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Brandywine Operating Partnership, L.P. earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026

Q3 2026 Revenue up 4% year over year to $126M · 18¢ of every $1 of revenue lost · operating margin 37.5%

Brandywine Operating Partnership, L.P. made $126M in Q3 2026 (+4% Y/Y): Rents $119M, Third party management fees, labor reimbursement and leasing $4.0M, Other $3.0M. Operating margin 37.5%, net loss $22.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$126M
Year over year+4%
Operating margin37.5%
Net earnings−$22.1M
Operating cash flow$38.5M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $125.6M in Q3 2026, up 3% year over year. Rents was the largest line at 94% of revenue. Rents added $3.9M year over year (up 3%), 93% of the total change. Third party management fees, labor reimbursement and leasing declined 12%.

Gross margin was 58.5%, down 4.1 points from Q3 2025. Operating profit was $47.1M, a 37.5% margin (up 16.8 points year over year). Of the extra revenue versus Q3 2025, 520% reached operating profit, above the 21% margin then. Operating expenses fell 48% while revenue rose 3%. The quarter ended with a net loss of $22.1M. Net interest and other expense of $69.2M was the main reason.

Operating cash flow was $38.5M (down 19% year over year). Non-cash charges added back $45.1M of depreciation and amortization and $1.7M of share-based compensation. Working capital and other items added $13.8M. Capital expenditures of $13.7M left free cash flow of $24.9M.

Quarterly history

Brandywine Operating Partnership, L.P. revenue by quarterBrandywine Operating Partnership, L.P. revenue by quarter$122MQ1 2025$121MQ2 2025$121MQ3 2025$121MQ4 2025$127MQ1 2026$129MQ2 2026$126MQ3 2026
Brandywine Operating Partnership, L.P. net earnings by quarterBrandywine Operating Partnership, L.P. net earnings by quarter−$27.1MQ1 2025−$88.9MQ2 2025−$26.0MQ3 2025−$36.9MQ4 2025−$48.8MQ1 2026−$31.5MQ2 2026−$22.1MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$126M+4%37.5%−$22.1M$38.5M
Q2 202610-QJul 28, 2026$129M+7%15.1%−$31.5M$35.6M
Q1 202610-QMay 1, 2026$127M+4%1.2%−$48.8M$10.2M
Q4 202510-KFeb 23, 2026$121M-0.8%22.8%−$36.9M$28.5M
Q3 202510-QNov 7, 2025$121M-8%20.8%−$26.0M$47.5M
Q2 202510-QJul 28, 2025$121M-4%-34.3%−$88.9M$34.4M
Q1 202510-QApr 30, 2025$122M-4%12.5%−$27.1M$6.3M

Charts

Brandywine Operating Partnership, L.P.: revenue growth, year over year and quarter over quarterBrandywine Operating Partnership, L.P.: revenue growth, year over year and quarter over quarterY/YQ/Q-4%Q1 2025-4%-1%Q2 2025-8%+1%Q3 2025-1%0%Q4 2025+4%+5%Q1 2026+7%+2%Q2 2026+4%-3%Q3 2026
Latest (Q3 2026): Y/Y +4%, Q/Q -3%.
Brandywine Operating Partnership, L.P. in its industry: growth against margin (213 companies, SIC 6798)Brandywine Operating Partnership, L.P. in its industry: growth against margin (213 companies, SIC 6798)revenue growth, year over year →↑ operating marginmedian +5%median 23%WELLAMTEQIXPLDIRMDLRWYVTRSPGBSTTRITMOPSALINEHSTVici Properties L.P.VICIHoward Hughes CorpCCIBoston Properties Ltd PartnershipEXRDOCAvalonbay Communities IncCXWAHRSBACCOLDARERHPHHHLAMRRayonier, L.P.Mid-America Apartments, L.P.SUIMAAKIMKimco Realty OP, LLCSTWDOUTEssex Portfolio LPWPCVornado Realty LPGLPIUDRREGELSPEBSVCAPLESWDRRYNDHCBrixmor Operating Partnership LPRLJStore Capital LLCOHIFederal Realty OP LPFRTDRHCubeSmart, L.P.HRCUBEAHTSL Green Operating Partnership, L.P.SLGKilroy Realty, L.P.KRCJANDEIMACCUZMPT Operating Partnership, L.P.MPTNNNSBRAREXRSTAGADCCDPEPREGPFirst Industrial LPESRTKRGPECOESBAKite Realty Group, L.P.INNCTREIRTEPRTAres Industrial Real Estate Income Trust Inc.SKTZARECBLJBGSHGITJLL Income Property Trust, Inc.BNLNHISAFELTCAmerican Assets Trust, L.P.GNLCMRFAATNHPBHRAKRABRDEACLDTLXPBRSPIVTFCPTSMAVinebrook Homes Trust, Inc.Fortress Net Lease REITBFSFBRTUMHALXNTSTFortress Credit Realty Income TrustNXRTCSRNuveen Global Cities REIT, Inc.North Haven Net REITKBSRCottonwood Communities, Inc.CTOSterling Real Estate TrustARIBrookfield Real Estate Income Trust Inc.CLPRXRNSTRWINREPMTNew Mountain Net Lease TrustTRTXJ.P. Morgan Real Estate Income Trust, Inc.ONLCHCTExchangeRight Income FundPSTLCMCTUHTRCFSPCFTR-PAInvesco Real Estate Income Trust Inc.BRTStarwood Credit Real Estate Income TrustWHLRGTJ REIT, Inc.ACRPINEApollo Realty Income Solutions, Inc.NXDTBHMFVRBlackRock Monticello Debt Real Estate Investment TrustLightstone Value Plus REIT I, Inc.Rise Companies CorpSculptor Diversified Real Estate Income Trust, Inc.Lightstone Value Plus REIT II, Inc.Cohen & Steers Income Opportunities REIT, Inc.ACRETCILANDLightstone Value Plus REIT V, Inc.NLCPSACHModiv Industrial, Inc.Fidelity Core Real Estate FundEQT Exeter Real Estate Income Trust, Inc.STSRFPIHighlands REIT, Inc.PRXASITCRreef Property Trust, Inc.LTSVSEVNLightstone Value Plus REIT III, Inc.SGSTFREVSFranklin BSP Real Estate Debt, Inc.BMNMFundrise eREIT, LLCCDR-PBCHMIPrincipal Credit Real Estate Income TrustICR-PANLOPSUNSMKZRGBCSSTLYCPTSQFTSummit Healthcare REIT, IncSELFTPTSGIPRLOANIHTMDRRStratCap Digital Infrastructure REIT, Inc.PWBrandywine Operating Partnership, L.P. (+4%, 38%)
Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.

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About Brandywine Operating Partnership, L.P.

We are a self-administered and self-managed real estate investment trust (“REIT”) engaged in the acquisition, development, redevelopment, ownership, management, and operation of a portfolio of office, life science/lab, residential and mixed-use properties. During the twelve months ended December 31, 2025, we owned and managed properties within four segments: (1) Philadelphia Central Business District (“Philadelphia CBD”), (2) Pennsylvania Suburbs, (3) Austin, Texas, and (4) Other. The Philadelphia CBD segment includes properties located in the City of Philadelphia, Pennsylvania. The Pennsylvania Suburbs segment includes properties in Chester, Delaware and Montgomery counties in the Philadelphia suburbs. The Austin, Texas segment includes properties in the City of Austin, Texas.

In its own words, from its 10-K, filed Feb 23, 2026.

Brandywine Operating Partnership, L.P. against its Real Estate Investment Trusts peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +11%. Operating margin: 37.5% against the peers' median 20.6%.

CompanyQuarterRevenueY/YOp. margin
Brandywine Operating Partnership, L.P.Q3 2026$126M+4%37.5%
WELL WelltowerQ3 2026$3.7B+38%9.1%
AMT American TowerQ3 2026$2.8B+2%45.6%
EQIX EquinixQ3 2026$2.6B+11%23.3%
PLD PrologisQ1 2026$2.3B+7%52.7%
IRM Iron MountainQ3 2026$2.0B+14%20.6%
DLR Digital Realty TrustQ3 2026$1.9B+21%15.9%
WY WeyerhaeuserQ3 2026$1.9B+8%5.4%
VTR VentasQ3 2026$1.8B+23%2.9%

Source: Brandywine Operating Partnership, L.P. 10-Q on SEC EDGAR · CIK 1060386 · Real Estate Investment Trusts