SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

The following tables provide selected asset information and results of operations of the Company’s reportable segments (in thousands):


Real estate investments, at cost:
	March 31, 2026		December 31, 2025
Philadelphia CBD	$	2,087,963	$	2,080,220
Pennsylvania Suburbs	865,932		883,218
Austin, Texas	508,104		510,030
Total Core Segments	3,461,999		3,473,468
Other	262,852		280,312
Operating properties	$	3,724,851	$	3,753,780
Assets held for sale	15,383		—
Total	$	3,740,234	$	3,753,780

Corporate
Prepaid ground leases, net	$	51,236	$	51,399
Right of use asset - operating leases, net	$	17,657	$	17,806
Construction-in-progress	$	123,659	$	118,543
Land held for development	$	72,110	$	70,405
Prepaid leasehold interests in land held for development, net	$	27,762	$	27,762

Net operating income:

Includes property operating expenses, real estate taxes and third-party management expense.


Unconsolidated real estate ventures:
	Investment in real estate ventures				Equity in income (loss) of real estate ventures
	As of				Three Months Ended March 31,
	March 31, 2026		December 31, 2025		2026		2025
Philadelphia CBD	$	217,195	$	215,078	$	(2,308)	$	(4,208)
Mid-Atlantic Office JV	10,733		10,877		(97)		(161)


Austin, Texas	76,634		71,611		(6,130)		(5,888)
Other	16,972		16,760		(167)		(254)
Total	$	321,534	$	314,326	$	(8,702)	$	(10,511)

The following is a reconciliation of consolidated net income (loss), as defined by GAAP, to consolidated NOI, (in thousands):


	Three Months Ended March 31,
	2026		2025
Net loss	$	(48,804)	$	(27,056)
Plus:
Interest expense	40,889		31,845
Interest expense - amortization of deferred financing costs	1,387		1,230

Depreciation and amortization	49,231		44,353
General and administrative expenses	12,335		17,470
Equity in loss of unconsolidated real estate ventures	8,702		10,511
Provision for impairment	11,909		—

Less:
Interest and investment income	666		1,186
Income tax provision	(2)		—

Net gain on disposition of real estate	—		3,059

Net gain on real estate venture transactions	—		183

Consolidated net operating income	$	74,985	$	73,925

BRANDYWINE REALTY TRUST 10-Q