Brandywine Realty Trust · NYSE:BDN
Brandywine Realty Trust — Q1 2026 Earnings Presentation
40 slides from Brandywine Realty Trust's earnings presentation, Apr 23, 2026
Slide 1: Supplemental Information Package 2026 First Quarter
S UPPL EM EN TAL IN F O R M ATIO N PACK AG E 2026 FIRST QUARTER QUALITY | I N N O VAT I O N | INTEGRITY | COMMUNITY
Slide 2: Table of Contents
TABLE OF CONTENTS Page Executive Summary 1 2026 Business Plan Trend Line 3 Key Market Insights 4 Development Summary 5 Balance Sheet and Liquidity 10 Land Inventory 11 Property Activity 12 Net Operating Income Composition 13 Regional Property Overview 14 Leasing Activity 15 Lease Expiration Analysis
Slide 3: Q1 2026 Executive Summary
BRANDYWINE REALTY TRUST | Page 1 Q1 2026 EXECUTIVE SUMMARY (unaudited in millions, except square footage and acreage) QUARTERLY HIGHLIGHTS FINANCING ACTIVITY • In April 2026, both of our One Uptown Ventures entered into extension options with the existing lenders. The loan collateralized by Solaris
Slide 4: Q1 2026 Executive Summary
BRANDYWINE REALTY TRUST | Page 2 Q1 2026 EXECUTIVE SUMMARY (unaudited in thousands, except per share data and square footage) Wholly-Owned Leasing Highlights Q1 2026 Q4 2025 Quarter end occupancy 88.3% 88.3% Leased as of April 15, 2026 / January 31, 2026 89.9% 90.4% New leases executed in quarter (s
Slide 5: Business Plan Trend Line
BUSINESS PLAN TREND LINE (unaudited) BRANDYWINE REALTY TRUST | Page 3 2026 Business Plan as of Business Plan Component 4/15/2026 Original Speculative Revenue / SF $17.0 - $18.0 MM / 900K SF $17.0 - $18.0 MM / 900K SF Executed / SF $16.4MM / 631K SF $12.9MM / 462K SF Projected Tenant Retention (SF) 4
Slide 6: Key Market Insights
KEY MARKET INSIGHTS BRANDYWINE REALTY TRUST | Page 4 AUSTIN GREATER PHILADELPHIA Capitalizing on Growth Tourism Tailwind in 2026 One Uptown, Austin, TX Cira Centre, Philadelphia, PA 155 King of Prussia Road, Radnor, PA REGION REGION • #1 fastest growing region at 5.1% population growth (Source: • In
Slide 7: Development Summary
DEVELOPMENT SUMMARY (unaudited, in thousands, except square feet) BRANDYWINE REALTY TRUST | Page 5 Equity Remaining equity to Completion Stabilization Total Project Debt Amount funded Projected Cash Leased % @ April Development (% owned) Location Type Square Feet Capitalization be funded by BDN Date
Slide 8: 3151 Market Street Development Activity
DEVELOPMENT ACTIVITY (unaudited) BRANDYWINE REALTY TRUST | Page 6 3151 MARKET STREET DEVELOPMENT OVERVIEW FINANCIAL HIGHLIGHTS • Located at 3151 Market Street, Philadelphia, PA. • Total development costs of $317 MM ($760 PSF) • A 12-level premier development featuring 417,000 SF of • C-PACE Loan of
Slide 9: 165 King of Prussia Road, Radnor, PA
DEVELOPMENT ACTIVITY (unaudited) BRANDYWINE REALTY TRUST | Page 7 165 KING OF PRUSSIA ROAD, RADNOR, PA OVERVIEW FINANCIAL HIGHLIGHTS • A 80,000 SF, 121-room luxury boutique lifestyle hotel. • Wholly owned by Brandywine Realty Trust. • Amenities include Food & Beverage services on Patio, First Floor,
Slide 10: Uptown, Austin, TX
DEVELOPMENT OVERVIEW (unaudited) BRANDYWINE REALTY TRUST | Page 8 UPTOWN, AUSTIN, TX OVERVIEW • Uptown ATX is a mixed-use, 66 acre transit-oriented community with an extraordinary existing amenity base at the nearby Domain. Upon full buildout, the project will include office, multifamily, hospitalit
Slide 11: Schuylkill Yards, Philadelphia, PA
DEVELOPMENT OVERVIEW (unaudited) BRANDYWINE REALTY TRUST | Page 9 SCHUYLKILL YARDS, PHILADELPHIA, PA OVERVIEW • Brandywine is the master developer of Schuylkill Yards, a multi-phase 14 acre/5.1 million SF development of life science, research and academic facilities, office, residential, retail and
Slide 12: 2026 Capital Plan
BALANCE SHEET LIQUIDITY (unaudited) BRANDYWINE REALTY TRUST | Page 10 2026 CAPITAL PLAN USES $535 million is currently available on our line of credit excluding letters of credit ($ in millions) Projected 2Q26 - 4Q26 totaling $35.5 million. Dividends $42 Contributions to Joint Venture, net 15 Pr
Slide 13: Q1 2026 Land Inventory
Q1 2026 LAND INVENTORY (unaudited) BRANDYWINE REALTY TRUST | Page 11 Estimated Development Acres Square Feet Pre-Development Projects Philadelphia CBD (a) (b) 5.1 4,147,000 Pennsylvania Suburbs 17.2 510,000 Austin, Texas (c) 64.6 5,598,000 Total Pre-Development Projects 86.9 10,255,000 Reposition/Sa
Slide 14: Wholly-Owned Property Activity
WHOLLY-OWNED PROPERTY ACTIVITY (a) (unaudited, in thousands, except square footage and acreage) BRANDYWINE REALTY TRUST | Page 12 Square Purchase/Sales Occupancy % Location Type Event Date Feet/Acres Price @ Event Date 2026 PROPERTY ACTIVITY - NONE 2025 PROPERTY ACTIVITY OFFICE DISPOSITION Quarry La
Slide 15: 2026 Net Operating Income Composition
2026 NET OPERATING INCOME COMPOSITION (unaudited) BRANDYWINE REALTY TRUST | Page 13 NOI - WHOLLY OWNED (a) NOI - INCLUDING JV'S Total Core Portfolio NOI: $69.3 MM Total NOI: $79.8 MM 93% of NOI from our Core Markets (b) 93% of NOI from our Core Markets (b) Other 7% Other 7% Austin Austin 11%
Slide 16: Regional Commercial Property Overview
REGIONAL COMMERCIAL PROPERTY OVERVIEW (unaudited, in thousands, except square footage) BRANDYWINE REALTY TRUST | Page 14 Net Operating Income at # of Wholly Square Feet % % Leased Remaining Expirations 3/31/2026 Owned Occupied (1) Region Properties Total % of Total 2026 2027 Q1 2026 % of Total Phila
Slide 17: Leasing Activity-Core Portfolio
LEASING ACTIVITY-CORE PORTFOLIO (1) (unaudited) BRANDYWINE REALTY TRUST | Page 15 Three Months Ended 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Total Property Count 60 60 60 60 63 Total Square Feet 11,392,096 11,289,339 11,289,339 11,289,339 11,930,549 Occupancy %: 88.3% 88.3% 88.8% 88.6
Slide 18: Leasing Activity-Core Portfolio
LEASING ACTIVITY-CORE PORTFOLIO (1) (unaudited) BRANDYWINE REALTY TRUST | Page 16 Three Months Ended 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 New Leases/Expansions (2): Cash Rent Growth Expiring Rate $ 45.61 $ 37.02 $ 40.75 $ 32.71 $ 37.94 New Rate $ 41.34 $ 42.75 $ 40.87 $ 31.76 $ 38.
Slide 19: Lease Expiration Analysis
LEASE EXPIRATION ANALYSIS (unaudited) BRANDYWINE REALTY TRUST | Page 17 Square Footage Annualized Rent of Expiring Leases (1) Remaining Lease Revisions (2) Expirations Acquired / % of Total % of Total Per Per Year of Lease Initial Vacated New Remaining including New Sold / in Square Square Current S
Slide 20: Regional Lease Expiration Analysis
REGIONAL LEASE EXPIRATION ANALYSIS (1) (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 18 2026 2027 2028 2029 2030 2031 Thereafter Total Philadelphia CBD Remaining square feet expiring 211 296 364 891 290 286 2,310 4,648 Square feet as a % of Region NRA 4.3% 6.0% 7.4% 18.1% 5.9% 5.8% 46.8%
Slide 21: Top Twenty Tenants
TOP TWENTY TENANTS (unaudited, annualized rent in thousands) BRANDYWINE REALTY TRUST | Page 19 Weighted Average Annualized Rent % of Total Annualized Rent Square Feet % of Total Top Twenty Tenants Remaining Lease (1) Annualized Rent (1) per Square Foot (1) Occupied Square Feet Term (months) (2) IBM,
Slide 22: Q1 2026 Portfolio Tenant Mix
Q1 2026 PORTFOLIO TENANT MIX (unaudited, by square footage) BRANDYWINE REALTY TRUST | Page 20 Business Services - 13% Finance - 14% Legal Services - 16% Manufacturing - 12% Other* - 17% Engineering & Management Services - 7% Banking - Transport/Public 5% Utilities - 6% Real * - Other includes Misc S
Slide 23: Income Statements
INCOME STATEMENTS (unaudited, in thousands, except share data) BRANDYWINE REALTY TRUST | Page 21 Three Months Ended 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Revenue Rents $ 120,657 $ 114,138 $ 114,742 $ 114,196 $ 114,428 Third party mgt. fees, labor reimbursement and leasing 4,725 5,08
Slide 24: Q1 2026 Same Store Net Operating Income
Q1 2026 SAME STORE NET OPERATING INCOME (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 22 Recently Development/ Completed/ Redevelopment Other/ Same Store Portfolio Acquired (1) (2) Eliminations (3) All Properties First Quarter First Quarter First Quarter First Quarter First Quarter First
Slide 25: EBITDA and EBITDA Coverage Ratios
EBITDA AND EBITDA COVERAGE RATIOS (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 23 Three Months Ended 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Net loss $ (48,804) $ (36,877) $ (25,998) $ (88,936) $ (27,056) Add (deduct): Net (gain) loss on disposition of real estate - (6,388
Slide 26: Funds From Operations
FUNDS FROM OPERATIONS (unaudited, in thousands, except share data) BRANDYWINE REALTY TRUST | Page 24 Three Months Ended 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Net loss attributable to common shareholders $ (48,909) $ (36,851) $ (26,232) $ (88,991) $ (27,404) Add (deduct): Net income
Slide 27: Cash Available for Distribution
CASH AVAILABLE FOR DISTRIBUTION (unaudited, in thousands, except share data) BRANDYWINE REALTY TRUST | Page 25 Three Months Ended 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Funds from operations available to common share and unit holders $ 20,023 $ 14,580 $ 28,031 $ 26,112 $ 24,663 Add (
Slide 28: Balance Sheets
BALANCE SHEETS (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 26 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Assets Real estate investments Operating properties $ 3,724,851 $ 3,753,780 $ 3,258,300 $ 3,253,346 $ 3,397,856 Accumulated depreciation (1,279,283) (1,259,090) (1,234,67
Slide 29: Liquidity, Leverage and Market Capitalization
LIQUIDITY, LEVERAGE AND MARKET CAPITALIZATION (unaudited, in thousands, except shares and per share data) BRANDYWINE REALTY TRUST Page 27 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 High closing price of common shares $ 3.27 $ 4.18 $ 4.58 $ 4.58 $ 5.66 Low closing price of common shares $
Slide 30: Balance Sheet Information/Debt Statistics
BALANCE SHEET INFORMATION/DEBT STATISTICS (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 28 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Fixed rate debt $ 2,057,324 $ 2,057,324 $ 1,945,000 $ 1,945,000 $ 1,795,000 Fixed rate debt (variable rate debt swapped to fixed rate) 328,610
Slide 31: Debt Schedules
DEBT SCHEDULES (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 29 03/31/2026 Maturity Stated Effective 03/31/2026 12/31/2025 Debt Instrument Percent of total Date (1) Rate (1) Rate (1) Balance Balance indebtedness Unsecured senior notes payable $450 MM Notes due 2027 November 15, 2027 3.950
Slide 32: Debt Maturities
DEBT MATURITIES (8) (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 30 Unsecured Debt Secured Debt Maturity Schedule Percent of Weighted Bank Facilities Senior Notes Construction Loan Term Loan Total By Year Debt Maturing Average Interest (9) 2026 - - 178,014 - 178,014 6.8% 6.600% 2027 315,
Slide 33: Unsecured and Secured Debt Floating and Fixed Rate Debt
DEBT MATURITIES (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 31 $1,000,000 Construction Loan $900,000 Bank Facilities, With Extensions $800,000 Unsecured Notes $700,000 Secured Debt $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Slide 34: Debt Covenant Compliance
DEBT COVENANT COMPLIANCE (unaudited, in millions) BRANDYWINE REALTY TRUST | Page 32 Revolving Credit Agreement dated July 17, 2018 and Second Amended and Restated Credit Agreement dated June 30, 2022 Covenant Required 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Fixed Charge Coverage Ratio >=1
Slide 35: JV Property Overview
JV PROPERTY OVERVIEW (unaudited, in thousands, except square footage) BRANDYWINE REALTY TRUST | Page 33 As of March 31, 2026 BDN's Share Net Net Operating Rentable Operating BDN Unconsolidated Real Initial Project Number of Income (Loss) Square Percent Percent Income Ownership Estate Ventures Locati
Slide 36: JV Debt Schedule
JV DEBT SCHEDULE (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 34 BDN Ownership Stated 03/31/2026 03/31/2026 Debt Instrument Percentage Maturity Date Rate (1) Balance BDN Share Operating Properties (7) Commerce Square JV (2) 85% June 6, 2028 7.7875% $ 220,000 $ 187,000 Cira Square JV (3)
Slide 37: JV Debt Summary
JV DEBT SUMMARY (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 35 Secured Debt Percent of Weighted Maturity Scheduled Balloon Partners' BDN Average Interest Schedule Amortizatio Total BDN Share Payments Share Share Rate of Maturing By Year n Maturing Debt (a) 2024 - - - - - 0.0% 0.000% 202
Slide 38: Q1 2026 Analyst and Company Information
Q1 2026 ANALYST AND COMPANY INFORMATION BRANDYWINE REALTY TRUST | Page 36 Equity Research Coverage Citigroup Green Street Advisors Truist Securities Seth Bergey Dylan Burzinski Michael R. Lewis 212-816-2066 949-640-8780 212-319-5659 Evercore ISI JP Morgan Keybank Steve Sakwa Anthony Paolone Upal Ran
Slide 39: Q1 2026 Disclaimer and Other Information
Q1 2026 DISCLAIMER AND OTHER INFORMATION BRANDYWINE REALTY TRUST | Page 37 Non-GAAP Measures We believe that the measures defined below that are not determined in accordance with generally accepted accounting principles (“GAAP”) are helpful to investors in measuring our performance and comparing it
Slide 40: Q1 2026 Disclaimers and Other Information (Continued)
Q1 2026 DISCLAIMERS AND OTHER INFORMATION (CONTINUED) BRANDYWINE REALTY TRUST | Page 38 Net Operating Income (NOI) (continued) 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 ord
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