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BDN logoBrandywine Realty Trust(BDN)Earnings, Financials & Key Ratios

BDN•NYSE•REIT / Real Estate
$3.02
$525M mkt cap·Price updated May 6, 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%
  • Debt/Assets71.96%+12.4%
  • Net Debt/EBITDA9.91+7.6%
  • Book Value/Share4.60-24.0%
Technical→

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.

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
EPS
$0.11
Est $0.11
+0.0%
Revenue
$121M
Est $111M
+9.1%
Q1 2026
Feb 3, 2026
EPS
$0.21
Est $0.23
+7.4%
Revenue
$114M
Est $116M
-1.4%
Q4 2025
Oct 22, 2025
EPS
$0.16
Est $0.17
-5.9%
Revenue
$121M
Est $120M
+1.5%
Q3 2025
Jul 23, 2025
EPS
$0.15
Est $0.17
-11.8%
Revenue
$121M
Est $120M
+0.7%
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
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
PDM logoPDMPiedmont Office Realty Trust, Inc.Direct Competitor1.06B8.45-12.61-0.93%-20.46%-5.7%1.52
HIW logoHIWHighwoods Properties, Inc.Direct Competitor2.85B25.8217.81-2.39%11.4%3.76%1.49
DEA logoDEAEasterly Government Properties, Inc.Direct Competitor1.08B23.2980.3111.27%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 Competitor9.5B59.8434.392.19%7.95%3.58%2.26
SLG logoSLGSL Green Realty Corp.Product Competitor3.18B44.71-28.1241.96%-8.99%-2.03%1.82
VNO logoVNOVornado Realty TrustProduct Competitor5.94B31.567.511.27%43.99%11.77%1.16
KRC logoKRCKilroy Realty CorporationProduct Competitor4.16B35.0915.13-2.02%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
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue520.49M544.35M580.42M534.85M486.82M506.1M514.65M505.52M484.45M489.94M
Revenue Growth %-0.95%4.58%6.63%-7.85%-8.98%3.96%1.69%-1.77%-4.17%-2.12%
Property Operating Expenses206M218.02M225.85M205.46M188.31M194.4M189.95M187.33M538.05M146.15M
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 Expenses207.9M202.06M239.78M-71.09M205.21M191.97M346.29M263.31M-134.4M262.57M
G&A Expenses28.54M27.8M32.16M30.29M30.15M35.01M34.86M42.78M42.03M37.1M
EBITDA315.79M232.71M324.79M588.77M271.4M297.71M167.22M233.05M257.23M167.15M
EBITDA Margin %60.67%42.75%55.96%110.08%55.75%58.83%32.49%46.1%53.1%34.12%
Depreciation & Amortization180.32M176M210M188.28M178.1M177.98M188.8M178.17M176.43M172.9M
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 Expense84.32M80.7M84.28M76.81M65.45M71.86M99.83M121.31M140.07M2M
Interest Coverage2.43x2.68x1.41x5.00x1.19x1.75x-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 Share1.671.761.382.871.111.35-0.05-0.10-0.02-0.16
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 Outstanding176.81M176.87M176.69M172.32M172.27M172.33M171.96M172.53M173.46M173.76M

BDN Balance Sheet

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

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets4B5.66B4.08B3.9B3.85B3.87B3.73B3.49B3.59B3.59B
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 Assets286.54M325.12M3.54B3.19B3.15B3.04B292.31M307.04M-296.52M0
PP&E (Net)3.06B3.22B00002.56B2.32B017.66M
Investment Securities1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Total Current Assets390.27M216.08M288.36M222.6M207.11M208.32M266.22M293.19M237.09M243.79M
Cash & Equivalents202.18M22.84M90.5M46.34M27.46M17.55M58.32M90.23M32.28M36.2M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets392K11.6M7.35M7.35M562K09.21M5.95M00
Intangible Assets64.97M171.35M124.44M87.75M56.32M54.03M7.69M5.5M22.43M20.74M
Total Liabilities2.15B3.9B2.39B2.1B2.14B2.24B2.41B2.45B2.79B2.85B
Total Debt1.93B2.03B2.17B1.85B1.88B2.08B2.16B2.24B2.58B0
Net Debt1.73B2.01B2.08B1.81B1.85B2.06B2.1B2.15B2.55B-36.2M
Long-Term Debt1.93B2.03B2.14B1.83B1.83B1.97B2.14B2.21B2.56B0
Short-Term Borrowings000023M88.5M00179.35M0
Capital Lease Obligations20.27M022.55M22.76M22.96M23.17M31.64M23.55M23.72M71.03M
Total Current Liabilities182.12M280.12M182.45M176.08M229.76M190.31M174.09M191.39M22.57M20.85M
Accounts Payable107.07M125.7M113.35M121.98M150.15M132.44M123.83M129.72M143.83M0
Deferred Revenue42.59M28.29M35.28M21.4M23.85M25.08M24.25M35.41M22.57M20.85M
Other Liabilities15.62M181.32M2.96M44.63M61.66M62.65M63.73M19.88M172.52M2.83B
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 Equity1.83B1.74B1.68B1.79B1.69B1.63B1.32B1.04B792.73M734.31M
Minority Interest17.42M16.67M10.43M10.51M10.95M7.7M6.77M5.95M5.12M4.88M
Common Stock1.78M1.77M1.77M1.71M1.71M1.72M1.72M1.72M1.73M1.73M
Additional Paid-in Capital3.22B3.2B3.19B3.14B3.15B3.15B3.16B3.18B3.2B0
Retained Earnings-1.39B654.09M804.56M1.11B1.12B1.18B00-2.41B0
Preferred Stock2.05B61.14M00000000
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 / Assets48.33%35.84%53.16%47.52%48.79%53.6%57.93%64.04%71.96%0%
Debt / Equity1.05x1.16x1.28x1.03x1.10x1.27x1.63x2.14x3.23x3.23x
Net Debt / EBITDA5.47x8.62x6.39x3.07x6.81x6.92x12.58x9.21x9.91x9.91x
Book Value per Share10.449.939.5610.479.889.487.706.054.604.25

BDN Cash Flow Statement

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

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations182.02M227.35M234.23M225.81M190.87M209.31M177.27M181.13M116.7M116.7M
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%23.82%
Net Income121.86M137.29M34.53M307.33M12.37M53.99M-197.36M-196.49M265.73M-200.81M
Depreciation & Amortization179.36M174.26M210M188.28M178.1M177.98M188.8M178.17M-651K86.45M
Stock-Based Compensation4.88M5.72M6.88M6.63M7.13M8.94M9.85M16.89M04.94M
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 Investing79.8M-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 Investments318.02M384.63M54.87M279.6M58.02M108.06M0000
Other Investing103.2M-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 Effect0000000000
Cash at Beginning193.92M203.44M23.21M91.17M47.08M28.3M18.39M67.53M96.18M0
Cash at End202.18M23.21M91.17M47.08M28.3M18.39M67.53M96.18M62.3M0
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 Share1.671.761.382.871.111.35-0.05-0.1-0.02-0.16
FFO Payout Ratio39.34%41.5%54.91%26.56%68.41%56.39%-1554.74%-588.98%-3049.9%-239.51%
NOI Margin60.42%59.95%61.09%61.59%61.32%61.59%63.09%62.94%-11.06%70.17%
Net Debt / EBITDA5.47x8.62x6.39x3.07x6.81x6.92x12.58x9.21x9.91x9.91x
Debt / Assets48.33%35.84%53.16%47.52%48.79%53.6%57.93%64.04%71.96%0%
Interest Coverage2.43x2.68x1.41x5.00x1.19x1.75x-0.98x-0.62x-0.28x-
Book Value / Share10.449.939.5610.479.889.487.76.054.64.25
Revenue Growth-0.95%4.58%6.63%-7.85%-8.98%3.96%1.69%-1.77%-4.17%-2.12%

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 17.76%. 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 17.76% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

Explore More BDN

Brandywine Realty Trust (BDN) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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