Ladies and gentlemen, thank you for standing by. Welcome to the Brandywine Realty Trust first quarter 2026 earnings call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you would need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to Jerry Sweeney, President and CEO. Please go ahead. Michelle, thank you very much. Good morning, everyone. Thank you for participating in our first quarter 2026 earnings call. On today's call with me are Dan Palazzo, our Senior Vice President, Chief Accounting Officer, and Tom Wirth, our Executive Vice President and Chief Financial Officer. Prior to beginning, certain information discussed on the call today may constitute forward-looking statements within the meaning of the federal securities law. Although we believe the estimates reflected in these statements are based on reasonable assumptions, we cannot give assurance that the anticipated results will be achieved. For further information on factors that could impact our anticipated results, please reference our press release as well as our most recent annual and quarterly reports that we file with the SEC. During our prepared comments today, Tom and I will briefly review first quarter results and frame out the key assumptions driving our 2026 guidance. After that, Dan, Tom, and I are available for any questions. To move into our presentation, from an operating portfolio management and liquidity standpoint, the first quarter produced results very much in line with our business plan. As such, as noted in our supplemental package, all of our full year operating and financial metrics remain unchanged from our original 2026 business plan. While the first quarter was relatively quiet from a transaction announcement standpoint, it was very busy from an activity perspective. Quarterly highlights include we've achieved 94% of our speculative revenue target at the midpoint of our guidance. Our first quarter FFO was $0.11 a share, which was in line with consensus and management guidance. We have narrowed our full year FFO guidance while maintaining our $0.55 full year midpoint. Our portfolio recycling and debt reduction program is progressing very much on schedule with approximately $305 million of potential sales under agreement and in various stages of due diligence with pricing right in line with our guidance. We expect, and we'll talk later, but we do expect the majority of these transactions to close in the second quarter. Looking more closely at first quarter operations, solid operating metrics reinforced our strong market positioning and tenants continued to like the quality of our properties. Our wholly owned core portfolio is 88.3% occupied and 89.9% leased. Our year-end occupancy and leasing percentages will improve throughout the year as we anticipate having positive net absorption for actually the first time in several years as further evidence of our improving markets. For leasing commencing after year-end, total 182,000 sq ft with most taking occupancy in the next couple quarters. We have achieved, as I noted, 94% of our spec revenue target, which is $16.4 million, which is running ahead of last year. Leasing activity for the quarter totaled 422,000 sq ft, including 268,000 sq ft in our wholly owned portfolio and 153,000 sq ft in our joint venture portfolio. The wholly owned leasing activity is our highest level since the fourth quarter of 2024. Tenant retention was around 45%, very much as expected, since we know there'll be a number of known move outs throughout the course of the year. Cap rate is below our target at 6.4%, really driven by a low as-is, no-capex deal within one of our portfolios, but our capex for the year will remain within our guidance range. Our GAAP mark-to-market was 4.1%. Cash mark-to-market decreased by 2.6%, both below our annual business ranges, but we anticipate improving results in the next three quarters, and as such, are maintaining our full year guidance range. Same store results were a positive 0.8% on a GAAP basis and 3.3% on a cash basis, both above our current guidance ranges. Tours in the first quarter of 2026 exceeded the first quarter of 2025 by 80%, so continued uptick in overall leasing activity. We also continue to experience a good conversion rate from these tours. For the trailing four quarters, 53% of our tours converted to a proposal, and from proposal, 37% converted to an executed lease. Just a couple of other additional comments regarding market dynamics. In Philadelphia, which includes our central business district and University City portfolios, we're now 94% occupied and 96% leased with only 6% rolling through year-end 2028. Our Commerce Square joint venture property is now 93% leased, bringing our overall combined Philadelphia holdings to 95% leased. Overall activity levels in our core CBD and University City markets remain very strong. We continue to outperform on market share. As we noted on the last call, we've captured more than double our market share in each of the last five years, and this trend did continue in the first quarter of 2026, with 41% of all new leases signed in this market was at a Brandywine property. In the Pennsylvania suburbs, overall we're about 90% leased, and we continue to see solid levels of pipeline prospects for the existing vacancies. Austin is 70% occupied. That continues to lag the rest of our portfolio and creates a 340 basis point drop in overall company leasing levels. Tour volume, however, did increase 15% over prior quarters. The operating portfolio leasing pipeline is up again this quarter by 200,000 sq ft from last quarter and remains solid at 1.7 million sq ft. That does include about 314,000 sq ft in advanced stages of negotiations. It does not include the leasing pipelines we have on either 3151 or our project at One Uptown. We also believe our marketing position in Philadelphia will continue to improve as we monitor office to residential conversion projects. We're currently monitoring more than 5 million sq ft, or approximately 11% of the total office inventory in the CBD, converting from office to residential or other uses. That 5 million sq ft is comprised of 1.2 million sq ft that has recently been converted, 1.3 million sq ft in active redevelopment, and 2.5 million sq ft of projects that have been announced or are in the planning phases. From a liquidity standpoint, we remain in solid shape with only $65 million outstanding on our balance sheet in our line of credit and $36 million of cash on hand. As previously noted, our multiple year plan is designed to return us to investment grade metrics. As such, and you'll hear more from Tom, we plan to maintain minimal balances on our line of credit. The execution of our sales program will reduce overall levels of leverage. As a point of note, almost 50% of our outstanding bonds have coupons north of 8%, which we also believe provide good refinancing opportunities for us over the next several years. In the second quarter, we will repay the 3025 JFK construction loan with a lower-priced seven-year financing that is approximately $100 million at a rate in the mid- fives. That transaction, once accomplished, will be on securing the residential component, but unencumbering the commercial component of that property for inclusion in our unencumbered asset pool. We're also in the process of extending our current unsecured line of credit and term loans and plan to complete those extensions in the next couple of quarters. As we'll outline in the next few moments, our active portfolio recycling program will have a majority of the sale proceeds being used to further improve all of our balance sheet metrics that Tom will walk you through. We do anticipate our CAD ratio continuing to improve during the second half of the year after we fully burn off the remaining tenant improvement costs relating to leases done between 2020 and 2023. As a reminder, on our 3151 project, we did acquire our partner's interest in the fourth quarter of 2025. That did have the temporary impact of raising our leverage levels. The pipeline on that project is up 200,000 sq ft from last quarter and does stand at approximately 1.2 million sq ft and is roughly broken down 50% office and 50% Life Science. Discussions with a number of prospects are very active with several key proposals outstanding. As a reminder, we don't have any real lease commencements or revenue generating from 3151 in our 2026 business plan. At One Uptown, we're now 63% leased, which is up from last quarter. The pipeline now stands at over 230,000 sq ft with tenant sizes ranging between 5,000 sq ft and 50,000 sq ft. We do have six proposals outstanding aggregating just shy of 100,000 sq ft, and we continue to see the pipeline and the velocity of decision making accelerate at our One Uptown project. In addition, as we talked last quarterly call, in anticipation of our 2027 lease expirations at the existing buildings in our Uptown development, we will be commencing the redevelopment of one of those existing buildings. That building, 902, is about 160,000 sq ft. We're anticipating completing that renovation in the late second quarter or early third quarter of 2027. Since our marketing launch of those projects, we have generated approximately 1.2 million sq ft of additional prospects. We do expect to deliver pricing levels below the rents required for new construction, and also as some of our larger prospective tenant requirements advance, if they do, we'll also have planning underway for similar renovations for several other existing buildings. From a capital market perspective, our business plan does project $280 million-$300 million of sales activity. We anticipate closing most of those sales within the next 60-90 days. We currently, as I noted earlier, have $305 million under agreement and in due diligence. We also have several other properties in the market exploring sale exits. We do plan to recapitalize both One Uptown and Solaris during the second half of 2026. These recaps could provide a range from a complete sale to a pari-passu joint venture where Brandywine retains a minimal stake and recovers significant capital to lower debt attribution and increase liquidity. In fact, on Solaris Center, we're already in the marketplace exploring some potential refinancing options. From a broad standpoint, the vast majority of our sale proceeds will reduce debt, continue to improve liquidity, and further strengthen all of our credit metrics. Also while the clear priority is to lower leverage and return to investment-grade metrics, we do anticipate, given where our stock price is, utilizing a portion of those sales to repurchase our shares while lowering our leverage levels across the board. We do have about $82 million available under our existing share repurchase program, and we anticipate the debt reduction program will commence during the second quarter concurrent with the receipt of sale proceeds. The response from the market on assets listed for sales have been very strong. Of what we have under agreement of sale, there's been considerable interest, with the typical marketing process producing between seven to 10 qualified bids. All buyer types were engaged, including institutional investment managers, other institutional investors, and significant interest from private capital. With that, Tom will review financial results for the first quarter of 2026 and the outlook for the second quarter and the balance of the year. Thank you, Jerry. Good morning. Our first quarter net loss was $48.9 million, or $0.28 per share. Our first quarter FFO totaled $20 million or $0.11 per share, in line with our fourth quarter guidance and consensus estimates. Our net loss was impacted by one-time non-cash charges for property impairments totaling about $11.9 million, or $0.07 per share. Some general observations from the first quarter. Property level NOI of $70.2 million was $800,000 above our current reforecast due to better margins throughout the portfolio. G&A expense was above forecast by $300,000, primarily due to compensation expense. Other income and term fees were $2.2 million or $300,000 below budget primarily due to lower income from our retail operations. Third-party fees were $2.6 million or $1.1 million above forecasts primarily due to higher third-party leasing fees. Other forecasted results were generally in line. Looking at our debt metrics, first quarter debt service and interest coverage ratios were 1.7 million, both incrementally below our fourth quarter results. The decrease is primarily due to lower interest capitalization from 3151, which did increase interest expense. Our first quarter annualized combined and core net debt to EBITDA were 9.1 and 8.3 respectively. Based on our forecasted sales and debt reduction, these leverage levels will decrease during the balance of the year. Regarding our portfolio, during the first quarter, we did remove one property from our core portfolio that is being held for sale. That property totals 116,000 sq ft. During the second quarter, we will add 250 King of Prussia Road, our 168,000 sq ft Life Science property located in Radnor Submarket. That will be added to our core portfolio as we anticipate stabilizing that property in June at 100% occupancy. From a liquidity standpoint, we continue to maintain a solid liquidity position with $36 million of cash and $65 million outstanding on the unsecured line of credit at the quarter end. From the sales activity, we are anticipating $290 million of wholly owned sales at the midpoint, which is weighted towards the first half of the year. Those cap rates continue to price at roughly 8% on a cash and a little above that on a GAAP basis. As Jerry touched on, we now have $305 million of potential sales in various stages of due diligence, and the anticipated proceeds will be used to reduce debt and continue our path towards investment grade. We also intend to use a portion of the proceeds to opportunistically buy back shares on an earnings neutral basis. On financing activity, the $178 million at 3025 JFK, the $178 million consolidated construction loan matures in July of 2026. We plan to complete a secured financing on the residential portion of that property totaling $100 million and use the proceeds from that loan and the unsecured line of credit to unencumber the office portion of that portfolio. The $100 million seven-year secured financing will be fixed at an all-in rate of roughly 5.7%. On the credit facility, our unsecured line of credit has an initial maturity date in June of 2026, with extensions through June of 2027, and we are working with our bank group to amend and extend the facility ahead of its maturity. Capitalization of the ATX joint ventures. As our joint ventures continue to lease up and cash flow improves, we anticipate recapitalizing those projects on a pari-passu common equity joint venture basis during the second half of 2026, with our ownership decreasing to a minority stake or an outright sale. We announced our intent to extend two existing loans on those ATX projects. While we still anticipate closing on those transactions in the second half of 2026, we felt extending the loans will allow us time to run the sales process without concern about the maturity dates. The recapitalization of both projects should generate between $40 million and $50 million of cash that we will use to further reduce our wholly owned leverage and will be slightly accretive to earnings and improve leverage for the balance of the year. Due to the timing and change in ownership structure being later in 2026, we have not included any benefit of these transactions in our FFO guidance. We feel incrementally more positive about executing our land sales program this year, but we have not included any land gains or losses in our results. Focusing on the second quarter guidance, property level operating income will total about $72.3 million and will be about $1.3 million above our first quarter. The incremental improvement is primarily due to increased NOI at our CBD portfolio and the stabilization of 250 King of Prussia Road. These increases are partially offset by startup costs at The Radnor Hotel project, which should open during this quarter. FFO contribution from our joint ventures will be -$900,000 for the second quarter. The decrease primarily due to higher interest rates on some of the floating rate debt. G&A expense for the second quarter will total about $9.5 million. The sequential decrease is consistent with prior years and is primarily due to the timing of our deferred compensation recognition. Our full-year range of $36 million-$37 million remains intact. Our interest expense, including deferred financing costs, will approximate $43 million, which includes about $700,000 of capitalized interest. Termination and other income will total about $2.5 million. Net third-party fees will approximate $1.5 million. Interest income will be about $400,000, and our diluted share count will be about 180 million. Again, these second quarter results and share counts did not take into account any potential sales and share buybacks. Turning to our capital plan. Our capital plan for the balance of the year remains active and totals about $450 million. Our first quarter 2026 CAD payout was 92.7%. However, our payout ratio for the balance of the year will remain within our 70%-90% range as we expect incremental improvement in the payout ratio as FFO improves during the balance of the year. Looking at the larger uses for the rest of the year, we will refinance 3025 JFK with a construction loan, utilize $140 million of debt and share buyback. Development spend will be about $50 million. We have $42 million of common dividends. Our revenue maintain will be $25 million, and revenue create will be $25 million, with $15 million of equity contributions to primarily fund tenant leasing at One Uptown and Solaris extension. The sources to offset those uses are going to be $80 million of cash flow after interest payments, speculative asset sales totaling $290 million, and $100 million of loan proceeds from our Avira residential project financing. Based on the capital plan, we anticipate having approximately $10 million of net outstanding on the line of credit. We anticipate net debt-to-EBITDA will be within the range of 8.4-8.8, and our fixed charge coverage will be about 1.8-2.0. Implicit in these ratios is the execution of our sales program and the recapitalization of the ATX developments. These ratios will continue to be elevated until increased revenue comes online from our development projects, particularly 3151, which is now a $250 million wholly owned investment, which is currently producing operating losses. As these developments stabilize, our leverage decrease will further accelerate. As we anticipate that, those leverage metrics will improve as the year progresses. I will now turn the call back over to Jerry. Great, Tom, thanks very much. As we look ahead, the operating platform enables us to capitalize on improving real estate market conditions. Our plan for 2026 shows earnings growth over 25%, and we expect further improvement in growth in 2027. As we continue to push occupancy levels across the board, as Tom touched on, generate results coming out of our two remaining office and Life Science development projects, we certainly expect that there'll be incremental NOI that'll be available for strengthening our balance sheet and for other uses. The groundwork's been laid, and we'll continue to build on this momentum to drive long-term value. With that, we are delighted to open up the floor for questions. As we always do, we ask that in the interest of time, you limit yourself to one question and a follow-up. Michelle, we're happy to open the floor up for questions at this point. Thank you. As a reminder to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Our first question comes from Nick Joseph with Citi. Your line is now open. Thanks. Jerry, you talked about the active transaction market and lots of buyer interest in the bidder pool there. How does that inform additional asset sales from here beyond what's currently under contract? Yeah. A great question. I think it actually is very helpful for us because we actually, by design, put a fairly broad range of product in the marketplace to kind of test what we thought the investor segments or sentiments might be. I think certainly given the velocity we saw on each of these sales and the fairly competitive final bid processes we went through to generate the pricing we were targeting, I think we certainly, as I even touched on in my comment, have a number of other properties that we're thinking about that are in the market for sale. We're going through the underwriting to see what those BOVs might be as we put those in the marketplace. Certainly, I think the breadth of response we got ranging from tier one institutional investors to large private equity funds, to traditional high net worth family offices, to syndicators, was a hoped-for result. We weren't sure with some of the properties we put in the market what the bid list would wind up being, and they wound up being a lot more robust than we thought they would be. Certainly, I think with the debt market showing some signs of stability, depending upon the day of the week it is, I think that has given buyers, I think, a lot more comfort of underwriting some of the assets we put into the marketplace. I think it was all good news from that front. Certainly, we're very happy to be sitting here where we are with this many properties under agreement, going through final due diligence, and with closing schedule for the next 60-90 days to kind of help us execute the debt reduction and liquidity program we put in place. I think another good sign of the office market recovering from different capital sources. Makes sense. If you do lean into it more, how would you balance additional buybacks versus leverage reductions beyond what's currently contemplated? Yeah, look, I think the primary objective is both Tom and I touched on is to improve the credit metrics. That's by far the number one objective. As we talked last quarter, buying out our preferred partners positions, the Schuylkill Yards project temporarily raised leverage. Our number one goal is to get those leverage levels back to what we've outlined in our business plan. Certainly, to the extent that pricing is better, we generate more sales velocity, and we see a clear path towards achieving those balance sheet metrics. I think then we certainly, recognizing where the stock price is, want to deploy some capital there, as Tom mentioned, on a kind of leverage neutral, earnings neutral basis. Thank you. Thank you. Thank you. Our next question is going to come from Manus Ebbecke with Evercore. Your line's open. Hey, thanks for taking the question. Just wondering if you could expand a little bit on the interest that you're seeing for the 902 building in Uptown ATX. Just if the interest you gathered so far is mainly new to market tenants or existing tenants in the market, just to help us understand maybe a little bit. Yeah. Good morning. Sure, happy to walk through that. As we talked last quarter, we announced to the kind of leasing marketplace that given the significant uptick in zoning capacity we're able to achieve at One Uptown and the pending departure of a large tenant, we really focused on how we could reposition several of those assets at a very attractive price point for the tenant market. That approach was very, very well received from the marketplace, so we have a couple of very large prospects we're talking to. Most of them are in market, but several of those have significant expansion requirements. Some of the newer tenants to market that we're seeing, Manus, are really on the existing One Uptown pipeline. The larger prospects we're talking to about the renovations of the 900 buildings are mostly in market, but a couple with significant expansion and/or consolidation opportunities. I think we've been very happy with the response we're getting. I'd say there's a fairly high level of active, substantive dialogue with several of these users. Who knows where that goes, but the signals are very positive, and we've really ramped up our planning efforts to make sure that if we do in fact get substantive results from these prospects, that we can move forward with these renovations fairly expeditiously. Got it. That makes sense. I appreciate it. Maybe a quick follow-up on Philly, and the Life Science market there. I was just curious to hear if there's any update on how you just feel about the Life Science leasing, which I know it's been challenging over the last year. If those tenants coming a little bit back now or not again in 2026, or I was just wondering how that's tying up? Yeah, no, I think we are seeing the proverbial green shoots in the Life Science market, capital flowing a little bit better. Of course, there's a macro overhang of regulatory risk, but definitely an uptick in tone. The pipeline, as I mentioned for 3151, we have a couple of larger institutions that we're talking to that are real in their requirement but slow in their execution pace. We have a number of smaller Life Science companies that we continue a very active dialogue with about making 3151 their home. Then, of course, we've seen an uptick in office tenant requirements, given the tightness of the Class A office market in Philadelphia. I mean, certainly when we're sitting in our Philadelphia trophy class properties at 95%+ leased, with really a dearth of available space for the next couple of years, we've been able to pivot some of those prospects over to look at 3151, and the tone of those conversations is constructive as well. We are certainly looking forward to getting some leases executed there, as Tom touched on, generating revenue coming out of 3151. Certainly, given the size of the pipeline we have, we see visibility on the near-term horizon, but it's a very important part of our balance sheet strengthening program as well. Great. Thank you. You're welcome. Thank you. The next question will come from Dylan Burzinski with Green Street. Your line is open. Hi, guys. Thanks for taking the question. Just going back to sort of the dispositions. Jerry, you mentioned that it's sort of a mix of different assets, but are you able to sort of share percentage of assets that you guys are looking to sell as core versus non-core within the overall Brandywine portfolio? Yeah. I think we have one asset that we would consider to be core that we're selling, and the rest are, I wouldn't say they are non-core, but they're less than core-core. Look, our approach today on the sale program, as we outlined last quarter, was to put a variety of assets in the marketplace to really test the investor appetite across all different asset sizes, weighted average lease terms, age, sub-market positioning, etc. One of our objectives really was, as we get through this first phase of sales, to really start to get some insights into how we view the investor marketplace for the next four to six quarters as we look forward to our business plan execution in 2027 as well. By design, we put a wide range of properties out there, Dylan, and I think we've got the response on a previous question that we were hoping to achieve. Great. That's helpful context. Then just going back to 3151 Market, I see the yield still remains at sort of 7.5% yield on cost. I don't think that's changed over the last several years. Can I just talk about sort of confidence in hitting that given Life Science leasing costs are obviously much higher today? I know some of it's office related, but just sort of curious. No, I think as we go through the pro forma exercise and model in some of the existing deals we have in place, we still feel confident about hitting that target. The timing of getting leases executed has been really one of the more challenging aspects that we faced. We've had no real price resistance. Certainly, what we've been able to see, even with the softening of the Life Science market, are proposals that do reflect the higher level of tenant improvement costs, show that we're able to get a higher going-in rental rate, lower free rent concessions, and frankly, longer lease terms, which generate the effective rent targets that we're after. Perfect. Thanks, Jerry. Have a good one. Thanks, Dylan. You, too. Thank you. As a reminder to ask a question, please press star one one on your telephone. Our next question is going to come from you, Upal Rana, with KeyBanc Capital Markets. Your line is open. Great. Thank you. Jerry, you mentioned you have six proposals out on One Uptown that totals around 100,000 sq ft. Do you have any sense on the probability of those getting done and any potential timing that you could provide on those proposals? If those were to get done, that could bring lease percentage up to over 90%. I just want to get your thoughts there. Yeah. Well, we certainly feel optimistic, and I think we're pragmatic in assessing that. Our hope is that we get at least half of those across the finish line and do another full floor at Uptown. As we talked about on previous calls, our anchor tenant has a call right on one of the remaining floors that is exercisable later this year. We're tracking that very carefully. Then on the other floor, given the success we had on doing spec suites in that building, we're also building out another floor as well. I think we've got all the mechanics in place, supported by the pipeline to show continued occupancy gains in that property quarter over quarter. Okay, great. That was helpful. I appreciate the comments on the recapitalization of One Uptown in Solaris in your prepared remarks. Could you expand a little more on that and how demand has been there and anything that's shifted from what you had originally anticipated from earlier this year? Yeah. Happy to. I'll start with Solaris, the residential project. There, we've really achieved a significant acceleration of lease up in light of the fact that the apartment market demand drivers and supply imbalance was fairly weak. Our approach was to accelerate people taking occupancy. To do that, we actually provided some significant concessions to get that done. The initial year one overall rentable levels were below our target. Now we're heavily into the renewal season, and we're getting about a 16% uptick across the board on our renewals. That has been a very positive indicator on future NOI growth, and the retention rate has been fairly positive as well. With those data points, we've already started the process of talking to a number of high-quality institutional investors about recapitalizing that project with us. Feedback there has been very supportive. Certainly, we expect to get that recap done sometime in the third quarter per our plan, and maybe even a little bit earlier, but that's kind of the plan at this point. One Uptown, look, we continue to get a lot of good activity in institution that want to partner that project with us. From our perspective, though, and Tom touched on this, we want to get a couple of additional leases done because that's really the value creation proposition for us. We have no concerns at all about the ability for us to execute on the recap on either Solaris House or One Uptown, given the feedback we've gotten thus far. Frankly, on One Uptown, given the pipeline, we have to get that project closer to the 80%-90% lease range. Hopefully, that answers your question. Yeah, that was great. Thank you so much. Thank you. Thank you. I show no further questions in the queue at this time. I will turn the call back to Jerry for closing remarks. Great. Well, Michelle, thank you for your help today. To all of you, thank you very much for participating in our first quarter call, and we look forward to providing a further update on our business plan progress during the second quarter call. Thank you very much and have a great day. This concludes today's conference call. Thank you for participating, and you may now disconnect.