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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.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.
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FFO per share rose 11.7% in 2025, with robust rental growth and a higher dividend. - ALCO
Land sales and leasing drove improved profitability and strong liquidity as citrus operations ended. - PAHC
Net sales and profit surged on acquisition, with raised outlook and strong liquidity. - PTC
Q1'26 saw double-digit growth, margin gains, and major share repurchases, with a strong FY'26 outlook. - MKL
Operating income rose to $3.2B, with broad-based growth and improved insurance profitability. - UHAL
Q3 net loss of $37M on higher costs and depreciation, but self-storage revenue increased. - SITM
Acquisition accelerates growth to $1B revenue, expanding leadership in precision timing. - AFL
Q4 net earnings dropped 27.5% year-over-year, but adjusted EPS and sales in Japan and the U.S. grew. - SNEX
Record net income and operating revenue growth, with strong segment results and a stock split announced. - RSI
Record financial results, all motions passed, and LEAP project remains a strategic priority.
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