BDN Brandywine Realty Trust (BDN) Q2 FY26 earnings call
Brandywine Realty Trust delivered a strong second quarter, with operating results meeting or exceeding expectations, driven by robust leasing activity and increased tenant retention. The company is making significant progress on its balance sheet strengthening program through asset sales and strategic refinancings, aiming to reduce leverage and return to investment-grade metrics. While the Austin market presents a challenge, the company is focused on capitalizing on its development pipeline and market share gains in core Philadelphia markets.
You’re reading a preview. Opening the full call uses 1 concall credit.
Sign in to use your monthly call allowance.
BDN operating KPIs by quarter
| KPI | This call Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|
| Leased rate Wholly owned portfolio | 90.6%Our wholly owned portfolio is 90.6% leased and 89.1% occupied.Source: earnings call transcript | 90.5%Our wholly owned portfolio is 90.5% leased and 89% occupied.Source: earnings call transcript | -0.1 pt |
| Occupancy rate Wholly owned portfolio | 89.1%Our wholly owned portfolio is 90.6% leased and 89.1% occupied.Source: earnings call transcript | 89%Our wholly owned portfolio is 90.5% leased and 89% occupied.Source: earnings call transcript | -0.1 pt |
| Tenant retention rate | 85%Tenant retention for the quarter was 85%, resulting in us raising our full-year midpoint retention to 51% to 53%.Source: earnings call transcript | 50%Tenant retention was 50%, resulting in our raising our full year midpoint retention target to 54%.Source: earnings call transcript | -35 pt |
| Occupancy rate Philadelphia | 95%In Philadelphia, which includes our CBD and University City portfolios, we are now 95% occupied and 97% leased, with only 7% rolling annually through 2028, and overall activity levels remain very strong.Source: earnings call transcript | 95%In Philadelphia, we're now 95% occupied and 96% leased with only 7% rolling annually through 2028.Source: earnings call transcript | 0 pt |
| Leased rate Philadelphia | 97%In Philadelphia, which includes our CBD and University City portfolios, we are now 95% occupied and 97% leased, with only 7% rolling annually through 2028, and overall activity levels remain very strong.Source: earnings call transcript | 96%In Philadelphia, we're now 95% occupied and 96% leased with only 7% rolling annually through 2028.Source: earnings call transcript | -1 pt |
| Leased rate Pennsylvania suburbs | 91%In the Pennsylvania suburbs, we're 91% leased with the Radnor submarket being 93% leased.Source: earnings call transcript | 93%In the Pennsylvania suburbs, we're 93% leased, and we continue to see solid levels of pipeline prospects for the existing vacancies, particularly in our Radnor submarket.Source: earnings call transcript | +2 pt |
| Occupancy rate Austin | 67%On the other hand, Austin, 67% occupied, continues to lag the rest of the portfolio, and creates more than a 400 basis point drop in our overall company occupancy.Source: earnings call transcript | 66%Austin, at 66% occupancy, continues to lag the rest of the portfolio and does create about a 400 basis point drop in our overall company occupancy numbers.Source: earnings call transcript | -1 pt |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.