Brandywine Realty Trust
- Open
- 3.16
- Day high
- 3.17
- Day low
- 3.08
- Prev close
- 3.14
- Volume
- 919K
- Mkt cap
- $536M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.7
- P/S
- 1.1
- Yield
- 10.36%
- Per share
- $0.32
Brandywine Realty Trust (BDN) is a Real Estate company listed on NYSE. The stock is down 26% over the past year.
Brandywine Realty Trust (BDN) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BDN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 23, 2026 | $0.11 | $0.11 | +0.0% | $121M | +9.1% |
| Feb 3, 2026 | $0.15 | $0.08 | -46.7% | $121M | +0.5% |
| Oct 22, 2025 | $0.17 | $0.16 | -5.9% | $121M | +1.5% |
| Jul 23, 2025 | $0.17 | $0.15 | -11.8% | $121M | +0.7% |
| Apr 22, 2025 | $0.15 | $0.14 | -6.7% | $122M | +1.7% |
| Feb 4, 2025 | $0.01 | $0.17 | +1600.0% | $122M | -0.2% |
| Oct 22, 2024 | $0.24 | $0.23 | -4.2% | $132M | +1.9% |
| Jul 23, 2024 | $-0.11 | $0.17 | +254.5% | $125M | -1.6% |
| Apr 17, 2024 | $0.24 | $0.24 | +0.0% | $126M | -1.2% |
| Jan 31, 2024 | $0.29 | $0.27 | -6.9% | $119M | -12.0% |
| Jul 25, 2023 | $0.28 | $0.29 | +3.6% | $126M | -3.8% |
| Apr 19, 2023 | $0.29 | $0.29 | +0.0% | $129M | +1.5% |
BDN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 8, 2026 | SWEENEY GERARD Hdirector, officer: President and CEO | Tax | 1,749 | $3.17 |
| Jun 1, 2026 | DIGGS JAMES Cdirector | Grant | 37,582 | — |
| Jun 1, 2026 | DesRoches Reginalddirector | Grant | 37,582 | — |
| Jun 1, 2026 | HAVERSTICK H RICHARD JRdirector | Grant | 37,582 | — |
| Jun 1, 2026 | Lau Joandirector | Grant | 37,582 | — |
| Jun 1, 2026 | PIZZI CHARLES Pdirector | Grant | 37,582 | — |
| Apr 17, 2026 | Neuman Shawnofficer: General Counsel & Secretary | Tax | 21,114 | $2.76 |
| Apr 17, 2026 | REDD WILLIAM Dofficer: EVP & Senior Managing Director | Tax | 10,009 | $2.76 |
| Apr 17, 2026 | DEVUONO H JEFFREYofficer: EVP & Senior Managing Director | Tax | 24,632 | $2.76 |
| Apr 17, 2026 | WIRTH TOMofficer: Executive Vice President & CFO | Tax | 35,681 | $2.76 |
| Apr 17, 2026 | SWEENEY GERARD Hdirector, officer: President and CEO | Tax | 5,988 | $2.76 |
| Apr 17, 2026 | PALAZZO DANIEL Aofficer: SVP & Chief Accounting Officer | Tax | 2,405 | $2.76 |
| Feb 5, 2026 | SWEENEY GERARD Hdirector, officer: President and CEO | Tax | 4,178 | $2.83 |
| Feb 5, 2026 | WIRTH TOMofficer: Executive Vice President & CFO | Tax | 2,698 | $2.83 |
| Feb 5, 2026 | PALAZZO DANIEL Aofficer: SVP & Chief Accounting Officer | Tax | 2,305 | $2.83 |
Source: BDN SEC Form 4 filings, latest Jul 8, 2026. For informational purposes only — not investment advice.
See the full BDN insider & 13F page →Brandywine Realty Trust company profile
Overview
Brandywine Realty Trust (NYSE:BDN) is a publicly traded real estate investment trust (REIT) founded in 1986 that has grown to become one of the largest integrated real estate companies in the United States. The company focuses primarily on high-quality office and life science properties in three core metropolitan markets: Philadelphia, Austin, and Washington D.C. As of 2024, Brandywine owns, develops, leases and manages a portfolio of 175 properties totaling approximately 24.7 million square feet, with a strategic emphasis on urban, town center, and transit-oriented locations that appeal to modern tenants seeking premium workspace environments.
Business
Brandywine Realty Trust operates in the commercial real estate sector, specifically focusing on office buildings and life science facilities. As a REIT, the company generates income by owning and leasing commercial properties to business tenants rather than selling real estate like a traditional developer. The company's portfolio consists of three main property types. Office buildings represent the largest segment, comprising traditional corporate workspace leased to companies ranging from small businesses to large enterprises. These properties include everything from high-rise towers in downtown Philadelphia to suburban office parks in Pennsylvania and modern office complexes in Austin's growing tech corridor. Life science facilities constitute a growing segment of Brandywine's portfolio, representing specialized laboratory and research spaces designed for biotechnology, pharmaceutical, and medical device companies. These properties require sophisticated infrastructure including specialized ventilation, power systems, and laboratory-grade facilities, commanding higher rents than traditional office space. The company also owns residential components within mixed-use developments, typically luxury apartment towers that complement their office and life science properties in urban settings. Additionally, Brandywine develops and owns supporting retail space and amenities within their larger projects. Geographically, the portfolio is concentrated in three primary markets that together generate approximately 93% of the company's net operating income: the Philadelphia metropolitan area (including both the central business district and suburban markets), Austin, Texas, and the Washington D.C. region. This geographic concentration allows Brandywine to develop deep market expertise and tenant relationships while maintaining operational efficiency.
Competitive moat
Brandywine's competitive moat is moderate but faces significant structural headwinds. The company's primary advantages stem from its concentrated geographic focus in three major metropolitan markets, which has allowed it to develop deep local market knowledge, strong tenant relationships, and operational efficiencies. The REIT owns high-quality, well-located properties in prime urban and transit-accessible locations that are difficult to replicate, particularly in Philadelphia where the company has a strong market position. The company's development expertise and pipeline provide some competitive advantage, as it can create modern, purpose-built facilities tailored to tenant needs, particularly in the growing life science sector where specialized infrastructure creates barriers to entry. Brandywine's integrated platform combining development, leasing, and property management capabilities allows for better cost control and tenant service than fragmented competitors. However, the moat faces substantial challenges from structural industry changes. The permanent shift toward hybrid and remote work models has fundamentally reduced demand for office space, creating a secular headwind that affects all office REITs. This trend is particularly challenging because it's not cyclical but represents a permanent change in how businesses operate. Competitive threats include newer, more technologically advanced buildings that can attract tenants away from older properties, even well-maintained ones. The company also faces competition from flexible workspace providers and the potential for corporate tenants to further reduce their real estate footprints. Additionally, the concentration in just three markets, while providing expertise, also creates vulnerability to local economic downturns or market-specific challenges. The life science component of the portfolio provides a stronger moat due to the specialized nature of these facilities and higher barriers to entry, but this segment remains a smaller portion of the overall portfolio. Overall, while Brandywine has operational advantages, the structural challenges facing the office sector limit the strength and durability of its competitive position.
Risks & safety
Brandywine's margin of safety is limited with moderate financial stress indicators, though the company maintains adequate liquidity for near-term operations. Liquidity and Debt Profile: • Cash position of $90.2 million as of Q1 2025, down from higher levels in prior quarters • No unsecured bond maturities until November 2027, providing near-term refinancing relief • Total debt-to-equity ratio of 2.15, indicating high leverage typical for REITs but concerning given current market conditions • Current ratio of 1.53, showing adequate short-term liquidity coverage • Positive free cash flow of $51.4 million for full year 2024 Valuation Metrics: • Trading at 0.78x book value, suggesting market pessimism about asset values • EV/EBITDA of 3.28x appears low but reflects challenged fundamentals • Negative return on equity of -2.8% indicating poor profitability • FFO payout ratio of 120-150% in 2025 guidance, meaning dividends exceed operating cash flow Other Considerations: • Occupancy rates declining to 86.6%, below optimal levels for covering fixed costs • Development pipeline of $1 billion creates execution risk but also upside potential • Asset impairments of $161.4 million in Q3 2024 signal market value deterioration • Limited rollover exposure through 2026 provides some cash flow stability
Recent development
Over the past few years, Brandywine has undergone significant strategic repositioning to adapt to the changing commercial real estate landscape. The company has concentrated its portfolio around three core markets while divesting non-core assets, completing over $300 million in dispositions in 2024 alone to improve capital efficiency and reduce geographic dispersion. A major strategic focus has been developing a substantial pipeline of mixed-use projects totaling approximately $1 billion, with a diversified composition including 27% life science facilities, 42% residential components, 22% office space, and 9% retail/support uses. Key projects include the 3025 JFK development in Philadelphia (office component 83% leased), the 3151 Market life science facility with an 800,000 square foot leasing pipeline, and residential towers like Avira (96% leased) and Solaris House (30% occupied). The company has made a strategic pivot toward life science properties, recognizing this sector's higher rent potential and specialized infrastructure requirements that create barriers to entry. This shift represents a move away from traditional office-only focus toward more resilient property types that benefit from long-term demographic and innovation trends. Financial restructuring efforts have been significant, including a $400 million bond offering in 2024 that eliminated near-term debt maturities until 2027, and restructuring of joint venture partnerships that reduced debt attribution by over $200 million. The company has also been exploring various recapitalization strategies for development projects, including potential joint ventures and asset sales to optimize capital structure. Recent quarters have seen management focus intensively on leasing up the development pipeline, with active negotiations on over 200,000 square feet and proposals outstanding on 900,000 square feet. The company has adapted to slower tenant decision-making by extending lease terms and adjusting tenant improvement packages while maintaining rental rate expectations.
BDN company profile · for informational purposes only — not investment advice.
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