Brandywine Realty Trust's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Brandywine Realty Trust reported revenue of $484.5M (-4.2% year on year) and net income of ($179.5M) (+8.9% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Total revenue | $484.5M | $505.5M | $514.7M | $506.1M |
| Property operating expenses | $131.3M | $129.9M | $129.9M | $130.2M |
| Real estate taxes | $43.6M | $47.7M | $50.0M | $53.6M |
| Third party management expenses | $10.2M | $9.7M | $10.1M | $10.5M |
| Depreciation and amortization | $176.4M | $178.2M | $188.8M | $178.0M |
| General and administrative expenses | $42.0M | $42.8M | $34.9M | $35.0M |
| Provision for impairment | $63.4M | $44.7M | $131.6M | $4.7M |
| Total operating expenses | $467.0M | $452.9M | $545.2M | $412.1M |
| Net gain on disposition of real estate | $9.4M | $2.3M | $7.7M | $17.7M |
| Net gain (loss) on sale of undepreciated real estate | ($146.0K) | $0 | $1.2M | $8.0M |
| Total gain on sale of real estate | $9.3M | $2.3M | $8.9M | $25.7M |
| Operating income (loss) | $26.7M | $54.9M | ($21.6M) | $119.7M |
| Interest and investment income | $4.4M | $3.8M | $1.7M | $1.9M |
| Interest expense | ($135.0M) | ($116.3M) | ($95.5M) | ($68.8M) |
| Interest expense - amortization of deferred financing costs | ($5.1M) | ($5.0M) | ($4.4M) | ($3.1M) |
| Equity in loss of unconsolidated real estate ventures | ($57.7M) | ($191.6M) | ($77.9M) | ($22.0M) |
| Net gain on real estate venture transactions | $183.0K | $56.8M | $181.0K | $26.7M |
| Gain (loss) on early extinguishment of debt | ($12.2M) | $941.0K | $138.0K | ($435.0K) |
| Net loss before income taxes | ($178.8M) | ($196.5M) | ($197.3M) | $54.0M |
| Income tax provision | ($112.0K) | ($14.0K) | ($72.0K) | ($55.0K) |
| Net loss | ($178.9M) | ($196.5M) | ($197.4M) | $54.0M |
| Net loss attributable to noncontrolling interests | $620.0K | $580.0K | $614.0K | ($168.0K) |
| Net loss attributable to Brandywine Realty Trust | ($178.2M) | ($195.9M) | ($196.8M) | $53.8M |
| Nonforfeitable dividends allocated to unvested restricted shareholders | ($1.2M) | ($1.2M) | ($567.0K) | ($456.0K) |
| Net loss attributable to Common Shareholders of Brandywine Realty Trust | ($179.5M) | ($197.1M) | ($197.4M) | $53.4M |
| Basic loss per Common Share (in dollars per shares) | -$1.03 | -$1.14 | -$1.15 | $0.31 |
| Diluted loss per Common Share (in dollars per share) | -$1.03 | -$1.14 | -$1.15 | $0.31 |
| Basic weighted average shares outstanding (in shares) | 173.5M | 172.5M | 172.0M | 171.5M |
| Diluted weighted average shares outstanding (in shares) | 173.5M | 172.5M | 172.0M | 172.3M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Total revenue | $128.9M | $127.0M | $121.4M | $120.6M |
| Property operating expenses | $38.6M | $38.5M | $31.4M | $31.4M |
| Real estate taxes | $11.7M | $11.3M | $11.6M | $11.5M |
| Third party management expenses | $2.3M | $2.2M | $2.4M | $2.5M |
| Depreciation and amortization | $47.7M | $49.2M | $43.0M | $43.8M |
| General and administrative expenses | $9.3M | $12.3M | $7.8M | $9.3M |
| Provision for impairment | $0 | $11.9M | $0 | $63.4M |
| Total operating expenses | $109.5M | $125.5M | $96.3M | $161.8M |
| Net gain (loss) on disposition of real estate | $63.0K | $0 | $35.0K | ($86.0K) |
| Total gain (loss) on sale of real estate | $63.0K | $0 | $35.0K | ($86.0K) |
| Operating income (loss) | $19.5M | $1.5M | $25.2M | ($41.3M) |
| Interest and investment income | $1.1M | $666.0K | $1.2M | $850.0K |
| Interest expense | ($41.9M) | ($40.9M) | ($32.9M) | ($32.3M) |
| Interest expense - amortization of deferred financing costs | ($1.3M) | ($1.4M) | ($1.3M) | ($1.2M) |
| Equity in loss of unconsolidated real estate ventures | ($8.7M) | ($8.7M) | ($18.2M) | ($14.8M) |
| Net gain on real estate venture transactions | $0 | $0 | $0 | $0 |
| Loss on early extinguishment of debt | ($24.0K) | — | $0 | $0 |
| Net loss before income taxes | ($31.5M) | ($48.8M) | ($26.0M) | ($88.9M) |
| Income tax provision | ($22.0K) | ($2.0K) | $0 | ($85.0K) |
| Net loss | ($31.5M) | ($48.8M) | ($26.0M) | ($88.9M) |
| Net loss attributable to noncontrolling interests | $125.0K | $213.0K | $79.0K | $267.0K |
| Net loss attributable to Brandywine Realty Trust | ($31.4M) | ($48.6M) | ($25.9M) | ($88.7M) |
| Nonforfeitable dividends allocated to unvested restricted shareholders | ($248.0K) | ($318.0K) | ($313.0K) | ($322.0K) |
| Net loss attributable to Common Shareholders of Brandywine Realty Trust | ($31.7M) | ($48.9M) | ($26.2M) | ($89.0M) |
| Basic loss per Common Share (in dollars per share) | -$0.18 | -$0.28 | -$0.15 | -$0.51 |
| Diluted loss per Common Share (in dollars per share) | -$0.18 | -$0.28 | -$0.15 | -$0.51 |
| Basic weighted average shares outstanding (in shares) | 174.4M | 173.8M | 173.7M | 173.5M |
| Diluted weighted average shares outstanding (in shares) | 174.4M | 173.8M | 173.7M | 173.5M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Operating properties | $3.8B | $3.4B | $3.5B | $3.6B |
| Accumulated depreciation | ($1.3B) | ($1.2B) | ($1.1B) | ($1.1B) |
| Prepaid ground leases, net | $51.4M | — | — | — |
| Right of use asset - operating leases, net | $17.8M | $18.4M | $19.0M | $19.7M |
| Operating real estate investments, net | $2.6B | $2.2B | $2.4B | $2.6B |
| Construction-in-progress | $118.5M | $94.6M | $135.5M | $218.9M |
| Land held for development | $70.4M | $81.3M | $82.5M | $76.5M |
| Prepaid leasehold interests in land held for development, net | $27.8M | $27.8M | $27.8M | $35.6M |
| Total real estate investments, net | $2.8B | $2.4B | $2.7B | $2.9B |
| Cash and cash equivalents | $32.3M | $90.2M | $58.3M | $17.6M |
| Restricted cash and escrows | $30.0M | $5.9M | $9.2M | — |
| Accounts receivable | $22.2M | $12.7M | $12.0M | $11.0M |
| Accrued rent receivable, net of allowance of $424 and $909 as of December 31, 2025 and December 31, 2024, respectively | $182.7M | $184.3M | $186.7M | $179.8M |
| Investment in unconsolidated real estate ventures | $314.3M | $570.5M | $601.2M | $567.6M |
| Deferred costs, net | $79.5M | $84.3M | $96.0M | $96.6M |
| Intangible assets, net | $22.4M | $5.5M | $7.7M | $18.5M |
| Other assets | $122.2M | $113.6M | $86.1M | $78.7M |
| Total assets | $3.6B | $3.5B | $3.7B | $3.9B |
| Secured term loans, net | $234.1M | $275.3M | $255.7M | — |
| Unsecured term loans, net | $2.3B | $318.9M | $318.5M | $248.2M |
| Accounts payable and accrued expenses | $143.8M | $129.7M | $123.8M | $132.4M |
| Distributions payable | $14.1M | $26.3M | $26.0M | $32.8M |
| Deferred income, gains and rent | $22.6M | $35.4M | $24.2M | $25.1M |
| Intangible liabilities, net | $12.7M | $7.3M | $8.3M | $10.3M |
| Lease liability - operating leases | $23.7M | $23.5M | $23.4M | $23.2M |
| Other liabilities | $14.6M | $12.6M | $63.7M | $52.3M |
| Total liabilities | $2.8B | $2.4B | $2.4B | $2.2B |
| Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 173,699,039 and 172,665,995 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 1.7M | 1.7M | 1.7M | 1.7M |
| Additional paid-in-capital | $3.2B | $3.2B | $3.2B | $3.2B |
| Deferred compensation payable in common shares | 23.1M | 20.5M | 20.0M | 19.6M |
| Common shares in grantor trust, 1,583,000 and 1,221,333 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | -23.1M | -20.5M | -20.0M | -19.6M |
| Cumulative earnings | $605.3M | $783.5M | $979.4M | $1.2B |
| Accumulated other comprehensive income (loss) | ($1.4M) | $2.5M | ($668.0K) | $3.9M |
| Cumulative distributions | ($3.0B) | ($2.9B) | ($2.8B) | ($2.7B) |
| Total Brandywine Realty Trust's equity | $792.7M | $1.0B | $1.3B | $1.6B |
| Noncontrolling interests | $5.1M | $6.0M | $6.8M | $7.7M |
| Total beneficiaries' equity | $797.9M | $1.0B | $1.3B | $1.6B |
| Total liabilities and beneficiaries' equity | $3.6B | $3.5B | $3.7B | $3.9B |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Operating properties | $3.5B | $3.7B | $3.3B | $3.3B |
| Accumulated depreciation | ($1.2B) | ($1.3B) | ($1.2B) | ($1.2B) |
| Prepaid ground leases, net | $34.2M | $51.2M | — | — |
| Right of use asset - operating leases, net | $12.3M | $17.7M | $18.0M | $18.1M |
| Operating real estate investments, net | $2.3B | $2.5B | $2.0B | $2.1B |
| Construction-in-progress | $85.6M | $123.7M | $94.6M | $91.0M |
| Land held for development | $75.1M | $72.1M | $73.4M | $74.5M |
| Prepaid leasehold interests in land held for development, net | $27.8M | $27.8M | $27.8M | $27.8M |
| Total real estate investments, net | $2.5B | $2.7B | $2.2B | $2.3B |
| Cash and cash equivalents | $37.9M | $36.2M | $75.5M | $122.6M |
| Restricted cash and escrows | $830.0K | $30.1M | $1.1M | $1.1M |
| Accounts receivable | $19.9M | $23.4M | $15.5M | $16.3M |
| Assets held for sale, net | $232.9M | $15.4M | — | $53.9M |
| Accrued rent receivable, net of allowance of $369 and $424 as of June 30, 2026 and December 31, 2025, respectively | $169.3M | $184.2M | $183.2M | $183.1M |
| Investment in unconsolidated real estate ventures | $336.9M | $321.5M | $594.2M | $555.5M |
| Deferred costs, net | $69.2M | $81.1M | $77.4M | $77.4M |
| Intangible assets, net | $13.8M | $20.7M | $3.8M | $4.2M |
| Other assets | $134.7M | $137.2M | $124.2M | $114.7M |
| Total assets | $3.5B | $3.6B | $3.3B | $3.4B |
| Secured term loans, net | $144.3M | $234.1M | $243.2M | $286.4M |
| Unsecured credit facility | $149.0M | $65.0M | — | — |
| Unsecured loans, net | $2.3B | $2.3B | $2.0B | $2.0B |
| Accounts payable and accrued expenses | $136.7M | $141.9M | $128.5M | $108.7M |
| Distributions payable | $14.2M | $14.2M | $14.1M | $26.5M |
| Deferred income, gains and rent | $21.8M | $20.9M | $16.0M | $17.1M |
| Intangible liabilities, net | $12.4M | $12.5M | $6.5M | $6.7M |
| Liabilities related to assets held for sale, net | $6.8M | — | — | $182.0K |
| Lease liability - operating leases | $17.0M | $23.8M | $23.7M | $23.6M |
| Other liabilities | $14.2M | $13.1M | $14.2M | $14.0M |
| Total liabilities | $2.8B | $2.8B | $2.5B | $2.5B |
| Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 174,611,856 and 173,699,039 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 1.7M | 1.7M | 1.7M | 1.7M |
| Additional paid-in-capital | $3.2B | $3.2B | $3.2B | $3.2B |
| Deferred compensation payable in common shares | 25.5M | 24.3M | 23.1M | 23.1M |
| Common shares in grantor trust, 2,376,607 and 1,583,000 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | -25.5M | -24.3M | -23.1M | -23.1M |
| Cumulative earnings | $525.3M | $556.7M | $641.9M | $667.9M |
| Accumulated other comprehensive income (loss) | $573.0K | $126.0K | ($1.6M) | ($1.1M) |
| Cumulative distributions | ($3.0B) | ($3.0B) | ($3.0B) | ($3.0B) |
| Total Brandywine Realty Trust's equity | $691.2M | $734.3M | $841.5M | $879.8M |
| Noncontrolling interests | $4.7M | $4.9M | $5.4M | $5.5M |
| Total beneficiaries' equity | $695.9M | $739.2M | $846.9M | $885.2M |
| Total liabilities and beneficiaries' equity | $3.5B | $3.6B | $3.3B | $3.4B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net loss | ($178.9M) | ($196.5M) | ($197.4M) | $54.0M |
| Depreciation and amortization | $176.4M | $178.2M | $188.8M | $178.0M |
| Amortization of deferred financing costs | $5.1M | $5.0M | $4.4M | $3.1M |
| Amortization of debt discount/(premium), net | ($696.0K) | ($2.4M) | ($1.1M) | ($5.3M) |
| Amortization of stock compensation costs | $17.6M | $16.9M | $9.8M | $8.9M |
| Straight-line rent income | ($1.1M) | ($6.0M) | ($9.3M) | ($13.6M) |
| Amortization of acquired above (below) market leases, net | ($718.0K) | ($919.0K) | ($1.3M) | ($2.6M) |
| Straight-line ground rent expense | $801.0K | $784.0K | $799.0K | $814.0K |
| Net gain on real estate venture transactions | $0 | ($56.8M) | ($181.0K) | ($26.7M) |
| Total gain on disposition of real estate | ($9.3M) | ($2.3M) | ($8.9M) | ($25.7M) |
| Gain (loss) on early extinguishment of debt | $12.2M | ($941.0K) | ($138.0K) | $435.0K |
| Provision for impairment | $63.4M | $44.7M | $131.6M | $4.7M |
| Loss from unconsolidated real estate ventures, including income distributions | $57.7M | $191.6M | $77.9M | $23.5M |
| Income tax provision | $112.0K | $14.0K | $72.0K | $55.0K |
| Accounts receivable | ($8.8M) | ($13.0K) | $241.0K | $1.3M |
| Other assets | ($4.9M) | ($7.1M) | ($2.8M) | ($1.1M) |
| Accounts payable and accrued expenses | $2.7M | $953.0K | ($12.9M) | $5.4M |
| Deferred income, gains and rent | ($13.5M) | $13.1M | ($86.0K) | $1.6M |
| Other liabilities | ($1.5M) | $2.9M | ($2.2M) | $2.5M |
| Net cash provided by operating activities | $116.7M | $181.1M | $177.3M | $209.3M |
| Acquisition of properties | $0 | $0 | ($7.7M) | ($3.4M) |
| Acquisition of partners interest in consolidated real estate venture, net of cash acquired | ($105.8M) | — | — | — |
| Proceeds from the sale of properties | $74.3M | $155.9M | $76.8M | $64.2M |
| Proceeds from note receivable | $9.4M | $0 | $0 | $44.3M |
| Capital expenditures for tenant improvements | ($74.0M) | ($72.8M) | ($48.9M) | ($86.8M) |
| Capital expenditures for redevelopments | ($6.2M) | ($18.4M) | ($60.0M) | ($87.2M) |
| Capital expenditures for developments | ($33.2M) | ($38.6M) | ($47.5M) | ($89.0M) |
| Advances to and from the purchase of tenant assets, net of repayments | ($492.0K) | $1.7M | ($998.0K) | ($447.0K) |
| Investment in unconsolidated real estate ventures | ($70.7M) | ($194.0M) | ($85.9M) | ($47.4M) |
| Deposits for real estate | $0 | $0 | $3.5M | ($4.9M) |
| Capital distributions from unconsolidated real estate ventures | $13.1M | $56.6M | $3.8M | $46.9M |
| Leasing costs paid | ($12.7M) | ($10.6M) | ($7.9M) | ($26.8M) |
| Net cash used in investing activities | ($206.3M) | ($120.2M) | ($174.9M) | ($190.6M) |
| Proceeds from credit facility borrowings | $209.0M | $201.0M | $215.0M | $478.0M |
| Repayments of credit facility borrowings | ($209.0M) | ($201.0M) | ($303.5M) | ($412.5M) |
| Proceeds from unsecured notes | $459.0M | $400.0M | $0 | $350.0M |
| Repayments of unsecured notes | $0 | — | — | — |
| Proceeds from unsecured term loan | $0 | $0 | $70.0M | — |
| Repayments of unsecured term loan | ($70.0M) | ($339.1M) | ($64.2M) | ($296.1M) |
| Proceeds from secured term loan | $57.3M | $0 | $245.0M | — |
| Repayment of secured term loan | ($255.4M) | — | — | $0 |
| Proceeds from construction loan | $10.9M | $18.9M | $13.8M | — |
| Repayments of construction loan | ($43.6M) | — | — | — |
| Debt financing costs paid | ($7.6M) | ($6.3M) | ($4.4M) | ($9.9M) |
| Shares used for employee taxes upon vesting of share awards | -1.5M | -1.0M | -371.0K | -2.9M |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net loss | ($80.3M) | ($48.8M) | ($142.0M) | ($116.0M) |
| Depreciation and amortization | $97.0M | $49.2M | $131.1M | $88.1M |
| Amortization of deferred financing costs | $2.7M | $1.4M | $3.8M | $2.4M |
| Amortization of debt discount/(premium), net | ($935.0K) | ($468.0K) | ($228.0K) | $240.0K |
| Amortization of stock compensation costs | $6.0M | $5.2M | $16.0M | $13.9M |
| Straight-line rent income | ($2.7M) | ($2.0M) | ($1.5M) | ($1.5M) |
| Amortization of acquired above (below) market leases, net | ($329.0K) | ($162.0K) | ($568.0K) | ($404.0K) |
| Ground rent expense | $625.0K | $313.0K | $579.0K | $387.0K |
| Total gain on sale of real estate | ($63.0K) | — | — | — |
| Provision for impairment | $11.9M | $11.9M | $63.4M | $63.4M |
| Loss from unconsolidated real estate ventures, including income distributions | $17.4M | $8.7M | $43.5M | $25.3M |
| Income tax provision | $24.0K | — | $85.0K | $85.0K |
| Accounts receivable | $2.4M | ($888.0K) | ($1.1M) | ($3.3M) |
| Other assets | ($4.7M) | ($16.6M) | ($9.8M) | ($1.1M) |
| Accounts payable and accrued expenses | ($3.8M) | $4.3M | $5.4M | ($10.6M) |
| Deferred income, gains and rent | ($617.0K) | ($1.7M) | ($19.0M) | ($18.2M) |
| Other liabilities | $1.3M | ($259.0K) | ($1.5M) | ($2.2M) |
| Net cash provided by operating activities | $45.8M | $10.2M | $88.2M | $40.7M |
| Acquisition of real estate investments | ($1.7M) | — | — | — |
| Proceeds from the sale of properties | $15.5M | — | $69.9M | $17.3M |
| Capital expenditures for tenant improvements | ($33.2M) | ($18.1M) | ($54.3M) | ($39.5M) |
| Capital expenditures for redevelopments | ($1.9M) | ($757.0K) | ($5.2M) | ($4.8M) |
| Capital expenditures for developments | ($26.6M) | ($14.0M) | ($20.9M) | ($17.7M) |
| Advances for the purchase of tenant assets, net of repayments | ($194.0K) | ($326.0K) | ($1.6M) | ($247.0K) |
| Investment in unconsolidated real estate ventures | ($46.0M) | ($15.9M) | ($61.9M) | ($7.2M) |
| Capital distributions from unconsolidated real estate ventures | $6.0M | $0 | $3.1M | $2.4M |
| Leasing costs paid | ($9.9M) | ($5.2M) | ($10.2M) | ($6.7M) |
| Net cash used in investing activities | ($97.8M) | ($54.2M) | ($81.1M) | ($56.5M) |
| Proceeds from credit facility borrowings | $295.0M | $69.0M | $120.0M | $110.0M |
| Repayments of credit facility borrowings | ($146.0M) | ($4.0M) | ($120.0M) | ($110.0M) |
| Proceeds from unsecured notes | $0 | — | $159.0M | $159.0M |
| Repayments of unsecured term loan | $0 | $0 | ($70.0M) | ($70.0M) |
| Proceeds from construction loan | $0 | $0 | $10.6M | $10.6M |
| Repayments of construction loan | ($179.8M) | — | ($43.4M) | — |
| Proceeds from secured term loan | $90.0M | — | — | — |
| Debt financing costs paid | ($625.0K) | ($250.0K) | ($2.3M) | ($2.1M) |
| Shares used for employee taxes upon vesting of share awards | 470.0K | -449.0K | -1.5M | -1.4M |
| Repurchase and retirement of common shares | -2.2M | -2.2M | — | — |
| Distributions paid to shareholders | ($28.3M) | ($14.1M) | ($79.0M) | ($52.6M) |
| Distributions to noncontrolling interest | ($124.0K) | ($82.0K) | ($232.0K) | ($154.0K) |
| Net cash provided by financing activities | $28.4M | $48.0M | ($26.7M) | $43.4M |
| Increase/(Decrease) in cash and cash equivalents and restricted cash | ($23.6M) | $4.0M | ($19.6M) | $27.6M |
| Cash and cash equivalents, beginning of period | $32.3M | $32.3M | $90.2M | $90.2M |
| Restricted cash, beginning of period | $30.0M | $30.0M | $5.9M | $5.9M |
| Cash and cash equivalents and restricted cash at beginning of period | $62.3M | $62.3M | $96.2M | $96.2M |
Brandywine Realty Trust score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.