Education
About Us
Working with TipRanks
Follow Us
Brandywine Realty (BDN)
NYSE:BDN
Top Page
Brandywine Realty
(NYSE:BDN)
Select Model
Select Model
Rating:54Neutral
Price Target:
$3.50
▼(-9.09% Downside)
Brandywine Realty's overall stock score reflects significant financial challenges, including declining profitability and high leverage. While technical indicators suggest a bearish trend, the earnings call provided some optimism with strong market positioning and improved liquidity. The high dividend yield is a positive factor, but recent dividend cuts and valuation concerns weigh on the score.
Brandywine Realty (BDN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$522.64M
Dividend Yield17.55%
Average Volume (3M)2.70M
Price to Earnings (P/E)―
Beta (1Y)0.85
Revenue Growth-5.52%
EPS Growth40.27%
CountryUS
Employees285
SectorN/A
Sector StrengthN/A
IndustryREIT - Office
Share Statistics
EPS (TTM)0.42
Shares Outstanding173,699,040
10 Day Avg. Volume2,972,074
30 Day Avg. Volume2,704,981
Financial Highlights & Ratios
PEG Ratio5.67
Price to Book (P/B)0.93
Price to Sales (P/S)1.91
P/FCF Ratio18.81
Enterprise Value/Market Cap5.65
Enterprise Value/Revenue6.08
Enterprise Value/Gross Profit9.85
Enterprise Value/Ebitda24.09
Forecast
1Y Price Target
$5.00Price Target Upside29.87% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Brandywine Realty Business Overview & Revenue Model
Company DescriptionBrandywine Realty Trust (BDN) is a leading real estate investment trust (REIT) primarily focused on the development, leasing, and management of office and mixed-use properties. Headquartered in Radnor, Pennsylvania, the company operates in key urban markets across the United States, offering a diverse portfolio of properties that cater to a variety of tenants. Brandywine is committed to sustainability and innovative design, enhancing the value of its assets while fostering vibrant communities.
How the Company Makes MoneyBrandywine Realty Trust generates revenue primarily through rental income from its portfolio of office and mixed-use properties. The company leases space to a diverse range of tenants, including major corporations and government entities, which provides a stable cash flow. In addition to base rental income, Brandywine benefits from ancillary revenue sources such as leasing commissions, property management fees, and service charges. The company's focus on high-quality, strategically located properties in growing metropolitan areas further supports its revenue model. Significant partnerships with local governments and organizations also contribute to its earnings by enabling development projects and enhancing community engagement.
Brandywine Realty Earnings Call Summary
Earnings Call Date:Oct 22, 2025
(Q3-2025)
| Next Earnings Date:Feb 03, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted strong market positioning, improved liquidity, and positive leasing trends. However, challenges such as negative mark-to-market adjustments, occupancy issues in Boston, and a reduced dividend due to delayed recapitalizations balanced the positive aspects.Q3-2025 Updates
Positive Updates
Strong Market Positioning and Leasing Activity
Brandywine executed over 99% of their spec revenue target with a tenant retention rate of 68%, expecting to end the year at the upper end of their range. Leasing activity for the quarter approximated 343,000 square feet.
Improved Liquidity and Debt Management
No outstanding balance on the $600 million line of credit and $300 million of bonds issued, which generated $296 million of gross proceeds, used to repay a secured CMBS loan.
Positive Leasing Trends
51% of all new leases were the result of a flight to quality, with a solid leasing pipeline of 1.7 million square feet.
Asset Sales Exceed Expectations
Brandywine sold $73 million of properties, exceeding their anticipated $50 million of asset sales.
FFO Beats Consensus
FFO for the quarter was $0.16 per share, $0.01 above consensus.
Negative Updates
Negative Mark-to-Market Adjustments
The mark-to-market was a negative 1.8% on a GAAP basis and a negative 4.8% on a cash basis due to a large as-is renewal in Austin.
Boston Occupancy Challenges
Boston remained at 77% occupied and is expected to drop to 74% by year-end due to a large move-out.
Dividend Reduction
The Board decided to lower the dividend from $0.15 per share to $0.08 per share to conserve capital.
Delayed Recapitalization Impacting FFO
Delays in recapitalizing development projects resulted in a reduction of $0.04 per share in 2025 FFO guidance.
High Cost of Outstanding Bonds
Brandywine has $900 million in bonds with coupons north of 8%, presenting a refinancing challenge.
Company Guidance
During the Brandywine Realty Trust Third Quarter 2025 earnings call, the company provided an optimistic outlook for the remainder of the fiscal year and beyond. They reported a quarterly tenant retention rate of 68% and a leasing activity of approximately 343,000 square feet, with a net absorption of 21,000 square feet. The company achieved 88.8% occupancy and 90.4% leased status, with Philadelphia's occupancy at 94% and leasing at 96%. Brandywine's forward leasing activity post-quarter end remained strong, amounting to 182,000 square feet. Additionally, the company highlighted its strong financial position, with no outstanding balance on its $600 million line of credit and the issuance of $300 million in bonds at a yield of 6.125%. The company's FFO for the quarter was $0.16 per share, and it is on track to perform within its business plan ranges, with 99% of its speculative revenue target achieved. The call also touched on the company's strategy to manage upcoming tenant move-outs and capital market activities aimed at maintaining liquidity and reducing leverage.Brandywine Realty Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
55
Neutral
Cash Flow
60
Neutral
| Breakdown |
|---|
Income Statement |
| Total Revenue |
| Gross Profit |
| EBITDA |
| Net Income |
Balance Sheet |
| Total Assets |
| Cash, Cash Equivalents and Short-Term Investments |
| Total Debt |
| Total Liabilities |
| Stockholders Equity |
Cash Flow |
| Free Cash Flow |
| Operating Cash Flow |
| Investing Cash Flow |
| Financing Cash Flow |
Brandywine Realty Technical Analysis
Negative
3.85
Price Trends
3.39
Negative
3.74
Negative
3.87
Negative
Market Momentum
-0.12
Negative
31.28
Neutral
28.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BDN, the sentiment is Negative. The current price of 3.85 is above the 20-day moving average (MA) of 3.18, above the 50-day MA of 3.39, and below the 200-day MA of 3.87, indicating a bearish trend. The MACD of -0.12 indicates Negative momentum. The RSI at 31.28 is Neutral, neither overbought nor oversold. The STOCH value of 28.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BDN.
Brandywine Realty Peers Comparison
UnderperformOutperform
Sector (―)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| ― | ― | ― | ― | ― | ― | ― | |
58 Neutral | $989.49M | 70.73 | 1.00% | 9.38% | 11.02% | -30.91% | |
55 Neutral | $1.04B | -14.77 | -4.45% | 5.98% | -1.23% | 9.10% | |
54 Neutral | $522.64M | -2.80 | -19.17% | 17.55% | -5.52% | 40.27% | |
49 Neutral | $280.53M | ― | -17.91% | 5.76% | -5.61% | -651.25% | |
46 Neutral | $610.52M | -0.61 | -14.02% | ― | -7.89% | -15.88% | |
40 Neutral | $94.44M | -2.04 | -7.21% | 4.40% | -14.68% | -13.53% |
* Sector Average
BDN
Brandywine Realty
3.00
-1.81
-37.63%
FSP
Franklin Street Properties
0.91
-0.94
-50.81%
HPP
Hudson Pacific Properties
10.32
-9.77
-48.63%
PDM
Piedmont Office
8.36
-0.26
-3.02%
CIO
City Office REIT
6.95
1.86
36.54%
DEA
Easterly Government Properties
21.46
-3.85
-15.21%
Brandywine Realty Corporate Events
Private Placements and Financing
Brandywine Realty Completes $300 Million Notes Offering
Neutral
Oct 3, 2025
On October 3, 2025, Brandywine Operating Partnership, L.P., a subsidiary of Brandywine Realty Trust, completed a $300 million offering of 6.125% guaranteed notes due in 2031. The net proceeds of approximately $296.3 million will be used to repay consolidated secured debt and for general corporate purposes, potentially impacting the company’s financial flexibility and debt management strategy.
Private Placements and FinancingBusiness Operations and Strategy
Brandywine Realty Announces $300M Public Offering
Neutral
Sep 30, 2025
On September 29, 2025, Brandywine Realty Trust announced that its operating partnership priced a public offering of $300 million in 6.125% guaranteed notes due 2031. The proceeds, expected to be approximately $296.3 million after expenses, will be used to repay consolidated secured debt and for general corporate purposes, impacting the company’s financial strategy and stakeholder interests.
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.