Brandywine Realty Trust Announces First Quarter 2025 Results and Narrows 2025 Guidance

Core Insights - Brandywine Realty Trust reported a net loss of $27.4 million, or$0.16 per diluted share, for Q1 2025, compared to a net loss of $16.7 million, or$0.10 per diluted share, in Q1 2024 [4][7][32] - Funds from Operations (FFO) available to common shareholders totaled $24.7 million, or$0.14 per diluted share, down from $41.2 million, or$0.24 per diluted share, in the same quarter last year [5][36] - The company achieved 92% of its speculative revenue target for 2025 and experienced positive rental rate increases of 8.9% on an accrual basis [2][7] Financial Results - Total revenue for Q1 2025 was $121.5 million, a decrease from$126.5 million in Q1 2024 [32] - Operating expenses increased to $109.4 million from$103.6 million year-over-year [33] - The company’s net operating income (NOI) for same-store properties decreased by 2.6% on an accrual basis but increased by 2.3% on a cash basis [6][38] Portfolio and Leasing Activity - The core portfolio was 86.6% occupied and 89.2% leased as of March 31, 2025 [9][38] - Approximately 235,000 square feet of new and renewal leases were signed in Q1 2025, with an additional 306,000 square feet scheduled to commence after March 31, 2025 [8][9] - The tenant retention ratio was reported at 55% for the quarter [8] Liquidity and Debt Management - The company maintained a strong liquidity position with $65 million outstanding on its$600 million unsecured line of credit and $29.4 million in cash and cash equivalents as of March 31, 2025 [2][7] - Brandywine Realty Trust repaid a$70 million unsecured term loan on its maturity date [7][9] Guidance and Future Outlook - The company narrowed its FFO guidance for 2025 from a range of $0.60 to$0.72 per share to $0.61 to$0.71 per share [2][11] - The adjusted loss per share guidance for 2025 is now $(0.56) to$(0.46) [11]