Companies /Real Estate

Brandywine Realty Trust

NYSE: BDN Reit - Office
$3.10
▼ $0.12 (−3.73%) today
Markets closed · 12:31am ET

Q2 2026 Earnings

Reported Jul 23, 2026, 3:44pm ET · SEC source
$-0.18
Miss −5.88%
EPS · est. $-0.17
$128.9M
Beat +4.69%
Revenue · est. $123.1M
−0.2%
Trailing market
BDN vs S&P since report
5 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
0+2%+4%+6%Jul 23Jul 24report 3:44pm ETearnings+0.3%+4.1%
0+2%+4%+6%Jul 23Jul 24earnings+0.3%+4.1%
BDN +4.1%S&P 500 +0.3%
0+3%+6%Jul 23Jul 24report 3:44pm ETearnings−0.7%+4.1%
0+3%+6%Jul 23Jul 24earnings−0.7%+4.1%
BDN +4.1%NASDAQ −0.7%
−4%0+4%Jul 22Jul 31report 3:44pm ETearnings+0.9%−1.0%
−4%0+4%Jul 22Jul 31earnings+0.9%−1.0%
BDN −1.0%S&P 500 +0.9%
−4%0+4%Jul 22Jul 31report 3:44pm ETearnings−1.0%−1.0%
−4%0+4%Jul 22Jul 31earnings−1.0%−1.0%
BDN −1.0%NASDAQ −1.0%
+3.26%
Day of report
−3.15%
Next session
−4.10%
One week
+3.47%
30 days

S&P 500 over the same 30 days: +3.65%.

Did BDN Beat Earnings? Q2 2026 Results

Brandywine Realty Trust delivered a mixed second quarter for fiscal 2026, posting revenue of $128.92 million, up 6.9% year over year and ahead of the $123.15 million consensus, while falling just short on the bottom line with a loss of $0.18 per diluted share against the $0.17 estimate, a 5.88% miss. The narrower net loss of $31.66 million compared favorably to the $88.99 million loss a year ago, which had been weighed down by $63.37 million in non-cash impairment charges on Austin properties, but rising interest expense, climbing to $41.93 million from $32.34 million, pressured FFO to $0.13 per diluted share. Portfolio rationalization remained the dominant operational theme, with total closed asset sales reaching $208 million and the full-year disposition target raised to $305 million, proceeds earmarked largely for debt reduction. Despite the stock dipping on the results, management narrowed full-year 2026 FFO guidance to $0.53 to $0.57 per diluted share and improved its loss per share outlook to $(0.45) to $(0.41), citing projected gains on real estate sales.

Key Takeaways
  • Higher rents drove total revenue increase to $128.9 million from $120.6 million year-over-year
  • Same-store NOI increased 0.5% on an accrual basis and 1.9% on a cash basis
  • Tenant retention rate of 85% in Q2 2026
  • Net absorption of 88,000 square feet during Q2 2026
  • New lease/expansion rental rates increased 4.7% on an accrual basis
  • Speculative revenue midpoint guidance raised 5.7% with 99% achieved

“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.”

Brandywine Realty Trust CEO, on the earnings call

Forward Guidance & Outlook

Brandywine narrowed its full-year 2026 FFO guidance to $0.53–$0.57 per diluted share (from $0.52–$0.58) and adjusted its loss per share guidance to $(0.45)–$(0.41) per share (from $(0.76)–$(0.70)), primarily due to projected net gains on real estate sales. Key 2026 assumptions include: year-end core occupancy of 89–90%, year-end core leased of 90–91%, accrual rental rate mark-to-market of 5–7%, same-store accrual NOI of (1)–1%, property sales of $305 million (increased from $290 million), no property acquisitions, redevelopment of one Uptown ATX building in Austin, speculative revenue target of $18.4–$18.6 million (with $18.3 million already achieved), tenant retention of 51–53%, and $120–$140 million in share buyback and bond repurchase activity primarily in Q3/Q4 2026.

BDN YoY Financials

Q2 2026 vs Q2 2025 · SEC filings Q2 2025 Q2 2026
$0$50.0M$100.0M$120.6M$128.9MRevenue$7.9M$19.5MOperating Income$-19,165,552$-31,535,000Net Income
$0$50.0M$100.0MRevenueOperating IncomeNet Income

BDN Revenue by Segment

Rents
Third Party Management Fees, Labor Reimbursement and Leasing

Figures from SEC filings and company reports. Not investment advice.