BDN Brandywine Realty Trust (BDN) Q3 FY26 earnings call
Brandywine Realty Trust delivered a strong quarter marked by significant progress on its capital markets plan, primarily through asset sales that substantially exceeded initial targets. These dispositions enabled accelerated debt reduction and a notable improvement in leverage metrics, positioning the company closer to its investment-grade goal. While core markets like Philadelphia showed robust leasing activity and market share gains, the Austin portfolio remains a drag on overall occupancy. Management is focused on further deleveraging and strategic redevelopments to mitigate future lease ex
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BDN operating KPIs by quarter
| KPI | Jun 2026 Q2 FY26 | This call 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.