--- title: "Brandywine Realty Trust | 8-K: FY2026 Q2 Revenue: USD 128.92 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/293659082.md" datetime: "2026-07-23T19:47:05.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/293659082.md) - [en](https://longbridge.com/en/news/293659082.md) - [zh-HK](https://longbridge.com/zh-HK/news/293659082.md) --- # Brandywine Realty Trust | 8-K: FY2026 Q2 Revenue: USD 128.92 M Revenue: As of FY2026 Q2, the actual value is USD 128.92 M. EPS: As of FY2026 Q2, the actual value is USD -0.18, beating the estimate of USD -0.1824. EBIT: As of FY2026 Q2, the actual value is USD 11.76 M. ### Financial Highlights #### Net Loss Available to Common Shareholders Brandywine Realty Trust reported a net loss available to common shareholders of - $31.7 million, or - $0.18 per diluted share, for the second quarter of 2026, an improvement from a net loss of - $89.0 million, or - $0.51 per share, in the second quarter of 2025. The second quarter of 2025 included - $63.4 million or - $0.37 per share in non-cash impairment charges related to Austin, Texas portfolio assets. For the first six months of 2026, the net loss was - $80.6 million, or - $0.46 per share, compared to - $116.4 million, or - $0.67 per share, for the first six months of 2025, also impacted by the same 2025 impairment charges. #### Funds from Operations (FFO) FFO attributable to common shareholders and units was $23.6 million, or $0.13 per diluted share, in the second quarter of 2026, down from $26.1 million, or $0.15 per diluted share, in the second quarter of 2025. The FFO payout ratio for the second quarter of 2026 was 62%. For the first six months of 2026, FFO was $43.6 million, or $0.24 per diluted share, compared to $50.8 million, or $0.28 per diluted share, in the first six months of 2025, with a payout ratio of 67%. #### Total Revenue Total revenue for the second quarter of 2026 was $128.920 million, an increase from $120.571 million in the second quarter of 2025. For the six months ended June 30, 2026, total revenue reached $255.924 million, up from $242.087 million in the prior year period. #### Operating Expenses Total operating expenses were $109.526 million in the second quarter of 2026, significantly lower than $161.812 million in the second quarter of 2025, primarily due to a - $63.369 million provision for impairment in 2025. For the six months ended June 30, 2026, total operating expenses were $235.020 million, down from $271.226 million in the prior year period. #### Operating Income (Loss) Brandywine Realty Trust reported operating income of $19.457 million for the second quarter of 2026, a substantial improvement from an operating loss of - $41.327 million in the second quarter of 2025. For the first six months of 2026, operating income was $20.967 million, compared to an operating loss of - $26.166 million in the first six months of 2025. #### Interest Expense Interest expense for the second quarter of 2026 was - $41.931 million, an increase from - $32.345 million in the second quarter of 2025. For the six months ended June 30, 2026, interest expense was - $82.820 million, up from - $64.190 million in the prior year period. ### Operational Metrics #### Portfolio Performance As of June 30, 2026, Brandywine Realty Trust’s core portfolio was 89.1% occupied and 90.6% leased. The company signed 254,000 square feet in new and renewal leases in its wholly-owned portfolio during the second quarter of 2026, and 353,000 square feet including unconsolidated joint ventures. #### Rental Rate Mark-to-Market Rental rates increased by 1.5% on an accrual basis, while decreasing by -4.2% on a cash basis. #### Same Store Net Operating Income (NOI) Same Store NOI increased by 0.5% on an accrual basis and 1.9% on a cash basis for the second quarter of 2026. For the six months ended June 30, 2026, Same Store NOI increased by 0.8% on an accrual basis and 2.7% on a cash basis, excluding certain items. #### Tenant Retention Ratio The tenant retention ratio for the second quarter of 2026 was 85% in the core portfolio. #### Asset Sales Brandywine Realty Trust has closed $208 million of portfolio asset sales and increased its asset sales target from $290 million to $305 million. Notable sales include a Conshohocken, PA office property for $15.5 million, a King of Prussia, PA office property for $41.5 million, and an Austin, TX office property for $151.0 million. #### Liquidity and Debt As of June 30, 2026, Brandywine Realty Trust had $40.2 million in cash and cash equivalents, which subsequently decreased to $35 million after disposition activity. The unsecured credit facility had an outstanding balance of $149 million as of June 30, 2026, but currently has no outstanding balance due to disposition sales activity. Secured debt was $144.260 million as of June 30, 2026, down from $234.079 million at December 31, 2025. The company also closed a $90 million secured term loan for Avira and repaid its $178 million construction loan. ### 2026 Outlook and Guidance Brandywine Realty Trust is narrowing its 2026 FFO guidance to $0.53 - $0.57 per diluted share and adjusting its 2026 loss per share guidance to - $0.45 – - $0.41 per share, primarily due to projected net gains on sale of undepreciated real estate. Key assumptions for 2026 include a year-end core occupancy range of 89-90%, a year-end core leased range of 90-91%, and projected property sales of $305 million. ### Related Stocks - [BDN.US](https://longbridge.com/en/quote/BDN.US.md) ## Related News & Research - [Arrowstreet Capital Limited Partnership Acquires New Stake in Brandywine Realty Trust $BDN](https://longbridge.com/en/news/295068629.md) - [Brandywine Realty Trust Balances Progress and Leverage](https://longbridge.com/en/news/293686905.md) - [BRBI BR Partners announces R$ 0.18 per share distribution for Q2 2026](https://longbridge.com/en/news/295560954.md) - [Broadridge Financial Solutions (BR) Could Be 20% Undervalued Following Earnings And Dividend Hike](https://longbridge.com/en/news/295591130.md) - [PSQ Holdings amends 8-K to disclose CEO Dusty Wunderlich employment terms](https://longbridge.com/en/news/295971581.md)