Brandywine Realty Trust (BDN)
Market Price (6/20/2026): $3.105 | Market Cap: $539.5 MilSector: Real Estate | Industry: Office REITs
Brandywine Realty Trust (BDN)
Market Price (6/20/2026): $3.105Market Cap: $539.5 MilSector: Real EstateIndustry: Office REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25% Attractive yieldDividend Yield is 7.5% Low stock price volatilityVol 12M is 34% Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Building Management Systems, Show more. | Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -71% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 486% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.2% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -34% Key risksBDN key risks include [1] elevated financial leverage and unprofitability threatening dividend sustainability and [2] significant asset impairments driven by poor performance in its Austin portfolio. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 25% |
| Attractive yieldDividend Yield is 7.5% |
| Low stock price volatilityVol 12M is 34% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include IoT for Buildings, Building Management Systems, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -71% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 486% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.1%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.2% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -34% |
| Key risksBDN key risks include [1] elevated financial leverage and unprofitability threatening dividend sustainability and [2] significant asset impairments driven by poor performance in its Austin portfolio. |
Qualitative Assessment
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Brandywine Realty Trust (BDN) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Mixed Fiscal Q1 2026 Financial Results with Cautious Guidance. Brandywine Realty Trust reported a net loss attributable to common shareholders of $(0.28) per share for fiscal Q1 2026, which included $11.9 million in non-cash impairment charges. While this was a larger loss than the previous year, the company's Funds From Operations (FFO) of $0.11 per diluted share exceeded analyst estimates, and revenue of $127 million surpassed expectations. However, Brandywine also narrowed its full-year 2026 FFO guidance to a range of $0.52 to $0.58 per share, indicating a tempered outlook despite some operational progress, such as 268,000 square feet of leasing activity in Q1 2026, the most since the fourth quarter of 2024.
2. Persistent Concerns Regarding Financial Health and Debt Maturities. S&P Global Ratings downgraded Brandywine Realty Trust's credit rating to 'BB-' from 'BB' in March 2026, maintaining a negative outlook. This downgrade was primarily driven by the company's "short-weighted average debt maturity" and "weak credit metrics." Brandywine faces upcoming debt maturities, including a $178 million secured loan due in July 2026. To address liquidity and debt, the company plans property sales activity ranging from $280 million to $300 million. High interest rates continue to create refinancing challenges and pressure on the company's financial stability, contributing to a "Strong Sell" Quant Rating from GuruFocus, which highlights persistent weaknesses.
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Brandywine Realty Trust (BDN) stock has remained largely at the same level since 2/28/2026 because of the following key factors:
1. Mixed Fiscal Q1 2026 Financial Results with Cautious Guidance. Brandywine Realty Trust reported a net loss attributable to common shareholders of $(0.28) per share for fiscal Q1 2026, which included $11.9 million in non-cash impairment charges. While this was a larger loss than the previous year, the company's Funds From Operations (FFO) of $0.11 per diluted share exceeded analyst estimates, and revenue of $127 million surpassed expectations. However, Brandywine also narrowed its full-year 2026 FFO guidance to a range of $0.52 to $0.58 per share, indicating a tempered outlook despite some operational progress, such as 268,000 square feet of leasing activity in Q1 2026, the most since the fourth quarter of 2024.
2. Persistent Concerns Regarding Financial Health and Debt Maturities. S&P Global Ratings downgraded Brandywine Realty Trust's credit rating to 'BB-' from 'BB' in March 2026, maintaining a negative outlook. This downgrade was primarily driven by the company's "short-weighted average debt maturity" and "weak credit metrics." Brandywine faces upcoming debt maturities, including a $178 million secured loan due in July 2026. To address liquidity and debt, the company plans property sales activity ranging from $280 million to $300 million. High interest rates continue to create refinancing challenges and pressure on the company's financial stability, contributing to a "Strong Sell" Quant Rating from GuruFocus, which highlights persistent weaknesses.
3. Uneven Recovery and Selectivity within the Office Real Estate Market. The broader U.S. office market experienced positive net absorption for three consecutive quarters through fiscal Q1 2026, indicating some demand growth; however, leasing activity slowed in early 2026. The market's recovery remains "highly selective," favoring "well-located, institutional-quality Class A assets," while lower-quality buildings continue to face stress and capital markets pressure, leading to an uneven recovery throughout 2026. Brandywine's core portfolio occupancy stood at 88.3% as of March 31, 2026, a slight decrease from 88.8% in the prior year, reflecting its exposure to these mixed market dynamics.
4. Sustained Dividend Payment Amidst Sustainability Concerns. Brandywine Realty Trust consistently declared its quarterly cash dividend of $0.08 per common share in February and May 2026, resulting in an annual rate of $0.32 per share and a high dividend yield. This maintenance of the dividend provides income visibility and can act as a stabilizing factor for investors. However, analysts have raised ongoing concerns about the long-term sustainability of the dividend, citing "earnings and cash flow pressures" and "weakening fundamentals," which temper investor confidence despite the attractive yield.
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Stock Movement Drivers
Fundamental Drivers
The -0.1% change in BDN stock from 2/28/2026 to 6/19/2026 was primarily driven by a -0.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.09 | 3.09 | -0.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 484 | 490 | 1.1% |
| P/S Multiple | 1.1 | 1.1 | -0.3% |
| Shares Outstanding (Mil) | 172 | 174 | -0.9% |
| Cumulative Contribution | -0.1% |
Market Drivers
2/28/2026 to 6/19/2026| Return | Correlation | |
|---|---|---|
| BDN | -0.1% | |
| Market (SPY) | 9.2% | 41.7% |
| Sector (XLRE) | 0.7% | 48.9% |
Fundamental Drivers
The -4.6% change in BDN stock from 11/30/2025 to 6/19/2026 was primarily driven by a -5.7% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.24 | 3.09 | -4.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 485 | 490 | 0.9% |
| P/S Multiple | 1.2 | 1.1 | -5.7% |
| Shares Outstanding (Mil) | 174 | 174 | 0.3% |
| Cumulative Contribution | -4.6% |
Market Drivers
11/30/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| BDN | -4.6% | |
| Market (SPY) | 9.9% | 22.8% |
| Sector (XLRE) | 7.1% | 44.9% |
Fundamental Drivers
The -18.2% change in BDN stock from 5/31/2025 to 6/19/2026 was primarily driven by a -16.0% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.78 | 3.09 | -18.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 501 | 490 | -2.1% |
| P/S Multiple | 1.3 | 1.1 | -16.0% |
| Shares Outstanding (Mil) | 173 | 174 | -0.5% |
| Cumulative Contribution | -18.2% |
Market Drivers
5/31/2025 to 6/19/2026| Return | Correlation | |
|---|---|---|
| BDN | -18.2% | |
| Market (SPY) | 28.1% | 24.3% |
| Sector (XLRE) | 8.8% | 45.4% |
Fundamental Drivers
The 14.9% change in BDN stock from 5/31/2023 to 6/19/2026 was primarily driven by a 20.2% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6192026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.69 | 3.09 | 14.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 508 | 490 | -3.5% |
| P/S Multiple | 0.9 | 1.1 | 20.2% |
| Shares Outstanding (Mil) | 172 | 174 | -0.9% |
| Cumulative Contribution | 14.9% |
Market Drivers
5/31/2023 to 6/19/2026| Return | Correlation | |
|---|---|---|
| BDN | 14.9% | |
| Market (SPY) | 85.7% | 37.8% |
| Sector (XLRE) | 34.9% | 56.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BDN Return | 19% | -51% | 2% | 17% | -41% | 11% | -54% |
| Peers Return | 23% | -36% | 1% | 15% | -15% | 4% | -19% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| BDN Win Rate | 58% | 25% | 42% | 50% | 33% | 50% | |
| Peers Win Rate | 58% | 37% | 47% | 60% | 42% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| BDN Max Drawdown | -13% | -56% | -49% | -30% | -43% | -22% | |
| Peers Max Drawdown | -12% | -46% | -39% | -19% | -29% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BXP, CUZ, HIW, ARE, KRC.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | BDN | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -14.6% | -9.5% |
| % Gain to Breakeven | 17.1% | 10.5% |
| Time to Breakeven | 16 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -45.9% | -6.7% |
| % Gain to Breakeven | 84.8% | 7.1% |
| Time to Breakeven | 489 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.3% | -33.7% |
| % Gain to Breakeven | 101.3% | 50.9% |
| Time to Breakeven | 435 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.5% | -19.2% |
| % Gain to Breakeven | 22.7% | 23.8% |
| Time to Breakeven | 36 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -16.2% | -12.2% |
| % Gain to Breakeven | 19.3% | 13.9% |
| Time to Breakeven | 35 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -24.9% | -6.8% |
| % Gain to Breakeven | 33.1% | 7.3% |
| Time to Breakeven | 74 days | 15 days |
In The Past
Brandywine Realty Trust's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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Asset Allocation
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| Event | BDN | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -45.9% | -6.7% |
| % Gain to Breakeven | 84.8% | 7.1% |
| Time to Breakeven | 489 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.3% | -33.7% |
| % Gain to Breakeven | 101.3% | 50.9% |
| Time to Breakeven | 435 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -24.9% | -6.8% |
| % Gain to Breakeven | 33.1% | 7.3% |
| Time to Breakeven | 74 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -41.4% | -17.9% |
| % Gain to Breakeven | 70.8% | 21.8% |
| Time to Breakeven | 201 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -24.0% | -15.4% |
| % Gain to Breakeven | 31.5% | 18.2% |
| Time to Breakeven | 297 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -84.3% | -53.4% |
| % Gain to Breakeven | 537.4% | 114.4% |
| Time to Breakeven | 1397 days | 1085 days |
In The Past
Brandywine Realty Trust's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Brandywine Realty Trust (BDN)
Brandywine Realty Trust (BDN) is a publicly traded Real Estate Investment Trust (REIT) that specializes in the ownership, development, leasing, and management of commercial real estate. Operating as a full-service, integrated real estate company, Brandywine focuses on creating and managing urban, town center, and transit-oriented properties across its key markets.
The company's core service involves providing office and commercial spaces for lease to a diverse range of businesses and organizations. With a substantial portfolio that included 175 properties and 24.7 million square feet as of December 31, 2020, Brandywine primarily serves customers seeking high-quality, strategically located commercial properties in the Philadelphia, Austin, and Washington, D.C. metropolitan areas.
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- Like Boston Properties (BXP) for cities such as Philadelphia and Austin.
- The Simon Property Group (SPG) of urban office and mixed-use properties.
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- Real Estate Development Services: Creating new commercial and mixed-use properties or redeveloping existing assets.
- Property Leasing Services: Providing various spaces, primarily office, for rent to commercial and retail tenants within their portfolio.
- Property Management Services: Overseeing the daily operations, maintenance, and tenant relations for their owned and developed properties.
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Brandywine Realty Trust (BDN) primarily leases commercial properties, predominantly office spaces. Therefore, its major customers are other companies, government entities, and institutions that lease these properties.
Based on recent investor disclosures, Brandywine Realty Trust's major customers (tenants) include:
- Commonwealth of PA
- Children's Hospital of Philadelphia
- State of Texas
- Comcast (symbol: CMCSA)
- University of Pennsylvania Health System
- GlaxoSmithKline (symbol: GSK)
- Liberty Mutual
- FMC Corporation (symbol: FMC)
- Wawa
- Axalta Coating Systems (symbol: AXTA)
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Gerard H. Sweeney, President, Chief Executive Officer and Trustee
Mr. Sweeney has served as President, Chief Executive Officer, and Trustee of Brandywine Realty Trust since its founding in 1994, overseeing its growth into a large, publicly-traded, full-service, integrated real estate company. Before co-founding Brandywine, he was Vice President of LCOR, Incorporated, and Financial Vice President and General Partner of The Linpro Company. He is also a co-founder and co-CEO of Bonomo Turkish Taffy LLC.
Thomas E. Wirth, Executive Vice President and Chief Financial Officer
Mr. Wirth was appointed Executive Vice President and Chief Financial Officer of Brandywine Realty Trust in March 2014. He previously served as Executive Vice President of Portfolio Management and Investments at Brandywine from 2009. Prior to joining Brandywine, he was President (2007-2009) and Chief Financial Officer (2004-2009) of Feldman Mall Properties, Inc., and from 1997 to 2004, he served as Chief Financial Officer of SL Green Realty Corporation. Mr. Wirth is a CPA and has also held a Vice President role at United Waste System, Inc., and spent ten years with Ernst & Young LLP.
H. Jeffrey DeVuono, Executive Vice President and Senior Managing Director - Life Science
Mr. DeVuono serves as Executive Vice President and Senior Managing Director, focusing on Life Science properties. He joined Brandywine Realty Trust in January 1997. His background includes various asset management positions at LCOR, Inc., and a role as a sales and leasing representative for Cushman & Wakefield of Philadelphia.
George D. Johnstone, Executive Vice President – Operations
Mr. Johnstone holds the position of Executive Vice President – Operations, having joined Brandywine Realty Trust in November 1998. He has held several operational leadership roles within the company, including Senior Vice President of Operations and Asset Management. Prior to Brandywine, he was a Regional Controller at Linpro/LCOR Inc. It has recently been announced that Mr. Johnstone plans to retire and will be providing transition services.
William D. Redd, Executive Vice President and Senior Managing Director - Austin and Metro DC Regions
Mr. Redd is an Executive Vice President and Senior Managing Director, responsible for the Austin and Metro DC Regions. He joined Brandywine Realty Trust in 1999 as Vice President of its Richmond operations and later became Senior Managing Director for Richmond and Austin in 2008. Before his tenure at Brandywine, Mr. Redd was a Partner at Childress Klein Properties from 1988 to 1999.
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The key risks to Brandywine Realty Trust (BDN) are primarily centered around its financial leverage, the challenging office real estate market, and the execution of its development and capital management strategies.
- High Leverage and Financial Risks: Brandywine Realty Trust faces significant financial risks due to its elevated debt levels, characterized by a high debt-to-equity ratio and low interest coverage. This leads to increased borrowing costs, especially in a rising interest rate environment, and poses substantial refinancing risk for upcoming debt maturities. The company's persistent losses and a high cash available for distribution (CAD) payout ratio also raise concerns about the long-term sustainability of its dividend payments.
- Real Estate Market Weakness (Office Sector): As a real estate investment trust (REIT) with a core focus on office properties, Brandywine Realty Trust is significantly exposed to the softening office market. Shifting work patterns, such as hybrid and remote work, contribute to increased vacancies, reduced tenant space utilization, and intense competition, particularly in its key markets of Philadelphia and Austin. These factors negatively impact rental income, property values, and the overall occupancy rates across its portfolio.
- Development and Execution Risks: The company's strategy involves development and redevelopment projects, which carry inherent execution risks. Delays in the stabilization of new assets, slower-than-anticipated lease-up periods for new properties, and potential cost overruns can strain cash flow and delay new income streams. Furthermore, the successful execution of strategic asset sales and recapitalization of unconsolidated ventures is crucial for managing liquidity, reducing leverage, and improving financial performance.
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The widespread and sustained shift towards remote and hybrid work models, which reduces the overall demand for traditional office space and potentially leads to decreased occupancy rates and rental revenues for commercial real estate companies like BDN.
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Brandywine Realty Trust primarily operates in the commercial real estate sector, focusing on the ownership, development, leasing, and management of office, urban, town center, and transit-oriented properties. The addressable markets for their main products and services in their core regions are sized as follows:
- Philadelphia Market, U.S.: The Philadelphia metropolitan region recorded approximately 4.2 million square feet of office leasing volume for 2025. Additionally, the total office space sales in the Philadelphia market amounted to $454 million year-to-date through October 2025. The multifamily sector in the region had a total market asset value of $75.7 billion by Q4 2024, with an inventory of 345,313 units.
- Austin Market, U.S.: The office market in Austin had an inventory of 105.1 million square feet as of Q1 2025. The cumulative 12-month sales volume for office properties in Austin reached $914 million by Q3 2025.
- Washington, D.C. Metropolitan Area, U.S.: The Washington, D.C. Metropolitan commercial real estate market comprises approximately 436.6 million square feet of rentable office space, encompassing the District of Columbia, Northern Virginia, and Suburban Maryland, as of Q3 2025. The office investment volume for the Washington, D.C. market in 2025 was approximately $3.8 billion.
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Brandywine Realty Trust (BDN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Increased Occupancy and Leasing Activity in Core Markets: Brandywine Realty Trust anticipates an improvement in its core portfolio occupancy by approximately 120 basis points by year-end 2026, targeting a range of 89-90% occupied and 90-91% leased. Management expects positive net absorption in 2026, a first in several years, supported by strong tenant demand, high tenant retention rates (64% in 2025), and increased tour volumes, particularly in the Philadelphia market where the company has a significant presence.
- Rental Rate Growth: The company projects a rental rate mark-to-market (accrual basis) of 5-7% for 2026, indicating an ability to command higher rents for its properties. This is reinforced by the observed trend in Philadelphia’s CBD and University City submarkets, where net effective rents have increased by nearly 20% since 2021, with an annual increase of 5.4%.
- Stabilization and Lease-up of Development Projects: Brandywine Realty Trust is focused on the stabilization of key development projects, including One Uptown in Austin and 3151 Market in Philadelphia. The commercial component of 3025 JFK in Philadelphia, now a wholly-owned asset, is already 92% leased, and its full integration and lease-up are expected to contribute to revenue. The successful completion and leasing of these projects will convert development pipelines into recurring revenue streams.
- Strategic Redevelopment and Expansion in High-Growth Sectors: The company plans to undertake redevelopment activities, such as the redevelopment of an existing Uptown ATX building in Austin. Additionally, Brandywine aims to strategically increase its exposure to the life sciences sector, with a goal to grow this segment from 8% to 25% of its portfolio. These targeted investments and redevelopments are expected to generate new revenue streams from higher-value properties.
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Share Repurchases
- Management prioritizes achieving deleveraging targets before considering share repurchases.
- Brandywine Realty Trust did not engage in share buyback activity in the second quarter of 2025 or the first quarter of 2024.
- The 2026 business plan includes the opportunistic buyback of common shares, considered undervalued, using proceeds from asset sales after debt reduction.
Share Issuance
- Brandywine's Parent Company periodically issues equity, contributing the proceeds to the Operating Partnership for additional interests.
- The Operating Partnership issues common units of limited partnership interest to third parties in exchange for property contributions.
- Common shares outstanding have remained relatively stable, with approximately 172.2 million as of February 20, 2024, and 173.7 million as of February 18, 2026, indicating no major new public equity offerings during this period.
Inbound Investments
- In December 2025, Brandywine acquired its partner's preferred equity interest in 3151 Market Street, a 417,000-square-foot office/life science building in Philadelphia, for $65.7 million, making it a wholly-owned asset.
- The company also acquired its partner's preferred equity interest in 3025 JFK, located in Philadelphia, for $70.5 million.
- The 2026 business plan includes recapitalizing remaining development joint ventures in Austin, Texas.
Outbound Investments
- Brandywine expects to complete $280-$300 million in asset sales in 2026, with proceeds primarily allocated to debt reduction.
- The company completed over $300 million of dispositions in 2024, exceeding its initial target of $90 million.
- No property acquisition activity was reported in the second quarter of 2025 or the first quarter of 2024.
Capital Expenditures
- Anticipated capital expenditures for 2024 were approximately $12.0 million.
- By the fourth quarter of 2024, all development projects were complete and in various phases of lease-up, including the life science project at 3151 Market Street in Philadelphia.
- Management reduced the expected revenue-maintaining capital expenditures from $25 million to $15 million in an updated 2025 business plan.
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 33.05 |
| Mkt Cap | 4.5 |
| Rev LTM | 1,059 |
| Op Inc LTM | 262 |
| FCF LTM | 191 |
| FCF 3Y Avg | 265 |
| CFO LTM | 489 |
| CFO 3Y Avg | 477 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -0.4% |
| Rev Chg 3Y Avg | 1.2% |
| Rev Chg Q | 2.7% |
| QoQ Delta Rev Chg LTM | 0.7% |
| Op Inc Chg LTM | -4.0% |
| Op Inc Chg 3Y Avg | -4.0% |
| Op Mgn LTM | 24.0% |
| Op Mgn 3Y Avg | 23.9% |
| QoQ Delta Op Mgn LTM | -0.5% |
| CFO/Rev LTM | 42.7% |
| CFO/Rev 3Y Avg | 45.2% |
| FCF/Rev LTM | 17.8% |
| FCF/Rev 3Y Avg | 27.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 484 | 506 | 515 | ||
| Other | 11 | 9 | |||
| Rents | 471 | 452 | |||
| Third party management fees, labor reimbursement and leasing | 24 | 26 | |||
| Total | 484 | 506 | 515 | 506 | 487 |
| $ Mil | 2004 | 2003 | 2002 | 2001 |
|---|---|---|---|---|
| New Jersey | 61 | 54 | 32 | |
| Pennsylvania West | 60 | |||
| Pennsylvania North | 44 | |||
| Virginia | 15 | 18 | 10 | 18 |
| Urban | 14 | |||
| Corporate | 8 | 4 | 2 | 3 |
| Pennsylvania Suburbs | 121 | 119 | 116 | |
| New Jersey/New York | 67 | |||
| Total | 203 | 197 | 163 | 203 |
Price Behavior
| Market Price | $3.09 | |
| Market Cap ($ Bil) | 0.5 | |
| First Trading Date | 07/24/1986 | |
| Distance from 52W High | -27.0% | |
| 50 Days | 200 Days | |
| DMA Price | $3.02 | $3.14 |
| DMA Trend | down | up |
| Distance from DMA | 2.3% | -1.6% |
| 3M | 1YR | |
| Volatility | 34.7% | 34.3% |
| Downside Capture | 67.43 | 64.46 |
| Upside Capture | 81.13 | 19.23 |
| Correlation (SPY) | 37.4% | 22.4% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.26 | 1.08 | 1.16 | 0.72 | 0.72 | 1.01 |
| Up Beta | 0.69 | 1.18 | 1.10 | 1.38 | 1.16 | 0.77 |
| Down Beta | 3.36 | 2.29 | 1.50 | 1.03 | 0.97 | 1.11 |
| Up Capture | 76% | 86% | 86% | 22% | 18% | 101% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 11 | 24 | 30 | 51 | 110 | 350 |
| Down Capture | 134% | 81% | 134% | 52% | 76% | 105% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 7 | 14 | 27 | 62 | 125 | 360 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BDN | |
|---|---|---|---|---|
| BDN | -21.8% | 34.2% | -0.67 | - |
| Sector ETF (XLRE) | 8.7% | 14.1% | 0.36 | 45.5% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 22.7% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 7.1% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -12.4% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 49.8% |
| Bitcoin (BTCUSD) | -40.0% | 42.5% | -1.08 | 5.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BDN | |
|---|---|---|---|---|
| BDN | -18.6% | 38.1% | -0.44 | - |
| Sector ETF (XLRE) | 2.6% | 19.1% | 0.04 | 59.5% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 45.4% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 8.2% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 12.5% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 64.1% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 19.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BDN | |
|---|---|---|---|---|
| BDN | -8.3% | 35.2% | -0.15 | - |
| Sector ETF (XLRE) | 6.7% | 20.4% | 0.28 | 67.4% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 53.3% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 6.7% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 20.8% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 72.2% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 15.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/23/2026 | 0.3% | 2.7% | 2.1% |
| 2/4/2026 | 2.5% | -2.5% | -2.9% |
| 10/23/2025 | 0.3% | -4.9% | -6.2% |
| 7/24/2025 | -1.0% | -3.1% | -0.5% |
| 4/23/2025 | -0.5% | -0.3% | 4.5% |
| 2/6/2025 | 0.6% | -0.4% | -7.3% |
| 10/23/2024 | 0.4% | -2.8% | 2.2% |
| 7/24/2024 | -3.7% | 4.3% | 5.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 7 | 13 |
| # Negative | 15 | 17 | 11 |
| Median Positive | 0.6% | 4.0% | 3.2% |
| Median Negative | -2.0% | -2.8% | -6.2% |
| Max Positive | 3.3% | 5.5% | 15.7% |
| Max Negative | -4.3% | -11.6% | -17.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/23/2026 | 0.3% | 2.7% | 2.1% |
| 2/4/2026 | 2.5% | -2.5% | -2.9% |
| 10/23/2025 | 0.3% | -4.9% | -6.2% |
| 7/24/2025 | -1.0% | -3.1% | -0.5% |
| 4/23/2025 | -0.5% | -0.3% | 4.5% |
| 2/6/2025 | 0.6% | -0.4% | -7.3% |
| 10/23/2024 | 0.4% | -2.8% | 2.2% |
| 7/24/2024 | -3.7% | 4.3% | 5.8% |
| 4/18/2024 | 3.3% | 3.8% | 13.4% |
| 2/1/2024 | -2.0% | -6.4% | -3.9% |
| 10/25/2023 | -3.6% | -4.8% | 3.1% |
| 7/26/2023 | -2.0% | -1.2% | -3.5% |
| 4/20/2023 | -4.3% | -7.0% | -12.3% |
| 2/2/2023 | -2.4% | -7.6% | -17.7% |
| 10/21/2022 | -0.9% | 4.8% | 2.2% |
| 7/26/2022 | -0.2% | -2.3% | -10.6% |
| 4/21/2022 | -2.2% | -4.9% | -17.3% |
| 2/3/2022 | -0.2% | 0.7% | 2.7% |
| 10/26/2021 | -2.4% | -1.4% | 3.2% |
| 7/27/2021 | 0.0% | -2.7% | 0.3% |
| 4/22/2021 | 0.8% | 4.0% | 6.0% |
| 2/3/2021 | 1.9% | 5.5% | 15.7% |
| 10/22/2020 | -0.6% | -11.6% | 10.6% |
| 7/23/2020 | -3.4% | -1.7% | -1.7% |
| SUMMARY STATS | |||
| # Positive | 9 | 7 | 13 |
| # Negative | 15 | 17 | 11 |
| Median Positive | 0.6% | 4.0% | 3.2% |
| Median Negative | -2.0% | -2.8% | -6.2% |
| Max Positive | 3.3% | 5.5% | 15.7% |
| Max Negative | -4.3% | -11.6% | -17.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 07/28/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 07/28/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/29/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 10/28/2020 | 10-Q |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 04/28/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 10/24/2019 | 10-Q |
| 06/30/2019 | 08/06/2019 | 10-Q |
Recent Forward Guidance
Updated 5/31/2026Latest: Q1 2026 Earnings Reported 4/23/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO per diluted share | 0.52 | 0.55 | 0.58 | 0.0% | Affirmed | Guidance: 0.55 for 2026 | |
| 2026 Loss per diluted share | -0.76 | -0.73 | -0.7 | 17.7% | Lowered | Guidance: -0.62 for 2026 | |
| 2026 Year-end Core Occupancy | 0.89 | 0.9 | 0.9 | 0.0% | Affirmed | Guidance: 0.9 for 2026 | |
| 2026 Year-end Core Leased | 0.9 | 0.91 | 0.91 | 0.0% | Affirmed | Guidance: 0.91 for 2026 | |
| 2026 Property Sales Activity | 280.00 Mil | 290.00 Mil | 300.00 Mil | 0.0% | Affirmed | Guidance: 290.00 Mil for 2026 | |
Prior: Q4 2025 Earnings Reported 2/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO per diluted share | 0.51 | 0.55 | 0.59 | 5.8% | Raised | Guidance: 0.52 for 2025 | |
| 2026 Year-end Core Occupancy | 0.89 | 0.9 | 0.9 | 1.1% | Raised | Guidance: 0.89 for 2025 | |
| 2026 Year-end Core Leased | 0.9 | 0.91 | 0.91 | 1.1% | Raised | Guidance: 0.9 for 2025 | |
| 2026 Rental Rate Mark-to-Market (accrual) | 0.05 | 0.06 | 0.07 | 50.0% | 2.0% | Raised | Guidance: 0.04 for 2025 |
| 2026 Rental Rate Mark-to-Market (cash) | -0.02 | -0.01 | 0 | -42.9% | 0.8% | Raised | Guidance: -0.02 for 2025 |
| 2026 Same Store (accrual) NOI | -0.01 | 0 | 0.01 | -100.0% | -0.5% | Lowered | Guidance: 0.01 for 2025 |
| 2026 Same Store (cash) NOI | 0 | 0.01 | 0.02 | -60.0% | -1.5% | Lowered | Guidance: 0.03 for 2025 |
| 2026 Speculative Revenue | 17.00 Mil | 17.50 Mil | 18.00 Mil | -36.4% | Lowered | Guidance: 27.50 Mil for 2025 | |
| 2026 Tenant Retention Rate | 0.46 | 0.47 | 0.48 | -24.8% | -15.5% | Lowered | Guidance: 0.62 for 2025 |
| 2026 Loss per diluted share | -0.66 | -0.62 | -0.58 | ||||
| 2026 Property Sales Activity | 280.00 Mil | 290.00 Mil | 300.00 Mil | ||||
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sweeney, Gerard H | President and CEO | Direct | Buy | 11122025 | 3.38 | 88,500 | 298,882 | 10,274,152 | Form |
| 2 | Diggs, James C | Direct | Sell | 11032025 | 3.47 | 23,190 | 80,469 | 446,492 | Form | |
| 3 | Desroches, Reginald | Direct | Sell | 6102025 | 4.55 | 15,000 | 68,250 | 384,320 | Form | |
| 4 | Sweeney, Gerard H | President and CEO | Direct | Buy | 5022025 | 4.07 | 61,576 | 250,614 | 12,002,804 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Sweeney, Gerard H | President and CEO | Direct | Buy | 11122025 | 3.38 | 88,500 | 298,882 | 10,274,152 | Form |
| 2 | Diggs, James C | Direct | Sell | 11032025 | 3.47 | 23,190 | 80,469 | 446,492 | Form | |
| 3 | Desroches, Reginald | Direct | Sell | 6102025 | 4.55 | 15,000 | 68,250 | 384,320 | Form | |
| 4 | Sweeney, Gerard H | President and CEO | Direct | Buy | 5022025 | 4.07 | 61,576 | 250,614 | 12,002,804 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Office REITs Resources |
| Commercial Property Executive |
| BOMA International |
| Propmodo |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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