Brandywine Realty TrustBrandywine Realty Trust
Brandywine Realty Trust

Brandywine Realty Trust

BDN
Real Estate·Office REITs

Brandywine Realty Trust engages in the acquisition, development, redevelopment, ownership, management, and operation of a portfolio of office, life science and lab, residential and mixed-use properties. It operates through the following segments: Philadelphia Central Business District (Philadelphia CBD), Pennsylvania Suburbs, Austin, Texas, and Other. The Philadelphia CBD segment includes properties in Philadelphia, Pennsylvania. The Pennsylvania Suburbs segment refers to the properties in Chester, Delaware, and Montgomery counties. The Austin, Texas segment focuses on properties in the City of Austin, Texas. The Other segment relates to properties located in Washington, D.C., Northern Virginia, Southern Maryland, Camden County, New Jersey and New Castle County, Delaware. The company was founded by Gerard H. Sweeney in 1986 and is headquartered in Philadelphia, PA.

Pennsylvania; U.S.A
Market cap
$478.3MNo data
Revenue
$484.5M−4.2% YoY
Net income
$-178.2M+9.0% YoY
Free cash flow
$83.5M−41.4% YoY

Market

Listed stock
BDNPriceNYSE
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Financial performance

Revenue
$484.5M−4.2% YoY
Operating income
$26.7M−51.4% YoY
Net income
$-178.2M+9.0% YoY
Free cash flow
$83.5M−41.4% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $486.8M, 2022 $506.1M, 2023 $514.7M, 2024 $505.5M, 2025 $484.5M. Operating income: 2021 $93.3M, 2022 $119.7M, 2023 $-21.6M, 2024 $54.9M, 2025 $26.7M. Net income: 2021 $12.3M, 2022 $53.8M, 2023 $-196.8M, 2024 $-195.9M, 2025 $-178.2M. Free cash flow: 2021 $160.6M, 2022 $116.8M, 2023 $122M, 2024 $142.6M, 2025 $83.5M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
-4.2%−239 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $93.3M, 2022-12-31 $119.7M, 2023-12-31 $-21.6M, 2024-12-31 $54.9M, 2025-12-31 $26.7M. Net income: 2021-12-31 $12.3M, 2022-12-31 $53.8M, 2023-12-31 $-196.8M, 2024-12-31 $-195.9M, 2025-12-31 $-178.2M. Free cash flow: 2021-12-31 $160.6M, 2022-12-31 $116.8M, 2023-12-31 $122M, 2024-12-31 $142.6M, 2025-12-31 $83.5M

Growth heatmap

2022202320242025CAGR
Revenue
+4.0%
+1.7%
-1.8%
-4.2%
-0.1%
Gross profit
+4.4%
+4.2%
-2.0%
-5.9%
+0.1%
Operating income
+28.3%
-118.0%
+354.3%
-51.4%
-26.9%
Free cash flow
-27.2%
+4.4%
+16.9%
-41.4%
-15.1%

Earnings quality

Operating cash flow
$116.7M−35.6% YoY
Net income
$-178.2M+9.0% YoY
Free cash flow
$83.5M−41.4% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 -65%, 2024-12-31 -92%, 2023-12-31 -90%, 2022-12-31 389%, 2021-12-31 1553%. Free cash flow: 2025-12-31 -47%, 2024-12-31 -73%, 2023-12-31 -62%, 2022-12-31 217%, 2021-12-31 1307%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
No data
No data
No data