Brandywine Realty Trust (BDN)
NYSE:BDN
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Brandywine Realty
(NYSE:BDN)
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Rating:52Neutral
Price Target:
$3.00
▲(1.35% Upside)
Action:Reiterated
Date:06/02/26
Overall score reflects weak profitability and high leverage as the biggest constraints, partially offset by improved operating/free cash flow and a cautiously constructive outlook from maintained FFO guidance and planned asset sales/refinancing. Technicals and the high dividend support the score but do not outweigh balance-sheet and execution risks.
Positive Factors
Improved Cash Generation
Consistent positive operating cash flow and a rebound in free cash flow provide durable internal liquidity to fund operations, cover interest, and support capital programs or dividends. This cash-generation base reduces near-term refinancing dependence even if variability remains year-to-year.
Negative Factors
High Leverage Burden
Very elevated net leverage and a reduced equity base constrain financial flexibility and raise refinancing risk, especially with concentrated maturities. High leverage limits the company's ability to invest, absorb shocks, or sustain distributions without successful asset disposals or recapitalizations.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Cash Generation
Consistent positive operating cash flow and a rebound in free cash flow provide durable internal liquidity to fund operations, cover interest, and support capital programs or dividends. This cash-generation base reduces near-term refinancing dependence even if variability remains year-to-year.
Read all positive factors
Brandywine Realty Key Performance Indicators (KPIs)
Brandywine Realty (BDN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$552.30M
Dividend Yield17.55%
Average Volume (3M)1.76M
Price to Earnings (P/E)―
Beta (1Y)1.06
Revenue Growth-2.12%
EPS Growth3.11%
CountryUS
Employees285
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)-1.15
Shares Outstanding173,711,840
10 Day Avg. Volume1,674,145
30 Day Avg. Volume1,758,395
Financial Highlights & Ratios
PEG Ratio0.29
Price to Book (P/B)0.64
Price to Sales (P/S)1.05
P/FCF Ratio11.86
Enterprise Value/Market Cap5.70
Enterprise Value/Revenue6.43
Enterprise Value/Gross Profit15.38
Enterprise Value/Ebitda25.87
Forecast
1Y Price Target
$3.25Price Target Upside9.80% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)-0.73
Revenue Forecast (FY)$460.08M
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 generates revenue primarily from its real estate operations. The main source of income is rental revenue from leasing office space (and any other commercial space within its properties) to tenants under lease agreements, wh...
Brandywine Realty Earnings Call Summary
Earnings Call Date:Apr 22, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 22, 2026
Earnings Call Sentiment Positive
The call conveyed constructive operational momentum — leasing acceleration, strong tour conversion, healthy same-store results, and a robust sales pipeline (~$305M) that supports deleveraging plans — while also acknowledging near-term financial stress: a Q1 net loss, elevated leverage (net debt/EBITDA >8x), modest cash balances, and short-term operating losses from development projects (notably 3151). Management maintained full-year FFO guidance and outlined specific refinancing, sale, and recapitalization actions to reduce leverage. Overall, the tone is cautiously optimistic: clear operational positives and actionable balance-sheet plans offset by meaningful execution and timing risks tied to asset sales, recapitalizations, and stabilization of development projects.Positive Updates
FFO and Guidance Maintained
First-quarter FFO of $20.0M, or $0.11 per share, in line with consensus and management guidance; full-year FFO midpoint maintained at $0.55 with narrowed guidance range.
Negative Updates
Net Loss and Non-Cash Charges
First-quarter net loss of $48.9M, or $0.28 per share; included one-time non-cash property impairment charges of ~$11.9M (about $0.07 per share).
Read all updates
Q1-2026 Updates
Positive
Negative
FFO and Guidance Maintained
First-quarter FFO of $20.0M, or $0.11 per share, in line with consensus and management guidance; full-year FFO midpoint maintained at $0.55 with narrowed guidance range.
Read all positive updates
Company Guidance
The company reiterated a narrowed full‑year FFO outlook with a $0.55 per share midpoint (Q1 FFO was $20M or $0.11/sh), and provided quarter‑by‑quarter and balance‑sheet guidance: Q2 property‑level NOI ≈ $72.3M (Q1 NOI was $70.2M), Q2 JV FFO ≈ -$0.9M, Q2 G&A ≈ $9.5M (full‑year G&A $36–37M), interest expense ≈ $43M (including ~$7.1M of capitalized interest), diluted share count ≈ 180M, and termination/other income ≈ $2.5M; the capital plan totals ≈ $450M with sources/uses that include ~$80M cash flow after interest, ~$290M speculative asset sales (company midpoint $290M; business‑plan sales $280–300M and currently $305M under agreement at ~8% cash cap rates), $100M VERA loan proceeds, and uses of ~$140M for debt reduction/share buybacks, $50M development spend, $42M dividends, $25M revenue‑maintain, $25M revenue‑create and $15M equity; liquidity at quarter end was strong with roughly $30M cash and $65M drawn on the unsecured line (expecting ≈ $10M net on the line after planned activity), Q1 annualized combined/core net debt/EBITDA were 9.18x/8.18x and management expects net debt/EBITDA to fall to ~8.04–8.08x with fixed‑charge coverage of ~1.8–2.0x (implicit on sale execution), a Q1 CAD payout of 92.7% with full‑year payout expected in the 70–90% range, available share repurchase capacity ≈ $82M, and planned refinancing of 3025 JFK with a ~$100M seven‑year loan at mid‑5% (≈5.7% all‑in).Brandywine Realty Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
34
Negative
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 489.94M | 484.45M | 505.52M | 514.65M | 506.10M | 486.82M |
| Gross Profit | 204.64M | -53.60M | 318.19M | 324.70M | 311.70M | 298.51M |
| EBITDA | 121.70M | 137.75M | 103.00M | 91.29M | 303.89M | 255.97M |
| Net Income | -200.49M | -179.48M | -195.91M | -196.79M | 53.82M | 12.29M |
Balance Sheet | ||||||
| Total Assets | 3.59B | 3.59B | 3.49B | 3.73B | 3.87B | 3.85B |
| Cash, Cash Equivalents and Short-Term Investments | 36.20M | 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 | 2.85B | 2.79B | 2.45B | 2.41B | 2.24B | 2.14B |
| Stockholders Equity | 734.31M | 792.73M | 1.04B | 1.32B | 1.63B | 1.69B |
Cash Flow | ||||||
| Free Cash Flow | 45.28M | 42.70M | 51.37M | 20.81M | -53.71M | 55.75M |
| Operating Cash Flow | 130.59M | 116.70M | 181.13M | 177.27M | 209.31M | 190.87M |
| Investing Cash Flow | -225.85M | -206.28M | -120.19M | -174.91M | -190.59M | -100.31M |
| Financing Cash Flow | 130.08M | 55.71M | -32.30M | 46.79M | -28.63M | -109.34M |
Brandywine Realty Technical Analysis
Positive
2.96
Price Trends
2.91
Positive
2.92
Positive
3.17
Positive
Market Momentum
0.05
Negative
62.18
Neutral
71.48
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 2.96 is below the 20-day moving average (MA) of 3.05, above the 50-day MA of 2.91, and below the 200-day MA of 3.17, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 62.18 is Neutral, neither overbought nor oversold. The STOCH value of 71.48 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% | |
63 Neutral | $1.11B | 98.36 | 0.85% | 9.58% | 13.93% | -43.58% | |
57 Neutral | $1.11B | -12.77 | -5.70% | 6.09% | -0.50% | -40.17% | |
54 Neutral | $761.90M | -1.65 | -17.20% | ― | -0.88% | 47.15% | |
52 Neutral | $552.30M | ― | -24.69% | 17.55% | -2.12% | 3.11% | |
47 Neutral | $59.35M | -1.80 | -5.41% | 4.71% | -8.09% | 50.44% |
* Real Estate Sector Average
BDN
Brandywine Realty
3.17
-0.85
-21.07%
FSP
Franklin Street Properties
0.57
-1.19
-67.44%
HPP
Hudson Pacific Properties
13.74
-2.29
-14.29%
PDM
Piedmont Office
8.84
1.25
16.47%
DEA
Easterly Government Properties
23.90
2.80
13.28%
Brandywine Realty Corporate Events
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Brandywine Realty Extends Credit Facility and Confirms Governance
Positive
Jun 1, 2026
On May 28, 2026, Brandywine Realty Trust and its operating partnership exercised a six-month extension option on their revolving credit facility, pushing the maturity date from June 30, 2026 to Dec. 30, 2026 in exchange for a 0.0625% extension fee...
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.