Brandywine Realty Trust (BDN) Financials

$4.05 -0.01 (-0.25%)

Closing price 05/2/2025 03:59 PM Eastern

Extended Trading

$4.14 +0.09 (+2.22%)

As of 05/2/2025 07:40 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	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	53	-197	-197
Consolidated Net Income / (Loss)	54	-197	-196
Net Income / (Loss) Continuing Operations	54	-197	-196
Total Pre-Tax Income	54	-197	-196
Total Operating Income	120	-22	55
Total Gross Profit	506	515	506
Total Revenue	506	515	506
Operating Revenue	506	515	506
Total Cost of Revenue	0.00	0.00	0.00
Total Operating Expenses	412	536	453
Selling, General & Admin Expense	35	35	43
Depreciation Expense	178	189	178
Other Operating Expenses / (Income)	194	190	187
Impairment Charge	4.66	132	45
Total Other Income / (Expense), net	-40	-177	-249
Interest Expense	69	95	115
Interest & Investment Income	-20	-78	-188
Other Income / (Expense), net	49	-4.37	54
Income Tax Expense	0.06	0.07	0.01
Net Income / (Loss) Attributable to Noncontrolling Interest	0.62	-0.05	0.60
Basic Earnings per Share	$0.31	($1.15)	($1.14)
Weighted Average Basic Shares Outstanding	171.49M	171.96M	172.53M
Diluted Earnings per Share	$0.31	($1.15)	($1.14)
Weighted Average Diluted Shares Outstanding	172.33M	171.96M	172.53M
Weighted Average Basic & Diluted Shares Outstanding	171.73M	172.24M	173.07M
Cash Dividends to Common per Share	$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	126	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	0.00	31	32	-63	0.00
Total Operating Expenses	89	190	105	75	84	272	104	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	47	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	-1.09	-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	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-9.91	49	29
Net Cash From Operating Activities	209	177	181
Net Cash From Continuing Operating Activities	209	177	181
Net Income / (Loss) Continuing Operations	54	-197	-196
Consolidated Net Income / (Loss)	54	-197	-196
Depreciation Expense	178	189	178
Amortization Expense	-4.74	2.06	1.66
Non-Cash Adjustments To Reconcile Net Income	-28	202	188
Changes in Operating Assets and Liabilities, net	9.68	-18	9.86
Net Cash From Investing Activities	-191	-175	-120
Net Cash From Continuing Investing Activities	-191	-175	-120
Purchase of Property, Plant & Equipment	-177	-117	-91
Acquisitions	-47	-86	-194
Sale of Property, Plant & Equipment	64	77	156
Sale and/or Maturity of Investments	91	3.79	57
Other Investing Activities, net	-121	-53	-47
Net Cash From Financing Activities	-29	47	-32
Net Cash From Continuing Financing Activities	-29	47	-32
Repayment of Debt	-719	-358	-546
Payment of Dividends	-131	-125	-105
Issuance of Debt	828	530	620
Other Financing Activities, net	-6.95	-0.38	-1.03
Cash Interest Paid	86	108	132
Cash Income Taxes Paid	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	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Total Assets	3,875	3,732	3,492
Total Current Assets	64	98	131
Cash & Equivalents	18	58	90
Accounts Receivable	11	12	13
Prepaid Expenses	36	28	28
Plant, Property, & Equipment, net	2,554	2,410	2,203
Plant, Property & Equipment, gross	3,617	3,542	3,375
Accumulated Depreciation	1,063	1,132	1,172
Total Noncurrent Assets	1,256	1,224	1,159
Long-Term Investments	568	601	570
Intangible Assets	18	7.69	5.51
Other Noncurrent Operating Assets	670	615	583
Total Liabilities & Shareholders' Equity	3,875	3,732	3,492
Total Liabilities	2,241	2,408	2,448
Total Current Liabilities	190	174	191
Accounts Payable	132	124	130
Dividends Payable	33	26	26
Other Current Liabilities	25	24	35
Total Noncurrent Liabilities	2,051	2,234	2,256
Long-Term Debt	1,965	2,139	2,213
Capital Lease Obligations	23	23	24
Other Noncurrent Operating Liabilities	63	72	20
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,633	1,324	1,045
Total Preferred & Common Equity	1,626	1,317	1,039
Total Common Equity	1,626	1,317	1,039
Common Stock	3,155	3,166	3,184
Retained Earnings	1,176	979	783
Accumulated Other Comprehensive Income / (Loss)	3.90	-0.67	2.52
Other Equity Adjustments	-2,709	-2,827	-2,932
Noncontrolling Interest	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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	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	3,974	3,987	3,954	3,923	3,737	3,754	3,600	3,424
Total Current Assets	78	138	72	99	83	69	73	71
Cash & Equivalents	31	97	32	48	43	30	36	29
Accounts Receivable	11	13	12	23	12	11	8.67	14
Prepaid Expenses	36	28	28	28	28	28	28	28
Plant, Property, & Equipment, net	2,552	2,536	2,472	2,542	2,386	2,354	2,253	2,205
Plant, Property & Equipment, gross	3,587	3,632	3,597	3,695	3,550	3,547	3,410	3,405
Accumulated Depreciation	1,035	1,096	1,125	1,153	1,164	1,192	1,157	1,200
Total Noncurrent Assets	1,344	1,313	1,411	1,282	1,268	1,331	1,274	1,148
Long-Term Investments	579	584	631	638	618	680	603	570
Intangible Assets	20	16	12	8.54	7.11	6.67	6.25	5.03
Other Noncurrent Operating Assets	724	712	716	636	643	644	665	573
Total Liabilities & Shareholders' Equity	3,974	3,987	3,954	3,923	3,737	3,754	3,600	3,424
Total Liabilities	2,339	2,394	2,398	2,408	2,445	2,455	2,495	2,424
Total Current Liabilities	182	171	176	182	166	168	185	166
Accounts Payable	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	2,158	2,223	2,222	2,226	2,279	2,287	2,310	2,258
Long-Term Debt	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	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
Total Equity & Noncontrolling Interests	1,635	1,593	1,557	1,514	1,292	1,299	1,105	999
Total Preferred & Common Equity	1,627	1,586	1,549	1,507	1,286	1,293	1,099	994
Total Common Equity	1,627	1,586	1,549	1,507	1,286	1,293	1,099	994
Common Stock	3,153	3,158	3,161	3,163	3,170	3,173	3,180	3,195
Retained Earnings	1,147	1,171	1,158	1,137	963	993	828	757
Accumulated Other Comprehensive Income / (Loss)	4.53	-1.41	5.22	8.13	5.34	6.12	-3.77	-0.02
Other Equity Adjustments	-2,677	-2,742	-2,775	-2,801	-2,853	-2,879	-2,906	-2,958
Noncontrolling Interest	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	2022	2023	2024
Period end date	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-
Revenue Growth	3.96%	1.69%	-1.77%
EBITDA Growth	29.62%	-51.82%	75.10%
EBIT Growth	86.87%	-115.35%	519.76%
NOPAT Growth	28.69%	-112.63%	354.30%
Net Income Growth	336.62%	-465.62%	0.46%
EPS Growth	342.86%	-470.97%	0.87%
Operating Cash Flow Growth	9.66%	-15.30%	2.17%
Free Cash Flow Firm Growth	-22.08%	41.96%	21.63%
Invested Capital Growth	-0.72%	-7.05%	-7.23%
Revenue Q/Q Growth	0.69%	0.23%	-1.61%
EBITDA Q/Q Growth	20.24%	-38.41%	120.54%
EBIT Q/Q Growth	57.10%	-131.32%	314.30%
NOPAT Q/Q Growth	5.58%	-124.82%	219.41%
Net Income Q/Q Growth	87.26%	-1,896.59%	36.54%
EPS Q/Q Growth	93.75%	-1,542.86%	36.67%
Operating Cash Flow Q/Q Growth	5.54%	2.74%	-4.71%
Free Cash Flow Firm Q/Q Growth	108.47%	9.29%	20.56%
Invested Capital Q/Q Growth	-2.11%	-5.29%	-4.70%
Profitability Metrics	-	-	-
Gross Margin	100.00%	100.00%	100.00%
EBITDA Margin	67.63%	32.04%	57.12%
Operating Margin	23.66%	-4.19%	10.86%
EBIT Margin	33.40%	-5.04%	21.55%
Profit (Net Income) Margin	10.67%	-38.36%	-38.87%
Tax Burden Percent	99.90%	100.04%	100.01%
Interest Burden Percent	31.97%	760.43%	-180.37%
Effective Tax Rate	0.10%	0.00%	0.00%
Return on Invested Capital (ROIC)	3.88%	-0.51%	1.40%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.76%	-12.81%	-13.61%
Return on Net Nonoperating Assets (RNNOA)	-0.64%	-12.84%	-17.99%
Return on Equity (ROE)	3.24%	-13.35%	-16.59%
Cash Return on Invested Capital (CROIC)	4.60%	6.80%	8.90%
Operating Return on Assets (OROA)	4.38%	-0.68%	3.02%
Return on Assets (ROA)	1.40%	-5.19%	-5.44%
Return on Common Equity (ROCE)	3.22%	-13.28%	-16.50%
Return on Equity Simple (ROE_SIMPLE)	3.32%	-14.98%	-18.92%
Net Operating Profit after Tax (NOPAT)	120	-15	38
NOPAT Margin	23.63%	-2.94%	7.60%
Net Nonoperating Expense Percent (NNEP)	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%	0.00%	0.00%
SG&A Expenses to Revenue	6.92%	6.77%	8.46%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	81.42%	104.19%	89.60%
Earnings before Interest and Taxes (EBIT)	169	-26	109
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	342	165	289
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.48	0.61	0.91
Price to Tangible Book Value (P/TBV)	0.49	0.61	0.91
Price to Revenue (P/Rev)	1.55	1.55	1.86
Price to Earnings (P/E)	14.69	0.00	0.00
Dividend Yield	16.63%	15.49%	13.78%
Earnings Yield	6.81%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.72	0.81	0.95
Enterprise Value to Revenue (EV/Rev)	4.34	4.49	4.99
Enterprise Value to EBITDA (EV/EBITDA)	6.41	14.00	8.73
Enterprise Value to EBIT (EV/EBIT)	12.98	0.00	23.15
Enterprise Value to NOPAT (EV/NOPAT)	18.35	0.00	65.64
Enterprise Value to Operating Cash Flow (EV/OCF)	10.49	13.03	13.92
Enterprise Value to Free Cash Flow (EV/FCFF)	15.48	11.48	10.30
Leverage & Solvency	-	-	-
Debt to Equity	1.22	1.63	2.14
Long-Term Debt to Equity	1.22	1.63	2.14
Financial Leverage	0.85	1.00	1.32
Leverage Ratio	2.32	2.57	3.05
Compound Leverage Factor	0.74	19.56	-5.50
Debt to Total Capital	54.90%	62.02%	68.16%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	54.90%	62.02%	68.16%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.21%	0.19%	0.18%
Common Equity to Total Capital	44.89%	37.79%	31.66%
Debt to EBITDA	5.81	13.11	7.74
Net Debt to EBITDA	4.10	9.11	5.46
Long-Term Debt to EBITDA	5.81	13.11	7.74
Debt to NOPAT	16.62	-143.13	58.21
Net Debt to NOPAT	11.73	-99.47	41.02
Long-Term Debt to NOPAT	16.62	-143.13	58.21
Altman Z-Score	0.87	0.66	0.77
Noncontrolling Interest Sharing Ratio	0.56%	0.49%	0.54%
Liquidity Ratios	-	-	-
Current Ratio	0.34	0.56	0.68
Quick Ratio	0.15	0.40	0.54
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	142	201	245
Operating Cash Flow to CapEx	184.85%	444.67%	0.00%
Free Cash Flow to Firm to Interest Expense	2.05	2.11	2.12
Operating Cash Flow to Interest Expense	3.02	1.86	1.57
Operating Cash Flow Less CapEx to Interest Expense	1.39	1.44	2.13
Efficiency Ratios	-	-	-
Asset Turnover	0.13	0.14	0.14
Accounts Receivable Turnover	44.24	44.79	40.97
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	0.20	0.21	0.22
Accounts Payable Turnover	0.00	0.00	0.00
Days Sales Outstanding (DSO)	8.25	8.15	8.91
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	8.25	8.15	8.91
Capital & Investment Metrics	-	-	-
Invested Capital	3,069	2,853	2,647
Invested Capital Turnover	0.16	0.17	0.18
Increase / (Decrease) in Invested Capital	-22	-216	-206
Enterprise Value (EV)	2,195	2,309	2,522
Market Capitalization	784	800	940
Book Value per Share	$9.48	$7.65	$6.02
Tangible Book Value per Share	$9.37	$7.61	$5.98
Total Capital	3,622	3,486	3,281
Total Debt	1,988	2,162	2,236
Total Long-Term Debt	1,988	2,162	2,236
Net Debt	1,403	1,503	1,576
Capital Expenditures (CapEx)	113	40	-65
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-144	-134	-151
Debt-free Net Working Capital (DFNWC)	-126	-76	-61
Net Working Capital (NWC)	-126	-76	-61
Net Nonoperating Expense (NNE)	66	182	235
Net Nonoperating Obligations (NNO)	1,436	1,529	1,602
Total Depreciation and Amortization (D&A)	173	191	180
Debt-free, Cash-free Net Working Capital to Revenue	-28.40%	-26.11%	-29.86%
Debt-free Net Working Capital to Revenue	-24.93%	-14.77%	-12.01%
Net Working Capital to Revenue	-24.93%	-14.77%	-12.01%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.31	($1.15)	($1.14)
Adjusted Weighted Average Basic Shares Outstanding	171.49M	171.96M	172.53M
Adjusted Diluted Earnings per Share	$0.31	($1.15)	($1.14)
Adjusted Weighted Average Diluted Shares Outstanding	172.33M	171.96M	172.53M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	171.73M	172.24M	173.07M
Normalized Net Operating Profit after Tax (NOPAT)	124	71	70
Normalized NOPAT Margin	24.55%	13.74%	13.78%
Pre Tax Income Margin	10.68%	-38.34%	-38.87%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	2.44	-0.27	0.94
NOPAT to Interest Expense	1.73	-0.16	0.33
EBIT Less CapEx to Interest Expense	0.81	-0.69	1.50
NOPAT Less CapEx to Interest Expense	0.09	-0.58	0.89
Payout Ratios	-	-	-
Dividend Payout Ratio	242.95%	-63.13%	-53.33%
Augmented Payout Ratio	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%

Frequently Asked Questions About Brandywine Realty Trust's Financials

When does Brandywine Realty Trust's fiscal year end?

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

How has Brandywine Realty Trust's net income changed over the last 2 years?

Brandywine Realty Trust's net income appears to be on an upward trend, with a most recent value of -$196.49 million in 2024, falling from $53.99 million in 2022. The previous period was -$197.40 million in 2023. View Brandywine Realty Trust's forecast to see where analysts expect Brandywine Realty Trust to go next.

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 revenue changed over the last 2 years?

Over the last 2 years, Brandywine Realty Trust's total revenue changed from $506.10 million in 2022 to $505.52 million in 2024, a change of -0.1%.

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 9.2% increase since 2022.

How much cash does Brandywine Realty Trust have?

In the past 2 years, Brandywine Realty Trust's cash and equivalents has ranged from $17.55 million in 2022 to $90.23 million in 2024, 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 2 years?

Over the last 2 years, Brandywine Realty Trust's book value per share changed from 9.48 in 2022 to 6.02 in 2024, a change of -36.5%.

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This page (NYSE:BDN) was last updated on 5/3/2025 by MarketBeat.com Staff

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Brandywine Realty Trust (BDN) Financials

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Brandywine Realty Trust (BDN) Financials

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