Brandywine Realty Trust(US:BDN)2025-10-23 16:15Financial 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]