{"success":true,"data":{"pressRelease":{"id":"95777","rtpr_id":"nGNX6rmQ3n","ticker":"BDN","exchange":"NYSE","all_tickers":["BDN"],"title":"Brandywine Realty Trust Announces Second Quarter 2026 Results","author":"Globe Newswire","published_at":"2026-07-22T20:09:43.455Z","article_body":"PHILADELPHIA, July 22, 2026 (GLOBE NEWSWIRE) -- Brandywine Realty Trust (NYSE:\nBDN) today reported its financial and operating results for the three and\nsix-month periods ended June 30, 2026.\n\nManagement Comments\n\n“We are pleased with our second quarter progress on our 2026 Business Plan\nhighlighted by raising our speculative revenue midpoint guidance by 5.7%, and\nachieving 99% of the revised target,” stated Gerard H. Sweeney, President\nand Chief Executive Officer of Brandywine Realty Trust. “We have also\nexperienced higher tenant renewals and more tenant expansions and based on our\nsecond quarter retention rate of 85%, we have increased our projected full\nyear tenant retention midpoint by 10%.  Turning to capital markets, we have\nnow closed $208 million of portfolio asset sales and have increased our asset\nsales target from $290 million to $305 million.  We expect the remaining\nasset sales to close later this quarter.  Consistent with our business plan,\nwe plan to use most of the proceeds from these asset sales to lower our\noutstanding debt and, to a smaller extent, repurchase our common stock.  We\nalso completed the refinancing of Avira with a 7-year, $90 million financing\nat a 5.8% annual interest rate and repaid our $178 million construction\nloan.   We remain in an excellent liquidity position, and after our recent\nsales activity, we have no outstanding balance on our $600 million unsecured\nline of credit and $35 million of cash-on-hand. Based on the progress we have\nmade on our 2026 Business Plan, we are narrowing our FFO range from $0.52 to\n$0.58 per share to $0.53 to $0.57 per share.”\n\nSecond Quarter Highlights\n\nFinancial Results\n* Net loss available to common shareholders: $(31.7) million, or $(0.18) per\ndiluted share.  \n* Funds from Operations (FFO): $23.6 million, or $0.13 per diluted share.\nPortfolio Results\n* Core Portfolio: 89.1% occupied and 90.6% leased.  \n* New and Renewal Leases Signed: 254,000 square feet in our wholly-owned\nportfolio and 353,000 square feet, including our unconsolidated joint\nventures.\n* Rental Rate Mark-to-Market: Increased 1.5% on an accrual basis and decreased\n(4.2)% on a cash basis.\n* Same Store Net Operating Income: Increased 0.5% on an accrual basis and\nincreased 1.9% on a cash basis.\n* Tenant Retention Ratio: 85%.\nRecent Transaction Activity\n\nDisposition Activity\n* On May 15, 2026, we completed the sale of a wholly-owned office property in\nConshohocken, Pennsylvania for a gross sales price of $15.5 million, or $133\nper square foot. The property was 46% occupied at the time of sale. We\nrecognized a $0.1 million gain during the second quarter.\n\n* On July 1, 2026, we completed the sale of a wholly-owned office property in\nKing of Prussia, Pennsylvania for a gross sales price of $41.5 million, or\n$412 per square foot. We received net cash proceeds of $37.8 million and will\nrecord a gain of approximately $13.6 million in the third quarter of 2026. The\nproperty was 100% occupied at the time of sale. We reclassified the property\nas held for sale as of June 30, 2026 on our consolidated balance sheet.\n\n* On July 9, 2026, we completed the sale of a wholly-owned office property in\nAustin, Texas for a gross sales price of $151.0 million, or $734 per square\nfoot. We received net cash proceeds of $146.1 million and will record a gain\nof approximately $36.3 million in the third quarter of 2026. The property was\n100% occupied at the time of sale. We reclassified the property as held for\nsale as of June 30, 2026 on our consolidated balance sheet.\nFinance / Capital Markets Activity\n* On May 28, 2026, we exercised our first six-month extension right on our\nexisting unsecured credit facility moving the maturity date to December 2026.\n* As previously disclosed, in May 2026, our One Uptown ventures entered into\nextension options with the existing lenders. The loan for One Uptown –\nMulti-Family has been extended to July 29, 2027 and the total loan capacity\nwas reduced from $85.0 million to $76.5 million. The loan for One Uptown –\nOffice has been extended to July 29, 2028 and the total loan capacity was\nreduced from $121.7 million to $108.9 million.\n* In June 2026, we closed on a $90 million secured term loan at Avira, the\nresidential component of 3025 JFK located in Philadelphia, Pennsylvania. The\nloan bears interest at 1.85% over the secured overnight financing rate\n(“SOFR”) and has a maturity date of June 2033. Effective June 24, 2026,\nthis loan was swapped to an all-in fixed rate of 5.81% through the maturity\ndate. The secured term loan combined with proceeds from our unsecured line of\ncredit funded the retirement of the existing $178 million construction loan on\nJune 23, 2026. The $178 million construction loan was scheduled to mature in\nJuly 2026.\n* As of June 30, 2026, we had $149 million outstanding balance on our $600.0\nmillion unsecured line of credit. As a result of the disposition sales\nactivity noted above, we currently have no outstanding balance on our $600.0\nmillion unsecured line of credit.\n* As of June 30, 2026, we had $40.2 million of cash and cash equivalents\non-hand. As a result of the disposition activity noted above, we currently\nhave $35 million of cash and cash equivalents on hand.\nResults for the Three and Six Month Periods Ended June 30, 2026\n\nNet loss attributable to common shareholders totaled $(31.7) million, or\n$(0.18) per share, in the second quarter of 2026 compared to net loss of\n$(89.0) million, or $(0.51) per share, in the second quarter of 2025. Our 2025\nresults include non-cash impairment charges totaling $63.4 million or $0.37\nper share, related to portfolio assets in Austin, Texas.\n\nFFO attributable to common shareholders and units totaled $23.6 million, or\n$0.13 per diluted share, in the second quarter of 2026 as compared to $26.1\nmillion, or $0.15 per diluted share, for the second quarter of 2025. Our\nsecond quarter 2026 payout ratio ($0.08 common share distribution / $0.13 FFO\nper diluted share) was 62%.\n\nNet loss attributable to common shareholders totaled $(80.6) million, or\n$(0.46) per share, in the first six months of 2026 compared to net loss of\n$(116.4) million, or $(0.67) per share, in the first six months of 2025. Our\n2025 results include non-cash impairment charges totaling $63.4 million or\n$0.37 per share, related to portfolio assets located in Austin, Texas.\n\nOur FFO available to common shareholders and units for the first six months of\n2026 totaled $43.6 million, or $0.24 per diluted share, versus $50.8 million,\nor $0.28 per diluted share, in the first six months of 2025. Our payout ratio\nfor the first half 2026 ($0.16 common share distribution / $0.24 FFO per\ndiluted share) was 67%.\n\nOperating and Leasing Activity\n\nIn the second quarter of 2026, our same store Net Operating Income (NOI)\nexcluding termination revenues and other income items increased 0.5% on an\naccrual basis and increased 1.9% on a cash basis for our 55 same store\nproperties, which were 89.0% and 89.1% occupied on June 30, 2026 and 2025,\nrespectively.\n\nWe leased approximately 254,000 square feet and commenced occupancy on 245,000\nsquare feet during the second quarter of 2026. The second quarter occupancy\nactivity includes 60,000 square feet of renewals, 111,000 square feet of new\nleases and 74,000 square feet of tenant expansions. We have an additional\n166,000 square feet of executed new leasing scheduled to commence subsequent\nto June 30, 2026.\n\nOur second quarter tenant retention ratio was 85% in our core portfolio with\nnet absorption of 88,000 square feet during the second quarter of 2026. Second\nquarter rental rate growth increased 1.5% as our renewal rental rates\ndecreased (0.5)% and our new lease/expansion rental rates increased 4.7%, all\non an accrual basis.\n\nAt June 30, 2026, our core portfolio of 57 properties comprises 10.8 million\nsquare feet, was 89.1% occupied and, as of July 15, 2026, we are now 90.6%\nleased (reflecting new leases commencing after June 30, 2026).\n\nDividend Distributions\n\nOn May 28, 2026, our Board of Trustees declared a quarterly dividend\ndistribution of $0.08 per common share that was paid on July 22, 2026 to\nshareholders of record as of July 8, 2026.\n\n2026 Earnings and FFO Guidance\n\nBased on current plans and assumptions and subject to the risks and\nuncertainties more fully described in our Securities and Exchange Commission\nfilings, we are adjusting our 2026 loss per share guidance from $(0.76) -\n$(0.70) per share to $(0.45) – $(0.41) per share and we are narrowing our\n2026 FFO guidance from $0.52 - $0.58 per diluted share to $0.53 - $0.57 per\ndiluted share. Our adjustment to guidance for the 2026 loss per share is\nprimarily due to the projected net gains on sale of undepreciated real estate.\nThis guidance is provided for informational purposes and is subject to change.\nThe following is a reconciliation of the calculation of 2026 FFO and earnings\nper diluted share:\n\n Guidance for 2026 Range \n \n Loss per share allocated to common shareholders $ (0.45 ) to $ (0.41 ) \n Plus: real estate depreciation, amortization 1.19 1.19 \n Less: real estate gains and losses, net (0.28 ) (0.28 ) \n Plus: real estate impairments 0.07 0.07 \n FFO per diluted share $ 0.5 3 to $ 0.5 7 \n \n\nOur 2026 FFO key assumptions include:\n* Year-end Core Occupancy Range: 89-90%;\n* Year-end Core Leased Range: 90-91%;\n* Rental Rate Mark-to-Market (accrual): 5-7%;\n* Rental Rate Mark-to-Market (cash): (2)-0%;\n* Same Store (accrual) NOI Range: (1)-1%;\n* Same Store (cash) NOI Range: 0-2%;\n* Speculative Revenue Target: $18.4 - $18.6 million, $18.3 million achieved;\n* Tenant Retention Rate Range: 51-53%;\n* Property Acquisition Activity: None;\n* Property Sales Activity: $305 million;\n* Development Starts: Redevelopment of one existing Uptown ATX building in\nAustin, Texas;\n* Financing Activity: Repaid our $178 million 3025 JFK Construction Loan\nmaturing in July 2026, financed Avira with a $90 million secured loan and\nextended the maturity date of our unsecured credit facility to December 31,\n2026;\n* Share Buyback and Bond Repurchase Activity: $120 – 140 million to be\nexecuted primarily during third and fourth quarters of 2026 based on current\nsales activity.\n* Annual earnings and FFO per diluted share based on 180.0 million fully\ndiluted weighted average common shares.\nExcept as outlined in our 2026 Business Plan, which can be located on the\nInvestor Relations page of our website, our estimates do not include (1)\npossible future gains or losses or the impact on operating results from other\npossible future property acquisitions or dispositions, (2) the impacts of any\nother capital markets activity, (3) future write-offs or reinstatements of\naccounts receivable and accrued rent balances, or (4) future impairment\ncharges. EPS estimates may fluctuate based on several factors, including\nchanges in the recognition of depreciation and amortization expense,\nimpairment losses on depreciable real estate, and any gains or losses\nassociated with disposition activity. Management is not able to assess at this\ntime the potential impact of these factors on projected EPS. By definition,\nFFO does not include real estate-related depreciation and amortization,\nimpairment losses on depreciable real estate, or gains or losses associated\nwith disposition activities or depreciable real estate. For a complete\ndefinition of FFO and statements of the reasons why management believes FFO\nprovides useful information to investors, see page 37 in our second quarter\nSupplemental Information Package. There can be no assurance that our actual\nresults will not differ materially from the estimates set forth above. Our\n2026 Business Plan is included in our Supplemental Information Package which\ncan be located on the Investor Relations page of our website.\n\nAbout Brandywine Realty Trust\n\nBrandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded,\nfull-service, integrated real estate companies in the United States with a\ncore focus in Philadelphia, PA and Austin, TX. Organized as a real estate\ninvestment trust (REIT), we own, develop, lease and manage an urban, town\ncenter and transit-oriented portfolio comprising 112 properties and 19.2\nmillion square feet as of June 30, 2026. Our purpose is to shape, connect and\ninspire the world around us through our expertise, the relationships we\nfoster, the communities in which we live and work, and the history we build\ntogether. For more information, please visit www.brandywinerealty.com.\n\nConference Call and Audio Webcast\n\nAfter releasing our second quarter earnings after the market close on\nWednesday, July 22, 2026, we will hold our second quarter conference call on\nThursday, July 23, 2026 at 9:00 a.m. Eastern Time. To access the conference\ncall by phone, please visit this link here\n(https://www.globenewswire.com/Tracker?data=9fov596ioYHVXNKM4OtKD8np3wauprSMXm4H6vKjw1faK6fIBopuTLM8FxSMqqzpAyvSsBhEMKN8zNB0HXS8HjtyZg1qcIHMeps3uwiSUE4wlqWGxM4hLnCqPMX109oQhRlWUR62pa6ThmXQAiXSrnkdF_JE2YKCNNOHY8JkAugDaWFW8ms6L4zB0nyrtzjsHPUPrLaEqnkEgTjNlctOhba7Imb8GbVek5c5i7KpYLyFMD_m4_qaWxb78XTw9rNvva8amDmSg4DAucus6UaHYQVVGonuugkZ7atRrY9QLeKHMGKKgAUYEv_sM2OxX-zUfXRslnh5VHgzdDOwE0-xYzhQKaKRPX-ouhHVs3FLB6jmvRIEnfieMEiTuGDAYs3g8hOrXUa4rMkRxsUjACnQOzm-bkpdWTN-xO0lv4ubZXqdwxntFt61pEAFyOLglVIvdWPU3oLli8wHoPUxjLffwVAm2M5LTg_ZUIM1N6D7bESv82jzUqSBF0PFGTYcuAUyafdz4VrI5AFhzit7qOy1l3eN9N1th-zYuVBDeLMaLYevjJBZkSHhFj0YI3Yjc2CXu-VrOHbRiG9HW3icsrk6sx_B5LQabm8adQ4NNp6O9jDQDVsr6wSA6vwQ0Tv92FqnuJVEbO-tKyav0ZtS-fTduy_Gt8Z7AMRqGkt9pHf0gxQYvU_gRhfT3e66KnyAcdw9),\nand you will be provided with dial in details. A live webcast of the\nconference call will also be available on the Investor Relations page of our\nwebsite at www.brandywinerealty.com.\n\nLooking Ahead – Third Quarter 2026 Conference Call\n\nWe expect to release our third quarter 2026 earnings on Wednesday, October 21,\n2026, after the market close and will host our third quarter 2026 conference\ncall on Thursday, October 22, 2026 at 9:00 a.m. Eastern Time. We expect to\nissue a press release in advance of these events to reconfirm the dates and\ntimes and provide all related information.\n\nSupplemental Information\n\nWe produce a Supplemental Information Package that includes details regarding\nthe performance of the portfolio, financial information, non-GAAP financial\nmeasures, same-store information and other useful information for investors.\nThe Supplemental Information Package is available via our website,\nwww.brandywinerealty.com, through the “Investor Relations” section.\n\nForward-Looking Statements\n\nThis press release contains certain forward-looking statements within the\nmeaning of Section 27A of the Securities Act of 1933, as amended, and Section\n21E of the Securities Exchange Act of 1934, as amended. Such forward-looking\nstatements can generally be identified by our use of forward-looking\nterminology such as “will,” “strategy,” “expects,” “seeks,”\n“believes,” “potential,” or other similar words. Because such\nstatements involve known and unknown risks, uncertainties and contingencies,\nactual results may differ materially from the expectations, intentions,\nbeliefs, plans or predictions of the future expressed or implied by such\nforward-looking statements. These forward-looking statements, including our\n2026 Guidance and our 2026 Business Plan and expectations for timing and terms\nof developments, sales, capital activities, bond repurchases and common share\nbuybacks, are based upon the current beliefs and expectations of our\nmanagement and are inherently subject to significant business, economic and\ncompetitive uncertainties and contingencies, many of which are difficult to\npredict and not within our control. Such risks, uncertainties and\ncontingencies include, among others: reduced demand for office space and\npricing pressures, including from competitors, changes to tenant work patterns\nthat could limit our ability to lease space or set rents at expected levels or\nthat could lead to declines in rent; uncertainty and volatility in capital and\ncredit markets, including changes that reduce availability, and increase\ncosts, of capital or that delay receipt of future debt financings and\nrefinancings; the effect of inflation and interest rate fluctuations,\nincluding on the costs of our planned debt financings and refinancings; the\npotential loss or bankruptcy of tenants or the inability of tenants to meet\ntheir rent and other lease obligations; risks of acquisitions and\ndispositions, including unexpected liabilities and integration costs; delays\nin completing, and cost overruns incurred in connection with, our developments\nand redevelopments; disagreements with joint venture partners; unanticipated\noperating and capital costs; uninsured casualty losses and our ability to\nobtain adequate insurance, including coverage for terrorist acts; additional\nasset impairments; our dependence upon certain geographic markets; changes in\ngovernmental regulations, tax laws and rates and similar matters; impacts from\nchanges to U.S. trade and foreign relations policies, including the imposition\nof tariffs; impacts of a U.S. government shutdown; unexpected costs of REIT\nqualification compliance; costs and disruptions as the result of a\ncybersecurity incident or other technology disruption; reliance on key\npersonnel; and failure to maintain an effective system of internal control,\nincluding internal control over financial reporting. The declaration and\npayment of future dividends (both timing and amount) is subject to the\ndetermination of our Board of Trustees, in its sole discretion, after\nconsidering various factors, including our financial condition, historical and\nforecast operating results, and available cash flow, as well as any applicable\nlaws and contractual covenants and any other relevant factors. Our Board’s\npractice regarding declaration of dividends may be modified at any time and\nfrom time to time. Additional information on factors which could impact us and\nthe forward-looking statements contained herein are included in our filings\nwith the Securities and Exchange Commission, including our Form 10-K for the\nyear ended December 31, 2025. Given the uncertainties, we caution readers not\nto place undue reliance on forward-looking statements. We assume no obligation\nto update or supplement forward-looking statements that become untrue because\nof subsequent events except as required by law.\n\nNon-GAAP Supplemental Financial Measures\n\nWe compute our financial results in accordance with generally accepted\naccounting principles (GAAP). Although FFO and NOI are non-GAAP financial\nmeasures, we believe that FFO and NOI calculations are helpful to shareholders\nand potential investors and are widely recognized measures of real estate\ninvestment trust performance. At the end of this press release, we have\nprovided a reconciliation of the non-GAAP financial measures to the most\ndirectly comparable GAAP measure.\n\nFunds from Operations (FFO)\n\nWe compute FFO in accordance with standards established by the National\nAssociation of Real Estate Investment Trusts (NAREIT), which may not be\ncomparable to FFO reported by other REITs that do not compute FFO in\naccordance with the NAREIT definition, or that interpret the NAREIT definition\ndifferently than us. NAREIT defines FFO as net income (loss) before\nnon-controlling interests of common unit holders and excluding gains (losses)\non sales of depreciable operating property, impairment losses on depreciable\nconsolidated real estate, impairment losses on investments in unconsolidated\nreal estate ventures and extraordinary items (computed in accordance with\nGAAP); plus real estate related depreciation and amortization (excluding\namortization of deferred financing costs), and after similar adjustments for\nunconsolidated joint ventures. Net income, the GAAP measure that we believe to\nbe most directly comparable to FFO, includes depreciation and amortization\nexpenses, gains or losses on property sales, extraordinary items and\nnon-controlling interests. To facilitate a clear understanding of our\nhistorical operating results, FFO should be examined in conjunction with net\nincome (determined in accordance with GAAP) as presented in the financial\nstatements included elsewhere in this release. FFO does not represent cash\nflow from operating activities (determined in accordance with GAAP) and should\nnot be considered to be an alternative to net income (loss) (determined in\naccordance with GAAP) as an indication of our financial performance or to be\nan alternative to cash flow from operating activities (determined in\naccordance with GAAP) as a measure of our liquidity, nor is it indicative of\nfunds available for our cash needs, including our ability to make cash\ndistributions to shareholders. We generally consider FFO and FFO per share to\nbe useful measures for understanding and comparing our operating results\nbecause, by excluding gains and losses related to sales of previously\ndepreciated operating real estate assets, impairment losses and real estate\nasset depreciation and amortization (which can differ across owners of similar\nassets in similar condition based on historical cost accounting and useful\nlife estimates), FFO and FFO per share can help investors compare the\noperating performance of a company’s real estate across reporting periods\nand to the operating performance of other companies.\n\nNet Operating Income (NOI)\n\nNOI (accrual basis) is a Non-GAAP financial measure equal to net income\navailable to common shareholders, the most directly comparable GAAP financial\nmeasure, plus corporate general and administrative expense, depreciation and\namortization, interest expense, non-controlling interest in the Operating\nPartnership and losses from early extinguishment of debt, less interest\nincome, development and management income, gains from property dispositions,\ngains on sale from discontinued operations, gains on early extinguishment of\ndebt, income from discontinued operations, income from unconsolidated joint\nventures and non-controlling interest in property partnerships. In some cases\nwe also present NOI on a cash basis, which is NOI after eliminating the\neffects of straight-lining of rent and deferred market intangible\namortization. NOI presented by us may not be comparable to NOI reported by\nother REITs that define NOI differently. NOI should not be considered an\nalternative to net income as an indication of our performance or to cash flows\nas a measure of the Company's liquidity or its ability to make distributions.\nWe believe NOI is a useful measure for evaluating the operating performance of\nour properties, as it excludes certain components from net income available to\ncommon shareholders in order to provide results that are more closely related\nto a property's results of operations. We use NOI internally to evaluate the\nperformance of our operating segments and to make decisions about resource\nallocations. We concluded that NOI provides useful information to investors\nregarding our financial condition and results of operations, as it reflects\nonly the income and expense items incurred at the property level, as well as\nthe impact on operations from trends in occupancy rates, rental rates,\noperating costs and acquisition and development activity on an unlevered\nbasis.\n\nSame Store Properties\n\nIn our analysis of NOI, particularly to make comparisons of NOI between\nperiods meaningful, it is important to provide information for properties that\nwere in-service and owned by us throughout each period presented. We refer to\nproperties acquired or placed in-service prior to the beginning of the\nearliest period presented and owned by us through the end of the latest period\npresented as Same Store Properties. Same Store Properties therefore exclude\nproperties placed in-service, acquired, repositioned, held for sale or in\ndevelopment or redevelopment after the beginning of the earliest period\npresented or disposed of prior to the end of the latest period presented.\nAccordingly, it takes at least one year and one quarter after a property is\nacquired for that property to be included in Same Store Properties.\n\nCore Portfolio\n\nOur core portfolio is comprised of our wholly owned properties, excluding any\nproperties currently in development, re-development or recently completed, not\nyet stabilized or held for sale.\n\nSpeculative Revenue\n\nSpeculative Revenue represents the amount of rental revenue the company\nprojects to be recorded during the current calendar year from new and renewal\nleasing activity in its core portfolio that has yet to be executed as of the\nbeginning of the year. This revenue is primarily attributable to the\nabsorption of core portfolio square footage that was either vacant at the\nbeginning of the year or the renewal of existing tenants due to expire during\nthe current year.\n\n Company / Investor Contact: Tom Wirth EVP & CFO 610-832-7434 tom.wirth@bdnreit.com \n \n\n\n\n BRANDYWINE REALTY TRUST CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except share and per share data) \n \n June 30, 2026 December 31, 2025 \n ASSETS \n Real estate investments: \n Operating properties $ 3,527,129 $ 3,753,780 \n Accumulated depreciation (1,241,465 ) (1,259,090 ) \n Prepaid ground leases, net 34,156 51,399 \n Right of use asset - operating leases, net 17,509 17,806 \n Operating real estate investments, net 2,337,329 2,563,895 \n Construction-in-progress 85,569 118,543 \n Land held for development 75,134 70,405 \n Prepaid leasehold interests in land held for development, net 27,762 27,762 \n Total real estate investments, net 2,525,794 2,780,605 \n Cash and cash equivalents 40,197 32,284 \n Restricted cash and escrow 830 30,018 \n Accounts receivable 19,916 22,154 \n Assets held for sale, net 227,678 — \n Accrued rent receivable, net of allowance of $369 and $424 as of June 30, 2026 and December 31, 2025, respectively 169,267 182,651 \n Investment in unconsolidated real estate ventures 336,851 314,326 \n Deferred costs, net 69,222 79,549 \n Intangible assets, net 13,832 22,426 \n Other assets 132,381 122,227 \n Total assets $ 3,535,968 $ 3,586,240 \n LIABILITIES AND BENEFICIARIES' EQUITY \n Secured debt, net $ 144,260 $ 234,079 \n Unsecured credit facility 149,000 — \n Unsecured term loan, net 249,593 249,389 \n Unsecured senior notes, net 2,074,153 2,073,394 \n Accounts payable and accrued expenses 136,663 143,826 \n Distributions payable 14,203 14,108 \n Deferred income, gains and rent 21,845 22,569 \n Intangible liabilities, net 12,355 12,713 \n Lease liability - operating leases 23,806 23,720 \n Other liabilities 14,190 14,588 \n Total liabilities $ 2,840,068 $ 2,788,386 \n Brandywine Realty Trust's Equity: \n Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 174,611,856 and 173,699,039 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 1,740 1,733 \n Additional paid-in-capital 3,204,718 3,199,838 \n Deferred compensation payable in common shares 25,467 23,069 \n Common shares in grantor trust, 2,376,607 and 1,583,000 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively (25,467 ) (23,069 ) \n Cumulative earnings 525,251 605,252 \n Accumulated other comprehensive income (loss) 573 (1,437 ) \n Cumulative distributions (3,041,100 ) (3,012,654 ) \n Total Brandywine Realty Trust's equity 691,182 792,732 \n Noncontrolling interests 4,718 5,122 \n Total beneficiaries' equity $ 695,900 $ 797,854 \n Total liabilities and beneficiaries' equity $ 3,535,968 $ 3,586,240 \n \n\n\n\n BRANDYWINE REALTY TRUST CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except share and per share data) \n \n Three Months Ended June 30, Six Months Ended June 30, \n 2026 2025 2026 2025 \n Revenue \n Rents $ 122,698 $ 114,196 $ 243,355 $ 228,624 \n Third party management fees, labor reimbursement and leasing 4,063 4,873 8,788 10,702 \n Other 2,159 1,502 3,781 2,761 \n Total revenue 128,920 120,571 255,924 242,087 \n Operating expenses \n Property operating expenses 38,568 31,365 77,094 64,891 \n Real estate taxes 11,681 11,507 23,006 22,939 \n Third party management expenses 2,265 2,484 4,433 5,117 \n Depreciation and amortization 47,749 43,762 96,980 88,115 \n General and administrative expenses 9,263 9,325 21,598 26,795 \n Provision for impairment — 63,369 11,909 63,369 \n Total operating expenses 109,526 161,812 235,020 271,226 \n Gain (loss) on sale of real estate \n Net gain (loss) on disposition of real estate 63 (86 ) 63 2,973 \n Total gain (loss) on sale of real estate 63 (86 ) 63 2,973 \n Operating income (loss) 19,457 (41,327 ) 20,967 (26,166 ) \n Other income (expense): \n Interest and investment income 1,068 850 1,734 2,036 \n Interest expense (41,931 ) (32,345 ) (82,820 ) (64,190 ) \n Interest expense - amortization of deferred financing costs (1,345 ) (1,197 ) (2,732 ) (2,427 ) \n Equity in loss of unconsolidated real estate ventures (8,738 ) (14,832 ) (17,440 ) (25,343 ) \n Net gain on real estate venture transactions — — — 183 \n Gain on early extinguishment of debt (24 ) — (24 ) — \n Net loss before income taxes (31,513 ) (88,851 ) (80,315 ) (115,907 ) \n Income tax provision (22 ) (85 ) (24 ) (85 ) \n Net loss (31,535 ) (88,936 ) (80,339 ) (115,992 ) \n Net loss attributable to noncontrolling interests 125 267 338 348 \n Net loss attributable to Brandywine Realty Trust (31,410 ) (88,669 ) (80,001 ) (115,644 ) \n Nonforfeitable dividends allocated to unvested restricted shareholders (248 ) (322 ) (566 ) (751 ) \n Net loss attributable to Common Shareholders of Brandywine Realty Trust $ (31,658 ) $ (88,991 ) $ (80,567 ) $ (116,395 ) \n PER SHARE DATA \n Basic loss per Common Share $ (0.18 ) $ (0.51 ) $ (0.46 ) $ (0.67 ) \n Basic weighted average shares outstanding 174,384,600 173,532,583 174,072,403 173,225,737 \n Diluted loss per Common Share $ (0.18 ) $ (0.51 ) $ (0.46 ) $ (0.67 ) \n Diluted weighted average shares outstanding 174,384,600 173,532,583 174,072,403 173,225,737 \n \n\n\n\n BRANDYWINE REALTY TRUST FUNDS FROM OPERATIONS (unaudited, in thousands, except share and per share data) \n \n Three Months Ended June 30, Six Months Ended June 30, \n 2026 2025 2026 2025 \n Net loss attributable to common shareholders $ (31,658 ) $ (88,991 ) $ (80,567 ) $ (116,395 ) \n Add (deduct): \n Net loss attributable to noncontrolling interests - LP units (95 ) (267 ) (241 ) (348 ) \n Nonforfeitable dividends allocated to unvested restricted shareholders 248 322 566 751 \n Net (gain) loss on real estate venture transactions 497 (304 ) 740 (198 ) \n Net (gain) loss on disposition of real estate (63 ) 86 (63 ) (2,973 ) \n Provision for impairment — 63,369 11,909 63,369 \n Depreciation and amortization: \n Real property 41,205 38,363 83,859 77,092 \n Leasing costs including acquired intangibles 5,431 4,588 11,135 9,403 \n Company’s share of unconsolidated real estate ventures 8,472 9,345 17,205 20,781 \n Partners’ share of consolidated real estate ventures (55 ) (4 ) (152 ) (7 ) \n Funds from operations 23,982 26,507 $ 44,391 $ 51,475 \n Funds from operations allocable to unvested restricted shareholders (419 ) (395 ) (805 ) (700 ) \n Funds from operations available to common share and unit holders (FFO) $ 23,563 $ 26,112 $ 43,586 $ 50,775 \n FFO per share - fully diluted $ 0.13 $ 0.15 $ 0.24 $ 0.28 \n Weighted-average shares/units outstanding — fully diluted 181,166,121 178,569,600 181,026,095 178,514,577 \n Distributions paid per common share $ 0.08 $ 0.15 $ 0.16 $ 0.30 \n FFO payout ratio (distributions paid per common share/FFO per diluted share) 62 % 100 % 67 % 107 % \n \n\nBRANDYWINE REALTY TRUST\nSAME STORE OPERATIONS – 2nd QUARTER\n(unaudited and in thousands)\n\nOf the 59 properties owned by the Company as of June 30, 2026, a total of 55\nproperties (\"Same Store Properties\") containing an aggregate of 10.4 million\nnet rentable square feet were owned for the entire three months ended June 30,\n2026 and 2025. As of June 30, 2026, two properties were recently completed\nand two properties were in development/redevelopment. The Same Store\nProperties were 89.0% and 89.1% occupied as of June 30, 2026 and 2025,\nrespectively. The following table sets forth revenue and expense information\nfor the Same Store Properties:\n\n Three Months Ended June 30, \n 2026 2025 \n Revenue \n Rents $ 99,115 $ 95,692 \n Other 272 242 \n Total revenue 99,387 95,934 \n Operating expenses \n Property operating expenses 28,180 25,635 \n Real estate taxes 9,754 9,068 \n Other \n Net operating income $ 61,453 $ 61,231 \n Net operating income - percentage change over prior year 0.4 % \n Net operating income, excluding other items (1) $ 61,099 $ 60,771 \n Net operating income, excluding other items - percentage change over prior year 0.5 % \n Net operating income $ 61,453 $ 61,231 \n Straight line rents & other 1,388 545 \n Above/below market rent amortization (160 ) (164 ) \n Amortization of tenant inducements 210 190 \n Non-cash ground rent expense 185 189 \n Cash - Net operating income $ 63,076 $ 61,991 \n Cash - Net operating income - percentage change over prior year 1.8 % \n Cash - Net operating income, excluding other items (1) $ 62,526 $ 61,331 \n Cash - Net operating income, excluding other items - percentage change over prior year 1.9 % \n Three Months Ended June 30, \n 2026 2025 \n Net loss: $ (31,535 ) $ (88,936 ) \n Add/(deduct): \n Interest and investment income (1,068 ) (850 ) \n Interest expense 41,931 32,345 \n Interest expense - amortization of deferred financing costs 1,345 1,197 \n Equity in loss of unconsolidated real estate ventures 8,738 14,832 \n Net (gain) loss on disposition of real estate (63 ) 86 \n Gain on early extinguishment of debt 24 — \n Depreciation and amortization 47,749 43,762 \n General & administrative expenses 9,263 9,325 \n Income tax provision 22 85 \n Provision for impairment — 63,369 \n Consolidated net operating income 76,406 75,215 \n Less: Net operating income of non-same store properties and elimination of non-property specific operations (14,953 ) (13,984 ) \n Same store net operating income $ 61,453 $ 61,231 \n \n (1) - Other items represent termination fees and bad debt expense and other income. \n \n\nBRANDYWINE REALTY TRUST\nSAME STORE OPERATIONS – SIX MONTHS\n(unaudited and in thousands)  \n\nOf the 59 properties owned by the Company as of June 30, 2026, a total of 55\nproperties (\"Same Store Properties\") containing an aggregate of 10.4 million\nnet rentable square feet were owned for the entire six months ended June 30,\n2026 and 2025. As of June 30, 2026, two properties were recently completed,\nand two properties were in development/redevelopment. The Same Store\nProperties were 89.0% and 89.1% occupied as of June 30, 2026 and 2025,\nrespectively. The following table sets forth revenue and expense information\nfor the Same Store Properties:\n\n Six Months Ended June 30, \n 2026 2025 \n Revenue \n Rents $ 197,685 $ 191,312 \n Other 474 470 \n Total revenue 198,159 191,782 \n Operating expenses \n Property operating expenses 57,016 52,155 \n Real estate taxes 19,138 18,041 \n Net operating income $ 122,005 $ 121,586 \n Net operating income - percentage change over prior year 0.3 % \n Net operating income, excluding other items (1) $ 121,422 $ 120,501 \n Net operating income, excluding other items - percentage change over prior year 0.8 % \n Net operating income $ 122,005 $ 121,586 \n Straight line rents & other 1,109 (1,044 ) \n Above/below market rent amortization (319 ) (328 ) \n Amortization of tenant inducements 451 379 \n Non-cash ground rent expense 373 381 \n Cash - Net operating income $ 123,619 $ 120,974 \n Cash - Net operating income - percentage change over prior year 2.2 % \n Cash - Net operating income, excluding other items (1) $ 122,720 $ 119,482 \n Cash - Net operating income, excluding other items - percentage change over prior year 2.7 % \n Six Months Ended June 30, \n 2026 2025 \n Net loss: $ (80,339 ) $ (115,992 ) \n Add/(deduct): \n Interest income (1,734 ) (2,036 ) \n Interest expense 82,820 64,190 \n Interest expense - amortization of deferred financing costs 2,732 2,427 \n Equity in loss of unconsolidated real estate ventures 17,440 25,343 \n Net gain on real estate venture transactions — (183 ) \n Net loss on disposition of real estate (63 ) (2,973 ) \n Gain on early extinguishment of debt 24 — \n Depreciation and amortization 96,980 88,115 \n General & administrative expenses 21,598 26,795 \n Income tax provision 24 85 \n Provision for impairment 11,909 63,369 \n Consolidated net operating income 151,391 149,140 \n Less: Net operating income of non-same store properties and elimination of non-property specific operations (29,386 ) (27,554 ) \n Same store net operating income $ 122,005 $ 121,586 \n \n (1) - Other items represent termination fees and bad debt expense and other income. \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/0a9f192f-ce12-4a91-b77a-b39b1faed050)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX6rmQ3n","title":"Brandywine Realty Trust Announces Second Quarter 2026 Results","author":"Globe Newswire","ticker":"BDN","created":"2026-07-22T20:09:43.455Z","tickers":["BDN"],"exchange":"NYSE","article_body":"PHILADELPHIA, July 22, 2026 (GLOBE NEWSWIRE) -- Brandywine Realty Trust (NYSE:\nBDN) today reported its financial and operating results for the three and\nsix-month periods ended June 30, 2026.\n\nManagement Comments\n\n“We are pleased with our second quarter progress on our 2026 Business Plan\nhighlighted by raising our speculative revenue midpoint guidance by 5.7%, and\nachieving 99% of the revised target,” stated Gerard H. Sweeney, President\nand Chief Executive Officer of Brandywine Realty Trust. “We have also\nexperienced higher tenant renewals and more tenant expansions and based on our\nsecond quarter retention rate of 85%, we have increased our projected full\nyear tenant retention midpoint by 10%.  Turning to capital markets, we have\nnow closed $208 million of portfolio asset sales and have increased our asset\nsales target from $290 million to $305 million.  We expect the remaining\nasset sales to close later this quarter.  Consistent with our business plan,\nwe plan to use most of the proceeds from these asset sales to lower our\noutstanding debt and, to a smaller extent, repurchase our common stock.  We\nalso completed the refinancing of Avira with a 7-year, $90 million financing\nat a 5.8% annual interest rate and repaid our $178 million construction\nloan.   We remain in an excellent liquidity position, and after our recent\nsales activity, we have no outstanding balance on our $600 million unsecured\nline of credit and $35 million of cash-on-hand. Based on the progress we have\nmade on our 2026 Business Plan, we are narrowing our FFO range from $0.52 to\n$0.58 per share to $0.53 to $0.57 per share.”\n\nSecond Quarter Highlights\n\nFinancial Results\n* Net loss available to common shareholders: $(31.7) million, or $(0.18) per\ndiluted share.  \n* Funds from Operations (FFO): $23.6 million, or $0.13 per diluted share.\nPortfolio Results\n* Core Portfolio: 89.1% occupied and 90.6% leased.  \n* New and Renewal Leases Signed: 254,000 square feet in our wholly-owned\nportfolio and 353,000 square feet, including our unconsolidated joint\nventures.\n* Rental Rate Mark-to-Market: Increased 1.5% on an accrual basis and decreased\n(4.2)% on a cash basis.\n* Same Store Net Operating Income: Increased 0.5% on an accrual basis and\nincreased 1.9% on a cash basis.\n* Tenant Retention Ratio: 85%.\nRecent Transaction Activity\n\nDisposition Activity\n* On May 15, 2026, we completed the sale of a wholly-owned office property in\nConshohocken, Pennsylvania for a gross sales price of $15.5 million, or $133\nper square foot. The property was 46% occupied at the time of sale. We\nrecognized a $0.1 million gain during the second quarter.\n\n* On July 1, 2026, we completed the sale of a wholly-owned office property in\nKing of Prussia, Pennsylvania for a gross sales price of $41.5 million, or\n$412 per square foot. We received net cash proceeds of $37.8 million and will\nrecord a gain of approximately $13.6 million in the third quarter of 2026. The\nproperty was 100% occupied at the time of sale. We reclassified the property\nas held for sale as of June 30, 2026 on our consolidated balance sheet.\n\n* On July 9, 2026, we completed the sale of a wholly-owned office property in\nAustin, Texas for a gross sales price of $151.0 million, or $734 per square\nfoot. We received net cash proceeds of $146.1 million and will record a gain\nof approximately $36.3 million in the third quarter of 2026. The property was\n100% occupied at the time of sale. We reclassified the property as held for\nsale as of June 30, 2026 on our consolidated balance sheet.\nFinance / Capital Markets Activity\n* On May 28, 2026, we exercised our first six-month extension right on our\nexisting unsecured credit facility moving the maturity date to December 2026.\n* As previously disclosed, in May 2026, our One Uptown ventures entered into\nextension options with the existing lenders. The loan for One Uptown –\nMulti-Family has been extended to July 29, 2027 and the total loan capacity\nwas reduced from $85.0 million to $76.5 million. The loan for One Uptown –\nOffice has been extended to July 29, 2028 and the total loan capacity was\nreduced from $121.7 million to $108.9 million.\n* In June 2026, we closed on a $90 million secured term loan at Avira, the\nresidential component of 3025 JFK located in Philadelphia, Pennsylvania. The\nloan bears interest at 1.85% over the secured overnight financing rate\n(“SOFR”) and has a maturity date of June 2033. Effective June 24, 2026,\nthis loan was swapped to an all-in fixed rate of 5.81% through the maturity\ndate. The secured term loan combined with proceeds from our unsecured line of\ncredit funded the retirement of the existing $178 million construction loan on\nJune 23, 2026. The $178 million construction loan was scheduled to mature in\nJuly 2026.\n* As of June 30, 2026, we had $149 million outstanding balance on our $600.0\nmillion unsecured line of credit. As a result of the disposition sales\nactivity noted above, we currently have no outstanding balance on our $600.0\nmillion unsecured line of credit.\n* As of June 30, 2026, we had $40.2 million of cash and cash equivalents\non-hand. As a result of the disposition activity noted above, we currently\nhave $35 million of cash and cash equivalents on hand.\nResults for the Three and Six Month Periods Ended June 30, 2026\n\nNet loss attributable to common shareholders totaled $(31.7) million, or\n$(0.18) per share, in the second quarter of 2026 compared to net loss of\n$(89.0) million, or $(0.51) per share, in the second quarter of 2025. Our 2025\nresults include non-cash impairment charges totaling $63.4 million or $0.37\nper share, related to portfolio assets in Austin, Texas.\n\nFFO attributable to common shareholders and units totaled $23.6 million, or\n$0.13 per diluted share, in the second quarter of 2026 as compared to $26.1\nmillion, or $0.15 per diluted share, for the second quarter of 2025. Our\nsecond quarter 2026 payout ratio ($0.08 common share distribution / $0.13 FFO\nper diluted share) was 62%.\n\nNet loss attributable to common shareholders totaled $(80.6) million, or\n$(0.46) per share, in the first six months of 2026 compared to net loss of\n$(116.4) million, or $(0.67) per share, in the first six months of 2025. Our\n2025 results include non-cash impairment charges totaling $63.4 million or\n$0.37 per share, related to portfolio assets located in Austin, Texas.\n\nOur FFO available to common shareholders and units for the first six months of\n2026 totaled $43.6 million, or $0.24 per diluted share, versus $50.8 million,\nor $0.28 per diluted share, in the first six months of 2025. Our payout ratio\nfor the first half 2026 ($0.16 common share distribution / $0.24 FFO per\ndiluted share) was 67%.\n\nOperating and Leasing Activity\n\nIn the second quarter of 2026, our same store Net Operating Income (NOI)\nexcluding termination revenues and other income items increased 0.5% on an\naccrual basis and increased 1.9% on a cash basis for our 55 same store\nproperties, which were 89.0% and 89.1% occupied on June 30, 2026 and 2025,\nrespectively.\n\nWe leased approximately 254,000 square feet and commenced occupancy on 245,000\nsquare feet during the second quarter of 2026. The second quarter occupancy\nactivity includes 60,000 square feet of renewals, 111,000 square feet of new\nleases and 74,000 square feet of tenant expansions. We have an additional\n166,000 square feet of executed new leasing scheduled to commence subsequent\nto June 30, 2026.\n\nOur second quarter tenant retention ratio was 85% in our core portfolio with\nnet absorption of 88,000 square feet during the second quarter of 2026. Second\nquarter rental rate growth increased 1.5% as our renewal rental rates\ndecreased (0.5)% and our new lease/expansion rental rates increased 4.7%, all\non an accrual basis.\n\nAt June 30, 2026, our core portfolio of 57 properties comprises 10.8 million\nsquare feet, was 89.1% occupied and, as of July 15, 2026, we are now 90.6%\nleased (reflecting new leases commencing after June 30, 2026).\n\nDividend Distributions\n\nOn May 28, 2026, our Board of Trustees declared a quarterly dividend\ndistribution of $0.08 per common share that was paid on July 22, 2026 to\nshareholders of record as of July 8, 2026.\n\n2026 Earnings and FFO Guidance\n\nBased on current plans and assumptions and subject to the risks and\nuncertainties more fully described in our Securities and Exchange Commission\nfilings, we are adjusting our 2026 loss per share guidance from $(0.76) -\n$(0.70) per share to $(0.45) – $(0.41) per share and we are narrowing our\n2026 FFO guidance from $0.52 - $0.58 per diluted share to $0.53 - $0.57 per\ndiluted share. Our adjustment to guidance for the 2026 loss per share is\nprimarily due to the projected net gains on sale of undepreciated real estate.\nThis guidance is provided for informational purposes and is subject to change.\nThe following is a reconciliation of the calculation of 2026 FFO and earnings\nper diluted share:\n\n Guidance for 2026 Range \n \n Loss per share allocated to common shareholders $ (0.45 ) to $ (0.41 ) \n Plus: real estate depreciation, amortization 1.19 1.19 \n Less: real estate gains and losses, net (0.28 ) (0.28 ) \n Plus: real estate impairments 0.07 0.07 \n FFO per diluted share $ 0.5 3 to $ 0.5 7 \n \n\nOur 2026 FFO key assumptions include:\n* Year-end Core Occupancy Range: 89-90%;\n* Year-end Core Leased Range: 90-91%;\n* Rental Rate Mark-to-Market (accrual): 5-7%;\n* Rental Rate Mark-to-Market (cash): (2)-0%;\n* Same Store (accrual) NOI Range: (1)-1%;\n* Same Store (cash) NOI Range: 0-2%;\n* Speculative Revenue Target: $18.4 - $18.6 million, $18.3 million achieved;\n* Tenant Retention Rate Range: 51-53%;\n* Property Acquisition Activity: None;\n* Property Sales Activity: $305 million;\n* Development Starts: Redevelopment of one existing Uptown ATX building in\nAustin, Texas;\n* Financing Activity: Repaid our $178 million 3025 JFK Construction Loan\nmaturing in July 2026, financed Avira with a $90 million secured loan and\nextended the maturity date of our unsecured credit facility to December 31,\n2026;\n* Share Buyback and Bond Repurchase Activity: $120 – 140 million to be\nexecuted primarily during third and fourth quarters of 2026 based on current\nsales activity.\n* Annual earnings and FFO per diluted share based on 180.0 million fully\ndiluted weighted average common shares.\nExcept as outlined in our 2026 Business Plan, which can be located on the\nInvestor Relations page of our website, our estimates do not include (1)\npossible future gains or losses or the impact on operating results from other\npossible future property acquisitions or dispositions, (2) the impacts of any\nother capital markets activity, (3) future write-offs or reinstatements of\naccounts receivable and accrued rent balances, or (4) future impairment\ncharges. EPS estimates may fluctuate based on several factors, including\nchanges in the recognition of depreciation and amortization expense,\nimpairment losses on depreciable real estate, and any gains or losses\nassociated with disposition activity. Management is not able to assess at this\ntime the potential impact of these factors on projected EPS. By definition,\nFFO does not include real estate-related depreciation and amortization,\nimpairment losses on depreciable real estate, or gains or losses associated\nwith disposition activities or depreciable real estate. For a complete\ndefinition of FFO and statements of the reasons why management believes FFO\nprovides useful information to investors, see page 37 in our second quarter\nSupplemental Information Package. There can be no assurance that our actual\nresults will not differ materially from the estimates set forth above. Our\n2026 Business Plan is included in our Supplemental Information Package which\ncan be located on the Investor Relations page of our website.\n\nAbout Brandywine Realty Trust\n\nBrandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded,\nfull-service, integrated real estate companies in the United States with a\ncore focus in Philadelphia, PA and Austin, TX. Organized as a real estate\ninvestment trust (REIT), we own, develop, lease and manage an urban, town\ncenter and transit-oriented portfolio comprising 112 properties and 19.2\nmillion square feet as of June 30, 2026. Our purpose is to shape, connect and\ninspire the world around us through our expertise, the relationships we\nfoster, the communities in which we live and work, and the history we build\ntogether. For more information, please visit www.brandywinerealty.com.\n\nConference Call and Audio Webcast\n\nAfter releasing our second quarter earnings after the market close on\nWednesday, July 22, 2026, we will hold our second quarter conference call on\nThursday, July 23, 2026 at 9:00 a.m. Eastern Time. To access the conference\ncall by phone, please visit this link here\n(https://www.globenewswire.com/Tracker?data=9fov596ioYHVXNKM4OtKD8np3wauprSMXm4H6vKjw1faK6fIBopuTLM8FxSMqqzpAyvSsBhEMKN8zNB0HXS8HjtyZg1qcIHMeps3uwiSUE4wlqWGxM4hLnCqPMX109oQhRlWUR62pa6ThmXQAiXSrnkdF_JE2YKCNNOHY8JkAugDaWFW8ms6L4zB0nyrtzjsHPUPrLaEqnkEgTjNlctOhba7Imb8GbVek5c5i7KpYLyFMD_m4_qaWxb78XTw9rNvva8amDmSg4DAucus6UaHYQVVGonuugkZ7atRrY9QLeKHMGKKgAUYEv_sM2OxX-zUfXRslnh5VHgzdDOwE0-xYzhQKaKRPX-ouhHVs3FLB6jmvRIEnfieMEiTuGDAYs3g8hOrXUa4rMkRxsUjACnQOzm-bkpdWTN-xO0lv4ubZXqdwxntFt61pEAFyOLglVIvdWPU3oLli8wHoPUxjLffwVAm2M5LTg_ZUIM1N6D7bESv82jzUqSBF0PFGTYcuAUyafdz4VrI5AFhzit7qOy1l3eN9N1th-zYuVBDeLMaLYevjJBZkSHhFj0YI3Yjc2CXu-VrOHbRiG9HW3icsrk6sx_B5LQabm8adQ4NNp6O9jDQDVsr6wSA6vwQ0Tv92FqnuJVEbO-tKyav0ZtS-fTduy_Gt8Z7AMRqGkt9pHf0gxQYvU_gRhfT3e66KnyAcdw9),\nand you will be provided with dial in details. A live webcast of the\nconference call will also be available on the Investor Relations page of our\nwebsite at www.brandywinerealty.com.\n\nLooking Ahead – Third Quarter 2026 Conference Call\n\nWe expect to release our third quarter 2026 earnings on Wednesday, October 21,\n2026, after the market close and will host our third quarter 2026 conference\ncall on Thursday, October 22, 2026 at 9:00 a.m. Eastern Time. We expect to\nissue a press release in advance of these events to reconfirm the dates and\ntimes and provide all related information.\n\nSupplemental Information\n\nWe produce a Supplemental Information Package that includes details regarding\nthe performance of the portfolio, financial information, non-GAAP financial\nmeasures, same-store information and other useful information for investors.\nThe Supplemental Information Package is available via our website,\nwww.brandywinerealty.com, through the “Investor Relations” section.\n\nForward-Looking Statements\n\nThis press release contains certain forward-looking statements within the\nmeaning of Section 27A of the Securities Act of 1933, as amended, and Section\n21E of the Securities Exchange Act of 1934, as amended. Such forward-looking\nstatements can generally be identified by our use of forward-looking\nterminology such as “will,” “strategy,” “expects,” “seeks,”\n“believes,” “potential,” or other similar words. Because such\nstatements involve known and unknown risks, uncertainties and contingencies,\nactual results may differ materially from the expectations, intentions,\nbeliefs, plans or predictions of the future expressed or implied by such\nforward-looking statements. These forward-looking statements, including our\n2026 Guidance and our 2026 Business Plan and expectations for timing and terms\nof developments, sales, capital activities, bond repurchases and common share\nbuybacks, are based upon the current beliefs and expectations of our\nmanagement and are inherently subject to significant business, economic and\ncompetitive uncertainties and contingencies, many of which are difficult to\npredict and not within our control. Such risks, uncertainties and\ncontingencies include, among others: reduced demand for office space and\npricing pressures, including from competitors, changes to tenant work patterns\nthat could limit our ability to lease space or set rents at expected levels or\nthat could lead to declines in rent; uncertainty and volatility in capital and\ncredit markets, including changes that reduce availability, and increase\ncosts, of capital or that delay receipt of future debt financings and\nrefinancings; the effect of inflation and interest rate fluctuations,\nincluding on the costs of our planned debt financings and refinancings; the\npotential loss or bankruptcy of tenants or the inability of tenants to meet\ntheir rent and other lease obligations; risks of acquisitions and\ndispositions, including unexpected liabilities and integration costs; delays\nin completing, and cost overruns incurred in connection with, our developments\nand redevelopments; disagreements with joint venture partners; unanticipated\noperating and capital costs; uninsured casualty losses and our ability to\nobtain adequate insurance, including coverage for terrorist acts; additional\nasset impairments; our dependence upon certain geographic markets; changes in\ngovernmental regulations, tax laws and rates and similar matters; impacts from\nchanges to U.S. trade and foreign relations policies, including the imposition\nof tariffs; impacts of a U.S. government shutdown; unexpected costs of REIT\nqualification compliance; costs and disruptions as the result of a\ncybersecurity incident or other technology disruption; reliance on key\npersonnel; and failure to maintain an effective system of internal control,\nincluding internal control over financial reporting. The declaration and\npayment of future dividends (both timing and amount) is subject to the\ndetermination of our Board of Trustees, in its sole discretion, after\nconsidering various factors, including our financial condition, historical and\nforecast operating results, and available cash flow, as well as any applicable\nlaws and contractual covenants and any other relevant factors. Our Board’s\npractice regarding declaration of dividends may be modified at any time and\nfrom time to time. Additional information on factors which could impact us and\nthe forward-looking statements contained herein are included in our filings\nwith the Securities and Exchange Commission, including our Form 10-K for the\nyear ended December 31, 2025. Given the uncertainties, we caution readers not\nto place undue reliance on forward-looking statements. We assume no obligation\nto update or supplement forward-looking statements that become untrue because\nof subsequent events except as required by law.\n\nNon-GAAP Supplemental Financial Measures\n\nWe compute our financial results in accordance with generally accepted\naccounting principles (GAAP). Although FFO and NOI are non-GAAP financial\nmeasures, we believe that FFO and NOI calculations are helpful to shareholders\nand potential investors and are widely recognized measures of real estate\ninvestment trust performance. At the end of this press release, we have\nprovided a reconciliation of the non-GAAP financial measures to the most\ndirectly comparable GAAP measure.\n\nFunds from Operations (FFO)\n\nWe compute FFO in accordance with standards established by the National\nAssociation of Real Estate Investment Trusts (NAREIT), which may not be\ncomparable to FFO reported by other REITs that do not compute FFO in\naccordance with the NAREIT definition, or that interpret the NAREIT definition\ndifferently than us. NAREIT defines FFO as net income (loss) before\nnon-controlling interests of common unit holders and excluding gains (losses)\non sales of depreciable operating property, impairment losses on depreciable\nconsolidated real estate, impairment losses on investments in unconsolidated\nreal estate ventures and extraordinary items (computed in accordance with\nGAAP); plus real estate related depreciation and amortization (excluding\namortization of deferred financing costs), and after similar adjustments for\nunconsolidated joint ventures. Net income, the GAAP measure that we believe to\nbe most directly comparable to FFO, includes depreciation and amortization\nexpenses, gains or losses on property sales, extraordinary items and\nnon-controlling interests. To facilitate a clear understanding of our\nhistorical operating results, FFO should be examined in conjunction with net\nincome (determined in accordance with GAAP) as presented in the financial\nstatements included elsewhere in this release. FFO does not represent cash\nflow from operating activities (determined in accordance with GAAP) and should\nnot be considered to be an alternative to net income (loss) (determined in\naccordance with GAAP) as an indication of our financial performance or to be\nan alternative to cash flow from operating activities (determined in\naccordance with GAAP) as a measure of our liquidity, nor is it indicative of\nfunds available for our cash needs, including our ability to make cash\ndistributions to shareholders. We generally consider FFO and FFO per share to\nbe useful measures for understanding and comparing our operating results\nbecause, by excluding gains and losses related to sales of previously\ndepreciated operating real estate assets, impairment losses and real estate\nasset depreciation and amortization (which can differ across owners of similar\nassets in similar condition based on historical cost accounting and useful\nlife estimates), FFO and FFO per share can help investors compare the\noperating performance of a company’s real estate across reporting periods\nand to the operating performance of other companies.\n\nNet Operating Income (NOI)\n\nNOI (accrual basis) is a Non-GAAP financial measure equal to net income\navailable to common shareholders, the most directly comparable GAAP financial\nmeasure, plus corporate general and administrative expense, depreciation and\namortization, interest expense, non-controlling interest in the Operating\nPartnership and losses from early extinguishment of debt, less interest\nincome, development and management income, gains from property dispositions,\ngains on sale from discontinued operations, gains on early extinguishment of\ndebt, income from discontinued operations, income from unconsolidated joint\nventures and non-controlling interest in property partnerships. In some cases\nwe also present NOI on a cash basis, which is NOI after eliminating the\neffects of straight-lining of rent and deferred market intangible\namortization. NOI presented by us may not be comparable to NOI reported by\nother REITs that define NOI differently. NOI should not be considered an\nalternative to net income as an indication of our performance or to cash flows\nas a measure of the Company's liquidity or its ability to make distributions.\nWe believe NOI is a useful measure for evaluating the operating performance of\nour properties, as it excludes certain components from net income available to\ncommon shareholders in order to provide results that are more closely related\nto a property's results of operations. We use NOI internally to evaluate the\nperformance of our operating segments and to make decisions about resource\nallocations. We concluded that NOI provides useful information to investors\nregarding our financial condition and results of operations, as it reflects\nonly the income and expense items incurred at the property level, as well as\nthe impact on operations from trends in occupancy rates, rental rates,\noperating costs and acquisition and development activity on an unlevered\nbasis.\n\nSame Store Properties\n\nIn our analysis of NOI, particularly to make comparisons of NOI between\nperiods meaningful, it is important to provide information for properties that\nwere in-service and owned by us throughout each period presented. We refer to\nproperties acquired or placed in-service prior to the beginning of the\nearliest period presented and owned by us through the end of the latest period\npresented as Same Store Properties. Same Store Properties therefore exclude\nproperties placed in-service, acquired, repositioned, held for sale or in\ndevelopment or redevelopment after the beginning of the earliest period\npresented or disposed of prior to the end of the latest period presented.\nAccordingly, it takes at least one year and one quarter after a property is\nacquired for that property to be included in Same Store Properties.\n\nCore Portfolio\n\nOur core portfolio is comprised of our wholly owned properties, excluding any\nproperties currently in development, re-development or recently completed, not\nyet stabilized or held for sale.\n\nSpeculative Revenue\n\nSpeculative Revenue represents the amount of rental revenue the company\nprojects to be recorded during the current calendar year from new and renewal\nleasing activity in its core portfolio that has yet to be executed as of the\nbeginning of the year. This revenue is primarily attributable to the\nabsorption of core portfolio square footage that was either vacant at the\nbeginning of the year or the renewal of existing tenants due to expire during\nthe current year.\n\n Company / Investor Contact: Tom Wirth EVP & CFO 610-832-7434 tom.wirth@bdnreit.com \n \n\n\n\n BRANDYWINE REALTY TRUST CONSOLIDATED BALANCE SHEETS (unaudited, in thousands, except share and per share data) \n \n June 30, 2026 December 31, 2025 \n ASSETS \n Real estate investments: \n Operating properties $ 3,527,129 $ 3,753,780 \n Accumulated depreciation (1,241,465 ) (1,259,090 ) \n Prepaid ground leases, net 34,156 51,399 \n Right of use asset - operating leases, net 17,509 17,806 \n Operating real estate investments, net 2,337,329 2,563,895 \n Construction-in-progress 85,569 118,543 \n Land held for development 75,134 70,405 \n Prepaid leasehold interests in land held for development, net 27,762 27,762 \n Total real estate investments, net 2,525,794 2,780,605 \n Cash and cash equivalents 40,197 32,284 \n Restricted cash and escrow 830 30,018 \n Accounts receivable 19,916 22,154 \n Assets held for sale, net 227,678 — \n Accrued rent receivable, net of allowance of $369 and $424 as of June 30, 2026 and December 31, 2025, respectively 169,267 182,651 \n Investment in unconsolidated real estate ventures 336,851 314,326 \n Deferred costs, net 69,222 79,549 \n Intangible assets, net 13,832 22,426 \n Other assets 132,381 122,227 \n Total assets $ 3,535,968 $ 3,586,240 \n LIABILITIES AND BENEFICIARIES' EQUITY \n Secured debt, net $ 144,260 $ 234,079 \n Unsecured credit facility 149,000 — \n Unsecured term loan, net 249,593 249,389 \n Unsecured senior notes, net 2,074,153 2,073,394 \n Accounts payable and accrued expenses 136,663 143,826 \n Distributions payable 14,203 14,108 \n Deferred income, gains and rent 21,845 22,569 \n Intangible liabilities, net 12,355 12,713 \n Lease liability - operating leases 23,806 23,720 \n Other liabilities 14,190 14,588 \n Total liabilities $ 2,840,068 $ 2,788,386 \n Brandywine Realty Trust's Equity: \n Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 174,611,856 and 173,699,039 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 1,740 1,733 \n Additional paid-in-capital 3,204,718 3,199,838 \n Deferred compensation payable in common shares 25,467 23,069 \n Common shares in grantor trust, 2,376,607 and 1,583,000 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively (25,467 ) (23,069 ) \n Cumulative earnings 525,251 605,252 \n Accumulated other comprehensive income (loss) 573 (1,437 ) \n Cumulative distributions (3,041,100 ) (3,012,654 ) \n Total Brandywine Realty Trust's equity 691,182 792,732 \n Noncontrolling interests 4,718 5,122 \n Total beneficiaries' equity $ 695,900 $ 797,854 \n Total liabilities and beneficiaries' equity $ 3,535,968 $ 3,586,240 \n \n\n\n\n BRANDYWINE REALTY TRUST CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited, in thousands, except share and per share data) \n \n Three Months Ended June 30, Six Months Ended June 30, \n 2026 2025 2026 2025 \n Revenue \n Rents $ 122,698 $ 114,196 $ 243,355 $ 228,624 \n Third party management fees, labor reimbursement and leasing 4,063 4,873 8,788 10,702 \n Other 2,159 1,502 3,781 2,761 \n Total revenue 128,920 120,571 255,924 242,087 \n Operating expenses \n Property operating expenses 38,568 31,365 77,094 64,891 \n Real estate taxes 11,681 11,507 23,006 22,939 \n Third party management expenses 2,265 2,484 4,433 5,117 \n Depreciation and amortization 47,749 43,762 96,980 88,115 \n General and administrative expenses 9,263 9,325 21,598 26,795 \n Provision for impairment — 63,369 11,909 63,369 \n Total operating expenses 109,526 161,812 235,020 271,226 \n Gain (loss) on sale of real estate \n Net gain (loss) on disposition of real estate 63 (86 ) 63 2,973 \n Total gain (loss) on sale of real estate 63 (86 ) 63 2,973 \n Operating income (loss) 19,457 (41,327 ) 20,967 (26,166 ) \n Other income (expense): \n Interest and investment income 1,068 850 1,734 2,036 \n Interest expense (41,931 ) (32,345 ) (82,820 ) (64,190 ) \n Interest expense - amortization of deferred financing costs (1,345 ) (1,197 ) (2,732 ) (2,427 ) \n Equity in loss of unconsolidated real estate ventures (8,738 ) (14,832 ) (17,440 ) (25,343 ) \n Net gain on real estate venture transactions — — — 183 \n Gain on early extinguishment of debt (24 ) — (24 ) — \n Net loss before income taxes (31,513 ) (88,851 ) (80,315 ) (115,907 ) \n Income tax provision (22 ) (85 ) (24 ) (85 ) \n Net loss (31,535 ) (88,936 ) (80,339 ) (115,992 ) \n Net loss attributable to noncontrolling interests 125 267 338 348 \n Net loss attributable to Brandywine Realty Trust (31,410 ) (88,669 ) (80,001 ) (115,644 ) \n Nonforfeitable dividends allocated to unvested restricted shareholders (248 ) (322 ) (566 ) (751 ) \n Net loss attributable to Common Shareholders of Brandywine Realty Trust $ (31,658 ) $ (88,991 ) $ (80,567 ) $ (116,395 ) \n PER SHARE DATA \n Basic loss per Common Share $ (0.18 ) $ (0.51 ) $ (0.46 ) $ (0.67 ) \n Basic weighted average shares outstanding 174,384,600 173,532,583 174,072,403 173,225,737 \n Diluted loss per Common Share $ (0.18 ) $ (0.51 ) $ (0.46 ) $ (0.67 ) \n Diluted weighted average shares outstanding 174,384,600 173,532,583 174,072,403 173,225,737 \n \n\n\n\n BRANDYWINE REALTY TRUST FUNDS FROM OPERATIONS (unaudited, in thousands, except share and per share data) \n \n Three Months Ended June 30, Six Months Ended June 30, \n 2026 2025 2026 2025 \n Net loss attributable to common shareholders $ (31,658 ) $ (88,991 ) $ (80,567 ) $ (116,395 ) \n Add (deduct): \n Net loss attributable to noncontrolling interests - LP units (95 ) (267 ) (241 ) (348 ) \n Nonforfeitable dividends allocated to unvested restricted shareholders 248 322 566 751 \n Net (gain) loss on real estate venture transactions 497 (304 ) 740 (198 ) \n Net (gain) loss on disposition of real estate (63 ) 86 (63 ) (2,973 ) \n Provision for impairment — 63,369 11,909 63,369 \n Depreciation and amortization: \n Real property 41,205 38,363 83,859 77,092 \n Leasing costs including acquired intangibles 5,431 4,588 11,135 9,403 \n Company’s share of unconsolidated real estate ventures 8,472 9,345 17,205 20,781 \n Partners’ share of consolidated real estate ventures (55 ) (4 ) (152 ) (7 ) \n Funds from operations 23,982 26,507 $ 44,391 $ 51,475 \n Funds from operations allocable to unvested restricted shareholders (419 ) (395 ) (805 ) (700 ) \n Funds from operations available to common share and unit holders (FFO) $ 23,563 $ 26,112 $ 43,586 $ 50,775 \n FFO per share - fully diluted $ 0.13 $ 0.15 $ 0.24 $ 0.28 \n Weighted-average shares/units outstanding — fully diluted 181,166,121 178,569,600 181,026,095 178,514,577 \n Distributions paid per common share $ 0.08 $ 0.15 $ 0.16 $ 0.30 \n FFO payout ratio (distributions paid per common share/FFO per diluted share) 62 % 100 % 67 % 107 % \n \n\nBRANDYWINE REALTY TRUST\nSAME STORE OPERATIONS – 2nd QUARTER\n(unaudited and in thousands)\n\nOf the 59 properties owned by the Company as of June 30, 2026, a total of 55\nproperties (\"Same Store Properties\") containing an aggregate of 10.4 million\nnet rentable square feet were owned for the entire three months ended June 30,\n2026 and 2025. As of June 30, 2026, two properties were recently completed\nand two properties were in development/redevelopment. The Same Store\nProperties were 89.0% and 89.1% occupied as of June 30, 2026 and 2025,\nrespectively. The following table sets forth revenue and expense information\nfor the Same Store Properties:\n\n Three Months Ended June 30, \n 2026 2025 \n Revenue \n Rents $ 99,115 $ 95,692 \n Other 272 242 \n Total revenue 99,387 95,934 \n Operating expenses \n Property operating expenses 28,180 25,635 \n Real estate taxes 9,754 9,068 \n Other \n Net operating income $ 61,453 $ 61,231 \n Net operating income - percentage change over prior year 0.4 % \n Net operating income, excluding other items (1) $ 61,099 $ 60,771 \n Net operating income, excluding other items - percentage change over prior year 0.5 % \n Net operating income $ 61,453 $ 61,231 \n Straight line rents & other 1,388 545 \n Above/below market rent amortization (160 ) (164 ) \n Amortization of tenant inducements 210 190 \n Non-cash ground rent expense 185 189 \n Cash - Net operating income $ 63,076 $ 61,991 \n Cash - Net operating income - percentage change over prior year 1.8 % \n Cash - Net operating income, excluding other items (1) $ 62,526 $ 61,331 \n Cash - Net operating income, excluding other items - percentage change over prior year 1.9 % \n Three Months Ended June 30, \n 2026 2025 \n Net loss: $ (31,535 ) $ (88,936 ) \n Add/(deduct): \n Interest and investment income (1,068 ) (850 ) \n Interest expense 41,931 32,345 \n Interest expense - amortization of deferred financing costs 1,345 1,197 \n Equity in loss of unconsolidated real estate ventures 8,738 14,832 \n Net (gain) loss on disposition of real estate (63 ) 86 \n Gain on early extinguishment of debt 24 — \n Depreciation and amortization 47,749 43,762 \n General & administrative expenses 9,263 9,325 \n Income tax provision 22 85 \n Provision for impairment — 63,369 \n Consolidated net operating income 76,406 75,215 \n Less: Net operating income of non-same store properties and elimination of non-property specific operations (14,953 ) (13,984 ) \n Same store net operating income $ 61,453 $ 61,231 \n \n (1) - Other items represent termination fees and bad debt expense and other income. \n \n\nBRANDYWINE REALTY TRUST\nSAME STORE OPERATIONS – SIX MONTHS\n(unaudited and in thousands)  \n\nOf the 59 properties owned by the Company as of June 30, 2026, a total of 55\nproperties (\"Same Store Properties\") containing an aggregate of 10.4 million\nnet rentable square feet were owned for the entire six months ended June 30,\n2026 and 2025. As of June 30, 2026, two properties were recently completed,\nand two properties were in development/redevelopment. The Same Store\nProperties were 89.0% and 89.1% occupied as of June 30, 2026 and 2025,\nrespectively. The following table sets forth revenue and expense information\nfor the Same Store Properties:\n\n Six Months Ended June 30, \n 2026 2025 \n Revenue \n Rents $ 197,685 $ 191,312 \n Other 474 470 \n Total revenue 198,159 191,782 \n Operating expenses \n Property operating expenses 57,016 52,155 \n Real estate taxes 19,138 18,041 \n Net operating income $ 122,005 $ 121,586 \n Net operating income - percentage change over prior year 0.3 % \n Net operating income, excluding other items (1) $ 121,422 $ 120,501 \n Net operating income, excluding other items - percentage change over prior year 0.8 % \n Net operating income $ 122,005 $ 121,586 \n Straight line rents & other 1,109 (1,044 ) \n Above/below market rent amortization (319 ) (328 ) \n Amortization of tenant inducements 451 379 \n Non-cash ground rent expense 373 381 \n Cash - Net operating income $ 123,619 $ 120,974 \n Cash - Net operating income - percentage change over prior year 2.2 % \n Cash - Net operating income, excluding other items (1) $ 122,720 $ 119,482 \n Cash - Net operating income, excluding other items - percentage change over prior year 2.7 % \n Six Months Ended June 30, \n 2026 2025 \n Net loss: $ (80,339 ) $ (115,992 ) \n Add/(deduct): \n Interest income (1,734 ) (2,036 ) \n Interest expense 82,820 64,190 \n Interest expense - amortization of deferred financing costs 2,732 2,427 \n Equity in loss of unconsolidated real estate ventures 17,440 25,343 \n Net gain on real estate venture transactions — (183 ) \n Net loss on disposition of real estate (63 ) (2,973 ) \n Gain on early extinguishment of debt 24 — \n Depreciation and amortization 96,980 88,115 \n General & administrative expenses 21,598 26,795 \n Income tax provision 24 85 \n Provision for impairment 11,909 63,369 \n Consolidated net operating income 151,391 149,140 \n Less: Net operating income of non-same store properties and elimination of non-property specific operations (29,386 ) (27,554 ) \n Same store net operating income $ 122,005 $ 121,586 \n \n (1) - Other items represent termination fees and bad debt expense and other income. \n\n\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/0a9f192f-ce12-4a91-b77a-b39b1faed050)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-07-22T20:09:43.522655622Z","server_sent_at_ms":1784750983522},"received_at":"2026-07-22T20:09:43.775Z","source_url":"https://www.globenewswire.com/news-release/2026/07/22/3331721/0/en/Brandywine-Realty-Trust-Announces-Second-Quarter-2026-Results.html"},"analysis":{"id":"84820","press_release_id":"95777","analysis_json":{"industry":{"label":"Equity Real Estate Investment Trusts (REITs)","sector":"Real Estate"},"redFlags":[],"eventType":"earnings","narrative":"Brandywine Realty Trust reported Q2 2026 FFO of $0.13 per share, down from $0.15 in the prior year, while revenue increased 6.9% to $128.9 million.\n\nThe company narrowed its full-year 2026 FFO guidance to $0.53-$0.57 per share and significantly improved its loss-per-share outlook to a range of $(0.45) to $(0.41), driven by $208 million in closed asset sales.\n\nManagement highlighted strengthened liquidity with zero outstanding debt on its $600 million credit line and $35 million in cash, alongside a core portfolio occupancy of 89.1% and an 85% tenant retention rate.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Liquidity boost from asset sales allows Brandywine to narrow guidance and repay debt."},"keyFigures":{"revenue":128920000,"guidance":"2026 FFO $0.53-$0.57 per share (narrowed from $0.52-$0.58); Loss per share $(0.45)-$(0.41) (improved from $(0.76)-$(0.70))","revenueYoy":"6.9%","customDimensions":{"dividend":0.08,"cash_on_hand":35000000,"ffo_per_share":0.13,"core_occupancy":"89.1%","tenant_retention":"85%","asset_sales_closed":208000000,"credit_facility_outstanding":0}},"quotedText":"We remain in an excellent liquidity position, and after our recent sales activity, we have no outstanding balance on our $600 million unsecured line of credit and $35 million of cash-on-hand.","namedEntities":{"people":[{"name":"Gerard H. Sweeney","role":"President and Chief Executive Officer"},{"name":"Tom Wirth","role":"EVP & CFO"}],"products":["Avira","One Uptown"],"companies":[{"name":"Brandywine Realty Trust","ticker":"BDN"}],"dollarAmounts":[{"amount":"$208 million","context":"portfolio asset sales closed year-to-date"},{"amount":"$90 million","context":"financing at Avira"},{"amount":"$178 million","context":"construction loan repayment"},{"amount":"$15.5 million","context":"sale of property in Conshohocken, Pennsylvania"},{"amount":"$41.5 million","context":"sale of property in King of Prussia, Pennsylvania"},{"amount":"$151.0 million","context":"sale of property in Austin, Texas"}]},"materialImpact":{"score":3,"reasoning":"Brandywine delivered solid operational execution with progress on its business plan, narrowing FFO guidance and significantly improving loss-per-share outlook. The strengthening of the balance sheet via asset sales and debt repayment is a positive signal, though FFO declined slightly year-over-year."},"tickerRelevance":{"others":[],"primary":"BDN"},"globalImportance":25,"audienceRelevance":30,"eventTypeSecondary":["guidance_update","operations_update"],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"earnings","sectorWeight":"REIT","guidanceChange":"positive"}},"event_type":"earnings","event_type_secondary":["guidance_update","operations_update"],"sentiment":"bullish","material_impact_score":3,"narrative":"Brandywine Realty Trust reported Q2 2026 FFO of $0.13 per share, down from $0.15 in the prior year, while revenue increased 6.9% to $128.9 million.\n\nThe company narrowed its full-year 2026 FFO guidance to $0.53-$0.57 per share and significantly improved its loss-per-share outlook to a range of $(0.45) to $(0.41), driven by $208 million in closed asset sales.\n\nManagement highlighted strengthened liquidity with zero outstanding debt on its $600 million credit line and $35 million in cash, alongside a core portfolio occupancy of 89.1% and an 85% tenant retention rate.","key_figures":{"revenue":128920000,"guidance":"2026 FFO $0.53-$0.57 per share (narrowed from $0.52-$0.58); Loss per share $(0.45)-$(0.41) (improved from $(0.76)-$(0.70))","revenueYoy":"6.9%","customDimensions":{"dividend":0.08,"cash_on_hand":35000000,"ffo_per_share":0.13,"core_occupancy":"89.1%","tenant_retention":"85%","asset_sales_closed":208000000,"credit_facility_outstanding":0}},"named_entities":{"people":[{"name":"Gerard H. Sweeney","role":"President and Chief Executive Officer"},{"name":"Tom Wirth","role":"EVP & CFO"}],"products":["Avira","One Uptown"],"companies":[{"name":"Brandywine Realty Trust","ticker":"BDN"}],"dollarAmounts":[{"amount":"$208 million","context":"portfolio asset sales closed year-to-date"},{"amount":"$90 million","context":"financing at Avira"},{"amount":"$178 million","context":"construction loan repayment"},{"amount":"$15.5 million","context":"sale of property in Conshohocken, Pennsylvania"},{"amount":"$41.5 million","context":"sale of property in King of Prussia, Pennsylvania"},{"amount":"$151.0 million","context":"sale of property in Austin, Texas"}]},"model_name":"glm-4.7","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-07-22T21:50:39.074Z","global_importance":25,"audience_relevance":30,"importance_components":{"tickerTier":"mid-cap","eventGravity":"earnings","sectorWeight":"REIT","guidanceChange":"positive"}},"durationMs":88337,"modelName":"glm-4.7"}}