Brandywine Realty Trust said the sale of its 206,000-square-foot office building and 520-space parking garage in Austin, Texas, would have lifted cash and reduced assets and revenue in its pro forma results.
As of March 31, 2026, cash and cash equivalents would have risen to $182.3 million from $36.2 million, reflecting the $146.1 million of net proceeds from the disposition. Total assets would have increased to $3.618 billion from $3.588 billion, while total liabilities would have edged down to $2.841 billion from $2.849 billion. Beneficiaries’ equity would have increased to $777.2 million from $739.2 million.
On the asset side, operating properties would have fallen to $3.610 billion from $3.725 billion, and operating real estate investments, net, would have declined to $2.410 billion from $2.514 billion. Accrued rent receivable would have dropped to $179.5 million from $184.2 million, deferred costs to $74.7 million from $81.1 million, and right-of-use assets to $12.4 million from $17.7 million.
For the first quarter of 2026, pro forma total revenue would have been $122.3 million, down from $127.0 million. Rents would have decreased to $116.0 million from $120.7 million, and other revenue would have slipped to $1.6 million from $1.6 million. Property operating expenses would have 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. Total operating expenses would have eased to $122.5 million from $125.5 million.
That left pro forma operating income at a loss of $206,000, compared with operating income of $1.5 million on the historical numbers. 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, with rents falling to $438.3 million from $457.5 million. Property operating expenses would have declined to $126.9 million from $131.3 million, real estate taxes to $41.0 million from $43.6 million, and depreciation and amortization to $171.1 million from $176.4 million. Total operating expenses would have been $454.8 million, down from $467.0 million.
The sale also would have pushed the gain on sale of real estate to $47.2 million from $9.3 million, lifting operating income to $57.6 million from $26.7 million. Even so, net loss attributable to common shareholders would still have been $148.5 million, versus $179.5 million historically, with basic loss per share improving to $0.86 from $1.03. Following these announcements, the company's shares moved 0.0%, and are now trading at a price of $3.06. For more information, read the company's full 8-K submission here.
