Brandywine Realty Trust (BDN) is a self-administered and self-managed real estate investment trust (REIT) specializing in the acquisition, development, ownership, and management of office, life science/lab, residential, and mixed-use properties. The company operates a diversified portfolio across key U.S. markets, with a focus on leasing spaces and providing third-party property management services. Brandywine also engages in property development and redevelopment, supported by significant land holdings for future growth.
- Philadelphia Central Business District (Philadelphia CBD) - Operates properties located in the City of Philadelphia, Pennsylvania, contributing the largest share of the company's revenue.
- Pennsylvania Suburbs - Manages properties in Chester, Delaware, and Montgomery counties in the Philadelphia suburbs, serving as a significant revenue contributor.
- Austin, Texas - Includes properties located in the City of Austin, Texas, focusing on leasing and management activities.
- Other - Covers properties in Washington, D.C., Northern Virginia, Southern Maryland, Camden County (New Jersey), and New Castle County (Delaware), contributing a smaller portion to overall operations.
- Corporate - Handles cash and investment management, development/redevelopment of certain real estate properties during construction, and other general support functions.
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- With multiple development joint ventures under recapitalization discussions, can you provide more specific timelines and detail the key risks that might delay these transactions, especially given the current investor appetite and market conditions?
- Regarding the hotel development, what specific cost of capital benchmarks or performance metrics will determine if you hold the asset long term versus opting for an early sale or joint venture to reduce exposure?
- For the Uptown ATX lease, how do you plan to manage the optional expansion rights offered to the tenant to ensure that these flexible provisions do not pressure your lease pricing or overcommit your occupancy targets?
- In light of the adjustment to your 2025 guidance by removing anticipated land sale gains, how will you balance the need to maintain an attractive dividend payout with the imperative to execute asset sales and recapitalizations to strengthen liquidity?
- With a diversified pipeline across office, life science, and other sectors, can you specify the leasing percentage targets that must be met before considering recapitalization for certain assets, and what contingency plans are in place if these targets are not achieved?
Research analysts who have asked questions during BRANDYWINE REALTY TRUST earnings calls.
Dylan Burzinski
Green Street Advisors, LLC
6 questions for BDN
Anthony Paolone
JPMorgan Chase & Co.
4 questions for BDN
Upal Rana
KeyBanc Capital Markets
4 questions for BDN
Michael Lewis
Truist Securities, Inc.
3 questions for BDN
Omotayo Okusanya
Deutsche Bank AG
3 questions for BDN
Seth Bergey
Citi
3 questions for BDN
Steve Sakwa
Evercore ISI
3 questions for BDN
Manus Ebbecke
Evercore ISI
2 questions for BDN
Michael Griffin
Citigroup Inc.
2 questions for BDN
Gabrielle Horvath
KeyBanc Capital Markets Inc.
1 question for BDN
Magnus Ebeck
Evercore ISI
1 question for BDN
Seth Berge
Citigroup
1 question for BDN
Upal Dhananjay Rana
KeyBanc Capital Markets Inc.
1 question for BDN
| Customer | Relationship | Segment | Details |
|---|---|---|---|
IBM, Inc. | Tenant occupying office space | Office | $20.63 million in annualized base rent (4.9% of total) |
Spark Therapeutics | Tenant occupying office space | Office | $18.71 million in annualized base rent (4.4% of total) |
Comcast Corporation | Tenant occupying office space | Office | $12.46 million in annualized base rent (3.0% of total) |
FMC Corporation | Tenant occupying office space | Office | $12.03 million in annualized base rent (2.8% of total) |
Troutman Pepper Hamilton Sanders LLP | Tenant occupying office space | Office | $10.47 million in annualized base rent (2.5% of total) |
Lincoln National Management Co. | Tenant occupying office space | Office | $10.37 million in annualized base rent (2.5% of total) |
Independence Blue Cross LLC | Tenant occupying office space | Office | $8.78 million in annualized base rent (2.1% of total) |
The Trustees of the University of Pennsylvania | Tenant occupying office space | Office | $7.81 million in annualized base rent (1.8% of total) |
CSL Behring, LLC | Tenant occupying office space | Office | $7.60 million in annualized base rent (1.8% of total) |
T-Mobile Northeast, LLC | Tenant occupying office space | Office | $7.38 million in annualized base rent (1.7% of total) |
Recent press releases and 8-K filings for BDN.
- Brandywine Realty Trust reported a Q3 2025 net loss of $26.2 million or $0.15 per share and FFO of $28 million or $0.16 per diluted share.
- The company executed over 99% of its spec revenue target and achieved a 68% tenant retention rate for the quarter, with occupancy at 88.8% and leased at 90.4%.
- BDN successfully issued $300 million of bonds due January 2031 at an effective yield of 6.125%, using $245 million of the proceeds to repay a secured CMBS loan due in 2028, and has no unsecured bonds maturing until November 2027.
- The company adjusted its 2025 guidance with a 10% midpoint reduction, primarily due to $0.07 per share in transaction costs from the CMBS loan repayment and $0.04 per share from delays in development project recapitalization.
- The board decided to reduce the dividend to conserve $50 million of cash flow, aiming for a sustainable payout ratio given the high cost of external capital and shareholder support for capital conservation.
- Brandywine Realty Trust reported a net loss of $26.2 million or $0.15 per share and Funds From Operations (FFO) of $28 million or $0.16 per diluted share for Q3 2025.
- The board lowered the quarterly dividend from $0.15 per share to $0.08 per share, aiming for a more sustainable CAD payout ratio and to generate $50 million of internal capital for reinvestment.
- The company issued $300 million of bonds at an effective yield of 6.125% and used $245 million of the proceeds to repay a secured CMBS loan due in 2028, with no unsecured bonds maturing until November 2027.
- Q3 2025 operational highlights included a 68% tenant retention rate, 343,000 sq ft of leasing activity, and ending the quarter 88.8% occupied and 90.4% leased.
- BDN exceeded its 2025 asset sales target, selling $73 million of properties at an average cap rate of 6.9%.
- Brandywine Operating Partnership, L.P. closed an underwritten public offering of $300 million of its 6.125% guaranteed notes due 2031 on October 3, 2025.
- The offering generated approximately $296.3 million in net proceeds after deducting underwriting discount and estimated transaction expenses.
- The Operating Partnership intends to use these proceeds to repay its consolidated secured debt and for general corporate purposes, which may include the repayment or retirement of other indebtedness.
- Brandywine Operating Partnership, L.P., the operating partnership of Brandywine Realty Trust, has closed an underwritten public offering of $300 million of its 6.125% guaranteed notes due 2031.
- The net proceeds from the offering are intended to repay consolidated secured debt and for general corporate purposes, which may include the repayment of other indebtedness.
- Brandywine Operating Partnership, L.P., the operating partnership of Brandywine Realty Trust, priced an underwritten public offering of $300 million of its 6.125% guaranteed notes due 2031.
- The notes were offered to investors at 100% of their principal amount and will pay interest semi-annually, commencing January 15, 2026.
- The offering is expected to close on October 3, 2025, with estimated net proceeds of approximately $296.3 million.
- The Operating Partnership intends to use the net proceeds to repay consolidated secured debt and for general corporate purposes, which may include the retirement of other indebtedness.
- Brandywine Realty Trust (BDN), an office REIT, generates 80% of its net operating income from Greater Philadelphia and 20% from Austin, managing a 12 million square foot portfolio.
- The company maintains strong liquidity with nearly $600 million and no bond maturities until late 2027, having sold $300 million in properties last year and targeting $50 million in sales this year.
- While its CBD Philadelphia office portfolio is 96% leased at record rents, the Austin market faces challenges with occupancy at 75% leased (down from 95% pre-pandemic), leading to property sales.
- Brandywine's nearly $1 billion development pipeline is focused on leasing up existing projects, and its goal to increase life science exposure from 8% to 25% is progressing slower than anticipated due to market conditions.
- The company's 2025 dividend is projected to be under-covered, but management expects to achieve full coverage by the end of 2026 through lease-up and other initiatives, while also aiming to return to an investment grade rating.
- Brandywine Operating Partnership, L.P. priced an underwritten public offering of $150 million of its 8.875% guaranteed notes due 2029.
- The notes were offered at a price of 106.000% of their principal amount, with a re-offer yield of 7.039%.
- The offering was expected to close on June 27, 2025.
- Net proceeds of approximately $157 million are intended to repay outstanding borrowings under the $600 million unsecured revolving credit facility, fund a partial repayment of secured debt, and for general corporate purposes.
- Upon completion of the offering, the aggregate principal amount of the Operating Partnership's 8.875% Guaranteed Notes due 2029 outstanding will total $550.0 million.
- Brandywine Operating Partnership, L.P. priced an underwritten public offering of $150 million of its 8.875% guaranteed notes due 2029.
- The notes were offered to investors at a re-offer yield of 7.039%, with the sale expected to close on June 27, 2025.
- The offering is anticipated to generate approximately $148 million in net proceeds.
- The Operating Partnership plans to use the net proceeds to repay outstanding borrowings under its $600 million unsecured revolving credit facility, fund a partial repayment of secured debt, and for general corporate purposes.