Brandywine Realty Trust BDN

Real EstateResidential & Commercial REITsUnited States of America

Last close 2.98 USD on Nov 1, 2026, +14.2% year to date

Quant rating

Quant rating C Rank 104 of 175 in Real Estate

Growth D 137 of 175
Valuation D 146 of 175
Quality D 127 of 175
Revisions A 26 of 175
Momentum B 67 of 175

Wall Street consensus Sell (3.60)Average target 3.00 USD +0.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 507M
Enterprise value: 2.6B
52-week range: 2.47 – 3.54
3-year range: 2.47 – 6.53
Dividend yield: 10.74%
Beta (5 years): 1.31
Shares outstanding: 170M
Next earnings: Feb 3, 2027

About the company

Brandywine Realty Trust is a full-service, integrated real estate company in the United States with a core focus in Philadelphia, Pennsylvania and Austin, Texas. The Company is 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 and mixed-use properties. The Company owns and manages properties within four segments: Philadelphia CBD; Pennsylvania Suburbs; Austin, Texas, and 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. The Other segment includes properties located in Northern Virginia, Washington, D.C., Southern Maryland, Camden County, New Jersey and New Castle County, Delaware.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	484	506	515	506	487	–
Revenue growth	−4.2%	−1.8%	1.7%	4.0%	−9.0%	−2.0%
EPS (basic, normalized)	−0.96	−1.13	−1.15	0.31	0.07	–
EPS growth	–	–	–	342.9%	–	–
Gross margin	62.2%	63.4%	63.5%	62.0%	61.8%	62.6%
Net margin	−37.0%	−39.0%	−38.3%	10.5%	2.4%	−20.3%
ROE	−19.5%	−16.6%	−13.4%	3.2%	0.7%	−9.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	313
Current ratio	–
Long-term debt (mil)	2,410
Net debt (mil)	2,101
Total equity (mil)	647
Net debt / equity	3.25x
Net debt / EBITDA	10.34x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	484	−4.2%	5.4x	203	−29.0%	12.8x	−0.96	+15.0%	−3.1x
2026	495	+2.1%	5.3x	259	+27.3%	10.1x	−4.61	−380.2%	−0.6x
2027	477	−3.5%	5.5x	247	−4.4%	10.5x	−0.60	+86.9%	−4.9x
2028	454	−4.8%	5.7x	245	−0.8%	10.6x	−0.41	+32.2%	−7.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	495	0.0%	−1.7%	−0.9%	−4.61	+0.2%	+45.8%	−523.0%
2027	477	−0.6%	−6.2%	−4.9%	−0.60	+8.3%	+22.4%	−2.5%
2028	454	−0.1%	−10.4%	+13.3%	−0.41	+21.2%	+34.9%	+30.5%

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	126	125	132	122	122	121	121	121	127	129
Sales mean (mil)	127	126	133	125	121	119	120	121	121	122
Surprise	−0.4%	−0.7%	−1.1%	−2.3%	+0.7%	+1.5%	+1.1%	−0.3%	+5.1%	+5.8%
EPS reported	−0.10	0.17	−0.96	−0.25	−0.18	−0.51	−0.15	−0.14	−0.21	−0.18
EPS mean	−0.10	−0.11	0.05	−0.07	−0.18	−0.13	−0.13	−0.23	−0.20	−0.18
Surprise	−3.4%	−259.4%	−2,020.0%	−257.1%	−1.9%	−293.8%	−18.4%	+39.1%	−2.4%	0.0%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
BDN Brandywine Realty Trust	507M	10.34x	−37.0%	0.78x	−0.6x	−4.9x	10.1x	10.5x
SPG Simon Property Group Inc	70.5B	6.33x	72.7%	15.89x	33.1x	30.8x	19.1x	18.2x
O Realty Income Corporation	53.9B	6.26x	18.4%	1.36x	36.5x	32.0x	15.5x	14.2x
VMRK Vivmark Residential	47.9B	4.55x	36.2%	2.21x	47.2x	38.9x	21.5x	14.6x
VICI VICI Properties Inc	26.9B	5.47x	69.3%	0.93x	8.8x	8.3x	12.5x	11.9x
ESS Essex Property Trust, Inc.	17.0B	4.95x	35.5%	3.21x	46.6x	42.1x	18.6x	17.7x
Mean		6.32x	32.5%	4.06x	28.6x	24.5x	16.2x	14.5x
Median		5.87x	35.8%	1.78x	34.8x	31.4x	17.0x	14.4x

Technical analysis

1M+8.8%
3M+2.2%
1Y−6.6%
3Y+13.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Brandywine Realty Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	484	506	515	506	487	535
Cost of revenue	183	185	188	192	186	203
Gross profit	301	320	327	314	301	332
Selling, general & administrative expenses	44.2	44.9	37.0	37.2	32.3	32.4
Research & development	–	–	–	–	–	–
Depreciation/amortization	176	178	189	178	178	188
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	79.6	−4.7	168	−21.6	−2.3	−0.1
Other operating expenses	0	0	0	0	0	0
Operating income	1.2	102	−67.4	120	92.5	111
Net interest income (expense)	−189	−301	−139	−92.0	−83.2	−93.5
Gain (loss) on sale of assets	9.2	2.3	8.9	25.7	3.0	290
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−179	−196	−197	54.0	12.4	307
Provision for taxes	0.1	0	0.1	0.1	0	−0.2
Minority interest	0.6	0.6	0.6	−0.2	−0.1	−1.8
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−178	−196	−197	53.8	12.3	306
Extraordinary items	–	–	–	–	–	–
Net income	−178	−196	−197	53.8	12.3	306
EBIT, normalized	80.8	97.2	101	98.7	90.2	111
EBITDA, normalized	257	275	290	277	268	299
Basic EPS, normalized	−0.96	−1.13	−1.15	0.31	0.07	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Brandywine Realty Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	32.3	90.2	58.3	17.6	27.5	46.3
Receivables	205	197	199	191	179	169
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	2,781	2,425	2,675	2,905	2,955	2,966
Goodwill	–	–	–	–	–	–
Intangibles	22.4	5.5	7.7	18.5	28.6	48.6
Long-term investments	314	570	601	568	436	401
Note receivable	–	–	–	–	–	–
Other long-term assets	469	491	448	384	427	484
Total assets	3,586	3,492	3,732	3,875	3,846	3,900
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	144	130	124	132	150	122
Accrued expenses	23.7	23.5	23.4	23.2	23.0	22.8
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	2,557	2,213	2,139	1,965	1,854	1,831
Minority interest	5.1	6.0	6.8	7.7	11.0	10.5
Other liabilities	232	235	269	276	291	265
Total liabilities	2,794	2,454	2,415	2,249	2,156	2,106
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.7	1.7	1.7	1.7	1.7	1.7
Additional paid-in capital	3,200	3,183	3,164	3,153	3,147	3,138
Retained earnings (accumulated deficit)	−2,407	−2,148	−1,848	−1,533	−1,456	−1,338
Treasury stock	−23.1	−20.5	−20.0	−19.6	−18.5	−17.5
Other equity	21.6	23.0	19.3	23.5	16.5	10.0
Total equity	793	1,039	1,317	1,626	1,690	1,794
Total liabilities & shareholders' equity	3,586	3,492	3,732	3,875	3,846	3,900

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Brandywine Realty Trust, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−179	−196	−197	54.0	12.4	307
Depreciation, depletion & amortization	176	178	189	178	178	188
Deferred taxes	0.1	0	0.1	0.1	0	−0.2
Non-cash items	145	190	204	−32.4	10.8	−279
Changes in working capital	−26.0	9.9	−17.8	9.7	−10.4	9.7
Cash from operations	117	181	177	209	191	226
Investing activities
Capital expenditures	−113	−130	−164	−266	−135	−202
Other investing cash flows	−92.9	9.6	−10.7	75.9	34.8	220
Cash from investing	−206	−120	−175	−191	−100	18.3
Financing activities
Financing cash flow items	−9.4	−7.7	−5.1	−13.3	0.3	−2.1
Cash dividends paid	−93.0	−104	−124	−131	−130	−131
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	158	79.9	176	115	20.6	−155
Cash from financing	55.7	−32.3	46.8	−28.6	−109	−288
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−33.9	28.6	49.1	−9.9	−18.8	−44.1
Free cash flow	3.3	51.4	13.1	−57.2	55.8	23.6

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.