Brandywine Realty Trust (BDN) earnings

BRANDYWINE REALTY TRUST· Real Estate

Results to: Mar 2026
Latest analysed call: Sep 2026 (Q3 FY26)
Balance sheet to: Dec 2025

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Brandywine Realty Trust earnings: last reported Thu, 22 Oct 2026, for the quarter ended Sep 2026.

Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

Metric	Value	Change	Basis	Period	Note
Revenue	127 $ million	+4.5% YoY	Quarterly, as filed	Quarter to Mar 2026	Revenue from operations as filed.
Operating margin	1.2 %	−11.3 pts YoY	Operating profit / revenue	Quarter to Mar 2026	For the quarter; a change is in percentage points.
Net profit	-48.6 $ million	—	Quarterly, as filed	Quarter to Mar 2026	Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown.

Source: Inve data from filed results (SEC filings) · to Mar 2026

Guidance

What management said, and what became of it

2 of 4 judged targets kept · 29 open · verdicts reflect calls analysed to Sep 2026.

BRANDYWINE REALTY TRUST management guidance track record on Inve: 33 targets tracked across analysed earnings calls (2 achieved, 2 missed, 29 open).

Target	Original wording	Said	Latest call	Verdict
Core FFO per share	$0.13 to $0.15	Jun 2026	Sep 2026:our core FFO, which excludes debt extinguishment charges, totaled $15.4 million or $0.09 per share, totaling $24.6 million or $0.14 per diluted share and met the second quarter guidance and consensus estimates. Call transcript, Sep 2026 · no direct link	Achieved
G&A expense	$7.5 million	Jun 2026	Sep 2026:G&A expense was above our reforecast by $0.5 million, primarily due to compensation expense. Call transcript, Sep 2026 · no direct link	Missed
Asset sale proceeds	$305 million	Jun 2026	Sep 2026:we increased our 2026 sales guidance from $305 million to $681 million, highlighted by the sale of 3151 Market Street and our partnership interest in Solaris House in Austin, Texas. Call transcript, Sep 2026 · no direct link	Revised Up

Source: Inve Guidance Tracker for BRANDYWINE REALTY TRUST · to Sep 2026

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

2 of BRANDYWINE REALTY TRUST's 33 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 30 more targets are in the full ledger.

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Price

$2.95 0.00% · $0

Last close Oct 23, 2026 · US · USD · Source: Inve

Performance −23.4% 1Y

1Y: $3.85 on 22 Oct 2025 → $2.95. High $3.85 (22 Oct 2025), low $2.47 (27 Mar 2026).

Previous close: $2.95
52-week range: $2.47 – $3.85
One year: −20.05%

Overview

Symbol: BDN
Sector: Real Estate
Exchange: US
Currency: USD

Guidance

What management said, and what became of it

2 of 4 judged targets kept · 29 open · verdicts reflect calls analysed to Sep 2026.

BRANDYWINE REALTY TRUST management guidance track record on Inve: 33 targets tracked across analysed earnings calls (2 achieved, 2 missed, 29 open).

Target	Original wording	Said	Latest call	Verdict
Core FFO per share	$0.13 to $0.15	Jun 2026	Sep 2026:our core FFO, which excludes debt extinguishment charges, totaled $15.4 million or $0.09 per share, totaling $24.6 million or $0.14 per diluted share and met the second quarter guidance and consensus estimates. Call transcript, Sep 2026 · no direct link	Achieved
G&A expense	$7.5 million	Jun 2026	Sep 2026:G&A expense was above our reforecast by $0.5 million, primarily due to compensation expense. Call transcript, Sep 2026 · no direct link	Missed
Asset sale proceeds	$305 million	Jun 2026	Sep 2026:we increased our 2026 sales guidance from $305 million to $681 million, highlighted by the sale of 3151 Market Street and our partnership interest in Solaris House in Austin, Texas. Call transcript, Sep 2026 · no direct link	Revised Up

Source: Inve Guidance Tracker for BRANDYWINE REALTY TRUST · to Sep 2026

The full ledger

Open BRANDYWINE REALTY TRUST’s full ledger

A free account opens 5 company ledgers a month. All 33 tracked commitments, with each call’s wording and source.

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Financials

What the filings say

Net profit, year on year: −80% (quarter to mar 2026 against mar 2025).

In $ million. Oldest period first.

Line item	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	125	132	122	122	121	121	121	127
Expenses	106	141	102	109	162	96	100	125
Operating profit	19	-9	22	15	-41	25	28	2
Operating margin	15.5%	−7.2%	18.0%	12.5%	−34.3%	20.8%	22.8%	1.2%
Profit before tax	30	-166	-45	-27	-89	-26	-37	-49
Tax rate	0.0%	0.0%	−0.0%	0.0%	−0.1%	0.0%	−0.1%	0.0%
Net profit	30	-165	-44	-27	-89	-26	-37	-49
EPS ($ per share)	0.17	-0.96	—	-0.16	-0.51	-0.15	—	-0.28

Source: Inve data · income statement, quarterly · to Mar 2026

In $ million. Oldest period first.

Line item	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Equity capital	2	2	2	2	2	2	2	2
Total liabilities	2,266	2,388	2,095	2,145	2,241	2,408	2,448	2,788
Total assets	4,077	4,076	3,900	3,846	3,875	3,732	3,492	3,586

Source: Inve data · balance sheet · to Dec 2025

In $ million. Oldest period first.

Line item	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from operations	227	234	226	191	209	177	181	117
Cash from investing	-215	-131	18	-100	-191	-175	-120	-206
Cash from financing	-193	-36	-288	-109	-29	47	-32	56
Net cash flow	-180	68	-44	-19	-10	49	29	-34
Capital expenditure	-197	0	-42	0	-3	-8	0	0
Free cash flow	31	234	184	191	206	170	181	117

Source: Inve data · cash flow · to Dec 2025

BDN operating KPIs by quarter

BDN operating KPIs stated on its earnings calls, by fiscal quarter
KPI	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.

Insider filings

54 filings between Oct 30, 2025 and Sep 14, 2026.

Open market

decisions to buy or sell

Purchases

$399.2K

2 purchases by 1 insider

Sales

$80.5K

1 sale by 1 insider

Compensation

not trading decisions

24: Award — granted as compensation
27: Tax withheld — shares kept back by the company to cover tax

Who traded

open market only

Insider	Bought	Sold	Last filing
SWEENEY GERARD H	$399.2K	—	Sep 14, 2026
DIGGS JAMES C	—	$80.5K	Oct 30, 2025

Latest filings (50)

Date	Insider	What	Shares	Value
Sep 14, 2026	SWEENEY GERARD H President and CEO	Purchase	33,900	$100.3K
Jul 6, 2026	SWEENEY GERARD H President and CEO	Tax withheld	1,749	$5.5K
May 28, 2026	PIZZI CHARLES P Director	Award	37,582	$0
May 28, 2026	DIGGS JAMES C Director	Award	37,582	$0
May 28, 2026	DesRoches Reginald Director	Award	37,582	$0
May 28, 2026	Lau Joan Director	Award	37,582	$0
May 28, 2026	HAVERSTICK H RICHARD JR Director	Award	37,582	$0
Apr 15, 2026	Neuman Shawn General Counsel & Secretary	Tax withheld	21,114	$58.3K
Apr 15, 2026	DEVUONO H JEFFREY EVP & Senior Managing Director	Tax withheld	24,632	$68.0K
Apr 15, 2026	PALAZZO DANIEL A SVP & Chief Accounting Officer	Tax withheld	2,405	$6.6K
Apr 15, 2026	WIRTH TOM Executive Vice President & CFO	Tax withheld	35,681	$98.5K
Apr 15, 2026	SWEENEY GERARD H President and CEO	Tax withheld	5,988	$16.5K
Apr 15, 2026	REDD WILLIAM D EVP & Senior Managing Director	Tax withheld	10,009	$27.6K
Feb 27, 2026	REDD WILLIAM D EVP & Senior Managing Director	Tax withheld	3,421	$10.8K
Feb 27, 2026	SWEENEY GERARD H President and CEO	Award	607,595	$1.92M
Feb 27, 2026	SWEENEY GERARD H President and CEO	Tax withheld	14,278	$45.1K
Feb 27, 2026	WIRTH TOM Executive Vice President & CFO	Award	210,197	$664.2K
Feb 27, 2026	WIRTH TOM Executive Vice President & CFO	Tax withheld	4,940	$15.6K
Feb 27, 2026	Neuman Shawn General Counsel & Secretary	Award	94,146	$297.5K
Feb 27, 2026	PALAZZO DANIEL A SVP & Chief Accounting Officer	Award	56,962	$180.0K
Feb 27, 2026	REDD WILLIAM D EVP & Senior Managing Director	Award	145,570	$460.0K
Feb 27, 2026	DEVUONO H JEFFREY EVP & Senior Managing Director	Award	155,923	$492.7K
Feb 27, 2026	DEVUONO H JEFFREY EVP & Senior Managing Director	Tax withheld	3,664	$11.6K
Feb 4, 2026	WIRTH TOM Executive Vice President & CFO	Tax withheld	2,698	$7.6K
Feb 4, 2026	SWEENEY GERARD H President and CEO	Tax withheld	4,178	$11.8K
Feb 4, 2026	PALAZZO DANIEL A SVP & Chief Accounting Officer	Tax withheld	2,305	$6.5K
Jan 23, 2026	Neuman Shawn General Counsel & Secretary	Tax withheld	14,795	$44.8K
Jan 23, 2026	Johnstone George EVP, Operations	Tax withheld	24,505	$74.3K
Jan 23, 2026	REDD WILLIAM D EVP & Senior Managing Director	Tax withheld	13,535	$41.0K
Jan 23, 2026	SWEENEY GERARD H President and CEO	Tax withheld	9,432	$28.6K
Jan 23, 2026	REDD WILLIAM D EVP & Senior Managing Director	Tax withheld	13,295	$40.3K
Jan 23, 2026	SWEENEY GERARD H President and CEO	Tax withheld	13,923	$42.2K
Jan 23, 2026	DEVUONO H JEFFREY EVP & Senior Managing Director	Tax withheld	17,234	$52.2K
Jan 23, 2026	WIRTH TOM Executive Vice President & CFO	Tax withheld	36,883	$111.8K
Jan 23, 2026	DEVUONO H JEFFREY EVP & Senior Managing Director	Tax withheld	23,302	$70.6K
Jan 23, 2026	WIRTH TOM Executive Vice President & CFO	Tax withheld	33,536	$101.6K
Jan 23, 2026	PALAZZO DANIEL A SVP & Chief Accounting Officer	Tax withheld	7,431	$22.5K
Jan 23, 2026	Neuman Shawn General Counsel & Secretary	Tax withheld	7,807	$23.7K
Jan 23, 2026	Johnstone George EVP, Operations	Tax withheld	26,405	$80.0K
Jan 22, 2026	WIRTH TOM Executive Vice President & CFO	Award	103,724	$0
Jan 22, 2026	Johnstone George EVP, Operations	Award	52,825	$0
Jan 22, 2026	Johnstone George EVP, Operations	Award	66,032	$0
Jan 22, 2026	SWEENEY GERARD H President and CEO	Award	220,772	$0
Jan 22, 2026	SWEENEY GERARD H President and CEO	Award	310,460	$0
Jan 22, 2026	WIRTH TOM Executive Vice President & CFO	Award	73,760	$0
Jan 22, 2026	Neuman Shawn General Counsel & Secretary	Award	30,089	$0
Jan 22, 2026	Neuman Shawn General Counsel & Secretary	Award	28,208	$0
Jan 22, 2026	PALAZZO DANIEL A SVP & Chief Accounting Officer	Award	17,391	$0
Jan 22, 2026	DEVUONO H JEFFREY EVP & Senior Managing Director	Award	58,483	$0
Jan 22, 2026	DEVUONO H JEFFREY EVP & Senior Managing Director	Award	73,104	$0

Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.

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