Brandywine Realty Trust reported a net loss attributable to common shareholders of ($27.4) million, or ($0.16) per diluted share, for the first quarter of 2025. Funds From Operations (FFO) available to common shareholders and unit holders totaled $24.7 million, or $0.14 per diluted share, a decrease from $0.24 per diluted share in the first quarter of 2024. The FFO payout ratio for the quarter stood at an elevated 107.1%.
The company narrowed its 2025 FFO guidance range from $0.60-$0.72 to $0.61-$0.71 per diluted share, reflecting progress on its business plan. Brandywine achieved 92% of its speculative revenue target based on the midpoint of its guidance. Leasing activity remained strong, with approximately 235,000 square feet leased and 306,000 square feet of forward new leasing scheduled to commence after the first quarter, the highest total in eleven quarters.
Operational metrics included positive accrual and cash mark-to-market rental rate increases of 8.9% and 2.3%, respectively. The Schuylkill Yards residential development, Avira, is 96% leased and is anticipated to stabilize later this quarter. Brandywine maintained an excellent liquidity position, having repaid its $70 million term loan and with only $65 million outstanding on its $600 million unsecured line of credit.
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