Brandywine Realty Trust
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Brandywine Realty Trust (BDN) investor relations material

Brandywine Realty Trust Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary4 Feb, 2026

Executive summary

  • Q4 2025 results aligned with the business plan, with strong operating metrics, robust leasing activity, and tenant retention at 64%, especially in core markets like Philadelphia and Radnor.

  • Achieved full ownership of 3025 JFK and 3151 Market Street in Philadelphia, consolidating these assets.

  • Maintained strong liquidity with no borrowings on a $600M credit line and no bond maturities until late 2027.

  • 2026 business plan targets recapitalizing Austin joint ventures, asset recycling, and further debt reduction.

  • Major recapitalizations and asset consolidations were completed, with significant leasing and tour volume growth.

Financial highlights

  • Q4 2025 net loss attributable to common shareholders: $(36.9)M, or $(0.21) per share, including a $(12.2)M debt extinguishment charge.

  • Full-year 2025 FFO: $93.4M, or $0.52 per diluted share; adjusted FFO (excluding capital market/transactional items) at $105.8M ($0.59 per share).

  • Full-year 2025 net loss: $(179.5)M, or $(1.03) per share, including $63.4M in non-cash impairment charges.

  • Total revenue for 2025 was $505.5M, up from $484.5M in 2024.

  • Q4 property-level NOI was $70M, $1M below forecast due to higher operating costs.

Outlook and guidance

  • 2026 FFO guidance is $0.51–$0.59 per share (midpoint $0.55), a 5.8% increase over 2025.

  • Projected year-end 2026 core occupancy at 89–90%, with leased range 90–91%.

  • 2026 asset sales targeted at $280M–$300M, with proceeds to be used for debt reduction and potential share/bond buybacks.

  • No property acquisitions planned for 2026; redevelopment of one Austin property expected.

  • Same store NOI expected to be flat to up 1% GAAP and 0% to 2% cash.

What drives asset selection for 2026 sales?
Details on Austin's vacant building redevelopment?
Hurdle for refinancing high-coupon bonds early?
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Q1 202623 Apr, 2026
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Frequently asked questions

Brandywine Realty Trust is a publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia, Austin and Washington, D.C. markets.

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