Brandywine Realty Trust (BDN) Q3 2026 earnings summary

Executive summary

• Completed $681 million of property sales against a $305 million business-plan target; combined debt fell $390 million and leverage improved.

• Q3 leasing totaled 557,812 sq. ft.; core portfolio occupancy was 89.0% and leased occupancy was 90.5%.

• 2026 Core FFO guidance was $0.54–$0.56 per diluted share, with a $0.55 midpoint.

Financial highlights

• Q3 revenue was $125.6 million, up 3.5% YoY; net loss attributable to common shareholders was $22.3 million, or $0.13 per share.

• Q3 Core FFO was $24.6 million, or $0.14 per diluted share, versus $28.0 million, or $0.16, a year earlier.

• Operating income was $47.1 million, including a $55.7 million disposition gain and a $29.1 million impairment charge.

• Q3 CAD was $12.3 million against $14.3 million of distributions paid, a 115.9% CAD payout ratio.

Outlook and guidance

• 2026 Core FFO guidance was $0.54–$0.56 per diluted share; Q4 Core FFO guidance was $0.16–$0.18 per share.

• Year-end net debt/EBITDA guidance was lowered to 7.8x–8.0x; year-end occupancy targets are 89%–90% occupied and 90%–91% leased.

• 2026 same-store NOI guidance is (1)%–1% GAAP and 0%–2% cash; FY leasing retention midpoint rose to 54%.

• Management expects market improvement into 2027 and at least $200 million of asset sales next year, subject to market conditions.