Brandywine Realty Trust (Brandywine) reported FY 2025 results with total revenue of USD 484.4 million (-4.2%) and net operating income (NOI) of USD 299.2 million (-6.0%). Operating income was USD 26.7 million (-51.3%), while net loss was USD 178.9 million (-9.0%) and net loss attributable to common shareholders was USD 1.03 per share (-9.6%). Funds from operations (FFO) available to common share and unit holders totaled USD 93.39 million in FY 2025 (vs. USD 148.87 million in FY 2024). Interest expense was USD 135.0 million (+16.1%). Brandywine’s Core Properties occupancy was 88.3% at December 31, 2025 (vs. 87.8% at December 31, 2024), with segment occupancy of 94.7% in Philadelphia CBD, 87.6% in Pennsylvania Suburbs, 73.9% in Austin, and 87.6% in Other (FY 2025). For FY 2025 leasing, new leases and expansions commenced totaled 469,257 square feet, renewals totaled 776,186 square feet, net absorption was (169,864) square feet, and tenant retention was 64.4%. Brandywine recorded USD 63.4 million of impairments in FY 2025, including USD 34.1 million on two Austin properties held for use and USD 29.3 million tied to the sale of two Austin office properties. Business updates included closing USD 80.5 million of C-PACE financing in December 2025 for the 3151 Market Street development project (including USD 30.0 million in future funding for new leasing) and an additional USD 50.5 million C-PACE financing on 3151 Market Street (7.31% interest; maturity March 31, 2054). The company also consolidated the 3025 JFK venture in October 2025, including an existing USD 178 million secured construction loan (interest capped at 6.60%; matures July 2026). Brandywine ended FY 2025 with USD 32.3 million of cash and cash equivalents and USD 564.5 million of available borrowings under its unsecured credit facility (net of letters of credit).
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