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BDN

Brandywine Realty Trust

BDN

Brandywine Realty Trust • NYSE
$3.43 ▲ 0.29% (+0.01)
Market Cap $595.79 M
52w High $5.90
52w Low $3.23
Dividend Yield 0.53%
P/E -3.18
Volume 1.30M
Outstanding Shares 173.70M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $121.417M ▲ $50.811M ▼ $-25.919M ▲ -21.347% ▲ $-0.15 ▲ $51.257M ▲
Q2-2025 $120.571M ▼ $116.542M ▲ $-88.936M ▼ -73.762% ▼ $-0.51 ▼ $-11.547M ▼
Q1-2025 $121.516M ▼ $58.764M ▲ $-26.975M ▲ -22.199% ▲ $-0.16 ▲ $50.372M ▲
Q4-2024 $121.905M ▼ $52.644M ▼ $-44.492M ▲ -36.497% ▲ $-0.25 ▲ $32.47M ▲
Q3-2024 $131.782M $94.962M $-165.496M -125.583% $-0.96 $-89.611M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $75.478M ▼ $3.319B ▼ $2.472B ▼ $841.55M ▼
Q2-2025 $122.645M ▲ $3.394B ▼ $2.509B ▲ $879.775M ▼
Q1-2025 $29.428M ▼ $3.424B ▼ $2.424B ▼ $993.586M ▼
Q4-2024 $90.229M ▲ $3.492B ▼ $2.448B ▼ $1.039B ▼
Q3-2024 $36.498M $3.6B $2.495B $1.099B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-25.998M ▼ $47.463M ▲ $-24.587M ▼ $-70.107M ▼ $-47.231M ▼ $29.007M ▲
Q2-2025 $-86K ▲ $34.389M ▲ $-11.857M ▲ $69.754M ▲ $92.286M ▲ $5.254M ▲
Q1-2025 $-27.056M ▲ $6.315M ▼ $-44.628M ▼ $-26.391M ▲ $-64.704M ▼ $-26.496M ▼
Q4-2024 $-44.62M ▲ $56.923M ▲ $72.846M ▲ $-76.285M ▼ $53.484M ▲ $20.704M ▲
Q3-2024 $-165.72M $52.232M $-38.937M $-7.115M $6.18M $12.231M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Real Estate Other
Real Estate Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Rents
Rents
 $230.00M ▲$110.00M ▼$110.00M ▲$110.00M ▲
Third Party Management Revenue
Third Party Management Revenue
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Brandywine’s revenue has held fairly steady over the past few years, but profitability has weakened. Operating results have swung from solid profits earlier in the period to small operating gains and then into meaningful net losses recently. This suggests pressure from the challenged office market, likely higher interest and operating costs, and possibly asset write‑downs. In simple terms: the top line is holding up reasonably, but the bottom line has deteriorated, and earnings have been negative for two years in a row.

Balance Sheet

Balance Sheet The balance sheet shows a gradual erosion of financial cushion. Total assets have edged down, debt has crept up, and equity has shrunk, signaling higher leverage and thinner capital buffers than a few years ago. Cash on hand is modest, though a bit better than at the low point. Overall, Brandywine still controls a sizable asset base, but it is carrying more financial risk and has less room for error than earlier in the decade.

Cash Flow

Cash Flow Despite accounting losses, the core business still generates steady cash flow from operations. That cash flow has been fairly stable, though not growing. Free cash flow has been positive most years but thin, reflecting sizable ongoing investment in development and improvements. Capital spending peaked a few years ago and has since come down, showing some discipline. The story here is: cash generation is holding up, but after funding projects there isn’t a large surplus, which limits flexibility if conditions worsen.

Competitive Edge

Competitive Edge Brandywine operates in a tough corner of real estate: traditional offices. Against that backdrop, its edge comes from strong positions in a few key urban markets, especially Philadelphia, and a deliberate push into life sciences, mixed‑use, and university‑adjacent projects. The Schuylkill Yards development and related life science initiatives give it a differentiated platform that not all office REITs can match. However, the portfolio remains exposed to office demand, tenant downsizing, and regional economic swings, so its competitive strengths sit alongside meaningful structural headwinds.

Innovation and R&D

Innovation and R&D Instead of classic R&D, Brandywine invests in smarter, greener and more flexible buildings. It is adopting smart‑building technology, advanced energy management, and green design, and it has been an early mover in sustainability practices and green leasing. Its life science incubator, flexible “move‑in ready” suites, and tenant‑only co‑working offerings show a focus on modern workplace needs rather than just four walls and a lease. These efforts can make the portfolio more attractive to high‑quality tenants, but they also require continued capital and strong execution to translate innovation into higher, more stable cash flows.

Summary

Brandywine is a long‑established office REIT that is financially under pressure but strategically trying to reinvent itself. Revenues are relatively stable, and properties still throw off cash, yet profits have turned negative and leverage has risen, raising the business’s sensitivity to interest rates, occupancy, and valuations. On the strategic side, the company is leaning into life sciences, mixed‑use developments, and smart, sustainable buildings, which could position it better than a traditional office landlord over time. The key questions going forward are whether it can keep assets well‑leased in a soft office market, successfully ramp its life science and innovation projects, and manage its debt load while funding these ambitions.

NEWS

October 22, 2025 · 5:08 PM UTC

Brandywine Realty Trust Announces Third Quarter 2025 Results And Adjusts And Narrows 2025 Guidance

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October 3, 2025 · 10:56 AM UTC

Brandywine Realty Trust Announces Closing of $300 Million Offering of 6.125% Guaranteed Notes Due 2031

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September 29, 2025 · 6:09 PM UTC

Brandywine Realty Trust Prices $300 Million of 6.125% Guaranteed Notes Due 2031

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September 26, 2025 · 9:43 AM UTC

Brandywine Realty Trust Announces Quarterly Common Dividend, Planned Financing Activity and Confirms Third Quarter 2025 Earnings Release and Conference Call

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