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2018 Villanova Real Estate Challenge (2nd Place) - University of Southern California

A real estate development proposal prepared by four (4) select USC Marshall undergraduate real estate finance students for Brandywine Realty Trust (NYSE: BDN).

Participating schools listed below:
California Polytechnical State University, Colorado State University, Drexel University, Florida State University, Georgetown University, Lehigh University Monmouth University, New York University, Ohio State University, Penn State University, Rutgers University, Temple University, University of North Carolina Chapel Hill, University of Pennsylvania, University of Southern California, University of Wisconsin, Villanova University and Virginia Commonwealth University

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2018 Villanova Real Estate Challenge (2nd Place) - University of Southern California

  1. 1. the mercado APRIL 6, 2018 DEVELOPMENT PROPOSAL
  2. 2. TEAM MEMBERS! 2 | the mercado ALEKSANDR DRABOVSKIY Director of Design SARINA STRICKLAND Director of Analytics MARK MUÑOZ Director of Operations LUIS GONZÁLEZ Director of Investments
  3. 3. OVERVIEW OF PHILADELPHIA MARKET MARKET ANALYSIS 02 05 PROJECT STRATEGY EXECUTIVE SUMMARY 01 04 PRESENTING HIGHEST AND BEST USE DEVELOPMENT PROPOSAL 03 13 EVALUATING RISKS AND OPPORTUNITIES STRATEGY EXECUTION 04 19 ANSWERING CRITICAL THINKING QUESTIONS FINANCIAL IMPLICATIONS 05 23 AGENDA 3 | the mercado
  4. 4. 030201 PROJECT OBJECTIVE! increase shareholder WEALTH through a long term development approach strengthen Brandywine portfolio by providing BEST IN CLASS real estate service and UNIFY local communities: center city & university city STRATEGIES SUMMARY Zion Capital is pleased to present its land play recommendation for 2120 Market Street: the mercado, (“THE SUBJECT”). Occupying a site area of 30,500 square feet with a potential maximum density of 884,500 square feet (CMX-5) within the heart of the Philadelphia’s up and coming Market West District, the mercado offers a unique opportunity to create a destination oriented multi-family, retail, hotel mixed-use development connecting Center City to University City. 4 | the mercado
  5. 5. 02MARKET ANALYSIS 5 | the mercado
  6. 6. SITE LOCATION & PHILADELPHIA! Market Street West district transit score 100 bike score 98 13% 9% 34% 44% High School or Less Some College Bachelor's Degree Advanced Degree 6th largest metro city in US 1/2 mile to City Hall education attainment 6 | the mercado
  7. 7. 1,568,000 total population of Philadelphia 17% Population growth rate in Center City from 2010 to 2016 $41,000 $71,000 Median household income in Philadelphia 33 Median age 133,000total population of Center City years old Median household income in Center City 51% of all jobs in the city are in the greater Center City and University Center, which are leading the growth 44% of the Center City population has achieved advanced degrees, compared to 10% of the total Philadelphia population DEMOGRAPHICS! 7 | the mercado
  8. 8. Cost of Debt: 3.95% Cost of Equity: 4.65% Projected Office Absorption: 415K SF Projected Office Deliveries: 480K SF Development Boom: $15Bn+ •  Comcast: $1.5Bn •  30th St Station: $6.5Bn •  Schuylkill Yards: $3.5Bn •  uCity Square: $1Bn •  Penn Pavilion: $1.5Bn •  Navy Yard: $1Bn+ Ordinance 1130: 10-year real estate tax abatement PAJCTC: $1,000 per-job tax credit FINANCIAL MARKET INFORMATION 8 | the mercado
  9. 9. BRANDYWINE REALTY PIPELINE Under Construction •  Schuylkill Yards •  Drexel Square Park •  North Gulph Road - King of Prussia •  Lancaster Ave 426 – Devon •  Metroplex II/III Under Construction: •  Comcast Technology Center •  30th Street Station District •  uCItySquare •  Liberty on the River •  Penn Medicine Pavilion •  Navy Yard •  East Market •  Fashion District of Philadelphia •  Penn’s Landing •  SLS Philadelphia Hotel •  W Hotel & Element by Westin •  Aramark Headquarters PHILADELPHIA MARKET PIPELINE DEVELOPMENT PIPELINE! 9 | the mercado
  10. 10. The U.S. must add 4.6 million new apartments by 2030 to meet rising demand. Philadelphia needs to add 38,407 apartments MARKET ANALYSIS From 2010 to 2016 Center City, Philadelphia experienced a 17% growth rate in population 1,016 Class A multifamily units were added in the past year. Next year, 1,421 Class A units will be delivered to the submarket. Philadelphia  must  con1nue  to  add  new  apartment  supply  in   order  to  meet  the  growing  demand,  but  Philadelphia  needs   apartments  at all price points,  not  just  high  end   10 | the mercado
  11. 11. 6.8% RESIDENTIAL 10.9% OFFICE 22% 1.7% HOTEL RETAIL CITY CENTER MARKET CONDITIONS! 11 | the mercado •  918 unit absorption •  1016 units delivered •  - 40,500 SF absorption •  Zero deliveries in 12 months •  $770M sales in 12 months •  Modest estimated supply growth. •  11,000 rooms in market •  Three future luxury class deliveries •  894,000 SF Peak absorption •  Zero deliveries in 12 months $144.62 vacancy vacancy vacancy vacancy RevPAR $2,535rent $48.00rent $33.00rent
  12. 12. Early adulthood Well-educated Transit-utilizing Affluent Business Professionals Tech-reliant Visit museums, opera, theater and concerts 25-34 years old TARGET DEMOGRAPHIC! LAPTOPS & LATTES METRO RENTERS Students and graduates Being educated Transit-utilizing Environmentally conscious Tech-reliant Trendsetters 20-24 years old 12 | the mercado
  13. 13. 03DEVELOPMENT PROPOSAL 13 | the mercado
  14. 14. BIG - VancouverHow can we re-energize urban Mixed-Use? INSPIRATION! 14 | the mercado
  15. 15. We aim to create a convenient interconnected community between University City and Center City through our amenities and prime location. the mercado features lively retail, a destination urban park, and attainable housing to revitalize the community. COMPLIMENTARY USES PROPERTY USES! 15 | the mercado 15% 27% 33% 20% 5% Retail Micro Std. Resi Hotel Parking Site Plan , INCLUDING 37, MODERATLY AFFORDABLE UNITS 777 TOTAL UNITS  
  16. 16. 16 | the mercado
  17. 17. COMMON LIVINGROOM TYPICAL BEDROOM COMMON DINNING ROOM •  Gym •  Courtyard park •  Parking •  Common kitchen •  Rooftop dog-run •  24 /7 Concierge MICRO DOESN’T MEAN YOU’RE MISSING OUT MICRO UNITS! 17 | the mercado •  Game room •  Premier rooftop bar •  Casual dining and brewery •  Indego bikes on-site •  Indoor pool
  18. 18. RETAIL MULTIFAMILY HOTEL •  Primary location •  Adding an extended stay concept hotel. Benefiting from amenities and retail 89,000 SF 356,000 SF •  Mix of standard units and micro-units. •  5% AFFORDABLE dedicated to moderate income •  Designated subterranean parking. •  All-inclusive amenities 122,000 SF •  Urban landscape complimenting retail. •  360-degree roof top bar and restaurant. •  Sustainable ASSET TYPES! 18 | the mercado
  19. 19. 04STRATEGY EXECUTION 19 | the mercado
  20. 20. High-Level Steps to Execution: 1.  Form joint venture with a multi-family operator to ensure project success and maintain flexible exit 2.  Complete entitlement and pre-development for Phase 1 3.  Draw necessary funds from single asset construction loan 4.  Begin Phase 1 construction 5.  Complete Phase 1 construction and Phase 2 pre-development 6.  Maintain flexibility with Phase 2 site and consider options for development or disposition EXECUTION & DEVELOPMENT TIMELINE! 20 | the mercado Pre-Development (6) Construction (18) Lease-Up (10) Stabilized Revenue Approvals Pre-Development (20) Proposed Construction (18+)Approvals 3 MOToday 6 MO 9 MO 12 MO 15 MO 18 MO 21 MO 24 MO 27 MO 30 MO 33 MO 36 MO 39 MO Phase 1 the mercado Phase 2
  21. 21. PHASE ONE – 500,000 SF •  JV Partnership •  Residentially focused development including: i.  540 Micro-units ii.  200 Market-units iii.  5% moderately affordable units •  Hotel featuring 126 keys •  89,000 SF retail •  Creating a new life with panoramic views PROJECT PHASING! TODAY 2021 20352018 PHASE 2 EXECUTION Completion of PHL 2035 plan CONSTRUCTION OF the mercado, PHASE 1 21 | the mercado
  22. 22. TODAY 2021 20352018 Exit: •  Disposition Hold Option 1: •  Ground Lease to Developer Hold Option 2: •  Commence Ground-Up Development •  Maximize FAR •  Join neighboring parcels PHASE 2 EXECUTION Completion of PHL 2035 plan CONSTRUCTION OF the mercado, PHASE 1 PHASE TWO – 798,000 SF PROJECT PHASING! 22 | the mercado PHASE ONE – 500,000 SF •  JV Partnership •  Residentially focused development including: i.  540 Micro-units ii.  200 Market-units iii.  5% moderately affordable units •  Hotel featuring 126 keys •  89,000 SF retail •  Creating a new life with panoramic views
  23. 23. 05FINANCIAL IMPLICATIONS 23 | the mercado
  24. 24. Sources & Uses of Capital Land Cost: $20.8M Construction Cost: $289.3M TOD Bonus: $3.1M Total Basis: $313.2M Construction Loan Amount: $230.2M Total Equity Contribution: $83M •  JV Partner Contribution: $41.5M •  Brandywine Contribution: $41.5M Revolving Loan Amount: $143.8M Total Equity Contribution: $72.2M •  JV Partner Contribution: $36.1M •  Brandywine Contribution: $36.1M $75M PROPERTY VALUE Total  Uses   $313  M   SOURCES & USES OF CAPITAL 24 | the mercado
  25. 25. Sources & Uses of Capital Land Cost: $20.8M Construction Cost: $289.3M TOD Bonus: $3.1M Total Basis: $313.2M Construction Loan Amount: $230.2M Total Equity Contribution: $83M •  JV Partner Contribution: $41.5M •  Brandywine Contribution: $41.5M Revolving Loan Amount: $143.8M Total Equity Contribution: $72.2M •  JV Partner Contribution: $36.1M •  Brandywine Contribution: $36.1M $75M PROPERTY VALUE Total  Uses   $313  M   Total  Uses   $216  M   25 | the mercado SOURCES & USES OF CAPITAL
  26. 26. 26 | the mercado DRAW SCHEDULE
  27. 27. TODAY SCENARIO ONE SCENARIO TWO SCENARIO THREE Current As-Is Base Case Opportunistic 30,500 SF 468,308 SF 594,470 SF Additional 797,530 SF Total: Total  SF:  468,308  SF   Return  on  Cost:  5.94%   Cash-­‐On-­‐Cash:  9.60%   Addi6onal  FFO:  $0.04   Total  SF:  594,470  SF   Return  on  Cost:  6.92%   Cash-­‐On-­‐Cash:  12.44%   Addi6onal  FFO:  $0.05   27 | the mercado ALTERNATIVES
  28. 28. 28 | the mercado SENSITIVITY ANALYSIS
  29. 29. $313M Total Phase 1 Cost 6.92% Return on Cost 12.4% Cash-On-Cash $0.05 Additional FFO 1.39 Million SF Maximum allowable development with bonuses PROJECT SUMMARY 29 | the mercado
  30. 30. THANK YOU
  31. 31. 06APPENDIX
  32. 32. Property Information: •  Regional Map •  Site Map •  Stacking Plan Zoning: •  CMX-4 & CMX-5 Definition •  2035 Zoning Plan •  Affordable Housing Requirements •  Zoning Bonuses •  Open Space Development Plan: •  Construction Timeline Financials: •  Sensitivity Analysis •  Sources & Uses of Cash Miscellaneous: •  BDN Development Timeline Appendix Master List
  33. 33. Appendix Regional Map
  34. 34. Appendix Site Map
  35. 35. Appendix Stacking Plan
  36. 36. Appendix CMX-4 & CMX-5 Definition Zoning Code QuiCk RefeRenCe guide Quick Reference Guide ZONING DISTRICT TYPICAL PLAN/BUILDING FORM TYPICAL BUILDING DIMENSIONAL STANDARDS Description: Center City commercial mixed use Uses permitted as of right: Household Living; Group Living; Personal Care Home; Single-Room Residence; Passive Recreation; Active Recreation; Family Day Care; Group Day Care; Day Care Center; Educational Facilities; Fraternal Organization; Hospital;Libraries and Cultural Exhibits; Religious Assembly; Safety Services; Transit Station; Utilities and Services, Basic; Wireless Service Facility; Wireless Freestanding Tower; Building or Tower-Mounted Antenna; Business and Professional Office; Medical, Dental, Health Sole or Group Practitioner; Government Office; Building Supplies and Equipment; Consumer Goods (except Drug Paraphernalia and Guns); Food, Beverages, and Groceries; Pets and Pet Supplies; Sundries, Pharmaceuticals, and Convenience Sales; Wearing Apparel and Accessories; Animal Services; Assembly and Entertainment (except Amusement Arcade, Casino, and Pool or Billiards Room); Nightclubs and Private Clubs; Building Services; Business Support; Prepared Food Shop; Take-Out Restaurant; Sit Down Restaurant; Financial Services (except Personal Credit Establishments); Funeral and Mortuary Services; Maintenance and Repair of Consumer Goods; On-Premise Dry Cleaning; Marina; Non-Accessory Underground Parking; Personal Services (except Body Art Services); Fortune Telling Service; Radio, Television, and Recording Services; Visitor Accommodations; Commissaries and Catering Services; Personal Vehicle Repair and Maintenance; Personal Vehicle Repair Sales and Rental; Gasoline Station; Vehicle Equipment and Supplies Sales and Rental; Moving and Storage Facilities; Artist Studios and Artisan Industrial; Research and Development; Community Garden Uses requiring special exception approval: Non-Accessory Above-ground Structured Parking Max. Occupied Area Buildings ≤ 5 stories with 1 or more dwelling units: 90%; Others: 100% Min. Front Yard Depth N/A Min. Side Yard Width If used: Buildings ≤ 4 stories with 3 or fewer dwelling units: 5’; Others: 8’ Max. FAR 500%; 750% for certain lots within University City FAR Map; up to 700% with bonuses. Description: Center City core commercial mixed use Uses permitted as of right: Household Living; Group Living; Personal Care Home; Single- Room Residence; Passive Recreation; Active Recreation; Family Day Care; Group Day Care; Day Care Center; Educational Facilities; Fraternal Organization; Hospital;Libraries and Cultural Exhibits; Religious Assembly; Safety Services; Transit Station; Utilities and Services, Basic; Wireless Service Facility; Wireless Freestanding Tower; Building or Tower-Mounted Antenna; Business and Professional Office; Medical, Dental, Health Sole or Group Practitioner; Government Office; Building Supplies and Equipment; Consumer Goods (except Drug Paraphernalia and Guns); Food, Beverages, and Groceries; Pets and Pet Supplies; Sundries, Pharmaceuticals, and Convenience Sales; Wearing Apparel and Accessories; Animal Services; Assembly and Entertainment (except Amusement Arcade, Casino, and Pool or Billiards Room); Nightclubs and Private Clubs; Building Services; Business Support; Prepared Food Shop; Take-Out Restaurant; Sit Down Restaurant; Financial Services (except Personal Credit Establishments); Funeral and Mortuary Services; Maintenance and Repair of Consumer Goods; On-Premise Dry Cleaning; Marina; Non-Accessory Underground Parking; Personal Services (except Body Art Services); Fortune Telling Service; Radio, Television, and Recording Services; Visitor Accommodations; Commissaries and Catering Services; Personal Vehicle Repair and Maintenance; Personal Vehicle Repair Sales and Rental; Gasoline Station; Vehicle Equipment and Supplies Sales and Rental; Moving and Storage Facilities; Artist Studios and Artisan Industrial; Research and Development; Community Garden Uses requiring special exception approval: Non-Accessory Above-ground Structured Parking Min. District Area N/A Max. Occupied Area Buildings ≤ 5 stories with 1 or more dwelling units: 90%; Others: 100% Min. Side Yard Width Buildings ≤ 4 stories with 3 or fewer dwelling units: 5’; Others: 8’ Max. FAR 1200%; 1600% for certain lots within Center City/ University City FAR Map; up to an additional 800% with bonuses Commercial Districts CMX-4* CMX-5* FAR = 500% of lot area Max. height 65’ if 100% lot coverage Bonus FAR = Up to 700% Lot Area *See §14-702(1): Floor Area Bonus Summary Lot Line Building Setback: *See §14-701(5): Bulk and Massing Controls FAR = 1200% or 1600% for certain lots within Center City/University City. See Table §14-701-3 Bonus FAR = Up to 800% Lot Area *See §14-702(1) Floor Area Bonus Summary Lot Line Building Setback: *See §14-701(5) Bulk and Massing Controls
  37. 37. Appendix Philadelphia 2035: Zoning Overlay
  38. 38. Appendix Zoning Bonuses
  39. 39. Appendix Public Space
  40. 40. Appendix Affordable Housing Requirements
  41. 41. Appendix Construction Timeline Pre-Development (6) Construction (18) Lease-Up (10) Stabilized Revenue Approvals Pre-Development (20) Proposed Construction (18+)Approvals 3 MOToday 6 MO 9 MO 12 MO 15 MO 18 MO 21 MO 24 MO 27 MO 30 MO 33 MO 36 MO 39 MO Phase 1 the mercado Phase 2
  42. 42. Appendix Multifamily Retail Hospitality Avg.  Rent   Growth Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC Avg.  Rent   Growth Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC Avg.  Rent   Growth Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC 2.00% 31.42% 7.30% 96.81% 11.58% 96.81% 11.58% 2.00% 22.25% 6.79% 95.16% 11.48% 95.16% 11.48% 2.00% 24.08% 6.89% 69.17% 9.95% 69.17% 9.95% 1.75% 27.94% 7.11% 89.64% 11.16% 89.64% 11.16% 1.75% 18.37% 6.58% 78.23% 10.48% 78.23% 10.48% 1.75% 20.34% 6.69% 61.90% 9.52% 61.90% 9.52% 1.50% 21.24% 6.74% 75.94% 10.35% 75.94% 10.35% 1.50% 10.93% 6.16% 46.53% 8.62% 46.53% 8.62% 1.50% 13.17% 6.29% 48.01% 8.71% 48.01% 8.71% 1.25% 11.85% 6.21% 56.89% 9.23% 56.89% 9.23% 1.25% 0.48% 5.58% 3.88% 6.11% 3.88% 6.11% 1.25% 3.10% 5.73% 28.71% 7.57% 28.71% 7.57% 1.00% 0.44% 5.58% 34.04% 7.88% 34.04% 7.88% 1.00% -­‐12.21% 4.88% -­‐44.93% 3.24% -­‐44.93% 3.24% 1.00% -­‐9.12% 5.05% 5.61% 6.21% 5.61% 6.21% 0.75% -­‐12.22% 4.88% 9.09% 6.42% 9.09% 6.42% 0.75% -­‐26.28% 4.10% -­‐95.02% 0.29% -­‐95.02% 0.29% 0.75% -­‐22.68% 4.30% -­‐19.54% 4.73% -­‐19.54% 4.73% 0.50% -­‐25.36% 4.15% -­‐16.29% 4.92% -­‐16.29% 4.92% 0.50% -­‐40.90% 3.28% -­‐142.17% -­‐2.48% -­‐142.17% -­‐2.48% 0.50% -­‐36.76% 3.51% -­‐45.03% 3.23% -­‐45.03% 3.23% Avg.  Rent   Growth Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC Avg.  Rent   Growth Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC Avg.  Rent   Growth Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC 2.00% 31.42% 7.30% 96.81% 11.58% 96.81% 11.58% 2.00% 22.25% 6.79% 95.16% 11.48% 95.16% 11.48% 2.00% 24.08% 6.89% 69.17% 9.95% 69.17% 9.95% 1.00% 18.03% 6.56% 69.40% 9.96% 69.40% 9.96% 1.00% 7.35% 5.96% 31.68% 7.75% 31.68% 7.75% 1.00% 9.72% 6.10% 41.37% 8.32% 41.37% 8.32% 0.00% -­‐4.82% 5.29% 23.60% 7.27% 23.60% 7.27% 0.00% -­‐18.06% 4.55% -­‐66.30% 1.98% -­‐66.30% 1.98% 0.00% -­‐14.76% 4.74% -­‐4.92% 5.59% -­‐4.92% 5.59% -­‐1.00% -­‐31.20% 3.82% -­‐27.37% 4.27% -­‐27.37% 4.27% -­‐1.00% -­‐47.39% 2.92% -­‐161.39% -­‐3.61% -­‐161.39% -­‐3.61% -­‐1.00% -­‐43.01% 3.17% -­‐56.11% 2.58% -­‐56.11% 2.58% -­‐2.00% -­‐55.77% 2.46% -­‐72.28% 1.63% -­‐72.28% 1.63% -­‐2.00% -­‐74.72% 1.40% -­‐228.86% -­‐7.58% -­‐228.86% -­‐7.58% -­‐2.00% -­‐69.33% 1.70% -­‐100.65% -­‐0.04% -­‐100.65% -­‐0.04% -­‐3.00% -­‐75.51% 1.36% -­‐105.47% -­‐0.32% -­‐105.47% -­‐0.32% -­‐3.00% -­‐96.67% 0.19% -­‐262.94% -­‐9.58% -­‐262.94% -­‐9.58% -­‐3.00% -­‐90.48% 0.53% -­‐132.72% -­‐1.92% -­‐132.72% -­‐1.92% -­‐4.00% -­‐89.82% 0.57% -­‐126.58% -­‐1.56% -­‐126.58% -­‐1.56% -­‐4.00% -­‐112.59% -­‐0.70% -­‐270.48% -­‐10.03% -­‐270.48% -­‐10.03% -­‐4.00% -­‐105.81% -­‐0.32% -­‐152.05% -­‐3.06% -­‐152.05% -­‐3.06% Avg.   Vacancy Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC Avg.   Vacancy Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC Avg.   Vacancy Unlevered   ROC Unlevered   CoC Levered   ROC Levered   CoC JV  ROC JV  CoC 6.80% 31.42% 7.30% 96.81% 11.58% 96.81% 11.58% 1.70% 22.25% 6.79% 95.16% 11.48% 95.16% 11.48% 22.00% 24.08% 6.89% 69.17% 9.95% 69.17% 9.95% 9.30% 27.09% 7.06% 84.10% 10.83% 84.10% 10.83% 4.20% 13.97% 6.33% 45.50% 8.56% 45.50% 8.56% 24.50% 13.29% 6.29% 48.34% 8.73% 48.34% 8.73% 11.80% 18.41% 6.58% 60.70% 9.45% 60.70% 9.45% 6.70% -­‐2.60% 5.41% -­‐16.28% 4.92% -­‐16.28% 4.92% 27.00% -­‐7.22% 5.15% 9.79% 6.46% 9.79% 6.46% 14.30% 5.40% 5.86% 29.92% 7.64% 29.92% 7.64% 9.20% -­‐27.44% 4.03% -­‐66.58% 1.97% -­‐66.58% 1.97% 29.50% -­‐35.36% 3.59% -­‐40.88% 3.48% -­‐40.88% 3.48% 16.80% -­‐11.93% 4.89% -­‐4.70% 5.61% -­‐4.70% 5.61% 11.70% -­‐60.57% 2.19% -­‐102.21% -­‐0.13% -­‐102.21% -­‐0.13% 32.00% -­‐67.95% 1.78% -­‐96.48% 0.21% -­‐96.48% 0.21% 19.30% -­‐33.57% 3.69% -­‐40.12% 3.52% -­‐40.12% 3.52% 14.20% -­‐101.98% -­‐0.11% -­‐126.65% -­‐1.57% -­‐126.65% -­‐1.57% 34.50% -­‐100.80% -­‐0.04% -­‐147.69% -­‐2.81% -­‐147.69% -­‐2.81% 21.80% -­‐59.51% 2.25% -­‐74.23% 1.52% -­‐74.23% 1.52% 16.70% -­‐151.67% -­‐2.87% -­‐143.53% -­‐2.56% -­‐143.53% -­‐2.56% 37.00% -­‐128.62% -­‐1.59% -­‐195.64% -­‐5.63% -­‐195.64% -­‐5.63% Sensitivity Analysis
  43. 43. Appendix Sources & Uses of Cash Total Uses $313 M Total Uses $216 M
  44. 44. Appendix BDN Development Timeline
  • ImranBhimani

    Apr. 12, 2018
  • ChristianAvetisyan

    Apr. 12, 2018

A real estate development proposal prepared by four (4) select USC Marshall undergraduate real estate finance students for Brandywine Realty Trust (NYSE: BDN). Participating schools listed below: California Polytechnical State University, Colorado State University, Drexel University, Florida State University, Georgetown University, Lehigh University Monmouth University, New York University, Ohio State University, Penn State University, Rutgers University, Temple University, University of North Carolina Chapel Hill, University of Pennsylvania, University of Southern California, University of Wisconsin, Villanova University and Virginia Commonwealth University

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