BDN Q2 2025 Earnings
Reported Jul 23, 2025 at 7:01 PM ET · SEC Source
Q2 25 EPS
$-0.51
MISS 416.72%
Est. $-0.10
Q2 25 Revenue
$120.6M
BEAT +2.25%
Est. $117.9M
vs S&P Since Q2 25
-32.2%
TRAILING MARKET
BDN -17.3% vs S&P +14.9%
Market Reaction
Did BDN Beat Earnings? Q2 2025 Results
Brandywine Realty Trust delivered a deeply mixed second quarter, posting a GAAP loss of $0.51 per diluted share against a consensus estimate of roughly negative $0.10, a miss of more than 416%, while revenue of $120.57 million edged past the $117.92 … Read more Brandywine Realty Trust delivered a deeply mixed second quarter, posting a GAAP loss of $0.51 per diluted share against a consensus estimate of roughly negative $0.10, a miss of more than 416%, while revenue of $120.57 million edged past the $117.92 million estimate by 2.25% despite falling 3.8% year over year. The headline loss was driven overwhelmingly by $63.37 million in non-cash impairment charges tied to the company's Austin, Texas portfolio, which obscured otherwise improving operational trends; stripping out those charges, the underlying loss would have been $0.14 per share. Leasing momentum strengthened notably, with quarterly activity climbing 35% above Q1 levels and tour activity up 66%, while same-store cash NOI grew 6.3%. On the balance sheet, Brandywine issued $150 million in 8.88% guaranteed notes and moved to accelerate Austin asset sales, raising its disposition target to $72.70 million. Management narrowed full-year FFO guidance to $0.60 to $0.66 per share, reflecting the removal of land sale gains given uncertain timing of approvals and closings.
Key Takeaways
- • Second quarter leasing activity exceeded Q1 by 35%
- • Company-wide tour activity up 66% over Q1
- • Same-store NOI increased 1.0% on accrual basis and 6.3% on cash basis
- • Tenant retention ratio of 82% in core portfolio
- • New lease/expansion rental rates increased 15.6% on an accrual basis
- • Core portfolio 88.6% occupied and 91.1% leased
- • Achieved over 98% of speculative revenue target at guidance midpoint
BDN YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
BDN Revenue by Segment
Business unit performance breakdown
“We are pleased with progress on our 2025 business plan highlighted by achieving over 98% of our speculative revenue target at the midpoint of our current guidance. We continue to address our forward lease expirations, and our average annual lease expiration rate through 2026 is only 5.1%, one of the lowest in the office sector. Tenant demand continues to improve with second quarter leasing activity exceeding the first quarter by 35%. The pipeline on our development projects also increased during the quarter with company-wide tour activity up 66% over the first quarter.”
— Gerard H. Sweeney, Q2 2025 Earnings Press Release
BDN Earnings Trends
BDN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BDN EPS Trend
Earnings per share: estimate vs actual
BDN Revenue Trend
Quarterly revenue: estimate vs actual
BDN Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $-0.21 | $-0.28 | -35.40% | $127.0M | +9.16% |
| Q4 25 MISS FY | $-0.12 | $-0.21 | -73.27% | $121.0M | -2.47% |
| FY Full Year | — | $-1.03 | — | $484.5M | — |
| Q3 25 MISS | $-0.12 | $-0.15 | -25.94% | $121.4M | +2.66% |
| Q2 25 MISS | $-0.10 | $-0.51 | -416.72% | $120.6M | +2.25% |