Brandywine Realty Trust (BDN) Financials

$4.30 +0.02 (+0.35%)

Closing price 03:59 PM Eastern

Extended Trading

$4.36 +0.07 (+1.51%)

As of 07:50 PM Eastern

Annual Income Statements for Brandywine Realty Trust

This table shows Brandywine Realty Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-0.27	-38	33	115	134	34	305	12	53	-197	-197
Consolidated Net Income / (Loss)	6.94	-31	41	121	135	35	307	12	54	-197	-196
Net Income / (Loss) Continuing Operations	6.02	-31	41	121	135	35	307	12	54	-197	-196
Total Pre-Tax Income	-6.22	-31	41	121	136	35	307	12	54	-197	-196
Total Operating Income	124	34	185	135	57	115	400	93	120	-22	55
Total Gross Profit	597	584	525	520	544	580	403	365	506	515	506
Total Revenue	597	97	525	520	544	580	535	487	506	515	506
Operating Revenue	594	91	525	520	544	580	535	487	506	515	506
Total Cost of Revenue	0.00	-487	0.00	0.00	0.00	0.00	132	122	0.00	0.00	0.00
Total Operating Expenses	473	550	340	385	488	466	2.19	272	412	536	453
Selling, General & Admin Expense	27	29	27	29	28	32	30	30	35	35	43
Depreciation Expense	209	219	190	180	176	210	188	178	178	189	178
Other Operating Expenses / (Income)	236	219	209	206	218	226	73	66	194	190	187
Impairment Charge	1.77	82	41	3.06	72	-	0.00	0.00	4.66	132	45
Total Other Income / (Expense), net	-130	-65	-145	-15	79	-80	-93	-81	-40	-177	-249
Interest Expense	133	112	152	86	78	82	74	63	69	95	115
Interest & Investment Income	3.56	0.41	9.73	73	160	4.04	-17	-15	-20	-78	-188
Other Income / (Expense), net	-0.62	47	-2.70	-2.44	-2.50	-2.77	-2.90	-2.84	49	-4.37	54
Income Tax Expense	-12	0.00	0.00	-0.63	0.42	0.01	-0.22	0.05	0.06	0.07	0.01
Net Income / (Loss) Attributable to Noncontrolling Interest	0.32	-0.01	0.65	1.33	1.32	0.40	2.21	0.50	0.62	-0.05	0.60
Basic Earnings per Share	$0.00	-	$0.19	$0.65	$0.75	$0.19	$1.77	$0.07	$0.31	($1.15)	($1.14)
Weighted Average Basic Shares Outstanding	166.20M	178.16M	175.02M	175.48M	178.52M	176.13M	171.93M	170.88M	171.49M	171.96M	172.53M
Diluted Earnings per Share	$0.00	-	$0.19	$0.65	$0.75	$0.19	$1.77	$0.07	$0.31	($1.15)	($1.14)
Weighted Average Diluted Shares Outstanding	166.20M	178.16M	176.01M	176.81M	179.64M	176.69M	172.32M	172.27M	172.33M	171.96M	172.53M
Weighted Average Basic & Diluted Shares Outstanding	179.70M	174.82M	175.19M	178.44M	175.81M	176.60M	170.64M	171.38M	171.73M	172.24M	173.07M
Cash Dividends to Common per Share	$0.60	$0.60	$0.62	$0.64	$0.72	$0.76	$0.76	$0.76	$0.76	$0.72	$0.60

This table shows Brandywine Realty Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	13	30	-5.33	-13	-22	-157	-17	30	-165	-45	-27
Consolidated Net Income / (Loss)	13	30	-5.28	-13	-22	-158	-16	30	-166	-45	-27
Net Income / (Loss) Continuing Operations	13	30	-5.28	-13	-22	-158	-16	30	-166	-45	-27
Total Pre-Tax Income	13	30	-5.25	-13	-22	-158	-16	30	-166	-45	-27
Total Operating Income	37	30	24	19	14	-79	23	19	-9.46	22	15
Total Gross Profit	126	194	129	94	98	193	94	94	100	185	122
Total Revenue	126	129	129	126	129	130	126	125	132	122	122
Operating Revenue	126	129	129	126	129	130	126	125	132	122	122
Total Cost of Revenue	0.00	-65	0.00	32	31	-63	32	31	32	-63	0.00
Total Operating Expenses	89	190	105	75	84	272	71	75	109	166	106
Selling, General & Admin Expense	7.56	9.11	9.48	9.36	8.07	7.95	11	8.94	13	10	17
Depreciation Expense	45	45	46	47	49	47	45	44	44	45	44
Other Operating Expenses / (Income)	47	114	51	14	15	110	15	15	14	111	48
Other Special Charges / (Income)	-12	-	-0.78	0.00	0.00	-8.17	0.00	0.00	0.00	-	-3.06
Total Other Income / (Expense), net	-24	26	-29	-32	-36	-80	-39	11	-156	-64	-42
Interest Expense	17	20	23	24	24	25	25	29	31	31	32
Interest & Investment Income	-5.76	-5.69	-5.66	-6.90	-10	-55	-13	41	-124	-91	-9.14
Other Income / (Expense), net	-0.75	52	-1.03	-1.11	-1.11	-1.12	-1.12	-1.42	-1.25	58	-1.23
Income Tax Expense	-0.01	-0.01	0.03	0.01	-0.00	0.04	0.00	0.01	0.00	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.14	0.21	0.05	0.16	0.08	-0.34	0.29	0.37	-0.22	0.16	0.35
Basic Earnings per Share	$0.08	$0.17	($0.03)	($0.08)	($0.13)	($0.91)	($0.10)	$0.17	($0.96)	($0.25)	($0.16)
Weighted Average Basic Shares Outstanding	171.57M	171.49M	171.67M	171.96M	172.10M	171.96M	172.21M	172.56M	172.67M	172.53M	172.92M
Diluted Earnings per Share	$0.08	$0.17	($0.03)	($0.08)	($0.13)	($0.91)	($0.10)	$0.17	($0.96)	($0.25)	($0.16)
Weighted Average Diluted Shares Outstanding	172.15M	172.33M	171.67M	171.96M	172.10M	171.96M	172.21M	174.70M	172.67M	172.53M	172.92M
Weighted Average Basic & Diluted Shares Outstanding	171.57M	171.73M	171.91M	172.10M	172.10M	172.24M	172.27M	172.67M	172.67M	173.07M	172.95M

This table details how cash moves in and out of Brandywine Realty Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-5.71	-201	138	8.82	-180	191	-44	-19	-9.91	49	29
Net Cash From Operating Activities	189	197	174	183	227	234	226	191	209	177	181
Net Cash From Continuing Operating Activities	189	197	174	183	227	233	226	191	209	177	181
Net Income / (Loss) Continuing Operations	6.94	-31	41	121	135	35	307	12	54	-197	-196
Consolidated Net Income / (Loss)	6.94	-31	41	121	135	35	307	12	54	-197	-196
Depreciation Expense	209	219	190	180	176	210	188	178	178	189	178
Amortization Expense	-1.76	-4.16	-2.36	0.93	-0.14	-5.90	-2.53	-4.49	-4.74	2.06	1.66
Non-Cash Adjustments To Reconcile Net Income	-17	13	-49	-119	-92	-9.60	-277	15	-28	202	188
Changes in Operating Assets and Liabilities, net	-7.68	0.42	-4.94	-1.16	7.69	3.73	9.72	-10	9.68	-18	9.86
Net Cash From Investing Activities	-271	-166	501	80	-215	-131	18	-100	-191	-175	-120
Net Cash From Continuing Investing Activities	-271	-166	501	80	-215	-9.56	18	-100	-191	-175	-120
Purchase of Property, Plant & Equipment	-18	-150	-20	-73	-197	0.00	-137	-105	-177	-117	-91
Acquisitions	-46	-69	-29	-6.64	-0.91	-6.62	-0.72	-32	-47	-86	-194
Sale of Property, Plant & Equipment	119	247	784	172	324	42	278	10	64	77	156
Sale and/or Maturity of Investments	9.77	8.56	13	21	6.53	36	9.00	77	91	3.79	57
Other Investing Activities, net	-335	-209	-265	-179	-408	-90	-131	-51	-121	-53	-47
Net Cash From Financing Activities	76	-232	-537	-254	-193	-36	-288	-109	-29	47	-32
Net Cash From Continuing Financing Activities	76	-232	-537	-254	-193	-33	-288	-109	-29	47	-32
Repayment of Debt	-652	-317	-703	-979	-489	-451	-413	-131	-719	-358	-546
Payment of Dividends	-106	-115	-117	-117	-130	-134	-132	-131	-131	-125	-105
Issuance of Debt	496	269	282	891	456	565	318	154	828	530	620
Other Financing Activities, net	2.14	-0.90	0.52	0.59	-8.62	3.80	-1.30	-1.39	-6.95	-0.38	-1.03
Cash Interest Paid	129	125	98	83	77	67	79	72	86	108	132
Cash Income Taxes Paid	-	0.00	0.00	0.23	0.41	1.39	0.69	0.79	0.90	0.55	0.57

This table details how cash moves in and out of Brandywine Realty Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	2.32	-14	95	-70	16	8.92	-16	-15	6.18	53	-65
Net Cash From Operating Activities	70	61	5.38	56	50	66	24	48	52	57	6.32
Net Cash From Continuing Operating Activities	70	61	5.38	56	50	66	24	48	52	57	6.32
Net Income / (Loss) Continuing Operations	13	30	-5.28	-13	-22	-158	-16	30	-166	-45	-27
Consolidated Net Income / (Loss)	13	30	-5.28	-13	-22	-158	-16	30	-166	-45	-27
Depreciation Expense	45	45	46	47	49	47	45	44	44	45	44
Amortization Expense	-0.27	-3.35	0.39	0.47	0.62	0.57	0.60	-1.23	1.14	1.15	1.14
Non-Cash Adjustments To Reconcile Net Income	-8.06	-25	6.18	13	23	160	15	-33	169	37	20
Changes in Operating Assets and Liabilities, net	19	14	-42	8.11	-0.67	16	-20	8.17	3.43	19	-32
Net Cash From Investing Activities	-67	65	-45	-93	-1.59	-35	-55	-99	-39	73	-45
Net Cash From Continuing Investing Activities	-67	65	-45	-93	-1.59	-35	-55	-99	-39	73	-45
Purchase of Property, Plant & Equipment	-142	-32	-28	-32	-18	-40	-20	-17	-27	-27	-26
Acquisitions	-16	-3.75	-11	-50	-12	-13	-27	-71	-46	-50	-7.66
Sale and/or Maturity of Investments	3.21	82	0.30	1.95	0.45	1.09	3.93	-	0.01	53	0.04
Other Investing Activities, net	87	-11	-6.95	-14	-23	-9.00	-12	-10	-12	-13	-11
Net Cash From Financing Activities	-0.81	-140	134	-33	-33	-21	15	36	-7.12	-76	-26
Net Cash From Continuing Financing Activities	-0.81	-140	134	-33	-33	-21	15	36	-7.12	-76	-26
Repayment of Debt	-32	-675	-262	-21	-36	-39	-0.20	-382	-54	-110	-75
Payment of Dividends	-33	-33	-33	-33	-33	-26	-26	-26	-26	-26	-26
Issuance of Debt	64	568	430	21	36	43	42	445	73	60	76
Other Financing Activities, net	-0.01	-	-0.65	-0.30	-	0.58	-0.59	-0.43	-	-	-0.78
Cash Interest Paid	9.75	38	17	33	23	35	23	37	26	46	25

This table presents Brandywine Realty Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	9,670	4,555	8,198	3,995	4,077	4,076	3,900	3,846	3,875	3,732	3,492
Total Current Assets	659	74	604	220	79	146	99	67	64	98	131
Cash & Equivalents	515	57	388	202	23	90	46	27	18	58	90
Accounts Receivable	38	17	175	18	16	16	14	12	11	12	13
Prepaid Expenses	-	-	-	0.00	40	40	39	28	36	28	28
Plant, Property, & Equipment, net	7,072	2,826	5,468	2,937	3,066	3,033	2,578	2,515	2,554	2,410	2,203
Plant, Property & Equipment, gross	9,207	3,693	7,173	3,832	3,952	4,006	3,474	3,473	3,617	3,542	3,375
Accumulated Depreciation	2,136	867	1,705	895	885	973	897	957	1,063	1,132	1,172
Total Noncurrent Assets	9,012	1,655	7,594	838	931	896	1,223	1,264	1,256	1,224	1,159
Long-Term Investments	450	241	563	195	169	120	401	436	568	601	570
Intangible Assets	199	112	145	65	131	85	49	29	18	7.69	5.51
Other Noncurrent Operating Assets	1,185	718	1,377	578	619	684	766	799	670	615	583
Total Liabilities & Shareholders' Equity	9,670	4,555	8,198	3,995	4,077	4,076	3,900	3,846	3,875	3,732	3,492
Total Liabilities	5,352	2,602	4,432	2,149	2,266	2,388	2,095	2,145	2,241	2,408	2,448
Total Current Liabilities	222	100	269	107	126	113	122	150	190	174	191
Accounts Payable	192	100	207	107	126	113	122	150	132	124	130
Dividends Payable	29	-	30	-	-	-	-	-	33	26	26
Other Current Liabilities	-	-	-	-	-	-	-	-	25	24	35
Total Noncurrent Liabilities	5,130	2,503	6,023	2,042	2,140	2,274	1,973	1,995	2,051	2,234	2,256
Long-Term Debt	4,855	2,385	4,026	1,931	2,028	2,144	1,831	1,854	1,965	2,139	2,213
Capital Lease Obligations	26	-	-	-	-	-	-	-	23	23	24
Other Noncurrent Operating Liabilities	130	85	1,965	68	84	95	121	117	63	72	20
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	4,294	1,952	1,883	1,847	1,811	1,688	1,805	1,701	1,633	1,324	1,045
Total Preferred & Common Equity	4,275	1,934	1,866	1,829	1,799	1,678	1,794	1,690	1,626	1,317	1,039
Total Common Equity	4,178	1,934	5,484	1,829	1,799	1,678	1,794	1,690	1,626	1,317	1,039
Common Stock	5,358	3,254	5,023	3,220	3,202	3,194	3,140	3,148	3,155	3,166	3,184
Retained Earnings	529	-	539	-	-	-	1,110	1,122	1,176	979	783
Accumulated Other Comprehensive Income / (Loss)	-9.61	-5.19	-3.87	2.40	5.03	-2.37	-7.56	-2.02	3.90	-0.67	2.52
Other Equity Adjustments	-1,701	-1,315	-3,789	-1,394	-1,408	-1,514	-2,448	-2,579	-2,709	-2,827	-2,932
Noncontrolling Interest	20	18	19	17	12	10	11	11	7.70	6.77	5.95

This table presents Brandywine Realty Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	3,967	3,974	3,987	3,954	3,923	3,737	3,754	3,600	3,424
Total Current Assets	78	78	138	72	99	83	69	73	71
Cash & Equivalents	29	31	97	32	48	43	30	36	29
Accounts Receivable	14	11	13	12	23	12	11	8.67	14
Prepaid Expenses	36	36	28	28	28	28	28	28	28
Plant, Property, & Equipment, net	3,052	2,552	2,536	2,472	2,542	2,386	2,354	2,253	2,205
Plant, Property & Equipment, gross	3,545	3,587	3,632	3,597	3,695	3,550	3,547	3,410	3,405
Accumulated Depreciation	1,009	1,035	1,096	1,125	1,153	1,164	1,192	1,157	1,200
Total Noncurrent Assets	1,353	1,344	1,313	1,411	1,282	1,268	1,331	1,274	1,148
Long-Term Investments	459	579	584	631	638	618	680	603	570
Intangible Assets	23	20	16	12	8.54	7.11	6.67	6.25	5.03
Other Noncurrent Operating Assets	871	724	712	716	636	643	644	665	573
Total Liabilities & Shareholders' Equity	3,967	3,974	3,987	3,954	3,923	3,737	3,754	3,600	3,424
Total Liabilities	2,315	2,339	2,394	2,398	2,408	2,445	2,455	2,495	2,424
Total Current Liabilities	132	182	171	176	182	166	168	185	166
Accounts Payable	132	126	114	117	133	114	116	137	118
Dividends Payable	-	33	33	33	26	26	26	26	26
Other Current Liabilities	-	23	24	25	23	25	26	21	21
Total Noncurrent Liabilities	2,183	2,158	2,223	2,222	2,226	2,279	2,287	2,310	2,258
Long-Term Debt	2,043	2,075	2,133	2,134	2,134	2,181	2,242	2,262	2,215
Capital Lease Obligations	-	23	23	23	23	23	23	24	24
Other Noncurrent Operating Liabilities	120	60	66	65	69	74	22	24	20
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,652	1,635	1,593	1,557	1,514	1,292	1,299	1,105	999
Total Preferred & Common Equity	1,644	1,627	1,586	1,549	1,507	1,286	1,293	1,099	994
Total Common Equity	1,644	1,627	1,586	1,549	1,507	1,286	1,293	1,099	994
Common Stock	3,151	3,153	3,158	3,161	3,163	3,170	3,173	3,180	3,195
Retained Earnings	1,133	1,147	1,171	1,158	1,137	963	993	828	757
Accumulated Other Comprehensive Income / (Loss)	3.85	4.53	-1.41	5.22	8.13	5.34	6.12	-3.77	-0.02
Other Equity Adjustments	-2,644	-2,677	-2,742	-2,775	-2,801	-2,853	-2,879	-2,906	-2,958
Noncontrolling Interest	7.75	7.69	7.61	7.33	7.34	6.69	6.71	6.13	5.81

This table displays calculated financial ratios and metrics derived from Brandywine Realty Trust's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.18%	-83.73%	440.96%	-0.95%	4.58%	6.63%	-7.85%	-8.98%	3.96%	1.69%	-1.77%
EBITDA Growth	4.23%	-10.43%	25.16%	-15.07%	-26.80%	37.40%	84.53%	-54.73%	29.62%	-51.82%	75.10%
EBIT Growth	4.50%	-34.46%	126.17%	-27.20%	-59.25%	106.63%	254.93%	-77.25%	86.87%	-115.35%	519.76%
NOPAT Growth	7.01%	-72.64%	681.44%	-26.57%	-58.49%	102.97%	249.27%	-76.81%	28.69%	-112.63%	354.30%
Net Income Growth	-83.93%	-542.81%	231.75%	199.20%	11.80%	-74.51%	790.05%	-95.98%	336.62%	-465.62%	0.46%
EPS Growth	-100.00%	0.00%	0.00%	242.11%	15.38%	-74.67%	831.58%	-96.05%	342.86%	-470.97%	0.87%
Operating Cash Flow Growth	3.01%	4.31%	-11.85%	5.05%	24.52%	3.03%	-3.60%	-15.47%	9.66%	-15.30%	2.17%
Free Cash Flow Firm Growth	-7,991.22%	218.87%	-126.85%	230.94%	-111.79%	168.27%	515.43%	-78.22%	-22.08%	41.96%	21.63%
Invested Capital Growth	100.31%	-57.99%	42.61%	-31.43%	7.55%	-0.58%	-12.02%	-2.80%	-0.72%	-7.05%	-7.23%
Revenue Q/Q Growth	1.67%	-79.48%	217.19%	27.13%	-29.16%	88.95%	0.00%	1,388.70%	0.69%	0.23%	-1.61%
EBITDA Q/Q Growth	-0.88%	-12.73%	5.68%	9.32%	-13.61%	19.16%	-47.40%	208.66%	20.24%	-38.41%	120.54%
EBIT Q/Q Growth	-4.09%	-37.99%	20.03%	23.40%	-37.35%	66.94%	-56.55%	121.90%	57.10%	-131.32%	314.30%
NOPAT Q/Q Growth	2.69%	-80.20%	4,396.19%	-32.65%	-48.17%	34.14%	-56.24%	122.68%	5.58%	-124.82%	219.41%
Net Income Q/Q Growth	-76.71%	-202.16%	512.06%	239.96%	35.34%	-71.07%	0.00%	102.48%	87.26%	-1,896.59%	36.54%
EPS Q/Q Growth	-100.00%	0.00%	0.00%	0.00%	0.00%	-76.25%	0.57%	-56.25%	93.75%	-1,542.86%	36.67%
Operating Cash Flow Q/Q Growth	10.42%	-1.89%	-4.43%	5.85%	8.90%	2.70%	-6.48%	-6.46%	5.54%	2.74%	-4.71%
Free Cash Flow Firm Q/Q Growth	73.02%	-67.70%	-252.30%	534.16%	-187.63%	145.22%	-32.83%	-88.11%	108.47%	9.29%	20.56%
Invested Capital Q/Q Growth	-56.64%	-18.71%	44.51%	0.97%	12.56%	-0.03%	-3.28%	129.14%	-2.11%	-5.29%	-4.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	601.08%	100.00%	100.00%	100.00%	100.00%	75.29%	74.96%	100.00%	100.00%	100.00%
EBITDA Margin	55.29%	304.39%	70.43%	60.38%	42.26%	54.46%	109.06%	54.24%	67.63%	32.04%	57.12%
Operating Margin	20.76%	34.90%	35.29%	26.03%	10.42%	19.78%	74.88%	19.16%	23.66%	-4.19%	10.86%
EBIT Margin	20.65%	83.18%	34.78%	25.56%	9.96%	19.30%	74.34%	18.58%	33.40%	-5.04%	21.55%
Profit (Net Income) Margin	1.16%	-31.65%	7.71%	23.28%	24.89%	5.95%	57.46%	2.54%	10.67%	-38.36%	-38.87%
Tax Burden Percent	-111.55%	100.00%	100.00%	100.52%	99.69%	99.97%	100.07%	99.62%	99.90%	100.04%	100.01%
Interest Burden Percent	-5.05%	-38.04%	22.16%	90.61%	250.68%	30.84%	77.24%	13.72%	31.97%	760.43%	-180.37%
Effective Tax Rate	0.00%	0.00%	0.00%	-0.52%	0.31%	0.03%	-0.07%	0.38%	0.10%	0.00%	0.00%
Return on Invested Capital (ROIC)	1.41%	0.41%	4.42%	3.28%	1.61%	3.17%	11.80%	2.96%	3.88%	-0.51%	1.40%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.21%	-1.61%	-1.98%	2.62%	6.31%	-1.11%	6.14%	-2.86%	-0.76%	-12.81%	-13.61%
Return on Net Nonoperating Assets (RNNOA)	-1.18%	-1.39%	-2.32%	3.18%	5.80%	-1.19%	5.80%	-2.26%	-0.64%	-12.84%	-17.99%
Return on Equity (ROE)	0.22%	-0.98%	2.10%	6.46%	7.41%	1.97%	17.60%	0.71%	3.24%	-13.35%	-16.59%
Cash Return on Invested Capital (CROIC)	-65.40%	82.07%	-30.70%	40.57%	-5.67%	3.74%	24.58%	5.80%	4.60%	6.80%	8.90%
Operating Return on Assets (OROA)	1.71%	1.14%	2.87%	2.18%	1.34%	2.75%	9.97%	2.34%	4.38%	-0.68%	3.02%
Return on Assets (ROA)	0.10%	-0.43%	0.64%	1.99%	3.36%	0.85%	7.71%	0.32%	1.40%	-5.19%	-5.44%
Return on Common Equity (ROCE)	0.22%	-0.96%	4.03%	12.58%	7.35%	1.96%	17.49%	0.70%	3.22%	-13.28%	-16.50%
Return on Equity Simple (ROE_SIMPLE)	0.16%	-1.59%	2.17%	6.62%	7.53%	2.06%	17.13%	0.73%	3.32%	-14.98%	-18.92%
Net Operating Profit after Tax (NOPAT)	87	24	185	136	57	115	401	93	120	-15	38
NOPAT Margin	14.53%	24.43%	35.29%	26.16%	10.39%	19.77%	74.93%	19.09%	23.63%	-2.94%	7.60%
Net Nonoperating Expense Percent (NNEP)	2.62%	2.01%	6.40%	0.66%	-4.70%	4.28%	5.66%	5.83%	4.64%	12.30%	15.01%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	3.30%	-0.43%	1.17%
Cost of Revenue to Revenue	0.00%	-501.08%	0.00%	0.00%	0.00%	0.00%	24.71%	25.04%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	4.49%	30.27%	5.06%	5.48%	5.11%	5.54%	5.66%	6.19%	6.92%	6.77%	8.46%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	79.24%	566.18%	64.71%	73.97%	89.58%	80.22%	0.41%	55.80%	81.42%	104.19%	89.60%
Earnings before Interest and Taxes (EBIT)	123	81	183	133	54	112	398	90	169	-26	109
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	330	296	370	314	230	316	583	264	342	165	289
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.35	0.67	0.30	1.02	0.78	1.06	0.78	0.99	0.48	0.61	0.91
Price to Tangible Book Value (P/TBV)	0.37	0.71	0.30	1.05	0.84	1.12	0.80	1.01	0.49	0.61	0.91
Price to Revenue (P/Rev)	2.47	13.27	3.09	3.58	2.57	3.07	2.61	3.44	1.55	1.55	1.86
Price to Earnings (P/E)	0.00	0.00	49.27	16.24	10.44	52.62	4.58	141.08	14.69	0.00	0.00
Dividend Yield	7.27%	8.16%	6.69%	6.03%	9.18%	7.51%	9.28%	7.77%	16.63%	15.49%	13.78%
Earnings Yield	0.00%	0.00%	2.03%	6.16%	9.58%	1.90%	21.85%	0.71%	6.81%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.67	0.98	0.98	1.01	0.89	1.03	0.88	1.00	0.72	0.81	0.95
Enterprise Value to Revenue (EV/Rev)	9.27	34.94	9.21	6.56	5.97	6.42	5.22	6.32	4.34	4.49	4.99
Enterprise Value to EBITDA (EV/EBITDA)	16.76	11.48	13.08	10.86	14.12	11.79	4.78	11.65	6.41	14.00	8.73
Enterprise Value to EBIT (EV/EBIT)	44.88	42.01	26.48	25.65	59.94	33.27	7.02	34.00	12.98	0.00	23.15
Enterprise Value to NOPAT (EV/NOPAT)	63.79	143.03	26.10	25.06	57.48	32.47	6.96	33.09	18.35	0.00	65.64
Enterprise Value to Operating Cash Flow (EV/OCF)	29.28	17.22	27.84	18.69	14.29	15.91	12.36	16.11	10.49	13.03	13.92
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.71	0.00	2.02	0.00	27.46	3.34	16.91	15.48	11.48	10.30
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.13	1.22	2.11	1.05	1.12	1.27	1.01	1.09	1.22	1.63	2.14
Long-Term Debt to Equity	1.13	1.22	2.11	1.05	1.12	1.27	1.01	1.09	1.22	1.63	2.14
Financial Leverage	0.98	0.86	1.17	1.21	0.92	1.07	0.95	0.79	0.85	1.00	1.32
Leverage Ratio	2.31	2.27	3.30	3.25	2.21	2.33	2.28	2.21	2.32	2.57	3.05
Compound Leverage Factor	-0.12	-0.86	0.73	2.94	5.53	0.72	1.76	0.30	0.74	19.56	-5.50
Debt to Total Capital	53.05%	54.99%	67.86%	51.11%	52.83%	55.95%	50.36%	52.14%	54.90%	62.02%	68.16%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	53.05%	54.99%	67.86%	51.11%	52.83%	55.95%	50.36%	52.14%	54.90%	62.02%	68.16%
Preferred Equity to Total Capital	1.05%	0.00%	1.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.48%	0.42%	0.73%	0.46%	0.32%	0.27%	0.29%	0.31%	0.21%	0.19%	0.18%
Common Equity to Total Capital	45.41%	44.59%	92.43%	48.42%	46.86%	43.78%	49.35%	47.55%	44.89%	37.79%	31.66%
Debt to EBITDA	14.79	8.07	10.88	6.14	8.82	6.78	3.14	7.02	5.81	13.11	7.74
Net Debt to EBITDA	11.86	7.06	8.31	4.88	7.98	6.12	2.37	5.27	4.10	9.11	5.46
Long-Term Debt to EBITDA	14.79	8.07	10.88	6.14	8.82	6.78	3.14	7.02	5.81	13.11	7.74
Debt to NOPAT	56.27	100.49	21.71	14.18	35.87	18.69	4.57	19.94	16.62	-143.13	58.21
Net Debt to NOPAT	45.15	87.95	16.59	11.27	32.48	16.85	3.45	14.96	11.73	-99.47	41.02
Long-Term Debt to NOPAT	56.27	100.49	21.71	14.18	35.87	18.69	4.57	19.94	16.62	-143.13	58.21
Altman Z-Score	0.40	0.37	0.50	0.79	0.53	0.69	1.26	1.06	0.87	0.66	0.77
Noncontrolling Interest Sharing Ratio	2.60%	2.54%	-92.22%	-94.83%	0.81%	0.65%	0.60%	0.61%	0.56%	0.49%	0.54%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.97	0.74	2.25	2.06	0.63	1.29	0.81	0.45	0.34	0.56	0.68
Quick Ratio	2.89	0.74	2.09	2.06	0.31	0.94	0.49	0.26	0.15	0.40	0.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4,034	4,795	-1,287	1,686	-199	136	835	182	142	201	245
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	201.88%	184.85%	444.67%	0.00%
Free Cash Flow to Firm to Interest Expense	-30.31	42.83	-8.47	19.64	-2.54	1.66	11.30	2.90	2.05	2.11	2.12
Operating Cash Flow to Interest Expense	1.42	1.76	1.14	2.13	2.90	2.87	3.06	3.05	3.02	1.86	1.57
Operating Cash Flow Less CapEx to Interest Expense	2.17	2.63	6.17	3.29	4.53	3.39	4.97	1.54	1.39	1.44	2.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.08	0.01	0.08	0.09	0.13	0.14	0.13	0.13	0.13	0.14	0.14
Accounts Receivable Turnover	21.75	3.56	5.48	5.41	31.71	35.44	35.78	38.32	44.24	44.79	40.97
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.11	0.02	0.13	0.12	0.18	0.19	0.19	0.19	0.20	0.21	0.22
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	1.12	0.90	0.00	0.00	0.00
Days Sales Outstanding (DSO)	16.78	102.66	66.56	67.48	11.51	10.30	10.20	9.53	8.25	8.15	8.91
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	324.94	407.45	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	16.78	102.66	66.56	67.48	11.51	10.30	-314.73	-397.93	8.25	8.15	8.91
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,228	3,457	4,930	3,380	3,636	3,615	3,180	3,091	3,069	2,853	2,647
Invested Capital Turnover	0.10	0.02	0.13	0.13	0.16	0.16	0.16	0.16	0.16	0.17	0.18
Increase / (Decrease) in Invested Capital	4,120	-4,771	1,473	-1,549	255	-21	-434	-89	-22	-216	-206
Enterprise Value (EV)	5,533	3,394	4,839	3,413	3,249	3,726	2,790	3,076	2,195	2,309	2,522
Market Capitalization	1,476	1,289	1,623	1,861	1,401	1,782	1,397	1,674	784	800	940
Book Value per Share	$23.34	$11.04	$31.31	$10.42	$10.07	$9.52	$10.52	$9.88	$9.48	$7.65	$6.02
Tangible Book Value per Share	$22.23	$10.40	$30.49	$10.05	$9.34	$9.04	$10.23	$9.71	$9.37	$7.61	$5.98
Total Capital	9,199	4,337	5,933	3,777	3,839	3,833	3,635	3,555	3,622	3,486	3,281
Total Debt	4,881	2,385	4,026	1,931	2,028	2,144	1,831	1,854	1,988	2,162	2,236
Total Long-Term Debt	4,881	2,385	4,026	1,931	2,028	2,144	1,831	1,854	1,988	2,162	2,236
Net Debt	3,916	2,087	3,076	1,534	1,836	1,934	1,383	1,391	1,403	1,503	1,576
Capital Expenditures (CapEx)	-100	-97	-764	-99	-127	-42	-141	95	113	40	-65
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-78	-83	-52	-89	-69	-57	-69	-111	-144	-134	-151
Debt-free Net Working Capital (DFNWC)	437	-26	336	113	-46	33	-23	-83	-126	-76	-61
Net Working Capital (NWC)	437	-26	336	113	-46	33	-23	-83	-126	-76	-61
Net Nonoperating Expense (NNE)	80	54	145	15	-79	80	93	81	66	182	235
Net Nonoperating Obligations (NNO)	3,909	1,505	3,022	1,534	1,825	1,926	1,376	1,390	1,436	1,529	1,602
Total Depreciation and Amortization (D&A)	207	215	187	181	176	204	186	174	173	191	180
Debt-free, Cash-free Net Working Capital to Revenue	-13.02%	-85.17%	-9.95%	-17.13%	-12.73%	-9.89%	-12.95%	-22.70%	-28.40%	-26.11%	-29.86%
Debt-free Net Working Capital to Revenue	73.24%	-26.80%	63.85%	21.72%	-8.54%	5.70%	-4.28%	-17.06%	-24.93%	-14.77%	-12.01%
Net Working Capital to Revenue	73.24%	-26.80%	63.85%	21.72%	-8.54%	5.70%	-4.28%	-17.06%	-24.93%	-14.77%	-12.01%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	($0.21)	$0.19	$0.00	$0.76	$0.19	$1.77	$0.07	$0.31	($1.15)	($1.14)
Adjusted Weighted Average Basic Shares Outstanding	166.20M	178.16M	175.02M	175.48M	178.52M	176.13M	171.93M	170.88M	171.49M	171.96M	172.53M
Adjusted Diluted Earnings per Share	$0.00	($0.21)	$0.19	$0.00	$0.76	$0.19	$1.77	$0.07	$0.31	($1.15)	($1.14)
Adjusted Weighted Average Diluted Shares Outstanding	166.20M	178.16M	176.01M	176.81M	179.64M	176.69M	172.32M	172.27M	172.33M	171.96M	172.53M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	179.70M	174.82M	175.19M	178.44M	175.81M	176.60M	170.64M	171.38M	171.73M	172.24M	173.07M
Normalized Net Operating Profit after Tax (NOPAT)	88	81	70	74	122	112	78	90	124	71	70
Normalized NOPAT Margin	14.74%	83.67%	13.29%	14.20%	22.42%	19.36%	14.50%	18.47%	24.55%	13.74%	13.78%
Pre Tax Income Margin	-1.04%	-31.65%	7.71%	23.16%	24.96%	5.95%	57.42%	2.55%	10.68%	-38.34%	-38.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.93	0.72	1.20	1.55	0.69	1.37	5.38	1.44	2.44	-0.27	0.94
NOPAT to Interest Expense	0.65	0.21	1.22	1.59	0.72	1.41	5.42	1.48	1.73	-0.16	0.33
EBIT Less CapEx to Interest Expense	1.68	1.59	6.23	2.71	2.32	1.89	7.29	-0.07	0.81	-0.69	1.50
NOPAT Less CapEx to Interest Expense	1.41	1.08	6.25	2.74	2.35	1.92	7.33	-0.03	0.09	-0.58	0.89
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	1,523.98%	-374.92%	287.98%	96.77%	95.90%	388.49%	42.92%	1,058.89%	242.95%	-63.13%	-53.33%
Augmented Payout Ratio	1,523.98%	-593.91%	287.98%	96.77%	112.03%	438.54%	62.44%	1,058.89%	242.95%	-63.13%	-53.33%

This table displays calculated financial ratios and metrics derived from Brandywine Realty Trust's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.28%	2.75%	1.35%	1.48%	3.03%	0.92%	-2.12%	-0.43%	1.86%	-6.35%	-3.93%
EBITDA Growth	22.47%	88.21%	-0.09%	-5.31%	-22.69%	-126.27%	-2.30%	-6.69%	-44.64%	488.72%	-11.89%
EBIT Growth	88.77%	311.12%	-11.27%	-30.23%	-63.73%	-198.56%	-5.34%	1.23%	-181.34%	199.65%	-36.11%
NOPAT Growth	97.21%	26.45%	-36.57%	-49.17%	-73.04%	-286.43%	-4.84%	46.74%	-166.28%	127.80%	-33.86%
Net Income Growth	1,283.78%	546.58%	-186.48%	-373.86%	-260.53%	-630.05%	-211.11%	337.63%	-665.95%	71.72%	-64.83%
EPS Growth	700.00%	750.00%	-200.00%	-366.67%	-262.50%	-635.29%	-233.33%	312.50%	-638.46%	72.53%	-60.00%
Operating Cash Flow Growth	13.11%	21.91%	-81.15%	11.91%	-28.09%	7.72%	343.00%	-13.89%	4.25%	-13.58%	-73.48%
Free Cash Flow Firm Growth	-189.35%	-53.95%	512.21%	227.09%	107.62%	211.25%	138.34%	-75.59%	71.53%	37.61%	-18.61%
Invested Capital Growth	132.42%	-0.72%	-2.84%	-18.55%	-3.93%	-7.05%	-7.74%	-5.02%	-7.81%	-7.23%	-6.91%
Revenue Q/Q Growth	1.23%	2.72%	0.19%	-2.59%	2.77%	0.62%	-2.83%	-0.90%	5.13%	-7.50%	-0.32%
EBITDA Q/Q Growth	17.52%	51.48%	-2.10%	-5.31%	-4.05%	-151.47%	308.93%	-9.56%	-43.07%	261.38%	-52.66%
EBIT Q/Q Growth	41.92%	123.70%	-19.87%	-22.64%	-26.23%	-707.95%	127.29%	-17.27%	-159.27%	844.80%	-82.53%
NOPAT Q/Q Growth	41.96%	-20.07%	-43.08%	-21.32%	-24.71%	-652.83%	129.05%	21.34%	-134.01%	331.93%	-30.89%
Net Income Q/Q Growth	189.79%	120.82%	-117.73%	-141.41%	-69.87%	-629.13%	89.60%	284.40%	-647.53%	73.08%	39.36%
EPS Q/Q Growth	166.67%	112.50%	-117.65%	-166.67%	-62.50%	-600.00%	89.01%	270.00%	-664.71%	73.96%	36.00%
Operating Cash Flow Q/Q Growth	39.39%	-12.23%	-91.21%	940.54%	-10.42%	31.47%	-63.85%	102.26%	8.46%	8.98%	-88.91%
Free Cash Flow Firm Q/Q Growth	-215.93%	102.96%	107.51%	555.23%	-81.07%	20.90%	58.91%	-32.89%	33.03%	-3.01%	-6.01%
Invested Capital Q/Q Growth	-15.78%	-2.11%	1.07%	-2.24%	-0.67%	-5.29%	0.32%	0.64%	-3.58%	-4.70%	0.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	150.13%	100.00%	74.67%	75.94%	148.41%	100.00%	74.99%	75.79%	151.89%	100.00%
EBITDA Margin	64.63%	95.32%	53.44%	51.95%	48.50%	-24.81%	53.34%	48.68%	26.36%	102.97%	48.90%
Operating Margin	29.50%	22.96%	18.64%	15.06%	11.03%	-60.61%	18.12%	15.54%	-7.18%	18.00%	12.48%
EBIT Margin	28.90%	62.94%	17.85%	14.17%	10.17%	-61.47%	17.26%	14.41%	-8.12%	65.41%	11.46%
Profit (Net Income) Margin	10.73%	23.07%	-4.08%	-10.12%	-16.72%	-121.19%	-12.98%	24.15%	-125.75%	-36.60%	-22.27%
Tax Burden Percent	100.07%	100.04%	100.48%	100.10%	99.99%	100.02%	100.01%	99.97%	100.00%	100.01%	100.00%
Interest Burden Percent	37.11%	36.65%	-22.77%	-71.31%	-164.41%	197.10%	-75.17%	167.62%	1,547.92%	-55.95%	-194.21%
Effective Tax Rate	-0.07%	-0.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	6.62%	3.77%	2.11%	1.59%	1.29%	-7.37%	2.18%	2.69%	-0.89%	2.32%	1.58%
ROIC Less NNEP Spread (ROIC-NNEP)	2.38%	3.78%	0.64%	0.12%	-0.82%	-14.29%	0.07%	3.39%	-10.93%	-1.52%	-0.75%
Return on Net Nonoperating Assets (RNNOA)	0.79%	3.21%	0.59%	0.14%	-0.78%	-14.33%	0.07%	3.63%	-13.23%	-2.00%	-1.05%
Return on Equity (ROE)	7.40%	6.98%	2.70%	1.73%	0.51%	-21.70%	2.25%	6.32%	-14.12%	0.31%	0.53%
Cash Return on Invested Capital (CROIC)	-74.62%	4.60%	6.59%	23.69%	5.99%	6.80%	7.51%	4.63%	7.01%	8.90%	8.35%
Operating Return on Assets (OROA)	3.72%	8.25%	2.29%	1.82%	1.32%	-8.32%	2.29%	1.91%	-1.11%	9.15%	1.60%
Return on Assets (ROA)	1.38%	3.03%	-0.52%	-1.30%	-2.17%	-16.40%	-1.72%	3.20%	-17.18%	-5.12%	-3.11%
Return on Common Equity (ROCE)	11.11%	6.94%	2.69%	1.72%	0.51%	-21.59%	2.24%	6.29%	-14.05%	0.31%	0.52%
Return on Equity Simple (ROE_SIMPLE)	1.77%	0.00%	2.69%	1.63%	-0.66%	0.00%	-16.22%	-12.81%	-28.18%	0.00%	-20.85%
Net Operating Profit after Tax (NOPAT)	37	30	17	13	9.99	-55	16	19	-6.62	15	11
NOPAT Margin	29.52%	22.97%	13.05%	10.54%	7.72%	-42.43%	12.69%	15.53%	-5.02%	12.60%	8.73%
Net Nonoperating Expense Percent (NNEP)	4.24%	-0.01%	1.46%	1.47%	2.11%	6.92%	2.11%	-0.71%	10.04%	3.83%	2.33%
Return On Investment Capital (ROIC_SIMPLE)	-	0.82%	-	-	-	-1.58%	-	-	-	0.47%	0.33%
Cost of Revenue to Revenue	0.00%	-50.13%	0.00%	25.33%	24.06%	-48.41%	0.00%	25.01%	24.21%	-51.89%	0.00%
SG&A Expenses to Revenue	6.02%	7.07%	7.34%	7.44%	6.24%	6.11%	8.78%	7.13%	9.62%	8.25%	14.38%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	70.50%	147.08%	81.36%	59.61%	64.91%	209.02%	81.88%	59.45%	82.97%	135.78%	87.52%
Earnings before Interest and Taxes (EBIT)	36	81	23	18	13	-80	22	18	-11	80	14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	81	123	69	65	63	-32	67	61	35	126	59
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.54	0.48	0.41	0.44	0.44	0.61	0.60	0.58	0.83	0.91	0.75
Price to Tangible Book Value (P/TBV)	0.55	0.49	0.42	0.44	0.45	0.61	0.60	0.58	0.84	0.91	0.75
Price to Revenue (P/Rev)	1.76	1.55	1.29	1.32	1.30	1.55	1.51	1.46	1.78	1.86	1.49
Price to Earnings (P/E)	31.28	14.69	15.62	27.38	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	14.73%	16.63%	19.85%	19.36%	19.58%	15.49%	15.15%	14.78%	14.16%	13.78%	17.40%
Earnings Yield	3.20%	6.81%	6.40%	3.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.76	0.72	0.69	0.72	0.71	0.81	0.81	0.80	0.92	0.95	0.90
Enterprise Value to Revenue (EV/Rev)	4.73	4.34	4.22	4.27	4.18	4.49	4.54	4.51	5.00	4.99	4.78
Enterprise Value to EBITDA (EV/EBITDA)	8.36	6.41	7.39	7.61	8.02	14.00	14.22	14.52	19.60	8.73	8.51
Enterprise Value to EBIT (EV/EBIT)	22.12	12.98	18.83	20.54	25.92	0.00	0.00	0.00	0.00	23.15	23.65
Enterprise Value to NOPAT (EV/NOPAT)	21.01	18.35	18.30	19.86	35.29	0.00	0.00	0.00	0.00	65.64	72.47
Enterprise Value to Operating Cash Flow (EV/OCF)	12.00	10.49	11.50	11.33	12.44	13.03	11.87	12.28	13.50	13.92	14.61
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	15.48	10.32	2.72	11.66	11.48	10.37	16.87	12.64	10.30	10.36
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.28	1.22	1.35	1.39	1.42	1.63	1.71	1.74	2.07	2.14	2.24
Long-Term Debt to Equity	1.28	1.22	1.35	1.39	1.42	1.63	1.71	1.74	2.07	2.14	2.24
Financial Leverage	0.33	0.85	0.93	1.11	0.95	1.00	1.07	1.07	1.21	1.32	1.41
Leverage Ratio	2.31	2.32	2.42	2.47	2.51	2.57	2.68	2.70	2.87	3.05	3.12
Compound Leverage Factor	0.86	0.85	-0.55	-1.76	-4.12	5.07	-2.01	4.52	44.46	-1.71	-6.07
Debt to Total Capital	56.20%	54.90%	57.51%	58.08%	58.76%	62.02%	63.05%	63.55%	67.41%	68.16%	69.13%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	56.20%	54.90%	57.51%	58.08%	58.76%	62.02%	63.05%	63.55%	67.41%	68.16%	69.13%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.21%	0.21%	0.20%	0.20%	0.20%	0.19%	0.19%	0.19%	0.18%	0.18%	0.18%
Common Equity to Total Capital	43.59%	44.89%	42.29%	41.72%	41.04%	37.79%	36.76%	36.27%	32.41%	31.66%	30.69%
Debt to EBITDA	7.37	5.81	7.44	7.54	8.06	13.11	13.50	14.25	17.45	7.74	7.97
Net Debt to EBITDA	5.22	4.10	5.09	5.22	5.50	9.11	9.45	9.78	12.57	5.46	5.84
Long-Term Debt to EBITDA	7.37	5.81	7.44	7.54	8.06	13.11	13.50	14.25	17.45	7.74	7.97
Debt to NOPAT	18.52	16.62	18.44	19.68	35.46	-143.13	-138.45	-145.58	-71.04	58.21	67.86
Net Debt to NOPAT	13.13	11.73	12.62	13.63	24.19	-99.47	-96.93	-99.91	-51.17	41.02	49.67
Long-Term Debt to NOPAT	18.52	16.62	18.44	19.68	35.46	-143.13	-138.45	-145.58	-71.04	58.21	67.86
Altman Z-Score	0.76	0.80	0.71	0.69	0.69	0.61	0.68	0.67	0.64	0.74	0.62
Noncontrolling Interest Sharing Ratio	-50.10%	0.56%	0.47%	0.47%	0.48%	0.49%	0.50%	0.49%	0.51%	0.54%	0.55%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.43	0.34	0.81	0.41	0.54	0.56	0.50	0.41	0.39	0.68	0.43
Quick Ratio	0.23	0.15	0.64	0.25	0.39	0.40	0.33	0.25	0.24	0.54	0.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,749	52	107	704	133	161	256	172	229	222	208
Operating Cash Flow to CapEx	49.46%	1,982.65%	19.37%	177.51%	285.43%	459.33%	119.55%	277.37%	195.76%	0.00%	24.42%
Free Cash Flow to Firm to Interest Expense	-102.53	2.58	4.74	29.73	5.47	6.54	10.22	6.02	7.48	7.10	6.54
Operating Cash Flow to Interest Expense	4.08	3.05	0.24	2.36	2.06	2.67	0.95	1.69	1.71	1.82	0.20
Operating Cash Flow Less CapEx to Interest Expense	-4.17	2.90	-0.99	1.03	1.34	2.09	0.16	1.08	0.84	4.50	-0.61
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.13	0.13	0.13	0.13	0.14	0.13	0.13	0.14	0.14	0.14
Accounts Receivable Turnover	43.63	44.24	36.72	40.39	29.74	44.79	40.83	45.41	32.31	40.97	39.72
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.20	0.20	0.20	0.18	0.20	0.21	0.21	0.21	0.21	0.22	0.22
Accounts Payable Turnover	0.98	0.00	0.81	0.78	0.99	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	8.37	8.25	9.94	9.04	12.27	8.15	8.94	8.04	11.30	8.91	9.19
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	372.00	0.00	452.16	465.58	367.12	0.00	0.00	0.00	206,276.16	0.00	0.00
Cash Conversion Cycle (CCC)	-363.63	8.25	-442.22	-456.54	-354.85	8.15	8.94	8.04	-206,264.87	8.91	9.19
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,135	3,069	3,102	3,032	3,012	2,853	2,862	2,880	2,777	2,647	2,664
Invested Capital Turnover	0.22	0.16	0.16	0.15	0.17	0.17	0.17	0.17	0.18	0.18	0.18
Increase / (Decrease) in Invested Capital	1,786	-22	-91	-690	-123	-216	-240	-152	-235	-206	-198
Enterprise Value (EV)	2,380	2,195	2,141	2,177	2,147	2,309	2,322	2,307	2,567	2,522	2,390
Market Capitalization	885	784	658	675	668	800	772	746	914	940	746
Book Value per Share	$9.48	$9.48	$9.23	$9.01	$8.76	$7.65	$7.47	$7.50	$6.36	$6.02	$5.74
Tangible Book Value per Share	$9.37	$9.37	$9.14	$8.94	$8.71	$7.61	$7.42	$7.47	$6.33	$5.98	$5.71
Total Capital	3,733	3,622	3,750	3,714	3,672	3,486	3,497	3,564	3,390	3,281	3,237
Total Debt	2,098	1,988	2,157	2,157	2,158	2,162	2,205	2,265	2,285	2,236	2,238
Total Long-Term Debt	2,098	1,988	2,157	2,157	2,158	2,162	2,205	2,265	2,285	2,236	2,238
Net Debt	1,487	1,403	1,476	1,494	1,472	1,503	1,543	1,555	1,646	1,576	1,638
Capital Expenditures (CapEx)	141	3.08	28	32	18	14	20	17	27	-83	26
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-135	-144	-130	-136	-131	-134	-126	-129	-149	-151	-125
Debt-free Net Working Capital (DFNWC)	-103	-126	-33	-104	-83	-76	-83	-99	-112	-61	-95
Net Working Capital (NWC)	-103	-126	-33	-104	-83	-76	-83	-99	-112	-61	-95
Net Nonoperating Expense (NNE)	24	-0.14	22	26	32	103	32	-11	159	60	38
Net Nonoperating Obligations (NNO)	1,500	1,436	1,509	1,476	1,498	1,529	1,570	1,581	1,672	1,602	1,665
Total Depreciation and Amortization (D&A)	45	42	46	48	50	48	46	43	45	46	45
Debt-free, Cash-free Net Working Capital to Revenue	-26.79%	-28.40%	-25.60%	-26.74%	-25.53%	-26.11%	-24.69%	-25.30%	-28.93%	-29.86%	-24.95%
Debt-free Net Working Capital to Revenue	-20.59%	-24.93%	-6.51%	-20.44%	-16.21%	-14.77%	-16.25%	-19.36%	-21.83%	-12.01%	-19.07%
Net Working Capital to Revenue	-20.59%	-24.93%	-6.51%	-20.44%	-16.21%	-14.77%	-16.25%	-19.36%	-21.83%	-12.01%	-19.07%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.08	$0.17	($0.03)	($0.08)	($0.13)	($0.91)	($0.10)	$0.17	($0.96)	($0.25)	($0.16)
Adjusted Weighted Average Basic Shares Outstanding	171.57M	171.49M	171.67M	171.96M	172.10M	171.96M	172.21M	172.56M	172.67M	172.53M	172.92M
Adjusted Diluted Earnings per Share	$0.08	$0.17	($0.03)	($0.08)	($0.13)	($0.91)	($0.10)	$0.17	($0.96)	($0.25)	($0.16)
Adjusted Weighted Average Diluted Shares Outstanding	172.15M	172.33M	171.67M	171.96M	172.10M	171.96M	172.21M	174.70M	172.67M	172.53M	172.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	171.57M	171.73M	171.91M	172.10M	172.10M	172.24M	172.27M	172.67M	172.67M	173.07M	172.95M
Normalized Net Operating Profit after Tax (NOPAT)	18	21	16	16	18	-61	16	26	20	15	8.47
Normalized NOPAT Margin	14.15%	16.07%	12.63%	13.03%	14.03%	-46.82%	12.69%	20.66%	15.15%	12.60%	6.97%
Pre Tax Income Margin	10.73%	23.07%	-4.06%	-10.11%	-16.73%	-121.16%	-12.98%	24.15%	-125.75%	-36.60%	-22.27%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.13	4.05	1.02	0.75	0.54	-3.25	0.87	0.63	-0.35	2.56	0.44
NOPAT to Interest Expense	2.17	1.48	0.74	0.56	0.41	-2.24	0.64	0.68	-0.22	0.49	0.33
EBIT Less CapEx to Interest Expense	-6.13	3.89	-0.21	-0.58	-0.18	-3.83	0.08	0.02	-1.22	5.23	-0.37
NOPAT Less CapEx to Interest Expense	-6.08	1.32	-0.48	-0.77	-0.31	-2.82	-0.15	0.07	-1.09	3.16	-0.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	454.79%	242.95%	307.91%	520.23%	-1,329.04%	-63.13%	-56.51%	-67.22%	-33.77%	-53.33%	-50.70%
Augmented Payout Ratio	454.79%	242.95%	307.91%	520.23%	-1,329.04%	-63.13%	-56.51%	-67.22%	-33.77%	-53.33%	-50.70%

Key Financial Trends

Brandywine Realty Trust’s Q1 2025 results show mixed signals: robust free cash flow and an attractive valuation are offset by sliding revenue, continued net losses and high leverage.

Free Cash Flow to Firm of $208.3 million in Q1 2025, indicating strong cash generation after operating and investing activities.
Price-to-Book ratio of 0.75×, suggesting the stock trades at a discount to its book value.
Dividend yield of 17.4% in Q1 2025, offering potential income to investors.
Normalized NOPAT margin of 8.7% in Q1 2025, reflecting underlying operating profitability.
Capital expenditures of $25.9 million in Q1 2025 remain consistent with historical levels, supporting property maintenance and growth.
Depreciation & amortization expense of $45.5 million acts as a predictable non-cash add-back in cash-flow calculations.
Revenue declined 3.9% year-over-year to $121.5 million in Q1 2025, continuing a downward trend.
Net loss of $27.1 million in Q1 2025, marking the fourth consecutive quarter of losses.
Net debt-to-equity ratio above 1.6× in Q1 2025, highlighting a highly leveraged balance sheet.
Operating cash flow fell to $6.3 million in Q1 2025 from $23.8 million a year ago, signaling pressure on core cash generation.

07/16/25 07:00 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Brandywine Realty Trust's Financials

When does Brandywine Realty Trust's financial year end?

According to the most recent income statement we have on file, Brandywine Realty Trust's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Brandywine Realty Trust's net income changed over the last 10 years?

Brandywine Realty Trust's net income appears to be on a downward trend, with a most recent value of -$196.49 million in 2024, falling from $6.94 million in 2014. The previous period was -$197.40 million in 2023. Find out what analysts predict for Brandywine Realty Trust in the coming months.

What is Brandywine Realty Trust's operating income?

Brandywine Realty Trust's total operating income in 2024 was $54.88 million, based on the following breakdown:

Total Gross Profit: $505.52 million
Total Operating Expenses: $452.93 million

How has Brandywine Realty Trust's revenue changed over the last 10 years?

Over the last 10 years, Brandywine Realty Trust's total revenue changed from $596.98 million in 2014 to $505.52 million in 2024, a change of -15.3%.

How much debt does Brandywine Realty Trust have?

Brandywine Realty Trust's total liabilities were at $2.45 billion at the end of 2024, a 1.6% increase from 2023, and a 54.3% decrease since 2014.

How much cash does Brandywine Realty Trust have?

In the past 10 years, Brandywine Realty Trust's cash and equivalents has ranged from $17.55 million in 2022 to $515.00 million in 2014, and is currently $90.23 million as of their latest financial filing in 2024.

How has Brandywine Realty Trust's book value per share changed over the last 10 years?

Over the last 10 years, Brandywine Realty Trust's book value per share changed from 23.34 in 2014 to 6.02 in 2024, a change of -74.2%.

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This page (NYSE:BDN) was last updated on 7/16/2025 by MarketBeat.com Staff

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