Brandywine Realty Trust demonstrated strong operational performance in Q3 2025, with a solid leasing pipeline and exceptional tenant retention, highlighting its advantageous market position amidst ongoing recovery in key regions.

• Achieved 99% of spec revenue target with a quarterly tenant retention rate of 68%.
• Occupancy rates at 88.8% overall, with Philadelphia outperforming at 94% occupied, while anticipating a temporary decline in Boston to 74% by year-end.
• Strong forward leasing activity with 182,000 square feet committed post-quarter end, reflecting increasing demand for quality space.
• Maintained a capital ratio at 10.9%, below the business plan range, supported by effective debt management and no upcoming unsecured bond maturities until November 2027.
• Notable market trends with a significant reduction in office inventory in CBD Philadelphia due to building conversions, enhancing the competitive stance of high-quality assets.