Brandywine Realty Trust reported a decline in financial performance for the first quarter of 2025, with total revenue decreasing to $121.5 million from $126.5 million in the same period of 2024. The company experienced a net loss of $27.1 million, compared to a loss of $16.4 million in the prior year. This resulted in a loss per common share of $0.16, up from $0.10 in the previous year. The decrease in revenue was primarily attributed to lower rental income, which fell to $114.4 million from $119.0 million, largely due to the sale of several properties in 2024.
In terms of operational metrics, Brandywine's occupancy rate for its core properties was reported at 86.6%, a slight decline from 87.7% a year earlier. The company noted a tenant retention rate of 55.4%, down from 67.3% in the previous year, indicating challenges in maintaining existing tenants. The average annual rent per square foot also decreased to $36.68 from $44.21, reflecting the impact of market conditions on rental rates. The company’s net operating income (NOI) for the quarter was $73.9 million, down from $79.1 million in the same quarter of 2024.
Strategically, Brandywine Realty Trust has continued to focus on its core portfolio, which consists of 64 properties totaling approximately 12.1 million net rentable square feet. The company is actively managing its properties and has engaged in several capital expenditures, including tenant improvements and leasing costs, which totaled $22.6 million for the quarter. Additionally, Brandywine recognized a net gain of $3.1 million from the disposition of real estate, contributing positively to its financial results.
Looking ahead, Brandywine Realty Trust remains cautious about the macroeconomic environment, which includes inflationary pressures and rising interest rates that could impact its operations and financial performance. The company is committed to increasing occupancy and rental rates across its portfolio while managing costs effectively. Despite the current challenges, Brandywine believes its portfolio and liquidity position will support stable operating performance moving forward. The company continues to explore opportunities for growth through strategic acquisitions and developments, although it acknowledges the potential for ongoing market volatility.
About BRANDYWINE REALTY TRUST
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