Brandywine Realty Trust(BDN) - 2025 Q1 - Quarterly Results

Financial Performance - Net loss attributable to common shareholders was $27.4 million, or$0.16 per diluted share, compared to a net loss of $16.7 million, or$0.10 per diluted share in Q1 2024[7]. - Funds from operations (FFO) available to common shareholders for the first quarter of 2025 was $24,663, a decline of 40.0$41,181 in the first quarter of 2024[34]. - Basic loss per common share for the first quarter of 2025 was $(0.16), compared to$(0.10) in the first quarter of 2024[32]. - The company reported a net loss attributable to common shareholders of $(27,404) for the first quarter of 2025, compared to$(16,704) in the first quarter of 2024[34]. - The Company reported a net loss of $27.056 million in Q1 2025, compared to a net loss of$16.414 million in Q1 2024[38]. Revenue and Income - Total revenue for the first quarter of 2025 was $121,516, down 3.8$126,484 in the first quarter of 2024[32]. - Total revenue for Same Store Properties increased to $107.834 million in Q1 2025 from$107.139 million in Q1 2024, representing a year-over-year growth of 0.65%[38]. - Net operating income (NOI) for Same Store Properties decreased by 1.3% year-over-year to $67.118 million in Q1 2025 from$67.991 million in Q1 2024[38]. - Consolidated net operating income was $73.925 million in Q1 2025, down from$79.070 million in Q1 2024[38]. - Cash net operating income rose by 3.5% year-over-year to $67.224 million in Q1 2025, compared to$64.941 million in Q1 2024[38]. Occupancy and Leasing - Core portfolio occupancy was 86.6% and leased was 89.2% as of March 31, 2025[11]. - New and renewal leases signed totaled 235,000 square feet in the wholly-owned portfolio, with a total of 340,000 square feet including joint ventures[5]. - The tenant retention ratio was 55% for the first quarter of 2025[10]. - Same Store Properties occupancy rates were 86.4% in 2025, slightly down from 86.5% in 2024[38]. - The Schuylkill Yards residential development project Avira is now 96% leased, with stabilization anticipated later this quarter[2]. Guidance and Financial Ratios - The company narrowed its 2025 FFO guidance from $0.60 -$0.72 per diluted share to $0.61 -$0.71 per diluted share[13]. - The FFO payout ratio for the first quarter of 2025 was 107%, compared to 63% in the first quarter of 2024[34]. Assets and Liabilities - Total assets as of March 31, 2025, were $3,423,786, a decrease from$3,492,213 as of December 31, 2024[30]. - Total liabilities decreased to $2,424,390 as of March 31, 2025, from$2,447,626 as of December 31, 2024[30]. - Cash and cash equivalents decreased significantly to $29,428 as of March 31, 2025, from$90,229 as of December 31, 2024[30]. Expenses - Operating expenses for the first quarter of 2025 totaled $109,414, an increase from$103,560 in the first quarter of 2024[32]. - Interest expense increased to $31.845 million in Q1 2025 from$25.049 million in Q1 2024, reflecting a significant rise in financing costs[38]. - General and administrative expenses rose to $17.470 million in Q1 2025, up from$11.104 million in Q1 2024, indicating increased operational costs[38]. Operating Income - Same store net operating income (NOI) decreased by 2.6% on an accrual basis but increased by 2.3% on a cash basis[9]. - Net Operating Income (NOI) for the first quarter of 2025 was $15,161, a decrease of 33.8$22,924 in the same period of 2024[31].