Brandywine Realty (BDN)
NYSE:BDN
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Brandywine Realty
(NYSE:BDN)
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Rating:54Neutral
Price Target:
$3.00
▲(1.35% Upside)
Action:ReiteratedDate:05/02/26
BDN scores in the mid-range primarily due to weak financial performance (ongoing losses and elevated leverage despite positive cash flow). The earnings call adds support through maintained FFO guidance and credible deleveraging actions, while technicals are moderately constructive but not yet long-term bullish. Valuation is balanced by a very high dividend yield against the limitation of a negative P/E driven by losses.
Positive Factors
Leasing & Occupancy Strength
Sustained leasing velocity and high occupancy concentrate cash rents and reduce vacancy risk across the core portfolio. Consistent tour-to-lease conversion and forward leasing support rental revenue stability, underwriting near-term NOI resilience and making cash flows more predictable for 2–6 months.
Negative Factors
Elevated Leverage
High net debt relative to EBITDA and a shrinking equity cushion increase refinancing and liquidity risk. Elevated leverage magnifies interest-cost sensitivity, constrains strategic optionality, and makes recovery contingent on timely asset sales or successful refinancing execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Leasing & Occupancy Strength
Sustained leasing velocity and high occupancy concentrate cash rents and reduce vacancy risk across the core portfolio. Consistent tour-to-lease conversion and forward leasing support rental revenue stability, underwriting near-term NOI resilience and making cash flows more predictable for 2–6 months.
Read all positive factors
Brandywine Realty (BDN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$527.91M
Dividend Yield17.55%
Average Volume (3M)2.68M
Price to Earnings (P/E)―
Beta (1Y)1.08
Revenue Growth-2.12%
EPS Growth3.11%
CountryUS
Employees285
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)0.43
Shares Outstanding173,711,850
10 Day Avg. Volume1,773,367
30 Day Avg. Volume2,682,282
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 Cap5.95
Enterprise Value/Revenue6.42
Enterprise Value/Gross Profit15.36
Enterprise Value/Ebitda25.83
Forecast
1Y Price Target
$3.25Price Target Upside9.80% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)-0.72
Revenue Forecast (FY)$457.29M
Brandywine Realty Business Overview & Revenue Model
Company Description
Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia, Austin and Washington, D.C. markets. Organized as a real estate ...
How the Company Makes Money
BDN primarily makes money through rental revenue earned from leasing office space and other commercial space in its owned properties to tenants under lease agreements. This includes recurring base rent and, where applicable, reimbursements and rec...
Brandywine Realty Earnings Call Summary
Earnings Call Date:Apr 22, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 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 | 2.66B | 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 | 63.34M | 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
2.87
Positive
2.88
Positive
3.29
Negative
Market Momentum
<0.01
Negative
65.98
Neutral
97.39
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 2.96 is above the 20-day moving average (MA) of 2.65, above the 50-day MA of 2.87, and below the 200-day MA of 3.29, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 65.98 is Neutral, neither overbought nor oversold. The STOCH value of 97.39 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% | |
63 Neutral | $1.09B | 181.57 | 0.98% | 9.58% | 13.93% | -43.58% | |
57 Neutral | $1.05B | -15.87 | -5.45% | 6.09% | -0.50% | -40.17% | |
55 Neutral | $506.07M | -0.88 | -17.84% | ― | -0.71% | 27.98% | |
54 Neutral | $527.91M | -2.42 | -24.73% | 17.55% | -2.12% | 3.11% | |
46 Neutral | $67.56M | -1.81 | -5.41% | 4.71% | -8.09% | 50.44% |
* Real Estate Sector Average
BDN
Brandywine Realty
3.02
-0.60
-16.64%
FSP
Franklin Street Properties
0.61
-0.93
-60.51%
HPP
Hudson Pacific Properties
9.31
-6.51
-41.15%
PDM
Piedmont Office
8.33
1.69
25.45%
DEA
Easterly Government Properties
23.56
4.06
20.81%
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.