BDN Q4 2025 Earnings
Reported Feb 4, 2026 at 12:14 PM ET · SEC Source
Q4 25 EPS
$-0.21
MISS 73.27%
Est. $-0.12
Q4 25 Revenue
$121.0M
MISS 2.47%
Est. $124.0M
vs S&P Since Q4 25
+1.5%
BEATING MARKET
BDN +9.1% vs S&P +7.6%
Full Year 2025 Results
FY 25 EPS
$-1.03
FY 25 Revenue
$484.5M
Market Reaction
Did BDN Beat Earnings? Q4 2025 Results
Brandywine Realty Trust delivered a disappointing finish to 2025, with Q4 results falling well short of Wall Street expectations as a debt extinguishment charge weighed heavily on the period. The Philadelphia-based office REIT posted a loss of $0.21 … Read more Brandywine Realty Trust delivered a disappointing finish to 2025, with Q4 results falling well short of Wall Street expectations as a debt extinguishment charge weighed heavily on the period. The Philadelphia-based office REIT posted a loss of $0.21 per share, missing the consensus estimate of $0.12 by 73.27%, while revenue of $120.95 million trailed forecasts by 2.47% and slipped 0.8% from a year ago. The primary culprit was a $12.24 million charge tied to the early repayment of a $245 million secured loan, a move that also dragged quarterly FFO down to $0.08 per diluted share from $0.17 a year ago. On the strategic front, Brandywine made meaningful balance sheet moves, acquiring joint venture partners' interests in two Philadelphia properties and issuing $300 million in new notes to leave its core portfolio fully unencumbered. Some analysts have flagged ongoing concerns about the stock's valuation and institutional sentiment. Looking into 2026, the company guided for FFO of $0.51 to $0.59 per diluted share, underpinned by $280 to $300 million in planned asset sales and no acquisitions on the horizon.
Key Takeaways
- • Same store NOI increased 2.4% on accrual basis and 3.2% on cash basis in Q4
- • Rental rate mark-to-market of 20.9% on accrual basis in Q4
- • Core portfolio 88.3% occupied and 90.4% leased at year-end
- • Full year tenant retention of 64%
- • Consolidation of 3025 JFK and 3151 Market Street as wholly owned assets
BDN YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
BDN Revenue by Segment
Business unit performance breakdown
“We achieved many of our full year 2025 business plan objectives including tenant retention, same store NOI results and mark-to-market rents. During the fourth quarter, we bought out our preferred partner's equity interests at 3025 JFK and 3151 Market Street in Philadelphia, making both properties wholly owned assets. Our liquidity remains in excellent shape with no borrowings on our $600 million unsecured line of credit, and no bond maturities until November 2027.”
— Jerry Sweeney, Q4 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% |