NYSE : BDN
Brandywine Realty Trust — Financial statements
Real Estate · REIT - Office · United States
Last price 2.98 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 508.27M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 476.15M | 457.50M | 469.24M | 479.85M | 470.85M | 451.52M |
| Property Management Fees | 17.85M | 20.33M | 23.74M | 24.42M | 24.13M | 26.44M |
| Other Revenue | -33.62M | -47.32M | -177.11M | -29.25M | -13.28M | -20.12M |
| Total Revenue | 460.38M | 430.51M | 315.88M | 475.01M | 481.71M | 457.85M |
| Property Expenses | 203.47M | 185.19M | 187.33M | 189.95M | 194.40M | 188.31M |
| Selling, General & Administrative | 36.95M | 42.03M | 42.78M | 34.86M | 35.01M | 30.15M |
| Depreciation & Amortization | 187.38M | 176.43M | 178.17M | 188.70M | 177.58M | 174.50M |
| Total Operating Expenses | 427.79M | 403.65M | 408.28M | 413.51M | 406.99M | 392.97M |
| Operating Income | 32.59M | 26.86M | -92.40M | 61.51M | 74.72M | 64.88M |
| Interest Expense | -165.12M | -140.07M | -121.31M | -99.83M | -71.86M | -65.45M |
| Interest & Investment Income | 3.56M | 4.40M | 3.85M | 1.67M | 1.91M | 8.29M |
| EBT Excluding Unusual Items | -128.96M | -108.81M | -209.86M | -36.65M | 4.76M | 7.72M |
| Gain (Loss) on Sale of Investments | -3.62M | -3.74M | -8.44M | -38.28M | -422.00K | -725.00K |
| Gain (Loss) on Sale of Assets | 61.99M | 9.43M | 59.05M | 9.13M | 52.40M | 6.02M |
| Total Insurance Settlements | 6.50M | 2.80M | 3.00M | |||
| Asset Writedown | -40.99M | -63.39M | -44.66M | -131.67M | -5.06M | -3.60M |
| Other Unusual Items | -27.68M | -12.24M | 941.00K | 138.00K | -435.00K | |
| Pretax Income | -139.26M | -178.75M | -196.47M | -197.33M | 54.05M | 12.41M |
| Income Tax Expense | 94.00K | 112.00K | 14.00K | 72.00K | 55.00K | 47.00K |
| Earnings From Continuing Operations | -139.36M | -178.87M | -196.49M | -197.40M | 53.99M | 12.37M |
| Minority Interest in Earnings | 639.00K | 620.00K | 580.00K | 614.00K | -168.00K | -77.00K |
| Net Income | -138.72M | -178.25M | -195.91M | -196.79M | 53.82M | 12.29M |
| Preferred Dividends & Other Adjustments | 961.00K | 1.23M | 1.18M | 567.00K | 456.00K | 421.00K |
| Net Income to Common | -139.68M | -179.48M | -197.09M | -197.36M | 53.37M | 11.87M |
| Basic Shares Outstanding | 173.46M | 173.46M | 172.53M | 171.96M | 171.49M | 170.88M |
| Diluted Shares Outstanding | 173.46M | 173.46M | 172.53M | 171.96M | 172.33M | 172.27M |
| EPS (Basic) | -0.81 | -1.03 | -1.14 | -1.15 | 0.31 | 0.07 |
| EPS (Diluted) | -0.81 | -1.03 | -1.14 | -1.15 | 0.31 | 0.07 |
| Dividend Per Share | 0.32 | 0.46 | 0.60 | 0.68 | 0.76 | 0.76 |
| Operating Margin | 7.08% | 6.24% | -29.25% | 12.95% | 15.51% | 14.17% |
| Profit Margin | -30.34% | -41.69% | -62.39% | -41.55% | 11.08% | 2.59% |
| EBITDA | 197.27M | 182.72M | 64.18M | 247.69M | 247.44M | 231.63M |
| EBITDA Margin | 42.85% | 42.44% | 20.32% | 52.14% | 51.37% | 50.59% |
| D&A For Ebitda | 164.68M | 155.86M | 156.58M | 186.19M | 172.72M | 166.75M |
| EBIT | 32.59M | 26.86M | -92.40M | 61.51M | 74.72M | 64.88M |
| EBIT Margin | 7.08% | 6.24% | -29.25% | 12.95% | 15.51% | 14.17% |
| Funds From Operations (FFO) | 67.30M | 93.39M | 148.87M | 198.30M | 238.23M | 237.64M |
| FFO Per Share | 0.37 | 0.52 | 0.85 | 1.15 | 1.38 | 1.37 |
| Adjusted Funds From Operations (AFFO) | 93.39M | 148.87M | 198.30M | 238.23M | 237.64M | |
| AFFO Per Share | 0.52 | 0.85 | 1.15 | 1.38 | 1.37 | |
| FFO Payout Ratio | 84.26% | 99.61% | 70.18% | 62.66% | 54.87% | 54.81% |
| Effective Tax Rate | 0.10% | 0.38% | ||||
| Revenue as Reported | 502.51M | 484.45M | 505.52M | 514.65M | 506.10M | 486.82M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 2.13B | 2.63B | 2.31B | 2.56B | 2.79B | 2.81B |
| Total Real Estate Assets | 2.21B | 2.70B | 2.39B | 2.65B | 2.87B | 2.93B |
| Cash & Equivalents | 312.74M | 32.28M | 90.23M | 58.32M | 17.55M | 27.46M |
| Accounts Receivable | 186.19M | 204.81M | 197.01M | 198.69M | 190.77M | 179.09M |
| Other Intangible Assets | 11.58M | 22.43M | 5.50M | 7.69M | 18.45M | 28.56M |
| Restricted Cash | 954.00K | 30.02M | 5.95M | 9.21M | ||
| Other Current Assets | 562.00K | |||||
| Trading Asset Securities | 4.91M | 546.00K | 2.19M | 255.00K | ||
| Deferred Long-Term Charges | 68.57M | 79.55M | 84.32M | 95.98M | 96.64M | 86.86M |
| Other Long-Term Assets | 479.65M | 515.17M | 716.91M | 715.04M | 681.62M | 596.36M |
| Total Assets | 3.28B | 3.59B | 3.49B | 3.73B | 3.87B | 3.85B |
| Current Portion of Long-Term Debt | 70.00M | 2.46M | ||||
| Current Portion of Leases | 1.34M | |||||
| Long-Term Debt | 2.33B | 2.48B | 2.06B | 2.06B | 1.80B | 1.75B |
| Long-Term Leases | 17.05M | 22.38M | 23.55M | 23.37M | 23.17M | 22.96M |
| Accounts Payable | 143.61M | 143.83M | 129.72M | 123.83M | 132.44M | 148.25M |
| Other Current Liabilities | 13.98M | 14.75M | 26.26M | 26.02M | 32.79M | 34.66M |
| Long-Term Unearned Revenue | 22.35M | 22.57M | 35.41M | 24.25M | 25.08M | 23.85M |
| Other Long-Term Liabilities | 19.02M | 24.88M | 19.88M | 71.24M | 62.65M | 59.20M |
| Total Liabilities | 2.63B | 2.79B | 2.45B | 2.41B | 2.24B | 2.14B |
| Common Stock | 1.69M | 1.73M | 1.72M | 1.72M | 1.72M | 1.71M |
| Additional Paid-In Capital | 3.19B | 3.20B | 3.18B | 3.16B | 3.15B | 3.15B |
| Distributions in Excess of Earnings | -2.55B | -2.41B | -2.15B | -1.85B | -1.53B | -1.46B |
| Comprehensive Income & Other | 5.26M | -1.44M | 2.52M | -668.00K | 3.90M | -2.02M |
| Total Common Equity | 646.52M | 792.73M | 1.04B | 1.32B | 1.63B | 1.69B |
| Minority Interest | 4.61M | 5.12M | 5.95M | 6.77M | 7.70M | 10.95M |
| Shareholders' Equity | 651.14M | 797.85M | 1.04B | 1.32B | 1.63B | 1.70B |
| Total Liabilities & Equity | 3.28B | 3.59B | 3.49B | 3.73B | 3.87B | 3.85B |
| Total Debt | 2.43B | 2.58B | 2.24B | 2.16B | 1.99B | 1.88B |
| Net Cash (Debt) | -2.11B | -2.55B | -2.14B | -2.10B | -1.97B | -1.85B |
| Net Cash Per Share | -12.16 | -14.70 | -12.43 | -12.24 | -11.43 | -10.75 |
| Filing Date Shares Outstanding | 170.05M | 173.71M | 173.07M | 172.24M | 171.73M | 171.38M |
| Total Common Shares Outstanding | 170.03M | 173.70M | 172.67M | 172.10M | 171.57M | 171.13M |
| Book Value Per Share | 3.80 | 4.56 | 6.02 | 7.65 | 9.48 | 9.88 |
| Tangible Book Value | 634.94M | 770.31M | 1.03B | 1.31B | 1.61B | 1.66B |
| Tangible Book Value Per Share | 3.73 | 4.43 | 5.98 | 7.61 | 9.37 | 9.71 |
| Land | 344.48M | 337.46M | 354.63M | |||
| Buildings | 2.50B | 2.93B | 2.55B | |||
| Construction In Progress | 82.52M | 118.54M | 94.63M | 135.53M | 218.87M | 277.24M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -138.72M | -178.25M | -195.91M | -196.79M | 53.82M | 12.29M |
| Depreciation & Amortization | 164.68M | 155.86M | 156.58M | 186.19M | 172.72M | 166.75M |
| Other Amortization | 27.45M | 24.97M | 25.66M | 5.53M | 5.27M | 4.61M |
| Gain (Loss) on Sale of Assets | -65.00M | -9.25M | -2.30M | -8.95M | -25.68M | -3.04M |
| Gain (Loss) on Sale of Investments | 3.62M | 3.74M | -48.31M | 38.10M | -26.30M | -2.25M |
| Asset Writedown | 40.99M | 63.39M | 44.66M | 131.77M | 5.16M | 4.20M |
| Stock-Based Compensation | 9.25M | 17.56M | 16.89M | 9.85M | 8.94M | 7.13M |
| Income (Loss) on Equity Investments | 42.13M | 53.94M | 183.14M | 39.64M | 23.10M | 25.97M |
| Change in Accounts Receivable | -3.18M | -8.81M | -13.00K | 241.00K | 1.33M | 2.51M |
| Change in Accounts Payable | 1.38M | 2.71M | 953.00K | -12.93M | 5.41M | 2.97M |
| Change in Other Net Operating Assets | 1.39M | -6.43M | -4.21M | -5.08M | 1.38M | -18.86M |
| Other Operating Activities | 23.41M | 10.73M | -9.16M | -10.21M | -17.41M | -14.39M |
| Operating Cash Flow | 112.89M | 116.70M | 181.12M | 177.27M | 209.31M | 190.87M |
| Acquisition of Real Estate Assets | -131.10M | -113.89M | -129.76M | -165.21M | -271.81M | -137.67M |
| Sale of Real Estate Assets | 530.42M | 74.32M | 155.87M | 80.30M | 64.21M | 10.30M |
| Net Sale / Acq. of Real Estate Assets | 399.32M | -39.57M | 26.11M | -84.90M | -207.60M | -127.37M |
| Cash Acquisition | -105.82M | -105.82M | ||||
| Investment in Marketable & Equity Securities | -22.70M | -57.53M | -137.43M | -82.13M | -530.00K | -4.62M |
| Other Investing Activities | 9.85M | 9.38M | 1.70M | 44.30M | 51.52M | |
| Investing Cash Flow | 263.60M | -206.28M | -120.19M | -174.91M | -190.59M | -100.31M |
| Short-Term Debt Issued | 478.00M | 154.00M | ||||
| Long-Term Debt Issued | 736.21M | 619.91M | 543.82M | 350.00M | ||
| Total Debt Issued | 1.04B | 736.21M | 619.91M | 543.82M | 828.00M | 154.00M |
| Short-Term Debt Repaid | -412.50M | -131.00M | ||||
| Long-Term Debt Repaid | -578.04M | -540.06M | -367.66M | -296.13M | ||
| Total Debt Repaid | -1.10B | -578.04M | -540.06M | -367.66M | -708.63M | -131.00M |
| Net Debt Issued (Repaid) | -59.58M | 158.16M | 79.85M | 176.16M | 119.37M | 23.00M |
| Issuance of Common Stock | 197.00K | |||||
| Repurchase of Common Stock | -17.07M | -1.54M | -1.03M | -371.00K | -2.94M | -1.76M |
| Common Dividends Paid | -56.71M | -93.02M | -104.48M | -124.25M | -130.72M | -130.25M |
| Total Dividends Paid | -56.71M | -93.02M | -104.48M | -124.25M | -130.72M | -130.25M |
| Other Financing Activities | -6.17M | -7.90M | -6.64M | -4.75M | -14.33M | -319.00K |
| Net Cash Flow | 237.17M | -33.88M | 28.64M | 49.15M | -9.91M | -18.78M |
| Levered Free Cash Flow | 145.94M | 98.37M | 76.64M | 145.09M | 159.91M | 202.97M |
| Unlevered Free Cash Flow | 243.73M | 180.80M | 147.45M | 203.11M | 201.73M | 241.04M |
| Cash Interest Paid | 166.90M | 132.04M | 132.25M | 107.84M | 85.76M | 72.39M |
| Cash Income Tax Paid | 178.00K | 112.00K | 571.00K | 550.00K | 902.00K | 785.00K |
| Change in Working Capital | 5.08M | -25.99M | 9.86M | -17.85M | 9.68M | -10.39M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 508.27M | 507.20M | 966.93M | 929.33M | 1.06B | 2.30B |
| Enterprise Value | 2.62B | 2.73B | 3.23B | 3.04B | 3.13B | 4.12B |
| Last Close Price | 2.98 | 2.61 | 4.45 | 3.80 | 3.73 | 7.56 |
| Price/FFO Ratio | 7.34 | 5.02 | 5.23 | 3.30 | 2.71 | 5.51 |
| Price/AFFO Ratio | 5.04 | 5.26 | 3.31 | 2.71 | 5.51 | |
| PE Ratio | 19.77 | 193.50 | ||||
| PS Ratio | 1.10 | 1.18 | 3.06 | 1.96 | 2.19 | 5.02 |
| PB Ratio | 0.78 | 0.64 | 0.93 | 0.70 | 0.65 | 1.35 |
| P/OCF Ratio | 4.50 | 4.35 | 5.34 | 5.24 | 5.04 | 12.03 |
| EV/Sales Ratio | 5.68 | 6.34 | 10.21 | 6.40 | 6.50 | 9.00 |
| EV/EBITDA Ratio | 13.27 | 14.95 | 50.25 | 12.28 | 12.65 | 17.80 |
| EV/EBIT Ratio | 80.30 | 101.71 | 49.43 | 41.89 | 63.54 | |
| Debt / Equity Ratio | 3.73 | 3.24 | 2.14 | 1.63 | 1.22 | 1.10 |
| Debt / EBITDA Ratio | 12.17 | 13.97 | 33.72 | 8.66 | 7.97 | 8.04 |
| Net Debt / Equity Ratio | 3.24 | 3.19 | 2.05 | 1.59 | 1.21 | 1.09 |
| Net Debt / EBITDA Ratio | 10.69 | 13.95 | 33.41 | 8.50 | 7.96 | 7.99 |
| Asset Turnover | 0.14 | 0.12 | 0.09 | 0.12 | 0.12 | 0.12 |
| Quick Ratio | 3.20 | 1.49 | 1.28 | 1.72 | 0.82 | 0.99 |
| Current Ratio | 3.20 | 1.67 | 1.31 | 1.78 | 0.82 | 0.99 |
| Return on Equity (ROE) | -18.61% | -19.42% | -16.59% | -13.35% | 3.24% | 0.70% |
| Return on Assets (ROA) | 0.62% | 0.47% | -1.60% | 1.01% | 1.21% | 1.05% |
| Return on Invested Capital (ROIC) | 1.02% | 0.81% | -2.73% | 1.73% | 2.07% | 1.78% |
| Earnings Yield | -27.02% | -35.14% | -20.26% | -21.18% | 5.10% | 0.53% |
| Dividend Yield | 10.74% | 15.75% | 10.71% | 12.59% | 12.36% | 5.66% |
| Payout Ratio | 242.87% | 1,059.93% | ||||
| Buyback Yield / Dilution | -0.15% | -0.54% | -0.33% | 0.21% | -0.03% | 0.03% |
| Total Shareholder Return | 10.59% | 15.21% | 10.38% | 12.81% | 12.33% | 5.69% |