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Brandywine Realty Trust Announces First Quarter 2026 Results and Narrows 2026 Guidance

BDN
  • Brandywine Realty Trust reported a net loss of $48.9 million ($0.28 per share) for the quarter ended March 31, 2026, including $11.9 million in non-cash impairment charges.
  • Funds from Operations (FFO) available to common shareholders totaled $20.0 million ($0.11 per diluted share), down from $24.7 million in the same period in 2025.
  • Wholly owned leasing activity reached 268,000 square feet, the highest level since Q4 2024, while total leasing including joint ventures was 422,000 square feet.
  • The company narrowed its 2026 FFO guidance range to $0.52–$0.58 per share from a previous range of $0.51–$0.59 per share.
  • 2026 loss per share guidance was adjusted to a range of $(0.76)–$(0.70) per share.
  • Portfolio occupancy stood at 88.3% with 89.9% leased as of March 31, 2026, reflecting 4.1% rental rate growth on an accrual basis.
  • Same store net operating income increased 0.8% on an accrual basis and 3.3% on a cash basis compared to the prior year.
  • The company aims to meet a $290 million property disposition target with approximately $305 million currently under agreement or in due diligence.
  • A 7-year financing agreement was reached for Avira to repay a construction loan maturing in July 2026, with closing expected in Q2 2026.
  • Liquidity remains strong with $65 million outstanding on a $600 million unsecured line of credit, $36.2 million in cash, and no unsecured bonds maturing until November 2027.
  • A quarterly dividend of $0.08 per share was paid on April 16, 2026, resulting in a 72.7% FFO payout ratio.
  • The company plans to refinance $178 million in construction debt maturing in July 2026 and extend its unsecured credit facility maturing in June 2026.