BDN
Brandywine Realty Trust3.0800
-0.0200-0.65%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Portfolio reshape, delever-first focus
Q&A detailed Brandywine's portfolio reshape via $290M sales, exiting DC, trimming PA suburbs to 1-2 cores, and honing Austin on Uptown ATX—unveiling redevelopment of a vacant 157k sf building there post-IBM at 15-20% below new rents for 8%+ yield. Management stressed delevering trumps buybacks, targeting bond repurchases like the '28s first, then shares once hitting IG metrics (fixed charge >2x, net debt/EBITDA low-7s). Life science incubator expansions signal green shoots, but broader recovery lags. JV recaps stay 2H26. Delever first; buybacks later. Watch Austin lease-ups and sales velocity.
Key Stats
Market Cap
534.99MP/E (TTM)
-Basic EPS (TTM)
-1.08Dividend Yield
0.17%Recent Filings
10-K
FY2025 results
Brandywine Realty Trust wrapped FY2025 with core properties at 88.3% occupied, up from 87.8% in FY2024, as Philadelphia CBD held steady at 94.7% while Austin slipped to 73.9% from 77.8%; same-store NOI edged up 1.5% to $265.7M amid 2.1% rent growth, yet total rents fell 2.5% to $457.5M after Austin sales. Q4 leasing surged with 20.9% rental rate hikes on new/expansion deals versus 5.9% prior year, but impairments hit $63.4M on Austin assets. Debt climbed to $2.6B at 6.3% weighted average, with $564.5M revolver capacity bolstering liquidity. Austin weakness drags momentum.
8-K
2025 FFO $0.52, guides $0.51-$0.59
Brandywine Realty Trust reported 2025 FFO of $0.52 per diluted share, down from $0.85 amid $63.4M impairments and $12.2M debt extinguishment loss, yet core portfolio hit 88.3% occupied with 20.9% mark-to-market rents. It bought out JV partners at 3025 JFK ($70.5M) and 3151 Market ($65.7M), consolidating both. Core unencumbered now. 2026 FFO guides $0.51-$0.59.
8-K
EVP Operations retiring Q1 2026
10-Q
Q3 FY2025 results
Brandywine Realty Trust swung to Q3 operating income of $25.2M from a $9.5M loss, while YTD stayed negative at $1.0M versus $32.9M (derived). Rents fell 7.9% y/y to $121.4M on dispositions, yet same-store portfolio NOI edged up 1.5% to $67.4M amid 88.7% occupancy. Cash from operations dropped to $88.2M YTD; free cash flow not disclosed in the 10-Q. Debt stands at $2.3B with $75.5M cash and full $600M revolver availability, post $159M notes issuance. Austin impairments hit $63.4M YTD. Tenant defaults loom amid office market shifts.
8-K
Q3 results, narrowed FFO guidance
Brandywine Realty Trust reported Q3 net loss of $26.2M ($0.15/share) but FFO of $28.0M ($0.16/share), with core portfolio 88.8% occupied and same-store NOI up 1.4% accrual. Key moves: sold Austin property for $55.1M, bought out 3025 JFK partner for $70.5M, issued $300M 6.125% notes to prepay $245M loan—unencumbering all assets yet triggering $12.3M charge. Guidance narrows to FFO $0.51-$0.53/share. Balance sheet shines.
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