Brandywine Realty Trust(US:BDN)2026-02-04 17:14Financial 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].