Brandywine Realty Trust’s pro forma numbers show the effect of the July 9 sale of its 206,000-square-foot office building and 520-space parking garage in Austin, Texas, for $151.0 million, with net proceeds of about $146.1 million.
On the balance sheet as of March 31, 2026, total assets would have been $3.618 billion, up from $3.588 billion in the historical figures, a gain of $29.9 million. Cash and cash equivalents would have jumped to $182.3 million from $36.2 million, reflecting the $146.1 million in proceeds. Real estate investments, net, would have fallen to $2.633 billion from $2.738 billion, a decline of $104.9 million. Operating properties would have dropped to $3.610 billion from $3.725 billion, while accumulated depreciation would have improved to $(1.264) billion from $(1.279) billion. Accrued rent receivable would have decreased to $179.5 million from $184.2 million, deferred costs to $74.7 million from $81.1 million, and the operating lease liability to $17.0 million from $23.8 million.
Total liabilities would have edged down to $2.841 billion from $2.849 billion. Within that, deferred income, gains and rent fell to $19.9 million from $20.9 million, lease liabilities declined by $6.8 million, and other liabilities slipped to $12.8 million from $13.1 million.
Equity would have risen to $777.2 million from $739.2 million, an increase of $38.0 million. Brandywine’s cumulative earnings would have climbed to $594.6 million from $556.7 million, reflecting the pro forma gain on sale. Noncontrolling interests were unchanged at $4.9 million.
For the first quarter of 2026, total revenue would have been $122.3 million, down from $127.0 million, a decrease of $4.7 million. Rents fell to $116.0 million from $120.7 million, other revenue slipped to $1.6 million from $1.6 million, and third-party management fees, labor reimbursement and leasing held at $4.7 million.
Operating expenses would have dropped to $122.5 million from $125.5 million. Property operating expenses declined to $37.5 million from $38.5 million, real estate taxes to $10.7 million from $11.3 million, and depreciation and amortization to $47.9 million from $49.2 million. General and administrative expense was unchanged at $12.3 million, while the impairment provision remained $11.9 million.
Operating income would have moved from a gain of $1.5 million to a loss of $206,000. The company’s net loss attributable to common shareholders would have widened to $50.6 million from $48.9 million, and basic loss per share would have moved to $0.29 from $0.28.
For full-year 2025, pro forma total revenue would have been $465.2 million, down from $484.5 million. Rents would have declined to $438.3 million from $457.5 million, and operating expenses would have fallen to $454.8 million from $467.0 million. The biggest swing was below operating income: gain on sale of real estate would have increased to $47.2 million from $9.3 million, lifting operating income to $57.6 million from $26.7 million.
Even with that boost, net loss attributable to common shareholders would have been $148.5 million, compared with $179.5 million historically, and basic loss per share would have improved to $0.86 from $1.03. Following these announcements, the company's shares moved -0.16%, and are now trading at a price of $3.055. For more information, read the company's full 8-K submission here.
