Brandywine Realty (BDN)
NYSE:BDN
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Earnings Data
Report Date
Jul 29, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
-0.18Last Year’s EPS
-0.51Same Quarter Last Year
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed constructive operational momentum — leasing acceleration, strong tour conversion, healthy same-store results, and a robust sales pipeline (~$305M) that supports deleveraging plans — while also acknowledging near-term financial stress: a Q1 net loss, elevated leverage (net debt/EBITDA >8x), modest cash balances, and short-term operating losses from development projects (notably 3151). Management maintained full-year FFO guidance and outlined specific refinancing, sale, and recapitalization actions to reduce leverage. Overall, the tone is cautiously optimistic: clear operational positives and actionable balance-sheet plans offset by meaningful execution and timing risks tied to asset sales, recapitalizations, and stabilization of development projects.Company Guidance
FFO and Guidance Maintained
First-quarter FFO of $20.0M, or $0.11 per share, in line with consensus and management guidance; full-year FFO midpoint maintained at $0.55 with narrowed guidance range.
Strong Spec Leasing and Tour Activity
Achieved 94% of the speculative revenue target (target = $400,000); tours in 2026 exceeded 2025 by 80% with a 53% tours→proposal conversion and a 37% proposal→lease conversion (trailing four quarters).
Solid Leasing and Occupancy Metrics
Wholly owned core portfolio 88.3% occupied and 89.9% leased; Q1 leasing activity totaled 422,000 sq ft (268k wholly owned — highest since 2024 — and 153k JV); forward leasing after year-end of 182,000 sq ft.
Outperformance in Philadelphia
Philadelphia portfolio at ~94% occupied and 96% leased; Commerce Square JV 93% leased, combined Philadelphia holdings ~95% leased; captured ~41% of new leases in the market in 2026 (more than double market share over past five years).
Meaningful Sales Pipeline to Reduce Leverage
Approximately $305M of potential sales under agreement and in due diligence (in line with guidance), with expectation that majority will close in Q2; business plan projects $280M–$300M of sales activity.
Improving Same-Store and NOI Results
Same-store results were +0.8% GAAP and +3.3% cash (both above guidance ranges); property-level NOI $70.2M, $0.8M above reforecast due to better margins.
Development & Project Leasing Momentum
3151 Market pipeline up to ~1.2M sq ft (up 200k from prior quarter; ~50% office / 50% life science); One Uptown 63% leased (up from prior quarter) with pipeline >230k sq ft and six proposals ~100k sq ft; generated ~1.2M additional sq ft of prospects since project marketing launch.
Planned Refinancing and Capital Actions
Plan to repay 3025 JFK construction loan with ~ $100M seven-year financing at mid-5% (expected to unencumber office portion); about 50% of outstanding bonds have coupons >8%, creating refinancing opportunities; opportunistic share repurchase capacity ~$82M available.
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 |
|---|---|---|---|
Apr 22, 2026 | $2.92 | $2.93 | +0.34% |
Feb 03, 2026 | $2.73 | $3.05 | +11.70% |
Oct 22, 2025 | $3.63 | $3.48 | -4.16% |
Jul 23, 2025 | $4.00 | $3.82 | -4.62% |
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 Jul 29, 2026, After Close (Confirmed).
What is Brandywine Realty (BDN) earnings time?
Brandywine Realty (BDN) earnings time is at Jul 29, 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 (Q2) is -0.18.