Brandywine Realty Trust
brandywinerealty.comWhat Do They Do?
Owns, develops and manages office properties and mixed-use developments, including life science/lab and residential space, for tenants.
10-K for FY2025, filed Feb 23, 2026We are a self-administered and self-managed real estate investment trust (“REIT”) engaged in the acquisition, development, redevelopment…View ↗
How Do They Make Money?
Tenants pay rent under leases over the lease term, with variable charges and operating-cost reimbursements tied to the lease. The company earns monthly management fees and labor reimbursements as it serves property owners, lease commissions when a lease is signed, and development fees over construction.
10-K for FY2025, filed Feb 23, 2026The Company generates revenue under leases with tenants occupying the Properties. Generally, leases with tenants are accounted for as…View ↗
Fixed lease payments under tenant leases, determined to be collectible, are recognized on a straight-line basis over the term of the…View ↗
The Company’s leases also typically provide for tenant reimbursement of a portion of common area maintenance expenses and other operating…View ↗
The Company performs property management services for its managed real estate ventures and third-party property owners of real estate and…View ↗
Development fee revenue is earned through two different sources: (i) the Company performs development services for third parties as an…View ↗
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10-K for FY2025, filed Feb 23, 2026
FY2025 revenue by product or service ↗
$484.5M
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10-K for FY2025, filed Feb 23, 2026
$484.5M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Rents
Recurring
10-K for FY2025, filed Feb 23, 2026 |
94%
FY2022: 93%
|
Rents, FY2025
$457.5M Sources
|
Recurring |
|
Third party management fees, labor reimbursement and leasing
|
4.2%
FY2022: 4.8%
|
Third party management fees, labor reimbursement and leasing, FY2025
$20.3M Sources
|
|
|
Other
|
1.4%
FY2022: 2.2%
|
Other, FY2025
$6.6M Sources
|
Who Are Their Customers?
It rents space to tenants and provides management, leasing and development services for third-party property owners and real estate ventures.
10-K for FY2025, filed Feb 23, 2026We generate cash and revenue from leases of space at our Properties and, to a lesser extent, from the management and…View ↗
The Company performs property management services for its managed real estate ventures and third-party property owners of real estate and…View ↗
Development fee revenue is earned through two different sources: (i) the Company performs development services for third parties as an…View ↗
Do Revenues Turn Into Profits?
No. It lost $178.2M in FY2025.
10-K for FY2025, filed Feb 23, 2026
How Are They Changing?
- Net income
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Sources
10-Q for Q2 FY2026, filed Jul 28, 2026
−$31.4MView ↗
- ▼ −65% (Loss)
- vs −$88.7M in Q2 FY2025
10-Q for Q2 FY2026, filed Jul 28, 2026
Open tableView ↗
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Jul 23, 2026
Narrows 2026 per-share guidance
The company narrowed its projected Funds from Operations range to $0.53–$0.57 per share from $0.52–$0.58.
Sources
8-K, filed Jul 23, 2026
“We are pleased with our second quarter progress on our 2026 Business Plan highlighted by raising our speculative revenue midpoint guidance…View ↗
Flat. Revenue was $484.5M in FY2025, about the same as the $486.8M of FY2021.
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