| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 127.00 | 4.5% |
| Total Income | 127.00 | 4.5% |
| Expenditure | 125.49 | 14.7% |
| PBT | -48.80 | 80.3% |
| Net Profit | -48.59 | 80.1% |
| OPM | 1.19% | 11.29pp |
| NPM | -38.26% | 16.06pp |
| EPS | -0.28 | 75.0% |
Brandywine Realty Trust Announces Q1 2026 Results and Narrows 2026 Guidance
23 Apr 2026 · 23 Apr, 8:52 pm
Summary
Brandywine Realty Trust announced its financial results for the first quarter of 2026, reporting a net loss of $(48.9) million, or $(0.28) per share. Funds from Operations (FFO) amounted to $20.0 million, or $0.11 per diluted share. The company's core portfolio maintained a strong occupancy rate of 88.3%. Management is narrowing the full-year 2026 FFO guidance to $0.52-$0.58 per share, reflecting progress on their business plan.
Key Highlights
- 1
Brandywine Realty Trust reported a net loss attributable to common shareholders of $(48.9) million, or $(0.28) per share, for the first quarter of 2026.
- 2
Funds from Operations (FFO) available to common shareholders totaled $20.0 million, or $0.11 per diluted share, in the first quarter of 2026.
- 3
The company's core portfolio was 88.3% occupied and 89.9% leased as of the end of the first quarter.
- 4
New and renewal leases signed during the first quarter totaled 268,000 square feet in the wholly-owned portfolio.
- 5
Same store net operating income (NOI) increased by 0.8% on an accrual basis and 3.3% on a cash basis during the quarter.
- 6
The company is narrowing its 2026 FFO guidance from $0.51 to $0.59 per share to $0.52 to $0.58 per share.
Management Comments
Jerry Sweeney
During the first quarter, we made excellent progress on our 2026 business plan highlighted by achieving 94% of our speculative revenue target based on the midpoint of our guidance. Our wholly owned first quarter leasing activity totaled 268,000 square feet representing the most activity since the fourth quarter of 2024. We continue to make progress on our portfolio recycling program and expect to achieve our $290 million disposition target with approximately $305 million under agreement or currently in various stages of due diligence. We have agreed to terms on a 7-year financing for Avira for up to $100 million using the proceeds and line of credit to repay the existing construction loan due in July 2026 and we anticipate closing both transactions during the second quarter. We remain in an excellent liquidity position with $65 million outstanding on our $600 million unsecured line of credit and no unsecured bonds maturing until November 2027. Based on the progress we have made on our 2026 business plan, we are narrowing our FFO range from $0.51 to $0.59 per share to $0.52 to $0.58 per share.”
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