Companies /Real Estate

Brandywine Realty Trust

NYSE: BDN Reit - Office
$3.10
▼ $0.12 (−3.73%) today
Markets closed · 6:35pm ET

Q1 2026 Earnings

Reported Apr 23, 2026, 11:22am ET · SEC source
$-0.28
Miss −35.40%
EPS · est. $-0.21
$127.0M
Beat +9.16%
Revenue · est. $116.3M
−6.1%
Trailing market
BDN vs S&P since report
5 quarters
Consecutive EPS misses

Market Reaction

% change · around the report
−3%0+3%+6%Apr 23Apr 24report 11:22am ETearnings+0.2%+6.4%
−3%0+3%+6%Apr 23Apr 24earnings+0.2%+6.4%
BDN +6.4%S&P 500 +0.2%
−3%0+3%+6%Apr 23Apr 24report 11:22am ETearnings+1.1%+6.4%
−3%0+3%+6%Apr 23Apr 24earnings+1.1%+6.4%
BDN +6.4%NASDAQ +1.1%
0+3%+6%+9%Apr 22May 1report 11:22am ETearnings+1.5%+4.7%
0+3%+6%+9%Apr 22May 1earnings+1.5%+4.7%
BDN +4.7%S&P 500 +1.5%
0+3%+6%+9%Apr 22May 1report 11:22am ETearnings+2.8%+4.7%
0+3%+6%+9%Apr 22May 1earnings+2.8%+4.7%
BDN +4.7%NASDAQ +2.8%
+4.44%
Day of report
−1.96%
Next session
−1.31%
One week
−0.98%
30 days

S&P 500 over the same 30 days: +5.12%.

Did BDN Beat Earnings? Q1 2026 Results

Brandywine Realty Trust delivered a mixed first quarter for 2026, posting a net loss of $0.28 per share that missed the consensus estimate of $0.21 by 35.40%, even as revenue of $127.00 million beat expectations of $116.35 million by 9.16% and grew 4.5% year over year. The wider-than-expected loss was driven largely by $11.91 million in non-cash impairment charges on wholly owned properties and a sharp rise in interest expense to $40.89 million from $31.84 million a year ago, both of which weighed heavily on operating income, which collapsed to $1.51 million from $15.16 million in Q1 2025. FFO declined to $0.11 per diluted share from $0.14 a year ago, a figure some analysts view as highlighting the tension between the company's cash metrics and its accounting losses. Looking ahead, management narrowed full-year 2026 FFO guidance to $0.52 to $0.58 per diluted share while widening its loss per share range to $(0.76) to $(0.70), with $305.00 million in dispositions already under agreement providing some balance sheet support.

Key Takeaways
  • 268,000 square feet of wholly owned leasing activity, highest since Q4 2024
  • Same store NOI increased 0.8% on accrual basis and 3.3% on cash basis
  • Rental rate mark-to-market increased 4.1% on accrual basis
  • 94% of speculative revenue target achieved at guidance midpoint ($16.4 million of $17.0-$18.0 million target)
  • 182,000 square feet of executed new leasing scheduled to commence after March 31, 2026

“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.”

Brandywine Realty Trust CEO, on the earnings call

Forward Guidance & Outlook

Brandywine narrowed its full-year 2026 FFO guidance to $0.52–$0.58 per diluted share (from $0.51–$0.59) and widened its loss per share guidance to $(0.76)–$(0.70) per share (from $(0.66)–$(0.58)). Key 2026 assumptions include: year-end core occupancy of 89–90%, year-end core leased range of 90–91%, rental rate mark-to-market of 5–7% (accrual), same store NOI range of (1)%–1% (accrual) and 0%–2% (cash), speculative revenue target of $17.0–$18.0 million ($16.4 million already achieved), property sales of $280–$300 million, no acquisition activity, redevelopment of one Uptown ATX building in Austin, refinancing of the $178 million 3025 JFK Construction Loan maturing July 2026, and extension of the unsecured credit facility maturing June 2026. Share buyback and bond repurchase activity will be based on disposition proceeds. Guidance is based on 180.0 million fully diluted weighted average shares.

BDN YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$-200,000,000$0$121.5M$127.0MRevenue$15.2M$1.5MOperating Income$-255,786,164$-48,804,000Net Income
$-200,000,000$0RevenueOperating 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.