undamentalytics Newsletter
Sign in

Brandywine Realty Trust (BDN) stock

Add to watchlist

Add holding +

NYSE: BDN NYSE Office REITs Next results ~February 3, 2027

C Fundamentals grade

Brandywine Realty Trust is a US-listed company in the office REITs industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Model estimate per share

~$5.3

Funds-from-operations model

Base case. Range ~$4.5–$6.6. Funds from operations growing 2.5% a year, discounted at 8%.

Price vs value

No Buy/Hold/Sell rating is issued: only 1 valuation models apply; a rating needs 3.

Brandywine Realty Trust valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 0 selling2 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds128 adding, 87 cuttingOf 28 active managers that changed their stake, 18 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Brandywine Realty Trust files

10-Q filed October 29: Brandywine Realty Trust

Model value +2.7%

Brandywine Realty Trust posted revenue of $503m for the twelve months to September 2026, up 3.5% on a year earlier and a step up from the 0.5% growth recorded a quarter earlier. The fundamentals grade improves from D to C alongside this acceleration. Our model value edges higher too, rising from $3.65 to $3.75 a share, which leaves the stock trading at $2.95, still below our estimate of fair value.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Brandywine Realty Trust stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $498m, up 0.5% on a year earlier, against a decline of 2.1% a quarter earlier. Our valuation models combined value is $3.65 a share, against a share price of $2.98.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 3, 2027 (estimated)

Brandywine Realty Trust's trailing-twelve-month revenue grew 3.5% year on year, with a free-cash-flow margin of -14.8%. Where it stands out: change in growth rate of +3.0pp ranks 1 of 18 office reits companies we cover. Where it lags: long-term debt as % of assets of 73.5% ranks 11 of 11 office reits companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 142.9% while net income grew 25.4%: a 168pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 3.0 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 14.7 points on a year ago.

Things to watch

  • Burning cash. Free cash flow was -14.8% of revenue over the last 12 months.
  • High debt. Long-term debt exceeds cash by $2.1bn, more than 1.5 times annual revenue.
  • Gross margin slipping. Gross margin is down 2.2 points on a year ago.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 73.5% ranks 11 of 11 office reits companies we cover (median 40.3%).
  • Below peers: net margin. Net margin of -27.6% ranks 14 of 18 office reits companies we cover (median 0.4%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
-$0.19 against an average estimate of -$0.16: missed by 21.6%
Revenue
$126m, up 3.5% on a year earlier
Share reaction
+9.3% in the first session after the results on October 22, 2026, against -1.7% for the S&P 500
Guidance given
loss per share allocated to common shareholders $-0.64 to $-0.62 (2026); FFO per diluted share $0.45 to $0.47 (2026)
Next report
October 21, 2026; average EPS estimate -$0.14

Brandywine Realty Trust's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.3%
  • 1 week+4.8%
  • 1 month+13.0%
  • This year+16.8%
  • 1 year-0.5%
  • 5 years-61.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$503M
Operating margin
19.0%
Net margin
-27.6%
EPS (TTM, diluted)
$-0.80

Growth

Revenue growth
+3.5%
Change in growth rate
+3.0 pts
Share count change
+0.5%

Earnings

Last results
October 22, 2026
Next results (est.)
February 3, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Deal
  4. Leadership
  5. Announcement
  6. Announcement
  7. Results
  8. Deal

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Brandywine Realty Trust valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 1 valuation models apply; a rating needs 3.

Valuation models

We value Brandywine Realty Trust as an equity reit, with every model that fits that kind of business. Cost of equity 8.3%: the 10-year Treasury yield (4.9%) plus a beta of 0.75 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$5.3 ~$4.5–$6.6 Primary model, counts double
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$0.1 ~$2.4–$4.9 Left out: out of range vs price (0.03x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. — Does not apply: no current dividend figure in the company's tagged filings
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$5.3 ~$4.5–$6.6 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Brandywine Realty Trust with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

50 /100

Moderate moat

How hard Brandywine Realty Trust's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median 0.7% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 61.5%, moving by 1.2 percentage points (standard deviation) across 9 years.

  • Durability 5 / 20

    Operating margin has been a median 17.8%; its worst year was -8.9%.

  • Cash conversion 9 / 20

    Free cash flow was positive in 6 of 9 years, at a median 3.7% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 1.2% over five years; stock-based pay has been a median 1.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.74 +28% $503m +4%
Next −$0.64 — $467m −7%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −4.7% on 90 days ago. In the last 30 days, 1 analyst raised Brandywine Realty Trust's forecast and 0 cut it.

Consensus EPS forecast Brandywine Realty Trust, last 90 days
−$1.00 −$0.50 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.77 Current fiscal year, 60 days ago: −$0.81 Current fiscal year, 30 days ago: −$0.74 Current fiscal year, 7 days ago: −$0.74 Current fiscal year, Now: −$0.74 −$0.74 Next fiscal year, 90 days ago: −$0.67 Next fiscal year, 60 days ago: −$0.67 Next fiscal year, 30 days ago: −$0.67 Next fiscal year, 7 days ago: −$0.67 Next fiscal year, Now: −$0.64 −$0.64

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.77−$0.67
60 days ago −$0.81−$0.67
30 days ago −$0.74−$0.67
7 days ago −$0.74−$0.67
Now −$0.74−$0.64

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$0.16 −$0.19 −21.6%
Jun 2026 −$0.17 −$0.18 −6.9%
Mar 2026 −$0.21 −$0.28 −35.4%
Dec 2025 −$0.23 −$0.21 +8.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026
  • Loss per share allocated to common shareholders 2026 $-0.64 to $-0.62 GAAP
    “Loss per share allocated to common shareholders $ (0.64) to $ (0.62)” source
  • FFO per diluted share 2026 $0.45 to $0.47 Non-GAAP
    “FFO per diluted share $ 0.45 to $ 0.47” source
  • Core FFO per diluted share 2026 $0.54 to $0.56 Non-GAAP
    “Core FFO per diluted share $ 0.54 to $ 0.56” source
  • Year-end Core Occupancy Range · Core Portfolio 2026 89% to 90%
    “Year-end Core Occupancy Range: 89-90%;” source
  • Year-end Core Leased Range · Core Portfolio 2026 90% to 91%
    “Year-end Core Leased Range: 90-91%;” source
  • Rental Rate Mark-to-Market (accrual) 2026 5% to 6%
    “Rental Rate Mark-to-Market (accrual): 5-6%;” source
Show 8 more items
  • Rental Rate Mark-to-Market (cash) 2026 -2% to 0%
    “Rental Rate Mark-to-Market (cash): (2)-0%;” source
  • Same Store (accrual) NOI Range 2026 -1% growth to 1% growth
    “Same Store (accrual) NOI Range: (1)-1%;” source
  • Same Store (cash) NOI Range 2026 0% growth to 2% growth
    “Same Store (cash) NOI Range: 0-2%;” source
  • Speculative Revenue Target · Core Portfolio 2026 about $19.5m Raised
    “Speculative Revenue Target: $19.5 million, 100% achieved;” source
  • Tenant Retention Rate Range 2026 53% to 54%
    “Tenant Retention Rate Range: 53-54%;” source
  • Property Sales Activity 2026 about $545m
    “Property Sales Activity: $545 million, 100% achieved;” source
  • Share Buyback and Bond Repurchase Activity 2026 $120m to $140m
    “Share Buyback and Bond Repurchase Activity: $120 - 140 million to be executed primarily during third and fourth quarters of 2026 based on current sales activity.” source
  • Fully diluted weighted average common shares assumption 2026 about 178m
    “Annual earnings and FFO and Core FFO per diluted share based on 178.0 million fully diluted weighted average common shares.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

5 analysts, Oct 2026
Buy00%
Hold360%
Sell240%

Monthly trend

  1. Oct 20263115
  2. Sep 20263115
  3. Aug 20263115
  4. Jul 20263115

Counts of recommendations published by analysts covering Brandywine Realty Trust, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.3%
of tradable shares
Days to cover
5.52
at average volume
Short interest, 1 month
−11%
to October 15, 2026
Held by institutions
84%
of shares
Held by insiders
4.6%
of shares
Employees
268
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −0.5%

$3.07 on October 31, 2025 to $3.05

ThenNowEffect
Revenue (last 12 months) $496m $498m +0.5%
P/S multiple 1.1x 1.1x −0.2%
Share count 172m 174m −0.8%

Biggest factor: share count. Loss-making at one end, so the split uses price/sales.

Last 3 years +2.1%

$2.99 on November 3, 2023 to $3.05

ThenNowEffect
Revenue (last 12 months) $510m $498m −2.2%
P/S multiple 1.0x 1.1x +5.6%
Share count 172m 174m −1.1%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BDN+20%−51%+2%+17%−41%+17%
Industry peers (median)+19%−37%+3%+10%−12%+3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BDN58%25%42%50%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BDN−13%−56%−49%−30%−43%−25%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 73% from January 7, 2022 to May 16, 2023. Getting back needed a 273% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.27 – $3.19
From 52-week high
−4.2%
vs 50-day average
+7.4%
vs 200-day average
+7.0%
Volatility (1 year)
36%
Beta vs S&P 500
0.53

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±5.9%
After a week
6 up, 6 down
typical move ±6.9%
After a month
5 up, 6 down
typical move ±7.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 22, 2026 +9.3% −1.7% +11.9% —
July 23, 2026 +3.3% −1.1% −0.7% −1.3%
April 23, 2026 +4.8% +0.4% +3.8% +2.7%
February 4, 2026 +14.5% −1.7% +8.9% +8.5%
October 23, 2025 −3.9% +1.4% −8.8% −10.1%
July 24, 2025 −5.5% +0.5% −7.6% −5.1%
April 23, 2025 +1.5% +3.7% +1.8% +6.7%
February 6, 2025 −2.6% −0.6% −3.5% −10.2%
October 23, 2024 −13.2% −0.7% −15.9% −11.6%
July 24, 2024 +0.6% −2.8% +3.7% +4.9%
April 18, 2024 +2.6% −1.1% +3.0% +12.6%
February 1, 2024 −9.1% +2.4% −13.1% −10.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Brandywine Realty Trust in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Brandywine Realty Trust
$480M $490M $500M $510M $520M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $514.7M Revenue (TTM), FY24 Q1: $511.9M Revenue (TTM), FY24 Q2: $511.4M Revenue (TTM), FY24 Q3: $513.8M Revenue (TTM), FY24 Q4: $505.5M Revenue (TTM), FY25 Q1: $500.5M Revenue (TTM), FY25 Q2: $495.8M Revenue (TTM), FY25 Q3: $485.4M Revenue (TTM), FY25 Q4: $484.5M Revenue (TTM), FY26 Q1: $489.9M Revenue (TTM), FY26 Q2: $498.3M Revenue (TTM), FY26 Q3: $502.5M $502.5M

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $514.7M
FY24 Q1 $511.9M
FY24 Q2 $511.4M
FY24 Q3 $513.8M
FY24 Q4 $505.5M
FY25 Q1 $500.5M
FY25 Q2 $495.8M
FY25 Q3 $485.4M
FY25 Q4 $484.5M
FY26 Q1 $489.9M
FY26 Q2 $498.3M
FY26 Q3 $502.5M
Revenue growth, TTM YoY Brandywine Realty Trust
-10% -5% 0% 5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 1.7% Revenue growth, TTM YoY, FY24 Q1: 0.8% Revenue growth, TTM YoY, FY24 Q2: 0.3% Revenue growth, TTM YoY, FY24 Q3: 0.1% Revenue growth, TTM YoY, FY24 Q4: -1.8% Revenue growth, TTM YoY, FY25 Q1: -2.2% Revenue growth, TTM YoY, FY25 Q2: -3.1% Revenue growth, TTM YoY, FY25 Q3: -5.5% Revenue growth, TTM YoY, FY25 Q4: -4.2% Revenue growth, TTM YoY, FY26 Q1: -2.1% Revenue growth, TTM YoY, FY26 Q2: 0.5% Revenue growth, TTM YoY, FY26 Q3: 3.5% 3.5%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 1.7%
FY24 Q1 0.8%
FY24 Q2 0.3%
FY24 Q3 0.1%
FY24 Q4 -1.8%
FY25 Q1 -2.2%
FY25 Q2 -3.1%
FY25 Q3 -5.5%
FY25 Q4 -4.2%
FY26 Q1 -2.1%
FY26 Q2 0.5%
FY26 Q3 3.5%
Operating margin (TTM) Brandywine Realty Trust
-10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -4.2% Operating margin (TTM), FY24 Q1: -4.4% Operating margin (TTM), FY24 Q2: -4.3% Operating margin (TTM), FY24 Q3: -8.9% Operating margin (TTM), FY24 Q4: 10.9% Operating margin (TTM), FY25 Q1: 9.4% Operating margin (TTM), FY25 Q2: -2.8% Operating margin (TTM), FY25 Q3: 4.3% Operating margin (TTM), FY25 Q4: 5.5% Operating margin (TTM), FY26 Q1: 2.7% Operating margin (TTM), FY26 Q2: 14.8% Operating margin (TTM), FY26 Q3: 19.0% 19.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -4.2%
FY24 Q1 -4.4%
FY24 Q2 -4.3%
FY24 Q3 -8.9%
FY24 Q4 10.9%
FY25 Q1 9.4%
FY25 Q2 -2.8%
FY25 Q3 4.3%
FY25 Q4 5.5%
FY26 Q1 2.7%
FY26 Q2 14.8%
FY26 Q3 19.0%
FCF margin (TTM) Brandywine Realty Trust
-15% -10% -5% 0% 5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: -2.2% FCF margin (TTM), FY24 Q1: 1.5% FCF margin (TTM), FY24 Q2: 0.5% FCF margin (TTM), FY24 Q3: 1.8% FCF margin (TTM), FY24 Q4: 0.6% FCF margin (TTM), FY25 Q1: -2.8% FCF margin (TTM), FY25 Q2: -5.5% FCF margin (TTM), FY25 Q3: -6.3% FCF margin (TTM), FY25 Q4: -12.3% FCF margin (TTM), FY26 Q1: -12.4% FCF margin (TTM), FY26 Q2: -12.7% FCF margin (TTM), FY26 Q3: -14.8% -14.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 -2.2%
FY24 Q1 1.5%
FY24 Q2 0.5%
FY24 Q3 1.8%
FY24 Q4 0.6%
FY25 Q1 -2.8%
FY25 Q2 -5.5%
FY25 Q3 -6.3%
FY25 Q4 -12.3%
FY26 Q1 -12.4%
FY26 Q2 -12.7%
FY26 Q3 -14.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 525 520 544 580 535 487 506 515 506 484 503
Gross profit 316 314 326 355 329 299 312 325 318 299 299
EBITDA 375 316 233 325 589 271 298 167 233 203 283
Operating income 185 135 57 115 400 93 120 −22 55 27 96
Net income 40 120 135 34 306 12 54 −197 −196 −178 −139
Diluted EPS $0.19 $0.65 $0.75 $0.19 $1.77 $0.07 $0.31 −$1.15 −$1.14 −$1.03 −$0.80
Growth (year on year)
Revenue — −0.9% +4.6% +6.6% −7.9% −9.0% +4.0% +1.7% −1.8% −4.2% +3.5%
EBITDA — −15.8% −26.3% +39.6% +81.3% −53.9% +9.7% −43.8% +39.4% −12.9% +43.9%
Operating income — −26.9% −58.1% +102.4% +248.9% −76.7% +28.3% −118.0% — −51.4% +356.5%
Net income — +199.0% +11.9% −74.5% +791.6% −96.0% +338.0% −465.6% — — —
Diluted EPS — +242.1% +15.4% −74.7% +831.6% −96.0% +342.9% −471.0% — — —
Margins
Gross margin 60.1% 60.4% 59.9% 61.1% 61.6% 61.3% 61.6% 63.1% 62.9% 61.8% 59.5%
EBITDA margin 71.4% 60.7% 42.8% 56.0% 110.1% 55.7% 58.8% 32.5% 46.1% 41.9% 56.3%
Operating margin 35.3% 26.0% 10.4% 19.8% 74.9% 19.2% 23.7% −4.2% 10.9% 5.5% 19.0%
Net margin 7.6% 23.1% 24.7% 5.9% 57.1% 2.5% 10.6% −38.2% −38.8% −36.8% −27.6%
Cash flow
Cash from operations 174 183 227 234 226 191 209 177 181 117 113
Stock-based pay 4 5 6 7 7 7 9 10 17 18 9
Balance sheet
Cash 194 202 23 90 46 27 18 58 90 32 313
Total debt 2,013 1,931 2,028 2,144 1,831 250 1,965 2,147 2,226 2,564 2,415
Net debt (negative = net cash) 1,819 1,729 2,005 2,054 1,784 222 1,947 2,089 2,136 2,532 2,103
Diluted shares 176m 177m 180m 177m 172m 172m 172m 172m 173m 173m 173m
Returned to shareholders
Dividends 116 116 129 134 — — — — — — —
Buybacks 0 0 22 17 60 0 0 — — — —
Total returned 116 116 151 151 60 0 0 — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

Diluted share count
+0.5%
year over year

Competitors: side by side with peers

Closest by revenue in office reits
Last 12 months unless stated BDN PDM ESBA ESRT CDP HIW Median
Revenue, last 12 months $503m $582m $784m $784m $784m $852m $784m
Revenue growth, last 12 months 3.5% 2.9% 2.0% 2.0% 4.5% 5.4% 2.0%
Revenue growth, 3-year average −0.7% 0.1% 2.9% 2.9% 4.1% 0.5% 0.5%
Revenue growth, latest quarter 3.5% 8.7% 3.0% 3.0% 3.9% 8.1% 3.0%
Gross margin 59.5% — — — 77.5% — 60.0%
Operating margin 19.0% 22.0% −4.4% −4.4% 22.6% 67.2% 22.3%
Operating margin, 3-year average 4.8% 16.3% 11.8% 11.8% 17.9% 67.2% 17.1%
Net margin −27.6% −15.2% 0.6% 0.4% 20.9% 21.7% −0.9%
Cash from operations / revenue 22.5% 28.9% 29.0% 29.0% 43.0% 44.5% 32.8%
Free-cash-flow margin −14.8% −4.2% 13.2% 13.2% 40.6% 8.0% 7.8%
Free-cash-flow margin, 3-year average −6.4% −3.4% 9.9% 9.9% 39.3% 9.5% 9.7%
Stock pay / revenue 1.8% 1.7% 3.9% 3.9% 1.6% 1.1% 1.7%
Change in share count 0.5% 0.4% −0.0% −0.0% 0.9% 2.1% 0.2%

Median of all 18 companies we cover in office reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

18 office reits companies
Measure Company Peer median Rank
Revenue growth Growth 3.5% 2.0% 6 of 18
Change in growth rate Growth +3.0pp +0.1pp 1 of 18
Operating margin Profitability 19.0% 37.8% 5 of 8
Net margin Profitability -27.6% 0.4% 14 of 18
Stock pay as % of revenue Cash generation 1.8% 1.7% 9 of 14
Long-term debt as % of assets Balance sheet 73.5% 40.3% 11 of 11
Change in share count Balance sheet 0.5% 0.3% 13 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Philadelphia CBD $232M ▲ 2.6%
Pennsylvania Suburbs $127M ▲ 1.4%
Austin Texas $67.3M ▼ 22.8%
Other $40.1M ▼ 4.8%
All Other Segments $40.1M ▼ 4.8%

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue Share YoY
Rents $458M 94.3% ▼ 2.5%
Lease Revenue $446M 97.4% ▼ 2.7%
Daily Parking and Hotel Flexible Stay $11M 2.4% ▲ 9.4%
Third Party Management Revenue $20.3M 4.2% ▼ 14.4%
Real Estate Other $6.6M 1.4% ▼ 47.2%
Amortization of Deferred Market Rents $718,000 0.1% ▼ 21.9%

From Brandywine Realty Trust's 10-K filed February 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$405M
Institutions reporting
231
Shares held vs prior quarter
▲ 2.5%
Positions opened / closed
23 / 20

Top buyers and sellers, Q2 2026: 128 institutions bought and 87 sold ; the biggest buyer was Blackrock, Inc (+3.7M shares) and the biggest seller Nordea Investment Management AB (−3.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $81.6M 25.8M 20.1% ▲ 16.8%
Vanguard Portfolio Management LLC $27.4M 8.6M 6.8% ▼ 1.0%
Vanguard Capital Management LLC $23.4M 7.4M 5.8% ▼ 0.2%
Mirae Asset Global Etfs Holdings Ltd. $21.5M 6.8M 5.3% ▲ 3.1%
State Street Corp $18.2M 5.7M 4.5% ▲ 3.9%
Goldman Sachs Group Inc $17.2M 5.4M 4.3% ▲ 20.3%
AQR Capital Management LLC $17.1M 5.4M 4.2% ▲ 54.9%
Charles Schwab Investment Management Inc $16.2M 5.1M 4.0% ▼ 7.5%
Geode Capital Management, LLC $15.8M 5.0M 3.9% ▲ 5.3%
Ameriprise Financial Inc $13.3M 4.2M 3.3% ▲ 16.2%
Lm Asset Management Inc. $10.7M 3.4M 2.6% ▼ 9.9%
Two Sigma Investments, LP $10.4M 3.3M 2.6% ▲ 2.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Brandywine Realty Trust's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $399,226 2 trades by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $399,226 net buying
Insider Date Trade Shares Price Value
Sweeney Gerard H President and CEO September 14, 2026 Buy 33,900 $2.96 $100,344
Sweeney Gerard H President and CEO November 10, 2025 Buy 88,500 $3.38 $298,882

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Brandywine Realty Trust disclosed in the last 12 months; 3 earlier trades on record.

  • Peter Welch(D-VT):Sale (full), $1,001 - $15,000, traded June 3, 2020, filed July 1, 2020
  • Donna Shalala(FL):Sale (full), $1,001 - $15,000, traded June 24, 2019, filed April 27, 2020
  • Donna Shalala(FL):Purchase, $1,001 - $15,000, traded June 4, 2019, filed April 27, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 3, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • April 23, 2026
  • February 4, 2026
  • October 23, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Brandywine Realty Trust was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Brandywine Realty Trust in brief

What does Brandywine Realty Trust do?
Brandywine Realty Trust is a US-listed company in the office REITs industry. Its financial year ends in December.
What is Brandywine Realty Trust's stock ticker?
Brandywine Realty Trust trades under the ticker BDN on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Brandywine Realty Trust's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Brandywine Realty Trust reported revenue of $503M, 3.5% higher than a year earlier, according to its SEC filings.
What is Brandywine Realty Trust's free cash flow?
Brandywine Realty Trust's free-cash-flow margin is -14.8% of revenue over the trailing twelve months.
Who are Brandywine Realty Trust's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Brandywine Realty Trust's market cap?
On November 2, 2026, Brandywine Realty Trust's market capitalisation was about $529M and net debt of $2.1B. Market figures come from third-party market data and may be delayed.
Who are Brandywine Realty Trust's competitors?
In our Office REITs peer group, the companies closest to Brandywine Realty Trust are Piedmont Realty Trust, Inc., Empire State Realty OP, L.p., Empire State Realty Trust, Inc., Copt Defense Properties and Highwoods Properties, Inc. The side-by-side comparison below sets their revenue, margins and growth against Brandywine Realty Trust's.
Are insiders buying or selling Brandywine Realty Trust stock?
Over the last 12 months, Brandywine Realty Trust's directors and officers reported 2 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is Brandywine Realty Trust's next earnings date?
Around February 3, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Brandywine Realty Trust announces its own schedule.