1060386--3/22/2006--BRANDYWINE_OPERATING_PARTNERSHIP_LP

related topics

{loan, real, estate}

{investment, property, distribution}

{cost, operation, labor}

{debt, indebtedness, cash}

{tax, income, asset}

{operation, natural, condition}

{regulation, change, law}

{cost, regulation, environmental}

{personnel, key, retain}

{loss, insurance, financial}

{stock, price, share}

{provision, law, control}

{cost, contract, operation}

Our performance is subject to risks associated with our properties and with the real estate industry. We may experience increased operating costs, which might reduce our profitability. Our investment in property development or redevelopment may be more costly than we anticipate. We may not successfully integrate our historic operations with those of Prentiss and the intended benefits of our acquisition of Prentiss may not be realized. We face risks associated with property acquisitions. Acquired properties may subject us to unknown liabilities. We have agreed not to sell certain of our properties. We may be unable to renew leases or re-lease space as leases expire. We face significant competition from other real estate developers. Changes in market conditions including capitalization rates applied in real estate acquisitions could impact our ability to grow through acquisitions. Property ownership through joint ventures may limit our ability to act exclusively in our interest. Because real estate is illiquid, we may not be able to sell properties when appropriate. We may suffer adverse consequences due to the financial difficulties, bankruptcy or insolvency of our tenants. Some potential losses are not covered by insurance. Terrorist attacks and other acts of violence or war may adversely impact our performance and may affect the markets on which our securities are traded. Our ability to make distributions is subject to various risks. Changes in the law may adversely affect our cash flow. The terms and covenants relating to our indebtedness could adversely impact our economic performance. Our degree of leverage could limit our ability to obtain additional financing or affect the market price of our equity shares or debt securities. We will need to replace, at or before maturity, the term loan facility that we used to finance a portion of the cash component of our acquisition of Prentiss. Potential liability for environmental contamination could result in substantial costs. An earthquake could adversely affect our business. Americans with Disabilities Act compliance could be costly. The Company s status as a REIT is dependent on compliance with federal income tax requirements. We face possible state and local tax audits. Competition for skilled personnel could increase labor costs. We are dependent upon our key personnel. Certain limitations will exist with respect to a third party s ability to acquire the Company or effectuate a change in control. The acquisition of new properties which lack operating history with us will give rise to difficulties in predicting revenue potential. Our performance is dependent upon the economic conditions of the markets in which our properties are located.

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1060386--3/22/2006--BRANDYWINE_OPERATING_PARTNERSHIP_LP_/PA