Developer IQHQ made one of the hot real estate bets of the pandemic era when it acquired the triangular-shaped office building in Redwood City, California, for $164 million in late 2021. The San Diego-based landlord planned to raze the property at 10 Twin Dolphin Drive and erect a trio of lab buildings on the 15-acre site catering to the life sciences sector. At the time, the industry was booming as it played a leading role in combating COVID.IQHQ has put the property up for sale this month, the firm confi ...

Financial Performance - Net loss available to common shareholders for Q3 2025 was $(26.2) million, or $(0.15) per share, compared to a net loss of $(165.5) million, or $(0.96) per diluted share in Q3 2024[5][9] - Total revenue for Q3 2025 was $121.4 million, a decrease of 7.8% from $131.8 million in Q3 2024[37] - Net loss attributable to common shareholders for Q3 2025 was $26.2 million, compared to a net loss of $165.5 million in Q3 2024[39] - Funds from operations (FFO) for Q3 2025 were $28.4 million, down 29.7% from $40.2 million in Q3 2024[39] - The company reported a net loss of $141,990,000 for the nine months ended September 30, 2025, an improvement from a net loss of $151,867,000 in 2024[43] Funds from Operations (FFO) - Funds from Operations (FFO) for Q3 2025 totaled $28.0 million, or $0.16 per diluted share, down from $39.8 million, or $0.23 per diluted share in Q3 2024[10] - The company adjusted its 2025 FFO guidance range to $0.51 to $0.53 per diluted share, reflecting a $0.07 per share prepayment charge[4][18] - The FFO per share (fully diluted) for Q3 2025 was $0.16, down from $0.23 in Q3 2024[39] - The FFO payout ratio for Q3 2025 was 50%, compared to 65% in Q3 2024[39] Occupancy and Leasing - Core portfolio occupancy was 88.8% and leased at 90.4% as of September 30, 2025, with a tenant retention ratio of 68%[5][16] - The company signed new and renewal leases totaling 164,000 square feet in its wholly-owned portfolio during Q3 2025[5] - Same Store Properties occupancy increased to 88.7% in Q3 2025 from 86.4% in Q3 2024[41] - As of September 30, 2025, the Same Store Properties were 88.7% occupied, up from 86.4% in 2024[43] Net Operating Income (NOI) - Same Store Net Operating Income (NOI) increased 1.4% on an accrual basis and 2.1% on a cash basis[5][13] - Net operating income for Same Store Properties was $67.4 million in Q3 2025, reflecting a 1.5% increase from $66.4 million in Q3 2024[41] - Cash net operating income for Same Store Properties increased by 2.1% to $67.6 million in Q3 2025 from $66.2 million in Q3 2024[41] - Net operating income (NOI) for Same Store Properties was $199,648,000 in 2025, a 1.1% increase from $197,548,000 in 2024[43] - Cash net operating income rose to $201,289,000, reflecting a 4.6% increase compared to $192,436,000 in the previous year[43] Assets and Liabilities - Total assets decreased from $3,492,213 thousand as of December 31, 2024, to $3,319,401 thousand as of September 30, 2025, representing a decline of approximately 4.9%[35] - Total liabilities increased slightly from $2,447,626 thousand to $2,472,499 thousand, an increase of about 1.0%[35] - The company reported a decrease in cash and cash equivalents from $90,229 thousand to $75,478 thousand, a decline of approximately 16.4%[35] - The company’s common shares outstanding increased from 172,665,995 to 173,699,039 shares, reflecting a growth of about 0.6%[35] Interest Expense - Interest expense for Q3 2025 was $32.9 million, compared to $30.6 million in Q3 2024, indicating a rise in financing costs[39] - Interest expense increased to $97,104,000 in 2025 from $85,104,000 in 2024, indicating a rise of 14.5%[43] Other Financial Metrics - The company’s cumulative distributions increased from $2,931,730 thousand to $2,998,577 thousand, an increase of approximately 2.3%[35] - The company’s investment in unconsolidated real estate ventures increased from $570,455 thousand to $594,203 thousand, an increase of about 4.2%[35] - Total operating expenses for Q3 2025 were $96.3 million, a decrease from $141.2 million in Q3 2024, primarily due to lower impairment provisions[37] - Provision for impairment increased to $63,369,000 in 2025, compared to $44,407,000 in 2024[43]

Brandywine Realty Trust (NYSE:BDN) Q3 2025 Earnings Call October 23, 2025 09:00 AM ET Company ParticipantsManus Ebbecke - Senior AssociateTom Wirth - EVP and CFOGeorge Johnstone - EVP, OperationsJerry Sweeney - President and CEOConference Call ParticipantsUpal Rana - Senior Equity Research Analyst US REITsDylan Burzinski - Senior Analyst, Equity ResearchNone - AnalystOperatorThank you for standing by and welcome to the Brandywine Realty Trust third quarter 2025 earnings call. At this time, all participants ...

Brandywine Realty Trust (NYSE:BDN) Q3 2025 Earnings Call October 23, 2025 09:00 AM ET Company ParticipantsManus Ebbecke - Senior AssociateTom Wirth - EVP and CFOGeorge Johnstone - EVP, OperationsJerry Sweeney - President and CEOConference Call ParticipantsUpal Rana - Senior Equity Research Analyst US REITsDylan Burzinski - Senior Analyst, Equity ResearchNone - AnalystOperatorThank you for standing by and welcome to the Brandywine Realty Trust Third Quarter 2025 earnings call. At this time, all participants ...

Brandywine Realty Trust (NYSE:BDN) Q3 2025 Earnings Call October 23, 2025 09:00 AM ET Speaker0Thank you for standing by, and welcome to the Brandywine Realty Trust Third Quarter twenty twenty five Earnings Call. At this time, all participants are in listen only mode. After the speakers' presentation, there will be a question and answer session. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Jerry Sweeney, President and CEO.Please go ahead, sir. ...

Brandywine Realty Trust (NYSE:BDN) Q3 2025 Earnings Call October 23, 2025 09:00 AM ET Speaker4Thank you for standing by and welcome to the Brandywine Realty Trust Third Quarter 2025 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you'll need to press star one-one on your telephone. If your question has been answered and you'd like to remove yourself from the queue, sim ...

® brandywine REALTY | TRUST SUPPLEMENTAL I N F O R M A T I O N PACKAGE BDN LISTED NYSE 2025 THIRD QUARTER ·---- COMMON 1 4 6 8 8 Table of Contents | | Page | | --- | --- | | Executive Summary | 1 | | 2025 Business Plan Trend Line | 3 | | Development Summary | 8 | | Balance Sheet and Liquidity | 14 | | Land Inventory | 15 | | Property Activity | 16 | | Net Operating Income Composition | 17 | | Regional Property Overview | 18 | | Leasing Activity | 19 | | Lease Expiration Analysis | 21 | | Top Twenty Tenants ...

Core Insights - Brandywine Realty Trust reported a revenue of $121.42 million for Q3 2025, reflecting a year-over-year decline of 7.9% [1] - The EPS for the same quarter was $0.16, a significant improvement from -$0.96 a year ago, but below the consensus estimate of $0.17, resulting in an EPS surprise of -5.88% [1] - The revenue exceeded the Zacks Consensus Estimate of $120.36 million by 0.88% [1] Revenue Breakdown - Revenue from rents was $114.74 million, slightly above the two-analyst average estimate of $114.53 million, but down 2.7% year-over-year [4] - Revenue from third-party management fees, labor reimbursement, and leasing was $4.54 million, surpassing the average estimate of $4.5 million, but down 25.5% year-over-year [4] - Other revenue amounted to $2.14 million, significantly higher than the estimated $1.25 million, but showed a drastic decline of 72.4% compared to the previous year [4] Stock Performance - Over the past month, shares of Brandywine Realty Trust have returned -18.6%, contrasting with the Zacks S&P 500 composite's +1.1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

分组1 - Brandywine Realty Trust reported quarterly funds from operations (FFO) of $0.16 per share, missing the Zacks Consensus Estimate of $0.17 per share, and down from $0.23 per share a year ago, representing an FFO surprise of -5.88% [1] - The company posted revenues of $121.42 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.88%, but down from $131.78 million year-over-year [2] - The stock has underperformed, losing about 34.3% since the beginning of the year compared to the S&P 500's gain of 14.5% [3] 分组2 - The current consensus FFO estimate for the coming quarter is $0.17 on revenues of $121.35 million, and for the current fiscal year, it is $0.61 on revenues of $483.62 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the top 31% of over 250 Zacks industries, indicating a favorable outlook for the industry [8] - The estimate revisions trend for Brandywine Realty Trust was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market [6]

PHILADELPHIA, Oct. 22, 2025 (GLOBE NEWSWIRE) -- Brandywine Realty Trust (NYSE:BDN) today reported its financial and operating results for the three and nine-month periods ended September 30, 2025. Management Comments “We are pleased with our 2025 business plan progress highlighted by achieving the midpoint of our speculative revenue target and many of our operating objectives,” said Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. “We continue to have one of the office se ...