergers, consolidations, share exchanges or,
    in certain circumstances, asset transfers or issuances or
    reclassifications of equity securities) between a Maryland real
    estate investment trust and an &#147;interested
    shareholder&#148; or an affiliate of the interested shareholder
    are prohibited for five years after the most recent date on
    which the interested shareholder becomes an interested
    shareholder. An interested shareholder includes a person who
    beneficially owns, and an affiliate or associate (as defined
    under Maryland law) of the trust who, at any time during the
    two-year period prior to the date in question, was the
    beneficial owner of 10% or more of the voting power of the
    trust&#146;s then outstanding voting shares. Thereafter, any
    such business combination must be recommended by the trustees of
    such trust and approved by the affirmative vote of at least:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    80% of the votes entitled to be cast by holders of outstanding
    voting shares of beneficial interest of the trust, voting
    together as a single voting group;&#160;and
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    two-thirds of the votes entitled to be cast by holders of
    outstanding voting shares of beneficial interest other than
    shares held by the interested shareholder with whom or with
    whose affiliate the business combination is to be effected or by
    the interested shareholder&#146;s affiliates or associates,
    voting together as a single voting group.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    These super-majority voting requirements do not apply if the
    trust&#146;s common shareholders receive a minimum price (as
    defined under Maryland law) for their shares and the
    consideration is received in cash or in the same form as
    previously paid by the interested shareholder for its shares.
    These provisions also do not apply to business combinations that
    are approved or exempted by the Board of Trustees of the trust
    prior to the time that the interested shareholder becomes an
    interested shareholder. An amendment to a Maryland REIT&#146;s
    declaration of trust electing not to be subject to the foregoing
    requirements must be approved by the affirmative vote of at
    least 80% of the votes entitled to be cast by holders of
    outstanding voting shares of beneficial interest of the trust,
    voting together as a single voting group, and two-thirds of the
    votes entitled to be cast by holders of outstanding voting
    shares of beneficial interest other than shares of beneficial
    interest held by interested shareholders. Any such amendment
    shall not be effective until 18&#160;months after the vote of
    shareholders and does not apply to any business combination of
    the trust with an interested shareholder that has such status on
    the date of the shareholder vote. Brandywine&#146;s Board of
    Trustees has previously exempted any business combinations
    involving Safeguard Scientifics, Inc., Pennsylvania State
    Employees&#146; Retirement System, LF Strategic Realty Investors
    L.P., Morgan Stanley Asset Management Inc., Five Arrows Realty
    Securities&#160;III L.L.C. and Gerard H. Sweeney and their
    respective affiliates and associates from the business
    combination provisions summarized above and, consequently, the
    five-year prohibition and the supermajority vote requirements
    will not apply to business combinations between Brandywine and
    any of them.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The business combination statute could have the effect of
    delaying, deferring or preventing offers to acquire Brandywine
    and of increasing the difficulty of consummating any such
    transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Control
    Share Acquisitions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under Maryland law, as applicable to Maryland real estate
    investment trusts, &#147;control shares&#148; of a Maryland real
    estate investment trust acquired in a &#147;control share
    acquisition&#148; have no voting rights except to the extent
    approved by a vote of two-thirds of the votes entitled to be
    cast on the matter by shareholders, excluding shares owned by
    the acquirer, by officers or by trustees who are employees of
    the trust in question. &#147;Control shares&#148; are voting
    shares of beneficial interest which, if aggregated with all
    other shares previously acquired by such acquirer or in respect
    of which the acquirer is able to exercise or direct the exercise
    of voting power (except solely by virtue of a revocable proxy),
    would entitle the acquirer to exercise the voting power in the
    election of trustees within one of the following ranges of
    voting power:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    one-tenth or more but less than one-third;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    one-third or more but less than a majority;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a majority or more of all voting power.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Control shares do not include shares the acquiring person is
    then entitled to vote as a result of having previously obtained
    shareholder approval. A &#147;control share acquisition&#148;
    means the acquisition of control shares, subject to certain
    exceptions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A person who has made or proposes to make a control share
    acquisition, upon satisfaction of certain conditions (including
    an undertaking to pay expenses), may compel Brandywine&#146;s
    Board of Trustees to call a special meeting of shareholders to
    be held within 50&#160;days of demand to consider the voting
    rights of the shares. If no request for a meeting is made, the
    trust may itself present the question at any shareholders
    meeting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If voting rights are not approved at the meeting or if the
    acquiring person does not deliver an acquiring person statement
    as required by the statute, then, subject to certain conditions
    and limitations, the trust may redeem any or all of the control
    shares, except those for which voting rights have previously
    been approved, for fair value determined, without regard to the
    absence of voting rights for the control shares, as of the date
    of the last control share acquisition by the acquirer or of any
    meeting of shareholders at which the voting rights of such
    shares are
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    31
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    considered and not approved. If voting rights for control shares
    are approved at a shareholders meeting and the acquirer becomes
    entitled to vote a majority of the shares entitled to vote, all
    other shareholders may exercise appraisal rights. The fair value
    of the shares as determined for purposes of such appraisal
    rights may not be less than the highest price per share paid by
    the acquirer in the control share acquisition, and certain
    limitations and restrictions otherwise applicable to the
    exercise of dissenters&#146; rights do not apply in the context
    of a control share acquisition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine&#146;s Bylaws contain a provision exempting from the
    control share acquisition statute any and all acquisitions by
    any person of our shares. There can be no assurance that this
    provision will not be amended or eliminated at any time in the
    future.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Amendment
    to the Declaration of Trust</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine&#146;s Declaration of Trust may be amended only by
    the affirmative vote of the holders of not less than a majority
    of the shares then outstanding and entitled to vote thereon,
    except for the provisions of Brandywine&#146;s Declaration of
    Trust relating to (1)&#160;increases or decreases in the
    aggregate number of shares of any class, which may generally be
    made by the Board of Trustees without shareholder approval
    subject to approval rights of holders of the Series&#160;C
    Preferred Shares and the Series&#160;D Preferred Shares with
    respect to issuances of Preferred Shares that would rank senior
    as to distributions or in liquidation and (2)&#160;the Maryland
    General Corporation Law provisions on business combinations,
    amendment of which requires the affirmative vote of the holders
    of not less than 80% of the shares then outstanding and entitled
    to vote. In addition, if Brandywine&#146;s Board of Trustees
    determines, with the advice of counsel, that any one or more of
    the provisions of its Declaration of Trust conflict with the
    Maryland REIT Law, the Code or other applicable Federal or state
    law(s), the conflicting provisions of Brandywine&#146;s
    Declaration of Trust shall be deemed never to have constituted a
    part of its Declaration of Trust, even without any amendment
    thereof.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Termination
    of Brandywine Realty Trust and REIT Status</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Subject to the rights of any outstanding Preferred Shares and to
    the provisions of the Maryland REIT Law, Brandywine&#146;s
    Declaration of Trust permits its Board of Trustees to terminate
    Brandywine&#146;s existence and to discontinue its election to
    be taxed as a REIT.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Transactions
    between Brandywine Realty Trust and its Trustee or
    Officers</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine&#146;s Declaration of Trust provides that any
    contract or transaction between it and one or more of its
    trustees, officers, employees or agents must be approved by a
    majority of Brandywine&#146;s trustees who have no interest in
    the contract or transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Limitation
    of Liability and Indemnification</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Maryland REIT Law permits a Maryland REIT to include in its
    Declaration of Trust a provision limiting the liability of its
    trustees and officers to the trust and its shareholders for
    money damages except for liability resulting from
    (1)&#160;actual receipt of an improper benefit or profit in
    money, property or services or (2)&#160;active and deliberate
    dishonesty established by a final judgment as being material to
    the cause of action. Brandywine&#146;s Declaration of Trust
    contains a provision which eliminates such liability to the
    maximum extent permitted by the Maryland REIT Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Maryland REIT Law permits a Maryland REIT to indemnify and
    advance expenses to its trustees and officers to the same extent
    as permitted for directors and officers of a Maryland
    corporation under the Maryland General Corporation Law. In the
    case of directors and officers of a Maryland corporation, the
    Maryland General Corporation Law permits a Maryland corporation
    to indemnify present and former directors and officers against
    judgments, penalties, fines, settlements and reasonable expenses
    actually incurred by them in connection with any proceeding to
    which they may be made a party by reason of such service, unless
    it is established that either: (1)&#160;the act or omission of
    the director or officer was material to the matter giving rise
    to the proceeding and either (a)&#160;was committed in bad faith
    or (b)&#160;was the result of active and deliberate dishonesty;
    (2)&#160;the director or officer actually
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    32
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    received an improper personal benefit in money, property or
    services; or (3)&#160;in the case of any criminal proceeding,
    the director or officer had reasonable cause to believe that the
    act or omission was unlawful.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine&#146;s Bylaws require Brandywine to indemnify,
    without a preliminary determination of the ultimate entitlement
    to indemnification: (1)&#160;any present or former trustee,
    officer or shareholder who has been successful, on the merits or
    otherwise, in the defense of a proceeding to which he was made a
    party by reason of such status, against reasonable expenses
    incurred by him in connection with the proceeding; (2)&#160;any
    present or former trustee or officer against any claim or
    liability to which he may become subject by reason of such
    status unless it is established that (a)&#160;his act or
    omission was committed in bad faith or was the result of active
    and deliberate dishonesty, (b)&#160;he actually received an
    improper personal benefit in money, property or services or
    (c)&#160;in the case of a criminal proceeding, he had reasonable
    cause to believe that his act or omission was unlawful; and
    (3)&#160;each shareholder or former shareholder against any
    claim or liability to which he may be subject by reason of such
    status as a shareholder or former shareholder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, Brandywine&#146;s Bylaws require Brandywine to pay
    or reimburse, in advance of final disposition of a proceeding,
    reasonable expenses incurred by a present or former trustee,
    officer or shareholder made a party to a proceeding by reason of
    his status as a trustee, officer or shareholder provided that,
    in the case of a trustee or officer, Brandywine shall have
    received (1)&#160;a written affirmation by the trustee or
    officer of his good faith belief that he has met the applicable
    standard of conduct necessary for indemnification by Brandywine
    as authorized by the Bylaws and (2)&#160;a written undertaking
    by him or on his behalf to repay the amount paid or reimbursed
    by Brandywine if it shall ultimately be determined that the
    applicable standard of conduct was not met. The Bylaws also
    (1)&#160;permit Brandywine, with the approval of its trustees,
    to provide indemnification and payment or reimbursement of
    expenses to a present or former trustee, officer or shareholder
    who served Brandywine&#146;s predecessor in such capacity, and
    to any of Brandywine&#146;s employees or agents of its
    predecessor, (2)&#160;provide that any indemnification or
    payment or reimbursement of the expenses permitted by its Bylaws
    shall be furnished in accordance with the procedures provided
    for indemnification and payment or reimbursement of expenses
    under
    <FONT style="white-space: nowrap">Section&#160;2-418</FONT>
    of the Maryland General Corporation Law for directors of
    Maryland corporations and (3)&#160;permit Brandywine to provide
    such other and further indemnification or payment or
    reimbursement of expenses as may be permitted by the Maryland
    General Corporation Law for directors of Maryland corporations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The limited partnership agreement of the Operating Partnership
    also provides for indemnification by the Operating Partnership
    of Brandywine, as general partner, for any costs, expenses or
    liabilities incurred by it by reason of any act performed by it
    for or on behalf of the Operating Partnership; provided that
    such person&#146;s actions were taken in good faith and in the
    belief that such conduct was in the best interests of the
    Operating Partnership and that such person was not guilty of
    fraud, willful misconduct or gross negligence.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Insofar as indemnification for liabilities arising under the
    Securities Act may be permitted to our trustees and officers
    pursuant to the foregoing provisions or otherwise, we have been
    advised that, although the validity and scope of the governing
    statute has not been tested in court, in the opinion of the
    Securities and Exchange Commission, such indemnification is
    against public policy as expressed in the Securities Act and is,
    therefore, unenforceable. In addition, state securities laws may
    limit indemnification.
</DIV>

<A name='W82170115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">MATERIAL
    FEDERAL INCOME TAX CONSEQUENCES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following discussion describes the material
    U.S.&#160;federal income tax considerations relating to the
    purchase, ownership and disposition of Brandywine&#146;s Common
    Shares, Preferred Shares and debt securities and debt securities
    of Brandywine Operating Partnership, and the qualification and
    taxation of Brandywine Realty Trust as a REIT.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Because this is a summary that is intended to address only
    material U.S.&#160;federal income tax considerations relating to
    the ownership and disposition of Brandywine&#146;s Common
    Shares, Preferred Shares or debt securities that will apply to
    all holders, this summary may not contain all the information
    that may be important to you. As you review this discussion, you
    should keep in mind that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the tax consequences to you may vary depending on your
    particular tax situation;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    33
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    special rules that are not discussed below may apply to you if,
    for example, you are a tax-exempt organization, a broker-dealer,
    a
    <FONT style="white-space: nowrap">non-U.S.&#160;person,</FONT>
    a trust, an estate, a regulated investment company, a REIT, a
    financial institution, an insurance company, a holder of debt
    securities or shares through a partnership or other pass-through
    entity, or otherwise subject to special tax treatment under the
    Code;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    this summary does not address state, local or
    <FONT style="white-space: nowrap">non-U.S.&#160;tax</FONT>
    considerations;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    this summary deals only with our shareholders and debt holders
    that hold Common Shares, Preferred Shares or debt securities as
    &#147;capital assets&#148; within the meaning of
    Section&#160;1221 of the Code;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    this discussion is not intended to be, and should not be
    construed as, tax advice.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You are urged both to review the following discussion and to
    consult with your own tax advisor to determine the effect of
    ownership and disposition of our Common Shares, Preferred Shares
    or debt securities on your individual tax situation, including
    any state, local or
    <FONT style="white-space: nowrap">non-U.S.&#160;tax</FONT>
    consequences.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The information in this summary is based on the Code, current,
    temporary and proposed Treasury regulations, the legislative
    history of the Code, current administrative interpretations and
    practices of the Internal Revenue Service, including its
    practices and policies as endorsed in private letter rulings,
    which are not binding on the Internal Revenue Service, and
    existing court decisions. Future legislation, regulations,
    administrative interpretations and court decisions could change
    current law or adversely affect existing interpretations of
    current law. Any change could apply retroactively. We have not
    obtained any rulings from the Internal Revenue Service
    concerning the tax treatment of the matters discussed in this
    summary. Therefore, it is possible that the Internal Revenue
    Service could challenge the statements in this summary, which do
    not bind the Internal Revenue Service or the courts, and that a
    court could agree with the Internal Revenue Service.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of the Company</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Qualification
    of Brandywine as a REIT</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine first elected to be taxed as a REIT for the taxable
    year ended December&#160;31, 1986. A REIT generally is not
    subject to federal income tax on the income that it distributes
    to its shareholders if it meets the applicable REIT distribution
    requirements and other requirements for qualification.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We believe that we are organized and have operated in such a
    manner so as to qualify as a REIT, but there can be no assurance
    that we have qualified or will remain qualified as a REIT. In
    the opinion of our tax counsel, Pepper Hamilton LLP, based upon
    and subject to various assumptions and on our representations
    concerning our organization and operations, commencing with our
    taxable year ended December&#160;31, 1986, Brandywine has been
    organized and operated in a manner so as to qualify for taxation
    as a REIT under the Code, and Brandywine&#146;s proposed method
    of operation will enable it to continue to qualify for taxation
    as a REIT. It must be emphasized that the opinion of Pepper
    Hamilton LLP is based on various assumptions relating to our
    organization, assets and the past, present and future conduct of
    our business operations. While we intend to operate so that we
    will qualify as a REIT, given the highly complex nature of the
    rules governing REITs, the ongoing importance of factual
    determinations and the possibility of future changes in our
    circumstances, no assurance can be given by Pepper Hamilton LLP
    or by us that we will so qualify for any particular year. Pepper
    Hamilton LLP will have no obligation to advise us or the holders
    of our shares or debt securities of any subsequent change in the
    matters stated, represented or assumed in the opinion, or of any
    subsequent change in the applicable law. Opinions of counsel are
    not binding on the Internal Revenue Service or any court, and no
    assurance can be given that the Internal Revenue Service will
    not challenge the conclusions set forth in such opinions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Qualification and taxation as a REIT depends on our ability to
    meet, on a continuing basis, through actual operating results,
    distribution levels, and diversity of stock ownership, various
    qualification requirements imposed upon REITs by the Code, the
    compliance with which will not be reviewed by Pepper Hamilton
    LLP. Our ability to qualify as a REIT also requires that we
    satisfy certain asset tests, some of which depend upon the fair
    market values of assets directly or indirectly owned by us. Such
    values may not be susceptible to a precise determination. While
    we intend to continue to operate in a manner that will allow us
    to qualify as a REIT, no assurance can be given that
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    34
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    the actual results of our operations for any taxable year will
    satisfy such requirements for qualification and taxation as a
    REIT.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Brandywine as a REIT</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we qualify for taxation as a REIT, we generally will not be
    subject to federal corporate income taxes on that portion of our
    ordinary income or capital gain that we distribute currently to
    our shareholders, because the REIT provisions of the Code
    generally allow a REIT a deduction for distributions paid to its
    shareholders. This deduction substantially eliminates the
    &#147;double taxation&#148; on earnings (taxation at both the
    corporate level and shareholder level) that generally results
    from investment in a corporation. However, even if we qualify
    for taxation as a REIT, we will be subject to federal income tax
    as follows:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We will be taxed at regular corporate rates on any undistributed
    REIT taxable income, including undistributed net capital gains;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Under certain circumstances, we may be subject to the
    &#147;alternative minimum tax&#148; on our items of tax
    preference, if any;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If we have net income from prohibited transactions (which are,
    in general, certain sales or other dispositions of property,
    other than foreclosure property, held primarily for sale to
    customers in the ordinary course of business) such income will
    be subject to a 100% tax. See &#147;&#151;&#160;Sale of
    Partnership Property;&#148;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If we elect to treat property that we acquire in connection with
    a foreclosure of a mortgage loan or leasehold as
    &#147;foreclosure property,&#148; we may thereby avoid the 100%
    tax on gain from a resale of that property (if the sale would
    otherwise constitute a prohibited transaction), but the income
    from the sale or operation of the property (and any other
    nonqualifying income from foreclosure property) may be subject
    to corporate income tax at the highest applicable rate
    (currently 35%);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If we should fail to satisfy the 75% gross income test or the
    95% gross income test (as discussed below), and nonetheless have
    maintained our qualification as a REIT because certain other
    requirements have been met, we will be subject to a 100% tax on
    the net income attributable to the greater of the amount by
    which we fail the 75% or 95% test, multiplied by a fraction
    intended to reflect our profitability;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If we fail to satisfy any of the REIT asset tests, as described
    below, by larger than a de minimis amount, but our failure is
    due to reasonable cause and not due to willful negligence and we
    nonetheless maintain our REIT qualification because of specified
    cure provisions, we will be required to pay a tax equal to the
    greater of $50,000 or 35% of the net income generated by the
    nonqualifying assets during the period in which we failed to
    satisfy the asset tests;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If we fail to satisfy any provision of the Code that would
    result in our failure to qualify as a REIT (other than a gross
    income or asset test requirement) and that violation is due to
    reasonable cause and not due to willful negligence, we may
    retain our REIT qualification, but we will be required to pay a
    penalty of $50,000 for each such failure;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We may be required to pay monetary penalties to the IRS in
    certain circumstances, including if we fail to meet
    record-keeping requirements intended to monitor our compliance
    with rules relating to the composition of our shareholders, as
    described below in &#147;Requirements for Qualification as a
    REIT;&#148;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If we should fail to distribute during each calendar year at
    least the sum of (a)&#160;85% of our REIT ordinary income for
    such year, (b)&#160;95% of our REIT capital gain net income for
    such year, and (c)&#160;any undistributed taxable income from
    prior years, we would be subject to a 4% excise tax on the
    excess of such required distribution over the sum of
    (i)&#160;the amounts actually distributed plus
    (ii)&#160;retained amounts on which corporate level tax is paid
    by us;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We may elect to retain and pay income tax on our net long-term
    capital gain. In that case, a shareholder would include its
    proportionate share of our undistributed long-term capital gain
    in its income and would be allowed a credit for its
    proportionate share of the tax we paid;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    35
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    A 100% excise tax may be imposed on some items of income and
    expense that are directly or constructively paid between us, our
    tenants
    <FONT style="white-space: nowrap">and/or</FONT> our
    taxable REIT subsidiaries if and to the extent that the IRS
    successfully adjusts the reported amounts of these items;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    If we acquire appreciated assets from a C corporation (a
    corporation generally subject to corporate level tax) in a
    transaction in which the adjusted tax basis of the assets in our
    hands is determined by reference to the adjusted tax basis of
    the assets in the hands of the C corporation, we may be subject
    to tax on such appreciation at the highest corporate income tax
    rate then applicable if we subsequently recognize gain on a
    disposition of such assets during the ten-year period following
    their acquisition from the C corporation, unless the C
    corporation elects to treat the assets as if they were sold for
    their fair market value at the time of our acquisition;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Income earned by any of our taxable REIT subsidiaries will be
    subject to tax at regular corporate rates.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Requirements
    for Qualification as a REIT</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We elected to be taxable as a REIT for U.S.&#160;federal income
    tax purposes for our taxable year ended December&#160;31, 1986.
    In order to have so qualified, we must have met and continue to
    meet the requirements discussed below, relating to our
    organization, sources of income, nature of assets and
    distributions of income to shareholders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Code defines a REIT as a corporation, trust or association:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    1.&#160;that is managed by one or more trustees or directors;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    2.&#160;the beneficial ownership of which is evidenced by
    transferable shares or by transferable certificates of
    beneficial interest;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    3.&#160;that would be taxable as a domestic corporation but for
    the special Code provisions applicable to REITs;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    4.&#160;that is neither a financial institution nor an insurance
    company subject to certain provisions of the Code;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    5.&#160;the beneficial ownership of which is held by 100 or more
    persons;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    6.&#160;in which, during the last half of each taxable year, not
    more than 50% in value of the outstanding shares is owned,
    directly or indirectly, by five or fewer individuals (as defined
    in the Code to include specified entities), after applying
    certain attribution rules;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    7.&#160;that makes an election to be taxable as a REIT, or has
    made this election for a previous taxable year which has not
    been revoked or terminated, and satisfies all relevant filing
    and other administrative requirements established by the
    Internal Revenue Service that must be met to elect and maintain
    REIT status;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    8.&#160;that uses a calendar year for federal income tax
    purposes and complies with the record keeping requirements of
    the Code and the Treasury Regulations;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    9.&#160;that meets other applicable tests, described below,
    regarding the nature of its income and assets and the amount of
    its distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Conditions (1)&#160;through (4)&#160;must be satisfied during
    the entire taxable year, and condition (5)&#160;must be
    satisfied during at least 335&#160;days of a taxable year of
    12&#160;months, or during a proportionate part of a taxable year
    of less than 12&#160;months.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We have previously issued Common Shares in sufficient
    proportions to allow us to satisfy requirements (5)&#160;and (6)
    (the &#147;100&#160;Shareholder&#148; and
    &#147;five-or-fewer&#148; requirements). In addition, our
    Declaration of Trust provides restrictions regarding the
    transfer of our shares that are intended to assist us in
    continuing to satisfy the requirements described in conditions
    (5)&#160;and (6)&#160;above However, these restrictions may not
    ensure that we will, in all cases, be able to satisfy the
    requirements described in conditions (5)&#160;and
    (6)&#160;above. In addition, we have not obtained a ruling from
    the Internal Revenue Service as to whether the provisions of our
    Declaration of Trust concerning restrictions
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    36
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    on transfer and conversion of Common Shares to &#147;Excess
    Shares&#148; will allow us to satisfy conditions (5)&#160;and
    (6). In rendering its opinion that we are organized in a manner
    that permits us to qualify as a REIT, Pepper Hamilton LLP is
    relying on our representation that the ownership of our shares
    (without regard to the Excess Shares provisions) satisfies
    condition (6)&#160;above. Pepper Hamilton LLP expresses no
    opinion as to whether, as a matter of law, the transfer
    restrictions in our Declaration of Trust preclude us from
    failing condition (6)&#160;above. If we fail to satisfy such
    share ownership requirements, our status as a REIT will
    terminate. However, for taxable years beginning on or after
    January&#160;1, 2005, if the failure to meet the share ownership
    requirements is due to reasonable cause and not due to willful
    neglect, we may avoid termination of our REIT status by paying a
    penalty of $50,000.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To monitor compliance with the share ownership requirements, we
    are required to maintain records regarding the actual ownership
    of our shares. To do so, we must demand written statements each
    year from the record holders of certain percentages of our
    shares in which the record holders are to disclose the actual
    owners of the shares (the persons required to include in gross
    income the dividends paid by us). A list of those persons
    failing or refusing to comply with this demand must be
    maintained as part of our records. Failure by us to comply with
    these record-keeping requirements could subject us to monetary
    penalties. If we satisfy these requirements and have no reason
    to know that condition (6)&#160;is not satisfied, we will be
    deemed to have satisfied such condition. A shareholder that
    fails or refuses to comply with the demand is required by
    Treasury Regulations to submit a statement with its tax return
    disclosing the actual ownership of the shares and other
    information.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Qualified
    REIT Subsidiaries</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Code provides that a corporation that is a &#147;qualified
    REIT subsidiary&#148; shall not be treated as a separate
    corporation, and all assets, liabilities and items of income,
    deduction and credit of a &#147;qualified REIT subsidiary&#148;
    shall be treated as assets, liabilities and items of income,
    deduction and credit of the REIT. A &#147;qualified REIT
    subsidiary&#148; is a corporation, all of the capital stock of
    which is owned by the REIT, that has not elected to be a
    &#147;taxable REIT subsidiary&#148; (discussed below). In
    applying the requirements described herein, all of our
    &#147;qualified REIT subsidiaries&#148; will be ignored, and all
    assets, liabilities and items of income, deduction and credit of
    such subsidiaries will be treated as our assets, liabilities and
    items of income, deduction and credit. These subsidiaries,
    therefore, will not be subject to federal corporate income
    taxation, although they may be subject to state and local
    taxation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxable
    REIT Subsidiaries</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A REIT may generally jointly elect with a subsidiary
    corporation, whether or not wholly owned, to treat the
    subsidiary as a &#147;taxable REIT subsidiary.&#148; In
    addition, if a taxable REIT subsidiary owns, directly or
    indirectly, securities representing 35% or more of the vote or
    value of a subsidiary corporation, that subsidiary will also be
    treated as a taxable REIT subsidiary. A taxable REIT subsidiary
    is a corporation subject to U.S.&#160;federal income tax, and
    state and local income tax where applicable, as a regular
    &#147;C&#148; corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Generally, a taxable REIT subsidiary of ours can perform some
    impermissible tenant services without causing us to receive
    impermissible tenant services income under the REIT income
    tests. However, several provisions regarding the arrangements
    between a REIT and its taxable REIT subsidiaries ensure that a
    taxable REIT subsidiary will be subject to an appropriate level
    of United States federal income taxation. For example, a taxable
    REIT subsidiary is limited in its ability to deduct interest
    payments in excess of a certain amount made to us. In addition,
    we will be obligated to pay a 100% penalty tax on some payments
    that we receive or on certain expenses deducted by the taxable
    REIT subsidiary if the economic arrangements among us, our
    tenants,
    <FONT style="white-space: nowrap">and/or</FONT> the
    taxable REIT subsidiary are not comparable to similar
    arrangements among unrelated parties. A taxable REIT subsidiary
    may also engage in other activities that, if conducted by us
    other than through a taxable REIT subsidiary, could result in
    the receipt of non-qualified income or the ownership of
    non-qualified assets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Ownership
    of Partnership Interests by a REIT</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A REIT that is a partner in a partnership is deemed to own its
    proportionate share of the assets of the partnership and is
    deemed to receive the income of the partnership attributable to
    such share. In addition, the character of the assets and gross
    income of the partnership retains the same character in the
    hands of the REIT.
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    37
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Accordingly, our proportionate share of the assets, liabilities
    and items of income of the Operating Partnership are treated as
    assets, liabilities and items of income of ours for purposes of
    applying the requirements described herein. Brandywine has
    control over the Operating Partnership and most of the
    partnership and limited liability company subsidiaries of the
    Operating Partnership and intends to operate them in a manner
    that is consistent with the requirements for qualification of
    Brandywine as a REIT.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Income
    Tests</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order to qualify as a REIT, Brandywine must generally satisfy
    two gross income requirements on an annual basis. First, at
    least 75% of our gross income (excluding gross income from
    prohibited transactions) for each taxable year must be derived
    directly or indirectly from investments relating to real
    property or mortgages on real property, including &#147;rents
    from real property,&#148; dividends received from other REITs,
    interest income derived from mortgage loans secured by real
    property (including certain types of mortgage-backed
    securities), and gains form the sale of real estate assets, as
    well as income from certain kinds of temporary investments.
    Second, at least 95% of our gross income (excluding gross income
    from prohibited transactions) for each taxable year must be
    derived from the same items which qualify under the 75% gross
    income test, and from dividends, interest and gain from the sale
    or disposition of securities, which need not have any relation
    to real property.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Rents received by a REIT will qualify as &#147;rents from real
    property&#148; in satisfying the gross income requirements
    described above only if several conditions are met.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    The amount of rent must not be based in whole or in part on the
    income or profits of any person. However, an amount received or
    accrued generally will not be excluded from the term &#147;rents
    from real property&#148; solely by reason of being based on a
    fixed percentage or percentages of gross receipts or sales.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Rents received from a tenant will not qualify as &#147;rents
    from real property&#148; in satisfying the gross income tests if
    the REIT, or a direct or indirect owner of 10% or more of the
    REIT, directly or constructively, owns 10% or more of such
    tenant (a &#147;Related Party Tenant&#148;). However, rental
    payments from a taxable REIT subsidiary will qualify as rents
    from real property even if we own more than 10% of the total
    value or combined voting power of the taxable REIT subsidiary if
    at least 90% of the property is leased to unrelated tenants and
    the rent paid by the taxable REIT subsidiary is substantially
    comparable to the rent paid by the unrelated tenants for
    comparable space.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    Rent attributable to personal property leased in connection with
    a lease of real property will not qualify as &#147;rents from
    real property&#148; if such rent exceeds 15% of the total rent
    received under the lease.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the REIT generally must not operate or manage the property or
    furnish or render services to tenants, except through an
    &#147;independent contractor&#148; who is adequately compensated
    and from whom the REIT derives no income, or through a taxable
    REIT subsidiary. The &#147;independent contractor&#148;
    requirement, however, does not apply to the extent the services
    provided by the REIT are &#147;usually or customarily
    rendered&#148; in connection with the rental of space for
    occupancy only, and are not otherwise considered &#147;rendered
    to the occupant.&#148; In addition, a de minimis rule applies
    with respect to non-customary services. Specifically, if the
    value of the non-customary service income with respect to a
    property (valued at no less than 150% of the direct costs of
    performing such services) is 1% or less of the total income
    derived from the property, then all rental income except the
    non-customary service income will qualify as &#147;rents from
    real property.&#148; A taxable REIT subsidiary may provide
    services (including noncustomary services) to a REIT&#146;s
    tenants without &#147;tainting&#148; any of the rental income
    received by the REIT, and will be able to manage or operate
    properties for third parties and generally engage in other
    activities unrelated to real estate.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We do not anticipate receiving rent that is based in whole or in
    part on the income or profits of any person (except by reason of
    being based on a fixed percentage or percentages of gross
    receipts or sales consistent with the rules described above). We
    also do not anticipate receiving more than a de minimis amount
    of rents from any Related Party Tenant or rents attributable to
    personal property leased in connection with real property that
    will exceed 15% of the total rents received with respect to such
    real property.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We provide services to our properties that we own through the
    Operating Partnership, and we believe that all of such services
    will be considered &#147;usually or customarily rendered&#148;
    in connection with the rental of space for
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    38
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    occupancy only so that the provision of such services will not
    jeopardize the qualification of rent from the properties as
    &#147;rents from real property.&#148; In the case of any
    services that are not &#147;usual and customary&#148; under the
    foregoing rules, we intend to employ an &#147;independent
    contractor&#148; or a taxable REIT subsidiary to provide such
    services.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Operating Partnership may receive certain types of income
    that will not qualify under the 75% or 95% gross income tests.
    In particular, dividends received from a taxable REIT subsidiary
    will not qualify under the 75% test. We believe, however, that
    the aggregate amount of such items and other non-qualifying
    income in any taxable year will not cause Brandywine to exceed
    the limits on non-qualifying income under either the 75% or 95%
    gross income tests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If Brandywine fails to satisfy one or both of the 75% or 95%
    gross income tests for any taxable year, Brandywine may
    nevertheless qualify as a REIT for such year if it is entitled
    to relief under certain provisions of the Code. These relief
    provisions will be generally available if (1)&#160;the failure
    to meet such tests was due to reasonable cause and not due to
    willful neglect, (2)&#160;we have attached a schedule of the
    sources of our income to our return, and (3)&#160;any incorrect
    information on the schedule was not due to fraud with intent to
    evade tax. In addition, for taxable years beginning on or after
    January&#160;1, 2005, we must also file a disclosure schedule
    with the IRS after we determine that we have not satisfied one
    of the gross income tests. It is not possible, however, to state
    whether in all circumstances Brandywine would be entitled to the
    benefit of these relief provisions. As discussed above in
    &#147;Taxation of Brandywine as a REIT,&#148; even if these
    relief provisions apply, a tax would be imposed based on the
    nonqualifying income.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Asset
    Tests</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    At the close of each quarter of each taxable year, Brandywine
    must satisfy the following four tests relating to the nature of
    our assets:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    First, at least 75% of the value of our total assets must be
    represented by some combination of &#147;real estate
    assets,&#148; cash or cash items, U.S.&#160;government
    securities, and, under some circumstances, stock or debt
    instruments purchased with new capital. For this purpose,
    &#147;real estate assets&#148; include interests in real
    property, such as land, buildings, leasehold interests in real
    property, stock of other REITs, and certain kinds of
    mortgage-backed securities and mortgage loans. Assets that do
    not qualify for purposes of the 75% test are subject to the
    additional asset tests described below, while securities that do
    qualify for purposes of the 75% test are generally not subject
    to the additional asset tests.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Second, the value of any one issuer&#146;s securities we own may
    not exceed 5% of the value of our total assets.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Third, we may not own more than 10% of the vote or value of any
    one issuer&#146;s outstanding securities. The 5% and 10% tests
    do not apply to our interests in the Operating Partnership,
    noncorporate subsidiaries, taxable REIT subsidiaries and any
    qualified REIT subsidiaries, and the 10% value test does not
    apply with respect to certain &#147;straight debt&#148;
    securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Effective for taxable years beginning after December&#160;31,
    2000, the safe harbor under which certain types of securities
    are disregarded for purposes of the 10% value limitation
    includes (1)&#160;straight debt securities (including straight
    debt securities that provides for certain contingent payments);
    (2)&#160;any loan to an individual or an estate; (3)&#160;any
    rental agreement described in Section&#160;467 of the Code,
    other than with a &#147;related person&#148;; (4)&#160;any
    obligation to pay rents from real property; (5)&#160;certain
    securities issued by a State or any political subdivision
    thereof, or the Commonwealth of Puerto Rico; (6)&#160;any
    security issued by a REIT; and (7)&#160;any other arrangement
    that, as determined by the Secretary of the Treasury, is
    excepted from the definition of a security. In addition, for
    purposes of applying the 10% value limitation, (a)&#160;a
    REIT&#146;s interest as a partner in a partnership is not
    considered a security; (b)&#160;any debt instrument issued by a
    partnership is not treated as a security if at least 75% of the
    partnership&#146;s gross income is from sources that would
    qualify for the 75% REIT gross income test, and (c)&#160;any
    debt instrument issued by a partnership is not treated as a
    security to the extent of the REIT&#146;s interest as a partner
    in the partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Fourth, not more than 25% (20% for taxable years ending on or
    before December&#160;31, 2008)&#160;of the value of our assets
    may be represented by securities of one or more taxable REIT
    subsidiaries.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    39
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We own, directly or indirectly, Common Shares of certain
    entities that have elected or will elect to be treated as a real
    estate investment trusts (&#147;Captive REITs&#148;). Provided
    that each of the Captive REITs continues to qualify as a REIT
    (including satisfaction of the ownership, income, asset and
    distribution tests discussed herein) the Common Shares of the
    Captive REITs will qualify as real estate assets under the 75%
    test. However, if any Captive REIT fails to qualify as a REIT in
    any year, then the Common Shares of such Captive REIT will not
    qualify as real estate assets under the 75% test. In addition,
    because we own, directly or indirectly, more than 10% of the
    Common Shares of each Captive REIT, Brandywine would not satisfy
    the 10% test if any Captive REIT were to fail to qualify as a
    REIT. Accordingly, Brandywine&#146;s qualification as a REIT
    depends upon the ability of each Captive REIT to continue to
    qualify as a REIT.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    After initially meeting the asset tests at the close of any
    quarter, Brandywine will not lose its status as a REIT for
    failure to satisfy the asset tests at the end of a later quarter
    solely by reason of changes in asset values. If the failure to
    satisfy the asset tests results from an acquisition of
    securities or other property during a quarter, the failure can
    be cured by disposition of sufficient nonqualifying assets
    within 30&#160;days after the close of that quarter. We intend
    to maintain adequate records of the value of our assets to
    ensure compliance with the asset tests, and to take such other
    action within 30&#160;days after the close of any quarter as may
    be required to cure any noncompliance. However, there can be no
    assurance that such other action will always be successful. If
    we fail to cure any noncompliance with the asset tests within
    such time period, our status as a REIT would be lost.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For taxable years beginning on or after January&#160;1, 2005,
    the Code provides relief from certain failures to satisfy the
    REIT asset tests. If the failure relates to the 5% test or 10%
    test, and if the failure is de minimis (does not exceed the
    lesser of $10&#160;million or 1% of our assets as of the end of
    the quarter), we may avoid the loss of our REIT status by
    disposing of sufficient assets to cure the failure within
    6&#160;months after the end of the quarter in which the failure
    was identified. For failures to meet the asset tests that are
    more than a de minimis amount, we may avoid the loss of our REIT
    status if: the failure was due to reasonable cause, we file a
    disclosure schedule at the end of the quarter in which the
    failure was identified, we dispose of sufficient assets to cure
    the failure within 6&#160;months after the end of the quarter,
    and we pay a tax equal to the greater of $50,000 or the highest
    corporate tax rate multiplied by the net income generated by the
    non-qualifying assets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Annual
    Distribution Requirements</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order to qualify as a REIT, Brandywine is required to
    distribute dividends (other than capital gain dividends) to our
    shareholders in an amount at least equal to (1)&#160;the sum of
    (a)&#160;90% of its &#147;REIT taxable income&#148; (computed
    without regard to the dividends paid deduction and the
    REIT&#146;s net capital gain) and (b)&#160;90% of the net income
    (after tax), if any, from foreclosure property, minus
    (2)&#160;certain &#147;excess&#148; non-cash income as defined
    in the Code. These distributions must be paid in the taxable
    year to which they relate, or in the following taxable year if
    such distributions are declared in October, November or December
    of the taxable year, are payable to shareholders of record on a
    specified date in any such month, and are actually paid before
    the end of January of the following year. Such distributions are
    treated as both paid by us and received by our shareholders on
    December 31 of the year in which they are declared.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In addition, at our election, a distribution for a taxable year
    may be declared before we timely file our tax return for the
    year provided we pay such distribution with or before our first
    regular dividend payment after such declaration, and such
    payment is made during the
    <FONT style="white-space: nowrap">12-month</FONT>
    period following the close of such taxable year. Such
    distributions are taxable to our shareholders in the year in
    which paid, even though the distributions relate to our prior
    taxable year for purposes of the 90% distribution requirement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In order for distributions to be counted towards our
    distribution requirement, and to provide a tax deduction to us,
    they must not be &#147;preferential dividends.&#148; A dividend
    is not a preferential dividend if it is pro rata among all
    outstanding shares within a particular class, and is in
    accordance with the preferences among our different classes of
    shares as set forth in our organizational documents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To the extent that we distribute at least 90%, but less than
    100%, of our net taxable income, we will be subject to tax at
    ordinary corporate tax rates on the retained portion. In
    addition, we may elect to retain, rather than distribute, our
    net long-term capital gains and pay tax on such gains. In this
    case, we would elect to have our shareholders include their
    proportionate share of such undistributed long-term capital
    gains in their income and
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    40
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    receive a corresponding credit for their proportionate share of
    the tax paid by us. Our shareholders would then increase their
    adjusted basis in our shares by the difference between the
    amount included in their long-term capital gains and the tax
    deemed paid with respect to their shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we should fail to distribute during each calendar year (or,
    in the case of distributions with declaration and record dates
    falling in the last three months of the calendar year, by the
    end of January following such calendar year) at least the sum of
    (1)&#160;85% of our REIT ordinary income for such year,
    (2)&#160;95% of our REIT net capital gain income for such year
    and (3)&#160;any undistributed taxable income from prior
    periods, we would be subject to a 4% excise tax on the excess of
    such required distribution over the sum of (a)&#160;the amounts
    actually distributed plus (b)&#160;retained amounts on which
    corporate level tax is paid by us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine intends to make timely distributions sufficient to
    satisfy the annual distribution requirements. In this regard,
    the limited partnership agreement of the Operating Partnership
    authorizes Brandywine, as general partner, to operate the
    partnership in a manner that will enable it to satisfy the REIT
    requirements and avoid the imposition of any federal income or
    excise tax liability. It is possible that we, from time to time,
    may not have sufficient cash or other liquid assets to meet the
    90% distribution requirement due primarily to the expenditure of
    cash for nondeductible items such as principal amortization or
    capital expenditures. In order to meet the 90% distribution
    requirement, we may borrow or may cause the Operating
    Partnership to arrange for short-term or possibly long-term
    borrowing to permit the payment of required distributions, or we
    may pay dividends in the form of taxable in-kind distributions
    of property, including potentially, our shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under certain circumstances, Brandywine may be able to rectify a
    failure to meet the distribution requirement for a given year by
    paying &#147;deficiency dividends&#148; to shareholders in a
    later year that may be included in Brandywine&#146;s deduction
    for distributions paid for the earlier year. Thus, Brandywine
    may be able to avoid losing our REIT qualification or being
    taxed on amounts distributed as deficiency dividends. However,
    Brandywine will be required to pay to the Internal Revenue
    Service interest and a penalty based upon the amount of any
    deduction taken for deficiency dividends.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Failure
    to Qualify</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    For taxable years beginning on or after January&#160;1, 2005,
    the Code provides relief for many failures to satisfy the REIT
    requirements. In addition to the relief provisions for failures
    to satisfy the income and asset tests (discussed above), the
    Code provides additional relief for other failures to satisfy
    REIT requirements. If the failure is due to reasonable cause and
    not due to willful neglect, and we elect to pay a penalty of
    $50,000 for each failure, we can avoid the loss of our REIT
    status.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If Brandywine fails to qualify for taxation as a REIT in any
    taxable year and the relief provisions do not apply, it will be
    subject to tax (including any applicable corporate alternative
    minimum tax) on its taxable income at regular corporate rates.
    Distributions to shareholders in any year in which Brandywine
    fails to qualify will not be deductible to us. In such event, to
    the extent of Brandywine&#146;s current and accumulated earnings
    and profits, all distributions to shareholders will be taxable
    to them as dividends, and, subject to certain limitations of the
    Code, corporate distributees may be eligible for the dividends
    received deduction. Under current law (in effect through 2010),
    such dividends will generally be taxable to individual
    shareholders at the 15% rate for qualified dividends provided
    that applicable holding period requirements are met. Unless
    entitled to relief under specific statutory provisions,
    Brandywine also will be disqualified from taxation as a REIT for
    the four taxable years following the year during which
    qualification was lost. It is not possible to state whether in
    all circumstances Brandywine would be entitled to such statutory
    relief.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Prohibited
    Transactions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Net income derived from a prohibited transaction is subject to a
    100% tax. The term &#147;prohibited transaction&#148; generally
    includes a sale or other disposition of property (other than
    foreclosure property) that is held primarily for sale to
    customers in the ordinary course of a trade or business. Under
    existing law, whether property is held as inventory or primarily
    for sale to customers in the ordinary course of a trade or
    business is a question of fact that depends on all the facts and
    circumstances of a particular transaction. We intend to hold
    properties for investment with a view to long-term appreciation,
    to engage in the business of acquiring, developing, owning and
    operating
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    41
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    properties, and to make occasional sales of properties as are
    consistent with our investment objectives. No assurance can be
    given that any property that we sell will not be treated as
    property held for sale to customers, or that we can comply with
    certain safe-harbor provisions of the Code that would prevent
    the imposition of the 100% tax. The 100% tax does not apply to
    gains from the sale of property that is held through a taxable
    REIT subsidiary or other taxable corporation, although such
    income will be subject to tax in the hands of that corporation
    at regular corporate tax rates.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Foreclosure
    Property</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Foreclosure property is real property (including interests in
    real property) and any personal property incident to such real
    property (1)&#160;that is acquired by a REIT as a result of the
    REIT having bid in the property at foreclosure, or having
    otherwise reduced the property to ownership or possession by
    agreement or process of law, after there was a default (or
    default was imminent) on a lease of the property or a mortgage
    loan held by the REIT and secured by the property, (2)&#160;for
    which the related loan or lease was made, entered into or
    acquired by the REIT at a time when default was not imminent or
    anticipated and (3)&#160;for which such REIT makes an election
    to treat the property as foreclosure property. REITs generally
    are subject to tax at the maximum corporate rate (currently 35%)
    on any net income from foreclosure property, including any gain
    from the disposition of the foreclosure property, other than
    income that would otherwise be qualifying income for purposes of
    the 75% gross income test. Any gain from the sale of property
    for which a foreclosure property election has been made will not
    be subject to the 100% tax on gains from prohibited transactions
    described above, even if the property is held primarily for sale
    to customers in the ordinary course of a trade or business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Hedging</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may enter into hedging transactions with respect to one or
    more of our assets or liabilities. Hedging transactions could
    take a variety of forms, including interest rate swaps or cap
    agreements, options, futures contracts, forward rate agreements
    or similar financial instruments. Except to the extent provided
    by Treasury Regulations, any income from a hedging transaction
    (i)&#160;made in the normal course of our business primarily to
    manage risk of interest rate or price changes or currency
    fluctuations with respect to borrowings made or to be made, or
    ordinary obligations incurred or to be incurred by us to acquire
    or own real estate assets or (ii)&#160;entered into after
    July&#160;30, 2008 primarily to manage the risk of currency
    fluctuations with respect to any item of income or gain that
    would be qualifying income under the 75% or 95% income tests (or
    any property which generates such income or gain), which is
    clearly identified as such before the close of the day on which
    it was acquired, originated or entered into, including gain from
    the disposition of such a transaction, will not constitute gross
    income for purposes of the 95% gross income test and, in respect
    of hedges entered into after July&#160;30, 2008, the 75% gross
    income test. To the extent we enter into other types of hedging
    transactions, the income from those transactions is likely to be
    treated as non-qualifying income for purposes of both the 75%
    and 95% gross income tests. We intend to structure any hedging
    transactions in a manner that does not jeopardize our ability to
    qualify as a REIT.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Tax
    Aspect of Investments in the Operating Partnership and
    Subsidiary Partnerships</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The following discussion summarizes certain Federal income tax
    considerations applicable to Brandywine&#146;s investment in the
    Operating Partnership and the Operating Partnership&#146;s
    subsidiary partnerships and limited liability companies
    (referred to as the &#147;Subsidiary Partnerships&#148;).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may hold investments through entities that are classified as
    partnerships for U.S.&#160;federal income tax purposes,
    including our interest in the Operating Partnership and the
    equity interests in Subsidiary Partnerships. In general,
    partnerships are &#147;pass-through&#148; entities that are not
    subject to U.S.&#160;federal income tax. Rather, partners are
    allocated their proportionate shares of the items of income,
    gain, loss, deduction and credit of a partnership, and are
    subject to tax on these items without regard to whether the
    partners receive a distribution from the partnership. We will
    include in our income our proportionate share of these
    partnership items for purposes of the various REIT income tests
    and in the computation of our REIT taxable income. Moreover, for
    purposes of the REIT asset tests, we will include our
    proportionate share of assets held by subsidiary partnerships.
    Consequently, to the extent that we
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    42
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    hold an equity interest in a partnership, the partnership&#146;s
    assets and operations may affect our ability to qualify as a
    REIT.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Classification
    of the Operating Partnership and Subsidiary Partnerships as
    Partnerships</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The investment by us in partnerships involves special tax
    considerations, including the possibility of a challenge by the
    Internal Revenue Service to the status of the Operating
    Partnership or any if our Subsidiary Partnerships as a
    partnership, as opposed to an association taxable as a
    corporation, for U.S.&#160;federal income tax purposes. If any
    of these entities were treated as an association for
    U.S.&#160;federal income tax purposes, it would be taxable as a
    corporation and, therefore, could be subject to an entity-level
    tax on its income. In such a situation, the character of our
    assets and items of our gross income would change and could
    preclude us from satisfying the REIT asset tests or the REIT
    income tests as discussed in &#147;&#151;&#160;Taxation of the
    Company&#160;&#151; Asset Tests&#148; and
    &#147;&#151;&#160;Income Tests&#148; above, and in turn could
    prevent us from qualifying as a REIT. See
    &#147;&#151;&#160;Taxation of the Company&#160;&#151; Failure to
    Qualify,&#148; above, for a discussion of the effect of our
    failure to meet these tests for a taxable year. In addition, any
    change in the status of any of our subsidiary partnerships for
    tax purposes might be treated as a taxable event, in which case
    we could have taxable income that is subject to the REIT
    distribution requirements without receiving any cash.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Treasury Regulations that apply for tax periods beginning on or
    after January&#160;1, 1997 provide that a domestic business
    entity not otherwise organized as a corporation (an
    &#147;Eligible Entity&#148;) may elect to be treated as a
    partnership or disregarded entity for federal income tax
    purposes. Unless it elects otherwise, an Eligible Entity in
    existence prior to January&#160;1, 1997, will have the same
    classification for federal income tax purposes that it claimed
    under the entity classification Treasury Regulations in effect
    prior to this date. In addition, an Eligible Entity that did not
    exist or did not claim a classification prior to January&#160;1,
    1997 will be classified as a partnership or disregarded entity
    for federal income tax purposes unless it elects otherwise. The
    Operating Partnership and the Subsidiary Partnerships (other
    than those Subsidiary Partnerships that have elected to be
    treated as taxable REIT subsidiaries) intend to claim
    classification as partnerships or disregarded entities under
    these Treasury Regulations. As a result, we believe that the
    Operating Partnership and such Subsidiary Partnerships (other
    than those Subsidiary Partnerships that have elected to be
    treated as taxable REIT subsidiaries) will be classified as
    partnerships or disregarded entities for federal income tax
    purposes. We have not requested and do not intend to request a
    ruling from the Internal Revenue Service that the Operating
    Partnership or Subsidiary Partnerships will be classified as
    partnerships for federal income tax purposes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Partnership
    Allocations</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Although a partnership agreement will generally determine the
    allocation of income and losses among partners, such allocations
    will be disregarded for tax purposes if they do not comply with
    the provisions of Section&#160;704(b) of the Code and the
    Treasury Regulations promulgated thereunder, which require that
    partnership allocations respect the economic arrangement of the
    partners. If an allocation is not recognized for Federal income
    tax purposes, the item subject to the allocation will be
    reallocated in accordance with the partners&#146; interests in
    the partnership, which will be determined by taking into account
    all of the facts and circumstances relating to the economic
    arrangement of the partners with respect to such item. The
    Operating Partnership&#146;s allocations of taxable income and
    loss are intended to comply with the requirements of
    Section&#160;704(b) of the Code and the Treasury Regulations
    promulgated thereunder.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Tax
    Allocations With Respect to Contributed Properties</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Pursuant to Section&#160;704(c) of the Code, items of income,
    gain, loss and deduction attributable to appreciated or
    depreciated property that is contributed to a partnership in
    exchange for an interest in the partnership must be allocated
    for federal income tax purposes in a manner such that the
    contributor is charged with or benefits from the unrealized gain
    or unrealized loss associated with the property at the time of
    the contribution. The amount of such unrealized gain or
    unrealized loss is generally equal to the difference between the
    fair market value of the contributed property at the time of
    contribution and the adjusted tax basis of such property at the
    time of contribution. Such allocations are solely for federal
    income tax purposes and do not affect other economic or legal
    arrangements among the partners.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    43
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our Operating Partnership has entered into transactions
    involving the contribution to the Operating Partnership of
    appreciated property, and the Operating Partnership may enter
    into such transactions in the future. The partnership agreement
    of the Operating Partnership requires allocations of income,
    gain, loss and deduction attributable to contributed property to
    be made in a manner that is consistent with Section&#160;704(c)
    of the Code. Treasury Regulations issued under
    Section&#160;704(c) give partnerships a choice of several
    methods of allocating taxable income with respect to contributed
    properties. Depending upon the method chosen, (1)&#160;our tax
    depreciation deductions attributable to those properties may be
    lower than they would have been if our Operating Partnership had
    acquired those properties for cash and (2)&#160;in the event of
    a sale of such properties, we could be allocated gain in excess
    of our corresponding economic or book gain. These allocations
    may cause us to recognize taxable income in excess of cash
    proceeds received by us, which might adversely affect our
    ability to comply with the REIT distribution requirements or
    result in our shareholders recognizing additional dividend
    income without an increase in distributions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Depreciation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The Operating Partnership&#146;s assets include a substantial
    amount of appreciated property contributed by its partners.
    Assets contributed to a partnership in a tax-free transaction
    generally retain the same depreciation method and recovery
    period as they had in the hands of the partner who contributed
    them to the partnership. Accordingly, a substantial amount of
    the Operating Partnership&#146;s depreciation deductions for its
    real property are based on the historic tax depreciation
    schedules for the properties prior to their contribution to the
    Operating Partnership. The properties are being depreciated over
    a range of 15 to 40&#160;years using various methods of
    depreciation which were determined at the time that each item of
    depreciable property was placed in service. Any depreciable real
    property purchased by the Partnerships is currently depreciated
    over 40&#160;years. In certain instances where a partnership
    interest rather than real property is contributed to the
    Partnership, the real property may not carry over its recovery
    period but rather may, similarly, be subject to the lengthier
    recovery period.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Basis in
    Operating Partnership Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our adjusted tax basis in each of the partnerships in which we
    have an interest generally (1)&#160;will be equal to the amount
    of cash and the basis of any other property contributed to such
    partnership by us, (2)&#160;will be increased by (a)&#160;our
    allocable share of such partnership&#146;s income and
    (b)&#160;our allocable share of any indebtedness of such
    partnership, and (3)&#160;will be reduced, but not below zero,
    by our allocable share of (a)&#160;such partnership&#146;s loss
    and (b)&#160;the amount of cash and the tax basis of any
    property distributed to us and by constructive distributions
    resulting from a reduction in our share of indebtedness of such
    partnership.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If our allocable share of the loss (or portion thereof) of any
    partnership in which we have an interest would reduce the
    adjusted tax basis of our partnership interest in such
    partnership below zero, the recognition of such loss will be
    deferred until such time as the recognition of such loss (or
    portion thereof) would not reduce our adjusted tax basis below
    zero. To the extent that distributions to us from a partnership,
    or any decrease in our share of the nonrecourse indebtedness of
    a partnership (each such decrease being considered a
    constructive cash distribution to the partners), would reduce
    our adjusted tax basis below zero, such distributions (including
    such constructive distributions) would constitute taxable income
    to us. Such distributions and constructive distributions
    normally would be characterized as long-term capital gain if our
    interest in such partnership has been held for longer than the
    long-term capital gain holding period (currently 12&#160;months).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Sale of
    Partnership Property</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Generally, any gain realized by a partnership on the sale of
    property held by the partnership for more than 12&#160;months
    will be long-term capital gain, except for any portion of such
    gain that is treated as depreciation or cost recovery recapture.
    However, under requirements applicable to REITs under the Code,
    our share as a partner of any gain realized by the Operating
    Partnership on the sale of any property held as inventory or
    other property held primarily for sale to customers in the
    ordinary course of a trade or business will be treated as income
    from a prohibited transaction that is subject to a 100% penalty
    tax. See &#147;&#151;&#160;Taxation of the Company&#160;&#151;
    Prohibited Transactions.&#148;
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    44
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Shareholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As used herein, a &#147;U.S.&#160;Shareholder&#148; means a
    beneficial owner of our Common Shares or Preferred Shares, who
    is, for U.S.&#160;federal income tax purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a citizen or resident of the U.S.&#160;as defined in
    section&#160;7701(b) of the Code,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a corporation (or other entity treated as a corporation for
    U.S.&#160;federal income tax purposes) created or organized in
    or under the laws of the U.S.&#160;or any state thereof or the
    District of Columbia,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an estate the income of which is subject to U.S.&#160;federal
    income taxation regardless of its source&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a trust if it (a)&#160;is subject to the primary supervision of
    a court within the U.S.&#160;and one or more U.S.&#160;persons
    have the authority to control all substantial decisions of the
    trust or (b)&#160;has a valid election in effect under
    applicable U.S.&#160;Treasury regulations to be treated as a
    U.S.&#160;person.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As used herein, a
    <FONT style="white-space: nowrap">&#147;non-U.S.&#160;Shareholder&#148;</FONT>
    means a beneficial owner of our Common Shares or Preferred
    Shares that is not a &#147;U.S.&#160;Shareholder,&#148; and that
    is not a partnership (or other entity treated as a partnership
    for U.S.&#160;federal income tax purposes).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a partnership holds Common Shares or Preferred Shares, the
    tax treatment of a partner will generally depend upon the status
    of the partner and the activities of the partnership. If you are
    a partner of a partnership holding Common Shares or Preferred
    Shares, you should consult your tax advisors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Taxable U.S. Shareholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Ordinary Dividends on Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As long as Brandywine qualifies as a REIT, distributions made to
    Brandywine&#146;s taxable U.S.&#160;Shareholders out of current
    or accumulated earnings and profits (and not designated as
    capital gain dividends) (&#147;Ordinary Dividends&#148;) will be
    dividends taxable to such U.S.&#160;Shareholders as ordinary
    income and will not be eligible for the dividends received
    deduction for corporations. Dividends received from REITs are
    generally not eligible for taxation at the preferential rates
    for qualified dividends received by individual shareholders. We
    may designate a distribution as qualified dividend income to the
    extent of (1)&#160;qualified dividend income we receive during
    the current year (for example, dividends received from our
    taxable REIT subsidiaries), plus (2)&#160;income on which we
    have been subject to corporate level tax during the prior year
    (for example, undistributed REIT taxable income), plus
    (3)&#160;any income attributable to the sale of a built in gain
    asset that was acquired from a C corporation in a carry-over
    basis transaction less the tax paid on that income. To the
    extent that we designate a dividend as qualified dividend
    income, an individual will be taxable at preferential rates (15%
    maximum federal rate through the end of 2010)&#160;on such
    qualified dividend income provided certain holding period
    requirements are met. However, we expect that ordinary dividends
    paid by Brandywine generally will not be eligible for treatment
    as qualified dividend income to any significant extent.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Capital
    Gain Distributions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions that are designated as long-term capital gain
    dividends will be taxed as long-term capital gains (to the
    extent they do not exceed our actual net capital gain for the
    taxable year) without regard to the period for which the
    U.S.&#160;Shareholder has held its shares of beneficial
    interest. In general, U.S.&#160;Shareholders will be taxable on
    long term capital gains at a maximum rate of 15% (through 2010),
    except that the portion of such gain that is attributable to
    depreciation recapture will be taxable at the maximum rate of
    25%. However, corporate shareholders may be required to treat up
    to 20% of certain capital gain dividends as ordinary income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may elect under the applicable provisions of the Code to
    retain and pay tax on our net capital gains. In such event
    U.S.&#160;Shareholders will be taxable on their proportionate
    share of such undistributed capital gains. Each
    U.S.&#160;Shareholder would then receive a credit, for use on
    their return, in the amount of their proportionate share of the
    capital gains tax paid by us. If the credit results in an amount
    owed to a U.S.&#160;Shareholder, such U.S.&#160;Shareholder
    would receive a refund. A U.S.&#160;Shareholder&#146;s basis in
    our shares will be increased by the amount of the
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    45
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    shareholder&#146;s allocable share of any retained capital gains
    less the shareholder&#146;s allocable share of the tax paid by
    us on such capital gains.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Non-Dividend
    Distributions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions in excess of current and accumulated earnings and
    profits (&#147;Non-Dividend Distributions&#148;) will not be
    taxable to a U.S.&#160;Shareholder to the extent that they do
    not exceed the adjusted basis of the shareholder&#146;s shares,
    but rather will reduce the adjusted basis of such shares. To the
    extent that Non-Dividend exceed the adjusted basis of a
    U.S.&#160;Shareholder&#146;s shares, such distributions will be
    included in income as long-term capital gain (or short-term
    capital gain if the shares have been held for 12&#160;months or
    less) assuming the shares are a capital asset in the hands of
    the shareholder. In determining the extent to which a
    distribution on our shares constitutes a dividend for tax
    purposes, the earnings and profits of Brandywine will be
    allocated first to distributions with respect to the Preferred
    Shares and second to distributions with respect to Common
    Shares. Therefore, depending on our earnings and profits,
    distributions with respect to the Preferred Shares (as compared
    to distributions with respect to our Common Shares) are more
    likely to be treated as dividends than as a return of capital or
    a distribution in excess of basis.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Timing
    of Distributions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any distribution declared by us in October, November or December
    of any year payable to a shareholder of record on a specified
    date in any such month shall be treated as both paid by
    Brandywine and received by the shareholder on December 31 of
    such year, provided that the distribution is actually paid by
    Brandywine not later than the end of January of the following
    calendar year. Shareholders may not include in their individual
    income tax returns any of Brandywine&#146;s losses.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Sale
    or Exchange of Common and Preferred Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, a U.S.&#160;Shareholder will recognize capital gain
    or loss on the disposition of common or Preferred Shares equal
    to the difference between the sales price for such shares and
    the adjusted tax basis for such shares. In general, a
    U.S.&#160;Shareholder&#146;s adjusted tax basis will equal the
    U.S.&#160;Shareholder&#146;s acquisition cost, increased by the
    U.S.&#160;Shareholder&#146;s allocable share of any retained
    capital gains, less the U.S.&#160;Shareholder&#146;s allocable
    share of the tax paid by us on such retained capital gains, and
    reduced by Non-Dividend Distributions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, capital gains recognized by individuals and other
    non-corporate U.S.&#160;Shareholders upon the sale or
    disposition of shares of our shares will be subject to a maximum
    U.S.&#160;federal income tax rate of 15% for taxable years
    through 2010, if our shares are held for more than
    12&#160;months, and will be taxed at ordinary income rates (of
    up to 35% through 2010)&#160;if our shares are held for
    12&#160;months or less. Gains recognized by
    U.S.&#160;Shareholders that are corporations are subject to
    U.S.&#160;federal income tax at a maximum rate of 35%, whether
    or not classified as long-term capital gains.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Capital losses recognized by a U.S.&#160;Shareholder upon the
    disposition of our shares held for more than one year at the
    time of disposition will be considered long-term capital losses,
    and are generally available only to offset capital gain income
    of the U.S.&#160;Shareholder but not ordinary income (except in
    the case of individuals, who may offset up to $3,000 of ordinary
    income each year). However, any loss upon a sale or exchange of
    shares by a U.S.&#160;Shareholder who has held such shares for
    six months or less (after applying certain holding period rules)
    will be treated as a long-term capital loss to the extent such
    shareholder has received distributions from us required to be
    treated as long-term capital gain.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a U.S.&#160;Shareholder recognizes a loss upon a subsequent
    disposition of our shares in an amount that exceeds a prescribed
    threshold, it is possible that the provisions of Treasury
    Regulations involving &#147;reportable transactions&#148; could
    apply, with a resulting requirement to separately disclose the
    loss generating transactions to the IRS. While these regulations
    are directed towards &#147;tax shelters,&#148; they are written
    broadly, and apply to transactions that would not typically be
    considered tax shelters. Significant penalties apply for failure
    to comply with these requirements. You should consult your tax
    advisors concerning any possible disclosure obligation with
    respect to the receipt or disposition of our shares, or
    transactions that might be undertaken directly or indirectly by
    us. Moreover, you should
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    46
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    be aware that we and other participants in transactions
    involving us (including our advisors) might be subject to
    disclosure or other requirements pursuant to these regulations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Passive
    Activity Losses and Investment Interest
    Limitations</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Distributions from us and gain from the disposition of shares
    will not be treated as passive activity income and, therefore,
    U.S.&#160;Shareholders will not be able to apply any
    &#147;passive losses&#148; against such income. Distributions
    from us (to the extent they do not constitute a return of
    capital or capital gain dividends) will generally be treated as
    investment income for purposes of the investment income
    limitation. A shareholder may elect to treat capital gain
    dividends and capital gains from the disposition of shares as
    investment income for purposes of the investment income
    limitation, but in such event a shareholder will be taxed at
    ordinary income rates on such amounts.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Redemption
    of Preferred Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Our Preferred Shares are redeemable by us under certain
    circumstances. A redemption of Preferred Shares will be treated
    under Section&#160;302 of the Internal Revenue Code as a
    distribution taxable as a dividend (to the extent of our current
    and accumulated earnings and profits) at ordinary income rates,
    unless the redemption satisfies one of the tests set forth in
    Section&#160;302(b) of the Internal Revenue Code and is
    therefore treated as a sale or exchange of the redeemed shares.
    The redemption will be treated as a sale or exchange if it
    (i)&#160;is &#147;substantially disproportionate&#148; with
    respect to the holder, (ii)&#160;results in a &#147;complete
    termination&#148; of the holder&#146;s share interest in our
    company, or (iii)&#160;is &#147;not essentially equivalent to a
    dividend with respect to the holder, all within the meaning of
    Section&#160;302(b) of the Internal Revenue Code.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In determining whether any of these tests has been met, there
    must be taken into account not only any Preferred Shares owned
    by the holder, but also such holder&#146;s ownership of the our
    Common Shares, other series of Preferred Shares and any options
    to acquire any of the foregoing. The holder also must take into
    account any such securities (including options) which are
    considered to be owned by such holder by reason of the
    constructive ownership rules set forth in Sections&#160;318 and
    302(c) of the Internal Revenue Code. If a particular holder owns
    (actually or constructively) no Common Shares or an
    insubstantial percentage of Common Shares or Preferred Shares,
    based upon current law, it is probable that the redemption of
    the Preferred Shares from such holder would be considered
    &#147;not essentially equivalent to a dividend.&#148; However,
    because the determination as to whether any of the alternative
    tests of Section&#160;302(b) of the Internal Revenue Code will
    be satisfied with respect to any particular holder of Preferred
    Shares depends upon the facts and circumstances at the time the
    determination must be made, prospective holders of Preferred
    Shares are advised to consult their own tax advisors to
    determine such tax treatment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a redemption of Preferred Shares is not treated as a
    distribution taxable as a dividend to a particular holder, it
    will be treated as a taxable sale or exchange by that holder. As
    a result, the holder will recognize gain or loss for federal
    income tax purposes in an amount equal to the difference between
    (i)&#160;the amount of cash and the fair market value of any
    property received (less any portion thereof attributable to
    accumulated and declared but unpaid dividends, which will be
    taxable as a dividend to the extent of our current and
    accumulated earnings and profits) and (ii)&#160;the
    holder&#146;s adjusted tax basis in the shares. Such gain or
    loss will be capital gain or loss if the shares were held as a
    capital asset, and will be long-term gain or loss if such shares
    were held for more than one year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If the redemption is treated as a distribution taxable as a
    dividend, the amount of the distribution will be measured by the
    amount of cash and the fair market value of any property
    received by the holder. The holder&#146;s adjusted tax basis in
    the Preferred Shares redeemed will be transferred to any other
    shareholdings of the holder in Brandywine. If the holder of the
    Preferred Shares owns no other shares, under certain
    circumstances, such basis may be transferred to a related
    person, or it may be lost entirely.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Information
    Reporting and Backup Withholding Applicable to U.S.
    Shareholders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, Brandywine will report to its U.S.&#160;Shareholders
    and the Internal Revenue Service the amount of distributions
    paid (unless the U.S.&#160;Shareholder is an exempt recipient
    such as a corporation) during each calendar year, and the amount
    of tax withheld, if any. Under the backup withholding rules, a
    shareholder may be subject to backup withholding at the rate of
    28% with respect to distributions paid unless such shareholder
    (a)&#160;is a corporation or comes within certain other exempt
    categories and, when required, demonstrates this fact, or
    (b)&#160;provides a
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    47
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    taxpayer identification number, certifies as to no loss of
    exemption from backup withholding and otherwise complies with
    applicable requirements of the backup withholding rules. A
    shareholder that does not provide us with his correct taxpayer
    identification number may also be subject to penalties imposed
    by the Internal Revenue Service. In addition, we may be required
    to withhold a portion of capital gain distributions to any
    shareholders who fail to certify their non-foreign status to
    Brandywine. See &#147;&#151;&#160;Taxation of
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholders.&#148;</FONT>
    Backup withholding is not an additional tax. Any amounts
    withheld under the backup withholding rules may be allowed as a
    refund or a credit against the shareholder&#146;s income tax
    liability, provided the required information is furnished to the
    Internal Revenue Service.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Tax-Exempt Shareholders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    U.S.&#160;tax-exempt entities, including qualified employee
    pension and profit sharing trusts and individual retirement
    accounts, generally are exempt from U.S.&#160;federal income
    taxation. However, they are subject to taxation on their
    unrelated business taxable income or UBTI. Distributions by us
    to a shareholder that is a tax-exempt entity should generally
    not constitute UBTI, as defined in Section&#160;512(a) of the
    Code provided that the tax-exempt entity has not financed the
    acquisition of its shares with &#147;acquisition
    indebtedness&#148; within the meaning of the Code and the shares
    are not otherwise used in an unrelated trade or business of the
    tax-exempt entity. Tax-exempt U.S.&#160;Shareholders that are
    social clubs, voluntary employee benefit associations,
    supplemental unemployment benefit trusts, and qualified group
    legal services plans exempt from U.S.&#160;federal income
    taxation under sections&#160;501(c)(7), (c)(9), (c)(17) and
    (c)(20) of the Code, respectively, are subject to different UBTI
    rules, which generally will require them to characterize
    distributions from us as UBTI.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In certain circumstances, a pension trust (1)&#160;that is
    described in Section&#160;401(a) of the Code, (2)&#160;is tax
    exempt under section&#160;501(a) of the Code, and (3)&#160;that
    owns more than 10% of our shares could be required to treat a
    percentage of the dividends from us as UBTI if we are a
    &#147;pension-held REIT.&#148; We will not be a pension-held
    REIT unless (1)&#160;either (A)&#160;one pension trust owns more
    than 25% of the value of our shares, or (B)&#160;a group of
    pension trusts, each individually holding more than 10% of the
    value of our shares, collectively owns more than 50% of such
    shares and (2)&#160;we would not have qualified as a REIT but
    for the fact that Section&#160;856(h)(3) of the Code provides
    that shares owned by such trusts shall be treated, for purposes
    of the requirement that not more than 50% of the value of the
    outstanding shares of a REIT is owned, directly or indirectly,
    by five or fewer &#147;individuals&#148; (as defined in the Code
    to include certain entities). Certain restrictions on ownership
    and transfer of our shares should generally prevent a tax-exempt
    entity from owning more than 10% of the value of our shares, or
    us from becoming a pension-held REIT.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Tax-exempt U.S.&#160;Shareholders are urged to consult their tax
    advisor regarding the U.S.&#160;federal, state, local and
    foreign tax consequences of the acquisition, ownership and
    disposition of our shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Shareholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The rules governing United States federal income taxation of
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholders</FONT>
    are complex and no attempt will be made herein to provide more
    than a summary of such rules. Prospective
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholders</FONT>
    should consult with their own tax advisors to determine the
    impact of federal, state and local income and estate tax laws
    with regard to an investment in our shares, including any
    reporting requirements.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Ordinary
    Dividends</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The portion of Ordinary Dividends received by
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholders</FONT>
    that are not attributable to gain from sales or exchanges by us
    of United States real property interests and which are not
    effectively connected with a U.S.&#160;trade or business of the
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    will generally be subject to a withholding tax equal to 30% of
    the gross amount of the distribution unless an applicable tax
    treaty reduces or eliminates that tax. Under some treaties,
    however, the lower rates generally applicable to dividends do
    not apply to dividends from REITs. We intend to withhold United
    States income tax at the rate of 30% on the gross amount of any
    such Ordinary Dividends paid to a
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    unless (1)&#160;a lower treaty rate applies and the
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    files a <FONT style="white-space: nowrap">W-8</FONT>
    BEN (or applicable substitute form) claiming the benefits of the
    lower treaty rate or (2)&#160;the
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    files an IRS
    <FONT style="white-space: nowrap">Form&#160;W-8</FONT>
    ECI with us claiming that the distribution is effectively
    connected with a U.S.&#160;trade or business.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    48
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general,
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholders</FONT>
    will not be considered to be engaged in a U.S.&#160;trade or
    business solely as a result of their ownership of our shares. If
    income from the investment in our shares is treated as
    effectively connected with the
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder&#146;s</FONT>
    conduct of a United States trade or business, the
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    generally will be subject to a tax at graduated rates, in the
    same manner as U.S.&#160;Shareholders are taxed with respect to
    such distributions (and may also be subject to the 30% branch
    profits tax in the case of a shareholder that is a foreign
    corporation).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Non-Dividend
    Distributions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless our shares constitute a U.S.&#160;real property interest
    (&#147;USRPI&#148;), any Non-Dividend Distributions will not be
    taxable to a shareholder to the extent that such distributions
    do not exceed the adjusted basis of the shareholder&#146;s
    shares, but rather will reduce the adjusted basis of the
    shareholder in such shares. To the extent that Non-Dividend
    Distributions exceed the adjusted basis of a
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder&#146;s</FONT>
    shares, such distributions will give rise to tax liability if
    the
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    would otherwise be subject to tax on any gain from the sale or
    disposition of its shares, as described below (See&#160;&#151;
    Taxation of
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholders&#160;&#151;</FONT>
    Dispositions of our Shares). If it cannot be determined at the
    time a distribution is made whether or not such distribution
    will be in excess of current and accumulated earnings and
    profits, the distributions will be subject to withholding at the
    same rate as Ordinary Dividends. Because we generally cannot
    determine at the time we make a distribution whether or not the
    distribution will exceed our current and accumulated earnings
    and profits, we normally will withhold tax on the entire amount
    of any distribution at the same rate as we would withhold on
    Ordinary Dividends. However, amounts thus withheld are
    refundable to the
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    if it is subsequently determined that such distribution was, in
    fact, in excess of our current and accumulated earnings and
    profits.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If our shares constitute a USRPI, as described below
    (See&#160;&#151; Taxation of
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholders&#160;&#151;</FONT>
    Dispositions of our Shares), Non-Dividend Distributions by us in
    excess of the
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder&#146;s</FONT>
    adjusted tax basis in our shares will be taxed under the Foreign
    Investment in Real Property Tax Act of 1980 (&#147;FIRPTA&#148;)
    at the rate of tax, including any applicable capital gains
    rates, that would apply to a U.S.&#160;Shareholder of the same
    type (e.g., an individual or a corporation, as the case may be),
    and the collection of the tax will be enforced by a refundable
    withholding at a rate of 10% of the Non-Dividend Distribution.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Capital
    Gain Distributions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except as discussed below with respect to 5% or less holders of
    regularly traded classes of shares, distributions that are
    attributable to gain from sales or exchanges by us of United
    States real property interests will be taxed to a
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    under the provisions of FIRPTA Under FIRPTA, distributions
    attributable to gain from sales of United States real property
    interests are taxed to a
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    as if such gain were effectively connected with a United States
    business. Individuals who are
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholders</FONT>
    will be required to report such gain on a U.S.&#160;federal
    income tax return and such gain will be taxed at the normal
    capital gain rates applicable to U.S.&#160;individual
    shareholders (subject to applicable alternative minimum tax and
    a special alternative minimum tax in the case of nonresident
    alien individuals). Also, distributions subject to FIRPTA may be
    subject to a 30% branch profits tax in the hands of a foreign
    corporate shareholder not entitled to treaty relief. Brandywine
    is required by applicable Treasury Regulations to withhold 35%
    of any distribution that could be designated by us as a capital
    gains dividend. The amount is creditable against the
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder&#146;s</FONT>
    U.S.&#160;tax liability.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    However, distributions attributable to gain from sales or
    exchanges by us of United States real property interests are
    treated as ordinary dividends (not subject to the 35%
    withholding tax under FIRPTA) if the distribution is made to a
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    with respect to any class of shares which is &#147;regularly
    traded&#148; on an established securities market located in the
    United States and if the
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    did not own more than 5% of such class of shares at any time
    during the taxable year. Such distributions will generally be
    subject to a 30% U.S.&#160;withholding tax (subject to reduction
    under applicable treaty) and a
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    will not be required to report the distribution on a
    U.S.&#160;tax return. In addition, the branch profits tax will
    not apply to such distributions. ( See&#160;&#151; Taxation of
    <FONT style="white-space: nowrap">Non-U.S.&#160;Shareholders&#160;&#151;</FONT>
    Ordinary Dividends)
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    49
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Dispositions
    of our Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless our shares constitutes a USRPI, gain recognized by a
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    upon a sale of shares generally will not be taxed under FIRPTA.
    Our shares will not be treated as a USRPI if Brandywine is a
    &#147;domestically controlled REIT,&#148; defined generally as a
    REIT in which at all times during a specified testing period
    less than 50% in value of the shares of beneficial interest was
    held directly or indirectly by foreign persons. It is currently
    anticipated that we will be a &#147;domestically controlled
    REIT,&#148; and therefore the sale of shares by a
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    will not be subject to taxation under FIRPTA. However, because
    the shares may be traded, we cannot be sure that we will
    continue to be a &#147;domestically controlled REIT.&#148;
    Further, even if we are a domestically controlled REIT, pursuant
    to &#147;wash sale&#148; rules under FIRPTA, a
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    may incur tax under FIRPTA to the extent such
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    disposes of our shares within a certain period prior to a
    capital gain distribution and directly or indirectly (including
    through certain affiliates) reacquires our shares within certain
    prescribed periods.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    However, a
    <FONT style="white-space: nowrap">non-U.S.&#160;shareholder</FONT>
    will not incur tax under FIRPTA on a sale of common or Preferred
    Shares if (1)&#160;our Preferred Shares or Common Shares is
    &#147;regularly traded&#148; on an established securities market
    within the meaning of applicable Treasury regulations and
    (2)&#160;the
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    did not actually, or constructively under specified attribution
    rules under the Code, own more than 5% of our Preferred Shares
    or Common Shares at any time during the shorter of the five-year
    period preceding the disposition or the holder&#146;s holding
    period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Even if our common or Preferred Shares were not regularly traded
    on an established securities market, a
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    would not be subject to taxation under FIRPTA as a sale of a
    U.S.&#160;real property interest if such
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder&#146;s</FONT>
    common or Preferred Shares had a fair market value on the date
    of acquisition that was equal to or less than 5% of our
    regularly traded class of shares with the lowest fair market
    value. For purposes of this test, if a
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    acquired shares of common or Preferred Shares and subsequently
    acquired additional shares at a later date, then all such shares
    would be aggregated and valued as of the date of the subsequent
    acquisition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If gain on the sale of our shares is subject to taxation under
    FIRPTA, the
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    will be subject to the same treatment as a U.S.&#160;Shareholder
    with respect to such gain, subject to applicable alternative
    minimum tax and a special alternative minimum tax in the case of
    non-resident alien individuals, and the purchaser of the shares
    could be required to withhold 10% of the purchase price and
    remit such amount to the Internal Revenue Service. Gain not
    subject to FIRPTA will nonetheless be taxable in the United
    States to a
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    if (1)&#160;investment in the shares is effectively connected
    with the
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder&#146;s</FONT>
    United States trade or business, in which case the
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    will be subject to the same treatment as U.S.&#160;Shareholders
    with respect to such gain or (2)&#160;the
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    is a nonresident alien individual who was present in the United
    States for 183&#160;days or more during the taxable year, in
    which case the nonresident alien individual will be subject to a
    30% tax on the individual&#146;s capital gains.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Information
    Reporting and Backup Withholding Applicable to
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    Shareholders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We must report annually to the IRS and to each
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    the amount of dividends paid to such holder and the tax withheld
    with respect to such dividends, regardless of whether
    withholding was required. Copies of the information returns
    reporting such dividends and withholding may also be made
    available to the tax authorities in the country in which the
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    resides under the provisions of an applicable income tax treaty.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Payments of dividends or of proceeds from the disposition of
    stock made to a
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    may be subject to information reporting and backup withholding
    unless such holder establishes an exemption, for example, by
    properly certifying its
    <FONT style="white-space: nowrap">non-United</FONT>
    States status on an IRS
    <FONT style="white-space: nowrap">Form&#160;W-8</FONT>
    BEN or another appropriate version of IRS
    <FONT style="white-space: nowrap">Form&#160;W-8.</FONT>
    Notwithstanding the foregoing, backup withholding may apply if
    either we or our paying agent has actual knowledge, or reason to
    know, that a
    <FONT style="white-space: nowrap">non-U.S.&#160;Shareholder</FONT>
    is a United States person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Backup withholding is not an additional tax. Any amounts
    withheld under the backup withholding rules may be allowed as a
    refund or a credit against the shareholder&#146;s income tax
    liability, provided the required information is furnished to the
    Internal Revenue Service.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    50
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">State,
    Local and Foreign Tax Consequences</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Brandywine, the Operating Partnership, the Subsidiary
    Partnerships and Brandywine&#146;s shareholders may be subject
    to state, local and foreign taxation in various jurisdictions,
    including those in which it or they transact business or reside.
    The state, local and foreign tax treatment of Brandywine, the
    Operating Partnership, the Subsidiary Partnerships and
    Brandywine&#146;s shareholders may not conform to the federal
    income tax consequences discussed above. Any foreign taxes
    incurred by us would not pass through to shareholders as a
    credit against their U.S.&#160;federal income tax liability.
    Prospective shareholders should consult their own tax advisors
    regarding the effect of state, local and foreign tax laws on an
    investment in our shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Legislative
    or Other Actions Affecting REITs</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The rules dealing with U.S.&#160;federal income taxation are
    constantly under review by persons involved in the legislative
    process and by the Internal Revenue Service and the
    U.S.&#160;Treasury Department. No assurance can be given as to
    whether, when, or in what form, the U.S.&#160;federal income tax
    laws applicable to us and our shareholders may be enacted.
    Changes to the U.S.&#160;federal tax laws and interpretations of
    U.S.&#160;federal tax laws could adversely affect an investment
    in our shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Debt
    Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This section describes the material United States federal income
    tax consequences of owning the debt securities that Brandywine
    Realty Trust or Brandywine Operating Partnership may offer. This
    summary is for general information only and is not tax advice.
    The tax consequences of owning any particular issue of debt
    securities will be discussed in the applicable prospectus
    supplement for such securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As used herein, a &#147;U.S.&#160;Holder&#148; means a
    beneficial owner of our debt securities, who is, for
    U.S.&#160;federal income tax purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a citizen or resident of the U.S.&#160;as defined in
    section&#160;7701(b) of the Code,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a corporation (or other entity treated as a corporation for
    U.S.&#160;federal income tax purposes) created or organized in
    or under the laws of the U.S.&#160;or any state thereof or the
    District of Columbia,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    an estate the income of which is subject to U.S.&#160;federal
    income taxation regardless of its source&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a trust if it (a)&#160;is subject to the primary supervision of
    a court within the U.S.&#160;and one or more U.S.&#160;persons
    have the authority to control all substantial decisions of the
    trust or (b)&#160;has a valid election in effect under
    applicable U.S.&#160;Treasury regulations to be treated as a
    U.S.&#160;person.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    As used herein, a
    <FONT style="white-space: nowrap">&#147;non-U.S.&#160;Holder&#148;</FONT>
    means a beneficial owner of our debt securities that is not a
    &#147;U.S.&#160;Holder,&#148; and that is not a partnership (or
    other entity treated as a partnership for U.S.&#160;federal
    income tax purposes).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a partnership holds debt securities, the tax treatment of a
    partner will generally depend upon the status of the partner and
    the activities of the partnership. If you are a partner of a
    partnership holding debt securities, you should consult your tax
    advisors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of U.S. Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Interest</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The stated interest on debt securities generally will be taxable
    to a U.S.&#160;Holder as ordinary income at the time that it is
    paid or accrued, in accordance with the U.S.&#160;Holder&#146;s
    method of accounting for United States federal income tax
    purposes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Original
    Issue Discount</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you own debt securities issued with original issue discount
    (&#147;OID&#148;), you will be subject to special tax accounting
    rules, as described in greater detail below. In that case, you
    should be aware that you generally must include OID in gross
    income in advance of the receipt of cash attributable to that
    income. However, you generally
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    51
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    will not be required to include separately in income cash
    payments received on the debt securities, even if denominated as
    interest, to the extent those payments do not constitute
    &#147;qualified stated interest,&#148; as defined below. If we
    determine that a particular debt security will be an OID debt
    security, we will disclose that determination in the prospectus
    supplement or supplements relating to those debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A debt security with an &#147;issue price&#148; that is less
    than the &#147;stated redemption price at maturity&#148; (the
    sum of all payments to be made on the debt security other than
    &#147;qualified stated interest&#148;) generally will be issued
    with OID if that difference is at least 0.25% of the stated
    redemption price at maturity multiplied by the number of
    complete years to maturity. The &#147;issue price&#148; of each
    debt security in a particular offering will be the first price
    at which a substantial amount of that particular offering is
    sold to the public. The term &#147;qualified stated
    interest&#148; means stated interest that is unconditionally
    payable in cash or in property, other than debt instruments of
    the issuer, and the interest to be paid meets all of the
    following conditions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it is payable at least once per year;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it is payable over the entire term of the debt security;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it is payable at a single fixed rate or, subject to certain
    conditions, based on one or more interest indices.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If we determine that particular debt securities of a series will
    bear interest that is not qualified stated interest, we will
    disclose that determination in the prospectus supplement or
    supplements relating to those debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you own a debt security issued with &#147;de minimis&#148;
    OID, which is discount that is not OID because it is less than
    0.25% of the stated redemption price at maturity multiplied by
    the number of complete years to maturity, you generally must
    include the de minimis OID in income at the time principal
    payments on the debt securities are made in proportion to the
    amount paid. Any amount of de minimis OID that you have included
    in income will be treated as capital gain.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain of the debt securities may contain provisions permitting
    them to be redeemed prior to their stated maturity at our option
    <FONT style="white-space: nowrap">and/or</FONT> at
    your option. OID debt securities containing those features may
    be subject to rules that differ from the general rules discussed
    herein. If you are considering the purchase of OID debt
    securities with those features, you should carefully examine the
    applicable prospectus supplement or supplements and should
    consult your own tax advisors with respect to those features
    since the tax consequences to you with respect to OID will
    depend, in part, on the particular terms and features of the
    debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you own OID debt securities with a maturity upon issuance of
    more than one year you generally must include OID in income in
    advance of the receipt of some or all of the related cash
    payments using the &#147;constant yield method&#148; described
    in the following paragraphs. This method takes into account the
    compounding of interest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The amount of OID that you must include in income if you are the
    initial United States holder of an OID debt security is the sum
    of the &#147;daily portions&#148; of OID with respect to the
    debt security for each day during the taxable year or portion of
    the taxable year in which you held that debt security
    (&#147;accrued OID&#148;). The daily portion is determined by
    allocating to each day in any &#147;accrual period&#148; a pro
    rata portion of the OID allocable to that accrual period. The
    &#147;accrual period&#148; for an OID debt security may be of
    any length and may vary in length over the term of the debt
    security, provided that each accrual period is no longer than
    one year and each scheduled payment of principal or interest
    occurs on the first day or the final day of an accrual period.
    The amount of OID allocable to any accrual period is an amount
    equal to the excess, if any, of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the debt security&#146;s &#147;adjusted issue price&#148; at the
    beginning of the accrual period multiplied by its yield to
    maturity, determined on the basis of compounding at the close of
    each accrual period and properly adjusted for the length of the
    accrual period, over
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the aggregate of all qualified stated interest allocable to the
    accrual period.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    OID allocable to a final accrual period is the difference
    between the amount payable at maturity, other than a payment of
    qualified stated interest, and the adjusted issue price at the
    beginning of the final accrual period. Special rules will apply
    for calculating OID for an initial short accrual period. The
    &#147;adjusted issue price&#148; of a debt security at the
    beginning of any accrual period is equal to its issue price
    increased by the accrued OID for each prior accrual period,
    determined without regard to the amortization of any acquisition
    or bond premium, as described below, and
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    52
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    reduced by any payments made on the debt security (other than
    qualified stated interest) on or before the first day of the
    accrual period. Under these rules, you will generally have to
    include in income increasingly greater amounts of OID in
    successive accrual periods. We are required to provide
    information returns stating the amount of OID accrued on debt
    securities held of record by persons other than corporations and
    other exempt holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Floating rate debt securities are subject to special OID rules.
    In the case of an OID debt security that is a floating rate debt
    security, both the &#147;yield to maturity&#148; and
    &#147;qualified stated interest&#148; will be determined solely
    for purposes of calculating the accrual of OID as though the
    debt security will bear interest in all periods at a fixed rate
    generally equal to the rate that would be applicable to interest
    payments on the debt security on its date of issue or, in the
    case of certain floating rate debt securities, the rate that
    reflects the yield to maturity that is reasonably expected for
    the debt security. Additional rules may apply if either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the interest on a floating rate debt security is based on more
    than one interest index;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the principal amount of the debt security is indexed in any
    manner.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    This discussion does not address the tax rules applicable to
    debt securities with an indexed principal amount. If you are
    considering the purchase of floating rate OID debt securities or
    securities with indexed principal amounts, you should carefully
    examine the prospectus supplement or supplements relating to
    those debt securities, and should consult your own tax advisors
    regarding the United States federal income tax consequences to
    you of holding and disposing of those debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    You may elect to treat all interest on any debt securities as
    OID and calculate the amount includible in gross income under
    the constant yield method described above. For purposes of this
    election, interest includes stated interest, acquisition
    discount, OID, de minimis OID, market discount, de minimis
    market discount and unstated interest, as adjusted by any
    amortizable bond premium or acquisition premium. You must make
    this election for the taxable year in which you acquired the
    debt security, and you may not revoke the election without the
    consent of the Internal Revenue Service (the &#147;IRS&#148;).
    You should consult with your own tax advisors about this
    election.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Market
    Discount</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you purchase debt securities, other than OID debt securities,
    for an amount that is less than their stated redemption price at
    maturity, or, in the case of OID debt securities, their adjusted
    issue price, the amount of the difference will be treated as
    &#147;market discount&#148; for United States federal income tax
    purposes, unless that difference is less than a specified de
    minimis amount. Under the market discount rules, you will be
    required to treat any principal payment on, or any gain on the
    sale, exchange, retirement or other disposition of, the debt
    securities as ordinary income to the extent of the market
    discount that you have not previously included in income and are
    treated as having accrued on the debt securities at the time of
    their payment or disposition. In addition, you may be required
    to defer, until the maturity of the debt securities or their
    earlier disposition in a taxable transaction, the deduction of
    all or a portion of the interest expense on any indebtedness
    attributable to the debt securities. You may elect, on a debt
    <FONT style="white-space: nowrap">security-by-debt</FONT>
    security basis, to deduct the deferred interest expense in a tax
    year prior to the year of disposition. You should consult your
    own tax advisors before making this election.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any market discount will be considered to accrue ratably during
    the period from the date of acquisition to the maturity date of
    the debt securities, unless you elect to accrue on a constant
    interest method. You may elect to include market discount in
    income currently as it accrues, on either a ratable or constant
    interest method, in which case the rule described above
    regarding deferral of interest deductions will not apply. Your
    election to include market discount in income currently, once
    made, applies to all market discount obligations acquired by you
    on or after the first taxable year to which your election
    applies and may not be revoked without the consent of the IRS.
    You should consult your own tax advisor before making this
    election.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Acquisition
    Premium and Amortizable Bond Premium</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you purchase OID debt securities for an amount that is
    greater than their adjusted issue price but equal to or less
    than the sum of all amounts payable on the debt securities after
    the purchase date other than payments of qualified stated
    interest, you will be considered to have purchased those debt
    securities at an &#147;acquisition premium.&#148; Under the
    acquisition premium rules, the amount of OID that you must
    include in gross income with respect to those
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    53
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    debt securities for any taxable year will be reduced by the
    portion of the acquisition premium properly allocable to that
    year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If you purchase debt securities (including OID debt securities)
    for an amount in excess of the sum of all amounts payable on
    those debt securities after the purchase date other than
    qualified stated interest, you will be considered to have
    purchased those debt securities at a &#147;premium&#148; and, if
    they are OID debt securities, you will not be required to
    include any OID in income. You generally may elect to amortize
    the premium over the remaining term of those debt securities on
    a constant yield method as an offset to interest when includible
    in income under your regular accounting method. In the case of
    debt securities that provide for alternative payment schedules,
    bond premium is calculated by assuming that (a)&#160;you will
    exercise or not exercise options in a manner that maximizes your
    yield, and (b)&#160;we will exercise or not exercise options in
    a manner that minimizes your yield (except that we will be
    assumed to exercise call options in a manner that maximizes your
    yield). If you do not elect to amortize bond premium, that
    premium will decrease the gain or increase the loss you would
    otherwise recognize on disposition of the debt security. Your
    election to amortize premium on a constant yield method will
    also apply to all debt obligations held or subsequently acquired
    by you on or after the first day of the first taxable year to
    which the election applies. You may not revoke the election
    without the consent of the IRS. You should consult your own tax
    advisor before making this election.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Sale,
    Exchange and Retirement of debt securities</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A U.S.&#160;Holder of debt securities will recognize gain or
    loss upon the sale, exchange, retirement, redemption or other
    taxable disposition of such debt securities in an amount equal
    to the difference between:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the amount of cash and the fair market value of other property
    received in exchange for such debt securities, other than
    amounts attributable to accrued but unpaid stated interest,
    which will be subject to tax as ordinary income to the extent
    not previously included in income;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the U.S.&#160;Holder&#146;s adjusted tax basis in such debt
    securities.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A U.S.&#160;Holder&#146;s adjusted tax basis in a debt security
    generally will equal the cost of the debt security to such
    holder (A)&#160;increased by the amount of OID or accrued market
    discount (if any) previously included in income by such holder
    and (B)&#160;decreased by the amount of any payments other than
    qualified stated interest payments and any amortizable bond
    premium taken by the holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any gain or loss recognized will generally be capital gain or
    loss, and such capital gain or loss will generally be long-term
    capital gain or loss if debt securities has been held by the
    U.S.&#160;Holder for more than one year. Long-term capital gain
    for non-corporate taxpayers is subject to reduced rates of
    United States federal income taxation (15% maximum federal rate
    through the end of 2010). The deductibility of capital losses is
    subject to certain limitations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If a U.S.&#160;Holder recognizes a loss upon a subsequent
    disposition of our debt securities in an amount that exceeds a
    prescribed threshold, it is possible that the provisions of
    Treasury Regulations involving &#147;reportable
    transactions&#148; could apply, with a resulting requirement to
    separately disclose the loss generating transactions to the IRS.
    While these regulations are directed towards &#147;tax
    shelters,&#148; they are written broadly, and apply to
    transactions that would not typically be considered tax
    shelters. Significant penalties apply for failure to comply with
    these requirements. You should consult your tax advisors
    concerning any possible disclosure obligation with respect to
    the receipt or disposition of our debt securities, or
    transactions that might be undertaken directly or indirectly by
    us. Moreover, you should be aware that we and other participants
    in transactions involving us (including our advisors) might be
    subject to disclosure or other requirements pursuant to these
    regulations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Tax-Exempt Holders of Debt Securities</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Assuming the debt security is debt for tax purposes, interest
    income accrued on the debt security should not constitute
    unrelated business taxable income to a tax-exempt holder. As a
    result, a tax-exempt holder generally should not be subject to
    U.S.&#160;federal income tax on the interest income accruing on
    our debt securities. Similarly, any gain recognized by the
    tax-exempt holder in connection with a sale of the debt security
    generally should not be unrelated business taxable income.
    However, if a tax-exempt holder were to finance its acquisition
    of the debt security with debt, a portion of the interest income
    and gain attributable to the debt security would constitute
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    54
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    unrelated business taxable income pursuant to the
    &#147;debt-financed property&#148; rules. Tax-exempt holders
    should consult their own counsel to determine the potential tax
    consequences of an investment in our debt securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of <FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The rules governing the U.S.&#160;federal income taxation of a
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holder</FONT>
    are complex and no attempt will be made herein to provide more
    than a summary of such rules.
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders</FONT>
    should consult their tax advisors to determine the effect of
    U.S.&#160;federal, state, local and foreign tax laws, as well as
    tax treaties, with regard to an investment in the debt
    securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Interest</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Interest (including OID) paid to a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    of debt securities will not be subject to United States federal
    withholding tax under the &#147;portfolio interest
    exception,&#148; provided that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    interest paid on debt securities is not effectively connected
    with a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder&#146;s</FONT>
    conduct of a trade or business in the United States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    does not actually or constructively own 10% or more of the
    capital or profits interest in the Operating Partnership (in the
    case of debt issued by the Operating Partnership), or 10% or
    more of the shares of Brandywine (in the case of debt issued by
    Brandywine);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    is not
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a controlled foreign corporation that is related to the
    Operating Partnership or Brandywine, as applicable,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a bank that receives such interest on an extension of credit
    made pursuant to a loan agreement entered into in the ordinary
    course of its trade or business;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the beneficial owner of debt securities provides a
    certification, which is generally made on an IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or a suitable substitute form and signed under penalties of
    perjury, that it is not a United States person.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A payment of interest (including OID) to a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    that does not qualify for the portfolio interest exception and
    that is not effectively connected to a United States trade or
    business will be subject to United States federal withholding
    tax at a rate of 30%, unless a United States income tax treaty
    applies to reduce or eliminate withholding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    will generally be subject to tax in the same manner as a
    U.S.&#160;Holder with respect to payments of interest (including
    OID) if such payments are effectively connected with the conduct
    of a trade or business by the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    in the United States and, if an applicable tax treaty provides,
    such gain is attributable to a United States permanent
    establishment maintained by the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder.</FONT>
    In some circumstances, such effectively connected income
    received by a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    which is a corporation may be subject to an additional
    &#147;branch profits tax&#148; at a 30% base rate or, if
    applicable, a lower treaty rate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To claim the benefit of a lower treaty rate or to claim
    exemption from withholding because the income is effectively
    connected with a United States trade or business, the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    must provide a properly executed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or IRS
    <FONT style="white-space: nowrap">Form&#160;W-8ECI,</FONT>
    or a suitable substitute form, as applicable, prior to the
    payment of interest. Such certificate must contain, among other
    information, the name and address of the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <FONT style="white-space: nowrap">Non-U.S.&#160;Holders</FONT>
    are urged to consult their own tax advisors regarding applicable
    income tax treaties, which may provide different rules.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Sale
    or Retirement of debt securities</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    generally will not be subject to United States federal income
    tax or withholding tax on gain realized on the sale, exchange or
    redemption of debt securities unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    is an individual who is present in the United States for
    183&#160;days or more in the taxable year of the sale, exchange
    or redemption, and certain other conditions are met;&#160;or
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    55
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the gain is effectively connected with the conduct of a trade or
    business of the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    in the United States and, if an applicable tax treaty so
    provides, such gain is attributable to a United States permanent
    establishment maintained by such holder.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Except to the extent that an applicable tax treaty provides
    otherwise, a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    will generally be subject to tax in the same manner as a
    U.S.&#160;Holder with respect to gain realized on the sale,
    exchange or redemption of debt securities if such gain is
    effectively connected with the conduct of a trade or business by
    the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    in the United States and, if an applicable tax treaty provides,
    such gain is attributable to a United States permanent
    establishment maintained by the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder.</FONT>
    In certain circumstances, a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    that is a corporation will be subject to an additional
    &#147;branch profits tax&#148; at a 30% rate or, if applicable,
    a lower treaty rate on such income.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">U.S.
    Federal Estate Tax</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Your estate will not be subject to U.S.&#160;federal estate tax
    on the debt securities beneficially owned by you at the time of
    your death, provided that any payment to you on the debt
    securities, including OID, would be eligible for exemption from
    the 30% U.S.&#160;federal withholding tax under the
    &#147;portfolio interest&#148; rule described above, without
    regard to the certification requirement.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">Information
    Reporting and Backup Withholding Applicable to Holders of Debt
    Securities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times">U.S.
    Holders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Certain non-corporate U.S.&#160;Holders may be subject to
    information reporting requirements on payments of principal and
    interest (including OID) on debt securities and payments of the
    proceeds of the sale, exchange, or redemption of debt
    securities, and backup withholding, currently imposed at a rate
    of 28%, may apply to such payment if the U.S.&#160;Holder:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    fails to furnish an accurate taxpayer identification number, or
    TIN, to the payor in the manner required;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    is notified by the IRS that it has failed to properly report
    payments of interest or dividends;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    under certain circumstances, fails to certify, under penalties
    of perjury, that it has furnished a correct TIN and that it has
    not been notified by the IRS that it is subject to backup
    withholding.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><I><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    A
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    is generally not subject to backup withholding with respect to
    payments of interest (including OID) on debt securities if it
    certifies as to its status as a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    under penalties of perjury or if it otherwise establishes an
    exemption, provided that neither we nor our paying agent has
    actual knowledge or reason to know that the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    is a United States person or that the conditions of any other
    exemptions are not, in fact, satisfied. Information reporting
    requirements, however, will apply to payments of interest
    (including OID) to
    <FONT style="white-space: nowrap">non-U.S.&#160;Holders</FONT>
    where such interest is subject to withholding or exempt from
    United States withholding tax pursuant to a tax treaty. Copies
    of these information returns may also be made available under
    the provisions of a specific treaty or agreement to the tax
    authorities of the country in which the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    resides.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The payment of the proceeds from the disposition of debt
    securities to or through the United States office of any broker,
    United States or foreign, will be subject to information
    reporting and possible backup withholding unless the owner
    certifies as to its
    <FONT style="white-space: nowrap">non-United</FONT>
    States status under penalties of perjury or otherwise
    establishes an exemption, provided that the broker does not have
    actual knowledge or reason to know that the
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    is a United States person or that the conditions of any other
    exemption are not, in fact, satisfied.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The payment of the proceeds from the disposition of debt
    securities to or through a
    <FONT style="white-space: nowrap">non-United</FONT>
    States office of a
    <FONT style="white-space: nowrap">non-United</FONT>
    States broker that is not a &#147;United States related
    person&#148; generally will not be subject to information
    reporting or backup withholding. For this purpose, a
    &#147;United States related person&#148; is:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a controlled foreign corporation for United States federal
    income tax purposes;
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    56
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a foreign person 50% or more of whose gross income from all
    sources for the three-year period ending with the close of its
    taxable year preceding the payment, or for such part of the
    period that the broker has been in existence, is derived from
    activities that are effectively connected with the conduct of a
    United States trade or business;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a foreign partnership that at any time during the
    partnership&#146;s taxable year is either engaged in the conduct
    of a trade or business in the United States or of which 50% or
    more of its income or capital interests are held by United
    States persons.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the case of the payment of proceeds from the disposition of
    debt securities to or through a
    <FONT style="white-space: nowrap">non-United</FONT>
    States office of a broker that is either a United States person
    or a United States related person, the payment may be subject to
    information reporting unless the broker has documentary evidence
    in its files that the owner is a
    <FONT style="white-space: nowrap">non-U.S.&#160;Holder</FONT>
    and the broker has no knowledge or reason to know to the
    contrary. Backup withholding will not apply to payments made
    through foreign offices of a broker that is a United States
    person or a United States related person, absent actual
    knowledge that the payee is a United States person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Backup withholding is not an additional tax. Any amounts
    withheld under the backup withholding rules from a payment to a
    Holder will be allowed as a refund or a credit against such
    Holder&#146;s United States federal income tax liability,
    provided that the requisite procedures are followed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Holders of debt securities are urged to consult their tax
    advisors regarding their qualification for exemption from backup
    withholding and the procedure for obtaining such an exemption,
    if applicable.
</DIV>

<A name='W82170116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We may sell the securities in any one or more of the following
    ways:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    directly to investors;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to investors through agents;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to dealers;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through underwriting syndicates led by one or more managing
    underwriters;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    through one or more underwriters acting alone.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any underwritten offering may be on a best efforts or a firm
    commitment basis. We may also make direct sales through
    subscription rights distributed to our shareholders on a pro
    rata basis, which may or may not be transferable. In any
    distribution of subscription rights to shareholders, if all of
    the underlying securities are not subscribed for, we may then
    sell the unsubscribed securities directly to third parties or
    may engage the services of one or more underwriters, dealers or
    agents, including standby underwriters, to sell the unsubscribed
    securities to third parties. We may also sell securities to our
    shareholders as part of a dividend on our common shares if our
    board of trustees, in the future, should elect to pay dividends
    with a combination of cash and common shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The distribution of the securities may be effected from time to
    time in one or more transactions:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at a fixed price or prices, which may be changed;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at market prices prevailing at the time of sale;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at prices related to such prevailing market prices, including in
    &#147;at the market offerings&#148; within the meaning of
    Rule&#160;415(a)(4) of the Securities Act;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    at negotiated prices.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Any of the prices may represent a discount from the then
    prevailing market prices.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In the sale of the securities, underwriters or agents may
    receive compensation from us or from purchasers of the
    securities, for whom they may act as agents, in the form of
    discounts, concessions or commissions. Underwriters may sell the
    securities to or through dealers, and such dealers may receive
    compensation in the form of discounts,
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    57
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    concessions or commissions from the underwriters
    <FONT style="white-space: nowrap">and/or</FONT>
    commissions from the purchasers for whom they may act as agents.
    Underwriters, dealers and agents that participate in the
    distribution of the securities may be deemed to be underwriters
    under the Securities Act of 1933, and any discounts or
    commissions they receive from us and any profit on the resale of
    securities they realize may be deemed to be underwriting
    discounts and commissions under the Securities Act. The
    applicable prospectus supplement will, where applicable:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    identify any such underwriter or agent;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    describe any compensation in the form of discounts, concessions,
    commissions or otherwise received from us by each such
    underwriter or agent and in the aggregate to all underwriters
    and agents;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    identify the amounts underwritten;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    identify the nature of the underwriter&#146;s obligation to take
    the securities.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise specified in the related prospectus supplement,
    each series of securities will be a new issue with no
    established trading market, other than the common shares,
    Series&#160;C Preferred Shares and Series&#160;D Preferred
    Shares, which are listed on the NYSE. Any common shares sold
    pursuant to a prospectus supplement will be listed on the NYSE,
    subject to official notice of issuance. We may elect to list any
    series of debt securities or preferred shares, respectively, on
    an exchange, but we are not obligated to do so. It is possible
    that one or more underwriters may make a market in a series of
    securities, but such underwriters will not be obligated to do so
    and may discontinue any market making at any time without
    notice. Therefore, no assurance can be given as to the liquidity
    of, or the trading market for, any series of debt securities or
    preferred shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Until the distribution of the securities is completed, rules of
    the SEC may limit the ability of any underwriters and selling
    group members to bid for and purchase the securities. As an
    exception to these rules, underwriters are permitted to engage
    in some transactions that stabilize the price of the securities.
    Such transactions consist of bids or purchases for the purpose
    of pegging, fixing or maintaining the price of the securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If any underwriters create a short position in the securities in
    an offering in which they sell more securities than are set
    forth on the cover page of the applicable prospectus supplement,
    the underwriters may reduce that short position by purchasing
    the securities in the open market.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The lead underwriters may also impose a penalty bid on other
    underwriters and selling group members participating in an
    offering. This means that if the lead underwriters purchase
    securities in the open market to reduce the underwriters&#146;
    short position or to stabilize the price of the securities, they
    may reclaim the amount of any selling concession from the
    underwriters and selling group members who sold those securities
    as part of the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    In general, purchases of a security for the purpose of
    stabilization or to reduce a short position could cause the
    price of the security to be higher than it might be in the
    absence of such purchases. The imposition of a penalty bid might
    also have an effect on the price of a security to the extent
    that it were to discourage resales of the security before the
    distribution is completed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    We do not make any representation or prediction as to the
    direction or magnitude of any effect that the transactions
    described above might have on the price of the securities. In
    addition, we do not make any representation that underwriters
    will engage in such transactions or that such transactions, once
    commenced, will not be discontinued without notice.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Under agreements into which we may enter, underwriters, dealers
    and agents who participate in the distribution of the securities
    may be entitled to indemnification by us against some
    liabilities, including liabilities under the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Underwriters, dealers and agents may engage in transactions with
    us, perform services for us or be our tenants in the ordinary
    course of business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    If indicated in the applicable prospectus supplement, we will
    authorize underwriters or other persons acting as our agents to
    solicit offers by particular institutions to purchase securities
    from us at the public offering price set forth in such
    prospectus supplement pursuant to delayed delivery contracts
    providing for payment and delivery on the date or dates stated
    in such prospectus supplement. Each delayed delivery contract
    will be for an amount no less
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    58
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    than, and the aggregate principal amounts of securities sold
    under delayed delivery contracts shall be not less nor more
    than, the respective amounts stated in the applicable prospectus
    supplement. Institutions with which such contracts, when
    authorized, may be made include commercial and savings banks,
    insurance companies, pension funds, investment companies,
    educational and charitable institutions and others, but will in
    all cases be subject to our approval. The obligations of any
    purchaser under any such contract will be subject to the
    conditions that (a)&#160;the purchase of the securities shall
    not at the time of delivery be prohibited under the laws of any
    jurisdiction in the United States to which the purchaser is
    subject, and (b)&#160;if the securities are being sold to
    underwriters, we shall have sold to the underwriters the total
    principal amount of the securities less the principal amount
    thereof covered by the contracts. The underwriters and such
    other agents will not have any responsibility in respect of the
    validity or performance of such contracts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    To comply with applicable state securities laws, the securities
    offered by this prospectus will be sold, if necessary, in such
    jurisdictions only through registered or licensed brokers or
    dealers. In addition, securities may not be sold in some states
    unless they have been registered or qualified for sale in the
    applicable state or an exemption from the registration or
    qualification requirement is available and is complied with.
</DIV>

<A name='W82170117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    Unless otherwise set forth in a prospectus supplement, the
    validity of the securities offered will be passed upon for us by
    Pepper Hamilton LLP.
</DIV>

<A name='W82170118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The financial statements and management&#146;s assessment of the
    effectiveness of internal control over financial reporting
    (which is included in Management&#146;s Report on Internal
    Control over Financial Reporting) incorporated in this
    prospectus by reference to the Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008 for Brandywine Realty
    Trust have been so incorporated in reliance on the report (which
    contains an explanatory paragraph on the effectiveness of
    internal control over financial reporting due to the exclusion
    of Brandywine&#146;s investments in Four and Six Tower Bridge
    Associates from the internal control over financial reporting as
    of December&#160;31, 2008)&#160;of PricewaterhouseCoopers LLP,
    an independent registered public accounting firm, given on the
    authority of said firm as experts in auditing and accounting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    The financial statements and management&#146;s assessment of the
    effectiveness of internal control over financial reporting
    (which is included in Management&#146;s Report on Internal
    Control over Financial Reporting) incorporated in this
    prospectus by reference to the Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended December&#160;31, 2008 for Brandywine
    Operating Partnership, L.P. have been so incorporated in
    reliance on the report (which contains an explanatory paragraph
    on the effectiveness of internal control over financial
    reporting due to the exclusion of Brandywine&#146;s investments
    in Four and Six Tower Bridge Associates from the internal
    control over financial reporting as of December&#160;31,
    2008)&#160;of PricewaterhouseCoopers LLP, an independent
    registered public accounting firm, given on the authority of
    said firm as experts in auditing and accounting.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <BR>
    59
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#W82170tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
    <IMG src="w82170w8217003.gif" alt="(BRANDYWINEREALTYTRUST LOGO)">
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>w82170w8217002.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 w82170w8217002.gif
M1TE&.#EAC`!%`.9_`$YIDHF;MXF;MO___^WLQL3-V_#S]N+F[>+G[=K9C")$
M=Z>TR=/:Y/'S]N'F[&)T0FR"I<C&4M3:Y-+9XZNYRWN/KJ2SQC%0@%UVF_CY
M^\+,V<7%4?'QU.GL\:BJ'(V?N+;!TI>GOYBHP+O&U,K3WO;VXS]=B</!0YRL
MP3!0@%QUFS]<B3I56+7`TAP^:(J3+)2FO?KZ\;>W)FN"I./CJ='0;R9&8R%#
M=^+BJ;JX)J:TR=G9BY2:)R]/?YBGO\S+8.SLQOO[\8R4+;._T)&?C':#-^?G
MM]G?Y]_>FN'F[4QHD+R\-'J.K8"+,D1=4J>TR,_/;LK*8.CGM];4?9ZB(;Z]
M-3!.74YE3;N_>61U0Z:TR&B`H>/ER]34?:>N85AL1\G0QYZG9_#R]G>-JWJ/
MK;:X2.ONY]W=FI.<28B:MMSAWG"&IF-[GVQ\/;O!F[_&JH&4LL#`0[&ZH<;*
MEFAY4;N]5F)ZGL[5UK&V7,7'<\7.V[6S&(69L[*R%Q,W;O___R'Y!`$``'\`
M+`````",`$4```?_@'^"@W]Z?H>(B8J+C(V.BST41X24E9:7F)F:FYR&CY^@
MH8D]?'PP(P:<JJNLK9:>HK&RHZ6U%A.NN;J[@K"SOZ&DM;4?J+S'R)>^P,R-
MPL/#M\G3R,O-UXC/T,,?U-ZY$@#BX^3EYN?HZ>9L,-O;W_#Q\I4=(^WN?//Z
M^]_U]\/\`@H\UD$#BEH#]S70P["APX<0(TJ<&#'5)0,D+"349PT;-CX4<&T<
MV=%C,V+&1@HL:1+8-FDJ][%L.0M?,8LQX<U49(.%#9J,\-5"(3(G-99?'ESY
M^:6/TS9`%0D%:)3:PHA>G#KEH=6I%XI@P9(X.+7JOAA=TSJ5$64'CA+P_S"2
M?6<V'H<_1M3JU;HA1CRYT.K"V^!TR=[#./09F$"AE&!D"`)(#G"XLM,PDS-K
MWLPY``F<E3(4?:S+E^7*#UJ6"IF!M,Y#3EZ</LQ#]3#6KI%Q`/+&29'9EIV8
MQ(<[MRLHP)-[L.)Q*D@U08RK`I*\NH<'+JXYYT-DSXD$=Z5C(ES=>I'L+IUW
MW\,^1PT:T<4/.E.^?A\HNCJ0H/`!WWKV`'H'GGAYV5?>!LCHQ]\P_P48H'OP
MD5:"#`8>Z(V"'S3HX(;?A5<5<A56)X,\9M!00Q4;IMC>>_&I%$6(U;W`#`H:
M=,!)"5),<8***7Y'P$@<1+'!!ET848(>+,"H5_\3S!`SQ!&M<4)``A'PZ&`.
M/]``ETHXU*$D#UQU=463+WVV"@=(_("BE7MD$=4:*6$"8E=4E$<%>E9XX%01
M)PEURB2KE&#BCBFZ"=06I1`5)25H=>7!=2SH"5QMB+C``G-].K='%1$D@`0!
M+682A!14!F@H38@.,X0#E>!`81]-6/&`!S:XT$1RY]&T'1\IYA#!%)]NF0D!
M:=)QC0GFC.$.JY5$-MD2:$CFAF&64<A#9]AB"X<%V[$)8`0U)$"`A_QD<,00
M__#!;"9Y`2%(#"]65D()._0SP0C<;N.MBB?\D(`4/_*CH+J<##G(#GW$T44?
MY'55[SX=W)OOOOMR.D?_MAAWIL6Z@RR:"0=])/8'PAOL,.(?,0`!Q&Z&;6"$
M0`800$,""?P0`:$4.RA$5$KP\4%QEUSE$!Y+W*$'%GU@@449$<GAE`=A1:V'
MC;J40,"4"4P1000Y6+DS4#T/0Z/'@UCCPG5^/-#'`P_(R$C;P@W'AP4C'`':
M,5>36O/67P.#K#EV+/O*VWW8H/853?`955#0?&"!!@Z0+5W$0\S%<=F-4-&$
MVBR\D-KBBS@'`P4T>WKUZ<(*EH$#&MS=2R-.K-U'YY^#GLBN.9^P]>Y3E$XS
M`5Q(+3P#KBOCR`MZ^D$%"[9+U6W.WO;=4M@6#`&YY*\W8H-3?LS>_.W/0^\U
M_\^"5R)T1'GTH4<?8`CO/D0.D*#!_!188']_I8C/IO0FA0W-Y9R(`0[0(AX.
MG.Z`"$S@Z;B`@&\XX(&LFU_Q.,&!D\GG@AC,H`8WR,$.>O"#(`RA"),1F0:V
M8B$-X(<!&&"4"HP#`Q*8AB'TX(H9LN()`A``&5BHB@(`0!`#&(`E#I##(A[`
M&P"X@&04H(`45L,/-#RA'IRH"@#XH``^\`,/-^%#05S1$@8H0`%6(,8)7B($
M0L2$.`01`"A&!@0`J,`?1"`.")@P``N```#L*(@&Z!$#;=0#"`(P"!&((`!1
M7$``[JB'$OXA`"!P(0P%@8`_1A$`!1`$)@5!1`$<\?\/!6#"#'0@Q"XR8`8^
M8$`0!['*/P!`B`=(@B</8)$#?)(!!3A`$%^91DL`P`1Z6(`)3%"(0U1@`7]0
M8@`4\,,_'`*0"KB`($R@@`!4X!#!]`,(_H``/RS@`L3\@P+\(((_2$";-GSF
M,A7PAP8HP`0!`(`?&HC)`83@!D<\0`I:4`!\_F$!!Q##"EH`RA^>,I4'\(-%
M5*`#30I1`"O0@0$$D,D_Y!"4*]!"`08@@!2DX9.^3`0R#4'(LND!`GX0A!^:
MV<9B(O,/UZ2A`B#PR":VL0$@\`,&B%D!=J93FO^$H@B\*4@_$!(`*P#`#9(@
M"`&@<0!,"`$0H2J`@C8UDP/_`$!##7"#-+[2HE6U:$4O&@(5]/*K:FPF2AD"
M14&`8)Q)3*DS2YK38D;1ACUMP`5HVLT\8B"G"-BK79TI1[NV,1$8<.5&53"#
MIJ9@'$\P@`I6(```5+6+8A5$"UX9`B8,XJL4O6I3JWJ`I/(0K9=8XQ]RBLBV
MNO("*;RF2DMJ")>RL:W=C.DT,:``9"I`M^FDK5#]$$-";/(`-TC%10?1`K."
MU:J9_<,`4I"$%8`4M&.5ZA]F$%9[-A.UOE0B!,:)`!O^@;<+$,$X9_LZ05R@
MMX>]I!^`.L=#I!"E0`WNZQK)Q`4L```TW.1V2>L'-)*R!2DP0!)2<-EF"D`%
M27BHA@I0BUW-6E<+#/Z#`09P@.^J$A,N%,<BS0F`XDH``R+^[DO#04D4`R">
MQ5T`.0>!@#CV`@#E)'$,`;#B$IM3CWMLX!-NZ0-8YO"IE9T!+O]P@"<(8J("
M$")7"3J()Y3RDP/0@5/%^`<&J$`%/&2`)XTR7BK*AP$IZ"4(]7"!&5\0JOOT
%1B```#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>w82170w8217003.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 w82170w8217003.gif
M1TE&.#EA&0&,`.9[`(F;MTYIDO___\7.V\3-VXF;MLC&4DQHD/'S]O#S]M3:
MY.WLQMK9C,+,V>+G[>'F[*2SQFR"I2)$=S%0@#]=B:>TR8J3+)BHP'N/KNSL
MQB%#=]/:Y)2FO<7%4?CY^^+F[8V?N#!0@/'QU-+9X[;!TJNYRS]<B6N"I*:T
MR6)T0K._T%UVF^GL\9RLP=G9B_KZ\3I56,K3WK>W)OO[\=G?Y_;VX]'0;[O&
MU*BJ'&B`H>CGMQP^:)ZB(;JX)KZ]-6Q\/;7`TGJ.K92:)W:#-^/CJ9>GOUQU
MFYVF9</!0]_>FKR\-,#`0TYE329&8\_/;D1=4LS+8.?GMXR4+=;4?2]/?\K*
M8-W=FN+BJ3!.79BGO]34?8B:MH"+,J:TR%AL1_#R]I.ACZ>TR*VZS6Q^7XF:
MMK7!T8600<[3LHZ@N9BHOYVJK(&4LH"/=XF7<9.CL:^Q3K7!TGJ/K>'F[>?I
MV7N*:&N!I)VHB;6S&(69L[*R%Q,W;O___P```````````````"'Y!`$``'L`
M+``````9`8P```?_@'N"@X2%`'J(B8J+C(V.CY"1DI.3.2TC'H6:FYR=GI^@
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M??BVKEV$<>>6N\NW;[NX)8#Z'4Q8FX<1@?$4]CH`@./'D"-+GDRYLN7+F#-G
M1H,IU^'%6(D:Y7E@5BW0J$6/CEG:&#+4A%6O-MG:&C;8?67/SEB[)CK<=77O
M9MA;X#W@;84/_U?<(4'D8)4OE]><XTKH5Z5/AU<]I4>0V)MJWQZN^\_KX8..
MAX0E10HFY">93^HQ/<[UC9I8R,,_#XX4\4$R'UGVM:1<"CCDP8,%/SR1"!,)
M]M>?$#L$V,B`21784F.:.6:&A/WQ,`8=(((H1(<HIIBB&"J`P%4]&I:508DT
MUIC'%5_1T.*+2L7X50<V!ME?!QED`):.+G+EH_]7(@CII(0R=.!"%"]@]<!6
M;"UYE15/=@FB$S5X)59*6C)5@PB#`.GEFGG(@.978U)5)DXOJ"F#$QG(P":;
M59R5UUYSWJ3GGH1*^-:?L@3:THR%-IK'77%!H.A!_<#@:*/+'=#";Y.&UL@.
MEQ::J3$E=-:I4PJ%2B@,PS57:D&GWO3-#C`TH>J>/[3JT*NQRJH(%D+<2B@/
MNG*D@D2]BO0+##P(6Z@7NV%XS;')&E2DD6`P\4.SSA:*0X6K26L;M=6JHT6W
MZ%HPF[CET()LN<U4@>Z\0X3+XT`WS#$#O+TP.B^Z0C1A%+L/'7&'`4F\R>\M
M:OZ+[G_@LG8O.0;?8;'_#S;HL._"H_CK\+]#.`@3P0Y5;/')!R?,,2A+?.RR
M@B+S-K$U)J.,,L8:KZS)N2^_'&8^#S0`P<PUVVPTP@IS'$7//;N`4-!#<U6T
MT53CO'&Y(@S*],<=A`3U3U-3+7;*27?Z@A);O[Q$2U^7//;;1O=@`Q%7!]IP
MVA\+U3;-</=M-!(,E!VC"WCW[%3;8?O=M]QTQ^AQX0Y;>88!BE?^=^#V.0'Y
MRV6)D`04/5@N.N-UPW;WYO.JJ/IC7;R[3`U$V("$Z)8#+CAAFJ/N<$FE@5`J
M>,S,H,,4E-/N-^F+95VC$DY84208,/R@NY?JRFQ-"PUDX\P"#(!N?-^V$U:#
M_Q8=E"\EE21Y,7V7N5K?K@JF.B-"[#Y\_S;RT-DQQ/I=QDQ<2A"(@?:<48/A
MS<Y^8GO#ZA:HHB*,0!DO<`':UH<#"UB`6S4B%N_H<P/7:8-[Q4.@Q:1@(2K,
MX@8#/(4+M*:['PA,$=*C$:LV^*+?J<-S4*C?]T@8(!.Z)GZDR)V0<!"LCW'!
M$?N3$`[@0YN9M0"%ZX"=[$3'P_CXD!S'&<45N@2M)T1H7@!R!`R&8$$72FQF
MUS```XBP`'4(CP$A?%L5R7/%FGPD%%P*$K>^I0=@_4L(`2*90VSF`P-,(0D+
M*!TSN.<]JLUQ.W44"`0>Z(D7M*Q&7-@!%_A3+SWL(/^&Z&+B=@0I$+CUP``V
M8,`"?M:,^=E`AR,LX4]`T(!*KA!$7)BAK?B#A43`H(C=:M]T2%D/VAD`"@S0
MP>UT(;PI(.&1TXGD0R3UB1=DP`IM@$'$$)$"_E0O$=U,US;7A49CB/`.2$`F
M&Y>!@`$H0"B'V1%'J!D*#D7&#8-B0V34<+I&33`/)V*@0"G3!0@D:6;G-%HA
M&8!(1?:%!3&(6CWHB8LMYD$)F\C`/PO5M0S(*P]&PHD'@E:"L7`EH:8TI"I9
MV1</Z,BDQ^#%)9VFB<?M*0J#J($+JM24D3:@I#]!J>A0J<IEM@4P/=(%HV3`
MTT)(2`DL?!).S^)3H)92J/;_2V<RVWB7H/7BHT[8A(2LL`?"Y:$*4:71$IKJ
MEJK"%*M"7>A`YWJ9&``OBH,2G(2,1+BU[:$&UW2!$\I7!1>X0`LMDX$6,L#6
MMU35`*&#*THMI(=CW``?ZS!KUYS:'R,!:;.@L"A_EK#3PBQ@`3I@0/<,$$?)
M]HVRY/#=".[:C+/Q9ZJ#D%"5@-0G40B1/Z!%3@U.FP0&$,\`L'3M'6`KD"=B
MMAD650);#;4'(-$T%#4H4:!.F]K5MO9[S'T(+8"(BDGL)P]A1`0&$9&@]$X"
ME'D09KB>.((4LF2X"R@N')&KN/`"<!2BL91_7JB'\U://_Z;!!,L*$IR6@,"
M#:`!_VV7(@+4JM8&K$69?^<)8$HDL9,%]B8B^#-#RDK"/""`\`-@9949+&``
M,(ZQC&=,XQK;6,;O-`5)#RK)#D^B"1&:X7GKM<M>FOC$/^%`"6+P7)UQ(@$C
MN(%>'NSC282S>N<%D("/+!\>M4`%`G2R)Z!VT"I+8@?<@D^6];!E+D>"F`^^
M@2I/>UJC\HL%(U"!F27!!/[P8`?G==`3`.KF-Y=3%GTK)&M9.P75.IK.=-:9
M<+(<3E9U\YN%OM"A\:#<DYURT41U]%8A[5#<"$?`.$AB+[MYQ$P[`L[DZ'1"
M*9OB!HR@R;E03A+[PTWTNOK5FY;U.3=LCA)$V+[N:,4.OO^8!T3LQ[V_3@2L
MK2%L$1*['%_.WIXI$4Y"ASC!T=;#M,U9;?M=N\?)=@6WL)R'$H<;$>-&=+G!
M:Z&D4%0;2VN3(/1DYZ\\X-]!:X#`(4!PB3YDWO0.D+W7H29!\"<]``_XP$%-
M\8I;_.(4C^SW`L#QCGO\XR`/N<A'WO'+K*'@,*T'"-81P:D^7,R38@'`8R#P
MG^HCNWZ%N<Z=,:/@[OSGO+`FCH!.]*(;_>A(3[K2E\[TICO]Z5"/NM2G3O6J
M6_WJ6,^ZUI.%B`"T@T,#>(L`.+X!Z%0`Y"L`0(YOTO5VI`(`VR!``>8^]S@0
M8,*]$``B"*`+N=/][W/G^WT>L0+_!+!=#UX?"B+@KHT"..($>->%WO4@>$$(
M8`.5#X7C'U$`]2`B`H]902(B</C$K\,!,';`-AQO`@(0H`Q!"`$B3M",R6>>
M`'KH_"@^X'K7FX#RO?_`-@2``CG<(A5A'X0"$E%ZNSC>]'M(P._U(`!FV)X0
MN-?]*0)`_77@/O.^0$3R!\%]/>08]6%'P`4<HWI!((`$CZE`^PFA`!@+`OZ.
M6;LF%!!_P[=]#_4W`(97"`&(?O/G?C&V?_:W!^@W@`"X@/BG=IT0@22@"<]7
M"$"`"&57"`+0>Q,F`!]0!'-7!,)'"-<G`"B(>UN`@M57"MS7@GO`@GO`>V7'
M@C!H>2BH_PDRB'V4=WSB5P@4@`B#D`H*(`&)D'P1T`@84`CE-P`3L`@!X(#N
M5WZ)(`$5\'\8@`@74`@(8(03<(5Z0'J$D(6(<(![8(04(`C(1WZ(0`)&J`A1
M6`ANN`@3,'Y[<(&$D(%Z4(*65P`:H`A!`(-CQPA;8()[%X.-4``=2``;2`@)
MX'IW]8*#H'<%@`)M-WDWN`?<=WM&@`@F``>"$`8%<`)Z<`)S9PIK.`@7\'][
MD`I&*`$<EWR(0`$8``"BAP@50`CEAX88$`%O*(;N%X1Z(`&@)XS_YP"S6`A@
M>`%=.(R%\(1:2`@D$(VM^(."0(5Z0(N^^'F$`(9ZD';&N'9X*/\(TJ<'(2"(
MI*@!!4``6?"'03")&A`$=[<!G:@'C7B"<T>*`1!X>T"*YU@(EJ@!-RB)EE>*
MYE@`N8B)3-B#@O`!GE@'(:![01``OV<"'(>*GP<`$1``T$@!#O@+$2"%K7B`
M`Y",;(B+RO>&\Y<*'CD(WFAZY:=_MVAX2:@'%2@(RY>-V4@(-3F`J:B)B9"+
M./F&`XB,P[AV8&AZK.=Z0!`$?Z@!C;@'N`>5@[`!B,"'7V""W*=]US<(V<>#
M]JB5N;>0@NB)P*.0NLB0=UB*U2<`=_5]/M@(*T`2>C`!(LD)PIB685@(9#A^
M*ED(-6EZ8+B$@F"48CB->D"8>Y"%%`#_AO/WA'.IAM8(E'O)D]9(AD(Y"#,I
M")NG"":0!;1%BMHG"*18!)U@B:;7E8+PE9/X>[0W"`ZYAV0YB8=(F]V7EI77
MB2C`"7!Y"JD`>AC`D8@P`6N7"HK)A1$(`-"HES>IBHN'DR9)?ZQXAG7IG'K@
ME]4I"$_(C-28DYGYD^77G(*PBGJPA91)`C-6D\GG>!%9`$&`"$9P@P(@>P1@
M@P*P!7KPCI-(`$!0`$60!8AGF[<WEH00D##H>$:@"02)B`)IB+?)AI7WGE2I
M";V)D==)".0I`>WWDX.``#79"'HIDB6I!XPWHM`W"-/9EX(0A!-@F>8'@&6X
M!Z*7AHN)"!\Y_YGE)Z+/29F/()3CB'MZL)NVZ0B)EP!^R`BI69NK2:"#D`!_
M**3SJ0=`H*`/JG<GBI80"IM_6(I\N*3@YV-VN`<U:9X<NJ*(0(P`0`(5L)PG
MJ0DC6J+3B:(!.@B&":/E*9UWRIB"X)A[`)F$`)Y"6`AO>HV+1QGK.:>"\)[_
M6)"YUWN.6H/E=P*,^`7CJ)I2R:2#0(H)N@<9N*AI6997B@B9N(F$\`'UJ`%"
MZJ5Q&:9O)YD7VHVS*(7EIY=NNJ,(,)S[%Z?<)P$UJ@<B^81IN)WNIX4Y*9Z`
MJ@>U2J*$J@=F:(&(N@=6&:2M*:6=$*VI>JE)JI:7.IH->97]J`>F2?^EH,J!
MHFJ"?PA^'2A[#:JJOCF9R\IX9=JJA,"FRYJLC->G[BJF<0J&)/"$P#@(9(B8
M\S>C6<BK?XJC@4H(@[H'Y!F9G3".,<A]GJJ/F>B5>F`"-U@$B&JIK"F619``
MB(!W"VJE'/A[F:>'7QI]?]B(%6H1DSD`M_BJ94J><2@('TJK@KJC#'NF:T>>
MSRH(KYBO=@JLL%J7E3F$"(NL.:NL>]",B4D("%`!F0FQERJM2\J6^WFU?.BD
M&ZNDEXJQFF"))M`%I<@)(_NSWQJ?Y"A[:BF(LL>'N*>?%NH(P%BF#O"&$]"+
MT)BPE&FOA&",*X`!PFB$)]JKV:D)QFB>PYK_".)9C:_:MTM[K]Y(C,&ILU0;
MI0$`@^^)>$4@=R%0I']H`D"P`2@0`K*7K9D7FT9``&E@@K)'GV9;I6@+I$8`
M!.WXN6H9!BB0`%_@CS`8FYT[MXNP`IGIN&&Z!W,(AV0X?[,:N5`;L\-)`MQ7
MN$9YIYO@LV9XBRU*E^/7O`JKLWO@A(TPM6AKB6U;NHM`!H-@OHD0`E:)NH6`
MGW$*H!=;L80ZKIK0!5N*>!M`JIRI"!HPI80@OTI+"N@G8\W*@#!VEX)@3^_4
M@,JW@%";>ONW?@"0?/6G?X,@C`G<M`E8".BGP0HL@!%\O.TT`,VJ`!9\P5*X
M@R;HPI;'>XR8B1^`70)S!P0I>(\P3(Z06`BQ>:T<F(,X:+\QZ'H?T)9"''TV
M[)]="IN,&!Y&Z;`Z-Y61!W6W>+PZ4X[<&G6U"(U2K#.+^'L:4,5-!X<,O#!`
2>K%1.76/T;A.]H@S+!2!```[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
