<SEC-DOCUMENT>0000950123-11-030933.txt : 20110330
<SEC-HEADER>0000950123-11-030933.hdr.sgml : 20110330
<ACCEPTANCE-DATETIME>20110330172920
ACCESSION NUMBER:		0000950123-11-030933
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110330
DATE AS OF CHANGE:		20110330

SUBJECT COMPANY:	

	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:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-158589
		FILM NUMBER:		11723132

	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

FILED BY:		

	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:		FWP

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>w82170ffwp.htm
<DESCRIPTION>FREE WRITING PROSPECTUS
<TEXT>
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<HEAD>
<TITLE>fwp</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Issuer Free Writing Prospectus<BR>
Filed Pursuant to Rule&nbsp;433<BR>
Registration Statement No.&nbsp;333-158589<BR>
March&nbsp;30, 2011</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PRICING TERM SHEET</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>BRANDYWINE OPERATING PARTNERSHIP, L.P.<BR>
$325,000,000 4.95% GUARANTEED NOTES DUE 2018</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Issuer:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brandywine Operating Partnership, L.P.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Guarantor:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Brandywine Realty Trust</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Size:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$325,000,000&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Maturity:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;15, 2018</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Coupon (Interest Rate):
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.95%&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Yield to Maturity:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.137%&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Spread to Benchmark Treasury:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#043;230 basis points (2.30%)&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Benchmark Treasury:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.75% due February&nbsp;28, 2018&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Benchmark Treasury Price and Yield:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">99-14&#043; / 2.837%&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Interest Payment Dates:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;15 and October&nbsp;15, beginning on October
15, 2011</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Redemption Provisions:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">At any time before 30&nbsp;days prior to the
maturity date, at the Treasury rate plus 35
basis points.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">If the notes are redeemed on or after 30&nbsp;days
prior to the maturity date, at 100% of the
principal amount of the notes being redeemed,
plus accrued interest thereon.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Price to Public:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">98.907% of principal amount</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Type of Offering:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SEC registered</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Trade Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;30, 2011</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Settlement Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">April&nbsp;5, 2011 (T&#043;4)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CUSIP/ISIN:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">105340 AL7/ US105340AL76&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Joint Book-Running Managers:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wells Fargo Securities, LLC<BR>
J.P. Morgan Securities LLC<BR>
Citigroup Global Markets Inc.</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;<!-- Folio --><!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Senior Co-managers:<BR><BR>
<BR>
<BR>
<BR>
<BR>
<BR>

Co-managers:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BNY Mellon Capital Markets, LLC<br>
Deutsche Bank Securities Inc.<br>
Morgan Keegan &#038; Company, Inc.<br>
PNC Capital Markets LLC<br>
RBS Securities Inc.<br>
TD Securities (USA)&nbsp;LLC<br>
U.S. Bancorp Investments, Inc.<br>
Barclays Capital Inc.<br>
BMO Capital Markets Corp.<br>
Comerica Securities, Inc.<br>
Commerz Markets LLC<br>
Goldman, Sachs &#038; Co.<br>
Janney Montgomery Scott LLC<br>
RBC Capital Markets, LLC<br>
Santander Investment Securities Inc.<br>
SunTrust Robinson Humphrey, Inc.<br>
UBS Securities LLC</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Listing:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ratings*:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Moody&#146;s Investor Services: Baa3 (stable)<BR>
Standard &#038; Poor&#146;s Rating Services: BBB- (stable)<BR>
Fitch Ratings: BB&#043; (stable)</TD>
</TR>
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</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
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<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Note: A securities rating is not a recommendation to buy, sell or hold securities and may be
subject to revision or withdrawal at any time.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>The issuer has filed a registration statement (including a preliminary prospectus and a prospectus)
with the SEC for the offering to which this communication relates. Before you invest, you should
read the preliminary prospectus supplement, the prospectus in that registration statement and other
documents the issuer has filed with the SEC for more complete information about the issuer and this
offering. You may get these documents for free by visiting EDGAR on the SEC Web site at
www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the
offering will arrange to send you the prospectus supplement and prospectus if you request it by
calling Brandywine Realty Trust Investor Relations collect at 610-325-5600 (or emailing</B>
<U><B>howard.sipzner@bdnreit.com</B></U><B>), Wells Fargo Securities, LLC toll free at 1-800-326-5897, J.P. Morgan
Securities LLC collect at 212-834-4533, or Citigroup Global Markets Inc. toll free at
1-877-858-5407.</B>
</DIV>



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</DIV>




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