Brandywine Realty Trust · NYSE:BDN
Brandywine Realty Trust — Q3 2026 Earnings Presentation
41 slides from Brandywine Realty Trust's earnings presentation, Oct 22, 2026
Slide 1: Supplemental Information Package Third Quarter 2026
S UPPL EM EN TAL IN F O R M ATIO N PACK AG E 2026 THIRD 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 4 Key Market Insights 5 Development Summary 6 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: Q3 2026 Executive Summary: Quarterly Highlights and Capital Markets Summary
BRANDYWINE REALTY TRUST | Page 1 Q3 2026 EXECUTIVE SUMMARY (unaudited in millions, except square footage and acreage) QUARTERLY HIGHLIGHTS Q3 2026 Cash Activity Summary CAPITAL MARKET SUMMARY ($ in millions) Wholly-Owned Dispositions: We have revised our initial disposition guidance Beginning Cash 6
Slide 4: Q3 2026 Executive Summary: Disposition Activity
BRANDYWINE REALTY TRUST | Page 2 Q3 2026 EXECUTIVE SUMMARY (unaudited in thousands, except per share data and square footage) QUARTERLY HIGHLIGHTS DISPOSITION ACTIVITY • As previously disclosed, on July 1, 2026, we completed the sale of a wholly-owned office property in King of Prussia, Pennsylvania
Slide 5: Q3 2026 Executive Summary: Wholly-Owned Leasing Highlights
BRANDYWINE REALTY TRUST | Page 3 Q3 2026 EXECUTIVE SUMMARY (unaudited in thousands, except per share data and square footage) Wholly-Owned Leasing Highlights Q3 2026 Q2 2026 Quarter end occupancy 89.0% 89.1% Leased as of September 30, 2026 / July 15, 2026 90.5% 90.6% New leases executed in quarter (
Slide 6: Business Plan Trend Line
BUSINESS PLAN TREND LINE (unaudited) BRANDYWINE REALTY TRUST | Page 4 2026 Business Plan as of Business Plan Component 10/15/2026 7/15/2026 4/15/2026 Original Speculative Revenue / SF $19.5 MM / 915K SF $18.4 - $18.6 MM / 900K SF $17.0 - $18.0 MM / 900K SF $17.0 - $18.0 MM / 900K SF Executed / SF $1
Slide 7: Key Market Insights: Austin and Greater Philadelphia
KEY MARKET INSIGHTS BRANDYWINE REALTY TRUST | Page 5 AUSTIN GREATER PHILADELPHIA Capitalizing on Growth Tourism Tailwind in 2026 One Uptown, Austin, TX Cira Centre, Philadelphia, PA Arkema Inc. Headquarters - 155 King of Prussia Road, Radnor, PA REGION REGION • Austin’s job growth is #1 among Top 50
Slide 8: Development Summary
DEVELOPMENT SUMMARY (unaudited, in thousands, except square feet) BRANDYWINE REALTY TRUST | Page 6 Stabilized Equity Remaining equity to Leased % @ Completion Total Project Debt Amount funded Projected Cash Development (% owned) Location Type Occupancy Square Feet Capitalization be funded by BDN Sep
Slide 9: One Uptown - Office
DEVELOPMENT ACTIVITY (unaudited) BRANDYWINE REALTY TRUST | Page 7 ONE UPTOWN - OFFICE OFFICE PROJECT OVERVIEW OFFICE FINANCIAL HIGHLIGHTS • Located in One Uptown, Austin, TX. • Total Development Costs: $209.9 MM ($579 PSF) • A mixed-use development featuring a 14-story office tower • Construction Lo
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. Upon full buildout, the project will include office, multifamily, hospitality, retail and a new CapMetro light rail stop. ACRES: TRANSIT: • U
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 mixed-use development of office, residential, retail, hospitality, life science, research and academic space.
Slide 12: 2026 Capital Plan
BALANCE SHEET LIQUIDITY (unaudited) BRANDYWINE REALTY TRUST | Page 10 2026 CAPITAL PLAN USES $463 million is currently available on our line of credit excluding letters of credit ($ in millions) Projected 4Q26 totaling $25.1 million. Dividends $14 Projected LOC availability at 12/31/26: $600 mil
Slide 13: Land Inventory
Q3 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 OFFICE DISPOSITION Six Tower Bridge Conshohocken, PA One O
Slide 15: 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: $198.3 MM Total NOI: $226.7 MM 96% of NOI from our Core Markets (b) 97% of NOI from our Core Markets (b) Other Other 3% 4% Austin 7% Austi
Slide 16: Regional Commercial Property Overview
REGIONAL COMMERCIAL PROPERTY OVERVIEW(1) (unaudited, in thousands, except square footage) BRANDYWINE REALTY TRUST | Page 14 # of Wholly % % Leased Square Feet Remaining Expirations Net Operating Income at 9/30/2026 Owned Occupied (2) Region Properties Total % of Total 2026 2027 Q3 2026 % of Total YT
Slide 17: Leasing Activity - Core Portfolio
LEASING ACTIVITY-CORE PORTFOLIO (1) (unaudited) BRANDYWINE REALTY TRUST | Page 15 Nine Months Ended Three Months Ended 09/30/2026 09/30/2025 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Total Property Count 58 60 58 57 60 60 60 60 63 Total Square Feet 10,798,380 11,28
Slide 18: Leasing Activity - Core Portfolio (Rent Growth)
LEASING ACTIVITY-CORE PORTFOLIO (1) (unaudited) BRANDYWINE REALTY TRUST | Page 16 Nine Months Ended Three Months Ended 09/30/2026 09/30/2025 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 New Leases/Expansions (2): Cash Rent Growth Expiring Rate $ 42.15 $ 39.15 $ 43.44
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 53 345 370 825 300 312 2,489 4,694 Square feet as a % of Region NRA 1.1% 7.0% 7.5% 16.7% 6.1% 6.3% 50.3% 9
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: Portfolio Tenant Mix
Q3 2026 PORTFOLIO TENANT MIX (unaudited, by square footage) BRANDYWINE REALTY TRUST | Page 20 Business Services - 13% Finance - 14% Legal Services - 16% Manufacturing - 12% Other* - 19% Engineering & Management Services - 5% Transport/Public Banking - Utilities - 6% 4% Real Insurance - * - Other inc
Slide 23: Income Statements
INCOME STATEMENTS (unaudited, in thousands, except share data) BRANDYWINE REALTY TRUST | Page 21 Nine Months Ended Three Months Ended 09/30/2026 09/30/2025 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Revenue Rents $ 362,016 $ 343,366 $ 118,661 $ 122,698 $ 120,657 $ 1
Slide 24: Q3 2026 Same Store Net Operating Income
Q3 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 Third Quarter Third Quarter Third Quarter Third Quarter Third Quarter Third
Slide 25: YTD 2026 Same Store Net Operating Income
YTD 2026 SAME STORE NET OPERATING INCOME (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 23 Recently Development/ Completed/ Redevelopment Other/ Same Store Portfolio Acquired (1) (2) Eliminations (3) All Properties Year to Date Year to Date Year to Date Year to Date Year to Date Year to Da
Slide 26: EBITDA and EBITDA Coverage Ratios
EBITDA AND EBITDA COVERAGE RATIOS (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 24 Nine Months Ended Three Months Ended 09/30/2026 09/30/2025 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Net loss $ (102,481) $ (141,990) $ (22,142) $ (31,535) $ (48,804) $ (3
Slide 27: Funds from Operations
FUNDS FROM OPERATIONS (unaudited, in thousands, except share data) BRANDYWINE REALTY TRUST | Page 25 Nine Months Ended Three Months Ended 09/30/2026 09/30/2025 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Net loss attributable to common shareholders $ (102,829) $ (142
Slide 28: Cash Available for Distribution
CASH AVAILABLE FOR DISTRIBUTION (unaudited, in thousands, except share data) BRANDYWINE REALTY TRUST | Page 26 Nine Months Ended Three Months Ended 09/30/2026 09/30/2025 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Funds from operations available to common share and u
Slide 29: Balance Sheets
BALANCE SHEETS (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 27 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Assets Real estate investments Operating properties $ 3,300,851 $ 3,527,129 $ 3,724,851 $ 3,753,780 $ 3,258,300 $ 3,253,346 $ 3,397,856 Accumulated
Slide 30: Liquidity, Leverage and Market Capitalization
LIQUIDITY, LEVERAGE AND MARKET CAPITALIZATION (unaudited, in thousands, except shares and per share data) BRANDYWINE REALTY TRUST Page 28 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 High closing price of common shares $ 3.28 $ 3.28 $ 3.27 $ 4.18 $ 4.58 $ 4.58 $ 5.66
Slide 31: Balance Sheet Information / Debt Statistics
BALANCE SHEET INFORMATION/DEBT STATISTICS (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 29 09/30/2026 06/30/2026 03/31/2026 12/31/2025 09/30/2025 06/30/2025 03/31/2025 Fixed rate debt $ 1,860,000 $ 2,057,324 $ 2,057,324 $ 2,057,324 $ 1,945,000 $ 1,945,000 $ 1,795,000 Fixed rate debt (vari
Slide 32: Debt Schedules
DEBT SCHEDULES (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 30 09/30/2026 Maturity Stated Effective 09/30/2026 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 33: Debt Maturities
DEBT MATURITIES (11) (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 31 Unsecured Debt Secured Debt Maturity Schedule Percent of Weighted Bank Facilities Senior Notes Construction Loan Term Loan Total By Year Debt Maturing Average Interest (12) 2026 - - - - - 0.0% 0.000% 2027 387,000 450,00
Slide 34: Debt Maturities Charts
DEBT MATURITIES (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 32 $900,000 $800,000 Construction Loan Bank Facilities, With Extensions $700,000 Unsecured Notes $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter % of total 0
Slide 35: Debt Covenant Compliance
DEBT COVENANT COMPLIANCE (unaudited, in millions) BRANDYWINE REALTY TRUST | Page 33 Revolving Credit Agreement dated July 17, 2018 and Second Amended and Restated Credit Agreement dated June 30, 2022 Covenant Required 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Fixed Charg
Slide 36: JV Property Overview
JV PROPERTY OVERVIEW (unaudited, in thousands, except square footage) BRANDYWINE REALTY TRUST | Page 34 As of September 30, 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 Lo
Slide 37: JV Debt Schedule
JV DEBT SCHEDULE (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 35 BDN Ownership Stated 09/30/2026 09/30/2026 Debt Instrument Percentage Maturity Date Rate (1) Balance BDN Share Operating Properties (6) Commerce Square JV (2) 85% June 6, 2028 7.7875% $ 220,000 $ 187,000 Cira Square JV (3)
Slide 38: JV Debt Summary
JV DEBT SUMMARY (unaudited, in thousands) BRANDYWINE REALTY TRUST | Page 36 Secured Debt Percent of Weighted Maturity Scheduled Balloon Partners' BDN Average Interest Schedule Total BDN Share Amortization Payments Share Share Rate of Maturing By Year Maturing Debt (a) 2026 - - - - - 0.0% 0.000% 2027
Slide 39: Analyst and Company Information
Q3 2026 ANALYST AND COMPANY INFORMATION BRANDYWINE REALTY TRUST | Page 37 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 40: Disclaimer and Other Information
Q3 2026 DISCLAIMER AND OTHER INFORMATION BRANDYWINE REALTY TRUST | Page 38 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 41: Disclaimers and Other Information (Continued)
Q3 2026 DISCLAIMERS AND OTHER INFORMATION (CONTINUED) BRANDYWINE REALTY TRUST | Page 39 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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