EarningsQ2 2026 Earnings Report
DE:B2X Q2 2026 EPS Results
Actual EPS€0.39
Consensus EPS-€0.16
Beat/MissBeat by +€0.55
One Year Ago EPS-€0.45
DE:B2X Q2 2026 Revenue Results
Actual Revenue€114.79M
Expected Revenue€100.65M
Beat/MissBeat by +€14.14M
YoY Revenue Growth+6.92%
Earnings Announcement Details
QuarterQ2 2026
Date07/22/2026
TimeAfter Close
Conference CallWednesday, July 22, 2026
DE:B2X Upcoming Earnings
Brandywine Realty's next earnings date is estimated for October 21, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:B2X Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call highlighted meaningful operational progress: leasing momentum, spec revenue outperformance, strong Philadelphia market performance, successful Radnor hotel launch, and tangible balance-sheet actions (>$208M closed sales, $305M expected) including refinancing activity. However, the company still faces elevated leverage, a GAAP net loss, concentration of weakness in Austin (67% occupancy), lower-than-expected termination/other income, and a temporary CAD payout above sustainable levels. Execution of the remaining asset sales, recapitalizations (ATX projects) and deleveraging are key to realizing the positive trajectory discussed.Company Guidance
Speculative Revenue Outperformance
Speculative revenue of $18.3 million in Q2, achieved 99% of speculative revenue at the revised guidance midpoint; management noted a $1 million increase versus the guidance midpoint.
FFO and Guidance Maintained
Q2 FFO of $0.13 per diluted share (above management's prior guidance and $0.01 below consensus); full-year FFO midpoint maintained at $0.55 with a narrowed guidance range.
Leasing and Occupancy Strength
Wholly owned portfolio 90.6% leased and 89.1% occupied; 88,000 sq ft positive net absorption in Q2; total leasing activity 353,000 sq ft (254k wholly owned, 98k JV) and 166,000 sq ft of forward leasing commencing after quarter end.
Improved Tenant Retention and Pipeline
Quarterly tenant retention 85%, prompting an increase in full-year midpoint retention to 51%–53%; operating leasing pipeline up 13% (≈220k sq ft) QoQ, with ~456k sq ft in advanced negotiation and trailing-4-quarter tour-to-proposal conversion at 53% and proposal-to-executed-lease at 41%.
Strong Philly Market Performance
Philadelphia CBD & University City: 95% occupied and 97% leased; Brandywine captured 54% of new leases signed in those submarkets during H1 2026; monitoring ~5.1 million sq ft of conversion projects (~11% of Philly office inventory) that improve market dynamics.
Radnor Hotel Early Success
Radnor 121-room hotel opened May 2026; pro forma target of 8.5k room nights for partial year and already booked ~8.4k room nights in <3 months (~99% of projection) while maintaining ADR target in the low $300s; expected to stabilize mid-2027.
Balance Sheet Progress and Asset Sales
$208 million of asset sales closed to date with $305 million total sales expected to close by end of Q3; sale pricing in line with original guidance; $192 million of proceeds used to pay off unsecured line; $35 million cash on hand.
Debt Reduction and Financing Actions
Repaid a $178 million construction loan and replaced with $90 million secured 7-year financing at a fixed all-in rate of 5.8%; plan to primarily use sale proceeds to reduce leverage and opportunistically repurchase high-coupon bonds (nearly 50% of outstanding bonds have coupons >8.8%).
Development & Project Leasing Momentum
Development pipeline growing: 1 UPTOWN and 51 pipeline up >10% QoQ; 1 UPTOWN has 3 leases being finalized plus 5 proposals totaling >100k sq ft; Uptown ATX pipeline >1.1M sq ft with first renovated 157k sq ft building targeted for delivery Q4 2027 and expected cash yield >8%.
Operational Same-Store Growth
Same-store NOI positive: +0.5% on a GAAP basis and +1.9% on a cash basis, both within guidance ranges.
DE:B2X 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