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.

Company profile
Ticker
BDN
Exchange
Website
CEO
Gerard Sweeney
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Corporate docs
IRS number
232413352
BDN stock data
Press releases
Brandywine Realty Trust Announces Second Quarter Results Narrows 2022 Guidance
25 Jul 22
Brandywine Realty Trust Commences 2340 Dulles Corner Blvd Redevelopment
24 May 22
Brandywine Realty Trust Announces Common Quarterly Dividend, and Confirms Second Quarter 2022 Earnings Release and Conference Call
18 May 22
Analyst ratings and price targets
Current price
Average target
$10.50
Low target
$10.00
High target
$11.00
Truist Securities
Maintains
$11.00
Credit Suisse
Initiated
$10.00
Calendar
29 Jul 22
9 Aug 22
31 Dec 22
Financial summary
Quarter (USD) | Mar 22 | Dec 21 | Sep 21 | Jun 21 | |
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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 | |
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Revenue | |||||
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 |
Recent insider trades
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 |
Institutional ownership, Q1 2022
13F holders | Current |
---|---|
Total holders | 248 |
Opened positions | 24 |
Closed positions | 31 |
Increased positions | 85 |
Reduced positions | 106 |
13F shares | Current |
---|---|
Total value | 2.39B |
Total shares | 169.97M |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners | Shares | Value |
---|---|---|
BLK Blackrock | 32.27M | $456.33M |
Vanguard | 28.21M | $398.84M |
STT State Street | 13.02M | $184.15M |
JPM JPMorgan Chase & Co. | 10.71M | $151.48M |
MCQEF Macquarie | 7.06M | $99.77M |
PFG Principal Financial Group Inc - Registered Shares | 6.38M | $90.23M |
LSV Asset Management | 5.29M | $74.77M |
American Century Companies | 5.08M | $71.82M |
Security Capital Research & Management | 4.06M | $41.97M |
Geode Capital Management | 3.46M | $48.86M |
Financial report summary
?Risks
- 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
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Readability |
H.S. sophomore Avg
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New words:
absence, bilaterally, buildable, consumer, daily, density, floating, Gibbsboro, guaranty, incidental, index, indexed, inflationary, letter, line, margin, negotiated, prevented, proportion, refinance, replaced, restated, triple, usable
Removed:
detail, Herndon, LIBOR, repay, return, vacated
Financial reports
Current reports
8-K
Brandywine Realty Trust Announces Second Quarter Results
25 Jul 22
8-K
Entry into a Material Definitive Agreement
30 Jun 22
8-K
Submission of Matters to a Vote of Security Holders
19 May 22
8-K
Brandywine Realty Trust Announces First Quarter Results
20 Apr 22
8-K
Initiates 2022 Guidance and Announces Investment Activity
2 Feb 22
8-K
Brandywine Realty Trust Announces Third Quarter 2021 Results and Narrows 2021 Guidance
25 Oct 21
8-K
Brandywine Realty Trust Announces Second Quarter Results
26 Jul 21
8-K
Submission of Matters to a Vote of Security Holders
18 May 21
8-K
Brandywine Realty Trust Announces First Quarter Results
21 Apr 21
8-K
Departure of Directors or Certain Officers
10 Mar 21
Registration and prospectus
S-3ASR
Automatic shelf registration
28 Apr 20
424B5
Prospectus supplement for primary offering
7 Oct 19
FWP
Free writing prospectus
3 Oct 19
424B5
Prospectus supplement for primary offering
3 Oct 19
424B5
Prospectus supplement for primary offering
12 Nov 17
424B5
Prospectus supplement for primary offering
8 Nov 17
FWP
Free writing prospectus
8 Nov 17
S-8
Registration of securities for employees
18 May 17
25-NSE
Exchange delisting
10 Apr 17
424B5
Prospectus supplement for primary offering
19 Mar 17
Proxies
DEFA14A
Additional proxy soliciting materials
31 Mar 22
DEFA14A
Additional proxy soliciting materials
1 Apr 21
DEFA14A
Additional proxy soliciting materials
27 Mar 20
DEFA14A
Additional proxy soliciting materials
2 Apr 19
DEF 14A
Definitive proxy
2 Apr 18
DEFA14A
Additional proxy soliciting materials
2 Apr 18
Other
UPLOAD
Letter from SEC
3 Sep 19
CORRESP
Correspondence with SEC
22 Aug 19
UPLOAD
Letter from SEC
14 Aug 19
UPLOAD
Letter from SEC
22 Apr 13
CORRESP
Correspondence with SEC
17 Apr 13
UPLOAD
Letter from SEC
7 Apr 13
CORRESP
Correspondence with SEC
10 Apr 12
UPLOAD
Letter from SEC
10 Apr 12
CERTNYS
Certification of approval for NYSE listing
9 Apr 12
UPLOAD
Letter from SEC
8 Apr 12
Ownership
4
BRANDYWINE REALTY TRUST / WILLIAM D REDD ownership change
5 Jul 22
4
BRANDYWINE REALTY TRUST / GERARD H SWEENEY ownership change
5 Jul 22
4
BRANDYWINE REALTY TRUST / Michael Joyce ownership change
19 May 22
4
BRANDYWINE REALTY TRUST / CHARLES P PIZZI ownership change
19 May 22
4
BRANDYWINE REALTY TRUST / JAMES C DIGGS ownership change
19 May 22
4
BRANDYWINE REALTY TRUST / H RICHARD HAVERSTICK JR ownership change
19 May 22
4
BRANDYWINE REALTY TRUST / Reginald DesRoches ownership change
19 May 22
4
BRANDYWINE REALTY TRUST / Terri A Herubin ownership change
19 May 22
4
BRANDYWINE REALTY TRUST / Shawn Neuman ownership change
19 Apr 22
4
BRANDYWINE REALTY TRUST / DANIEL A PALAZZO ownership change
19 Apr 22
Transcripts
2022 Q2
Earnings call transcript
26 Jul 22
2022 Q1
Earnings call transcript
21 Apr 22
2021 Q4
Earnings call transcript
3 Feb 22
2021 Q3
Earnings call transcript
26 Oct 21
2021 Q2
Earnings call transcript
27 Jul 21
2021 Q1
Earnings call transcript
22 Apr 21
2020 Q4
Earnings call transcript
3 Feb 21
2020 Q3
Earnings call transcript
22 Oct 20
2020 Q2
Earnings call transcript
23 Jul 20
2020 Q1
Earnings call transcript
23 Apr 20
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