UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2025 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Brandywine Realty Trust Brandywine Operating Partnership, L.P. (Exact name of registrant as specified in its charter) Maryland (Brandywine Realty Trust) Delawar ...

During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout.Below are the ratings of the most accurate analysts for three high-yielding stocks in the real estate sector.Brandywine Realty Trust (NYSE:BDN)Park Hotels & Resorts Inc (NYSE:PK)SL Green Realty Corp (NYSE:SLG)Photo via Shutterstock ...

During times of turbulence and uncertainty in the markets, many investors turn to dividend-yielding stocks. These are often companies that have high free cash flows and reward shareholders with a high dividend payout.Below are the ratings of the most accurate analysts for three high-yielding stocks in the real estate sector.Brandywine Realty Trust (NYSE:BDN)Park Hotels & Resorts Inc (NYSE:PK)SL Green Realty Corp (NYSE:SLG)Photo via Shutterstock ...

Market Analysis by covering: S&P 500, HP Inc, American Assets Trust Inc, Brandywine Realty Trust. Read 's Market Analysis on Investing.com ...

Dividend Announcement - Brandywine Realty Trust declared a quarterly cash dividend of $0.08 per common share and OP Unit, payable on April 16, 2026, to holders of record on April 2, 2026, which translates to an annual rate of $0.32 per common share [1] Earnings Release and Conference Call - The company anticipates releasing its first quarter 2026 earnings on April 22, 2026, after market close, and will host a conference call on April 23, 2026, at 9:00 a.m. Eastern Time [2] Company Overview - Brandywine Realty Trust is one of the largest publicly traded, full-service, integrated real estate companies in the U.S., focusing on Philadelphia, PA, and Austin, TX, with a portfolio of 120 properties and 20.0 million square feet as of December 31, 2025 [3]

Core Insights - The analyst has over a decade of experience researching various industries, including commodities and technology, which aids in providing valuable insights for readers [1] Group 1: Industry Focus - The analyst specializes in metals and mining stocks but is also knowledgeable in consumer discretionary/staples, REITs, and utilities [1] Group 2: Research Methodology - The transition from a personal blog to a value investing-focused YouTube channel has allowed for extensive research on hundreds of companies [1]

Group 1 - The analyst has over a decade of experience researching various companies across different sectors, including commodities like oil, natural gas, gold, and copper, as well as technology firms such as Google and Nokia [1] - The analyst has transitioned from writing a blog to creating a value investing-focused YouTube channel, where extensive research on hundreds of companies has been conducted [1] - The analyst expresses a particular interest in covering metals and mining stocks, while also being comfortable with other industries like consumer discretionary/staples, REITs, and utilities [1]

Core Insights - Brandywine Realty Trust reported a strong performance with a double beat on analyst estimates, leading to a nearly 12% increase in stock price following the announcement [1] Financial Performance - The company's revenue for Q4 2025 was just under $121 million, a slight decrease from the same period in 2024 [2] - Brandywine narrowed its net loss to $36.9 million, or $0.21 per share, compared to a loss of $44.8 million in the previous year [3] - Funds from operations (FFO) decreased to $14.6 million, or $0.08 per share, down from $29.9 million in Q4 2024 [3] - Both revenue and net loss figures exceeded consensus analyst estimates, which were $116.6 million for revenue and a non-GAAP net loss of $0.23 per share [4] Future Outlook - The company met many of its 2025 objectives, including tenant retention, which is significant given the challenges in the office segment [5] - Brandywine provided FFO guidance of $0.51 to $0.59 per share for the full year, indicating expected performance improvement in the upcoming quarters [5]

Financial Performance - Net loss attributable to common shareholders for Q4 2025 was $(36.9) million, or $(0.21) per share, compared to a net loss of $(44.8) million, or $(0.26) per share in Q4 2024[10]. - Total revenue for Q4 2025 was $120.95 million, a slight decrease of 0.8% compared to $121.91 million in Q4 2024[40]. - The company reported a net gain on disposition of real estate of $6.39 million in Q4 2025, compared to $2.30 million in Q4 2024[40]. - The company reported a decrease in cumulative earnings to $605,252,000 in 2025 from $783,499,000 in 2024, indicating a decline of approximately 22.7%[38]. - The net loss for the company improved to $178.867 million in 2025 from a loss of $196.487 million in 2024[45]. Funds from Operations (FFO) - Funds from Operations (FFO) available to common shareholders in Q4 2025 totaled $14.6 million, or $0.08 per diluted share, down from $29.9 million, or $0.17 per diluted share in Q4 2024[11]. - FFO per share - fully diluted for Q4 2025 was $0.08, down from $0.17 in Q4 2024, a decrease of 52.9%[42]. - Funds from operations (FFO) for Q4 2025 were $14.58 million, down from $29.85 million in Q4 2024, indicating a decline of 51.1%[42]. - The 2026 FFO guidance range is set at $0.51 to $0.59 per diluted share[4]. Occupancy and Leasing - Core portfolio occupancy was 88.3% and leased was 90.4% as of December 31, 2025[6]. - Same Store Properties occupancy rates were 88.2% in 2025, slightly down from 88.8% in 2024[45]. - The company signed 157,000 square feet of new and renewal leases in Q4 2025, totaling 415,000 square feet including joint ventures, and 790,000 square feet for the full year[6]. Operating Income - Same Store Net Operating Income (NOI) increased by 2.4% on an accrual basis and 3.2% on a cash basis for the fourth quarter[7]. - Net operating income for same store properties increased by 2.9% to $66.08 million in Q4 2025 from $64.23 million in Q4 2024[44]. - Cash net operating income for same store properties rose by 3.5% to $67.13 million in Q4 2025 compared to $64.89 million in Q4 2024[44]. - Net operating income (NOI) for Same Store Properties rose to $265.729 million in 2025, a 1.5% increase from $261.777 million in 2024[45]. - The company reported a cash net operating income, excluding other items, of $266.043 million in 2025, a 3.7% increase from $256.650 million in 2024[45]. Expenses and Liabilities - Total operating expenses for Q4 2025 were $99.56 million, a decrease of 2.7% from $102.26 million in Q4 2024[40]. - Interest expense increased to $37.85 million in Q4 2025 from $31.20 million in Q4 2024, reflecting a rise of 21.5%[42]. - Total liabilities rose to $2,788,386,000 in 2025, compared to $2,447,626,000 in 2024, reflecting an increase of about 13.9%[38]. - Interest expense increased to $134.955 million in 2025, up from $116.306 million in 2024[45]. - The company’s distributions payable decreased to $14,108,000 in 2025 from $26,256,000 in 2024, a reduction of about 46.4%[38]. Cash and Assets - As of December 31, 2025, the company had $32.3 million in cash and cash equivalents and no outstanding balance on its $600 million unsecured revolving credit facility[13]. - Cash and cash equivalents decreased significantly to $32,284,000 in 2025 from $90,229,000 in 2024, a decline of approximately 64.2%[38]. - The company’s total assets increased to $3,586,240,000 in 2025 from $3,492,213,000 in 2024, marking a growth of about 2.7%[38]. - The company’s unsecured senior notes increased to $2,073,394,000 in 2025 from $1,618,527,000 in 2024, an increase of approximately 28.1%[38]. Investments and Development - The company acquired preferred equity interests in two properties for a total of $136.2 million, making them wholly owned assets[13]. - Total real estate investments increased to $3,753,780,000 as of December 31, 2025, up from $3,367,547,000 in 2024, representing a growth of approximately 11.5%[38]. - The company has three properties recently completed and three in development/redevelopment as of December 31, 2025[45].

Financial Data and Key Metrics Changes - The company reported a fourth quarter net loss of $36.9 million, or $0.21 per share, with FFO totaling $14.6 million, or $0.08 per diluted share, in line with consensus estimates [24] - Property level NOI was $70 million, slightly below forecast due to increased operating costs [25] - The company anticipates 2026 FFO at a midpoint of $0.55 per diluted share, representing a 5.8% increase compared to 2025 [27] Business Line Data and Key Metrics Changes - The wholly owned core portfolio is 88.3% occupied and 90.4% leased, with leasing activity for the year approximating 1.6 million sq ft [3][4] - The company executed 415,000 sq ft of leases in the fourth quarter, including 157,000 sq ft in the wholly owned portfolio [4] - The annual tour volume in 2025 outpaced 2024 by 20% in physical tours and 45% on a square footage basis [6][7] Market Data and Key Metrics Changes - In Philadelphia, the largest sub-market, occupancy is at 95% and leasing at 97%, with only 6% of space rolling through 2028 [7] - The company captured 30% market share of new leasing activity in Market West and University City, significantly outperforming its previous 15% share [8] - The Pennsylvania suburbs are 89.4% leased, with Radnor at 91% [9] Company Strategy and Development Direction - The 2026 business plan focuses on returning to earnings growth, stabilizing One Uptown and 3151, and an accelerated sales program to reduce debt [16] - The company plans to maintain minimal balances on its $600 million unsecured line of credit and aims to return to investment-grade metrics [10] - The sales activity target for 2026 is projected between $280 million and $300 million, with an average cap rate around 8% [20] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating platform enables capitalization on improving real estate market conditions, with expectations for further improvement in 2027 [37] - The company is optimistic about the leasing activity and market dynamics, particularly in CBD Philadelphia and University City [59] - Management highlighted the importance of executing the sales program to generate liquidity and improve credit metrics [39] Other Important Information - The company has no unsecured bonds maturing until November 2027 and plans to refinance higher-priced bonds to reduce interest costs [10] - The company is actively evaluating recapitalization opportunities for joint ventures, with plans to maintain a minority stake [23] - The anticipated redevelopment of an existing ATX building is expected to cost between $30 million and $40 million, with a potential cash yield north of 8% [70] Q&A Session Summary Question: What is the hurdle for refinancing bonds? - Management indicated that the focus is on executing the sales program to generate liquidity and improve credit metrics before considering bond refinancing [39] Question: How will the $125 million earmarked for debt or share repurchase be allocated? - The primary objective is to reduce leverage first, with share buybacks considered only after achieving debt reduction goals [40][41] Question: Is there a part of the portfolio that is undervalued? - Management believes the entire portfolio is undervalued and is evaluating which assets to sell based on market conditions and growth potential [46] Question: What is the status of the life science incubator space? - There are signs of activity and expansion in the life science sector, particularly in cell and gene therapy, with a healthy pipeline of tenants [50][51] Question: What is the overall pipeline and demand by market? - The company has a robust pipeline of 1.5 million sq ft, with strong demand in CBD Philadelphia and University City, and a mix of 60% office and 40% life science in development [61][62]