| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 121.42 | 0.7% | 7.9% |
| Total Income | 121.42 | 0.7% | 7.9% |
| Expenditure | 96.26 | 40.5% | 31.9% |
| PBT | -26.00 | 70.7% | 84.3% |
| Net Profit | -25.92 | 70.8% | 84.3% |
| OPM | 20.75% | 55.03pp | 27.93pp |
| NPM | -21.35% | 52.19pp | |
| EPS | -0.15 | 70.6% | 84.4% |
Brandywine Realty Trust Announces Third Quarter 2025 Results
04 May 2026 · 4 May, 8:57 am
Summary
Brandywine Realty Trust reported a net loss of $(26.2) million, or $(0.15) per share, for the third quarter of 2025. Funds from Operations (FFO) was $28.0 million, or $0.16 per diluted share. The company's core portfolio was 88.8% occupied and 90.4% leased. They completed the sale of a property in Austin, Texas, and acquired a partner's interest in 3025 JFK. The company is revising and narrowing its 2025 FFO guidance range to $0.51 to $0.53 per share.
Key Highlights
- 1
Net loss available to common shareholders was $(26.2) million, or $(0.15) per share for the third quarter of 2025.
- 2
Funds from Operations (FFO) totaled $28.0 million, or $0.16 per diluted share in Q3 2025.
- 3
The core portfolio was 88.8% occupied and 90.4% leased as of the end of the third quarter.
- 4
Same Store NOI increased 1.4% on an accrual basis and 2.1% on a cash basis for the third quarter.
- 5
The company completed the sale of a 223,000 square foot property in Austin, Texas for $55.1 million.
- 6
Brandywine acquired its partner's preferred equity interest in 3025 JFK for $70.5 million in October 2025.
- 7
The company is adjusting its 2025 FFO guidance from $0.60 - $0.66 per diluted share to $0.51 - $0.53 per diluted share.
Management Comments
Gerard H. Sweeney
“We are pleased with our 2025 business plan progress highlighted by achieving the midpoint of our speculative revenue target and many of our operating objectives." “We continue to have one of the office sectors lowest forward lease expiration schedule with only 4.9% of revenues expiring through 2026. The pipeline for our commercial development projects remains strong at 1.6 million square feet with 75,000 in active lease negotiations. Our two residential developments, Solaris at Uptown ATX and Avira at Schuylkill Yards are both 99% leased. Liquidity remains in excellent shape with no outstanding balance on our $600 million unsecured line of credit and $75 million of cash on hand. We recently issued $300 million of 5 year unsecured notes at 6.125% and used the majority of those proceeds to prepay a $245 million secured loan scheduled to mature in February 2028. As a result we unencumbered approximately $45 million of net operating income and, once again, have a fully unencumbered wholly owned operating portfolio. This early prepayment will generate a fourth quarter earnings charge approximating $12.3 million or $0.07 per share. As a first step in recapitalizing our development joint ventures, we acquired our partner’s preferred equity interest in 3025 JFK for $70.5 million. Our 2025 business plan contemplated proceeding with recapitalizing several projects once stabilization occurred and capital market conditions improved. While we believe additional recapitalizations will occur, the timing of those transactions has been delayed. We are revising and narrowing our 2025 FFO guidance range to $0.51 to $0.53 per share to reflect the $0.07 per share prepayment charge and the impact of the development recapitalization occurring in late 2025 or 2026.”
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