Brandywine Operating Partnership Declares $0.08 Quarterly Dividend
Brandywine Operating Partnership, L.P., a commercial real estate partnership, declared a $0.08 per share quarterly cash dividend. The distribution was approved by the Board of Trustees on February 18, 2026.
Brandywine Operating Partnership, L.P., a commercial real estate operating partnership focused on office properties, declared a quarterly cash dividend of $0.08 per common share and operating partnership unit. The Board of Trustees approved the distribution on February 18, 2026. Read more dividend announcements.
The dividend was paid on April 16, 2026 to holders of record as of April 2, 2026.
| Dividend Details | Date |
|---|---|
| Amount per Share | $0.08 |
| Record Date | April 2, 2026 |
| Payment Date | April 16, 2026 |
| Declaration Date | February 18, 2026 |
First Quarter FFO and Payout Ratio
The partnership reported first quarter 2026 funds from operations of $0.11 per diluted share. The FFO payout ratio for the quarter stood at 72.7%, calculated as the $0.08 distribution divided by the $0.11 FFO per diluted share.
Portfolio Performance
Brandywine's core portfolio of 60 properties comprising 11.4 million square feet was 88.3% occupied at March 31, 2026. As of April 15, 2026, the portfolio was 89.9% leased, reflecting executed leases set to commence after the quarter end.
Same store net operating income for 59 properties increased 0.8% on an accrual basis and 3.3% on a cash basis in the first quarter. Occupancy across the same store portfolio rose to 88.3% from 88.8% a year earlier.
Leasing Activity
The partnership leased approximately 268,000 square feet during the first quarter, with 237,000 square feet commencing occupancy. The activity included 77,000 square feet of renewals, 114,000 square feet of new leases, and 46,000 square feet of tenant expansions.
First quarter rental rate growth reached 4.1%, driven by renewal rates that increased 5.0% while new lease and expansion rates declined 0.9%, all on an accrual basis. The tenant retention ratio was 45% with negative net absorption of 38,000 square feet.
2026 Guidance
Brandywine adjusted its 2026 FFO guidance to a range of $0.52 to $0.58 per diluted share, narrowed from the prior range of $0.51 to $0.59. The partnership revised its loss per share guidance to $(0.76) to $(0.70) from the previous $(0.66) to $(0.58).
The company projects year-end core occupancy of 89% to 90% and year-end core leased percentage of 90% to 91%. Same store NOI on an accrual basis is expected to range from negative 1% to positive 1%, while cash basis same store NOI is projected at 0% to 2%. The speculative revenue target stands at $17.0 million to $18.0 million, with $16.4 million already achieved.