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Brandywine Realty Trust (BDN) investor relations material
Brandywine Realty Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Achieved strong operating metrics in Q3 2025, with high tenant retention, robust leasing activity, and portfolio occupancy at 88.8%, despite macroeconomic headwinds and sector challenges.
Net loss attributable to common shareholders was $(26.2) million, or $(0.15) per share for Q3 2025; year-to-date net loss was $(142.6) million, or $(0.82) per share.
FFO for Q3 2025 was $28.0 million, or $0.16 per share; nine-month FFO was $78.8 million, or $0.44 per share.
Maintained strong liquidity with $75.5 million in cash and no outstanding balance on a $600 million unsecured credit line.
Achieved midpoint of speculative revenue target and met key operating objectives for 2025.
Financial highlights
Total revenue for the nine months ended September 30, 2025 was $363.5 million, down 5.2% year-over-year.
Same store NOI increased 1.4% GAAP and 2.1% cash year-over-year for Q3 2025; nine-month same store NOI up 1.1%.
FFO payout ratio for Q3 was 93.8%; nine-month payout ratio was 102.3%.
Cash available for distribution (CAD) for Q3 2025 was $21.0 million, with a CAD payout ratio of 126.3%.
Interest expense increased due to new debt issuances and credit rating downgrades, partially offset by repayments.
Outlook and guidance
2025 FFO guidance narrowed to $0.51–$0.53 per share, reflecting transaction costs and delayed recapitalizations; net income per share guidance is $(1.05)–$(1.03).
Year-end core occupancy expected at 88–89%; core leased range at 89–90%.
No property dispositions or buybacks expected for the remainder of 2025.
Anticipate leverage metrics to improve in 2026 as development projects stabilize.
Rental rate mark-to-market (accrual): 3.8–4.2%; (cash): (2.0)–(1.5)%.
What is the long-term benefit of unencumbering the portfolio?
What factors delay JV recapitalizations?
Reconcile negative MTM with positive new lease growth
Recapitalization strategy for remaining JVs
Competitive landscape in Philadelphia CBD
Path to investment grade and leverage reduction
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Next Brandywine Realty Trust earnings date
Q4 20254 Feb, 2026
Next Brandywine Realty Trust earnings date
Q4 20254 Feb, 2026
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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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