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REAL ESTATE INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2022
Real Estate [Abstract] |
Schedule of Gross Carrying Value of Operating Properties | As of December 31, 2022 and 2021, the gross carrying value of the operating properties was as follows (in thousands):
| December 31, 2022 |  | December 31, 2021
Land | $ | 403,998 |  |  | $ | 410,144 |
Building and improvements | 2,760,357 |  |  | 2,653,492 |
Tenant improvements | 452,885 |  |  | 408,966 |
Total | $ | 3,617,240 |  |  | $ | 3,472,602 |
Schedule of Capitalized Construction Costs | The following table shows the amount of compensation costs (including bonuses and benefits) capitalized for the years presented (in thousands):
| December 31,
| 2022 |  | 2021 |  | 2020
Development | $ | 5,343 |  |  | $ | 4,815 |  |  | $ | 4,802 |
Redevelopment | 1,484 |  |  | 1,170 |  |  | 543 |
Tenant Improvements | 2,505 |  |  | 1,917 |  |  | 3,021 |
Total | $ | 9,332 |  |  | $ | 7,902 |  |  | $ | 8,366 |
Schedule of Acquired Properties |
Property/Portfolio Name |  | Acquisition Date |  | Location |  | Property Type |  | Rentable Square Feet/Acres |  | Purchase Price
631 Park Avenue |  | January 21, 2022 |  | King of Prussia, PA |  | Land |  | 3.3 acres |  | $ | 3,650 |
3151 Market Street (a) |  | April 29, 2022 |  | Philadelphia, PA |  | Leasehold Interest |  | 0.8 acres |  | $ | 27,349 |
(a)On April 29, 2022, the Company acquired, through a 99-year ground lease, the leasehold interest in a 0.8-acre land parcel, located at 3151 Market Street, in Philadelphia, Pennsylvania. The Company prepaid $19.5 million of the ground lease, representing 500,000 square feet of buildable floor to area ratio (“FAR”) to be used for the development of 3151 Market Street, and paid $7.8 million for 200,000 square feet of FAR density usable pursuant to the Schuylkill Yards Project master development agreement. The additional density is included in prepaid leasehold interests in land held for development in the consolidated balance sheets. See below regarding disposition of 500,000 square feet of FAR. The following table summarizes the property acquisitions during the year ended December 31, 2020 (dollars in thousands):
Property/Portfolio Name |  | Acquisition Date |  | Location |  | Property Type |  | Rentable Square Feet/Acres |  | Purchase Price (a)
155 King of Prussia Road |  | February 27, 2020 |  | Radnor, PA |  | Land |  | 7.75 acres |  | $ | 11,250 |
1505-11 Race Street |  | November 5, 2020 |  | Philadelphia, PA |  | Office |  | 119,763 |  |  | $ | 9,700 |
250 King of Prussia Road (b) |  | November 30, 2020 |  | Radnor, PA |  | Office |  | 169,843 |  |  | $ | 20,250 |
(a)Exclusive of transaction costs and price adjustments. See purchase price allocation table below for a breakout of the net purchase price for wholly owned properties. (b)This property was placed into redevelopment and is therefore included within Construction-in-progress on the consolidated balance sheets.
Schedule of Asset Acquisition | The acquisition values have been allocated as follows (in thousands):
| 1505-11 Race Street |
Building, land and improvements | $ | 9,723 |  |
Intangible assets acquired | 2,422 |  |
Below market lease liabilities assumed | (2,193) |  |
Total unencumbered acquisition value | 9,952 |  |
Amortization period of intangible assets | 1.5 years |
Amortization period of below market liabilities assumed | 1.5 years |
Schedule of Office Properties Sold | The following table summarizes the property dispositions during the years ended December 31, 2022, 2021 and 2020 (dollars in thousands):
Property/Portfolio Name |  | Disposition Date |  | Location |  | Property Type |  | Rentable Square Feet/Acres |  | Sales Price |  | Gain/(Loss) on Sale (a)
200 Barr Harbor Drive |  | November 22, 2022 |  | West Conshohocken, PA |  | Office |  | 86,000 |  |  | $ | 30,500 |  |  | $ | 8,740 |
11501 Burnett Road (h) |  | July 29, 2022 |  | Austin, TX |  | Land |  | 4.7 acres |  | $ | 32,513 |  |  | $ | 8,340 |
3151 Market Street (g) |  | July 14, 2022 |  | Philadelphia, PA |  | Leasehold Interest |  | 0.8 acres |  | $ | 30,394 |  |  | $ | 2,583 |
Gibbsboro Portfolio (f) |  | June 28, 2022 |  | Gibbsboro, NJ |  | Office/Land |  | 42,809/4.0 acres |  | $ | 4,100 |  |  | $ | 831 |
25 M Street (e) |  | April 14, 2022 |  | Washington, D.C. |  | Land |  | 0.8 acres |  | $ | 29,675 |  |  | $ | 3,836 |
Gateway G & H |  | January 20, 2022 |  | Richmond, VA |  | Land |  | 10.0 acres |  | $ | 1,600 |  |  | $ | 897 |
1100 Lenox Drive |  | September 8, 2021 |  | Lawrenceville, NJ |  | Land |  | 5.0 acres |  | $ | 2,575 |  |  | $ | 68 |
2100-2200 Lenox Drive |  | July 6, 2021 |  | Lawrenceville, NJ |  | Land |  | 35.2 acres |  | $ | 8,900 |  |  | $ | 842 |
3025 JFK Boulevard |  | February 2, 2021 |  | Philadelphia, PA |  | Leasehold Interest |  | 1.0 acre |  | $ | 34,800 |  |  | $ | 2,000 |
Mid-Atlantic Office Portfolio (b) (d) |  | December 21, 2020 |  | Various |  | Office |  | 1,128,645 |  |  | $ | 192,943 |  |  | $ | 15,164 |
One and Two Commerce Square (c) |  | July 21, 2020 |  | Philadelphia, PA |  | Office |  | 1,896,142 |  |  | $ | 115,000 |  |  | $ | 271,905 |
Keith Valley |  | June 15, 2020 |  | Horsham, PA |  | Land |  | 14.0 Acres |  | $ | 4,000 |  |  | $ | 201 |
52 East Swedesford Road |  | March 19, 2020 |  | Malvern, PA |  | Office |  | 131,077 |  |  | $ | 18,000 |  |  | $ | 2,336 |
(a)Gain/(Loss) on Sale is net of closing and other transaction related costs. (b)The Company sold a 60% equity interest in a portfolio of twelve suburban office properties containing an aggregate of 1.1 million square feet (“Mid-Atlantic Office Portfolio”), nine of which are located in the Pennsylvania suburbs and three of which are located in Maryland, to an unrelated third party for a gross sales price of $192.9 million. The transaction resulted in deconsolidation of the properties and formation of PA/MD NNN Office JV, LLC (“Mid-Atlantic Office JV”). The Company recorded its investment at fair value and recognized a gain of $15.2 million in “Net gain on disposition of real estate” on the consolidated statements of operations. See Note 4 “Investment in Unconsolidated Real Estate Ventures,” for further information. (c)The Company sold a 30% preferred equity interest in two office buildings located in Philadelphia, Pennsylvania, to an unrelated third party for $115.0 million (the “Commerce Square Venture Transaction”), which resulted in deconsolidation of the properties and formation of Brandywine Commerce I LP and Brandywine Commerce II LP (collectively, the “Commerce Square Venture”). The transaction valued the properties at $600.0 million. The Company recorded its investment at fair value and recognized a gain of $271.9 million in “Net gain on disposition of real estate” on the consolidated statements of operations. See Note 4 “Investment in Unconsolidated Real Estate Ventures,” for further information. (d)The sales price includes $4.1 million of variable consideration held in escrow that will be released to the Company over a six to nine month holdback period if certain tenants remain in compliance with certain payment terms of their lease agreements. The Company estimated the amount of the variable consideration that it deemed probable of collection and included such amount in the transaction price. The amount estimated as probable of collection was received during 2021. The Company will continue to evaluate the probability of collection on the remaining holdback and recognize any changes to the amount deemed probable as incremental gain on sale. (e)On September 30, 2022, the Company recognized $0.4 million of additional gain on disposition of real estate. (f)Includes $0.7 million of gain on sale of undepreciated real estate and $0.1 million of gain on disposition of real estate included within the consolidated statements of operations for the twelve months ended December 31, 2022. (g)On July 14, 2022, the Company contributed 500,000 square feet of FAR relating to its 99-year prepaid leasehold interest at 3151 Market Street in Philadelphia, Pennsylvania, acquired on April 29, 2022, to a newly formed joint venture with an unaffiliated third party. The Company's initial deemed contribution in the project was $30.4 million and the transaction resulted in deconsolidation of the property and conversion of Brandywine 3151 Market, LP, (formerly a wholly-owned subsidiary of the Operating Partnership) to a real estate venture (“3151 Market Street Venture”). The Company recorded its investment at fair value and recognized a gain, net of transaction costs, of $2.6 million, in “Net gain on sale of undepreciated real estate” on the consolidated statements of operations. See Note 4, “Investment in Unconsolidated Real Estate Ventures,” for further information. (h)On July 29, 2022, the Company contributed a 4.7 acre parcel of land held for development at 11501 Burnet Road in Austin, Texas to a newly formed joint venture with an unaffiliated third party. The project is part of the Uptown ATX master development. The Company's combined contributed initial land investment in the project was $32.5 million and the transaction resulted in the deconsolidation of the property and formation of Brandywine Uptown Office LLC and Brandywine One Uptown Multifamily LLC, (together, “One Uptown Ventures)”). The Company recorded its investment at fair value and recognized a gain of $8.3 million in “Net gain on disposition of real estate” on the consolidated statements of operations. Gain on sale of $8.3 million is calculated as the difference between the estimated relative sales value of the contributed land and the estimated total cost allocations per block. See Note 4, “Investment in Unconsolidated Real Estate Ventures,” for further information.

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