J P M O R G A N North America Equity Research 22 July 2026 Brandywine Realty Trust 2Q FFO In Line w/ JPMe, $0.01 Shy of Street; Occupancy Was Good, No Real Development Leasing BDN reported 2Q26 FFO/share of $0.13 (-11.1% y/y), which was in line with JPMe of $0.13 and behind Bloomberg consensus of $0.14. Relative to our model, the variances were small (all less than a penny) and are detailed below. In the core, BDN executed a combined (wholly owned and JV) 353k sf of leases during the quarter (vs. 422k sf in ...