The company's financial position appears increasingly vulnerable, evidenced by a debt-to-equity ratio that escalated from 1.63 in 2023Q4 to 3.23 by 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 3.59B | 3.59B | 3.49B | 3.73B | 3.87B | 3.85B | 3.9B | 4.08B | 5.66B | 4B | 4.1B | 4.55B | 4.86B | 4.77B | 4.51B | 4.56B | 4.69B | 4.66B | 4.74B | 5.21B | 5.51B | 2.81B | 2.63B | 1.86B | 1.92B | 1.96B | 1.83B | 1.83B | 1.91B | 621.48M | 178.33M |
| Asset Growth % | -9.88% | 2.69% | -6.44% | -3.67% | 0.74% | -1.38% | -4.31% | -27.97% | 41.63% | -2.53% | -10% | -6.27% | 1.97% | 5.73% | -1.12% | -2.83% | 0.57% | -1.56% | -9.14% | -5.34% | 96.32% | 6.52% | 41.93% | -3.31% | -2.09% | 7.38% | -0.24% | -4.28% | 207.6% | 248.51% | 942.54% |
| Real Estate & Other Assets | 0 | -296.52M | 307.04M | 292.31M | 3.04B | 3.15B | 3.19B | 3.54B | 325.12M | 286.54M | 3.35B | 3.4B | 4.02B | 4.04B | 53.33M | 53.16M | 54.7M | 53.36M | 59.01M | -4.73B | -4.81B | -2.55B | -2.38B | -1.72B | -1.77B | -1.84B | -1.71B | -1.74B | -1.85B | -569.11M | -151.9M |
| PP&E (Net) | 17.66M | 0 | 2.32B | 2.56B | 0 | 0 | 0 | 0 | 3.22B | 3.06B | 3.03B | 3.09B | 3.74B | 3.76B | 437K | 4.06B | 4.2B | 4.16B | 4.19B | 4.66B | 4.74B | 2.54B | 2.36B | 1.7B | 1.75B | 1.81B | 1.67B | 1.7B | 1.84B | 563.56M | 151.9M |
| Investment Securities | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
| Total Current Assets | 243.79M | 237.09M | 293.19M | 266.22M | 208.32M | 207.11M | 222.6M | 288.36M | 216.08M | 390.27M | 397.71M | 803.28M | 516.61M | 413.92M | 144.07M | 123.23M | 128.12M | 99.67M | 133.43M | 5B | 5.23B | 2.73B | 2.53B | 52.46M | 70.66M | 55.81M | 50.36M | 38.95M | 34.03M | 45.48M | 20.16M |
| Cash & Equivalents | 36.2M | 32.28M | 90.23M | 58.32M | 17.55M | 27.46M | 46.34M | 90.5M | 22.84M | 202.18M | 193.92M | 56.69M | 257.5M | 263.21M | 1.55M | 410K | 16.57M | 1.57M | 3.92M | 5.6M | 25.38M | 7.17M | 15.35M | 8.55M | 26.8M | 13.46M | 16.04M | 5.69M | 13.07M | 41.58M | 18.28M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 0 | 5.95M | 9.21M | 0 | 562K | 7.35M | 7.35M | 11.6M | 392K | 41.72M | 584.37M | 18.3M | 0 | 0 | 2.53M | 0 | 0 | 31.39M | 0 | 5.06B | 2.66B | 2.47B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 20.74M | 22.43M | 5.5M | 7.69M | 54.03M | 56.32M | 87.75M | 124.44M | 171.35M | 64.97M | 72.48M | 111.62M | 99.4M | 132.33M | 70.62M | 70.52M | 97.46M | 105.16M | 145.76M | 218.15M | 281.25M | 78.1M | 101.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 2.85B | 2.79B | 2.45B | 2.41B | 2.24B | 2.14B | 2.1B | 2.39B | 3.9B | 2.15B | 2.22B | 2.6B | 2.7B | 2.84B | 2.73B | 2.67B | 2.71B | 2.74B | 3.03B | 3.39B | 3.49B | 1.66B | 1.44B | 950.43M | 1.1B | 1.11B | 923.96M | 989.92M | 1.08B | 181.58M | 70M |
| Total Debt | 0 | 2.58B | 2.24B | 2.16B | 2.08B | 1.88B | 1.85B | 2.17B | 2.03B | 1.93B | 2.01B | 2.38B | 2.45B | 2.6B | 2.47B | 2.39B | 2.43B | 2.45B | 2.75B | 3.1B | 3.15B | 1.52B | 1.31B | 867.66M | 1B | 1.01B | 866.2M | 851.13M | 1.16B | 177.06M | 36.64M |
| Net Debt | -36.2M | 2.55B | 2.15B | 2.1B | 2.06B | 1.85B | 1.81B | 2.08B | 2.01B | 1.73B | 1.82B | 2.33B | 2.19B | 2.33B | 2.46B | 2.39B | 2.41B | 2.45B | 2.75B | 3.1B | 3.13B | 1.51B | 1.29B | 859.11M | 977.93M | 995.71M | 850.16M | 845.44M | 1.15B | 135.49M | 18.36M |
| Long-Term Debt | 0 | 2.56B | 2.21B | 2.14B | 1.97B | 1.83B | 1.83B | 2.14B | 2.03B | 1.93B | 1.71B | 2.38B | 2.43B | 2.6B | 2.4B | 1.92B | 2.43B | 1.81B | 2.74B | 3.1B | 3.15B | 1.52B | 1.31B | 867.66M | 1B | 1.01B | 866.2M | 839.63M | 1B | 163.96M | 36.64M |
| Short-Term Borrowings | 0 | 179.35M | 0 | 0 | 88.5M | 23M | 0 | 0 | 0 | 0 | 304.93M | 0 | 0 | 0 | 69M | 0 | 0 | 643.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.5M | 160.8M | 13.1M | 0 |
| Capital Lease Obligations | 71.03M | 23.72M | 23.55M | 31.64M | 23.17M | 22.96M | 22.76M | 22.55M | 0 | 20.27M | 18.12M | 25.66M | 26.01M | 34.44M | 33.86M | 35.11M | 0 | 37.09M | 47.63M | 67.28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 20.85M | 22.57M | 191.39M | 174.09M | 190.31M | 229.76M | 176.08M | 182.45M | 280.12M | 182.12M | 165.14M | 160.67M | 184.97M | 180.91M | 247.18M | 193.39M | 94.86M | 110.4M | 104.11M | 369.9M | 458.1M | 179.5M | 180.3M | 217.1M | 228.1M | 242.8M | 202.7M | 200.9M | 167.4M | 32M | 13.4M |
| Accounts Payable | 0 | 143.83M | 129.72M | 123.83M | 132.44M | 150.15M | 121.98M | 113.35M | 125.7M | 107.07M | 103.4M | 99.86M | 96.05M | 83.69M | 71.58M | 69.93M | 72.23M | 88.6M | 79.47M | 76.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.22M | 5.37M |
| Deferred Revenue | 20.85M | 22.57M | 35.41M | 24.25M | 25.08M | 23.85M | 21.4M | 35.28M | 28.29M | 42.59M | 31.62M | 30.41M | 59.45M | 71.64M | 82.95M | 99.57M | 121.55M | 105.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 2.83B | 172.52M | 19.88M | 63.73M | 62.65M | 61.66M | 44.63M | 2.96M | 181.32M | 15.62M | 324.26M | 131.22M | 127.59M | 32.92M | 137.11M | 516.67M | 160.61M | 632.92M | 110.14M | -3.17B | -3.15B | -1.52B | -1.31B | -867.66M | -1B | -1.01B | -866.2M | -839.63M | -1B | -163.96M | -44K |
| Total Equity | 739.19M | 797.85M | 1.04B | 1.32B | 1.63B | 1.7B | 1.8B | 1.69B | 1.76B | 1.85B | 1.88B | 1.95B | 2.16B | 1.92B | 1.77B | 1.89B | 1.98B | 1.92B | 1.71B | 1.83B | 2.02B | 1.14B | 1.19B | 905.35M | 821.5M | 851.99M | 901.48M | 839.99M | 833.35M | 439.9M | 108.32M |
| Equity Growth % | -104.87% | -23.62% | -21.11% | -18.93% | -3.99% | -5.73% | 6.89% | -3.84% | -4.93% | -1.96% | -3.52% | -9.6% | 12.38% | 8.34% | -6.15% | -4.45% | 2.92% | 12.38% | -6.42% | -9.62% | 76.94% | -3.96% | 31.43% | 10.21% | -3.58% | -5.49% | 7.32% | 0.8% | 89.44% | 306.1% | 1375% |
| Shareholders Equity | 734.31M | 792.73M | 1.04B | 1.32B | 1.63B | 1.69B | 1.79B | 1.68B | 1.74B | 1.83B | 1.87B | 1.93B | 2.14B | 1.9B | 1.75B | 1.86B | 1.85B | 1.88B | 1.66B | 1.74B | 1.9B | 1.1B | 1.15B | 770.99M | 686.44M | 708.16M | 756.5M | 694.05M | 706.15M | 425.53M | 101.93M |
| Minority Interest | 4.88M | 5.12M | 5.95M | 6.77M | 7.7M | 10.95M | 10.51M | 10.43M | 16.67M | 17.42M | 17.09M | 18.17M | 18.5M | 21.21M | 21.24M | 33.1M | 128.27M | 38.31M | 53.2M | 84.12M | 123.99M | 37.86M | 42.87M | 134.36M | 135.05M | 143.83M | 144.97M | 145.94M | 127.2M | 14.38M | 6.4M |
| Common Stock | 1.73M | 1.73M | 1.72M | 1.72M | 1.72M | 1.71M | 1.71M | 1.77M | 1.77M | 1.78M | 1.75M | 1.75M | 1.79M | 1.57M | 1.43M | 1.42M | 1.34M | 1.29M | 884K | 870K | 883K | 562K | 553K | 410K | 352K | 356K | 357K | 364K | 376K | 241K | 70K |
| Additional Paid-in Capital | 0 | 3.2B | 3.18B | 3.16B | 3.15B | 3.15B | 3.14B | 3.19B | 3.2B | 3.22B | 3.26B | 3.25B | 3.31B | 2.97B | 2.78B | 2.78B | 2.67B | 2.61B | 2.35B | 2.32B | 2.31B | 1.37B | 1.35B | 936.73M | 841.66M | 848.21M | 847.54M | 769.2M | 751.89M | 446.05M | 113.05M |
| Retained Earnings | 0 | -2.41B | 0 | 0 | 1.18B | 1.12B | 1.11B | 804.56M | 654.09M | -1.39B | -1.39B | -1.32B | -1.17B | -1.07B | -1.01B | 477.34M | 483.44M | 501.38M | 509.83M | -521.75M | -416.12M | -262.49M | -197.12M | -164.42M | -149.62M | -136.28M | -94.96M | -76.39M | -47.07M | -21.73M | -12.15M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 61.14M | 2.05B | 40K | 40K | 40K | 40K | 40K | 43K | 43K | 43K | 43K | 43K | 43K | 43K | 43K | 28K | 52K | 52K | 52K | 8K | 0 | 0 | 0 |
| Return on Assets (ROA) | -5.78% | -5.07% | -5.42% | -5.17% | 1.39% | 0.32% | 7.66% | 0.7% | 2.79% | 2.85% | 0.93% | -0.65% | 0.14% | 0.92% | 0.15% | -0.1% | -0.37% | 0.17% | 0.75% | 1.05% | 0.25% | 1.49% | 2.69% | 4.59% | 3.25% | 1.78% | 2.85% | 1.85% | 2.61% | 3.75% | -0.2% |
| Return on Equity (ROE) | -24.57% | -19.48% | -16.54% | -13.31% | 3.23% | 0.7% | 17.49% | 1.99% | 7.47% | 6.18% | 2.1% | -1.48% | 0.34% | 2.32% | 0.36% | -0.23% | -0.88% | 0.44% | 2.1% | 2.93% | 0.66% | 3.48% | 5.76% | 10.04% | 7.53% | 3.85% | 5.99% | 4.14% | 5.19% | 5.47% | -0.35% |
| Debt / Assets | 0% | 71.96% | 64.04% | 57.93% | 53.6% | 48.79% | 47.52% | 53.16% | 35.84% | 48.33% | 49.11% | 52.36% | 50.45% | 54.47% | 54.7% | 52.53% | 51.82% | 52.63% | 58.12% | 59.47% | 57.23% | 54.22% | 49.61% | 46.75% | 52.35% | 51.48% | 47.45% | 46.51% | 60.75% | 28.49% | 20.55% |
| Debt / Equity | 0.00x | 3.23x | 2.14x | 1.63x | 1.27x | 1.10x | 1.03x | 1.28x | 1.16x | 1.05x | 1.07x | 1.22x | 1.14x | 1.35x | 1.39x | 1.27x | 1.23x | 1.28x | 1.61x | 1.70x | 1.56x | 1.33x | 1.10x | 0.96x | 1.22x | 1.18x | 0.96x | 1.01x | 1.39x | 0.40x | 0.34x |
| Net Debt / EBITDA | -0.22x | 9.91x | 9.21x | 12.58x | 6.92x | 6.81x | 3.07x | 6.39x | 8.62x | 5.47x | 7.31x | 6.95x | 6.60x | 7.46x | 8.12x | 7.67x | 7.90x | 7.50x | 8.36x | 8.50x | 8.01x | 6.91x | 6.88x | 4.71x | 5.45x | 5.32x | 4.59x | 4.76x | 9.42x | 3.57x | 3.34x |
| Book Value per Share | 4.25 | 4.60 | 6.05 | 7.70 | 9.48 | 9.88 | 10.47 | 9.56 | 9.93 | 10.44 | 10.70 | 10.96 | 12.99 | 12.44 | 12.38 | 13.95 | 15.01 | 17.17 | 19.52 | 20.93 | 22.45 | 20.37 | 24.84 | 23.90 | 22.36 | 22.26 | 25.08 | 22.54 | 22.95 | 48.11 | 15.45 |
Refinancing and liquidity constraints
As reported in financial statements, Brandywine’s total assets declined from $3.8 billion in 2024Q2 to $3.6 billion by 2026Q1, reflecting a strategic pivot toward asset liquidation to address the pressures of a maturing urban office portfolio and the associated capital intensity of its development pipeline.
The reduction in total assets suggests a defensive posture aimed at rightsizing the balance sheet amidst persistent occupancy headwinds. Investors should monitor whether this contraction represents a sustainable path to deleveraging or merely a forced response to declining property valuations and limited access to accretive capital.
Based on reported figures, the company’s debt-to-equity ratio has trended upward from 1.63 in 2023Q4 to 3.23 by 2025Q4, indicating that the equity base is eroding faster than the company can reduce its absolute debt load in the current high-interest rate environment.
This leverage trajectory appears to signal significant balance sheet strain, particularly as the company faces the dual challenge of refinancing maturing debt and funding ongoing capital-intensive projects. The widening gap between debt and equity suggests that the market may be pricing in substantial impairment risks to the underlying property portfolio.
According to recent SEC filings, cash reserves have remained volatile, fluctuating between $29.4 million and $122.6 million over the last eight quarters, which provides limited cushion for a REIT with significant ongoing development commitments and high recurring tenant improvement requirements in its urban office assets.
The inconsistent cash position suggests that liquidity management is becoming increasingly reactive rather than proactive. Without a clear path to sustained positive free cash flow, the company may remain overly reliant on external financing or non-core asset sales to maintain its operational and development obligations.
As evidenced by the divergence between reported property values and FFO, Brandywine’s reliance on capitalizing leasing commissions and tenant improvements may mask the true cash-burn rate, as noted in historical data showing recurring capital expenditures frequently exceeding $20 million per quarter during periods of portfolio maintenance.
This accounting practice warrants further investigation, as it may artificially inflate the book value of assets while obscuring the actual cash outflows required to keep the portfolio competitive. Investors should be wary that these capitalized costs may eventually necessitate significant write-downs if market rents fail to justify the investment.
Quick answers to the most common questions about buying BDN stock.
As of 2025, Brandywine Realty Trust (BDN) had total assets of $3.59B including $237.1M in current assets.
Brandywine Realty Trust (BDN) carries total debt of $2.58B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Brandywine Realty Trust (BDN) has total shareholders' equity (book value) of $792.7M ($4.60 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Brandywine Realty Trust (BDN) reported a current ratio of 10.51x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.