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Brandywine Realty (BDN)
NYSE:BDN
Earnings Data
Report Date
Apr 22, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.2Last Year’s EPS
-0.16Same Quarter Last Year
Based on 4 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
The call presented a mix of encouraging operational momentum—strong leasing activity, market-share gains in Philadelphia, rent growth, improved tour and conversion metrics, and 2026 FFO guidance showing mid-single-digit growth—paired with material near-term financial and execution challenges. Key concerns are elevated leverage and fixed-charge pressure (net debt/EBITDA ~8x), rising interest expense, reliance on $280M–$300M of asset sales and successful refinancing of near-term loans, and an underperforming Austin submarket. Management articulated clear plans (asset sales, recapitalizations, refinancing, and cost controls) that should address many weaknesses if executed, but outcomes are execution-dependent.Company Guidance
Strong Occupancy and Leasing Activity
Wholly-owned core portfolio 88.3% occupied and 90.4% leased; annual leasing ~1.6M sq ft; Q4 executed 415k sq ft (157k wholly-owned, 257k JV); forward leasing up 26% to 229k sq ft with most occupancy in next two quarters.
Robust Tour and Conversion Metrics
Q4 tour volume +13% vs Q3 and +87% vs Q4 2024; 2025 annual tours +20% year-over-year; 56% of tours converted to proposals and 38% of proposals converted to executed leases.
Rent Growth and Market Share in Philadelphia
Since 2021 net effective rents in Market West and University City up ~20% (≈5.4% annualized); Brandywine captured 54% of new leasing in these submarkets in 2025 (30% share over last 5 years vs 15% market baseline).
Notable Asset Stabilization and Consolidation
Redeemed JV partner interests at Schuylkill Yards; 3025 JFK added to core portfolio at 92% leased; pro forma consolidation improves net debt/EBITDA by 0.4x and fixed charge coverage by 0.2x.
High Renewal Economics at Solaris
Solaris now 98% occupied and 99% leased; renewals since Nov 1 have produced average 12.7% effective rent growth.
2026 Guidance Shows Earnings Growth
2026 FFO guidance $0.51–$0.59 (midpoint $0.55), representing ~5.8% growth versus 2025 at the midpoint; year-end occupancy expected to improve +120 bps.
Controlled Liquidity and Debt Opportunities
No outstanding balance on $600M unsecured line of credit and $32M cash on hand; >50% of outstanding bonds carry coupons >8%, presenting refinancing opportunities that management says could reduce interest cost ~ $0.10 per share if refinanced to market rates.
Spec Revenue and Leasing Mark-to-Market Strength
Generated nearly $27.3M of spec revenue in 2025 (in line with plan); new leasing mark-to-market strong at +13% GAAP (4% cash); spec revenue from new lease transactions projected +39% vs 2025 at mid-year capture.
Planned $280–$300M Asset Sales to Deleverage
Business plan targets $280M–$300M of sales in 2026 (midpoint cap rate assumption ~8%) with ~$100M already with buyers selected, intended primarily to reduce debt and improve credit metrics.
Pipeline and Development Progress
Operating leasing pipeline ~1.5M sq ft (including ~140k sq ft in advanced negotiations); One Uptown leasing improved to 55% (up from 40%), and Solaris/3151 pipeline showing active proposals (3151 ~60% office / 40% life science).
BDN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
BDN Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 03, 2026 | $2.82 | $3.15 | +11.70% |
Oct 22, 2025 | $3.75 | $3.59 | -4.16% |
Jul 23, 2025 | $4.13 | $3.94 | -4.63% |
Apr 22, 2025 | $3.58 | $3.65 | +2.04% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Brandywine Realty (BDN) report earnings?
Brandywine Realty (BDN) is schdueled to report earning on Apr 22, 2026, After Close (Confirmed).
What is Brandywine Realty (BDN) earnings time?
Brandywine Realty (BDN) earnings time is at Apr 22, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BDN EPS forecast?
BDN EPS forecast for the fiscal quarter 2026 (Q1) is -0.2.