BD
Brandywine Realty Trust
BDN—
Brandywine Realty Trust AI Insights
Informational only. Not investment advice.Snapshot
- Debt/equity of 2.72x with interest expense (133M TTM) exceeding operating income (79M) - coverage ratio below 1x signals distress[Debt to Equity]
- Trading at 0.62x book value (505M market cap vs 810M tangible book) - market pricing significant asset impairment[Price to Book Ratio]
- Net loss of -186M TTM on 485M revenue (-38% margin) vs industry median +15% - severe underperformance[Net Margin TTM]
Watch Triggers
- Interest Expense TTM: Exceeds EBITDA (currently 133M vs 123M) — EBITDA coverage <1x would signal imminent covenant breach or restructuring
- Dividends Paid Per Share TTM: Cut below 0.60 current level — Dividend cut confirms cash crisis and likely triggers further equity decline
- Total Debt: Asset sales reduce below 2.0B — Deleveraging to <2x D/E would materially reduce refinancing risk
Bull Case
Deep value at 0.62x P/B with 810M tangible book - if office market stabilizes, 60%+ upside to book value
Price to Book RatioTangible Book Value
Gross margin 62% (vs 61% median) shows core assets still generate positive NOI - problem is leverage not operations
Gross Margin TTMOperating Income TTM
Bear Case
2.3B debt at 2.72x D/E with sub-1x interest coverage creates refinancing risk in higher-rate environment
Total DebtDebt to EquityInterest Expense TTM
Revenue declined -0.8% over 5 years while gross profit fell -11% YoY - secular office demand decline accelerating
Total Revenue 5yr GrowthGross Profit 1yr Growth
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
30%
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Forward Thesis
Interest burden likely forces asset sales or dividend cut within 12 months
3-12mhigh
- Interest expense 133M exceeds 79M operating income
- FCF of 28M cannot service 2.3B debt load
- Dividend payout (0.60/share) unsustainable at -0.81 EPS
Interest coverage <1x (79M/133M)FCF yield only 1% of total debtNegative EPS -0.81 vs 0.60 dividend
Valuation Context
Caveats
Public Strategies Rankings
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BDN Fundamentals
Real Estate and Rental and Leasing → Real Estate
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$540.07M | — | ||
$2.76B | — | ||
0.00 | — | ||
$485.41M | -5.5% | — | |
$-0.81 | — | ||
16.3% | -4.2% | — | |
-38.3% | +21.8% | — | |
$28.47M | -39.5% | — | |
-0.19 | +4.5% | — | |
Beta 5Y (Monthly) | unknown | — |
BDN Dividend History
104 dividends
2026
$0.080001/07/26$0.0800
2025
$0.530010/09/25$0.0800
07/02/25$0.1500
04/03/25$0.1500
01/08/25$0.1500
2024
$0.600010/09/24$0.1500
07/03/24$0.1500
04/03/24$0.1500
01/03/24$0.1500
2023
$0.720010/03/23$0.1500
07/05/23$0.1900
04/04/23$0.1900
01/04/23$0.1900
2022
$0.760010/05/22$0.1900
07/05/22$0.1900
04/05/22$0.1900
01/04/22$0.1900
2021
$0.760010/05/21$0.1900
07/06/21$0.1900
04/06/21$0.1900
01/05/21$0.1900
2020
$0.760010/06/20$0.1900
07/07/20$0.1900
04/06/20$0.1900
01/07/20$0.1900
2019
$0.760010/02/19$0.1900
07/03/19$0.1900
04/03/19$0.1900
01/07/19$0.1900
2018
$0.720010/03/18$0.1800
07/05/18$0.1800
04/03/18$0.1800
01/08/18$0.1800
2017
$0.640010/03/17$0.1600
07/05/17$0.1600
04/03/17$0.1600
01/09/17$0.1600
2016
$0.610010/03/16$0.1500
07/01/16$0.1600
03/31/16$0.1500
01/04/16$0.1500
2015
$0.600010/01/15$0.1500
07/01/15$0.1500
04/01/15$0.1500
01/02/15$0.1500
2014
$0.600010/02/14$0.1500
07/02/14$0.1500
04/01/14$0.1500
01/02/14$0.1500
2013
$0.600010/02/13$0.1500
07/02/13$0.1500
04/03/13$0.1500
01/02/13$0.1500
2012
$0.600010/03/12$0.1500
07/02/12$0.1500
04/03/12$0.1500
01/03/12$0.1500
2011
$0.600010/03/11$0.1500
07/01/11$0.1500
04/01/11$0.1500
01/04/11$0.1500
2010
$0.600010/01/10$0.1500
07/01/10$0.1500
03/31/10$0.1500
01/04/10$0.1500
2009
$0.600010/01/09$0.1000
06/30/09$0.1000
04/01/09$0.1000
01/02/09$0.3000
2008
$1.760010/01/08$0.4400
07/01/08$0.4400
04/02/08$0.4400
01/02/08$0.4400
2007
$1.760010/03/07$0.4400
07/02/07$0.4400
04/02/07$0.4400
01/03/07$0.4400
2006
$1.300010/03/06$0.4400
07/03/06$0.4400
04/03/06$0.4200
2005
$1.760011/16/05$0.4400
10/03/05$0.4400
07/01/05$0.4400
04/04/05$0.4400
2004
$1.760012/29/04$0.4400
10/01/04$0.4400
07/01/04$0.4400
04/02/04$0.4400
2003
$1.760012/29/03$0.4400
10/02/03$0.4400
07/02/03$0.4400
04/02/03$0.4400
2002
$1.760012/27/02$0.4400
10/02/02$0.4400
07/02/02$0.4400
04/02/02$0.4400
2001
$1.700012/27/01$0.4400
10/03/01$0.4400
07/03/01$0.4100
04/03/01$0.4100
2000
$1.620012/27/00$0.4100
10/04/00$0.4100
07/05/00$0.4000
04/03/00$0.4000
BDN Stock Splits
No stock splits
BDN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/07/25 | 09/30/25 | 10-Q | |
07/28/25 | 06/30/25 | 10-Q | |
04/30/25 | 03/31/25 | 10-Q | |
02/27/25 | 12/31/24 | Unknown | |
11/04/24 | 09/30/24 | 10-Q | |
08/09/24 | 06/30/24 | 10-Q | |
04/24/24 | 03/31/24 | 10-Q | |
02/22/24 | 12/31/23 | 10-K | |
10/26/23 | 09/30/23 | 10-Q | |
07/27/23 | 06/30/23 | 10-Q | |
05/01/23 | 03/31/23 | 10-Q | |
02/21/23 | 12/31/22 | 10-K | |
10/28/22 | 09/30/22 | 10-Q | |
07/29/22 | 06/30/22 | 10-Q | |
04/27/22 | 03/31/22 | 10-Q | |
02/24/22 | 12/31/21 | 10-K | |
10/29/21 | 09/30/21 | 10-Q | |
07/29/21 | 06/30/21 | 10-Q | |
05/06/21 | 03/31/21 | 10-Q | |
02/24/21 | 12/31/20 | 10-K | |
10/28/20 | 09/30/20 | 10-Q | |
07/28/20 | 06/30/20 | 10-Q | |
04/28/20 | 03/31/20 | 10-Q | |
03/02/20 | 12/31/19 | 10-K | |
10/24/19 | 09/30/19 | 10-Q | |
08/06/19 | 06/30/19 | 10-Q | |
05/03/19 | 03/31/19 | 10-Q | |
02/22/19 | 12/31/18 | 10-K | |
10/23/18 | 09/30/18 | 10-Q | |
07/27/18 | 06/30/18 | 10-Q | |
04/26/18 | 03/31/18 | 10-Q | |
02/23/18 | 12/31/17 | 10-K | |
10/24/17 | 09/30/17 | 10-Q | |
07/27/17 | 06/30/17 | 10-Q | |
04/25/17 | 03/31/17 | 10-Q | |
03/01/17 | 12/31/16 | 10-K | |
10/24/16 | 09/30/16 | 10-Q | |
07/25/16 | 06/30/16 | 10-Q | |
04/25/16 | 03/31/16 | 10-Q | |
02/29/16 | 12/31/15 | 10-K | |
10/27/15 | 09/30/15 | 10-Q | |
07/27/15 | 06/30/15 | 10-Q | |
04/28/15 | 03/31/15 | 10-Q | |
02/19/15 | 12/31/14 | 10-K | |
10/31/14 | 09/30/14 | 10-Q | |
07/25/14 | 06/30/14 | 10-Q | |
05/05/14 | 03/31/14 | 10-Q | |
02/25/14 | 12/31/13 | 10-K | |
11/01/13 | 09/30/13 | 10-Q | |
08/06/13 | 06/30/13 | 10-Q | |
05/03/13 | 03/31/13 | 10-Q | |
02/26/13 | 12/31/12 | 10-K | |
11/02/12 | 09/30/12 | 10-Q | |
08/03/12 | 06/30/12 | 10-Q | |
05/04/12 | 03/31/12 | 10-Q | |
02/24/12 | 12/31/11 | 10-K | |
11/02/11 | 09/30/11 | 10-Q | |
08/04/11 | 06/30/11 | 10-Q | |
05/04/11 | 03/31/11 | 10-Q | |
02/25/11 | 12/31/10 | 10-K | |
11/03/10 | 09/30/10 | 10-Q | |
08/05/10 | 06/30/10 | 10-Q | |
05/05/10 | 03/31/10 | 10-Q | |
03/01/10 | 12/31/09 | 10-K | |
11/06/09 | 09/30/09 | 10-Q | |
08/07/09 | 06/30/09 | 10-Q | |
05/08/09 | 03/31/09 | 10-Q | |
03/02/09 | 12/31/08 | 10-K | |
11/07/08 | 09/30/08 | 10-Q | |
08/08/08 | 06/30/08 | 10-Q | |
05/09/08 | 03/31/08 | 10-Q | |
02/28/08 | 12/31/07 | 10-K | |
11/09/07 | 09/30/07 | 10-Q | |
08/08/07 | 06/30/07 | 10-Q | |
05/10/07 | 03/31/07 | 10-Q | |
03/01/07 | 12/31/06 | 10-K | |
11/09/06 | 09/30/06 | 10-Q | |
08/09/06 | 06/30/06 | 10-Q | |
05/10/06 | 03/31/06 | 10-Q | |
03/16/06 | 12/31/05 | 10-K | |
11/09/05 | 09/30/05 | 10-Q | |
08/08/05 | 06/30/05 | 10-Q | |
05/06/05 | 03/31/05 | 10-Q | |
03/14/05 | 12/31/04 | 10-K | |
11/09/04 | 09/30/04 | 10-Q | |
08/06/04 | 06/30/04 | 10-Q | |
05/10/04 | 03/31/04 | 10-Q | |
03/12/04 | 12/31/03 | 10-K | |
11/12/03 | 09/30/03 | 10-Q | |
08/13/03 | 06/30/03 | 10-Q | |
05/14/03 | 03/31/03 | 10-Q | |
03/27/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/14/02 | 06/30/02 | 10-Q | |
05/07/02 | 03/31/02 | 10-Q | |
03/28/02 | 12/31/01 | 10-K | |
11/14/01 | 09/30/01 | 10-Q | |
08/10/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/31/01 | 10-Q | |
03/30/01 | 12/31/00 | 10-K405 | |
11/14/00 | 09/30/00 | 10-Q | |
08/14/00 | 06/30/00 | 10-Q | |
05/15/00 | 03/31/00 | 10-Q |