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BDNBrandywine Realty Trust
$3.09$537M
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BDN logoBrandywine Realty Trust(BDN)Earnings, Financials & Key Ratios

BDN•NYSE•REIT / Real Estate
Price updated Jun 19, 2026
SectorReal EstateIndustryOffice REITsSub-IndustryMixed-Use and Development-Oriented Office REITs
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$484M-4.2%
  • FFO-$3M+82.8%
  • FFO/Share-0.02+82.9%
  • FFO Payout-3049.9%-417.8%
  • FFO per Share-0.02+82.9%
  • NOI Margin-11.06%-117.6%
  • FFO Margin-0.63%+82.1%
  • ROE-19.48%-17.8%
  • ROA-5.07%+6.5%

BDN Key Insights

Brandywine Realty Trust (BDN) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Trading at only 0.7x book value

✗Weaknesses

  • ✗High debt to equity ratio of 3.2x
  • ✗Low NOI margin of -11.1%
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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BDN Price & Volume

Brandywine Realty Trust (BDN) stock price & volume — 10-year historical chart

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BDN Growth Metrics

Brandywine Realty Trust (BDN) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-2.16%
5 Years-1.96%
3 Years-1.45%
TTM-2.12%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM2.85%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM4.17%

Return on Capital

10 Years2.83%
5 Years1.84%
3 Years1.12%
Last Year2.35%

BDN Recent Earnings

Brandywine Realty Trust (BDN) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 5/12 qtrs (42%)
Q2 2026Latest
Apr 22, 2026
Metric
Actual
Est
EPS
$0.11+0.0%
$0.11
Rev
$121M+9.1%
$111M
Q1 2026
Feb 3, 2026
Metric
Actual
Est
EPS
$0.21+7.4%
$0.23
Rev
$114M-1.4%
$116M
Q4 2025
Oct 22, 2025
Metric
Actual
Est
EPS
$0.16-5.9%
$0.17
Rev
$121M+1.5%
$120M
Q3 2025
Jul 23, 2025
Metric
Actual
Est
EPS
$0.15-11.8%
$0.17
Rev
$121M+0.7%
$120M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 22, 2026
$0.11vs $0.11+0.0%
$121Mvs $111M+9.1%
Q1 2026Feb 3, 2026
$0.21vs $0.23+7.4%
$114Mvs $116M-1.4%
Q4 2025Oct 22, 2025
$0.16vs $0.17-5.9%
$121Mvs $120M+1.5%
Q3 2025Jul 23, 2025
$0.15vs $0.17-11.8%
$121Mvs $120M+0.7%
Based on last 12 quarters of dataView full earnings history →

BDN Peer Comparison

Brandywine Realty Trust (BDN) competitors in Mixed-Use and Development-Oriented Office REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
PDM logoPDMPiedmont Office Realty Trust, Inc.Direct Competitor1.12B8.94-13.34-0.93%-20.46%-5.7%1.52
HIW logoHIWHighwoods Properties, Inc.Direct Competitor3.23B29.2820.19-2.39%11.4%3.76%1.49
DEA logoDEAEasterly Government Properties, Inc.Direct Competitor1.07B23.1679.8611.27%4.27%1.07%1.23
PGRE logoPGREParamount Group, Inc.Direct Competitor1.46B6.60-31.431.97%-13.47%-2.39%0.92
BXP logoBXPBXP, Inc.Product Competitor10.27B64.7037.182.19%7.95%3.58%2.26
SLG logoSLGSL Green Realty Corp.Product Competitor3.65B50.56-42.8541.96%-15.25%-3.47%1.83
VNO logoVNOVornado Realty TrustProduct Competitor7.11B37.819.001.27%43.99%11.77%1.16
KRC logoKRCKilroy Realty CorporationProduct Competitor4.36B36.8115.87-2.02%24.81%4.91%0.86

Compare BDN vs Peers

Brandywine Realty Trust (BDN) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PDM

Most directly comparable listed peer for BDN.

Scale Benchmark

vs WELL

Larger-name benchmark to compare BDN against a more recognizable public peer.

Peer Set

Compare Top 5

vs PDM, HIW, DEA, PGRE

BDN Income Statement

Brandywine Realty Trust (BDN) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
520.49M544.35M580.42M534.85M486.82M506.1M514.65M505.52M484.45M489.94M
Revenue Growth %
-0.95%4.58%6.63%-7.85%-8.98%3.96%1.69%-1.77%-4.17%-2.12%
Property Operating Expenses
206M218.02M225.85M205.46M188.31M194.4M189.95M187.33M538.05M146.15M
Net Operating Income (NOI)
314.49M▲ 0%
326.32M▲ 3.8%
354.57M▲ 8.7%
329.4M▼ 7.1%
298.51M▼ 9.4%
311.7M▲ 4.4%
324.7M▲ 4.2%
318.19M▼ 2.0%
-53.6M▼ 116.8%
343.79M▲ 0%
NOI Margin %
60.42%59.95%61.09%61.59%61.32%61.59%63.09%62.94%-11.06%70.17%
Operating Expenses
207.9M202.06M239.78M-71.09M205.21M191.97M346.29M263.31M-134.4M262.57M
G&A Expenses
28.54M27.8M32.16M30.29M30.15M35.01M34.86M42.78M42.03M37.1M
EBITDA
315.79M232.71M324.79M588.77M271.4M297.71M167.22M233.05M257.23M167.15M
EBITDA Margin %
60.67%42.75%55.96%110.08%55.75%58.83%32.49%46.1%53.1%34.12%
Depreciation & Amortization
180.32M176M210M188.28M178.1M177.98M188.8M178.17M176.43M172.9M
D&A / Revenue %
34.64%32.33%36.18%35.2%36.59%35.17%36.68%35.24%36.42%35.29%
Operating Income
135.47M▲ 0%
56.71M▼ 58.1%
114.79M▲ 102.4%
400.49M▲ 248.9%
93.3M▼ 76.7%
119.73M▲ 28.3%
-21.58M▼ 118.0%
54.88M▲ 354.3%
80.8M▲ 47.2%
-5.74M▲ 0%
Operating Margin %
26.03%10.42%19.78%74.88%19.16%23.66%-4.19%10.86%16.68%-1.17%
Interest Expense
84.32M80.7M84.28M76.81M65.45M71.86M99.83M121.31M140.07M2M
Interest Coverage
2.43x2.68x1.41x5.00x1.19x1.75x-0.98x-0.62x-0.28x-
Non-Operating Income
-69.4M-159.88M-4.04M16.57M15.43M-6.17M75.92M130.05M119.48M37.42M
Pretax Income
121.23M▲ 0%
135.9M▲ 12.1%
34.54M▼ 74.6%
307.1M▲ 789.1%
12.41M▼ 96.0%
54.05M▲ 335.4%
-197.33M▼ 465.1%
-196.47M▲ 0.4%
-178.75M▲ 9.0%
-200.47M▲ 0%
Pretax Margin %
23.29%24.96%5.95%57.42%2.55%10.68%-38.34%-38.87%-36.9%-40.92%
Income Tax
-628K423K12K-224K47K55K72K14K112K110K
Effective Tax Rate %
-0.52%0.31%0.03%-0.07%0.38%0.1%-0.04%-0.01%-0.06%-0.05%
Net Income
115.31M▲ 0%
134.52M▲ 16.7%
34.27M▼ 74.5%
305.53M▲ 791.6%
12.29M▼ 96.0%
53.82M▲ 338.0%
-196.79M▼ 465.6%
-195.91M▲ 0.4%
-179.48M▲ 8.4%
-200.81M▲ 0%
Net Margin %
22.15%24.71%5.9%57.12%2.52%10.64%-38.24%-38.75%-37.05%-40.99%
Net Income Growth %
186.91%16.66%-74.53%791.61%-95.98%337.99%-465.62%0.45%8.39%2.85%
Funds From Operations (FFO)
295.63M▲ 0%
310.52M▲ 5.0%
244.27M▼ 21.3%
493.81M▲ 102.2%
190.39M▼ 61.4%
231.81M▲ 21.8%
-7.99M▼ 103.4%
-17.74M▼ 122.0%
-3.05M▲ 82.8%
-27.91M▲ 0%
FFO Margin %
56.8%57.04%42.09%92.33%39.11%45.8%-1.55%-3.51%-0.63%-5.7%
FFO Growth %
28.61%5.04%-21.33%102.16%-61.44%21.75%-103.45%-121.96%82.81%-343.36%
FFO per Share
1.671.761.382.871.111.35-0.05-0.10-0.02-0.16
FFO Payout Ratio %
39.34%41.5%54.91%26.56%68.41%56.39%-1554.74%-588.98%-3049.9%-239.51%
EPS (Diluted)
0.65▲ 0%
0.75▲ 15.4%
0.19▼ 74.7%
1.77▲ 831.6%
0.07▼ 96.1%
0.31▲ 349.9%
-1.15▼ 471.0%
-1.14▲ 0.9%
-1.03▲ 9.6%
-1.16▲ 0%
EPS Growth %
242.11%15.38%-74.67%831.58%-96.11%349.93%-470.97%0.87%9.65%4.17%
EPS (Basic)
0.660.750.191.770.070.31-1.15-1.14-1.03-
Diluted Shares Outstanding
176.81M176.87M176.69M172.32M172.27M172.33M171.96M172.53M173.46M173.76M

BDN Balance Sheet

Brandywine Realty Trust (BDN) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
4B5.66B4.08B3.9B3.85B3.87B3.73B3.49B3.59B3.59B
Asset Growth %
-2.53%41.63%-27.97%-4.31%-1.38%0.74%-3.67%-6.44%2.69%-9.88%
Real Estate & Other Assets
286.54M325.12M3.54B3.19B3.15B3.04B292.31M307.04M-296.52M0
PP&E (Net)
3.06B3.22B00002.56B2.32B017.66M
Investment Securities
1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Total Current Assets
390.27M216.08M288.36M222.6M207.11M208.32M266.22M293.19M237.09M243.79M
Cash & Equivalents
202.18M22.84M90.5M46.34M27.46M17.55M58.32M90.23M32.28M36.2M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets
392K11.6M7.35M7.35M562K09.21M5.95M00
Intangible Assets
64.97M171.35M124.44M87.75M56.32M54.03M7.69M5.5M22.43M20.74M
Total Liabilities
2.15B3.9B2.39B2.1B2.14B2.24B2.41B2.45B2.79B2.85B
Total Debt
1.93B2.03B2.17B1.85B1.88B2.08B2.16B2.24B2.58B0
Net Debt
1.73B2.01B2.08B1.81B1.85B2.06B2.1B2.15B2.55B-36.2M
Long-Term Debt
1.93B2.03B2.14B1.83B1.83B1.97B2.14B2.21B2.56B0
Short-Term Borrowings
000023M88.5M00179.35M0
Capital Lease Obligations
20.27M022.55M22.76M22.96M23.17M31.64M23.55M23.72M71.03M
Total Current Liabilities
182.12M280.12M182.45M176.08M229.76M190.31M174.09M191.39M22.57M20.85M
Accounts Payable
107.07M125.7M113.35M121.98M150.15M132.44M123.83M129.72M143.83M0
Deferred Revenue
42.59M28.29M35.28M21.4M23.85M25.08M24.25M35.41M22.57M20.85M
Other Liabilities
15.62M181.32M2.96M44.63M61.66M62.65M63.73M19.88M172.52M2.83B
Total Equity
1.85B▲ 0%
1.76B▼ 4.9%
1.69B▼ 3.8%
1.8B▲ 6.9%
1.7B▼ 5.7%
1.63B▼ 4.0%
1.32B▼ 18.9%
1.04B▼ 21.1%
797.85M▼ 23.6%
739.19M▲ 0%
Equity Growth %
-1.96%-4.93%-3.84%6.89%-5.73%-3.99%-18.93%-21.11%-23.62%-104.87%
Shareholders Equity
1.83B1.74B1.68B1.79B1.69B1.63B1.32B1.04B792.73M734.31M
Minority Interest
17.42M16.67M10.43M10.51M10.95M7.7M6.77M5.95M5.12M4.88M
Common Stock
1.78M1.77M1.77M1.71M1.71M1.72M1.72M1.72M1.73M1.73M
Additional Paid-in Capital
3.22B3.2B3.19B3.14B3.15B3.15B3.16B3.18B3.2B0
Retained Earnings
-1.39B654.09M804.56M1.11B1.12B1.18B00-2.41B0
Preferred Stock
2.05B61.14M00000000
Return on Assets (ROA)
2.85%2.79%0.7%7.66%0.32%1.39%-5.17%-5.42%-5.07%-5.78%
Return on Equity (ROE)
6.18%7.47%1.99%17.49%0.7%3.23%-13.31%-16.54%-19.48%-24.57%
Debt / Assets
48.33%35.84%53.16%47.52%48.79%53.6%57.93%64.04%71.96%0%
Debt / Equity
1.05x1.16x1.28x1.03x1.10x1.27x1.63x2.14x3.23x0.00x
Net Debt / EBITDA
5.47x8.62x6.39x3.07x6.81x6.92x12.58x9.21x9.91x-0.22x
Book Value per Share
10.449.939.5610.479.889.487.706.054.604.25

BDN Cash Flow Statement

Brandywine Realty Trust (BDN) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
182.02M227.35M234.23M225.81M190.87M209.31M177.27M181.13M116.7M120.39M
Operating CF Growth %
5.69%24.91%3.03%-3.6%-15.47%9.66%-15.3%2.17%-35.57%-170.03%
Operating CF / Revenue %
34.97%41.77%40.36%42.22%39.21%41.36%34.45%35.83%24.09%24.57%
Net Income
121.86M137.29M34.53M307.33M12.37M53.99M-197.36M-196.49M265.73M-200.81M
Depreciation & Amortization
179.36M174.26M210M188.28M178.1M177.98M188.8M178.17M-651K86.45M
Stock-Based Compensation
4.88M5.72M6.88M6.63M7.13M8.94M9.85M16.89M04.94M
Other Non-Cash Items
-121.73M-98.03M-20.92M-285.92M3.62M-41.34M193.76M172.68M-122.39M-84.22M
Working Capital Changes
-1.73M7.69M3.73M9.72M-10.39M9.68M-17.85M9.86M-25.99M6.21M
Cash from Investing
79.8M-214.51M-130.66M18.29M-100.31M-190.59M-174.91M-120.19M-206.28M-171.65M
Acquisitions (Net)
138.78M59.44M7.3M-719K-31.64M-47.43M-85.92M-194.03M0-54.63M
Purchase of Investments
-180.75M-522.58M-138.69M-179.75M-109.93M-227.11M0000
Sale of Investments
318.02M384.63M54.87M279.6M58.02M108.06M0000
Other Investing
103.2M-61.34M144.16M79.41M118.36M238.9M-32.17M203.6M-206.28M-98.56M
Cash from Financing
-253.56M-193.07M-35.61M-288.19M-109.34M-28.63M46.79M-32.3M55.71M82.1M
Dividends Paid
-116.31M-129.92M-134.14M-131.15M-130.25M-130.72M-124.25M-104.48M-93.02M-66.85M
Common Dividends
-116.31M-128.86M-134.14M-131.15M-130.25M-130.72M-124.25M-104.48M-93.02M-66.85M
Debt Issuance (Net)
-1000K-1000K1000K-1000K1000K1000K1000K1000K1000K1000K
Share Repurchases
-100M-28.88M-17.28M-60M-2.33M-4.01M-5K-1.03M0-760K
Other Financing
-355K-2.64M-468K-2.05M253K-13.27M-5.11M-6.64M-7.9M-2.48M
Net Change in Cash
8.26M▲ 0%
-180.23M▼ 2282.0%
67.96M▲ 137.7%
-44.09M▼ 164.9%
-18.78M▲ 57.4%
-9.91M▲ 47.2%
49.15M▲ 595.8%
28.64M▼ 41.7%
-33.88M▼ 218.3%
30.83M▲ 0%
Exchange Rate Effect
0000000000
Cash at Beginning
193.92M203.44M23.21M91.17M47.08M28.3M18.39M67.53M96.18M0
Cash at End
202.18M23.21M91.17M47.08M28.3M18.39M67.53M96.18M62.3M0
Free Cash Flow
19.84M▲ 0%
14.75M▼ 25.6%
35.93M▲ 143.6%
65.56M▲ 82.4%
55.75M▼ 15.0%
-53.71M▼ 196.3%
20.81M▲ 138.8%
51.37M▲ 146.8%
42.7M▼ 16.9%
53.13M▲ 0%
FCF Growth %
124.11%-25.64%143.62%82.43%-14.95%-196.33%138.75%146.79%-16.88%87.23%
FCF / Revenue %
3.81%2.71%6.19%12.26%11.45%-10.61%4.04%10.16%8.81%10.84%

BDN Key Ratios

Brandywine Realty Trust (BDN) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share
1.671.761.382.871.111.35-0.05-0.1-0.02-0.16
FFO Payout Ratio
39.34%41.5%54.91%26.56%68.41%56.39%-1554.74%-588.98%-3049.9%-239.51%
NOI Margin
60.42%59.95%61.09%61.59%61.32%61.59%63.09%62.94%-11.06%70.17%
Net Debt / EBITDA
5.47x8.62x6.39x3.07x6.81x6.92x12.58x9.21x9.91x-0.22x
Debt / Assets
48.33%35.84%53.16%47.52%48.79%53.6%57.93%64.04%71.96%0%
Interest Coverage
2.43x2.68x1.41x5.00x1.19x1.75x-0.98x-0.62x-0.28x-
Book Value / Share
10.449.939.5610.479.889.487.76.054.64.25
Revenue Growth
-0.95%4.58%6.63%-7.85%-8.98%3.96%1.69%-1.77%-4.17%-2.12%
Related:BDN Dividend History·BDN Revenue History·BDN Price History·BDN P/E History·BDN Financial Ratios·BDN Institutional Holders

BDN SEC Filings & Documents

Brandywine Realty Trust (BDN) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 23, 2026·SEC

Material company update

Feb 4, 2026·SEC

Material company update

Dec 12, 2025·SEC

10-K Annual Reports

4
FY 2026

Feb 23, 2026·SEC

FY 2025

Feb 27, 2025·SEC

FY 2024

Feb 22, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 7, 2025·SEC

FY 2025

Jul 28, 2025·SEC

FY 2025

Apr 30, 2025·SEC

BDN Frequently Asked Questions

Brandywine Realty Trust (BDN) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Brandywine Realty Trust (BDN) reported $489.9M in revenue for fiscal year 2025. This represents a 4785% increase from $10.0M in 1996.

Brandywine Realty Trust (BDN) saw revenue decline by 4.2% over the past year.

Brandywine Realty Trust (BDN) reported a net loss of $200.8M for fiscal year 2025.

Dividend & Returns

Yes, Brandywine Realty Trust (BDN) pays a dividend with a yield of 17.35%. This makes it attractive for income-focused investors.

Brandywine Realty Trust (BDN) has a return on equity (ROE) of -19.5%. Negative ROE indicates the company is unprofitable.

Industry Metrics

Brandywine Realty Trust (BDN) generated Funds From Operations (FFO) of $-27.9M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Brandywine Realty Trust (BDN) offers a 17.35% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in BDN back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

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How much would $100/month in BDN be worth today?

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