PHILADELPHIA, PA — Brandywine Realty Trust (NYSE: BDN) reported a net loss of $26.2 million, or $0.15 per share, for the third quarter of 2025, narrowing losses from the $165.5 million, or $0.96 per share, recorded in the same period last year. Funds from operations (FFO) totaled $28.0 million, or $0.16 per diluted share, compared with $39.8 million, or $0.23 per share, in the third quarter of 2024.
The real estate investment trust adjusted its full-year 2025 FFO guidance to between $0.51 and $0.53 per share, down from a prior range of $0.60 to $0.66, reflecting a $12.3 million debt prepayment charge and delayed development recapitalizations. The company also revised its expected loss per share to between $1.05 and $1.03.
Chief Executive Officer Gerard H. Sweeney said Brandywine’s 2025 business plan remains on track, noting that the company achieved the midpoint of its speculative revenue target and maintained one of the lowest forward lease expiration schedules in the office sector. Core portfolio occupancy stood at 88.8% and leasing at 90.4% at the end of the quarter.
In leasing activity, the firm signed 164,000 square feet of new and renewal leases in its wholly owned portfolio and 343,000 square feet including joint ventures, achieving a tenant retention ratio of 68%. Same-store net operating income rose 1.4% on an accrual basis and 2.1% on a cash basis year over year.
During the quarter, Brandywine completed the $55.1 million sale of a 223,000-square-foot Austin property and later acquired its partner’s preferred equity interest in 3025 JFK in Philadelphia for $70.5 million, making the mixed-use property a wholly owned asset. The company also issued $300 million in unsecured notes at 6.125% and used most of the proceeds to retire a $245 million secured loan, leaving all wholly owned properties unencumbered and no outstanding balance on its $600 million unsecured credit facility.
Brandywine’s board declared a quarterly dividend of $0.08 per common share, payable October 23, 2025, to shareholders of record as of October 9.
As of September 30, the company reported $75.5 million in cash and cash equivalents and maintained a strong liquidity position. Brandywine continues to focus on stabilizing its portfolio and managing debt amid evolving office market conditions.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and MSN.