Form 8-K

8-K — BRANDYWINE REALTY TRUST

Accession: 0000790816-26-000025

Filed: 2026-07-23

Period: 2026-07-22

CIK: 0000790816

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — bdn-20260722.htm (Primary)

EX-99 — EX-99.1 (bdnearningsrelease-ex991q2.htm)

GRAPHIC (image_0.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: bdn-20260722.htm · Sequence: 1

bdn-20260722

0001060386False00010603862023-04-192023-04-19

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 22, 2026

BRANDYWINE REALTY TRUST

BRANDYWINE OPERATING PARTNERSHIP, L.P.

(Exact name of registrant as specified in charter)

Maryland

(Brandywine Realty Trust)

001-9106

23-2413352

Delaware

(Brandywine Operating Partnership, L.P.)

000-24407

23-2862640

(State or Other Jurisdiction of Incorporation

or Organization)

(Commission file number)

(I.R.S. Employer Identification Number)

2929 Arch Street

Suite 1800

Philadelphia, PA 19104

(Address of principal executive offices) (Zip Code)

(610) 325-5600

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares of Beneficial Interest

BDN

NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Brandywine Realty Trust:

Emerging growth company ☐

Brandywine Operating Partnership, L.P.:

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Brandywine Realty Trust: ☐

Brandywine Operating Partnership, L.P.: ☐

Item 2.02 Results of Operations and Financial Condition

The information in this Item 2.02 - “Results of Operations and Financial Condition,” including the press release attached as an exhibit to this Current Report, is being furnished and shall not be deemed to be “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

On July 22, 2026, we issued a press release announcing our financial results for the six months ended June 30, 2026. That press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

The press release includes “non-GAAP financial measures” within the meaning of the Securities and Exchange Commission's Regulation G. With respect to such non-GAAP financial measures, we have disclosed in the press release the most directly comparable financial measure calculated and presented in accordance with generally accepted accounting principles (“GAAP”) and have provided a reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measure.

Item 9.01 Financial Statements and Exhibits

Exhibit Description

99.1

Brandywine Realty Trust Press Release dated July 22, 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

BRANDYWINE REALTY TRUST

By: /s/ Thomas E. Wirth

Thomas E. Wirth

Executive Vice President and

Chief Financial Officer

BRANDYWINE OPERATING PARTNERSHIP, L.P.

BY:

BRANDYWINE REALTY TRUST, ITS GENERAL PARTNER

BY:

/s/ Thomas E. Wirth

Thomas E. Wirth

Executive Vice President and

Chief Financial Officer

Date: July 23, 2026

EX-99 — EX-99.1

EX-99

Filename: bdnearningsrelease-ex991q2.htm · Sequence: 2

Document

Exhibit 99.1

Company / Investor Contact:

Tom Wirth

EVP & CFO

610-832-7434

tom.wirth@bdnreit.com

Brandywine Realty Trust Announces Second Quarter 2026 Results

Narrows 2026 Guidance

Philadelphia, PA, July 22, 2026 — Brandywine Realty Trust (NYSE: BDN) today reported its financial and operating results for the three and six-month periods ended June 30, 2026.

Management Comments

“We are pleased with our second quarter progress on our 2026 Business Plan highlighted by raising our speculative revenue midpoint guidance by 5.7%, and achieving 99% of the revised target,” stated Gerard H. Sweeney, President and Chief Executive Officer of Brandywine Realty Trust. “We have also experienced higher tenant renewals and more tenant expansions and based on our second quarter retention rate of 85%, we have increased our projected full year tenant retention midpoint by 10%. Turning to capital markets, we have now closed $208 million of portfolio asset sales and have increased our asset sales target from $290 million to $305 million. We expect the remaining asset sales to close later this quarter. Consistent with our business plan, we plan to use most of the proceeds from these asset sales to lower our outstanding debt and, to a smaller extent, repurchase our common stock. We also completed the refinancing of Avira with a 7-year, $90 million financing at a 5.8% annual interest rate and repaid our $178 million construction loan. We remain in an excellent liquidity position, and after our recent sales activity, we have no outstanding balance on our $600 million unsecured line of credit and $35 million of cash-on-hand. Based on the progress we have made on our 2026 Business Plan, we are narrowing our FFO range from $0.52 to $0.58 per share to $0.53 to $0.57 per share.”

Second Quarter Highlights

Financial Results

•Net loss available to common shareholders: $(31.7) million, or $(0.18) per diluted share.

•Funds from Operations (FFO): $23.6 million, or $0.13 per diluted share.

Portfolio Results

•Core Portfolio: 89.1% occupied and 90.6% leased.

•New and Renewal Leases Signed: 254,000 square feet in our wholly-owned portfolio and 353,000 square feet, including our unconsolidated joint ventures.

•Rental Rate Mark-to-Market: Increased 1.5% on an accrual basis and decreased (4.2)% on a cash basis.

•Same Store Net Operating Income: Increased 0.5% on an accrual basis and increased 1.9% on a cash basis.

•Tenant Retention Ratio: 85%.

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Recent Transaction Activity

Disposition Activity

•On May 15, 2026, we completed the sale of a wholly-owned office property in Conshohocken, Pennsylvania for a gross sales price of $15.5 million, or $133 per square foot. The property was 46% occupied at the time of sale. We recognized a $0.1 million gain during the second quarter.

•On July 1, 2026, we completed the sale of a wholly-owned office property in King of Prussia, Pennsylvania for a gross sales price of $41.5 million, or $412 per square foot. We received net cash proceeds of $37.8 million and will record a gain of approximately $13.6 million in the third quarter of 2026. The property was 100% occupied at the time of sale. We reclassified the property as held for sale as of June 30, 2026 on our consolidated balance sheet.

•On July 9, 2026, we completed the sale of a wholly-owned office property in Austin, Texas for a gross sales price of $151.0 million, or $734 per square foot. We received net cash proceeds of $146.1 million and will record a gain of approximately $36.3 million in the third quarter of 2026. The property was 100% occupied at the time of sale. We reclassified the property as held for sale as of June 30, 2026 on our consolidated balance sheet.

Finance / Capital Markets Activity

•On May 28, 2026, we exercised our first six-month extension right on our existing unsecured credit facility moving the maturity date to December 2026.

•As previously disclosed, in May 2026, our One Uptown ventures entered into extension options with the existing lenders. The loan for One Uptown – Multi-Family has been extended to July 29, 2027 and the total loan capacity was reduced from $85.0 million to $76.5 million. The loan for One Uptown – Office has been extended to July 29, 2028 and the total loan capacity was reduced from $121.7 million to $108.9 million.

•In June 2026, we closed on a $90 million secured term loan at Avira, the residential component of 3025 JFK located in Philadelphia, Pennsylvania. The loan bears interest at 1.85% over the secured overnight financing rate (“SOFR”) and has a maturity date of June 2033. Effective June 24, 2026, this loan was swapped to an all-in fixed rate of 5.81% through the maturity date. The secured term loan combined with proceeds from our unsecured line of credit funded the retirement of the existing $178 million construction loan on June 23, 2026. The $178 million construction loan was scheduled to mature in July 2026.

•As of June 30, 2026, we had $149 million outstanding balance on our $600.0 million unsecured line of credit. As a result of the disposition sales activity noted above, we currently have no outstanding balance on our $600.0 million unsecured line of credit.

•As of June 30, 2026, we had $40.2 million of cash and cash equivalents on-hand. As a result of the disposition activity noted above, we currently have $35 million of cash and cash equivalents on hand.

Results for the Three and Six Month Periods Ended June 30, 2026

Net loss attributable to common shareholders totaled $(31.7) million, or $(0.18) per share, in the second quarter of 2026 compared to net loss of $(89.0) million, or $(0.51) per share, in the second quarter of 2025. Our 2025 results include non-cash impairment charges totaling $63.4 million or $0.37 per share, related to portfolio assets in Austin, Texas.

FFO attributable to common shareholders and units totaled $23.6 million, or $0.13 per diluted share, in the second quarter of 2026 as compared to $26.1 million, or $0.15 per diluted share, for the second quarter of 2025. Our second quarter 2026 payout ratio ($0.08 common share distribution / $0.13 FFO per diluted share) was 62%.

Net loss attributable to common shareholders totaled $(80.6) million, or $(0.46) per share, in the first six months of 2026 compared to net loss of $(116.4) million, or $(0.67) per share, in the first six months of 2025. Our 2025 results

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include non-cash impairment charges totaling $63.4 million or $0.37 per share, related to portfolio assets located in Austin, Texas.

Our FFO available to common shareholders and units for the first six months of 2026 totaled $43.6 million, or $0.24 per diluted share, versus $50.8 million, or $0.28 per diluted share, in the first six months of 2025. Our payout ratio for the first half 2026 ($0.16 common share distribution / $0.24 FFO per diluted share) was 67%.

Operating and Leasing Activity

In the second quarter of 2026, our same store Net Operating Income (NOI) excluding termination revenues and other income items increased 0.5% on an accrual basis and increased 1.9% on a cash basis for our 55 same store properties, which were 89.0% and 89.1% occupied on June 30, 2026 and 2025, respectively.

We leased approximately 254,000 square feet and commenced occupancy on 245,000 square feet during the second quarter of 2026. The second quarter occupancy activity includes 60,000 square feet of renewals, 111,000 square feet of new leases and 74,000 square feet of tenant expansions. We have an additional 166,000 square feet of executed new leasing scheduled to commence subsequent to June 30, 2026.

Our second quarter tenant retention ratio was 85% in our core portfolio with net absorption of 88,000 square feet during the second quarter of 2026. Second quarter rental rate growth increased 1.5% as our renewal rental rates decreased (0.5)% and our new lease/expansion rental rates increased 4.7%, all on an accrual basis.

At June 30, 2026, our core portfolio of 57 properties comprises 10.8 million square feet, was 89.1% occupied and, as of July 15, 2026, we are now 90.6% leased (reflecting new leases commencing after June 30, 2026).

Dividend Distributions

On May 28, 2026, our Board of Trustees declared a quarterly dividend distribution of $0.08 per common share that was paid on July 22, 2026 to shareholders of record as of July 8, 2026.

2026 Earnings and FFO Guidance

Based on current plans and assumptions and subject to the risks and uncertainties more fully described in our Securities and Exchange Commission filings, we are adjusting our 2026 loss per share guidance from $(0.76) - $(0.70) per share to $(0.45) – $(0.41) per share and we are narrowing our 2026 FFO guidance from $0.52 - $0.58 per diluted share to $0.53 - $0.57 per diluted share. Our adjustment to guidance for the 2026 loss per share is primarily due to the projected net gains on sale of undepreciated real estate. This guidance is provided for informational purposes and is subject to change. The following is a reconciliation of the calculation of 2026 FFO and earnings per diluted share:

Guidance for 2026 Range

Loss per share allocated to common shareholders $ (0.45) to $ (0.41)

Plus: real estate depreciation, amortization 1.19 1.19

Less: real estate gains and losses, net (0.28) (0.28)

Plus: real estate impairments 0.07 0.07

FFO per diluted share $ 0.53 to $ 0.57

Our 2026 FFO key assumptions include:

•Year-end Core Occupancy Range: 89-90%;

•Year-end Core Leased Range: 90-91%;

•Rental Rate Mark-to-Market (accrual): 5-7%;

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•Rental Rate Mark-to-Market (cash): (2)-0%;

•Same Store (accrual) NOI Range: (1)-1%;

•Same Store (cash) NOI Range: 0-2%;

•Speculative Revenue Target: $18.4 - $18.6 million, $18.3 million achieved;

•Tenant Retention Rate Range: 51-53%;

•Property Acquisition Activity: None;

•Property Sales Activity: $305 million;

•Development Starts: Redevelopment of one existing Uptown ATX building in Austin, Texas;

•Financing Activity: Repaid our $178 million 3025 JFK Construction Loan maturing in July 2026, financed Avira with a $90 million secured loan and extended the maturity date of our unsecured credit facility to December 31, 2026;

•Share Buyback and Bond Repurchase Activity: $120 – 140 million to be executed primarily during third and fourth quarters of 2026 based on current sales activity.

•Annual earnings and FFO per diluted share based on 180.0 million fully diluted weighted average common shares.

Except as outlined in our 2026 Business Plan, which can be located on the Investor Relations page of our website, our estimates do not include (1) possible future gains or losses or the impact on operating results from other possible future property acquisitions or dispositions, (2) the impacts of any other capital markets activity, (3) future write-offs or reinstatements of accounts receivable and accrued rent balances, or (4) future impairment charges. EPS estimates may fluctuate based on several factors, including changes in the recognition of depreciation and amortization expense, impairment losses on depreciable real estate, and any gains or losses associated with disposition activity. Management is not able to assess at this time the potential impact of these factors on projected EPS. By definition, FFO does not include real estate-related depreciation and amortization, impairment losses on depreciable real estate, or gains or losses associated with disposition activities or depreciable real estate. For a complete definition of FFO and statements of the reasons why management believes FFO provides useful information to investors, see page 37 in our second quarter Supplemental Information Package. There can be no assurance that our actual results will not differ materially from the estimates set forth above. Our 2026 Business Plan is included in our Supplemental Information Package which can be located on the Investor Relations page of our website.

About Brandywine Realty Trust

Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in Philadelphia, PA and Austin, TX. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 112 properties and 19.2 million square feet as of June 30, 2026. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together. For more information, please visit www.brandywinerealty.com.

Conference Call and Audio Webcast

After releasing our second quarter earnings after the market close on Wednesday, July 22, 2026, we will hold our second quarter conference call on Thursday, July 23, 2026 at 9:00 a.m. Eastern Time. To access the conference call by phone, please visit this link here, and you will be provided with dial in details. A live webcast of the conference call will also be available on the Investor Relations page of our website at www.brandywinerealty.com.

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Looking Ahead – Third Quarter 2026 Conference Call

We expect to release our third quarter 2026 earnings on Wednesday, October 21, 2026, after the market close and will host our third quarter 2026 conference call on Thursday, October 22, 2026 at 9:00 a.m. Eastern Time. We expect to issue a press release in advance of these events to reconfirm the dates and times and provide all related information.

Supplemental Information

We produce a Supplemental Information Package that includes details regarding the performance of the portfolio, financial information, non-GAAP financial measures, same-store information and other useful information for investors. The Supplemental Information Package is available via our website, www.brandywinerealty.com, through the “Investor Relations” section.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as “will,” “strategy,” “expects,” “seeks,” “believes,” “potential,” or other similar words. Because such statements involve known and unknown risks, uncertainties and contingencies, actual results may differ materially from the expectations, intentions, beliefs, plans or predictions of the future expressed or implied by such forward-looking statements. These forward-looking statements, including our 2026 Guidance and our 2026 Business Plan and expectations for timing and terms of developments, sales, capital activities, bond repurchases and common share buybacks, are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and not within our control. Such risks, uncertainties and contingencies include, among others: reduced demand for office space and pricing pressures, including from competitors, changes to tenant work patterns that could limit our ability to lease space or set rents at expected levels or that could lead to declines in rent; uncertainty and volatility in capital and credit markets, including changes that reduce availability, and increase costs, of capital or that delay receipt of future debt financings and refinancings; the effect of inflation and interest rate fluctuations, including on the costs of our planned debt financings and refinancings; the potential loss or bankruptcy of tenants or the inability of tenants to meet their rent and other lease obligations; risks of acquisitions and dispositions, including unexpected liabilities and integration costs; delays in completing, and cost overruns incurred in connection with, our developments and redevelopments; disagreements with joint venture partners; unanticipated operating and capital costs; uninsured casualty losses and our ability to obtain adequate insurance, including coverage for terrorist acts; additional asset impairments; our dependence upon certain geographic markets; changes in governmental regulations, tax laws and rates and similar matters; impacts from changes to U.S. trade and foreign relations policies, including the imposition of tariffs; impacts of a U.S. government shutdown; unexpected costs of REIT qualification compliance; costs and disruptions as the result of a cybersecurity incident or other technology disruption; reliance on key personnel; and failure to maintain an effective system of internal control, including internal control over financial reporting. The declaration and payment of future dividends (both timing and amount) is subject to the determination of our Board of Trustees, in its sole discretion, after considering various factors, including our financial condition, historical and forecast operating results, and available cash flow, as well as any applicable laws and contractual covenants and any other relevant factors. Our Board’s practice regarding declaration of dividends may be modified at any time and from time to time. Additional information on factors which could impact us and the forward-looking statements contained herein are included in our filings with the Securities and Exchange Commission, including our Form 10-K for the year ended December 31, 2025. Given the uncertainties, we caution readers not to place undue reliance on forward-looking statements. We assume no obligation to update or supplement forward-looking statements that become untrue because of subsequent events except as required by law.

Non-GAAP Supplemental Financial Measures

We compute our financial results in accordance with generally accepted accounting principles (GAAP). Although FFO and NOI are non-GAAP financial measures, we believe that FFO and NOI calculations are helpful to shareholders and potential investors and are widely recognized measures of real estate investment trust performance. At the end of this press release, we have provided a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measure.

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Funds from Operations (FFO)

We compute FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (NAREIT), which may not be comparable to FFO reported by other REITs that do not compute FFO in accordance with the NAREIT definition, or that interpret the NAREIT definition differently than us. NAREIT defines FFO as net income (loss) before non-controlling interests of common unit holders and excluding gains (losses) on sales of depreciable operating property, impairment losses on depreciable consolidated real estate, impairment losses on investments in unconsolidated real estate ventures and extraordinary items (computed in accordance with GAAP); plus real estate related depreciation and amortization (excluding amortization of deferred financing costs), and after similar adjustments for unconsolidated joint ventures. Net income, the GAAP measure that we believe to be most directly comparable to FFO, includes depreciation and amortization expenses, gains or losses on property sales, extraordinary items and non-controlling interests. To facilitate a clear understanding of our historical operating results, FFO should be examined in conjunction with net income (determined in accordance with GAAP) as presented in the financial statements included elsewhere in this release. FFO does not represent cash flow from operating activities (determined in accordance with GAAP) and should not be considered to be an alternative to net income (loss) (determined in accordance with GAAP) as an indication of our financial performance or to be an alternative to cash flow from operating activities (determined in accordance with GAAP) as a measure of our liquidity, nor is it indicative of funds available for our cash needs, including our ability to make cash distributions to shareholders. We generally consider FFO and FFO per share to be useful measures for understanding and comparing our operating results because, by excluding gains and losses related to sales of previously depreciated operating real estate assets, impairment losses and real estate asset depreciation and amortization (which can differ across owners of similar assets in similar condition based on historical cost accounting and useful life estimates), FFO and FFO per share can help investors compare the operating performance of a company’s real estate across reporting periods and to the operating performance of other companies.

Net Operating Income (NOI)

NOI (accrual basis) is a Non-GAAP financial measure equal to net income available to common shareholders, the most directly comparable GAAP financial measure, plus corporate general and administrative expense, depreciation and amortization, interest expense, non-controlling interest in the Operating Partnership and losses from early extinguishment of debt, less interest income, development and management income, gains from property dispositions, gains on sale from discontinued operations, gains on early extinguishment of debt, income from discontinued operations, income from unconsolidated joint ventures and non-controlling interest in property partnerships. In some cases we also present NOI on a cash basis, which is NOI after eliminating the effects of straight-lining of rent and deferred market intangible amortization. NOI presented by us may not be comparable to NOI reported by other REITs that define NOI differently. NOI should not be considered an alternative to net income as an indication of our performance or to cash flows as a measure of the Company's liquidity or its ability to make distributions. We believe NOI is a useful measure for evaluating the operating performance of our properties, as it excludes certain components from net income available to common shareholders in order to provide results that are more closely related to a property's results of operations. We use NOI internally to evaluate the performance of our operating segments and to make decisions about resource allocations. We concluded that NOI provides useful information to investors regarding our financial condition and results of operations, as it reflects only the income and expense items incurred at the property level, as well as the impact on operations from trends in occupancy rates, rental rates, operating costs and acquisition and development activity on an unlevered basis.

Same Store Properties

In our analysis of NOI, particularly to make comparisons of NOI between periods meaningful, it is important to provide information for properties that were in-service and owned by us throughout each period presented. We refer to properties acquired or placed in-service prior to the beginning of the earliest period presented and owned by us through the end of the latest period presented as Same Store Properties. Same Store Properties therefore exclude properties placed in-service, acquired, repositioned, held for sale or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired for that property to be included in Same Store Properties.

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Core Portfolio

Our core portfolio is comprised of our wholly owned properties, excluding any properties currently in development, re-development or recently completed, not yet stabilized or held for sale.

Speculative Revenue

Speculative Revenue represents the amount of rental revenue the company projects to be recorded during the current calendar year from new and renewal leasing activity in its core portfolio that has yet to be executed as of the beginning of the year. This revenue is primarily attributable to the absorption of core portfolio square footage that was either vacant at the beginning of the year or the renewal of existing tenants due to expire during the current year.

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BRANDYWINE REALTY TRUST

CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except share and per share data)

June 30, 2026 December 31, 2025

ASSETS

Real estate investments:

Operating properties $ 3,527,129 $ 3,753,780

Accumulated depreciation (1,241,465) (1,259,090)

Prepaid ground leases, net 34,156 51,399

Right of use asset - operating leases, net 17,509 17,806

Operating real estate investments, net 2,337,329 2,563,895

Construction-in-progress 85,569 118,543

Land held for development 75,134 70,405

Prepaid leasehold interests in land held for development, net 27,762 27,762

Total real estate investments, net 2,525,794 2,780,605

Cash and cash equivalents 40,197 32,284

Restricted cash and escrow 830 30,018

Accounts receivable 19,916 22,154

Assets held for sale, net 227,678 —

Accrued rent receivable, net of allowance of $369 and $424 as of June 30, 2026 and December 31, 2025, respectively 169,267 182,651

Investment in unconsolidated real estate ventures 336,851 314,326

Deferred costs, net 69,222 79,549

Intangible assets, net 13,832 22,426

Other assets 132,381 122,227

Total assets $ 3,535,968 $ 3,586,240

LIABILITIES AND BENEFICIARIES' EQUITY

Secured debt, net $ 144,260 $ 234,079

Unsecured credit facility 149,000 —

Unsecured term loan, net 249,593 249,389

Unsecured senior notes, net 2,074,153 2,073,394

Accounts payable and accrued expenses 136,663 143,826

Distributions payable 14,203 14,108

Deferred income, gains and rent 21,845 22,569

Intangible liabilities, net 12,355 12,713

Lease liability - operating leases 23,806 23,720

Other liabilities 14,190 14,588

Total liabilities $ 2,840,068 $ 2,788,386

Brandywine Realty Trust's Equity:

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 1,740 1,733

Additional paid-in-capital 3,204,718 3,199,838

Deferred compensation payable in common shares 25,467 23,069

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 (25,467) (23,069)

Cumulative earnings 525,251 605,252

Accumulated other comprehensive income (loss) 573 (1,437)

Cumulative distributions (3,041,100) (3,012,654)

Total Brandywine Realty Trust's equity 691,182 792,732

Noncontrolling interests 4,718 5,122

Total beneficiaries' equity $ 695,900 $ 797,854

Total liabilities and beneficiaries' equity $ 3,535,968 $ 3,586,240

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BRANDYWINE REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except share and per share data)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Revenue

Rents $ 122,698 $ 114,196 $ 243,355 $ 228,624

Third party management fees, labor reimbursement and leasing 4,063 4,873 8,788 10,702

Other 2,159 1,502 3,781 2,761

Total revenue 128,920 120,571 255,924 242,087

Operating expenses

Property operating expenses 38,568 31,365 77,094 64,891

Real estate taxes 11,681 11,507 23,006 22,939

Third party management expenses 2,265 2,484 4,433 5,117

Depreciation and amortization 47,749 43,762 96,980 88,115

General and administrative expenses 9,263 9,325 21,598 26,795

Provision for impairment — 63,369 11,909 63,369

Total operating expenses 109,526 161,812 235,020 271,226

Gain (loss) on sale of real estate

Net gain (loss) on disposition of real estate 63 (86) 63 2,973

Total gain (loss) on sale of real estate 63 (86) 63 2,973

Operating income (loss) 19,457 (41,327) 20,967 (26,166)

Other income (expense):

Interest and investment income 1,068 850 1,734 2,036

Interest expense (41,931) (32,345) (82,820) (64,190)

Interest expense - amortization of deferred financing costs (1,345) (1,197) (2,732) (2,427)

Equity in loss of unconsolidated real estate ventures (8,738) (14,832) (17,440) (25,343)

Net gain on real estate venture transactions — — — 183

Gain on early extinguishment of debt (24) — (24) —

Net loss before income taxes (31,513) (88,851) (80,315) (115,907)

Income tax provision (22) (85) (24) (85)

Net loss (31,535) (88,936) (80,339) (115,992)

Net loss attributable to noncontrolling interests 125 267 338 348

Net loss attributable to Brandywine Realty Trust (31,410) (88,669) (80,001) (115,644)

Nonforfeitable dividends allocated to unvested restricted shareholders (248) (322) (566) (751)

Net loss attributable to Common Shareholders of Brandywine Realty Trust $ (31,658) $ (88,991) $ (80,567) $ (116,395)

PER SHARE DATA

Basic loss per Common Share $ (0.18) $ (0.51) $ (0.46) $ (0.67)

Basic weighted average shares outstanding 174,384,600 173,532,583 174,072,403 173,225,737

Diluted loss per Common Share $ (0.18) $ (0.51) $ (0.46) $ (0.67)

Diluted weighted average shares outstanding 174,384,600 173,532,583 174,072,403 173,225,737

- 9 -

BRANDYWINE REALTY TRUST

FUNDS FROM OPERATIONS

(unaudited, in thousands, except share and per share data)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Net loss attributable to common shareholders $ (31,658) $ (88,991) $ (80,567) $ (116,395)

Add (deduct):

Net loss attributable to noncontrolling interests - LP units (95) (267) (241) (348)

Nonforfeitable dividends allocated to unvested restricted shareholders 248 322 566 751

Net (gain) loss on real estate venture transactions 497 (304) 740 (198)

Net (gain) loss on disposition of real estate (63) 86 (63) (2,973)

Provision for impairment — 63,369 11,909 63,369

Depreciation and amortization:

Real property 41,205 38,363 83,859 77,092

Leasing costs including acquired intangibles 5,431 4,588 11,135 9,403

Company’s share of unconsolidated real estate ventures 8,472 9,345 17,205 20,781

Partners’ share of consolidated real estate ventures (55) (4) (152) (7)

Funds from operations 23,982 26,507 $ 44,391 $ 51,475

Funds from operations allocable to unvested restricted shareholders (419) (395) (805) (700)

Funds from operations available to common share and unit holders (FFO) $ 23,563 $ 26,112 $ 43,586 $ 50,775

FFO per share - fully diluted $ 0.13 $ 0.15 $ 0.24 $ 0.28

Weighted-average shares/units outstanding — fully diluted 181,166,121 178,569,600 181,026,095 178,514,577

Distributions paid per common share $ 0.08 $ 0.15 $ 0.16 $ 0.30

FFO payout ratio (distributions paid per common share/FFO per diluted share) 62 % 100 % 67 % 107 %

- 10 -

BRANDYWINE REALTY TRUST

SAME STORE OPERATIONS – 2nd QUARTER

(unaudited and in thousands)

Of the 59 properties owned by the Company as of June 30, 2026, a total of 55 properties ("Same Store Properties") containing an aggregate of 10.4 million net rentable square feet were owned for the entire three months ended June 30, 2026 and 2025. As of June 30, 2026, two properties were recently completed and two properties were in development/redevelopment. The Same Store Properties were 89.0% and 89.1% occupied as of June 30, 2026 and 2025, respectively. The following table sets forth revenue and expense information for the Same Store Properties:

Three Months Ended June 30,

2026 2025

Revenue

Rents $ 99,115 $ 95,692

Other 272 242

Total revenue 99,387 95,934

Operating expenses

Property operating expenses 28,180 25,635

Real estate taxes 9,754 9,068

Other

Net operating income $ 61,453 $ 61,231

Net operating income - percentage change over prior year 0.4 %

Net operating income, excluding other items (1) $ 61,099 $ 60,771

Net operating income, excluding other items - percentage change over prior year 0.5 %

Net operating income $ 61,453 $ 61,231

Straight line rents & other 1,388 545

Above/below market rent amortization (160) (164)

Amortization of tenant inducements 210 190

Non-cash ground rent expense 185 189

Cash - Net operating income $ 63,076 $ 61,991

Cash - Net operating income - percentage change over prior year 1.8 %

Cash - Net operating income, excluding other items (1) $ 62,526 $ 61,331

Cash - Net operating income, excluding other items - percentage change over prior year 1.9 %

Three Months Ended June 30,

2026 2025

Net loss: $ (31,535) $ (88,936)

Add/(deduct):

Interest and investment income (1,068) (850)

Interest expense 41,931 32,345

Interest expense - amortization of deferred financing costs 1,345 1,197

Equity in loss of unconsolidated real estate ventures 8,738 14,832

Net (gain) loss on disposition of real estate (63) 86

Gain on early extinguishment of debt 24 —

Depreciation and amortization 47,749 43,762

General & administrative expenses 9,263 9,325

Income tax provision 22 85

Provision for impairment — 63,369

Consolidated net operating income 76,406 75,215

Less: Net operating income of non-same store properties and elimination of non-property specific operations (14,953) (13,984)

Same store net operating income $ 61,453 $ 61,231

(1) - Other items represent termination fees and bad debt expense and other income.

- 11 -

BRANDYWINE REALTY TRUST

SAME STORE OPERATIONS – SIX MONTHS

(unaudited and in thousands)

Of the 59 properties owned by the Company as of June 30, 2026, a total of 55 properties ("Same Store Properties") containing an aggregate of 10.4 million net rentable square feet were owned for the entire six months ended June 30, 2026 and 2025. As of June 30, 2026, two properties were recently completed, and two properties were in development/redevelopment. The Same Store Properties were 89.0% and 89.1% occupied as of June 30, 2026 and 2025, respectively. The following table sets forth revenue and expense information for the Same Store Properties:

Six Months Ended June 30,

2026 2025

Revenue

Rents $ 197,685 $ 191,312

Other 474 470

Total revenue 198,159 191,782

Operating expenses

Property operating expenses 57,016 52,155

Real estate taxes 19,138 18,041

Net operating income $ 122,005 $ 121,586

Net operating income - percentage change over prior year 0.3 %

Net operating income, excluding other items (1) $ 121,422 $ 120,501

Net operating income, excluding other items - percentage change over prior year 0.8 %

Net operating income $ 122,005 $ 121,586

Straight line rents & other 1,109 (1,044)

Above/below market rent amortization (319) (328)

Amortization of tenant inducements 451 379

Non-cash ground rent expense 373 381

Cash - Net operating income $ 123,619 $ 120,974

Cash - Net operating income - percentage change over prior year 2.2 %

Cash - Net operating income, excluding other items (1) $ 122,720 $ 119,482

Cash - Net operating income, excluding other items - percentage change over prior year 2.7 %

Six Months Ended June 30,

2026 2025

Net loss: $ (80,339) $ (115,992)

Add/(deduct):

Interest income (1,734) (2,036)

Interest expense 82,820 64,190

Interest expense - amortization of deferred financing costs 2,732 2,427

Equity in loss of unconsolidated real estate ventures 17,440 25,343

Net gain on real estate venture transactions — (183)

Net loss on disposition of real estate (63) (2,973)

Gain on early extinguishment of debt 24 —

Depreciation and amortization 96,980 88,115

General & administrative expenses 21,598 26,795

Income tax provision 24 85

Provision for impairment 11,909 63,369

Consolidated net operating income 151,391 149,140

Less: Net operating income of non-same store properties and elimination of non-property specific operations (29,386) (27,554)

Same store net operating income $ 122,005 $ 121,586

(1) - Other items represent termination fees and bad debt expense and other income.

- 12 -

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