Brandywine Realty Trust (BDN) 10-Year Financial Performance & Capital Metrics

BDN • • REIT / Real Estate

Real EstateOffice REITsUrban CBD Office REITsMulti-Market Urban Office Operators

AboutBrandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia, Austin and Washington, D.C. markets. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 175 properties and 24.7 million square feet as of December 31, 2020 which excludes assets held for sale. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together.Show more

Revenue $506M -1.8%
FFO -$18M -122.0%
FFO/Share -0.10 -121.2%
FFO Payout -588.98% +62.1%
FFO per Share -0.10 -121.2%
NOI Margin 62.94% -0.2%
FFO Margin -3.51% -126.0%
ROE -16.54% -24.3%
ROA -5.42% -4.8%
Debt/Assets 64.04% +10.5%
Net Debt/EBITDA 9.21 -26.8%
Book Value/Share 6.05 -21.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 91.8% TTM
✓High NOI margin of 62.9%
✓Trading at only 0.5x book value

✗Weaknesses

✗High debt to equity ratio of 2.1x
✗Weak momentum: RS Rating 13 (bottom 13%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.65%

5Y-2.73%

3Y1.26%

TTM-5.52%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM39.68%

EPS CAGR

10Y-

5Y-

3Y-

TTM40.56%

ROCE

10Y Avg2.85%

5Y Avg3.47%

3Y Avg1.43%

Latest1.6%

Peer Comparison

Multi-Market Urban Office Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DEIDouglas Emmett, Inc.	1.86B	11.10	85.38	-3.33%	2.22%	0.63%	9.11%	1.51
CMCTCreative Media & Community Trust Corporation	3.31M	3.49	-0.01	4.41%	-37.27%	-15.24%		1.55
BDNBrandywine Realty Trust	510.68M	2.94	-2.58	-1.77%	-38.38%	-22%	10.06%	2.14
ELMEElme Communities	253.02M	2.87	-19.13	6.15%	-54.57%	-14.82%	37.56%	0.65

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	602.63M	525.46M	520.49M	544.35M	580.42M	534.85M	486.82M	506.1M	514.65M	505.52M
Revenue Growth %	0.01%	-0.13%	-0.01%	0.05%	0.07%	-0.08%	-0.09%	0.04%	0.02%	-0.02%
Property Operating Expenses	238.09M	209.45M	206M	218.02M	225.85M	205.46M	188.31M	194.4M	189.95M	187.33M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	248.44M	216.27M	207.9M	202.06M	239.78M	-71.09M	205.21M	191.97M	346.29M	263.31M
G&A Expenses	29.41M	26.6M	28.54M	27.8M	32.16M	30.29M	30.15M	35.01M	34.86M	42.78M
EBITDA+	335.14M	248.9M	315.79M	232.71M	324.79M	588.77M	271.4M	297.71M	167.22M	233.05M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	219.03M	189.68M	180.32M	176M	210M	188.28M	178.1M	177.98M	188.8M	178.17M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	116.11M	59.23M	135.47M	56.71M	114.79M	400.49M	93.3M	119.73M	-21.58M	54.88M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	116.51M	88.08M	84.32M	80.7M	84.28M	76.81M	65.45M	71.86M	99.83M	121.31M
Interest Coverage	1.00x	0.67x	1.61x	0.70x	1.36x	5.21x	1.43x	1.67x	-0.22x	0.45x
Non-Operating Income	-51.87M	-69.36M	-69.4M	-159.88M	-4.04M	16.57M	15.43M	-6.17M	75.92M	130.05M
Pretax Income+	-30.74M	40.5M	121.23M	135.9M	34.54M	307.1M	12.41M	54.05M	-197.33M	-196.47M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	142.54M	0	-628K	423K	12K	-224K	47K	55K	72K	14K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-30.4M	40.19M	115.31M	134.52M	34.27M	305.53M	12.29M	53.82M	-196.79M	-195.91M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-5.36%	2.32%	1.87%	0.17%	-0.75%	7.92%	-0.96%	3.38%	-4.66%	0%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.12%	0.22%	0.29%	0.05%	-0.21%	1.02%	-0.61%	0.22%	-1.03%	-1.22%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	-0.21	0.19	0.65	0.75	0.19	1.77	0.07	0.31	-1.15	-1.14
EPS Growth %	-	1.9%	2.42%	0.15%	-0.75%	8.32%	-0.96%	3.5%	-4.71%	0.01%
EPS (Basic)	-0.21	0.19	0.66	0.75	0.19	1.77	0.07	0.31	-1.15	-1.14
Diluted Shares Outstanding	178.16M	176.01M	176.81M	176.87M	176.69M	172.32M	172.27M	172.33M	171.96M	172.53M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	4.55B	4.1B	4B	5.66B	4.08B	3.9B	3.85B	3.87B	3.73B	3.49B
Asset Growth %	-0.06%	-0.1%	-0.03%	0.42%	-0.28%	-0.04%	-0.01%	0.01%	-0.04%	-0.06%
Real Estate & Other Assets+	3.4B	3.35B	286.54M	325.12M	3.54B	3.19B	3.15B	3.04B	292.31M	307.04M
PP&E (Net)	3.09B	3.03B	3.06B	3.22B	0	0	0	0	2.56B	2.32B
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	803.28M	397.71M	390.27M	216.08M	288.36M	222.6M	207.11M	208.32M	266.22M	293.19M
Cash & Equivalents	56.69M	193.92M	202.18M	22.84M	90.5M	46.34M	27.46M	17.55M	58.32M	90.23M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	584.37M	41.72M	392K	11.6M	7.35M	7.35M	562K	0	9.21M	5.95M
Intangible Assets	111.62M	72.48M	64.97M	171.35M	124.44M	87.75M	56.32M	54.03M	7.69M	5.5M
Total Liabilities	2.6B	2.22B	2.15B	3.9B	2.39B	2.1B	2.14B	2.24B	2.41B	2.45B
Total Debt+	2.38B	2.01B	1.93B	2.03B	2.17B	1.85B	1.88B	2.08B	2.16B	2.24B
Net Debt	2.33B	1.82B	1.73B	2.01B	2.08B	1.81B	1.85B	2.06B	2.1B	2.15B
Long-Term Debt	2.38B	1.71B	1.93B	2.03B	2.14B	1.83B	1.83B	1.97B	2.14B	2.21B
Short-Term Borrowings	0	1000K	0	0	0	0	1000K	1000K	0	0
Capital Lease Obligations	25.66M	18.12M	20.27M	31.78M	22.55M	22.76M	22.96M	23.17M	23.37M	23.55M
Total Current Liabilities+	160.67M	165.14M	182.12M	280.12M	182.45M	176.08M	229.76M	190.31M	174.09M	191.39M
Accounts Payable	99.86M	103.4M	107.07M	125.7M	113.35M	121.98M	150.15M	132.44M	123.83M	129.72M
Deferred Revenue	30.41M	31.62M	42.59M	28.29M	35.28M	21.4M	23.85M	25.08M	24.25M	35.41M
Other Liabilities	131.22M	324.26M	15.62M	181.32M	2.96M	44.63M	61.66M	62.65M	63.73M	19.88M
Total Equity+	1.95B	1.88B	1.85B	1.76B	1.69B	1.8B	1.7B	1.63B	1.32B	1.04B
Equity Growth %	-0.1%	-0.04%	-0.02%	-0.05%	-0.04%	0.07%	-0.06%	-0.04%	-0.19%	-0.21%
Shareholders Equity	1.93B	1.87B	1.83B	1.74B	1.68B	1.79B	1.69B	1.63B	1.32B	1.04B
Minority Interest	18.17M	17.09M	17.42M	16.67M	10.43M	10.51M	10.95M	7.7M	6.77M	5.95M
Common Stock	1.75M	1.75M	1.78M	1.77M	1.77M	1.71M	1.71M	1.72M	1.72M	1.72M
Additional Paid-in Capital	3.25B	3.26B	3.22B	3.2B	3.19B	3.14B	3.15B	3.15B	3.16B	3.18B
Retained Earnings	-1.32B	-1.39B	-1.39B	654.09M	804.56M	1.11B	1.12B	1.18B	0	0
Preferred Stock	40K	40K	2.05B	61.14M	0	0	0	0	0	0
Return on Assets (ROA)	-0.01%	0.01%	0.03%	0.03%	0.01%	0.08%	0%	0.01%	-0.05%	-0.05%
Return on Equity (ROE)	-0.01%	0.02%	0.06%	0.07%	0.02%	0.17%	0.01%	0.03%	-0.13%	-0.17%
Debt / Assets	0.52%	0.49%	0.48%	0.36%	0.53%	0.48%	0.49%	0.54%	0.58%	0.64%
Debt / Equity	1.22x	1.07x	1.05x	1.16x	1.28x	1.03x	1.10x	1.27x	1.63x	2.14x
Net Debt / EBITDA	6.95x	7.31x	5.47x	8.62x	6.39x	3.07x	6.81x	6.92x	12.58x	9.21x
Book Value per Share	10.96	10.70	10.44	9.93	9.56	10.47	9.88	9.48	7.70	6.05

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	195.1M	172.22M	182.02M	227.35M	234.23M	225.81M	190.87M	209.31M	177.27M	181.13M
Operating CF Growth %	0.03%	-0.12%	0.06%	0.25%	0.03%	-0.04%	-0.15%	0.1%	-0.15%	0.02%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	-30.74M	40.5M	121.86M	137.29M	34.53M	307.33M	12.37M	53.99M	-197.36M	-196.49M
Depreciation & Amortization	219.03M	189.68M	179.36M	174.26M	210M	188.28M	178.1M	177.98M	188.8M	178.17M
Stock-Based Compensation	3.01M	3.43M	4.88M	5.72M	6.88M	6.63M	7.13M	8.94M	9.85M	16.89M
Other Non-Cash Items	22.1M	-31.3M	-121.73M	-98.03M	-20.92M	-285.92M	3.62M	-41.34M	193.76M	172.68M
Working Capital Changes	1.66M	-4.96M	-1.73M	7.69M	3.73M	9.72M	-10.39M	9.68M	-17.85M	9.86M
Cash from Investing+	-166.45M	500.91M	79.8M	-214.51M	-130.66M	18.29M	-100.31M	-190.59M	-174.91M	-120.19M
Acquisitions (Net)	-62.45M	-7.59M	138.78M	59.44M	7.3M	-719K	-31.64M	-47.43M	-85.92M	-194.03M
Purchase of Investments	0	-257.02M	-180.75M	-522.58M	-138.69M	-179.75M	-109.93M	-227.11M	0	0
Sale of Investments	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Investing	222.14M	762.99M	103.2M	-61.34M	144.16M	79.41M	118.36M	238.9M	-32.17M	203.6M
Cash from Financing+	-229.46M	-535.91M	-253.56M	-193.07M	-35.61M	-288.19M	-109.34M	-28.63M	46.79M	-32.3M
Dividends Paid	-114.33M	-116.64M	-116.31M	-129.92M	-134.14M	-131.15M	-130.25M	-130.72M	-124.25M	-104.48M
Common Dividends	-114.33M	0	-116.31M	-128.86M	-134.14M	-131.15M	-130.25M	-130.72M	-124.25M	-104.48M
Debt Issuance (Net)	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	1000K	1000K	1000K	1000K
Share Repurchases	-67.32M	-879K	-100M	-28.88M	-17.28M	-60M	-2.33M	-4.01M	-5K	-1.03M
Other Financing	-7.15M	899K	-355K	-2.64M	-468K	-2.05M	253K	-13.27M	-5.11M	-6.64M
Net Change in Cash+	-200.81M	137.22M	8.26M	-180.23M	67.96M	-44.09M	-18.78M	-9.91M	49.15M	28.64M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	257.5M	56.69M	193.92M	203.44M	23.21M	91.17M	47.08M	28.3M	18.39M	67.53M
Cash at End	56.69M	193.92M	202.18M	23.21M	91.17M	47.08M	28.3M	18.39M	67.53M	96.18M
Free Cash Flow+	-131.05M	-82.27M	19.84M	14.75M	35.93M	65.56M	55.75M	-53.71M	20.81M	51.37M
FCF Growth %	-1.73%	0.37%	1.24%	-0.26%	1.44%	0.82%	-0.15%	-1.96%	1.39%	1.47%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.06	1.31	1.67	1.76	1.38	2.87	1.11	1.35	-0.05	-0.1
FFO Payout Ratio	60.61%	50.74%	39.34%	41.5%	54.91%	26.56%	68.41%	56.39%	-1554.74%	-588.98%
NOI Margin	60.49%	60.14%	60.42%	59.95%	61.09%	61.59%	61.32%	61.59%	63.09%	62.94%
Net Debt / EBITDA	6.95x	7.31x	5.47x	8.62x	6.39x	3.07x	6.81x	6.92x	12.58x	9.21x
Debt / Assets	52.36%	49.11%	48.33%	35.84%	53.16%	47.52%	48.79%	53.6%	57.93%	64.04%
Interest Coverage	1.00x	0.67x	1.61x	0.70x	1.36x	5.21x	1.43x	1.67x	-0.22x	0.45x
Book Value / Share	10.96	10.7	10.44	9.93	9.56	10.47	9.88	9.48	7.7	6.05
Revenue Growth	0.95%	-12.81%	-0.95%	4.58%	6.63%	-7.85%	-8.98%	3.96%	1.69%	-1.77%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Rents	-	-	-	430.66M	554.66M	513.5M	451.52M	470.85M	479.85M	469.24M
Rents Growth	-	-	-	-	28.80%	-7.42%	-12.07%	4.28%	1.91%	-2.21%
Lease Revenue	-	-	-	-	-	-	-	-	469.05M	458.29M
Lease Revenue Growth	-	-	-	-	-	-	-	-	-	-2.29%
Third Party Management Revenue	-	-	-	22.56M	19.63M	18.58M	26.44M	24.13M	24.42M	23.74M
Third Party Management Revenue Growth	-	-	-	-	-12.99%	-5.33%	42.33%	-8.74%	1.18%	-2.76%
Real Estate, Other	-	-	-	-	6.13M	2.77M	8.86M	11.12M	10.38M	12.53M
Real Estate, Other Growth	-	-	-	-	-	-54.82%	219.94%	25.53%	-6.58%	20.68%
Real Estate Other	-	-	-	6.74M	-	-	-	-	-	-
Real Estate Other Growth	-	-	-	-	-	-	-	-	-	-
Termination Fees	-	-	-	1.76M	-	-	-	-	-	-
Termination Fees Growth	-	-	-	-	-	-	-	-	-	-
Philadelphia C B D	209.3M	200.25M	226.67M	-	-	-	-	-	-	-
Philadelphia C B D Growth	-	-4.33%	13.20%	-	-	-	-	-	-	-
Metropolitan D C	110.66M	99.78M	92.02M	-	-	-	-	-	-	-
Metropolitan D C Growth	-	-9.83%	-7.77%	-	-	-	-	-	-	-
All Others	-	39.36M	18.35M	-	-	-	-	-	-	-
All Others Growth	-	-	-53.39%	-	-	-	-	-	-	-
New Jersey Delaware	47.73M	-	-	-	-	-	-	-	-	-
New Jersey Delaware Growth	-	-	-	-	-	-	-	-	-	-
Richmond Virginia	36.49M	-	-	-	-	-	-	-	-	-
Richmond Virginia Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Austin Texas	20.91M	34.59M	34.3M	99.72M	407.08M	406.52M	401.58M	478.19M	95.5M	87.21M
Austin Texas Growth	-	65.40%	-0.82%	190.73%	308.20%	-0.14%	-1.22%	19.08%	-80.03%	-8.69%
Other	-	-	-	-	51.66M	48.3M	49.62M	54.56M	39.31M	42.14M
Other Growth	-	-	-	-	-	-6.50%	2.73%	9.94%	-27.95%	7.21%
Pennsylvania	158.4M	-	-	-	-	-	-	-	-	-
Pennsylvania Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Brandywine Realty Trust (BDN) reported $485.4M in revenue for fiscal year 2024. This represents a 10% decrease from $538.6M in 2011.

Brandywine Realty Trust (BDN) saw revenue decline by 1.8% over the past year.

Brandywine Realty Trust (BDN) reported a net loss of $186.3M for fiscal year 2024.

Dividend & Returns

Yes, Brandywine Realty Trust (BDN) pays a dividend with a yield of 20.60%. This makes it attractive for income-focused investors.

Brandywine Realty Trust (BDN) has a return on equity (ROE) of -16.5%. Negative ROE indicates the company is unprofitable.

Industry Metrics

Brandywine Realty Trust (BDN) generated Funds From Operations (FFO) of $-10.6M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Brandywine Realty Trust (BDN) offers a 20.60% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

US Stock Screener

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Brandywine Realty Trust (BDN) 10-Year Financial Performance & Capital Metrics

BDN • • REIT / Real Estate

Real EstateOffice REITsUrban CBD Office REITsMulti-Market Urban Office Operators

Revenue $506M -1.8%
FFO -$18M -122.0%
FFO/Share -0.10 -121.2%
FFO Payout -588.98% +62.1%
FFO per Share -0.10 -121.2%
NOI Margin 62.94% -0.2%
FFO Margin -3.51% -126.0%
ROE -16.54% -24.3%
ROA -5.42% -4.8%
Debt/Assets 64.04% +10.5%
Net Debt/EBITDA 9.21 -26.8%
Book Value/Share 6.05 -21.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 91.8% TTM
✓High NOI margin of 62.9%
✓Trading at only 0.5x book value

✗Weaknesses

✗High debt to equity ratio of 2.1x
✗Weak momentum: RS Rating 13 (bottom 13%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.65%

5Y-2.73%

3Y1.26%

TTM-5.52%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM39.68%

EPS CAGR

10Y-

5Y-

3Y-

TTM40.56%

ROCE

10Y Avg2.85%

5Y Avg3.47%

3Y Avg1.43%

Latest1.6%

Peer Comparison

Multi-Market Urban Office Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DEIDouglas Emmett, Inc.	1.86B	11.10	85.38	-3.33%	2.22%	0.63%	9.11%	1.51
CMCTCreative Media & Community Trust Corporation	3.31M	3.49	-0.01	4.41%	-37.27%	-15.24%		1.55
BDNBrandywine Realty Trust	510.68M	2.94	-2.58	-1.77%	-38.38%	-22%	10.06%	2.14
ELMEElme Communities	253.02M	2.87	-19.13	6.15%	-54.57%	-14.82%	37.56%	0.65

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	602.63M	525.46M	520.49M	544.35M	580.42M	534.85M	486.82M	506.1M	514.65M	505.52M
Revenue Growth %	0.01%	-0.13%	-0.01%	0.05%	0.07%	-0.08%	-0.09%	0.04%	0.02%	-0.02%
Property Operating Expenses	238.09M	209.45M	206M	218.02M	225.85M	205.46M	188.31M	194.4M	189.95M	187.33M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	248.44M	216.27M	207.9M	202.06M	239.78M	-71.09M	205.21M	191.97M	346.29M	263.31M
G&A Expenses	29.41M	26.6M	28.54M	27.8M	32.16M	30.29M	30.15M	35.01M	34.86M	42.78M
EBITDA+	335.14M	248.9M	315.79M	232.71M	324.79M	588.77M	271.4M	297.71M	167.22M	233.05M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	219.03M	189.68M	180.32M	176M	210M	188.28M	178.1M	177.98M	188.8M	178.17M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	116.11M	59.23M	135.47M	56.71M	114.79M	400.49M	93.3M	119.73M	-21.58M	54.88M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	116.51M	88.08M	84.32M	80.7M	84.28M	76.81M	65.45M	71.86M	99.83M	121.31M
Interest Coverage	1.00x	0.67x	1.61x	0.70x	1.36x	5.21x	1.43x	1.67x	-0.22x	0.45x
Non-Operating Income	-51.87M	-69.36M	-69.4M	-159.88M	-4.04M	16.57M	15.43M	-6.17M	75.92M	130.05M
Pretax Income+	-30.74M	40.5M	121.23M	135.9M	34.54M	307.1M	12.41M	54.05M	-197.33M	-196.47M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	142.54M	0	-628K	423K	12K	-224K	47K	55K	72K	14K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-30.4M	40.19M	115.31M	134.52M	34.27M	305.53M	12.29M	53.82M	-196.79M	-195.91M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-5.36%	2.32%	1.87%	0.17%	-0.75%	7.92%	-0.96%	3.38%	-4.66%	0%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.12%	0.22%	0.29%	0.05%	-0.21%	1.02%	-0.61%	0.22%	-1.03%	-1.22%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	-0.21	0.19	0.65	0.75	0.19	1.77	0.07	0.31	-1.15	-1.14
EPS Growth %	-	1.9%	2.42%	0.15%	-0.75%	8.32%	-0.96%	3.5%	-4.71%	0.01%
EPS (Basic)	-0.21	0.19	0.66	0.75	0.19	1.77	0.07	0.31	-1.15	-1.14
Diluted Shares Outstanding	178.16M	176.01M	176.81M	176.87M	176.69M	172.32M	172.27M	172.33M	171.96M	172.53M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	4.55B	4.1B	4B	5.66B	4.08B	3.9B	3.85B	3.87B	3.73B	3.49B
Asset Growth %	-0.06%	-0.1%	-0.03%	0.42%	-0.28%	-0.04%	-0.01%	0.01%	-0.04%	-0.06%
Real Estate & Other Assets+	3.4B	3.35B	286.54M	325.12M	3.54B	3.19B	3.15B	3.04B	292.31M	307.04M
PP&E (Net)	3.09B	3.03B	3.06B	3.22B	0	0	0	0	2.56B	2.32B
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	803.28M	397.71M	390.27M	216.08M	288.36M	222.6M	207.11M	208.32M	266.22M	293.19M
Cash & Equivalents	56.69M	193.92M	202.18M	22.84M	90.5M	46.34M	27.46M	17.55M	58.32M	90.23M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	584.37M	41.72M	392K	11.6M	7.35M	7.35M	562K	0	9.21M	5.95M
Intangible Assets	111.62M	72.48M	64.97M	171.35M	124.44M	87.75M	56.32M	54.03M	7.69M	5.5M
Total Liabilities	2.6B	2.22B	2.15B	3.9B	2.39B	2.1B	2.14B	2.24B	2.41B	2.45B
Total Debt+	2.38B	2.01B	1.93B	2.03B	2.17B	1.85B	1.88B	2.08B	2.16B	2.24B
Net Debt	2.33B	1.82B	1.73B	2.01B	2.08B	1.81B	1.85B	2.06B	2.1B	2.15B
Long-Term Debt	2.38B	1.71B	1.93B	2.03B	2.14B	1.83B	1.83B	1.97B	2.14B	2.21B
Short-Term Borrowings	0	1000K	0	0	0	0	1000K	1000K	0	0
Capital Lease Obligations	25.66M	18.12M	20.27M	31.78M	22.55M	22.76M	22.96M	23.17M	23.37M	23.55M
Total Current Liabilities+	160.67M	165.14M	182.12M	280.12M	182.45M	176.08M	229.76M	190.31M	174.09M	191.39M
Accounts Payable	99.86M	103.4M	107.07M	125.7M	113.35M	121.98M	150.15M	132.44M	123.83M	129.72M
Deferred Revenue	30.41M	31.62M	42.59M	28.29M	35.28M	21.4M	23.85M	25.08M	24.25M	35.41M
Other Liabilities	131.22M	324.26M	15.62M	181.32M	2.96M	44.63M	61.66M	62.65M	63.73M	19.88M
Total Equity+	1.95B	1.88B	1.85B	1.76B	1.69B	1.8B	1.7B	1.63B	1.32B	1.04B
Equity Growth %	-0.1%	-0.04%	-0.02%	-0.05%	-0.04%	0.07%	-0.06%	-0.04%	-0.19%	-0.21%
Shareholders Equity	1.93B	1.87B	1.83B	1.74B	1.68B	1.79B	1.69B	1.63B	1.32B	1.04B
Minority Interest	18.17M	17.09M	17.42M	16.67M	10.43M	10.51M	10.95M	7.7M	6.77M	5.95M
Common Stock	1.75M	1.75M	1.78M	1.77M	1.77M	1.71M	1.71M	1.72M	1.72M	1.72M
Additional Paid-in Capital	3.25B	3.26B	3.22B	3.2B	3.19B	3.14B	3.15B	3.15B	3.16B	3.18B
Retained Earnings	-1.32B	-1.39B	-1.39B	654.09M	804.56M	1.11B	1.12B	1.18B	0	0
Preferred Stock	40K	40K	2.05B	61.14M	0	0	0	0	0	0
Return on Assets (ROA)	-0.01%	0.01%	0.03%	0.03%	0.01%	0.08%	0%	0.01%	-0.05%	-0.05%
Return on Equity (ROE)	-0.01%	0.02%	0.06%	0.07%	0.02%	0.17%	0.01%	0.03%	-0.13%	-0.17%
Debt / Assets	0.52%	0.49%	0.48%	0.36%	0.53%	0.48%	0.49%	0.54%	0.58%	0.64%
Debt / Equity	1.22x	1.07x	1.05x	1.16x	1.28x	1.03x	1.10x	1.27x	1.63x	2.14x
Net Debt / EBITDA	6.95x	7.31x	5.47x	8.62x	6.39x	3.07x	6.81x	6.92x	12.58x	9.21x
Book Value per Share	10.96	10.70	10.44	9.93	9.56	10.47	9.88	9.48	7.70	6.05

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	195.1M	172.22M	182.02M	227.35M	234.23M	225.81M	190.87M	209.31M	177.27M	181.13M
Operating CF Growth %	0.03%	-0.12%	0.06%	0.25%	0.03%	-0.04%	-0.15%	0.1%	-0.15%	0.02%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	-30.74M	40.5M	121.86M	137.29M	34.53M	307.33M	12.37M	53.99M	-197.36M	-196.49M
Depreciation & Amortization	219.03M	189.68M	179.36M	174.26M	210M	188.28M	178.1M	177.98M	188.8M	178.17M
Stock-Based Compensation	3.01M	3.43M	4.88M	5.72M	6.88M	6.63M	7.13M	8.94M	9.85M	16.89M
Other Non-Cash Items	22.1M	-31.3M	-121.73M	-98.03M	-20.92M	-285.92M	3.62M	-41.34M	193.76M	172.68M
Working Capital Changes	1.66M	-4.96M	-1.73M	7.69M	3.73M	9.72M	-10.39M	9.68M	-17.85M	9.86M
Cash from Investing+	-166.45M	500.91M	79.8M	-214.51M	-130.66M	18.29M	-100.31M	-190.59M	-174.91M	-120.19M
Acquisitions (Net)	-62.45M	-7.59M	138.78M	59.44M	7.3M	-719K	-31.64M	-47.43M	-85.92M	-194.03M
Purchase of Investments	0	-257.02M	-180.75M	-522.58M	-138.69M	-179.75M	-109.93M	-227.11M	0	0
Sale of Investments	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Investing	222.14M	762.99M	103.2M	-61.34M	144.16M	79.41M	118.36M	238.9M	-32.17M	203.6M
Cash from Financing+	-229.46M	-535.91M	-253.56M	-193.07M	-35.61M	-288.19M	-109.34M	-28.63M	46.79M	-32.3M
Dividends Paid	-114.33M	-116.64M	-116.31M	-129.92M	-134.14M	-131.15M	-130.25M	-130.72M	-124.25M	-104.48M
Common Dividends	-114.33M	0	-116.31M	-128.86M	-134.14M	-131.15M	-130.25M	-130.72M	-124.25M	-104.48M
Debt Issuance (Net)	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	1000K	1000K	1000K	1000K
Share Repurchases	-67.32M	-879K	-100M	-28.88M	-17.28M	-60M	-2.33M	-4.01M	-5K	-1.03M
Other Financing	-7.15M	899K	-355K	-2.64M	-468K	-2.05M	253K	-13.27M	-5.11M	-6.64M
Net Change in Cash+	-200.81M	137.22M	8.26M	-180.23M	67.96M	-44.09M	-18.78M	-9.91M	49.15M	28.64M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	257.5M	56.69M	193.92M	203.44M	23.21M	91.17M	47.08M	28.3M	18.39M	67.53M
Cash at End	56.69M	193.92M	202.18M	23.21M	91.17M	47.08M	28.3M	18.39M	67.53M	96.18M
Free Cash Flow+	-131.05M	-82.27M	19.84M	14.75M	35.93M	65.56M	55.75M	-53.71M	20.81M	51.37M
FCF Growth %	-1.73%	0.37%	1.24%	-0.26%	1.44%	0.82%	-0.15%	-1.96%	1.39%	1.47%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.06	1.31	1.67	1.76	1.38	2.87	1.11	1.35	-0.05	-0.1
FFO Payout Ratio	60.61%	50.74%	39.34%	41.5%	54.91%	26.56%	68.41%	56.39%	-1554.74%	-588.98%
NOI Margin	60.49%	60.14%	60.42%	59.95%	61.09%	61.59%	61.32%	61.59%	63.09%	62.94%
Net Debt / EBITDA	6.95x	7.31x	5.47x	8.62x	6.39x	3.07x	6.81x	6.92x	12.58x	9.21x
Debt / Assets	52.36%	49.11%	48.33%	35.84%	53.16%	47.52%	48.79%	53.6%	57.93%	64.04%
Interest Coverage	1.00x	0.67x	1.61x	0.70x	1.36x	5.21x	1.43x	1.67x	-0.22x	0.45x
Book Value / Share	10.96	10.7	10.44	9.93	9.56	10.47	9.88	9.48	7.7	6.05
Revenue Growth	0.95%	-12.81%	-0.95%	4.58%	6.63%	-7.85%	-8.98%	3.96%	1.69%	-1.77%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Rents	-	-	-	430.66M	554.66M	513.5M	451.52M	470.85M	479.85M	469.24M
Rents Growth	-	-	-	-	28.80%	-7.42%	-12.07%	4.28%	1.91%	-2.21%
Lease Revenue	-	-	-	-	-	-	-	-	469.05M	458.29M
Lease Revenue Growth	-	-	-	-	-	-	-	-	-	-2.29%
Third Party Management Revenue	-	-	-	22.56M	19.63M	18.58M	26.44M	24.13M	24.42M	23.74M
Third Party Management Revenue Growth	-	-	-	-	-12.99%	-5.33%	42.33%	-8.74%	1.18%	-2.76%
Real Estate, Other	-	-	-	-	6.13M	2.77M	8.86M	11.12M	10.38M	12.53M
Real Estate, Other Growth	-	-	-	-	-	-54.82%	219.94%	25.53%	-6.58%	20.68%
Real Estate Other	-	-	-	6.74M	-	-	-	-	-	-
Real Estate Other Growth	-	-	-	-	-	-	-	-	-	-
Termination Fees	-	-	-	1.76M	-	-	-	-	-	-
Termination Fees Growth	-	-	-	-	-	-	-	-	-	-
Philadelphia C B D	209.3M	200.25M	226.67M	-	-	-	-	-	-	-
Philadelphia C B D Growth	-	-4.33%	13.20%	-	-	-	-	-	-	-
Metropolitan D C	110.66M	99.78M	92.02M	-	-	-	-	-	-	-
Metropolitan D C Growth	-	-9.83%	-7.77%	-	-	-	-	-	-	-
All Others	-	39.36M	18.35M	-	-	-	-	-	-	-
All Others Growth	-	-	-53.39%	-	-	-	-	-	-	-
New Jersey Delaware	47.73M	-	-	-	-	-	-	-	-	-
New Jersey Delaware Growth	-	-	-	-	-	-	-	-	-	-
Richmond Virginia	36.49M	-	-	-	-	-	-	-	-	-
Richmond Virginia Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Austin Texas	20.91M	34.59M	34.3M	99.72M	407.08M	406.52M	401.58M	478.19M	95.5M	87.21M
Austin Texas Growth	-	65.40%	-0.82%	190.73%	308.20%	-0.14%	-1.22%	19.08%	-80.03%	-8.69%
Other	-	-	-	-	51.66M	48.3M	49.62M	54.56M	39.31M	42.14M
Other Growth	-	-	-	-	-	-6.50%	2.73%	9.94%	-27.95%	7.21%
Pennsylvania	158.4M	-	-	-	-	-	-	-	-	-
Pennsylvania Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Brandywine Realty Trust (BDN) reported $485.4M in revenue for fiscal year 2024. This represents a 10% decrease from $538.6M in 2011.

Brandywine Realty Trust (BDN) saw revenue decline by 1.8% over the past year.

Brandywine Realty Trust (BDN) reported a net loss of $186.3M for fiscal year 2024.

Dividend & Returns

Yes, Brandywine Realty Trust (BDN) pays a dividend with a yield of 20.60%. This makes it attractive for income-focused investors.

Brandywine Realty Trust (BDN) has a return on equity (ROE) of -16.5%. Negative ROE indicates the company is unprofitable.

Industry Metrics

Brandywine Realty Trust (BDN) generated Funds From Operations (FFO) of $-10.6M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Brandywine Realty Trust (BDN) offers a 20.60% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.