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Brandywine Realty
(NYSE:BDN)
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Rating:55Neutral
Price Target:
$3.00
▼(-1.96% Downside)
Action:Reiterated
Date:10/23/26
The score is driven primarily by weak financial fundamentals—ongoing net losses and high leverage—despite improving operating cash flow. Offsetting factors include a constructive earnings-call tone with tangible deleveraging and leasing progress, and a technically improving price trend. Valuation is supported by a high dividend yield, but the negative P/E and sustainability risks keep the overall score moderate.
Positive Factors
Deleveraging and liquidity improvement
Accelerated debt reduction and lower interest expense can improve financial flexibility, reduce recurring cash costs, and lessen refinancing pressure. The plan to deploy additional cash toward debt provides a durable path to strengthen the balance sheet over the next several quarters.
Negative Factors
High and worsening leverage
High leverage leaves the office-focused REIT more exposed to refinancing costs, interest expense, and weaker property performance. Even with recent deleveraging, the elevated capital burden limits flexibility and increases the consequences of execution or occupancy shortfalls.
Read all positive and negative factors
Positive Factors
Negative Factors
Deleveraging and liquidity improvement
Accelerated debt reduction and lower interest expense can improve financial flexibility, reduce recurring cash costs, and lessen refinancing pressure. The plan to deploy additional cash toward debt provides a durable path to strengthen the balance sheet over the next several quarters.
Read all positive factors
Brandywine Realty Key Performance Indicators (KPIs)
Any
Wholly Owned Properties by Geography
Counts the number of properties Brandywine holds in each geographic area, highlighting how diversified or concentrated the portfolio is. More properties in a market can mean stronger local presence and leasing power; concentration in a few markets increases sensitivity to regional economic shifts.
Counts the number of properties Brandywine holds in each geographic area, highlighting how diversified or concentrated the portfolio is. More properties in a market can mean stronger local presence and leasing power; concentration in a few markets increases sensitivity to regional economic shifts.
Data provided by:
The Fly
The FlyBrandywine Realty (BDN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$516.52M
Dividend Yield10.85%
Average Volume (3M)2.14M
Price to Earnings (P/E)―
Beta (1Y)0.95
Revenue Growth3.52%
EPS Growth25.03%
CountryUS
Employees273
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)-0.80
Shares Outstanding174,576,900
10 Day Avg. Volume2,814,606
30 Day Avg. Volume2,141,848
Financial Highlights & Ratios
PEG Ratio0.29
Price to Book (P/B)0.64
Price to Sales (P/S)1.05
P/FCF Ratio153.26
Enterprise Value/Market Cap5.04
Enterprise Value/Revenue5.18
Enterprise Value/Gross Profit24.15
Enterprise Value/Ebitda12.22
Forecast
1Y Price Target
$3.25Price Target Upside6.21% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering3
EPS Forecast (FY)-0.78
Revenue Forecast (FY)$478.13M
Brandywine Realty Business Overview & Revenue Model
Company Description
Brandywine Realty Trust (NYSE: BDN) is a prominent, publicly traded Real Estate Investment Trust (REIT) operating across the United States. The company stands as a full-service, integrated real estate enterprise, primarily concentrating its operat...
How the Company Makes Money
Brandywine Realty Trust primarily makes money through real estate operations and related activities typical of an equity REIT:
1) Rental revenue from leasing space: The largest driver of revenue is rental income earned under lease contracts with ...
Brandywine Realty Earnings Call Summary
Earnings Call Date:Oct 21, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 03, 2027
Earnings Call Sentiment Positive
The call was predominantly positive, with management reporting that the 2026 sales program was fully achieved, debt reduction significantly exceeded the original target, liquidity improved, leasing activity strengthened, and leverage metrics moved lower. The company also outlined additional deleveraging, redevelopment, recapitalization, and disposition plans. Offsetting concerns included the quarterly net loss, lower-than-forecast property NOI, negative GAAP same-store results, low Austin occupancy, elevated CAD payout, the upcoming IBM NOI loss, debt-extinguishment charges, and continued market volatility. Highlights significantly outweighed the lowlights.Positive Updates
2026 Sales Guidance Increased and Fully Achieved
The company increased its 2026 sales guidance from $305 million to $681 million and stated that the sales target was 100% achieved and fully funded. The result was highlighted by the $240 million sale of 3151 Market Street at $544 per square foot and the sale of the partnership interest in Solaris House.
Negative Updates
Quarterly Net Loss
Third-quarter net loss was $22.3 million, or $0.13 per share. Core FFO excluding debt-extinguishment charges was $15.4 million, or $0.09 per share, compared with total FFO of $24.6 million, or $0.14 per diluted share.
Read all updates
Q3-2026 Updates
Positive
Negative
2026 Sales Guidance Increased and Fully Achieved
The company increased its 2026 sales guidance from $305 million to $681 million and stated that the sales target was 100% achieved and fully funded. The result was highlighted by the $240 million sale of 3151 Market Street at $544 per square foot and the sale of the partnership interest in Solaris House.
Read all positive updates
Company Guidance
Brandywine is maintaining its $0.55 per share full year midpoint and has narrowed its full year FFO guidance range; 2026 sales guidance is $681 million, speculative revenue is $19.5 million, year-end net debt to EBITDA is expected at 7.8x-8x, tenant retention guidance is 54%, the 2026 business plan capital ratio range is 11%-12%, and full year GAAP mark to market guidance is 5%-6%. Year-end occupancy and lease percentages will improve through year-end, with positive net absorption expected for the first time in several years. Fourth quarter core FFO guidance is $0.16-$0.18 per share, property level income should be about $68 million, G&A expense about $7 million, full year G&A expense $36 million-$37 million, interest expense approximately $35 million, the fourth quarter capital market plan about $165 million, net debt EBITDA 7.8-8.0, and the fixed charge ratio between 1.8 and 2.0. The company expects to use another $100 million of cash on hand to further reduce debt during the fourth quarter, anticipates about another $200 million, maybe more in sales next year, expects the One Uptown recapitalization in the first quarter of 2027 to provide about $25 million in net proceeds and reduce debt attribution by about $50 million in 2027, and is targeting redevelopment returns of mid 8%-9% and dividend coverage between 70% and 90%.Brandywine Realty Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
30
Negative
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 502.51M | 484.45M | 505.52M | 514.65M | 506.10M | 486.82M |
| Gross Profit | 107.86M | -53.60M | 318.19M | 324.70M | 311.70M | 298.51M |
| EBITDA | 213.25M | 137.75M | 103.00M | 91.29M | 303.89M | 255.97M |
| Net Income | -139.08M | -179.48M | -195.91M | -196.79M | 53.82M | 12.29M |
Balance Sheet | ||||||
| Total Assets | 3.28B | 3.59B | 3.49B | 3.73B | 3.87B | 3.85B |
| Cash, Cash Equivalents and Short-Term Investments | 312.74M | 32.28M | 90.23M | 58.32M | 17.55M | 27.46M |
| Total Debt | 2.43B | 2.58B | 2.24B | 2.16B | 2.08B | 1.88B |
| Total Liabilities | 2.63B | 2.79B | 2.45B | 2.41B | 2.24B | 2.14B |
| Stockholders Equity | 646.52M | 792.73M | 1.04B | 1.32B | 1.63B | 1.69B |
Cash Flow | ||||||
| Free Cash Flow | 22.82M | 3.31M | 51.37M | 20.81M | -53.71M | 55.75M |
| Operating Cash Flow | 90.39M | 116.70M | 181.13M | 177.27M | 209.31M | 190.87M |
| Investing Cash Flow | -239.09M | -206.28M | -120.19M | -174.91M | -190.59M | -100.31M |
| Financing Cash Flow | 110.88M | 55.71M | -32.30M | 46.79M | -28.63M | -109.34M |
Brandywine Realty Technical Analysis
Positive
3.06
Price Trends
2.84
Positive
2.93
Positive
2.84
Positive
Market Momentum
>-0.01
Negative
64.27
Neutral
83.59
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BDN, the sentiment is Positive. The current price of 3.06 is above the 20-day moving average (MA) of 2.70, above the 50-day MA of 2.84, and above the 200-day MA of 2.84, indicating a bullish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 64.27 is Neutral, neither overbought nor oversold. The STOCH value of 83.59 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BDN.
Brandywine Realty Risk Analysis
Brandywine Realty disclosed 48 risk factors in its most recent earnings report. Brandywine Realty reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Brandywine Realty Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
56 Neutral | $3.37B | 20.07 | 7.09% | 6.56% | 3.30% | 28.46% | |
56 Neutral | $4.38B | 149.08 | 0.54% | 5.80% | -3.61% | -91.01% | |
55 Neutral | $516.52M | -3.69 | -19.42% | 10.85% | 3.52% | 25.03% | |
54 Neutral | $1.21B | -14.89 | -5.39% | 7.07% | 0.70% | -17.55% | |
50 Neutral | $1.70B | -74.45 | -1.21% | 7.47% | 0.78% | -167.70% | |
48 Neutral | $3.83B | -26.53 | -3.45% | 4.72% | 8.70% | -340433.33% |
* Real Estate Sector Average
BDN
Brandywine Realty
2.95
-0.29
-8.84%
DEI
Douglas Emmett
10.17
-2.20
-17.80%
HIW
Highwoods Properties
30.51
3.08
11.22%
KRC
Kilroy Realty
37.27
-1.43
-3.70%
SLG
SL Green Realty
50.14
0.11
0.21%
PDM
Piedmont Office
9.68
1.15
13.48%
Brandywine Realty Corporate Events
Business Operations and StrategyM&A Transactions
Brandywine Realty Completes Major Office Asset Sale
Positive
Oct 6, 2026
On August 31, 2026, Brandywine Realty Trust agreed to sell its interest in a 441,000-square-foot office building at 3151 Market Street in Philadelphia, which includes one level of below-grade parking with 70 spaces, to an unrelated buyer. The comp...
Business Operations and StrategyExecutive/Board Changes
Brandywine Realty Trust Strengthens Board with New Trustee
Positive
Sep 17, 2026
On September 15, 2026, Brandywine Realty Trust appointed experienced real estate investment executive Terri Herubin as a Trustee to serve until the company’s 2027 annual meeting of shareholders, at which she will stand for election. Concurre...
Business Operations and StrategyM&A Transactions
Brandywine Realty To Sell Major Philadelphia Office Asset
Positive
Sep 3, 2026
On August 31, 2026, Brandywine Realty Trust agreed to sell its interest in a 441,000-square-foot property at 3151 Market Street in Philadelphia to an unrelated buyer for $240 million, or $544 per square foot, with the closing scheduled for Septemb...
Business Operations and StrategyPrivate Placements and Financing
Brandywine Realty Trust Launches Debt Tender Offers
Neutral
Aug 17, 2026
On August 17, 2026, Brandywine Realty Trust’s operating partnership launched concurrent cash tender offers for up to $100 million of its outstanding guaranteed notes, split evenly between its 7.550% notes due 2028 and 8.875% notes due 2029, ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.