BDN Q3 2025 Earnings
Reported Oct 23, 2025 at 12:15 PM ET · SEC Source
Q3 25 EPS
$-0.15
MISS 25.94%
Est. $-0.12
Q3 25 Revenue
$121.4M
BEAT +2.66%
Est. $118.3M
vs S&P Since Q3 25
-13.5%
TRAILING MARKET
BDN -5.8% vs S&P +7.6%
Market Reaction
Did BDN Beat Earnings? Q3 2025 Results
Brandywine Realty Trust delivered a mixed third quarter, beating revenue expectations while falling short on earnings, as the Philadelphia-focused REIT posted a loss of $0.15 per share against a consensus estimate of $0.12, missing by 25.94%, even as… Read more Brandywine Realty Trust delivered a mixed third quarter, beating revenue expectations while falling short on earnings, as the Philadelphia-focused REIT posted a loss of $0.15 per share against a consensus estimate of $0.12, missing by 25.94%, even as revenue of $121.42 million edged 2.66% above forecasts despite sliding 7.9% year over year. The deeper-than-expected per-share loss reflected declining FFO, which fell to $0.16 per diluted share from $0.23 a year ago, driven by lower total revenue and reduced contributions from unconsolidated ventures. A quarter defined by balance sheet repositioning, Brandywine issued $300 million in unsecured notes at 6.13% and used the proceeds to retire a $245 million secured loan, fully unencumbering its wholly-owned portfolio, though that move will trigger a roughly $12.30 million charge in Q4. Management trimmed full-year FFO guidance to $0.51 to $0.53 per share from $0.60 to $0.66, citing that charge and delayed joint venture recapitalizations, a revision that adds fresh weight to existing concerns about dividend sustainability given the company's persistent losses and elevated payout ratio.
Key Takeaways
- • Same-store NOI increased 1.4% on accrual basis and 2.1% on cash basis
- • Core portfolio occupancy improved to 88.8% from 86.4% year-over-year
- • Achieved midpoint of speculative revenue target at $27.3 million
- • Net absorption of 21,000 square feet during Q3
- • Tenant retention ratio of 68%
- • New leasing rental rate growth of 9.3% on accrual basis
BDN YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
BDN Revenue by Segment
Business unit performance breakdown
“We are pleased with our 2025 business plan progress highlighted by achieving the midpoint of our speculative revenue target and many of our operating objectives. We continue to have one of the office sectors lowest forward lease expiration schedule with only 4.9% of revenues expiring through 2026. The pipeline for our commercial development projects remains strong at 1.6 million square feet with 75,000 in active lease negotiations. Our two residential developments, Solaris at Uptown ATX and Avira at Schuylkill Yards are both 99% leased. Liquidity remains in excellent shape with no outstanding balance on our $600 million unsecured line of credit and $75 million of cash on hand.”
— Gerard H. Sweeney, Q3 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% |