Brandywine Operating Partnership, L.P.: Update to credit analysis following downgrade to Ba1
Our credit view of Brandywine reflects its dominant position in Philadelphia, the challenging environment for office landlords, and weak net debt to EBITDA and fixed charge coverage ratios.Brandywine Realty Trust is a self-administered and self-managed real estate investment trust that provides leasing, property management, development, redevelopment, acquisition and other tenant-related services for a portfolio of office, residential, retail and mixed-use properties. The company's properties and the properties owned by the Real Estate Ventures are located in or near Philadelphia, PA; Metropolitan Washington, D.C.; Southern New Jersey; Wilmington, DE; and Austin, TX. In addition, the company conducts its third-party real estate management services business primarily through wholly-owned management company subsidiaries.
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