Brandywine Realty Trust · NYSE:BDN
Brandywine Realty Trust — Q4 2025 Earnings Presentation
44 slides from Brandywine Realty Trust's earnings presentation, Feb 4, 2026
Slide 1: Supplemental Information Package 2025 Fourth Quarter
Y T I N U M M O C • Y T I R G E T N I S UP P L E M E N TA L • N O I T INFORMATION A V O N N P A C K A GE I • Y T I L A U 2025 F OURT H QUART E R Q
Slide 2: Table of Contents
Table of Contents P age Executive Summary 1 2025/2026 Business Plan Trend Line 3 Development Summary 8 Balance Sheet and Liquidity 13 Land Inventory 14 Property Activity 15 Net Operating Income Composition 16 Regional Property Overview 17 Leasing Activity 18 Lease Expiration Analysis 20 Top Twenty T
Slide 3: Q4 2025 Executive Summary
Q4 2025 Executive Summary (unaudited in millions, except square footage and acreage) BRANDYWINE REALTY TRUST | Page 1 Quarterly Highlights Financingg Activity As previously announced, we completed an underwritten public offering of $300 million of our 6.125% guaranteed notes due 2031 (the “Notes”)
Slide 4: Q4 2025 Executive Summary
Q4 2025 Executive Summary (unaudited in thousands, except per share data and square footage) BRANDYWINE REALTY TRUST | Page 2 Wholly-Owned Leasing Highlights Q 4 2025 Q33 2025 Quarter end occupancy 88.3% 88.8% Leased as of January 31, 2026 / October 17, 2025 90.4% 90.4% New leases executed in quarte
Slide 5: Business Plan Trend Line
Business Plan Trend Line (unaudited) BRANDYWINE REALTY TRUST | Page 3 2025 Business Plan as of Business Plan Component 2026 Business Plan Final 10/17/2025 Original Speculative Revenue / SF $17.0 - $18.0 MM / 900K SF $27.3M / 1.3M SF $27.0 - $28.0 MM / 1.3M SF $27.0 - $28.0 MM / 1.3M SF Executed / SF
Slide 6: Company Vacancy
Company Vacancy (unaudited) BRANDYWINE REALTY TRUST | Page 4 Company vacancy as of December 31, 2025 is primarily isolated to 5 Properties (Actual as of 12/31/25) % of Total Bldg Size Vacant Occupied Occupied Prelease Company Building Name Region Current Activities (SF) (SF) (SF) (%) (SF) Vacancy No
Slide 7: Austin Marketplace: Continues Leading Growth
Austin Marketplace: Continues Leading Growth (unaudited) BRANDYWINE REALTY TRUST | Page 5 (From L to R): Uptown ATX Block A; Garza Ranch; and Four Points Highlights #1 Best Performing Economy among top 50 Metros over 5 years; GDP +39%. Tesla at 21K employees in Austin and that number may triple
Slide 8: Philadelphia CBD Marketplace
Philadelphia CBD Marketplace (unaudited) BRANDYWINE REALTY TRUST | Page 6 Flight to Quality Continues Highlights Trophy class assets continue to outperform the broader market, with high-quality tenants and a Philadelphia's tech job market employs over 104K and has a three year growth rate of sup
Slide 9: Our Opportunity: Life Sciences
Our Opportunity: Life Sciences (unaudited) BRANDYWINE REALTY TRUST | Page 7 • Location: Cira Centre • Incubator (SF): 50,000 SF • Capacity: 240 Seats • Leased: 76% as of December 31, 2025 • Manager: PA Biotech • Graduate Labs (SF): 54,717 SF • Leased: 93% as of December 31, 2025 Nationall Lifee Scie
Slide 10: Development Summary
Development Summary (unaudited, in thousands, except square feet) BRANDYWINE REALTY TRUST | Page 8 Remaining Equity equity to be Projected Completion Stabilization Total Project Costs Amount funded at Leased % @ January 31, Development (% owned) Location Type Square Feet Capitalization Debt Financin
Slide 11: Development Activity
Development Activity (unaudited) BRANDYWINE REALTY TRUST | Page 9 3151 Market Street Development Designn Overview P rojectt Descriptionn A 12-level premier development featuring 417,000 SF of customizable life science/innovation/office space. Located in the University City neighborhood of Philad
Slide 12: Development Activity
Development Activity (unaudited) BRANDYWINE REALTY TRUST | Page 10 165 King of Prussia Road, Radnor, PA Design Overview A 80,000 SF, 121-room luxury boutique lifestyle hotel. Amenities include Food & Beverage services on Patio, First Floor, and Rooftop as well as In- Room Dining; Conferencing; F
Slide 13: Development Activity
Development Activity (unaudited) BRANDYWINE REALTY TRUST | Page 11 AUSTIN, TX Overview Uptown ATX is a mixed-use, 66 acre transit-oriented community with an extraordinary existing amenity base at the nearby Domain. The campus is home to approximately 596,000 SF for IBM. Once redeveloped, the proje
Slide 14: Development Activity
Development Activity (unaudited) BRANDYWINE REALTY TRUST | Page 12 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 hospitality space
Slide 15: Balance Sheet Liquidity: 2026 Capital Plan
Balance Sheet Liquidity (unaudited) BRANDYWINE REALTY TRUST | Page 13 2026 Capital Plan USES Projected ($ in millions) 2026 Dividends 57 $600 million is currently available on our line of credit Contributions to Joint Venture, net 10 excluding letters of credit totaling $35.5 million. Revenue Maint
Slide 16: Q4 2025 Land Inventory
Q4 2025 Land Inventory (unaudited) BRANDYWINE REALTY TRUST | Page 14 Estimated Development Square Feet Acres 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 8 6.9 10,255,000 Reposition/S
Slide 17: Wholly-Owned Property Activity
Wholly-Owned Property Activity (a) (unaudited, in thousands, except square footage and acreage) BRANDYWINE REALTY TRUST | Page 15 Purchase/Sales Occupancy % Location Type Event Date Square Feet/Acres Price @ Event Date 2025 PROPERTY ACTIVITY OFFICE DISPOSITION Quarry Lake II Austin, TX One Office Bl
Slide 18: 2025 Net Operating Income Composition
2025 Net Operating Income Composition (unaudited) BRANDYWINE REALTY TRUST | Page 16 NOI - Wholly Owned (a) NOI - Including JV's Total Core Portfolio NOI: $272.1 MM Total NOI: $308.1 MM 92% of NOI from our Core Markets (b) 94% of NOI from our Core Markets (b) Other 6% Other 8% Austin 13% Aust
Slide 19: Regional Commercial Property Overview
Regional Commercial Property Overview (unaudited, in thousands, except square footage) BRANDYWINE REALTY TRUST | Page 17 Square Feet % Occupied % Leased (1) Remaining Expirations Net Operating Income at 12/31/2025 # of Wholly Region Owned Properties Total % of Total 2026 2027 Q4 2025 % of Total YTD
Slide 20: Leasing Activity-Core Portfolio
Leasing Activity-Core Portfolio (1) (unaudited) BRANDYWINE REALTY TRUST | Page 18 Twelve Months Ended Three Months Ended 12/31/2025 12/31/2024 12/31/2025 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 Total Property Count 60 63 60 60 60 63 63 64 69 69 Total Square Feet
Slide 21: Leasing Activity-Core Portfolio
Leasing Activity-Core Portfolio (1) (unaudited) BRANDYWINE REALTY TRUST | Page 19 Twelve Months Ended Three Months Ended 12/31/2025 12/31/2024 12/31/2025 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 New Leases/Expansions (2): Cash Rent Growth Expiring Rate $ 38.59 $ 3
Slide 22: Lease Expiration Analysis
Lease Expiration Analysis (unaudited) BRANDYWINE REALTY TRUST | Page 20 Square Footage Annualized Rent of Expiring Leases (1) Lease Revisions (2) Remaining Acquired / Year of Lease Vacated Remaining % of Total Expirations including % of Total Per Square Per Square Initial Expiring Sold / in New Leas
Slide 23: Regional Lease Expiration Analysis
Regional Lease Expiration Analysis (1) (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 21 2026 2027 2028 2029 2030 2031 Thereafter Total P hiladelphia CBD Remaining square feet expiring 262 288 364 887 303 271 2,098 4 ,473 Square feet as a % of Region NRA 5.5% 6.1% 7.7% 18.8% 6.4% 5.7% 44.4
Slide 24: Top Twenty Tenants
Top Twenty Tenants (unaudited, annualized rent in thousands) BRANDYWINE REALTY TRUST | Page 22 Weighted Average % of Total Annualized Rent % of Total Remaining Lease Term Top Twenty Tenants Annualized Rent (1) Annualized Rent (1) per Square Foot (1) Square Feet Occupied Square Feet (months) (2) IBM,
Slide 25: Portfolio Tenant Mix
Q4 2025 Portfolio Tenant Mix (unaudited, by square footage) BRANDYWINE REALTY TRUST | Page 23 Business Services - 13% Finance - 13% Legal Services - 16% Manufacturing - 11% Other* - 17% Engineering & Management Services - 8% Transport/ Public Banking - Real Utilities - 5% Insurance - 6% Estate - * -
Slide 26: Income Statements
Income Statements (unaudited, in thousands, except share data) BRANDYWINE REALTY TRUST | Page 24 Twelve Months Ended Three Months Ended 12/31/2025 12/31/2024 12/31/2025 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 Revenue Rents $ 457,504 $ 469,242 $ 114,138 $ 114,742
Slide 27: Q4 2025 Same Store Net Operating Income
Q4 2025 Same Store Net Operating Income (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 25 Recently Completed/ Development/ Other/ Same Store Portfolio Acquired (1) Redevelopment (2) Eliminations (3) All Properties Fourth Quarter Fourth Quarter Fourth Quarter Fourth Quarter Fourth Quarter F
Slide 28: YTD 2025 Same Store Net Operating Income
YTD 2025 Same Store Net Operating Income (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 26 Recently Completed/ Development/ Other/ Same Store Portfolio Acquired (1) Redevelopment (2) Eliminations (3) All Properties Year to Date Year to Date Year to Date Year to Date Year to Date Year to Da
Slide 29: EBITDA and EBITDA Coverage Ratios
EBITDA and EBITDA Coverage Ratios (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 27 Twelve Months Ended Three Months Ended 12/31/2025 12/31/2024 12/31/2025 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 N et loss $ (178,867) $ (196,487) $ (36,877) $ (25,998) $
Slide 30: Funds from Operations
Funds from Operations (unaudited, in thousands, except share data) BRANDYWINE REALTY TRUST | Page 28 Twelve Months Ended Three Months Ended 12/31/2025 12/31/2024 12/31/2025 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 N et income (loss) attributable to common sharehol
Slide 31: Cash Available for Distribution
Cash Available for Distribution (unaudited, in thousands, except share data) BRANDYWINE REALTY TRUST | Page 29 Twelve Months Ended Three Months Ended 12/31/2025 12/31/2024 12/31/2025 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 Funds from operations available to commo
Slide 32: Balance Sheets
Balance Sheets (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 30 12/31/2025 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 Assets Real estate investments Operating properties $ 3,753,780 $ 3,258,300 $ 3,253,346 $ 3,397,856 $ 3,367,547 $ 3,402,330 $ 3,539,286 $
Slide 33: Liquidity, Leverage and Market Capitalization
Liquidity, Leverage and Market Capitalization (unaudited, in thousands, except shares and per share data) BRANDYWINE REALTY TRUST Page 31 12/31/2025 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 High closing price of common shares $ 4.18 $ 4.58 $ 4.58 $ 5.66 $ 6.53 $ 5
Slide 34: Balance Sheet Information/Debt Statistics
Balance Sheet Information/Debt Statistics (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 32 12/31/2025 09/30/2025 06/30/2025 03/31/2025 12/31/2024 09/30/2024 06/30/2024 03/31/2024 Fixed rate debt $ 2,057,324 $ 1,945,000 $ 1,945,000 $ 1,795,000 $ 1,795,000 $ 1,808,000 $ 1,808,000 $ 1,735,00
Slide 35: Debt Schedules
Debt Schedules (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 33 12/31/2025 Maturity Stated Effective 12/31/2025 12/31/2024 Debt Instrument Percent of total Date (1) Rate (1) Rate (1) Balance Balance indebtedness U nsecured senior notes payable $450 MM Notes due 2027 November 15, 2027 3.95
Slide 36: Debt Maturities
Debt Maturities (10) (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 34 Unsecured Debt Secured Debt Maturity Schedule Percent of Weighted Bank Facilities Senior Notes Construction Loan Term Loan Total By Year Debt Maturing Average Interest (11) 2026 - - 178,014 - 178,014 6.9% 6.600% 2027 25
Slide 37: Debt Maturities
Debt Maturities (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 35 $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 38: Debt Covenant Compliance
Debt Covenant Compliance (unaudited, in millions) BRANDYWINE REALTY TRUST | Page 36 Revolving Credit Agreement dated July 17, 2018 and Second Amended and Restated Credit Agreement dated June 30, 2022 Covenant Required 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024
Slide 39: JV Property Overview
JV Property Overview (unaudited, in thousands, except square footage) BRANDYWINE REALTY TRUST | Page 37 As of December 31, 2025 BDN's Share Rentable BDN Unconsolidated Real Initial Project Number of Net Operating Square Percent Percent Net Operating Ownership Estate Ventures Location Value (a) Prope
Slide 40: JV Debt Schedule
JV Debt Schedule (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 38 BDN Ownership Stated 12/31/2025 12/31/2025 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 41: JV Debt Summary
JV Debt Summary (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 39 Secured Debt Maturity Percent of Weighted Average Scheduled Balloon Partners' Schedule Total BDN Share BDN Share Interest Rate of Amortization Payments Share By Year Maturing Maturing Debt (a) 2026 - - - - - 0.0% 0.000% 2027
Slide 42: Q4 2025 Analyst and Company Information
Q4 2025 Analyst and Company Information BRANDYWINE REALTY TRUST | Page 40 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 43: Q4 2025 Disclaimers and Other Information
Q4 2025 Disclaimers and Other Information BRANDYWINE REALTY TRUST | Page 41 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 i
Slide 44: Q4 2025 Disclaimers and Other Information (continued)
Q4 2025 Disclaimers and Other Information (continued) BRANDYWINE REALTY TRUST | Page 42 Net O perating 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 or
Brandywine Realty Trust — Q4 2025 Earnings Presentation on 6ix