# Brandywine Realty Trust (BDN)

> Source: Nexqual · https://nexqual.com/BDN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Brandywine Realty Trust (BDN), nexqual.com/BDN" · informational, not investment advice.

**Price:** USD 2.95 (+9.26% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 2.7 · day 2.75–3.01 · 52w 2.47–3.88 · market cap $510M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $498M, net income -$143M (-28.6% margin) (SEC filings).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $100K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Sell (mean 3.60 on a 1–5 scale) (5 analysts), mean target USD 3 (range 2.5–3.5).
- Total return with dividends: 1Y -10.6% vs S&P 500 +14.9%; 5Y -62.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-21, EPS estimate USD -0.14, revenue estimate $119M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $487M | $506M | $515M | $506M | $484M | $498M |
| Gross profit | $299M | $312M | $325M | $318M | $299M | — |
| Operating income | $93.3M | $120M | -$21.6M | $54.9M | $26.7M | $73.8M |
| Net income | $12.3M | $53.8M | -$197M | -$196M | -$178M | -$143M |
| EPS (diluted) | $0.07 | $0.31 | -$1.15 | -$1.14 | -$1.03 | — |
| Gross margin | 61.3% | 61.6% | 63.1% | 62.9% | 61.8% | — |
| Operating margin | 19.2% | 23.7% | -4.2% | 10.9% | 5.5% | 14.8% |
| Net margin | 2.5% | 10.6% | -38.2% | -38.8% | -36.8% | -28.6% |
| Revenue growth | -9.0% | +4.0% | +1.7% | -1.8% | -4.2% | — |
| Cash + short-term investments | $27.5M | $17.6M | $58.3M | $90.2M | $32.3M | — |
| Total debt | — | $1.97B | $2.14B | $2.21B | $2.56B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.0x · EV/EBITDA 11.9x · EV/Sales 6.2x · P/B 0.7x · Earnings yield -27.99% · Net debt $2.58B · EV $3.09B

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $100K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-14 | Sweeney Gerard H | President and CEO | 33,900 | $100K | 2.96 | Too little history (no open-market trades in 2023 or 2024) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Sell (mean 3.60 on a 1–5 scale), 5 analysts; mean target USD 3 (low 2.5, high 3.5).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -10.6% | -62.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -10.6% | -17.6% |
| Volatility (annualized) | 35.4% | 39.3% |
| Max drawdown | -31.4% (Oct 2025→Mar 2026) | -73.0% (Jan 2022→Mar 2026) |

## Peers (REIT - Office)
HPP (Hudson Pacific Properties, Inc.) USD 10.58 +11.84% · PSTL (Postal Realty Trust, Inc.) USD 21.87 +2.39% · DEA (Easterly Government Properties,) USD 22.57 +2.13% · PDM (Piedmont Realty Trust, Inc.) USD 9.63 +4.11% · ESBA (Empire State Realty OP, L.P. Se) USD 4.99 +4.51% · DEI (Douglas Emmett, Inc.) USD 10.09 +5.88%

## More
Full page: https://nexqual.com/BDN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BDN's own 10-K filed 2026-02-23 (https://www.sec.gov/Archives/edgar/data/790816/000079081626000008/bdn-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Class A | "On February 18, 2026, there were 511 holders of record of our common shares and 20 holders of record (in addition to Brandywine Realty Trust) of Class A units of limited partnership interest in the Operating Partnership." |
| Partner | Wilson | "During the quarter ended September 30, 2024, our partner elected to acquire our 50% ownership interest in the 4040 Wilson Venture based on an agreed upon property value of $190.5 million." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Philadelphia CBD | $68.1M | 52.8% | +20.1% |
| Pennsylvania Suburbs | $33.1M | 25.7% | +5.9% |
| Austin, Texas | $14.2M | 11.0% | -23.5% |
| Other | $10.3M | 8.0% | +2.6% |
| Total revenue | $128.9M | 100% | — |
The lines above cover 97.4% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Rents | $122.7M | 95.2% | +7.4% |
| Third party management fees, labor reimbursement and leasing | $4.1M | 3.2% | -16.6% |
| Other | $2.2M | 1.7% | +43.7% |
| Total revenue | $128.9M | 100% | — |

## Company outlook (8-K filed 2026-10-22)

- "Sales activity also includes the $136 million sale of Solaris, our residential project in Austin, Texas."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $-0.14 | $-0.15 | -6.7% | $119.2M | 1 |
| Next quarter (ends 2027-03-31) | $-0.16 | $-0.18 | -11.1% | $124.4M | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.74 | $-0.77 | -4.7% | $503.4M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.64 | $-0.67 | -4.5% | $467.3M | 1 |