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Brandywine Realty
(NYSE:BDN)
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Rating:48Neutral
Price Target:
$3.00
â–¼(-1.96% Downside)
Action:Reiterated
Date:09/06/26
The score is held back primarily by weak financial quality—ongoing net losses and high leverage—despite improved operating trends and positive cash flow. The earnings call supports a stabilization/deleveraging narrative via leasing momentum and asset sales, while technicals are only mildly constructive and valuation is supported by the high yield but tempered by negative earnings.
Positive Factors
Leasing momentum
Strong leasing activity and positive absorption support recurring rental revenue and demonstrate continued demand across the portfolio. High retention, a growing pipeline, and forward leasing provide a foundation for occupancy stability and potential NOI improvement over the next several quarters.
Negative Factors
Elevated leverage
Leverage remains high even after planned asset sales, leaving the company dependent on successful execution of dispositions and refinancing actions. Elevated debt relative to property earnings can constrain investment capacity, increase financing sensitivity, and reduce flexibility if office conditions weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Leasing momentum
Strong leasing activity and positive absorption support recurring rental revenue and demonstrate continued demand across the portfolio. High retention, a growing pipeline, and forward leasing provide a foundation for occupancy stability and potential NOI improvement 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
$546.29M
Dividend Yield10.26%
Average Volume (3M)1.94M
Price to Earnings (P/E)―
Beta (1Y)1.00
Revenue Growth0.51%
EPS Growth56.07%
CountryUS
Employees273
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)-0.82
Shares Outstanding174,576,900
10 Day Avg. Volume1,834,310
30 Day Avg. Volume1,943,958
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$3.25Price Target Upside6.21% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)-0.81
Revenue Forecast (FY)$475.11M
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:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 21, 2026
Earnings Call Sentiment Neutral
The call highlighted meaningful operational progress: leasing momentum, spec revenue outperformance, strong Philadelphia market performance, successful Radnor hotel launch, and tangible balance-sheet actions (>$208M closed sales, $305M expected) including refinancing activity. However, the company still faces elevated leverage, a GAAP net loss, concentration of weakness in Austin (67% occupancy), lower-than-expected termination/other income, and a temporary CAD payout above sustainable levels. Execution of the remaining asset sales, recapitalizations (ATX projects) and deleveraging are key to realizing the positive trajectory discussed.Positive Updates
Speculative Revenue Outperformance
Speculative revenue of $18.3 million in Q2, achieved 99% of speculative revenue at the revised guidance midpoint; management noted a $1 million increase versus the guidance midpoint.
Negative Updates
Elevated Leverage and High Debt Ratios
Annualized combined and core net debt/EBITDA were 9.0x and 8.1x, respectively; projected year-end core net debt/EBITDA in disclosure ranges (8.0–8.4x or 8.4–8.8x depending on scenario), indicating leverage remains elevated and reliant on asset sale execution.
Read all updates
Q2-2026 Updates
Positive
Negative
Speculative Revenue Outperformance
Speculative revenue of $18.3 million in Q2, achieved 99% of speculative revenue at the revised guidance midpoint; management noted a $1 million increase versus the guidance midpoint.
Read all positive updates
Company Guidance
Management reaffirmed full‑year FFO guidance with a $0.55 midpoint (Q2 FFO was $0.13/sh), narrowed the full‑year range and guided Q3 core FFO to $0.13–$0.15; Q3 property‑level operating income is expected to be ~$69.5M, G&A ~$7.5M (full year $36–$37M), total interest expense ~ $40M (includes $0.4M capitalized; midpoint lowered ~$6.5M), termination/other income $2.8M, net third‑party fees ~$1.5M, interest income $0.5M, and diluted share count ~180M. They expect to close $305M of asset sales by end‑Q3 ($208M closed to date), have $35M cash on hand and no outstanding LOC balance after using ~$192M of sale proceeds to pay it down, and plan to use proceeds primarily to delever (year‑end core net debt/EBITDA management cited ~8.0–8.4x while Tom cited ~8.4–8.8x, Q2 annualized combined/core net debt/EBITDA were 9.0x/8.1x, coverage ratios 1.7x); CAD payout ran 103% in Q2 but is forecast 70–90% for the balance of the year, with buybacks limited to ~5–10% of net proceeds and expected recap/land transactions to generate an additional $40–50M.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 | 498.29M | 484.45M | 505.52M | 514.65M | 506.10M | 486.82M |
| Gross Profit | 110.33M | -53.60M | 318.19M | 324.70M | 311.70M | 298.51M |
| EBITDA | 192.76M | 137.75M | 103.00M | 91.29M | 303.89M | 255.97M |
| Net Income | -142.96M | -179.48M | -195.91M | -196.79M | 53.82M | 12.29M |
Balance Sheet | ||||||
| Total Assets | 3.54B | 3.59B | 3.49B | 3.73B | 3.87B | 3.85B |
| Cash, Cash Equivalents and Short-Term Investments | 41.03M | 32.28M | 90.23M | 58.32M | 17.55M | 27.46M |
| Total Debt | 2.65B | 2.58B | 2.24B | 2.16B | 2.08B | 1.88B |
| Total Liabilities | 2.84B | 2.79B | 2.45B | 2.41B | 2.24B | 2.14B |
| Stockholders Equity | 691.18M | 792.73M | 1.04B | 1.32B | 1.63B | 1.69B |
Cash Flow | ||||||
| Free Cash Flow | 51.83M | 3.31M | 51.37M | 20.81M | -53.71M | 55.75M |
| Operating Cash Flow | 137.85M | 116.70M | 181.13M | 177.27M | 209.31M | 190.87M |
| Investing Cash Flow | -263.68M | -206.28M | -120.19M | -174.91M | -190.59M | -100.31M |
| Financing Cash Flow | 40.77M | 55.71M | -32.30M | 46.79M | -28.63M | -109.34M |
Brandywine Realty Technical Analysis
Positive
3.06
Price Trends
3.11
Positive
3.04
Positive
2.93
Positive
Market Momentum
>-0.01
Positive
52.12
Neutral
28.86
Neutral
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 below the 20-day moving average (MA) of 3.09, below the 50-day MA of 3.11, and above the 200-day MA of 2.93, indicating a bullish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 52.12 is Neutral, neither overbought nor oversold. The STOCH value of 28.86 is Neutral, 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% | |
61 Neutral | $1.15B | 116.93 | 0.77% | 7.40% | 13.04% | -47.32% | |
60 Neutral | $1.21B | -14.92 | -5.39% | 7.07% | 0.70% | -17.55% | |
52 Neutral | $42.05M | -1.01 | -6.97% | 9.90% | -5.02% | 21.97% | |
51 Neutral | $699.58M | -1.42 | -18.64% | 2.06% | 2.54% | 54.94% | |
48 Neutral | $546.29M | -3.80 | -18.69% | 10.26% | 0.51% | 56.07% |
* Real Estate Sector Average
BDN
Brandywine Realty
3.12
-0.74
-19.13%
FSP
Franklin Street Properties
0.40
-1.22
-75.06%
HPP
Hudson Pacific Properties
12.61
-7.97
-38.73%
PDM
Piedmont Office
9.68
1.11
12.95%
DEA
Easterly Government Properties
24.31
3.23
15.34%
Brandywine Realty Corporate Events
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, ...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsRegulatory Filings and Compliance
Brandywine Realty Trust Completes Major Austin Asset Sale
Positive
Jul 10, 2026
On July 9, 2026, Brandywine Realty Trust completed the sale of a 206,000-square-foot office building and its 520-space parking garage in Austin, Texas, to an unaffiliated buyer for $151 million, generating net proceeds of about $146.1 million. The...
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.