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Dec 31, 2025
Brandywine Q4 2025 Earnings Report
Brandywine Realty Trust reported a fourth-quarter net loss driven by debt extinguishment costs.
Key Takeaways
In Q4 2025, Brandywine Realty Trust reported stable revenue but posted a net loss attributable to common shareholders, primarily due to a loss on early extinguishment of debt, while operating income and same-store NOI showed improvement.
Net loss attributable to common shareholders was $36.9 million in Q4.
Operating income increased year over year to $27.6 million.
Same-store NOI increased on both accrual and cash bases.
Tenant retention remained challenged during the quarter.
Revenue by Segment
Forward Guidance
For 2026, Brandywine expects improved liquidity and modest operating performance amid ongoing asset recycling.
Positive Outlook
- 2026 FFO guidance of $0.51 to $0.59 per diluted share.
- No borrowings on the $600 million unsecured credit facility.
- No bond maturities until November 2027.
- Planned asset sales to reduce leverage.
- Focus on improving liquidity and balance sheet flexibility.
Challenges Ahead
- Expected GAAP loss per share in 2026.
- Continued pressure on office demand.
- Elevated interest expense environment.
- Potential volatility in leasing activity.
- Ongoing exposure to asset impairments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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