Brandywine Realty Trust (BDN) Earnings
Brandywine Realty Trust is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $-0.18. BDN has beaten EPS estimates in 3 of its last 12 reported quarters (average surprise -16.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.11 | $0.11 | +0.0% | $121M | +9.1% |
| Feb 3, 2026 | $0.15 | $0.08 | -46.7% | $121M | +0.5% |
| Oct 22, 2025 | $0.17 | $0.16 | -5.9% | $121M | +1.5% |
| Jul 23, 2025 | $0.17 | $0.15 | -11.8% | $121M | +0.7% |
| Apr 22, 2025 | $0.15 | $0.14 | -6.7% | $122M | +1.7% |
| Feb 4, 2025 | $0.01 | $0.17 | +1600.0% | $122M | -0.2% |
| Oct 22, 2024 | $0.24 | $0.23 | -4.2% | $132M | +1.9% |
| Jul 23, 2024 | $-0.11 | $0.17 | +254.5% | $125M | -1.6% |
| Apr 17, 2024 | $0.24 | $0.24 | +0.0% | $126M | -1.2% |
| Jan 31, 2024 | $0.29 | $0.27 | -6.9% | $119M | -12.0% |
| Jul 25, 2023 | $0.28 | $0.29 | +3.6% | $126M | -3.8% |
| Apr 19, 2023 | $0.29 | $0.29 | +0.0% | $129M | +1.5% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 23, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• First quarter results in line with business plan. • 94% of speculative revenue target achieved. • FFO $0.11 a share in line with consensus. • Narrowed full year FFO guidance but maintained midpoint. • Portfolio recycling and debt reduction program progressing. • Wholly owned core portfolio occupancy and leasing stats. • Leasing activity details. • Capital ratio and gap to mark-to-market details. • Market dynamics in Philadelphia, Pennsylvania suburbs, Austin. • Liquidity in solid shape. • Portfolio recycling program details. • 3151 project and one uptown details. • Capital market perspective on sales activity. • Tom reviewed first quarter financial results and second quarter guidance.
Guidance
• Second quarter property level operating income about $72.3 million, $1.3 million above first quarter. • FFO contribution from joint ventures negative $900,000. • G&A expense for second quarter about $9.5 million. • Interest expense including deferred financing costs approximately $43 million. • Termination and other Income about $2.5 million. • Net third-party fees approximate $1.5 million. • Interest income about $400,000. • Diluted share count about $180 million. • Full year range of $37 million for G&A expense intact. • Capital plan details including refinancing, development spend, dividends, etc.
Segment performance
Wholly owned core portfolio is 88.3% occupied and 89.9% leased. First quarter FFO was $0.11 a share. Property level NOI at $70.2 million. First quarter net loss was $48.9 million or $0.28 per share. First quarter debt service and interest coverage ratios were 1.7 million. First quarter annualized combined and core net debt to EBITDA were 9.1 and 8.3, respectively. Wholly owned leasing activity was highest since fourth quarter of 24. Tours in first quarter of 26 exceeded first quarter of 25 by 80%. Philadelphia Central Business District and University City portfolios 94% occupied and 96% leased. Commerce Square joint venture property 93% leased. Pennsylvania suburbs about 90% leased. Austin 70% occupied. Operating portfolio leasing pipeline up 200,000 square feet from last quarter to 1.7 million square feet.
Analyst Q&A
Q: Jerry, you talked about the active transaction market and lots of buyer interest in the bidder pool there. So how does that inform additional asset sales from here beyond what's currently under contract?
A: Jerry said it's helpful as they put a broad range of product in the marketplace to test investor segments, have number of other properties in market for sale, and response was robust with various buyer types.
Q: And if you do lean into it more, how would you balance additional buybacks versus leverage reductions beyond what's currently contemplated?
A: Primary objective is to improve credit metrics, with number one goal to get leverage levels back to business plan, and then recognize stock price and deploy capital on leverage-neutral, earnings-neutral basis if possible.
Q: Just wondering if you could expand a little bit on the interest that you're seeing for the 902 building and Uptown ATX. Just like if the interest you've gathered so far is mainly new to market tenants or existing tenants in the market.
A: Response was very well received, have couple of very large prospects talking to, most in market but some with significant expansion requirements, and larger prospects talking to about 900 buildings renovations mostly in market but some with expansion/consolidation opportunities.
Q: Just going back to sort of the dispositions, Jerry, you mentioned that it's sort of a mix of different assets, but are you able to sort of share, like, percentage of assets that you guys are looking to sell as core versus non-core within the overall brand new one portfolio?
A: Jerry said one asset considered core, rest less than core-core, and put wide range of properties in marketplace to test investor appetite.
Q: Jerry, you mentioned you have six proposals out on one uptown that totals around 100,000 square feet. Do you have any sense on the probability of those getting done and any potential timing that you could provide on those proposals? If those were to get done, that could bring lease percentage up to over 90%.
A: Jerry said feel optimistic, hope at least half get done, tracking anchor tenant call right on remaining floor exercisable later this year, and building out another floor as well, expecting continued occupancy gains.
Q: Jerry, you mentioned the recapitulation of 1Uptown and Solaris and your prepared remarks. But can you expand a little more on that and how demand has been there and anything that's shifted from what you had originally anticipated from earlier this year?
A: Solaris achieved significant acceleration of lease up, provided concessions, renewal season showing 16% uptick, feedback on recapitalization supportive, expecting done in third quarter. One uptown continues to get good activity, want to get additional leases done for value creation.