BRANDYWINE REALTY TRUST

Listed Company

BDNCIK 0000790816NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$484.45M

Net Income

$-178.25M

Total Assets

$3.59B

Equity

$792.73M

Shares Out

173.71M

Op. Cash Flow

$116.70M

Business

BRANDYWINE REALTY TRUST is a self-administered, self-managed real estate investment trust engaged in the acquisition, development, redevelopment, ownership, management, and operation of commercial and residential real estate. It offers and manages office, life science/lab, residential and mixed-use properties and provides property management, leasing, development/redevelopment, construction management, and related asset services. Its operations are organized into business functions including property ownership and management, development/redevelopment, joint ventures, and corporate capital and treasury activities. It conducts activities across four primary market segments: Philadelphia CBD, Pennsylvania suburbs, Austin, Texas, and Other regional markets including Washington, D.C., Northern Virginia, Southern Maryland, New Jersey and Delaware.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	484	506	515	506	487
Property operating expenses	131	130	130	130	122
Real estate taxes	44	48	50	54	54
Third party management expenses	10	10	10	11	13
Depreciation and amortization	176	178	189	178	178
General and administrative expenses	42	43	35	35	30
Provision for impairment	63	45	132	5	0
Total operating expenses	467	453	545	412	397
Net gain on disposition of real estate	9	2	8	18	142,000
Net gain (loss) on sale of undepreciated real estate	−146,000	0	1	8	3
Total gain on sale of real estate	9	2	9	26	3
Operating income (loss)	27	55	−22	120	93
Interest expense	−135	−116	−95	−69	−63
Interest expense - amortization of deferred financing costs	−5	−5	−4	−3	−3
Equity in loss of unconsolidated real estate ventures	−58	−192	−78	−22	−27
Net gain on real estate venture transactions	183,000	57	181,000	27	3
Gain (loss) on early extinguishment of debt	−12	941,000	138,000	−435,000	0
Net loss before income taxes	−179	−196	−197	54	12
Income tax provision	−112,000	−14,000	−72,000	−55,000	−47,000
Net loss	−179	−196	−197	54	12
Net loss attributable to noncontrolling interests	620,000	580,000	614,000	−168,000	−77,000
Net loss attributable to Brandywine Realty Trust	−178	−196	−197	54	12
Nonforfeitable dividends allocated to unvested restricted shareholders	−1	−1	−567,000	−456,000	−421,000
Net loss attributable to Common Shareholders of Brandywine Realty Trust	−179	−197	−197	53	12
Basic loss per Common Share (in dollars per shares)	−1.03	−1.14	−1.15	0.31	0.07
Diluted loss per Common Share (in dollars per share)	−1.03	−1.14	−1.15	0.31	0.07
Basic weighted average shares outstanding (in shares)	173	173	172	171	171
Diluted weighted average shares outstanding (in shares)	173	173	172	172	172

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Operating properties	3,754	3,368	—	—	—
Accumulated depreciation	−1,259	−1,172	−1,132	−1,063	−957
Prepaid ground leases, net	51	7	—	—	—
Right of use asset - operating leases, net	18	18	19	20	20
Operating real estate investments, net	2,564	2,221	2,429	2,574	2,535
Construction-in-progress	119	95	136	219	277
Land held for development	70	81	83	76	115
Prepaid leasehold interests in land held for development, net	28	28	28	36	28
Total real estate investments, net	2,781	2,425	2,675	2,905	2,955
Cash and cash equivalents	32	90	58	18	27
Restricted cash and escrows	30	6	9	0	—
Accounts receivable	22	13	12	11	12
Accrued rent receivable, net of allowance of $424 and $909 as of December 31, 2025 and December 31, 2024, respectively	183	184	187	180	167
Investment in unconsolidated real estate ventures	314	570	601	568	436
Deferred costs, net	80	84	96	97	87
Intangible assets, net	22	6	8	18	29
Other assets	122	114	86	79	133
Total assets	3,586	3,492	3,732	3,875	3,846
Secured term loans, net	234	275	256	0	—
Accounts payable and accrued expenses	144	130	124	132	150
Distributions payable	14	26	26	33	33
Deferred income, gains and rent	23	35	24	25	24
Intangible liabilities, net	13	7	8	10	13
Lease liability - operating leases	24	24	23	23	23
Other liabilities	15	13	64	52	49
Total liabilities	2,788	2,448	2,408	2,241	2,145
Commitments and contingencies (See Note 19)	—	—	—	—	—
Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 173,699,039 and 172,665,995 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	2	2	2	2	2
Additional paid-in-capital	3,200	3,183	3,164	3,153	3,147
Deferred compensation payable in common shares	23	20	20	20	18
Common shares in grantor trust, 1,583,000 and 1,221,333 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	−23	−20	−20	−20	−18
Cumulative earnings	605	783	979	1,176	1,122
Accumulated other comprehensive income (loss)	−1	3	−668,000	4	−2
Cumulative distributions	−3,013	−2,932	−2,827	−2,709	−2,579
Total Brandywine Realty Trust's equity	793	1,039	1,317	1,626	1,690
Noncontrolling interests	5	6	7	8	11
Total beneficiaries' equity	798	1,045	1,324	1,633	1,701
Total liabilities and beneficiaries' equity	3,586	3,492	3,732	3,875	3,846

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of debt discount/(premium), net	−696,000	−2	−1	−5	−2
Amortization of stock compensation costs	18	17	10	9	7
Straight-line rent income	−1	−6	−9	−14	−13
Amortization of acquired above (below) market leases, net	−718,000	−919,000	−1	−3	−5
Straight-line ground rent expense	801,000	784,000	799,000	814,000	918,000
Net gain on real estate venture transactions	0	−57	−181,000	−27	−3
Loss from unconsolidated real estate ventures, including income distributions	58	192	78	24	—
Accounts receivable	−9	−13,000	241,000	1	3
Other assets	−5	−7	−3	−1	−19
Accounts payable and accrued expenses	3	953,000	−13	5	3
Deferred income, gains and rent	−13	13	−86,000	2	3
Other liabilities	−1	3	−2	3	465,000
Net cash provided by operating activities	117	181	177	209	191
Acquisition of properties	0	0	−8	−3	0
Acquisition of partners interest in consolidated real estate venture, net of cash acquired	−106	0	0	—	0
Proceeds from the sale of properties	74	156	77	64	10
Proceeds from note receivable	9	0	0	44	50
Capital expenditures for tenant improvements	−74	−73	−49	−87	−57
Capital expenditures for redevelopments	−6	−18	−60	−87	−48
Capital expenditures for developments	−33	−39	−48	−89	−30
Advances to and from the purchase of tenant assets, net of repayments	−492,000	2	−998,000	−447,000	270,000
Investment in unconsolidated real estate ventures	−71	−194	−86	−47	−32
Deposits for real estate	0	0	4	−5	−3
Capital distributions from unconsolidated real estate ventures	13	57	4	47	27
Leasing costs paid	−13	−11	−8	−27	−20
Net cash used in investing activities	−206	−120	−175	−191	−100
Proceeds from credit facility borrowings	209	201	215	478	154
Repayments of credit facility borrowings	−209	−201	−304	−413	−131
Proceeds from unsecured notes	459	400	0	350	0
Repayments of unsecured notes	0	339	64	—	—
Proceeds from unsecured term loan	0	0	70	0	0
Repayments of unsecured term loan	−70	0	0	−296	0
Proceeds from secured term loan	57	0	245	0	0
Repayment of secured term loan	−255	0	0	0	0
Proceeds from construction loan	11	19	14	0	0
Repayments of construction loan	−44	0	0	—	—
Debt financing costs paid	−8	−6	−4	−10	0
Shares used for employee taxes upon vesting of share awards	−2	−1	−371,000	−3	−2
Redemption of limited partnership units	0	0	−5,000	−4	−2
Distributions paid to shareholders	−93	−104	−124	−131	−130
Distributions to noncontrolling interest	−273,000	−308,000	−372,000	−451,000	−687,000
Net cash provided by (used in) financing activities	56	−32	47	−29	−109
Increase/(Decrease) in cash and cash equivalents and restricted cash	−34	29	49	−10	−19
Cash paid for interest, net of capitalized interest during the years ended December 31, 2025, 2024 and 2023 of $12,472, $18,360 and $16,410 respectively	132	132	108	86	72
Cash paid for income taxes	112,000	571,000	550,000	902,000	785,000
Change in acquired lease intangibles from consolidation of operating properties	6	0	0	—	—
Change in other assets from consolidation of operating properties	−1	0	0	—	—
Change in intangible assets from consolidation of operating properties	−20	0	0	—	—
Change in deferred costs from consolidation of operating properties	−5	0	0	—	—
Change in right of use asset from consolidation of operating properties	−44	0	0	—	—
Change in operating real estate from consolidation of operating properties	−490	0	0	—	—
Change in secured debt as a result of consolidation of operating properties	178	0	0	—	—
Investment in unconsolidated joint ventures eliminated upon consolidation	266	0	0	—	—
Change in investment in real estate ventures as a result of deconsolidation	0	0	9	107	—
Change in operating real estate from deconsolidation of operating properties	0	0	−8	−92	−30
Change in notes receivable from sale of properties	0	20	0	0	—
Change in capital expenditures financed through accounts payable at period end	5	5	−3	—	—
Change in capital expenditures financed through retention payable at period end	2	−3	3	−7	−613,000

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