(BDN) Brandywine Realty Trust - Overview
Sector: Real Estate | Industry: REIT - Office | Exchange: NYSE (USA) | Market Cap: 541m USD | Total Return: -17.5% in 12m
Avg Turnover: 4.27M
Qual. Beats: 0
Rev. Trend: -88.4%
Qual. Beats: 1
Warnings
High Debt/EBITDA (21.6) with thin interest coverage (-0.3)
Interest Coverage Ratio -0.3 is critical
Beneish M-Score -1.14 > -1.5 - likely earnings manipulation
Altman Z'' -0.30 < 1.0 - financial distress zone
Tailwinds
No distinct edge detected
Brandywine Realty Trust (NYSE: BDN) is a Maryland-incorporated Real Estate Investment Trust (REIT) focused on the ownership, development, and management of urban and transit-oriented properties. The company’s primary operations are concentrated in the Philadelphia and Austin metropolitan areas, overseeing a portfolio of 120 properties totaling 20.0 million square feet.
As a Diversified REIT, the company’s business model relies on generating rental income from a mix of office, residential, and mixed-use assets while benefiting from tax advantages inherent to the REIT structure, which requires distributing at least 90% of taxable income to shareholders. Transit-oriented developments, a core part of their strategy, typically command higher lease rates due to their proximity to major transportation hubs and high-density employment centers.
Investors can further evaluate these regional concentrations and portfolio health by reviewing the latest data on ValueRay.
- High interest rates increase debt service costs and pressure property valuations
- Office occupancy levels in Philadelphia and Austin dictate core rental income
- Development pipeline execution in life sciences sectors drives long-term NAV growth
- Regional economic shifts in Texas and Pennsylvania impact portfolio leasing demand
- Dividend sustainability depends on adjusted funds from operations and payout ratios
| Net Income: -200.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA 0.43 > 1.0 |
| NWC/Revenue: 22.92% < 20% (prev 12.94%; Δ 9.98% < -1%) |
| CFO/TA 0.04 > 3% & CFO 130.6m > Net Income -200.5m |
| Net Debt (2.63b) to EBITDA (121.7m): 21.64 < 3 |
| Current Ratio: 1.63 > 1.5 & < 3 |
| Outstanding Shares: last quarter (173.8m) vs 12m ago 0.49% < -2% |
| Gross Margin: 41.77% > 18% (prev 0.63%; Δ 4.11k% > 0.5%) |
| Asset Turnover: 13.98% > 50% (prev 14.62%; Δ -0.64% > 0%) |
| Interest Coverage Ratio: -0.34 > 6 (EBITDA TTM 121.7m / Interest Expense TTM 149.3m) |
| A: 0.03 (Total Current Assets 289.3m - Total Current Liabilities 177.0m) / Total Assets 3.59b |
| B: 0.16 (Retained Earnings 556.7m / Total Assets 3.59b) |
| C: -0.01 (EBIT TTM -51.2m / Avg Total Assets 3.51b) |
| D: -0.87 (Book Value of Equity -2.47b / Total Liabilities 2.85b) |
| Altman-Z'' = -0.30 = B |
| DSRI: 1.06 (Receivables 207.6m/199.5m, Revenue 489.9m/500.5m) |
| GMI: 1.50 (GM 41.77% / 62.54%) |
| AQI: 3.51 (AQ_t 0.91 / AQ_t-1 0.26) |
| SGI: 0.98 (Revenue 489.9m / 500.5m) |
| TATA: -0.09 (NI -200.5m - CFO 130.6m) / TA 3.59b) |
| Beneish M = -1.14 (Cap -4..+1) = D |
As of June 02, 2026, the stock is trading at USD 3.08 with a total of 1,200,380 shares traded.
Over the past week, the price has changed by +2.67%,
over one month by +1.99%,
over three months by -0.44% and
over the past year by -17.45%.
Brandywine Realty Trust has received a consensus analysts rating of 3.33. Therefore, it is recommended to hold BDN.
- StrongBuy: 2
- Buy: 0
- Hold: 3
- Sell: 0
- StrongSell: 1
| Analysts Target Price | 3 | -2.6% |
P/E Forward = 5.711
P/S = 1.2031
P/B = 0.7168
P/EG = 1.9692
Revenue TTM = 489.9m USD
EBIT TTM = -51.2m USD
EBITDA TTM = 121.7m USD
Long Term Debt = 2.62b USD (from longTermDebt, last quarter)
Short Term Debt = 178.6m USD (from shortTermDebt, last quarter)
Debt = 2.67b USD (from shortLongTermDebtTotal, last quarter) + Leases 23.8m
Net Debt = 2.63b USD (calculated: Debt 2.67b - CCE 36.2m)
Enterprise Value = 3.17b USD (541.1m + Debt 2.67b - CCE 36.2m)
Interest Coverage Ratio = -0.34 (Ebit TTM -51.2m / Interest Expense TTM 149.3m)
EV/FCF = 70.11x (Enterprise Value 3.17b / FCF TTM 45.3m)
FCF Yield = 1.43% (FCF TTM 45.3m / Enterprise Value 3.17b)
FCF Margin = 9.24% (FCF TTM 45.3m / Revenue TTM 489.9m)
Net Margin = -40.92% (Net Income TTM -200.5m / Revenue TTM 489.9m)
Gross Margin = 41.77% ((Revenue TTM 489.9m - Cost of Revenue TTM 285.3m) / Revenue TTM)
Gross Margin QoQ = -18.49% (prev 63.57%)
Tobins Q-Ratio = 0.88 (Enterprise Value 3.17b / Total Assets 3.59b)
Interest Expense / Debt = 5.59% (Interest Expense 149.3m / Debt 2.67b)
Taxrate = 21.0% (US default 21%)
NOPAT = -40.4m (EBIT -51.2m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 1.63 (Total Current Assets 289.3m / Total Current Liabilities 177.0m)
Debt / Equity = 3.64 (Debt 2.67b / totalStockholderEquity, last quarter 734.3m)
Debt / EBITDA = 21.64 (Net Debt 2.63b / EBITDA 121.7m)
Debt / FCF = 58.16 (Net Debt 2.63b / FCF TTM 45.3m)
Total Stockholder Equity = 812.1m (last 4 quarters mean from totalStockholderEquity)
RoA = -5.72% (Net Income -200.5m / Total Assets 3.59b)
RoE = -24.69% (Net Income TTM -200.5m / Total Stockholder Equity 812.1m)
RoCE = -1.49% (EBIT -51.2m / Capital Employed (Equity 812.1m + L.T.Debt 2.62b))
RoIC = -1.14% (negative operating profit) (NOPAT -40.4m / Invested Capital 3.55b)
WACC = 5.08% (E(541.1m)/V(3.21b) * Re(8.37%) + D(2.67b)/V(3.21b) * Rd(5.59%) * (1-Tc(0.21)))
Discount Rate = 8.37% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 60.0 | Cagr: 0.43%
[DCF] Terminal Value 77.97% ; FCFF base≈38.5m ; Y1≈44.2m ; Y5≈65.0m
[DCF] Fair Price = N/A (negative equity: EV 978.0m - Net Debt 2.63b = -1.66b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -0.49 | # QB: 0
Revenue Correlation: -88.41 | Revenue CAGR: -2.22% | SUE: 2.01 | # QB: 1
EPS current Quarter (2026-06-30): EPS=-0.18 | Chg30d=+4.40% | Revisions=-20% | Analysts=2
EPS next Quarter (2026-09-30): EPS=-0.17 | Chg30d=+7.56% | Revisions=-20% | Analysts=2
EPS current Year (2026-12-31): EPS=-0.74 | Chg30d=-1.36% | Revisions=-33% | GrowthEPS=+27.9% | GrowthRev=-1.5%
EPS next Year (2027-12-31): EPS=-0.62 | Chg30d=+2.63% | Revisions=+0% | GrowthEPS=+16.7% | GrowthRev=-2.3%
[Analyst] Revisions Ratio: -33%