Q2 2026 Brandywine Realty Trust Earnings Call Transcript
Key Points
- Brandywine Realty Trust (BDN) exceeded or met its business plan expectations for the second quarter, with speculative revenue increasing by $1 million at the guidance midpoint.
- The company achieved 99% of its speculative revenue at the revised guidance midpoint and reported a second quarter FFO of $0.13 per share, ahead of management guidance.
- Brandywine Realty Trust (BDN) completed $208 million in asset sales, with remaining sales under agreement and scheduled to close in the third quarter, raising its sale guidance to $305 million.
- The wholly owned portfolio is 90.6% leased and 89.1% occupied, with 88,000 square feet of positive net absorption during the quarter.
- The Radnor Hotel development opened on schedule and has already booked over 8,400 hotel room nights, achieving almost 99% of its 2026 occupancy projections.
- Brandywine Realty Trust (BDN) reported a net loss of $31.7 million or $0.18 per share for the second quarter.
- The company's Austin portfolio continues to lag with only 67% occupancy, negatively impacting overall company occupancy by more than 400 basis points.
- Cash mark-to-market declined during the quarter, although improvement is anticipated in the next two quarters.
- The second quarter CAD payout ratio was 103%, indicating a higher payout than the business plan range.
- The company's leverage ratios remain elevated, with core net debt to EBITDA projected to be in the range of 8 to 8.4 times by year-end.
Thank you for standing by and welcome to the Brandywine Realty Trust Second Quarter 2026 Earnings Call.(Operator Instructions) As a reminder, today's program is being recorded.
And now I'd like to introduce. Your host for today's program, Jerry Sweeney, President and CEO. Please go ahead, sir.
Jonathan, thank you very much. Good morning, everyone.
Thank you for participating in our second quarter '26 earnings call. On today's call with me are Dan Palazzo, our Senior Vice President and Chief Accounting Officer, and Tom Wirth, our Executive Vice President and Chief Financial Officer.
Prior to beginning, certain information discussed on the call today may constitute forward-looking statements within the meaning of the federal securities law. Although we believe estimates reflected in these statements are based on reasonable assumptions, we cannot give assurance that the anticipated results will be achieved. For further information on factors that
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