Brandywine Realty Trust (BDN)

Brandywine Realty Trust is a real estate investment trust that invests in office buildings in Philadelphia, Washington, D.C., and Austin. As of December 31, 2019, the company owned interests in 173 properties containing 24.3 million net rentable square feet.

BDN stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
Low target
High target
Truist Securities
30 Jun 22
Credit Suisse
23 Jun 22


29 Jul 22
9 Aug 22
31 Dec 22
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 40.16M 40.16M 40.16M 40.16M 40.16M 40.16M
Cash burn (monthly) (no burn) 526.83K (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 2.27M n/a n/a n/a n/a
Cash remaining n/a 37.89M n/a n/a n/a n/a
Runway (months of cash) n/a 71.9 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
30 Jun 22 Sweeney Gerard H Common Shares of Beneficial Interest Payment of exercise Dispose F No No 9.64 3,394 32.72K 1,622,754
30 Jun 22 Redd William D Common Shares of Beneficial Interest Payment of exercise Dispose F No No 9.64 143 1.38K 161,719
18 May 22 Herubin Terri A Common Shares of Beneficial Interest Grant Acquire A No No 0 8,644 0 39,907
18 May 22 Haverstick H Richard JR Common Shares of Beneficial Interest Grant Acquire A No No 0 8,644 0 49,484
18 May 22 Reginald DesRoches Common Shares of Beneficial Interest Grant Acquire A No No 0 8,644 0 15,583
13F holders Current Prev Q Change
Total holders 248 255 -2.7%
Opened positions 24 41 -41.5%
Closed positions 31 20 +55.0%
Increased positions 85 75 +13.3%
Reduced positions 106 98 +8.2%
13F shares Current Prev Q Change
Total value 2.39B 2.36B +1.1%
Total shares 169.97M 176.73M -3.8%
Total puts 0 3K EXIT
Total calls 0 5.2K EXIT
Total put/call ratio 0.6
Largest owners Shares Value Change
BLK Blackrock 32.27M $456.33M -2.9%
Vanguard 28.21M $398.84M +0.4%
STT State Street 13.02M $184.15M +10.6%
JPM JPMorgan Chase & Co. 10.71M $151.48M -6.7%
MCQEF Macquarie 7.06M $99.77M -0.7%
PFG Principal Financial Group Inc - Registered Shares 6.38M $90.23M -3.3%
LSV Asset Management 5.29M $74.77M -1.8%
American Century Companies 5.08M $71.82M -2.8%
Security Capital Research & Management 4.06M $41.97M 0.0%
Geode Capital Management 3.46M $48.86M +3.1%
Largest transactions Shares Bought/sold Change
Norges Bank 0 -1.75M EXIT
STT State Street 13.02M +1.25M +10.6%
BLK Blackrock 32.27M -949.27K -2.9%
Balyasny Asset Management 3.4M +925.28K +37.4%
Waterfront Capital Partners 813.82K +813.82K NEW
JPM JPMorgan Chase & Co. 10.71M -773.09K -6.7%
Hillcrest Asset Management 0 -729.12K EXIT
Wellington Management 3.13M -694.81K -18.1%
Millennium Management 369.94K -679.86K -64.8%
Real Estate Management Services 0 -659.7K EXIT

Financial report summary

  • Adverse economic and geopolitical conditions could have a material adverse effect on our results of operations, financial condition and our ability to pay distributions to our shareholders.
  • Our performance is dependent upon the economic conditions of the markets in which our properties are located.
  • We may suffer adverse consequences due to the financial difficulties, bankruptcy or insolvency of our tenants.
  • We may experience increased operating costs, which might reduce our profitability.
  • Our investment in property development or redevelopment may be more costly or difficult to complete than we anticipate.
  • Our development projects and third party property management business may subject us to certain liabilities.
  • Our development projects may be dependent on strategic alliances with unaffiliated third parties.
  • We face risks associated with the development of mixed-use commercial properties.
  • We face risks associated with property acquisitions.
  • Acquired properties may subject us to known and unknown liabilities.
  • We have agreed not to sell certain of our properties and to maintain indebtedness subject to guarantees.
  • We may be unable to renew leases or re-lease space as leases expire; certain leases may expire early.
  • We face significant competition from other real estate developers.
  • Property ownership through unconsolidated real estate ventures may limit our ability to act exclusively in our interest.
  • Preferred equity, mezzanine loans, and other investments that are subordinated or otherwise junior in an issuer’s capital structure and that involve privately negotiated structures will expose us to greater risk of loss.
  • Because real estate is illiquid, we may be unable to sell properties when in our best interest.
  • Our property taxes could increase due to property tax rate changes or reassessment, which would adversely impact our cash flows.
  • Changes in tax rates and regulatory requirements may adversely affect our cash flow and results of operations.
  • Potential liability for environmental contamination could result in substantial costs.
  • Americans with Disabilities Act compliance could be costly.
  • A pandemic, epidemic or outbreak of a contagious disease, such as the ongoing COVID-19 pandemic, could adversely affect us.
  • We face possible risks associated with the physical effects of climate change.
  • Failure to qualify as a REIT would subject us to U.S. federal income tax which would reduce the cash available for distribution to our shareholders.
  • Failure of the Operating Partnership (or a subsidiary partnership or unconsolidated real estate venture) to be treated as a partnership would have serious adverse consequences to our shareholders.
  • To maintain our REIT status, we may be forced to borrow funds on a short-term basis during unfavorable market conditions.
  • We may pay some taxes even if we qualify as a REIT, which will reduce the cash available for distribution to our shareholders.
  • Legislation that modifies the rules applicable to partnership tax audits may affect us.
  • Legislative or regulatory tax changes related to REITs could materially and adversely affect our business.
  • If a transaction intended to qualify as a Section 1031 Exchange is later determined to be taxable, or if we are unable to identify and complete the acquisition of suitable replacement property to effect a Section 1031 Exchange, we may face adverse consequences.
  • Failure to obtain the tax benefits and remain compliant within Qualified Opportunity Zones and Keystone Opportunity Zones may have adverse consequences.
  • Certain limitations will exist with respect to a third party’s ability to acquire us or effectuate a change in control.
  • We are dependent upon our key personnel.
  • Our ability to make distributions is subject to various risks.
  • We face possible federal, state and local tax audits.
  • Many factors can have an adverse effect on the market value of our securities.
  • Additional issuances of equity securities may be dilutive to shareholders.
  • The issuance of preferred securities may adversely affect the rights of holders of our common shares.
  • We may incur impairment charges.
  • An increase in interest rates would increase our interest costs on variable rate debt and could adversely impact our ability to refinance existing debt or sell assets on favorable terms or at all.
  • Our degree of leverage could limit our ability to obtain additional financing or affect the market price of our equity shares or debt securities.
  • The terms and covenants relating to our indebtedness could adversely impact our economic performance.
  • A downgrading of our debt could subject us to higher borrowing costs.
  • Data security breaches may cause damage to our business and reputation.
  • Terrorist attacks and other acts of violence or war may adversely impact our performance and may affect the markets on which our securities are traded.
  • Some potential losses are not covered by insurance.
Management Discussion
  • Net operating income (“NOI”) as presented in the comparative analysis below is a non-GAAP financial measure defined as total revenue less property operating expenses, real estate taxes and third party management expenses. Property operating expenses that are included in determining NOI consist of costs that are necessary and allocable to our operating properties such as utilities, property-level salaries, repairs and maintenance, property insurance, and management fees. General and administrative expenses that are not reflected in NOI primarily consist of corporate-level salaries, amortization of share awards and professional fees that are incurred as part of corporate office management. NOI is a non-GAAP financial measure that we use internally to evaluate the operating performance of our real estate assets by segment, as presented in Note 13, ''Segment Information," to our consolidated financial statements, and of our business as a whole. We believe NOI provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. While NOI is a relevant and widely used measure of operating performance of real estate investment trusts, it does not represent cash flow from operations or net income as defined by GAAP and should not be considered as an alternative to those measures in evaluating our liquidity or operating performance. NOI does not reflect interest expenses, real estate impairment losses, depreciation and amortization costs, capital expenditures and leasing costs. We believe that net income, as defined by GAAP, is the most appropriate earnings measure. See Note 13, ''Segment Information,” to our Consolidated Financial Statements for a reconciliation of NOI to our consolidated net income as defined by GAAP.

Content analysis

H.S. sophomore Avg
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Removed: detail, Herndon, LIBOR, repay, return, vacated