Brandywine Realty Trust
NYSE:BDN
Brandywine Realty Trust
Brandywine Realty Trust is a real estate investment trust, which engages in owning, leasing, and managing an urban, town center and suburban office portfolio. The company is headquartered in Philadelphia, Pennsylvania and currently employs 324 full-time employees. The company operates through five segments: Philadelphia Central Business District (Philadelphia CBD); Pennsylvania Suburbs; Austin, Texas; Metropolitan Washington, D.C., and Other. The Philadelphia CBD segment includes properties located in the City of Philadelphia in Pennsylvania. The Pennsylvania Suburbs segment includes properties in Chester, Delaware and Montgomery counties in the Philadelphia suburbs. The Austin, Texas segment includes properties in the City of Austin, Texas. The Metropolitan Washington, D.C. segment includes properties in Northern Virginia, Washington, D.C. and Southern Maryland. The Other segment includes properties in Camden County, New Jersey and New Castle County, Delaware. The firm owns approximately 77 properties.
Brandywine Realty Trust is a real estate investment trust, which engages in owning, leasing, and managing an urban, town center and suburban office portfolio. The company is headquartered in Philadelphia, Pennsylvania and currently employs 324 full-time employees. The company operates through five segments: Philadelphia Central Business District (Philadelphia CBD); Pennsylvania Suburbs; Austin, Texas; Metropolitan Washington, D.C., and Other. The Philadelphia CBD segment includes properties located in the City of Philadelphia in Pennsylvania. The Pennsylvania Suburbs segment includes properties in Chester, Delaware and Montgomery counties in the Philadelphia suburbs. The Austin, Texas segment includes properties in the City of Austin, Texas. The Metropolitan Washington, D.C. segment includes properties in Northern Virginia, Washington, D.C. and Southern Maryland. The Other segment includes properties in Camden County, New Jersey and New Castle County, Delaware. The firm owns approximately 77 properties.
FFO & Earnings: Brandywine reported Q4 and full-year 2025 FFO in line with consensus, and set 2026 FFO guidance at $0.51–$0.59 per share, a 5.8% increase at the midpoint.
Occupancy & Leasing: The core portfolio finished 2025 at 88.3% occupied and 90.4% leased, with strong tour volumes and robust leasing pipelines, especially in Philadelphia.
Dispositions & Deleveraging: Management outlined $280–$300 million in asset sales for 2026, with proceeds prioritized for debt reduction to move towards investment-grade leverage metrics.
Development Progress: Uptown ATX and Solaris projects are progressing, with Solaris 99% leased and One Uptown advancing to 63% leased; recapitalizations are expected in the second half of 2026.
Liquidity & Debt: Brandywine ended 2025 with $32 million in cash, no balance on its $600 million credit line, and no unsecured maturities until late 2027.
Capital Allocation: Share buybacks are considered only after deleveraging targets are met, with management focused on improving balance sheet strength first.
Market Trends: Management highlighted signs of improving office demand, especially in Philadelphia, and expects positive net absorption for the first time in years.
