Brandywine Realty Trust’s pro forma balance sheet as of March 31, 2026 shows total assets of $3.618 billion, up $29.9 million from the historical figure after reflecting the sale of its Austin property. Cash and cash equivalents jumped to $182.3 million from $36.2 million, a gain of $146.1 million tied to the disposition proceeds. Total real estate investments, net, fell to $2.633 billion from $2.738 billion, a decline of $104.9 million. Operating properties were reduced by $115.1 million to $3.610 billion, while accumulated depreciation improved by $15.4 million to $(1.264) billion. Right-of-use assets declined to $12.4 million from $17.7 million, accrued rent receivable slipped to $179.5 million from $184.2 million, and deferred costs fell to $74.7 million from $81.1 million.
Liabilities eased to $2.841 billion from $2.849 billion, a drop of $8.1 million. Deferred income, gains and rent decreased to $19.9 million from $20.9 million, lease liabilities fell to $17.0 million from $23.8 million, and other liabilities edged down to $12.8 million from $13.1 million. Equity rose to $777.2 million from $739.2 million, with cumulative earnings increasing to $594.6 million from $556.7 million, reflecting a $38.0 million boost from the disposition.
For the three months ended March 31, 2026, total revenue would have been $122.3 million on a pro forma basis, down from $127.0 million historically. Rents declined to $116.0 million from $120.7 million, while other revenue slipped to $1.6 million from $1.6 million. Property operating expenses fell to $37.5 million from $38.5 million, real estate taxes dropped to $10.7 million from $11.3 million, and depreciation and amortization decreased to $47.9 million from $49.2 million. Total operating expenses would have been $122.5 million, down from $125.5 million.
Operating income swung from a $1.5 million profit to a $206,000 loss on a pro forma basis for the quarter, as the $4.7 million revenue decline outweighed the $3.0 million drop in operating expenses. Net loss attributable to Brandywine Realty Trust widened to $50.3 million from $48.6 million, and loss per common share 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 fell to $438.3 million from $457.5 million, and other revenue eased to $6.5 million from $6.6 million. Operating expenses declined to $454.8 million from $467.0 million, including property operating expenses of $126.9 million versus $131.3 million, real estate taxes of $41.0 million versus $43.6 million, and depreciation and amortization of $171.1 million versus $176.4 million.
The disposition also lifted reported gain on sale of real estate to $47.2 million from $9.3 million, pushing operating income to $57.6 million from $26.7 million. Even so, net loss attributable to Brandywine Realty Trust improved only modestly, to $147.3 million from $178.2 million, and loss per common share narrowed to $0.86 from $1.03. As a result of these announcements, the company's shares have moved 0.0% on the market, and are now trading at a price of $3.06. For the full picture, make sure to review BRANDYWINE REALTY TRUST's 8-K report.
