BDN

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management attributed the second quarter outperformance to better-than-expected tenant renewals and expansions, particularly within the Philadelphia CBD and University City submarkets. The company is executing a 'balance sheet strengthening program' by exceeding its original asset sale targets, aiming to use proceeds primarily to reduce leverage and return to investment-grade metrics. Operational success is being driven by a flight-to-quality trend, with Brandywine capturing 54% of all new leases in the Philadelphia CBD despite representing a smaller portion of total market inventory. Management highlighted that Philadelphia's market fundamentals are improving as approximately 11% of total office inventory is being monitored for conversion to residential use, reducing future office supply. Austin remains a significant drag on overall portfolio occupancy, lagging at 67% occupied, which management is addressing through strategic dispositions like 405 Colorado and targeted redevelopment at Uptown ATX. The leasing pipeline grew 13% sequentially to nearly 2 million square feet, which management views as a durable indicator of firming market conditions and high tour-to-lease conversion rates. Full-year FFO guidance was narrowed to a $0.55 midpoint, assuming the successful closing of the remaining $305 million in asset sales by the end of the third quarter. Management plans to recapitalize the final two preferred equity development projects in Austin during the second half of 2026 to recover capital and lower debt attribution. The company intends to commence redevelopment of the IBM buildings at Uptown ATX, targeting a cash yield north of 8% by offering renovated space at a 15% to 20% discount to new construction rents. Capital allocation will prioritize debt reduction, specifically targeting bonds with coupons above 8.8%, with only 5% to 10% of net proceeds allocated for opportunistic share repurchases. Guidance for the third quarter assumes a $5 million reduction in NOI due to assets held for sale, partially offset by the stabilization of the Radnor Hotel and 250 King of Prussia Road. The company successfully unencumbered the office component of 3025 JFK by securing a $90 million loan on the residential portion, adding $13 million of GAAP income to the balance sheet. Management noted that while bonds trade at a premium, they will incur one-time debt extinguishment costs to retire high-coupon debt, which are not currently included in FFO guidance. The Radnor Hotel development opened on schedule, already booking 99% of its 2026 occupancy projections within the first three months of operation. A 400-basis-point drag on total company occupancy is attributed specifically to the Austin portfolio's current vacancy levels. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed a multi-floor client is in advanced lease negotiations and noted a 10% increase in the project's overall pipeline. The life science market is seeing a 'durable' rebound, supported by new state-level financing initiatives like the $125 million Innovate 2.0 plan in Pennsylvania. The primary objective is achieving investment-grade metrics; buying back bonds with 8.8% coupons is viewed as a faster accelerant for credit improvement than share repurchases. Share buybacks are intended as an 'adjunct' to maintain earnings neutrality following the dilutive impact of asset sales. The sale of 405 Colorado achieved pricing north of $700 per square foot (approximately an 8% cap rate), reflecting strong institutional interest despite Austin's supply overhang. Management expects a high probability of a 'very good cap rate' transaction for the Solaris residential project within 60 to 90 days due to continued job growth and in-migration. Future sales will be a mix of stabilized core assets and under-leased properties where the capital required for stabilization yields a low return on invested capital. Management is also actively marketing non-earning land parcels to generate liquidity and improve the company's overall growth profile.

This article first appeared on GuruFocus. Speculative Revenue: Increased by $1 million at the guidance midpoint. FFO (Funds From Operations): $0.13 per share for Q2, $0.01 below consensus. Asset Sales: $208 million completed, with a target of $305 million by Q3 end. Leasing Activity: 353,000 square feet leased in Q2. Tenant Retention: 85% for the quarter, full-year midpoint raised to 51%-53%. Same-Store Results: Positive 0.5% on a GAAP basis, 1.9% on a cash basis. Net Loss: $31.7 million or $0.18 per share for Q2. Debt Metrics: Core net debt to EBITDA at 8.1 times. Occupancy: 90.6% leased, 89.1% occupied in wholly owned portfolio. Liquidity: $35 million cash on hand, no outstanding balance on line of credit. Hotel Performance: 8,400 room nights booked, achieving 99% of 2026 occupancy projections. Warning! GuruFocus has detected 8 Warning Signs with BDN. Is BDN fairly valued? Test your thesis with our free DCF calculator. Release Date: July 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Brandywine Realty Trust (NYSE:BDN) exceeded or met its business plan expectations for the second quarter, with speculative revenue increasing by $1 million at the guidance midpoint. The company achieved 99% of its speculative revenue at the revised guidance midpoint and reported a second quarter FFO of $0.13 per share, ahead of management guidance. Brandywine Realty Trust (NYSE:BDN) completed $208 million in asset sales, with remaining sales under agreement and scheduled to close in the third quarter, raising its sale guidance to $305 million. The wholly owned portfolio is 90.6% leased and 89.1% occupied, with 88,000 square feet of positive net absorption during the quarter. The Radnor Hotel development opened on schedule and has already booked over 8,400 hotel room nights, achieving almost 99% of its 2026 occupancy projections. Brandywine Realty Trust (NYSE:BDN) reported a net loss of $31.7 million or $0.18 per share for the second quarter. The company's Austin portfolio continues to lag with only 67% occupancy, negatively impacting overall company occupancy by more than 400 basis points. Cash mark-to-market declined during the quarter, although improvement is anticipated in the next two quarters. The second quarter CAD payout ratio was 103%, indicating a higher payout than the business plan range. The company's leverage ratios remain elevated, with core net debt to EBITDA projected to be in the range of 8 to 8.4 times by year-end. Q: Could you provide more color on the 3,151 building, particularly regarding the nature of the tenancy and any improvements in the life sciences sector? A: Gerard Sweeney, President and CEO, explained that they have a multi-floor client in advanced lease negotiations, which is promising. The pipeline has increased by 10% from the last quarter, indicating positive momentum. The life sciences market is rebounding, supported by Pennsylvania's $125 million Innovate 2.0 initiative, which should accelerate growth and capital structures for life science companies. Q: Can you discuss the demand for Austin assets, particularly in light of the oversupply in the apartment market? A: Gerard Sweeney noted strong activity for 405 Colorado, with high-quality institutions showing interest. The sale of 405 Colorado was completed at over $700 per square foot, aligning with guidance. Despite Austin's oversupply, the absorption pace remains significant, and they expect a good cap rate transaction for Solaris within 60 to 90 days. Q: What is the thought process behind the split between debt repayments and stock buybacks? A: Gerard Sweeney emphasized the primary goal of achieving investment-grade metrics by reducing debt, particularly bonds with high coupon rates. The stock buyback is seen as an adjunct to maintain earnings neutrality, targeting 5% to 10% of proceeds for buybacks. CFO Thomas Wirth added that this level of buyback would not significantly impact leverage levels. Q: What is the demand for the IBM space that will be vacated, and what pre-leasing would you require to start renovations? A: Gerard Sweeney mentioned that the pipeline for the IBM space is encouraging, driven by the upcoming train station and the ability to deliver renovated office space at a discount to new construction costs. The first building is 157,000 square feet, and they hope to secure leases during the construction process. Q: After completing $300 million in dispositions this year, what are the plans for further asset sales? A: Gerard Sweeney stated that they plan to continue asset sales, with a focus on enhancing the balance sheet. They expect sales in the couple of hundred million dollar range over the next four to six quarters. The sales will include a mix of stabilized core-like assets and those with current or looming vacancies. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Brandywine Realty Trust? Here are five stocks we like better. Leasing performance improved in the second quarter, with Brandywine reporting 85% tenant retention and raising its full-year midpoint retention guidance. Philadelphia continued to lead the portfolio, while Austin remained a drag on occupancy. Asset sales are ahead of plan, with Brandywine lifting its 2026 disposition target to $305 million. Management expects to complete the sales by the end of the third quarter and has additional properties lined up for 2027. Debt reduction remains the top priority, with most sale proceeds earmarked for lowering leverage and improving credit metrics. The company already paid off its credit line balance and is considering bond repurchases and other recapitalizations to strengthen the balance sheet. Brandywine Realty Trust (NYSE:BDN) said second-quarter operating results generally met or exceeded its business plan, while management outlined continued efforts to sell assets, reduce debt and improve credit metrics. On the company’s second-quarter 2026 earnings call, President and CEO Jerry Sweeney said the quarter was “highlighted” by speculative revenue increasing by $1 million at the guidance midpoint and better-than-expected tenant renewals and expansions. He said Brandywine increased its full-year tenant retention range while leaving other full-year operating and financial metrics unchanged from the original 2026 business plan. → Could Truth API Become Trump Media’s First Meaningful Revenue Driver? The real estate investment trust reported second-quarter funds from operations of $23.6 million, or $0.13 per diluted share. Executive Vice President and Chief Financial Officer Tom Wirth said FFO was above management’s first-quarter guidance and $0.01 below consensus estimates. Brandywine reported a second-quarter net loss of $31.7 million, or $0.18 per share. Sweeney said Brandywine’s wholly owned portfolio was 90.6% leased and 89.1% occupied at quarter-end. The company recorded 88,000 square feet of positive net absorption during the quarter and expects full-year positive net absorption for the first time in several years. → 3 Photonics Companies Making Quantum Tech Possible Quarterly leasing activity totaled 353,000 square feet, including 254,000 square feet in the wholly owned portfolio and 98,000 square feet in joint ventures. Forward leasing commencing after quarter-end totaled 166,000 square feet, with most of that expected to take occupancy this year. The company also achieved $18.3 million of speculative revenue. Sweeney said tenant retention for the quarter was 85%, prompting Brandywine to raise its full-year midpoint retention guidance to 51% to 53%. He attributed that increase to unbudgeted renewals and expansions in the Philadelphia central business district and the Pennsylvania suburbs. → AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off Brandywine’s same-store results were positive 0.5% on a GAAP basis and 1.9% on a cash basis, both within current guidance ranges. The company’s GAAP mark-to-market was 1.5%, while cash mark-to-market declined during the quarter. Sweeney said management expects improvement over the next two quarters and is maintaining full-year guidance. In Philadelphia, including the CBD and University City portfolios, Sweeney said the company was 95% occupied and 97% leased, with only 7% rolling annually through 2028. He said that during the first half of 2026, 54% of all new leases signed in Brandywine’s CBD and University City submarkets were at a Brandywine property, exceeding the company’s market share. By contrast, Austin continued to lag the rest of the portfolio. Sweeney said Austin was 67% occupied and reduced overall company occupancy by more than 400 basis points. He noted that Austin quarter-end occupancy was negatively affected by 3.7% because 405 Colorado, which was 100% leased, was classified as held for sale at quarter-end and subsequently closed. Management said Brandywine is ahead of its original capital recycling plan. Sweeney said the company completed approximately $208 million of asset sales, with the remaining sales under agreement with hard money deposits and scheduled to close in the third quarter. Brandywine raised its sales guidance to $305 million, up $15 million from the business plan, with pricing in line with original guidance. Wirth said the company removed four properties totaling about 775,000 square feet from its core portfolio during the quarter because they were being held for sale. Those properties were a little more than 91.5% occupied. He said the impact of asset sales and assets held for sale on 2026 portfolio statistics would be immaterial. Sweeney said Brandywine expects to close all $305 million of sales by the end of the third quarter and has several other properties in the market as part of its 2027 disposition pipeline. He said the company generally saw strong market response to assets listed for sale, with typical marketing processes producing seven to 10 qualified bids and interest from institutional investment managers, private REITs, private capital and family offices. In response to an analyst question, Sweeney said Brandywine would expect additional sales “somewhere in the $200 million range” over the next four to six quarters, though the company has not issued a revised 2026 target or 2027 guidance. Wirth said the cap rate on 405 Colorado was around 8%, or slightly above that on a GAAP basis. Sweeney said Brandywine’s “paramount objective” is to use the vast majority of sale proceeds to reduce leverage and improve credit metrics. After receiving $192 million of sale proceeds after quarter-end, the company paid off the balance on its line of credit. Sweeney said Brandywine had no outstanding balance on its line and $35 million of cash on hand. Management said proceeds will be directed primarily toward debt reduction, including potential bond repurchases starting as early as the third quarter. Sweeney said Brandywine may use only about 5% to 10% of net proceeds to repurchase shares until it makes significant progress on leverage targets and credit metrics. He said nearly 50% of outstanding bonds have coupons above 8.8%, creating a refinancing opportunity if capital markets remain constructive. Wirth said the company will focus planned unsecured note buybacks on higher-coupon bonds, which would have a more immediate impact on coverage ratios. He cautioned that because those bonds trade at a premium, Brandywine may incur one-time debt extinguishment costs that are not included in current FFO guidance. During the quarter, Brandywine repaid the $178 million consolidated construction loan tied to 3025 JFK, which had been scheduled to mature in July 2026. The repayment was funded with a $90 million seven-year secured loan on the residential portion of the property and the unsecured line of credit. Wirth said the secured financing was swapped to a fixed all-in rate of 5.8%. Brandywine also exercised its first six-month extension right under its existing credit facility, moving the maturity date to year-end 2026. Wirth said the company continues to work with its bank group and anticipates completing a longer-term amendment during the initial extension period. Sweeney said activity levels at One Uptown and 3151 Market increased during the quarter, with the overall pipeline for the projects up more than 10% from the prior quarter. At One Uptown, he said three leases were being finalized and five proposals advancing toward lease negotiations totaled more than 100,000 square feet. At 3151 Market, he said the company had a multi-floor client in advanced lease negotiations, with the project’s overall pipeline around 46% office and 54% life science. Brandywine plans to recapitalize One Uptown and Solaris, its residential project at Uptown ATX, during the second half of 2026. Sweeney said the company anticipates a full sale of Solaris and a pari passu joint venture at One Uptown. Wirth said recapitalizing both projects is expected to generate $40 million to $50 million in cash proceeds for debt reduction and should be slightly accretive to earnings and improve leverage. At Uptown ATX, Sweeney said Brandywine plans to begin redeveloping at least one existing building ahead of IBM’s 2027 expiration. The first building consists of 157,000 square feet and is expected to be delivered in the fourth quarter of next year. He said the company is targeting rents 15% to 20% below those required for One Uptown and new development, with a cash yield north of 8%. Brandywine’s Radnor Hotel opened on schedule in May 2026. Sweeney said the 121-room hotel had already booked more than 8,400 room nights, nearly 99% of its 2026 occupancy projection, while maintaining its target average daily rate in the low $300s. The company expects to stabilize the hotel in mid-2027 and seek alternative capital structures once stabilized. Brandywine maintained its full-year FFO midpoint of $0.55 and narrowed its full-year FFO guidance range. For the third quarter, Wirth forecast core FFO of $0.13 to $0.15. Wirth said third-quarter property-level operating income is expected to approximate $69.5 million, down $3 million from the second quarter. He attributed the decrease mainly to assets that closed in July, which are expected to reduce NOI by $5 million quarter over quarter, partially offset by a full-quarter contribution from the Radnor Hotel and the stabilization of 250 King of Prussia Road. For year-end, management projected core net debt to EBITDA in a range of 8.0 to 8.4 times in Sweeney’s prepared remarks. Wirth later said the company anticipates net debt to EBITDA in the range of 8.4 to 8.8 and a fixed charge ratio between 1.8 and 2.0, assuming execution of asset sales and ATX development recapitalizations. Sweeney said the company is seeing monthly increases in its leasing pipeline across core markets and expects 2026 to show earnings growth and lower leverage compared with 2025. Brandywine Realty Trust (NYSE: BDN) is an internally managed real estate investment trust (REIT) specializing in the acquisition, development, and management of office and mixed-use properties. Headquartered in Radnor, Pennsylvania, the company focuses on creating high‐quality, transit‐oriented workplaces that meet evolving tenant demands for sustainability, technological connectivity, and flexible design. Brandywine's portfolio emphasizes Class A office space, often integrated with retail, residential or hospitality components to foster vibrant, live‐work‐play environments. Since its founding in 1994, Brandywine has executed a strategy of disciplined property investment and targeted development. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Brandywine Realty Trust Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Narrows 2026 Guidance PHILADELPHIA, July 22, 2026 (GLOBE NEWSWIRE) -- Brandywine Realty Trust (NYSE: BDN) today reported its financial and operating results for the three and six-month periods ended June 30, 2026. Management Comments “We are pleased with our second quarter progress on our 2026 Business Plan highlighted by raising our speculative revenue midpoint guidance by 5.7%, and achieving 99% of the revised target,” stated Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. “We have also experienced higher tenant renewals and more tenant expansions and based on our second quarter retention rate of 85%, we have increased our projected full year tenant retention midpoint by 10%.  Turning to capital markets, we have now closed $208 million of portfolio asset sales and have increased our asset sales target from $290 million to $305 million.  We expect the remaining asset sales to close later this quarter.  Consistent with our business plan, we plan to use most of the proceeds from these asset sales to lower our outstanding debt and, to a smaller extent, repurchase our common stock.  We also completed the refinancing of Avira with a 7-year, $90 million financing at a 5.8% annual interest rate and repaid our $178 million construction loan.   We remain in an excellent liquidity position, and after our recent sales activity, we have no outstanding balance on our $600 million unsecured line of credit and $35 million of cash-on-hand. Based on the progress we have made on our 2026 Business Plan, we are narrowing our FFO range from $0.52 to $0.58 per share to $0.53 to $0.57 per share.” Second Quarter Highlights Financial Results Net loss available to common shareholders: $(31.7) million, or $(0.18) per diluted share. Funds from Operations (FFO): $23.6 million, or $0.13 per diluted share. Portfolio Results Core Portfolio: 89.1% occupied and 90.6% leased. New and Renewal Leases Signed: 254,000 square feet in our wholly-owned portfolio and 353,000 square feet, including our unconsolidated joint ventures. Rental Rate Mark-to-Market: Increased 1.5% on an accrual basis and decreased (4.2)% on a cash basis. Same Store Net Operating Income: Increased 0.5% on an accrual basis and increased 1.9% on a cash basis. Tenant Retention Ratio: 85%. Recent Transaction Activity Disposition Activity On May 15, 2026, we completed the sale of a wholly-owned office property in Conshohocken, Pennsylvania for a gross sales price of $15.5 million, or $133 per square foot. The property was 46% occupied at the time of sale. We recognized a $0.1 million gain during the second quarter. On July 1, 2026, we completed the sale of a wholly-owned office property in King of Prussia, Pennsylvania for a gross sales price of $41.5 million, or $412 per square foot. We received net cash proceeds of $37.8 million and will record a gain of approximately $13.6 million in the third quarter of 2026. The property was 100% occupied at the time of sale. We reclassified the property as held for sale as of June 30, 2026 on our consolidated balance sheet. On July 9, 2026, we completed the sale of a wholly-owned office property in Austin, Texas for a gross sales price of $151.0 million, or $734 per square foot. We received net cash proceeds of $146.1 million and will record a gain of approximately $36.3 million in the third quarter of 2026. The property was 100% occupied at the time of sale. We reclassified the property as held for sale as of June 30, 2026 on our consolidated balance sheet. Finance / Capital Markets Activity On May 28, 2026, we exercised our first six-month extension right on our existing unsecured credit facility moving the maturity date to December 2026. As previously disclosed, in May 2026, our One Uptown ventures entered into extension options with the existing lenders. The loan for One Uptown – Multi-Family has been extended to July 29, 2027 and the total loan capacity was reduced from $85.0 million to $76.5 million. The loan for One Uptown – Office has been extended to July 29, 2028 and the total loan capacity was reduced from $121.7 million to $108.9 million. In June 2026, we closed on a $90 million secured term loan at Avira, the residential component of 3025 JFK located in Philadelphia, Pennsylvania. The loan bears interest at 1.85% over the secured overnight financing rate (“SOFR”) and has a maturity date of June 2033. Effective June 24, 2026, this loan was swapped to an all-in fixed rate of 5.81% through the maturity date. The secured term loan combined with proceeds from our unsecured line of credit funded the retirement of the existing $178 million construction loan on June 23, 2026. The $178 million construction loan was scheduled to mature in July 2026. As of June 30, 2026, we had $149 million outstanding balance on our $600.0 million unsecured line of credit. As a result of the disposition sales activity noted above, we currently have no outstanding balance on our $600.0 million unsecured line of credit. As of June 30, 2026, we had $40.2 million of cash and cash equivalents on-hand. As a result of the disposition activity noted above, we currently have $35 million of cash and cash equivalents on hand. Results for the Three and Six Month Periods Ended June 30, 2026 Net loss attributable to common shareholders totaled $(31.7) million, or $(0.18) per share, in the second quarter of 2026 compared to net loss of $(89.0) million, or $(0.51) per share, in the second quarter of 2025. Our 2025 results include non-cash impairment charges totaling $63.4 million or $0.37 per share, related to portfolio assets in Austin, Texas. FFO attributable to common shareholders and units totaled $23.6 million, or $0.13 per diluted share, in the second quarter of 2026 as compared to $26.1 million, or $0.15 per diluted share, for the second quarter of 2025. Our second quarter 2026 payout ratio ($0.08 common share distribution / $0.13 FFO per diluted share) was 62%. Net loss attributable to common shareholders totaled $(80.6) million, or $(0.46) per share, in the first six months of 2026 compared to net loss of $(116.4) million, or $(0.67) per share, in the first six months of 2025. Our 2025 results include non-cash impairment charges totaling $63.4 million or $0.37 per share, related to portfolio assets located in Austin, Texas. Our FFO available to common shareholders and units for the first six months of 2026 totaled $43.6 million, or $0.24 per diluted share, versus $50.8 million, or $0.28 per diluted share, in the first six months of 2025. Our payout ratio for the first half 2026 ($0.16 common share distribution / $0.24 FFO per diluted share) was 67%. Operating and Leasing Activity In the second quarter of 2026, our same store Net Operating Income (NOI) excluding termination revenues and other income items increased 0.5% on an accrual basis and increased 1.9% on a cash basis for our 55 same store properties, which were 89.0% and 89.1% occupied on June 30, 2026 and 2025, respectively. We leased approximately 254,000 square feet and commenced occupancy on 245,000 square feet during the second quarter of 2026. The second quarter occupancy activity includes 60,000 square feet of renewals, 111,000 square feet of new leases and 74,000 square feet of tenant expansions. We have an additional 166,000 square feet of executed new leasing scheduled to commence subsequent to June 30, 2026. Our second quarter tenant retention ratio was 85% in our core portfolio with net absorption of 88,000 square feet during the second quarter of 2026. Second quarter rental rate growth increased 1.5% as our renewal rental rates decreased (0.5)% and our new lease/expansion rental rates increased 4.7%, all on an accrual basis. At June 30, 2026, our core portfolio of 57 properties comprises 10.8 million square feet, was 89.1% occupied and, as of July 15, 2026, we are now 90.6% leased (reflecting new leases commencing after June 30, 2026). Dividend Distributions On May 28, 2026, our Board of Trustees declared a quarterly dividend distribution of $0.08 per common share that was paid on July 22, 2026 to shareholders of record as of July 8, 2026. 2026 Earnings and FFO Guidance Based on current plans and assumptions and subject to the risks and uncertainties more fully described in our Securities and Exchange Commission filings, we are adjusting our 2026 loss per share guidance from $(0.76) - $(0.70) per share to $(0.45) – $(0.41) per share and we are narrowing our 2026 FFO guidance from $0.52 - $0.58 per diluted share to $0.53 - $0.57 per diluted share. Our adjustment to guidance for the 2026 loss per share is primarily due to the projected net gains on sale of undepreciated real estate. This guidance is provided for informational purposes and is subject to change. The following is a reconciliation of the calculation of 2026 FFO and earnings per diluted share: Our 2026 FFO key assumptions include: Year-end Core Occupancy Range: 89-90%; Year-end Core Leased Range: 90-91%; Rental Rate Mark-to-Market (accrual): 5-7%; Rental Rate Mark-to-Market (cash): (2)-0%; Same Store (accrual) NOI Range: (1)-1%; Same Store (cash) NOI Range: 0-2%; Speculative Revenue Target: $18.4 - $18.6 million, $18.3 million achieved; Tenant Retention Rate Range: 51-53%; Property Acquisition Activity: None; Property Sales Activity: $305 million; Development Starts: Redevelopment of one existing Uptown ATX building in Austin, Texas; Financing Activity: Repaid our $178 million 3025 JFK Construction Loan maturing in July 2026, financed Avira with a $90 million secured loan and extended the maturity date of our unsecured credit facility to December 31, 2026; Share Buyback and Bond Repurchase Activity: $120 – 140 million to be executed primarily during third and fourth quarters of 2026 based on current sales activity. Annual earnings and FFO per diluted share based on 180.0 million fully diluted weighted average common shares. Except as outlined in our 2026 Business Plan, which can be located on the Investor Relations page of our website, our estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate based on several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. Management is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities or depreciable real estate. For a complete definition of FFO and statements of the reasons why management believes FFO provides useful information to investors, see page 37 in our second quarter Supplemental Information Package. There can be no assurance that our actual results will not differ materially from the estimates set forth above. Our 2026 Business Plan is included in our Supplemental Information Package which can be located on the Investor Relations page of our website. About Brandywine Realty Trust Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in Philadelphia, PA and Austin, TX. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 112 properties and 19.2 million square feet as of June 30, 2026. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together. For more information, please visit www.brandywinerealty.com. Conference Call and Audio Webcast After releasing our second quarter earnings after the market close on Wednesday, July 22, 2026, we will hold our second quarter conference call on Thursday, July 23, 2026 at 9:00 a.m. Eastern Time. To access the conference call by phone, please visit this link here, and you will be provided with dial in details. A live webcast of the conference call will also be available on the Investor Relations page of our website at www.brandywinerealty.com. Looking Ahead – Third Quarter 2026 Conference Call We expect to release our third quarter 2026 earnings on Wednesday, October 21, 2026, after the market close and will host our third quarter 2026 conference call on Thursday, October 22, 2026 at 9:00 a.m. Eastern Time. We expect to issue a press release in advance of these events to reconfirm the dates and times and provide all related information. Supplemental Information We produce a Supplemental Information Package that includes details regarding the performance of the portfolio, financial information, non-GAAP financial measures, same-store information and other useful information for investors. The Supplemental Information Package is available via our website, www.brandywinerealty.com, through the “Investor Relations” section. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. Because such statements involve known and unknown risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These forward-looking statements, including our 2026 Guidance and our 2026 Business Plan and expectations for timing and terms of developments, sales, capital activities, bond repurchases and common share buybacks, are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and not within our control. Such risks, uncertainties and contingencies include, among others: reduced demand for office space and pricing pressures, including from competitors, changes to tenant work patterns that could limit our ability to lease space or set rents at expected levels or that could lead to declines in rent; uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital or that delay receipt of future debt financings and refinancings; the effect of inflation and interest rate fluctuations, including on the costs of our planned debt financings and refinancings; the potential loss or bankruptcy of tenants or the inability of tenants to meet their rent and other lease obligations; risks of acquisitions and dispositions, including unexpected liabilities and integration costs; delays in completing, and cost overruns incurred in connection with, our developments and redevelopments; disagreements with joint venture partners; unanticipated operating and capital costs; uninsured casualty losses and our ability to obtain adequate insurance, including coverage for terrorist acts; additional asset impairments; our dependence upon certain geographic markets; changes in governmental regulations, tax laws and rates and similar matters; impacts from changes to U.S. trade and foreign relations policies, including the imposition of tariffs; impacts of a U.S. government shutdown; unexpected costs of REIT qualification compliance; costs and disruptions as the result of a cybersecurity incident or other technology disruption; reliance on key personnel; and failure to maintain an effective system of internal control, including internal control over financial reporting. The declaration and payment of future dividends (both timing and amount) is subject to the determination of our Board of Trustees, in its sole discretion, after considering various factors, including our financial condition, historical and forecast operating results, and available cash flow, as well as any applicable laws and contractual covenants and any other relevant factors. Our Board’s practice regarding declaration of dividends may be modified at any time and from time to time. Additional information on factors which could impact us and the forward-looking statements contained herein are included in our filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2025. Given the uncertainties, we caution readers not to place undue reliance on forward-looking statements. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events except as required by law. Non-GAAP Supplemental Financial Measures We compute our financial results in accordance with generally accepted accounting principles (GAAP). Although FFO and NOI are non-GAAP financial measures, we believe that FFO and NOI calculations are helpful to shareholders and potential investors and are widely recognized measures of real estate investment trust performance. At the end of this press release, we have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measure. Funds from Operations (FFO) We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (NAREIT), which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than us. NAREIT defines FFO as net income (loss) before non-controlling interests of common unit holders and excluding gains (losses) on sales of depreciable operating property, impairment losses on depreciable consolidated real estate, impairment losses on investments in unconsolidated real estate ventures and extraordinary items (computed in accordance with GAAP); plus real estate related depreciation and amortization (excluding amortization of deferred financing costs), and after similar adjustments for unconsolidated joint ventures. Net income, the GAAP measure that we believe to be most directly comparable to FFO, includes depreciation and amortization expenses, gains or losses on property sales, extraordinary items and non-controlling interests. To facilitate a clear understanding of our historical operating results, FFO should be examined in conjunction with net income (determined in accordance with GAAP) as presented in the financial statements included elsewhere in this release. FFO does not represent cash flow from operating activities (determined in accordance with GAAP) and should not be considered to be an alternative to net income (loss) (determined in accordance with GAAP) as an indication of our financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available for our cash needs, including our ability to make cash distributions to shareholders. We generally consider FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies. Net Operating Income (NOI) NOI (accrual basis) is a Non-GAAP financial measure equal to net income available to common shareholders, the most directly comparable GAAP financial measure, plus corporate general and administrative expense, depreciation and amortization, interest expense, non-controlling interest in the Operating Partnership and losses from early extinguishment of debt, less interest income, development and management income, gains from property dispositions, gains on sale from discontinued operations, gains on early extinguishment of debt, income from discontinued operations, income from unconsolidated joint ventures and non-controlling interest in property partnerships. In some cases we also present NOI on a cash basis, which is NOI after eliminating the effects of straight-lining of rent and deferred market intangible amortization. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income as an indication of our performance or to cash flows as a measure of the Company's liquidity or its ability to make distributions. We believe NOI is a useful measure for evaluating the operating performance of our properties, as it excludes certain components from net income available to common shareholders in order to provide results that are more closely related to a property's results of operations. We use NOI internally to evaluate the performance of our operating segments and to make decisions about resource allocations. We concluded that NOI provides useful information to investors regarding our financial condition and results of operations, as it reflects only the income and expense items incurred at the property level, as well as the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unlevered basis. Same Store Properties In our analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by us throughout each period presented. We refer to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by us through the end of the latest period presented as Same Store Properties. Same Store Properties therefore exclude properties placed in-service, acquired, repositioned, held for sale or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store Properties. Core Portfolio Our core portfolio is comprised of our wholly owned properties, excluding any properties currently in development, re-development or recently completed, not yet stabilized or held for sale. Speculative Revenue Speculative Revenue represents the amount of rental revenue the company projects to be recorded during the current calendar year from new and renewal leasing activity in its core portfolio that has yet to be executed as of the beginning of the year. This revenue is primarily attributable to the absorption of core portfolio square footage that was either vacant at the beginning of the year or the renewal of existing tenants due to expire during the current year. BRANDYWINE REALTY TRUSTSAME STORE OPERATIONS – 2nd QUARTER(unaudited and in thousands) Of the 59 properties owned by the Company as of June 30, 2026, a total of 55 properties ("Same Store Properties") containing an aggregate of 10.4 million net rentable square feet were owned for the entire three months ended June 30, 2026 and 2025. As of June 30, 2026, two properties were recently completed and two properties were in development/redevelopment. The Same Store Properties were 89.0% and 89.1% occupied as of June 30, 2026 and 2025, respectively. The following table sets forth revenue and expense information for the Same Store Properties: BRANDYWINE REALTY TRUSTSAME STORE OPERATIONS – SIX MONTHS(unaudited and in thousands) Of the 59 properties owned by the Company as of June 30, 2026, a total of 55 properties ("Same Store Properties") containing an aggregate of 10.4 million net rentable square feet were owned for the entire six months ended June 30, 2026 and 2025. As of June 30, 2026, two properties were recently completed, and two properties were in development/redevelopment. The Same Store Properties were 89.0% and 89.1% occupied as of June 30, 2026 and 2025, respectively. The following table sets forth revenue and expense information for the Same Store Properties:

This article first appeared on GuruFocus. Speculative Revenue Target: Achieved 94% of the target, totaling $16.4 million. FFO (Funds From Operations): $0.11 per share for Q1, in line with consensus and guidance. Net Loss: $48.9 million or $0.28 per share, impacted by non-cash property impairments. Occupancy and Leasing: Core portfolio 88.3% occupied, 89.9% leased; Philadelphia holdings 95% leased. Leasing Activity: 422,000 square feet leased in Q1, including 268,000 square feet in wholly owned portfolio. Same-Store Results: Positive 0.8% on a GAAP basis and 3.3% on a cash basis. Liquidity: $65 million outstanding on line of credit, $36 million cash on hand. Debt Reduction Program: $305 million potential sales under agreement, expected to close in Q2. Net Debt to EBITDA: Core net debt to EBITDA at 8.3, expected to decrease with sales and debt reduction. Capital Plan: $450 million for the year, including refinancing and development spend. CAD Payout Ratio: 92.7% for Q1, expected to remain within 70% to 90% range for the year. Warning! GuruFocus has detected 8 Warning Signs with BDN. Is BDN fairly valued? Test your thesis with our free DCF calculator. Release Date: April 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Brandywine Realty Trust (NYSE:BDN) achieved 94% of its speculative revenue target at the midpoint of its guidance. The company's first quarter FFO was $0.11 per share, in line with consensus and management guidance. Portfolio recycling and debt reduction program is progressing on schedule with approximately $305 million of potential sales under agreement. The wholly owned core portfolio is 88.3% occupied and 89.9% leased, with expectations of positive net absorption for the first time in several years. Brandywine Realty Trust (NYSE:BDN) has a solid liquidity position with only $65 million outstanding on its line of credit and $36 million of cash on hand. First quarter net loss was $48.9 million or $0.28 per share, impacted by one-time non-cash charges for property impairments. Tenant retention was around 45%, with known move-outs expected throughout the year. Austin market is lagging with only 70% occupancy, causing a 340-basis-point drop in overall company leasing levels. Cash mark-to-market decreased by 2.6%, below annual business ranges. Interest expense increased due to lower interest capitalization from the 3151 project, impacting debt service and interest coverage ratios. Q: Jerry, you talked about the active transaction market and lots of buyer interest in the bidder pool there. How does that inform additional asset sales from here beyond what's currently under contract? A: Gerard Sweeney, President and CEO: The breadth of response from various investor segments was encouraging, ranging from institutional investors to private capital. This positive response suggests a robust market for future asset sales, which will aid in executing our debt reduction and liquidity program. Q: How would you balance additional buybacks versus leverage reductions beyond what's currently contemplated? A: Gerard Sweeney, President and CEO: The primary objective is to improve credit metrics. If sales velocity and pricing are favorable, we may deploy some capital for stock buybacks on a leverage-neutral, earnings-neutral basis. Q: Could you expand on the interest you're seeing for the 902 building in Uptown ATX? Are these mainly new to market tenants or existing tenants? A: Gerard Sweeney, President and CEO: Most prospects are in-market tenants with significant expansion requirements. The response has been positive, and we are prepared to move forward with renovations if substantive results are achieved. Q: How do you feel about the life science leasing market in Philadelphia, given its challenges over the last year? A: Gerard Sweeney, President and CEO: We are seeing positive signs in the life science market with improved capital flow and active dialogues with potential tenants. The tight Class A office market in Philadelphia has also led to increased interest in our properties. Q: Are you able to share the percentage of assets you are looking to sell as core versus non-core within the overall Brandywine portfolio? A: Gerard Sweeney, President and CEO: We have one core asset for sale, with the rest being less-than-core. The sales program was designed to test investor appetite across various asset types to inform future business plan execution. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Brandywine reported Q1 FFO of $0.11 per share in line with guidance and consensus, recorded a net loss of $48.9 million (including $11.9 million of impairments), and maintained its full-year FFO midpoint at $0.55. Management is prioritizing debt reduction via asset sales and refinancing, with roughly $305 million of potential sales in process, plans for a ~$100 million seven‑year secured financing at ~5.7% to address a $178 million construction loan, and about $82 million available for opportunistic buybacks; liquidity stood at $36 million cash and $65 million drawn on the line. Operationally the core portfolio was 88.3% occupied and 89.9% leased (422,000 sq ft leased in Q1), with outsized strength in Philadelphia (~95% leased and 41% share of new CBD leases) while Austin lags at 70% occupied, though tour activity improved ~80% year‑over‑year. Interested in Brandywine Realty Trust? Here are five stocks we like better. Brandywine Realty Trust (NYSE:BDN) reported first-quarter 2026 results that management said were consistent with its business plan, while highlighting an active asset sales pipeline and continued focus on debt reduction and liquidity. President and CEO Jerry Sweeney said the quarter “produced results very much in line with our business plan,” and noted that “all of our full year operating and financial metrics remain unchanged from our original 2026 business plan.” The company reported first-quarter funds from operations (FFO) of $0.11 per share, which Sweeney said was in line with consensus and management guidance. → Credo Stock Flashes Strong Bullish Signal—Upswing Just Starting Executive Vice President and CFO Tom Wirth reported a net loss of $48.9 million, or $0.28 per share, and said the loss included “one-time non-cash charges for property impairments totaling about $11.9 million, or $0.07 per share.” Wirth said first-quarter FFO totaled $20 million, or $0.11 per share. Sweeney also said the company narrowed its full-year FFO guidance while “maintaining our $0.55 full year midpoint.” → Allbirds Exits Shoes, Pivots to AI With NewBird Rebrand Sweeney said Brandywine’s wholly owned core portfolio ended the quarter at 88.3% occupied and 89.9% leased. He added that the company expects occupancy and leasing levels to improve during 2026 and anticipates “positive net absorption for actually the first time in several years.” Leasing activity totaled 422,000 square feet during the quarter, including 268,000 square feet in the wholly owned portfolio and 153,000 square feet in joint ventures. Sweeney said the wholly owned leasing activity was the highest since the fourth quarter of 2024. Tenant retention was “around 45%,” which he said was expected given known move-outs during the year. → Amazon Stock Up 30%: Is AMZN Still a Buy Before Earnings? On pricing metrics, Sweeney reported a 4.1% GAAP mark-to-market for the quarter. Cash mark-to-market was down 2.6%, which he said was below annual business plan ranges, but management expects improvement over the next three quarters and maintained full-year guidance ranges. Same-store performance was 0.8% on a GAAP basis and 3.3% on a cash basis, which Sweeney said were above the company’s guidance ranges. Demand indicators improved, according to management. Sweeney said tours during the first quarter of 2026 exceeded the first quarter of 2025 by 80%. For the trailing four quarters, he said 53% of tours converted to a proposal and 37% of proposals converted to an executed lease. Sweeney pointed to strength in Philadelphia, including the company’s central business district and University City portfolios, which he said were 94% occupied and 96% leased, with only 6% rolling through year-end 2028. He said the Commerce Square joint venture was 93% leased, bringing combined Philadelphia holdings to 95% leased. He also said the company continued to outperform in market share, stating that 41% of all new leases signed in the Philadelphia CBD and University City market during the first quarter were at a Brandywine property. In the Pennsylvania suburbs, Sweeney said the portfolio was “about 90% leased” with “solid levels of pipeline prospects.” By contrast, Austin remained weaker: the Austin portfolio was 70% occupied, which Sweeney said “creates a 340 basis point drop in overall company leasing levels,” though tour volume increased 15% over prior quarters. Sweeney also said Brandywine is monitoring office-to-residential conversions in Philadelphia’s CBD, tracking “more than 5 million square feet, or approximately 11% of the total office inventory” in various stages of conversion, redevelopment, or planning. Management emphasized liquidity and leverage improvement initiatives. Sweeney said the company had $65 million outstanding on its line of credit and $36 million of cash on hand. He said the multi-year plan is designed to return Brandywine to “investment grade metrics,” and management intends to keep minimal balances on the line of credit. Wirth reported first-quarter annualized combined and core net debt-to-EBITDA of 9.1 and 8.3, respectively, and said leverage should decline during the year based on forecasted sales and debt reduction. He also said debt service and interest coverage ratios were “both incrementally below” fourth-quarter results, primarily due to lower interest capitalization from the 3151 project, which increased interest expense. On near-term financing, Sweeney and Wirth outlined plans to address the $178 million consolidated construction loan at 3025 JFK that matures in July 2026. Wirth said the company plans a $100 million seven-year secured financing on the residential portion, fixed at an all-in rate of roughly 5.7%, and to use proceeds from that loan and the unsecured line of credit to “unencumber the office portion.” Sweeney described the refinancing as “approximately $100 million at a rate in the mid-fives.” Wirth also said the company is working with its bank group to amend and extend its unsecured credit facility ahead of its June 2026 maturity date (with extensions through June 2027). Sweeney said the company’s portfolio recycling and debt reduction program was “progressing very much on schedule,” with approximately $305 million of potential sales under agreement and in various stages of due diligence, with pricing “right in line with our guidance.” He and Wirth said the company expects most of these transactions to close in the second quarter, and Wirth noted the midpoint assumption for wholly owned sales is $290 million, weighted toward the first half of the year. Wirth said cap rates were “roughly 8% on a cash and a little above that on a GAAP basis.” Management said proceeds are expected to be used primarily to reduce debt and improve credit metrics, while also allowing for opportunistic share repurchases. Sweeney said the company has about $82 million available under its existing share repurchase program and anticipates the debt reduction program will begin in the second quarter alongside sale proceeds. In response to an analyst question, Sweeney said “the primary objective” remains improving credit metrics, but the company may deploy capital toward buybacks on a “leverage neutral, earnings neutral basis” depending on pricing and progress toward balance sheet targets. On development and leasing initiatives, Sweeney said Brandywine’s operating leasing pipeline increased by 200,000 square feet from last quarter to 1.7 million square feet, including 314,000 square feet in advanced negotiations, though that figure excludes the pipelines for 3151 and One Uptown. 3151 Market: Sweeney said the pipeline is up 200,000 square feet to approximately 1.2 million square feet, split roughly 50% office and 50% life science. He reiterated there are no lease commencements or revenue from 3151 included in the 2026 business plan. Addressing questions about life science, Sweeney said he is seeing “green shoots,” including improved capital flows, and said there has been “no real price resistance” in proposals, despite higher tenant improvement costs. One Uptown: Sweeney said the project is now 63% leased, with a pipeline of more than 230,000 square feet and six proposals totaling just under 100,000 square feet. He said management hopes to close “at least half of those” proposals and highlighted accelerating decision velocity. He also discussed plans to commence redevelopment of an existing Uptown building (902), about 160,000 square feet, with completion targeted in late second quarter or early third quarter of 2027. 250 King of Prussia Road: Wirth said the company will add this 168,000 square foot life science property to the core portfolio in the second quarter, expecting stabilization in June at 100% occupancy. Solaris and One Uptown recapitalizations: Sweeney said the company plans to recapitalize both projects during the second half of 2026, ranging from a complete sale to a pari-passu joint venture with a reduced Brandywine stake. On Solaris, Sweeney said the company accelerated lease-up with concessions that brought first-year rent levels below target, but renewals are running about a 16% uptick and retention has been “fairly positive,” which he said has supported discussions with institutional investors. Wirth said recapitalization of the Austin joint ventures on a pari-passu common equity basis in the second half of 2026 could generate $40 million to $50 million of cash, which would be used to reduce leverage and, he said, should be “slightly accretive to earnings,” though no benefit is included in FFO guidance due to timing and ownership changes. Looking to the second quarter, Wirth guided property-level operating income to about $72.3 million, driven by higher CBD NOI and the stabilization of 250 King of Prussia Road, partially offset by startup costs at The Radnor Hotel project, which he said should open during the quarter. Brandywine Realty Trust (NYSE: BDN) is an internally managed real estate investment trust (REIT) specializing in the acquisition, development, and management of office and mixed-use properties. Headquartered in Radnor, Pennsylvania, the company focuses on creating high‐quality, transit‐oriented workplaces that meet evolving tenant demands for sustainability, technological connectivity, and flexible design. Brandywine's portfolio emphasizes Class A office space, often integrated with retail, residential or hospitality components to foster vibrant, live‐work‐play environments. Since its founding in 1994, Brandywine has executed a strategy of disciplined property investment and targeted development. The article "Brandywine Realty Trust Q1 Earnings Call Highlights" was originally published by MarketBeat.

PHILADELPHIA, April 22, 2026 (GLOBE NEWSWIRE) -- Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three months ended March 31, 2026. Management Comments “During the first quarter, we made excellent progress on our 2026 business plan highlighted by achieving 94% of our speculative revenue target based on the midpoint of our guidance.” stated Jerry Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. “Our wholly owned first quarter leasing activity totaled 268,000 square feet representing the most activity since the fourth quarter of 2024. We continue to make progress on our portfolio recycling program and expect to achieve our $290 million disposition target with approximately $305 million under agreement or currently in various stages of due diligence. We have agreed to terms on a 7-year financing for Avira for up to $100 million using the proceeds and line of credit to repay the existing construction loan due in July 2026 and we anticipate closing both transactions during the second quarter. We remain in an excellent liquidity position with $65 million outstanding on our $600 million unsecured line of credit and no unsecured bonds maturing until November 2027. Based on the progress we have made on our 2026 business plan, we are narrowing our FFO range from $0.51 to $0.59 per share to $0.52 to $0.58 per share.” First Quarter 2026 Highlights Financial Results Net loss attributable to common shareholders: $(48.9) million, or $(0.28) per share. Our results include non-cash impairment charges for properties within our wholly owned portfolio totaling $11.9 million, or $(0.07) per share. Funds from Operations (FFO) available to common shareholders: $20.0 million, or $0.11 per diluted share. Portfolio Results Core Portfolio: 88.3% occupied and 89.9% leased. New and renewal leases signed: 268,000 square feet during the first quarter in our wholly-owned portfolio and, including leasing within our unconsolidated joint ventures, totaled 422,000 square feet. Rental rate mark-to-market: Increased 4.1% on an accrual basis and decreased (2.6)% on a cash basis. Same store net operating income (NOI): Increased 0.8% on an accrual basis and 3.3% on a cash basis. Leases scheduled to commence subsequent to March 31, 2026: 182,000 square feet. Finance Activity As of March 31, 2026, we had a $65.0 million outstanding balance on our $600.0 million unsecured line of credit. As of March 31, 2026, we had $36.2 million of cash and cash equivalents on-hand. Results for the Three Months Ended March 31, 2026 Net loss attributable to common shareholders totaled $(48.9) million, or $(0.28) per share, in the first quarter of 2026 compared to a net loss attributable to common shareholders of $(27.4) million, or $(0.16) per share in the first quarter of 2025. Our 2026 results include non-cash impairment charges within our wholly owned portfolio totaling $11.9 million, or $(0.07) per share. FFO available to common shareholders and unit holders in the first quarter of 2026 totaled $20.0 million, or $0.11 per diluted share, versus $24.7 million, or $0.14 per diluted share, in the first quarter of 2025. Our first quarter FFO 2026 payout ratio ($0.08 common share distribution / $0.11 FFO per diluted share) was 72.7%. Operating and Leasing Activity In the first quarter of 2026, our NOI excluding termination fees and other income items increased 0.8% on an accrual basis and 3.3% on a cash basis for our 59 same store properties, which were 88.3% and 88.8% occupied on March 31, 2026 and March 31, 2025, respectively. We leased approximately 268,000 square feet and commenced occupancy on 237,000 square feet during the first quarter of 2026. The first quarter occupancy activity includes 77,000 square feet of renewals, 114,000 square feet of new leases and 46,000 square feet of tenant expansions. We also have an additional 182,000 square feet of executed new leasing scheduled to commence subsequent to March 31, 2026. Our tenant retention ratio was 45% in our core portfolio with negative net absorption of (38,000) square feet during the first quarter of 2026. First quarter rental rate growth increased 4.1% as our renewal rental rates increased 5.0% and our new lease/expansion rental rates decreased (0.9)%, all on an accrual basis. At March 31, 2026, our core portfolio of 60 properties comprising 11.4 million square feet was 88.3% occupied and, as of April 15, 2026, 89.9% leased (reflecting executed leases commencing after March 31, 2026). Distributions On February 18, 2026, our Board of Trustees declared a quarterly cash dividend of $0.08 per common share and OP Unit that was paid on April 16, 2026 to holders of record on April 2, 2026. 2026 Earnings and FFO Guidance Based on current plans and assumptions and subject to the risks and uncertainties more fully described in our Securities and Exchange Commission filings, we are adjusting our 2026 loss per share guidance from $(0.66) - $(0.58) per share to $(0.76) – $(0.70) per share and 2026 FFO guidance from $0.51 - $0.59 per diluted share to $0.52 - $0.58 per diluted share. This guidance is provided for informational purposes and is subject to change. The following is a reconciliation of the calculation of 2026 FFO and earnings per diluted share: Our 2026 FFO key assumptions include: Year-end Core Occupancy Range: 89-90%; Year-end Core Leased Range: 90-91%; Rental Rate Mark-to-Market (accrual): 5-7%; Rental Rate Mark-to-Market (cash): (2)-0%; Same Store (accrual) NOI Range: (1)-1%; Same Store (cash) NOI Range: 0-2%; Speculative Revenue Target: $17.0 - $18.0 million, $16.4 million achieved; Tenant Retention Rate Range: 46-48%; Property Acquisition Activity: None; Property Sales Activity: $280.0 - $300.0 million; Development Starts: Redevelopment of one existing Uptown ATX building in Austin, Texas; Financing Activity: Refinance our $178 million 3025 JFK Construction Loan maturing in July 2026 and extend our unsecured credit facility maturing in June 2026; Share Buyback and Bond Repurchase Activity: Will be based on sales activity above; Annual earnings and FFO per diluted share based on 180.0 million fully diluted weighted average common shares. Except as outlined in our 2026 Business Plan, which can be located on the Investor Relations page of our website, our estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate based on several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. Management is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities or depreciable real estate. For a complete definition of FFO and statements of the reasons why management believes FFO provides useful information to investors, see page 37 in our first quarter Supplemental Information Package. There can be no assurance that our actual results will not differ materially from the estimates set forth above. Our 2026 Business Plan is included in our Supplemental Information Package which can be located on the Investor Relations page of our website. About Brandywine Realty Trust Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in Philadelphia, PA and Austin, TX. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 117 properties and 19.8 million square feet as of March 31, 2026. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together. For more information, please visit www.brandywinerealty.com. Conference Call and Audio Webcast After releasing our first quarter earnings after the market close on Wednesday, April 22, 2026, we will hold our first quarter conference call on Thursday, April 23, 2026 at 9:00 a.m. Eastern Time. To access the conference call by phone, please visit this link here, and you will be provided with dial in details. A live webcast of the conference call will also be available on the Investor Relations page of our website at www.brandywinerealty.com. Looking Ahead – Second Quarter 2026 Conference Call We expect to release our second quarter 2026 earnings on Wednesday, July 22, 2026, after the market close and will host our second quarter 2026 conference call on Thursday, July 23, 2026 at 9:00 a.m. Eastern Time. We expect to issue a press release in advance of these events to reconfirm the dates and times and provide all related information. Supplemental Information We produce a Supplemental Information Package that includes details regarding the performance of the portfolio, financial information, non-GAAP financial measures, same-store information and other useful information for investors. The Supplemental Information Package is available via our website, www.brandywinerealty.com, through the “Investor Relations” section. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. Because such statements involve known and unknown risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These forward-looking statements, including our 2026 Guidance and our 2026 Business Plan and expectations for timing and terms of developments, sales, capital activities, bond repurchases and common share buybacks, are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and not within our control. Such risks, uncertainties and contingencies include, among others: reduced demand for office space and pricing pressures, including from competitors, changes to tenant work patterns that could limit our ability to lease space or set rents at expected levels or that could lead to declines in rent; uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital or that delay receipt of future debt financings and refinancings; the effect of inflation and interest rate fluctuations, including on the costs of our planned debt financings and refinancings; the potential loss or bankruptcy of tenants or the inability of tenants to meet their rent and other lease obligations; risks of acquisitions and dispositions, including unexpected liabilities and integration costs; delays in completing, and cost overruns incurred in connection with, our developments and redevelopments; disagreements with joint venture partners; unanticipated operating and capital costs; uninsured casualty losses and our ability to obtain adequate insurance, including coverage for terrorist acts; additional asset impairments; our dependence upon certain geographic markets; changes in governmental regulations, tax laws and rates and similar matters; impacts from changes to U.S. trade and foreign relations policies, including the imposition of tariffs; impacts of a U.S. government shutdown; unexpected costs of REIT qualification compliance; costs and disruptions as the result of a cybersecurity incident or other technology disruption; reliance on key personnel; and failure to maintain an effective system of internal control, including internal control over financial reporting. The declaration and payment of future dividends (both timing and amount) is subject to the determination of our Board of Trustees, in its sole discretion, after considering various factors, including our financial condition, historical and forecast operating results, and available cash flow, as well as any applicable laws and contractual covenants and any other relevant factors. Our Board’s practice regarding declaration of dividends may be modified at any time and from time to time. Additional information on factors which could impact us and the forward-looking statements contained herein are included in our filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2025. Given the uncertainties, we caution readers not to place undue reliance on forward-looking statements. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events except as required by law. Non-GAAP Supplemental Financial Measures We compute our financial results in accordance with generally accepted accounting principles (GAAP). Although FFO and NOI are non-GAAP financial measures, we believe that FFO and NOI calculations are helpful to shareholders and potential investors and are widely recognized measures of real estate investment trust performance. At the end of this press release, we have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measure. Funds from Operations (FFO) We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (NAREIT), which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than us. NAREIT defines FFO as net income (loss) before non-controlling interests of common unit holders and excluding gains (losses) on sales of depreciable operating property, impairment losses on depreciable consolidated real estate, impairment losses on investments in unconsolidated real estate ventures and extraordinary items (computed in accordance with GAAP); plus real estate related depreciation and amortization (excluding amortization of deferred financing costs), and after similar adjustments for unconsolidated joint ventures. Net income, the GAAP measure that we believe to be most directly comparable to FFO, includes depreciation and amortization expenses, gains or losses on property sales, extraordinary items and non-controlling interests. To facilitate a clear understanding of our historical operating results, FFO should be examined in conjunction with net income (determined in accordance with GAAP) as presented in the financial statements included elsewhere in this release. FFO does not represent cash flow from operating activities (determined in accordance with GAAP) and should not be considered to be an alternative to net income (loss) (determined in accordance with GAAP) as an indication of our financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available for our cash needs, including our ability to make cash distributions to shareholders. We generally consider FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies. Net Operating Income (NOI) NOI (accrual basis) is a Non-GAAP financial measure equal to net income available to common shareholders, the most directly comparable GAAP financial measure, plus corporate general and administrative expense, depreciation and amortization, interest expense, non-controlling interest in the Operating Partnership and losses from early extinguishment of debt, less interest income, development and management income, gains from property dispositions, gains on sale from discontinued operations, gains on early extinguishment of debt, income from discontinued operations, income from unconsolidated joint ventures and non-controlling interest in property partnerships. In some cases we also present NOI on a cash basis, which is NOI after eliminating the effects of straight-lining of rent and deferred market intangible amortization. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income as an indication of our performance or to cash flows as a measure of the Company's liquidity or its ability to make distributions. We believe NOI is a useful measure for evaluating the operating performance of our properties, as it excludes certain components from net income available to common shareholders in order to provide results that are more closely related to a property's results of operations. We use NOI internally to evaluate the performance of our operating segments and to make decisions about resource allocations. We concluded that NOI provides useful information to investors regarding our financial condition and results of operations, as it reflects only the income and expense items incurred at the property level, as well as the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unlevered basis. Same Store Properties In our analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by us throughout each period presented. We refer to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by us through the end of the latest period presented as Same Store Properties. Same Store Properties therefore exclude properties placed in-service, acquired, repositioned, held for sale or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store Properties. Core Portfolio Our core portfolio is comprised of our wholly owned properties, excluding any properties currently in development, re-development or recently completed, not yet stabilized or held for sale. Speculative Revenue Speculative Revenue represents the amount of rental revenue the company projects to be recorded during the current calendar year from new and renewal leasing activity in its core portfolio that has yet to be executed as of the beginning of the year. This revenue is primarily attributable to the absorption of core portfolio square footage that was either vacant at the beginning of the year or the renewal of existing tenants due to expire during the current year. BRANDYWINE REALTY TRUST SAME STORE OPERATIONS – 1st QUARTER (unaudited and in thousands) Of the 64 properties owned by the Company as of March 31, 2026, a total of 59 properties ("Same Store Properties") containing an aggregate of 11.2 million net rentable square feet were owned for the entire three months ended March 31, 2026 and 2025. As of March 31, 2026, two properties were recently completed and three properties were in development/redevelopment. The Same Store Properties were 88.3% and 88.8% occupied as of March 31, 2026 and 2025, respectively. The following table sets forth revenue and expense information for the Same Store Properties: Company / Investor Contact: Tom Wirth EVP & CFO 610-832-7434 [email protected]

Performance was driven by strong market positioning in Philadelphia, where the company captured 41% of all new market leases, more than double its historical market share. The company achieved 94% of its 2026 speculative revenue target early, attributed to the highest level of wholly owned leasing activity since 2024. Management attributes the 80% year-over-year increase in tour volume to improving office market sentiment and a successful pivot toward high-quality trophy assets. Operational focus has shifted toward 'portfolio recycling,' with $305 million in assets currently under agreement to facilitate debt reduction and a return to investment-grade metrics. The Austin portfolio continues to lag company-wide occupancy by 340 basis points, though a 15% increase in tour volume suggests a stabilizing demand environment. Strategic positioning in Philadelphia is being bolstered by the conversion of 11% of total CBD office inventory to residential use, which management expects will tighten office supply. Full-year 2026 FFO guidance is maintained at a $0.55 midpoint, assuming positive net absorption for the first time in several years. The deleveraging framework relies on closing the majority of the $305 million in pending sales during the second quarter to reduce reliance on the unsecured line of credit. Management anticipates a significant improvement in the CAD payout ratio during the second half of 2026 as they fully burn off the remaining tenant improvement costs related to leases signed between 2020 and 2023. Refinancing strategy involves replacing the 3025 JFK construction loan with a lower-priced $100 million secured facility in the mid-5% range to unencumber commercial assets. Future leverage reduction is contingent on the stabilization of the 3151 Market Street project, which currently represents a $250 million investment producing temporary operating losses. First quarter results included $11.9 million, or $0.07 per share, in one-time non-cash property impairment charges. The company acquired its partner's interest in the 3151 project in 2025, which has caused a temporary spike in leverage metrics that management aims to normalize through 2026 sales. Approximately 50% of outstanding bonds carry coupons above 8%, which management views as a strategic opportunity for future interest expense reduction through refinancing. A $1.3 million sequential increase in property-level NOI is projected for Q2, primarily driven by the stabilization of the 250 King of Prussia Road life science property. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management reported surprisingly robust interest across a broad range of asset types, with typical marketing processes yielding seven to ten qualified bids. Buyer profiles include institutional managers, private equity, and high-net-worth family offices, signaling a recovery in capital sources for the office sector. The absolute priority remains improving credit metrics; however, management intends to use excess sale proceeds for share buybacks on a leverage-neutral basis given current stock valuations. There is approximately $82 million remaining under the existing share repurchase authorization. Management noted 'green shoots' in life science capital flows, though the execution pace for larger institutional requirements remains slow. The company is successfully pivoting some office prospects to look at 3151 Market Street as its overall Philadelphia portfolio reaches 95% leased. Recapitalizations for Solaris and One Uptown are expected in the third quarter, potentially generating $40 million to $50 million in cash to further reduce wholly owned leverage. Solaris is seeing 16% rent increases on renewals, which management believes validates the project's value ahead of the planned recapitalization. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.