<SEC-DOCUMENT>0001193125-17-088418.txt : 20170320
<SEC-HEADER>0001193125-17-088418.hdr.sgml : 20170320
<ACCEPTANCE-DATETIME>20170320091132
ACCESSION NUMBER:		0001193125-17-088418
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20170320
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170320
DATE AS OF CHANGE:		20170320

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24407
		FILM NUMBER:		17700210

	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

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09106
		FILM NUMBER:		17700211

	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>8-K
<SEQUENCE>1
<FILENAME>d363059d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): March&nbsp;20 , 2017 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>BRANDYWINE REALTY TRUST </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>BRANDYWINE OPERATING PARTNERSHIP, L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Maryland</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Brandywine Realty Trust)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-9106</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">23-2413352</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Delaware</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Brandywine Operating Partnership, L.P.)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">000-24407</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">23-2862640</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Incorporation or Organization)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>file number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification Number)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>555 East Lancaster Avenue, Suite 100 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Radnor, PA 19087 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address
of principal executive offices) (Zip Code) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(610) <FONT STYLE="white-space:nowrap">325-5600</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions (see General Instruction A.2. below): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR
<FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Other Events. </B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brandywine Realty Trust (&#147;Brandywine&#148;) today filed a prospectus supplement to
the prospectus dated March&nbsp;20, 2017 that relates to the offering of its common shares under its &#147;continuous equity&#148; offering program that commenced on January&nbsp;10, 2017 and was previously disclosed in Brandywine&#146;s and
Brandywine Operating Partnership, L.P.&#146;s Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed with the Securities and Exchange Commission on January&nbsp;10, 2017 (the &#147;Prior
<FONT STYLE="white-space:nowrap">8-K&#148;).</FONT> Specifics of the program are incorporated by reference from the Prior <FONT STYLE="white-space:nowrap">8-K.</FONT> The filing was made to continue this offering under the new shelf registration
statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (No. <FONT STYLE="white-space:nowrap">333-216822)</FONT> that it and Brandywine Operating Partnership, L.P. filed today. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The legal opinion of Pepper Hamilton LLP relating to the legality of the shares offered by the prospectus supplement and the legal opinion of Pepper Hamilton
with respect to certain tax matters are attached as Exhibit 5.1 and Exhibit 8.1, respectively, to this Current Report. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:37.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Exhibit&nbsp;No.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:37.25pt; font-size:8pt; font-family:Times New Roman">Description</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Pepper Hamilton LLP regarding the legality of the shares offered.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;8.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Pepper Hamilton LLP with respect to certain tax matters.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Pepper Hamilton LLP (included in Exhibit 5.1).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Pepper Hamilton LLP (included in Exhibit 8.1).</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Signatures </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf
by the undersigned, hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="91%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">B<SMALL>RANDYWINE</SMALL> R<SMALL>EALTY</SMALL> T<SMALL>RUST</SMALL></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gerard H. Sweeney</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Gerard H. Sweeney</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President and Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="84%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="5">B<SMALL>RANDYWINE</SMALL> O<SMALL>PERATING</SMALL> P<SMALL>ARTNERSHIP</SMALL>, L.P.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">BY:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">B<SMALL>RANDYWINE</SMALL> R<SMALL>EALTY</SMALL> T<SMALL>RUST</SMALL>,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">ITS SOLE GENERAL PARTNER</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Gerard H. Sweeney</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Gerard H. Sweeney</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President and Chief Executive Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: March&nbsp;20, 2017 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT INDEX </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:37.30pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Exhibit&nbsp;No.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; width:37.25pt; font-size:8pt; font-family:Times New Roman">Description</P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Pepper Hamilton LLP regarding the legality of the shares offered.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;8.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Opinion of Pepper Hamilton LLP with respect to certain tax matters.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Pepper Hamilton LLP (included in Exhibit 5.1).</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>23.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Consent of Pepper Hamilton LLP (included in Exhibit 8.1).</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-4- </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>d363059dex51.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 5.1</U> </B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g363059g0315071118637.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3000 Two Logan Square </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Eighteenth and Arch Streets </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Philadelphia, PA 19103-2799 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">215.981.4000 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax 215.981.4750 </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">March&nbsp;20, 2017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brandywine Realty Trust
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">555 East Lancaster Avenue, Suite 100 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Radnor, Pennsylvania
19087 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Re: Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">We have acted as counsel
to Brandywine Realty Trust, a Maryland real estate investment trust (the &#147;<B><I>Company</I></B>&#148;), in connection with the offer and sale of up to 16,000,000 common shares of beneficial interest, par value $0.01 per share
(&#147;<B><I>Common Shares</I></B>&#148;) of the Company, covered by the Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (Registration No. 333-216822) (as the same may be amended and supplemented, the
&#147;<B><I>Registration Statement</I></B>&#148;) filed with the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) under the Securities Act of 1933, as amended (the &#147;<B><I>Securities Act</I></B>&#148;). The Common
Shares will be sold pursuant to (i)&nbsp;the Sales Agency Financing Agreement, dated as of January&nbsp;10, 2017, among the Company, Brandywine Operating Partnership, L.P. (the &#147;<B><I>Operating Partnership</I></B>&#148;) and RBC Capital
Markets, LLC; (ii)&nbsp;the Sales Agency Financing Agreement, dated as of January&nbsp;10, 2017, among the Company, the Operating Partnership and Jefferies LLC, (iii)&nbsp;the Sales Agency Financing Agreement, dated as of January&nbsp;10, 2017,
among the Company, the Operating Partnership and Barclays Capital Inc. and (iv)&nbsp;the Sales Agency Financing Agreement, dated as of January&nbsp;10, 2017, among the Company, the Operating Partnership and BNY Mellon Capital Markets, LLC
(collectively, the &#147;<B><I>Sales Agency Financing Agreements</I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In connection with our representation of the Company,
and as a basis for the opinions hereinafter set forth, we have examined originals, or copies certified or otherwise identified to our satisfaction, of the following documents (hereinafter collectively referred to as the
&#147;<B><I>Documents</I></B>&#148;): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">1. The Registration Statement, including the Prospectus dated March&nbsp;20, 2017 therein (the
&#147;<B><I>Prospectus</I></B>&#148;) and the Prospectus Supplement, dated March&nbsp;20, 2017, related to the offer and sale of the Common Shares (the &#147;<B><I>Prospectus Supplement</I></B>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2. The Amended and Restated Declaration of Trust of the Company, as amended and supplemented through the date hereof (the
&#147;<B><I>Declaration of Trust</I></B>&#148;), certified as of a recent date by the State Department of Assessments and Taxation of Maryland (the &#147;<B><I>SDAT</I></B>&#148;); </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="5" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;Washington,&nbsp;D.C.</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;Los&nbsp;Angeles</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">New&nbsp;York</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;Pittsburgh</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;Detroit</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berwyn</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harrisburg&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange&nbsp;County</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Princeton</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon&nbsp;Valley</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Wilmington</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">www.pepperlaw.com </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g363059g0315073621784.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brandywine Realty Trust </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page
2 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;20, 2017 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3. The Amended and
Restated Bylaws of the Company, as amended through the date hereof; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">4. A certificate of the SDAT as to the good standing of the Company,
dated as of a recent date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">5. Resolutions adopted by the Board of Trustees of the Company, or a duly authorized committee thereof,
relating to the offer and sale of the Common Shares (the &#147;<B><I>Resolutions</I></B>&#148;), certified by an officer of the Company as being complete, accurate and in effect; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6. The Sales Agency Financing Agreements; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">7. Such other documents, records, instruments, and matters as we have deemed necessary or appropriate to express the opinion set forth below,
subject to the assumptions, limitations and qualifications stated herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In expressing the opinion set forth below, we have assumed the
following: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">1. Each individual executing any of the Documents is legally competent to do so. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">2. Each individual executing any of the Documents on behalf of a party (other than the Company and the Operating Partnership) is duly
authorized to do so. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3. All Documents submitted to us as originals are authentic. The form and content of all Documents submitted to us as
unexecuted drafts do not differ in any respect relevant to this opinion from the form and content of such Documents as executed and delivered. All Documents submitted to us as certified or photostatic copies conform to the original documents. All
signatures on all Documents are genuine. All public records reviewed or relied upon by us or on our behalf are true and complete. All statements and information contained in the Documents are true and complete. There has been no oral or written
modification of or amendment to any of the Documents, and there has been no waiver of any provision of any of the Documents, by action or conduct of the parties or otherwise. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">4. The Common Shares will not be issued or transferred in violation of any restriction on ownership and transfer set forth in Article 6 of the
Declaration of Trust or other organizational document of the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">5. A sufficient number of authorized but unissued Common Shares will
be available for issuance when the Common Shares are issued and sold under the Sales Agency Financing Agreements. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g363059g0315073621784.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brandywine Realty Trust </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page
3 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;20, 2017 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Subject to the
foregoing, it is our opinion that, as of the date hereof, the Common Shares have been duly authorized by all necessary action on the part of the Company and, upon issuance, delivery and payment therefore in the manner contemplated by the Sales
Agency Financing Agreements, the Common Shares will be validly issued, fully paid and <FONT STYLE="white-space:nowrap">non-assessable.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The foregoing opinion is limited to the substantive laws of the State of Maryland and we do not express any opinion herein concerning any
other law. We express no opinion as to compliance with any federal or state securities laws, including the securities laws of the State of Maryland, or as to federal or state laws regarding fraudulent transfers. We assume no obligation to supplement
this opinion if any applicable law changes after the date hereof or if we become aware of any fact that might change the opinion expressed herein after the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">No opinion is rendered as to matters not specifically referred to herein and under no circumstances are you to infer from anything stated or
not stated herein any opinion with respect to which such reference is not made. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This opinion is being furnished to you for your
submission to the Commission as an exhibit to a current report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> (the &#147;<B><I><FONT STYLE="white-space:nowrap">8-K</FONT></I></B>&#148;), to be filed by the Company with the Securities and
Exchange Commission on or about the date hereof. We hereby consent to the filing of this opinion as an exhibit to the <FONT STYLE="white-space:nowrap">8-K</FONT> and to the use of the name of our firm therein and under the section &#147;<B><I>Legal
Matters</I></B>&#148; in the Registration Statement, Prospectus and Prospectus Supplement. In giving this consent, we do not admit that we are within the category of persons whose consent is required by Section&nbsp;7 of the Securities Act. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Pepper Hamilton LLP</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">PEPPER HAMILTON LLP</TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>d363059dex81.htm
<DESCRIPTION>EX-8.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-8.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 8.1 </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g363059g0315073621846.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3000 Two Logan Square </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Eighteenth and Arch Streets </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Philadelphia, PA 19103-2799 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">215.981.4000 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Fax 215.981.4750 </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">March&nbsp;20, 2017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brandywine Realty Trust
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">555 East Lancaster Avenue, Suite 100 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Radnor, Pennsylvania
19087 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">We have acted
as counsel to Brandywine Realty Trust, a Maryland real estate investment trust (the &#147;Company&#148;), and to Brandywine Operating Partnership, L.P., a Delaware limited partnership (the &#147;Operating Partnership&#148;), in connection with the
offer and sale by the Company from time to time of up to 16,000,000 common shares of beneficial interest, $0.01 par value (the &#147;Common Shares&#148;) of the Company, pursuant to the Company&#146;s prospectus supplement dated March&nbsp;20, 2017
(the &#147;Prospectus Supplement&#148;) to the prospectus dated March&nbsp;20, 2017 included in the registration statement on Form <FONT STYLE="white-space:nowrap">S-3</FONT> (No. <FONT STYLE="white-space:nowrap">333-216822)</FONT> (together with
all <FONT STYLE="white-space:nowrap">pre-</FONT> and post-effective amendments thereto to date, the &#147;Registration Statement&#148;). All capitalized terms used but not defined herein have the meanings ascribed to them in the Registration
Statement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">The opinions expressed herein are based on the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), Treasury
regulations thereunder (including proposed and temporary Treasury regulations) and interpretations of the foregoing as expressed in court decisions, legislative history and administrative determinations of the Internal Revenue Service (the
&#147;IRS&#148;) (including its practices and policies in issuing private letter rulings, which are not binding on the IRS, except with respect to a taxpayer that receives such a ruling), all as of the date hereof. This opinion represents our best
legal judgment with respect to the probable outcome on the merits and is not binding on the IRS or the courts. There can be no assurance that positions contrary to our opinion will not be taken by the IRS, or that a court considering the issues
would not reach a conclusion contrary to such opinions. No assurance can be given that future legislative, judicial or administrative changes, on either a prospective or retroactive basis, would not adversely affect the opinions expressed herein.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In rendering the opinions expressed herein, we have examined such statutes, regulations, records, certificates and other documents as we
have considered necessary or appropriate as a basis for such opinions, including: (1)&nbsp;the Registration Statement (including the documents incorporated therein by reference); (2) the Amended and Restated Declaration of Trust of the Company, as
amended or supplemented through the date hereof; and (3)&nbsp;the Amended and Restated Agreement of Limited Partnership, as amended or supplemented through the date hereof, of the Operating Partnership. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="21%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="5" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philadelphia
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Boston</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;Washington,&nbsp;D.C.</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;Los&nbsp;Angeles</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">New&nbsp;York</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;Pittsburgh</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;&nbsp;Detroit</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Berwyn</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harrisburg&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Orange&nbsp;County</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Princeton</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silicon&nbsp;Valley</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;Wilmington</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">www.pepperlaw.com </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g363059g0315073621784.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brandywine Realty Trust </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page
2 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 20, 2017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">In rendering the opinions
expressed herein, we have relied upon written representations as to factual matters of the Company and Operating Partnership contained in a letter to us dated March&nbsp;20, 2017 regarding their consolidated assets, operations and activities (the
&#147;Management Representation Letter&#148;). We have not made an independent investigation or audit of the facts set forth in the Management Representation Letter or in any other document. We consequently have relied upon the accuracy of the
representations as to factual matters in the Management Representation Letter. After inquiry, we are not aware of any facts or circumstances contrary to, or inconsistent with, the representations that we have relied upon or the other assumptions set
forth herein. Our opinion is limited to the tax matters specifically covered herein, and we have not addressed, nor have we been asked to address, any other tax matters relevant to the Company, the Operating Partnership or any other person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">We have assumed, with your consent, that, insofar as relevant to the opinions expressed herein: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(1) Company has been and will be operated in the manner described in the Management Representation Letter and the Registration Statement
(including in the documents incorporated therein by reference); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(2) all of the obligations imposed by the documents that we reviewed have
been and will continue to be performed or satisfied in accordance with their terms; and all of such documents have been properly executed, are valid originals or authentic copies of valid originals, and all signatures thereon are genuine; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(3) all representations made in the Management Representation Letter (and other factual information provided to us) are true, correct and
complete and will continue to be true, correct and complete, and any representation or statement made in the Management Representation Letter &#147;to the best of knowledge,&#148; &#147;to the knowledge&#148; or &#147;to the actual knowledge&#148;
of any person(s) or party(ies) or similarly qualified is true, correct and complete as if made without such qualification; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(4) all
documents that we have reviewed have been properly executed, are valid originals or authentic copies of valid originals, and all signatures thereon are genuine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">Based upon, and subject to, the foregoing and the discussion below, we are of the opinion that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">1. Commencing with its taxable year ended December&nbsp;31, 1986, the Company has, since the effective date of its REIT election, been
organized and operated in a manner so as to qualify for taxation as a REIT under the Code, and the Company&#146;s proposed method of operation will enable it to continue to qualify for taxation as a REIT. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g363059g0315073621784.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Brandywine Realty Trust </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page
3 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;20, 2017 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">2. The discussion in
the Registration Statement under the heading &#147;Material Federal Income Tax Considerations&#148; to the extent that it describes provisions of federal income tax law and regulations or legal conclusions with respect thereto, is correct in all
material respects. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">We assume no obligation to advise you of any changes in our opinion subsequent to the date of this letter. The
Company&#146;s qualification for taxation as a REIT depends upon the Company&#146;s ability to meet, on a continuing basis, through actual annual operating and other results, the requirements of the Code, including the requirements with regard to
the sources of its gross income, the composition of its assets, the level of its distributions to shareholders and the diversity of its share ownership. We will not review the Company&#146;s compliance with these requirements on a continuing basis.
Accordingly, no assurance can be given that the actual results of the Company&#146;s operations, the sources of its income, the nature of its assets, the level of its distributions to shareholders and the diversity of its share ownership for any
given taxable year will satisfy the requirements under the Code for qualification and taxation as a REIT. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">This opinion letter has been
prepared for your use in connection with the Prospectus Supplement, including submission to the Securities and Exchange Commission as an exhibit to a current report filed on Form <FONT STYLE="white-space:nowrap">8-K</FONT> (the &#147;Form <FONT
STYLE="white-space:nowrap">8-K&#148;),</FONT> to be filed by Company with the Securities and Exchange Commission on or about the date hereof, and speaks as of the date hereof. We do not purport to express any opinion herein concerning any law other
than the federal income tax law of the United States. We consent to the filing of this legal opinion as an exhibit to the Form <FONT STYLE="white-space:nowrap">8-K</FONT> and to the use of the name of our firm therein and under the section
&#147;Legal Matters&#148; in the Registration Statement, including the prospectus and Prospectus Supplement. In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section&nbsp;7 of the
Securities Act of 1933. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">/s/ Pepper Hamilton LLP </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:54%; text-indent:-2%; font-size:10pt; font-family:Times New Roman">PEPPER HAMILTON LLP </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>g363059g0315071118637.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g363059g0315071118637.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  C ,(# 2(  A$! Q$!_\0
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M%XXO+C'0CJ0N>]>C27MI#*(I;J%)#T1I "?PKR+PC')%\=/$$;SM*X@8&5P
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F "HHK>&#S/)B1/,8N^T8W,>Y]Z** N2T444 %%%% !1110!__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g363059g0315073621784.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g363059g0315073621784.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  < )@# 2(  A$! Q$!_\0
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M0+5B?-DU.>11@XPLD0//_ Q0!ZE#X]T>66")UN89;FS-];)(@S/" 3N7!/.
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'.:C?W3__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>g363059g0315073621846.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g363059g0315073621846.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  C ,(# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#HK*UMY/CC
M>0201/"0^8V0%3^Z':KGPYO(]/UCQ5%-<);Z?;3[@KL%CC^=QQV'8?E5.!)Y
M/CE>K;3)#+AL.T>\#]T.V1_.F>._"L'AOPM<7,=W-/<ZA?HUPS853Q(V H[9
M.>]8JZU/;ERSY:4G\48GIEIXCTB^N%MX+U#,Z>8D;JR,Z^JA@-P]Q4$GB_P]
M'%+(VKVI6(X<*^XK^ Y[5QEUI.I:CXJ\):E:6<[6EK;0+-*1M"X.3UZC![5D
M>$%!T?X@L0,BW< X_P!F:JYG>QRK"4^5ROV_%V/4)?$NB06\%Q+JEJD-P-T4
MC2 *X]C3K'Q#I&IWDEI97\,UQ&NYD4\[?4>HY'(KQ74@#\/?" (R#<W'_HRN
MI\5NUM\44EA/ENFCS,I4="(IL']!1SLIX*"T3U][\&=ZWBG0UD*G48=JR>6T
MHR8U?^Z7QM!]B:DO/$6CZ?<?9[O4;>&8KN$;MAF'J!WZ=J\KT6SNM5^$-UI]
MC;2SW,EYN557@@%">>G:DO;&Y'C;PA8W6^&Z73(8V+<M&X,F#]0<'\*.=A]2
MI\S7-M?\%N>PV=[;:A:I<VDRRPO]UE_(CV/M7C%K;P']I2XB,,?E[2VS:,9^
MS@YQ]>:]6\,:(_A_14L9;MKN7S'DDG88+LQSGJ?YUY/]F%W^TC<PM+-&"I^:
M&0HP_P!''<59P245)J+T+?PHMX/^%B^,F\F/=#<.(SM'R#S7''IQ7I=SXMT"
MSN(H;G5((C*Q2-V)",PZ@/C;GVS7F'PO@!\9>.[?SWC!D=/.+99?WD@W9/?O
MFN8\7?:;7X:6>EIJ']L6=IJ6W^T%&(D(C8+#&3RP #$D<#@9H)21[W?^)M#T
MN\6TO]5M+6=L;4FE"DYZ=:JP^-_#,YN!'K5J6MSB52V".<< \G\,UYCX]);Q
M=\.2QR28,Y[_ +R.KVA*I_:+US*@XM21D=#MBH'9*YW]QK.B:_X4OY[;6(EL
M)(GADNXGQY)(QD^A&1UK@'TBQT7X):Q%IVO#5TAD,D=U$=JQ/E?E7#''7/7^
M(UE_"XD^$_'9/='_ /1<E0^&?^3=_$'_ %\/_P"TZ!K1I'5>'?&EAX8^$FE7
MFIW,CW+V\IB4AG:5@[8&>WXFNOTKQ+8#P=9:OJ.HPI']GC\^>1@H\PH"1]<]
MA7D>O_\ )N>@_P#7R/\ T*6KWQ48CX6^$E!.#Y&1GK^YIDJS/5[;Q1HEW,\,
M6H1^<D?FF)P4?9C.X*P!(QW JJ_COPLEJ]S_ &[9-"APS))NP?H.>]>>ZVQ7
MX_\ AG:2,V2 X/M+7->!D4_"?QR2H)VCG'HIQ0#2N?0=M=07EK'=6LR302KN
M22-MRL/4$5BZ'XOT[Q!JE_IUG'=+<6#;+GS8]H1LD;<YZY!_*L;X0.S_  QT
MDLQ8@S 9/82O@5B?#9UC\>_$!W8*JW^2Q. !YDM +J=II7B[3M8UV^T>VCN1
M=V/_ !\"2/"ISQSGO4%QXYTVWU?4=+^S7TEUI\7G7"QP@A8\ [ASR,$>]<IX
M(94^+'CEF(50R$DG  R:I32R-\6O&4=M:SW<EQHZQQK  <EHX\=2!BD4TD]$
M=?'\3_!\D2R#6(P& (#1L",^O%%>-Q?"'QCY*9L(5.T9!N4R/UHI79NJ5*WQ
M'HUCI6J)\6YM:?3+I;"5BJRE1QE N2,],UT'Q&T*]\0>%OLVGH)+B*=9A'D
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M^+U%Z8H+9)8#<00I-YV PE3>&QCTJ,>-XY(XC#I\CO<-']G7S -RO(8P6/\
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JM_LRRQC&/(7W]O<_G5M88E(*Q("#D84<'&/Y<?2BB@')O=CZ***!'__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
