Brandywine recorded FFO of $20.0 million, or $0.11 per diluted share, in the first quarter while reporting a net loss attributable to common shareholders of $48.9 million, or $0.28 per share, on $127.0 million of revenue. The results include $11.9 million of non-cash impairment charges impacting earnings per share by $0.07.

During the quarter, Brandywine signed 268,000 square feet of new and renewal leases in its wholly owned portfolio and 422,000 square feet including unconsolidated joint ventures, lifting leased availability to 89.9%. The company has $305 million of planned dispositions to meet its $290 million target and expects to close these sales in mid-2026.

Based on strong leasing and disposition progress, management narrowed full-year FFO guidance to $0.52–$0.58 per share from $0.51–$0.59 and maintained a $65 million balance on its $600 million unsecured credit facility. It agreed on a seven-year, $100 million financing for Avira, using proceeds to refinance a construction loan due in July 2026, and has no unsecured bonds maturing until November 2027.