What is Brandywine Realty Trust's operating income?

Brandywine Realty Trust's total operating income in 2025 was $26.66 million, based on the following breakdown: Total Gross Profit: $484.45 million Total Operating Expenses: $467.05 million

Brandywine Realty Trust (BDN) Financials

$3.08 -0.10 (-3.00%)

Closing price 03:59 PM Eastern

Extended Trading

$3.10 +0.02 (+0.65%)

As of 04:42 PM Eastern

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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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-38	33	115	134	34	305	12	53	-197	-197	-179
Consolidated Net Income / (Loss)	-31	41	121	135	35	307	12	54	-197	-196	-179
Net Income / (Loss) Continuing Operations	-31	41	121	135	35	307	12	54	-197	-196	-179
Total Pre-Tax Income	-31	41	121	136	35	307	12	54	-197	-196	-179
Total Operating Income	34	185	135	57	115	400	93	120	-22	55	27
Total Gross Profit	584	525	520	544	580	403	365	506	385	506	484
Total Revenue	97	525	520	544	580	535	487	506	515	506	484
Operating Revenue	91	525	520	544	580	535	487	506	515	506	484
Total Cost of Revenue	-487	0.00	0.00	0.00	0.00	132	122	0.00	130	0.00	0.00
Total Operating Expenses	550	340	385	488	466	2.19	272	412	406	453	467
Selling, General & Admin Expense	29	27	29	28	32	30	30	35	35	43	42
Depreciation Expense	219	190	180	176	210	188	178	178	189	178	176
Other Operating Expenses / (Income)	219	209	206	218	226	73	66	194	60	187	185
Impairment Charge	82	41	3.06	72	-	0.00	0.00	4.66	132	45	63
Total Other Income / (Expense), net	-65	-145	-15	79	-80	-93	-81	-40	-177	-249	-196
Interest Expense	112	152	86	78	82	74	63	69	95	115	147
Interest & Investment Income	0.41	9.73	73	160	4.04	-17	-15	-20	-78	-188	-53
Other Income / (Expense), net	47	-2.70	-2.44	-2.50	-2.77	-2.90	-2.84	49	-4.37	54	4.31
Income Tax Expense	0.00	0.00	-0.63	0.42	0.01	-0.22	0.05	0.06	0.07	0.01	0.11
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.01	0.65	1.33	1.32	0.40	2.21	0.50	0.62	-0.05	0.60	0.61
Basic Earnings per Share	-	$0.19	$0.65	$0.75	$0.19	$1.77	$0.07	$0.31	($1.15)	($1.14)	($1.03)
Weighted Average Basic Shares Outstanding	178.16M	175.02M	175.48M	178.52M	176.13M	171.93M	170.88M	171.49M	171.96M	172.53M	173.46M
Diluted Earnings per Share	-	$0.19	$0.65	$0.75	$0.19	$1.77	$0.07	$0.31	($1.15)	($1.14)	($1.03)
Weighted Average Diluted Shares Outstanding	178.16M	176.01M	176.81M	179.64M	176.69M	172.32M	172.27M	172.33M	171.96M	172.53M	173.46M
Weighted Average Basic & Diluted Shares Outstanding	174.82M	175.19M	178.44M	175.81M	176.60M	170.64M	171.38M	171.73M	172.24M	173.07M	173.71M
Cash Dividends to Common per Share	$0.60	$0.62	$0.64	$0.72	$0.76	$0.76	$0.76	$0.76	$0.72	$0.60	$0.53

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-22	-157	-17	30	-165	-45	-27	-89	-26	-37	-49
Consolidated Net Income / (Loss)	-22	-158	-16	30	-166	-45	-27	-89	-26	-37	-49
Net Income / (Loss) Continuing Operations	-22	-158	-16	30	-166	-45	-27	-89	-26	-37	-49
Total Pre-Tax Income	-22	-158	-16	30	-166	-45	-27	-89	-26	-37	-49
Total Operating Income	14	-79	23	19	-9.46	22	15	-41	25	28	1.51
Total Gross Profit	98	193	94	94	100	185	88	89	90	184	88
Total Revenue	129	130	126	125	132	122	122	121	121	121	127
Operating Revenue	129	130	126	125	132	122	122	121	121	121	127
Total Cost of Revenue	31	-63	32	31	32	-63	34	31	31	-63	39
Operating Cost of Revenue	31	-	32	31	32	-	34	31	31	-	39
Total Operating Expenses	84	272	71	75	109	166	73	131	65	165	87
Selling, General & Admin Expense	8.07	7.95	11	8.94	13	10	17	9.33	7.84	7.40	12
Depreciation Expense	49	47	45	44	44	45	44	44	43	45	49
Other Operating Expenses / (Income)	15	110	15	15	14	111	14	14	14	110	13
Impairment Charge	12	-	-	6.43	38	-	0.00	63	0.00	-	12
Other Special Charges / (Income)	0.00	-8.17	0.00	0.00	0.00	-	-3.06	0.09	-0.04	-	0.00
Total Other Income / (Expense), net	-36	-80	-39	11	-156	-64	-42	-48	-51	-55	-50
Interest Expense	24	25	25	29	31	31	32	32	33	50	41
Interest & Investment Income	-10	-55	-13	41	-124	-91	-9.14	-14	-17	-13	-8.04
Other Income / (Expense), net	-1.11	-1.12	-1.12	-1.42	-1.25	58	-1.23	-1.28	-1.34	8.16	-1.39
Income Tax Expense	-0.00	0.04	0.00	0.01	0.00	0.00	0.00	0.09	0.00	0.03	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.08	-0.34	0.29	0.37	-0.22	0.16	0.35	0.06	0.23	-0.03	0.11
Basic Earnings per Share	($0.13)	($0.91)	($0.10)	$0.17	($0.96)	($0.25)	($0.16)	($0.51)	($0.15)	($0.21)	($0.28)
Weighted Average Basic Shares Outstanding	172.10M	171.96M	172.21M	172.56M	172.67M	172.53M	172.92M	173.53M	173.70M	173.46M	173.76M
Diluted Earnings per Share	($0.13)	($0.91)	($0.10)	$0.17	($0.96)	($0.25)	($0.16)	($0.51)	($0.15)	($0.21)	($0.28)
Weighted Average Diluted Shares Outstanding	172.10M	171.96M	172.21M	174.70M	172.67M	172.53M	172.92M	173.53M	173.70M	173.46M	173.76M
Weighted Average Basic & Diluted Shares Outstanding	172.10M	172.24M	172.27M	172.67M	172.67M	173.07M	172.95M	173.70M	173.70M	173.71M	173.71M
Cash Dividends to Common per Share	$0.15	-	$0.15	$0.15	$0.15	-	$0.15	$0.15	$0.08	-	$0.08

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	-201	138	8.82	-180	191	-44	-19	-9.91	49	29	-34
Net Cash From Operating Activities	197	174	183	227	234	226	191	209	177	181	117
Net Cash From Continuing Operating Activities	197	174	183	227	233	226	191	209	177	181	117
Net Income / (Loss) Continuing Operations	-31	41	121	135	35	307	12	54	-197	-196	-179
Consolidated Net Income / (Loss)	-31	41	121	135	35	307	12	54	-197	-196	-179
Depreciation Expense	219	190	180	176	210	188	178	178	189	178	176
Amortization Expense	-4.16	-2.36	0.93	-0.14	-5.90	-2.53	-4.49	-4.74	2.06	1.66	3.71
Non-Cash Adjustments To Reconcile Net Income	13	-49	-119	-92	-9.60	-277	15	-28	202	188	141
Changes in Operating Assets and Liabilities, net	0.42	-4.94	-1.16	7.69	3.73	9.72	-10	9.68	-18	9.86	-26
Net Cash From Investing Activities	-166	501	80	-215	-131	18	-100	-191	-175	-120	-206
Net Cash From Continuing Investing Activities	-166	501	80	-215	-9.56	18	-100	-191	-175	-120	-206
Purchase of Property, Plant & Equipment	-150	-20	-73	-197	0.00	-137	-105	-177	-117	-91	-80
Acquisitions	-69	-29	-6.64	-0.91	-6.62	-0.72	-32	-47	-86	-194	-176
Sale of Property, Plant & Equipment	247	784	172	324	42	278	10	64	77	156	74
Sale and/or Maturity of Investments	8.56	13	21	6.53	36	9.00	77	91	3.79	57	23
Other Investing Activities, net	-209	-265	-179	-408	-90	-131	-51	-121	-53	-47	-46
Net Cash From Financing Activities	-232	-537	-254	-193	-36	-288	-109	-29	47	-32	56
Net Cash From Continuing Financing Activities	-232	-537	-254	-193	-33	-288	-109	-29	47	-32	56
Repayment of Debt	-317	-703	-979	-489	-451	-413	-131	-719	-358	-546	-586
Payment of Dividends	-115	-117	-117	-130	-134	-132	-131	-131	-125	-105	-93
Issuance of Debt	269	282	891	456	565	318	154	828	530	620	736
Other Financing Activities, net	-0.90	0.52	0.59	-8.62	3.80	-1.30	-1.39	-6.95	-0.38	-1.03	-1.54
Cash Interest Paid	125	98	83	77	67	79	72	86	108	132	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	0.11

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	16	8.92	-16	-15	6.18	53	-65	92	-47	-14	3.99
Net Cash From Operating Activities	50	66	24	48	52	57	6.32	34	47	29	10
Net Cash From Continuing Operating Activities	50	66	24	48	52	57	6.32	34	47	29	10
Net Income / (Loss) Continuing Operations	-22	-158	-16	30	-166	-45	-27	-89	-26	-37	-49
Consolidated Net Income / (Loss)	-22	-158	-16	30	-166	-45	-27	-89	-26	-37	-49
Depreciation Expense	49	47	45	44	44	45	44	44	43	45	49
Amortization Expense	0.62	0.57	0.60	-1.23	1.14	1.15	1.14	1.12	0.70	0.74	0.76
Non-Cash Adjustments To Reconcile Net Income	23	160	15	-33	169	37	20	82	20	19	24
Changes in Operating Assets and Liabilities, net	-0.67	16	-20	8.17	3.43	19	-32	-3.12	9.36	-0.03	-15
Net Cash From Investing Activities	-1.59	-35	-55	-99	-39	73	-45	-12	-25	-125	-54
Net Cash From Continuing Investing Activities	-1.59	-35	-55	-99	-39	73	-45	-12	-25	-125	-54
Purchase of Property, Plant & Equipment	-18	-40	-20	-17	-27	-27	-26	-18	-15	-21	-19
Acquisitions	-12	-13	-27	-71	-46	-50	-7.66	0.41	-55	-115	-16
Sale and/or Maturity of Investments	0.45	1.09	3.93	-	0.01	53	0.04	-	-	-	0.00
Other Investing Activities, net	-23	-9.00	-12	-10	-12	-13	-11	-13	-8.09	-14	-19
Net Cash From Financing Activities	-33	-21	15	36	-7.12	-76	-26	70	-70	82	48
Net Cash From Continuing Financing Activities	-33	-21	15	36	-7.12	-76	-26	70	-70	82	48
Repayment of Debt	-36	-39	-0.20	-382	-54	-110	-75	-107	-54	-350	-4.25
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-	-	-	-2.16
Payment of Dividends	-33	-26	-26	-26	-26	-26	-26	-26	-26	-14	-14
Issuance of Debt	36	43	42	445	73	60	76	204	10	447	69
Other Financing Activities, net	-	0.58	-0.59	-0.43	-	-	-0.78	-0.63	-0.13	-	-0.45
Cash Interest Paid	23	35	23	37	26	46	25	34	24	50	30
Cash Income Taxes Paid	-	-	-	-	-	0.57	0.00	-	-	0.11	0.00

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	4,555	8,198	3,995	4,077	4,076	3,900	3,846	3,875	3,732	3,492	3,586
Total Current Assets	74	604	220	79	146	99	67	64	98	131	82
Cash & Equivalents	57	388	202	23	90	46	27	18	58	90	32
Accounts Receivable	17	175	18	16	16	14	12	11	12	13	22
Prepaid Expenses	-	-	0.00	40	40	39	28	36	28	28	28
Plant, Property, & Equipment, net	2,826	5,468	2,937	3,066	3,033	2,578	2,515	2,554	2,410	2,196	2,495
Plant, Property & Equipment, gross	3,693	7,173	3,832	3,952	4,006	3,474	3,473	3,617	3,542	3,368	3,754
Accumulated Depreciation	867	1,705	895	885	973	897	957	1,063	1,132	1,172	1,259
Total Noncurrent Assets	1,655	7,594	838	931	896	1,223	1,264	1,256	1,224	1,166	1,009
Long-Term Investments	241	563	195	169	120	401	436	568	601	570	314
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	-	7.23	51
Intangible Assets	112	145	65	131	85	49	29	18	7.69	5.51	22
Other Noncurrent Operating Assets	718	1,377	578	619	684	766	799	670	615	583	621
Other Noncurrent Nonoperating Assets	584	42	0.39	12	7.35	7.35	0.56	-	-	-	0.00
Total Liabilities & Shareholders' Equity	4,555	8,198	3,995	4,077	4,076	3,900	3,846	3,875	3,732	3,492	3,586
Total Liabilities	2,602	4,432	2,149	2,266	2,388	2,095	2,145	2,241	2,408	2,448	2,788
Total Current Liabilities	100	269	107	126	113	122	150	190	174	130	181
Accounts Payable	100	207	107	126	113	122	150	132	124	130	144
Dividends Payable	-	30	-	-	-	-	-	33	26	-	14
Other Current Liabilities	-	-	-	-	-	-	-	25	24	-	23
Total Noncurrent Liabilities	2,503	6,023	2,042	2,140	2,274	1,973	1,995	2,051	2,234	2,318	2,608
Long-Term Debt	2,385	4,026	1,931	2,028	2,144	1,831	1,854	1,965	2,139	2,213	2,557
Capital Lease Obligations	-	-	-	-	-	-	-	23	23	-	24
Other Noncurrent Operating Liabilities	85	1,965	68	84	95	121	117	63	72	70	27
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	1,952	1,883	1,847	1,811	1,688	1,805	1,701	1,633	1,324	1,045	798
Total Preferred & Common Equity	1,934	1,866	1,829	1,799	1,678	1,794	1,690	1,626	1,317	1,039	793
Total Common Equity	1,934	5,484	1,829	1,799	1,678	1,794	1,690	1,626	1,317	1,039	793
Common Stock	3,254	5,023	3,220	3,202	3,194	3,140	3,148	3,155	3,166	3,184	3,202
Retained Earnings	-	539	-	-	-	1,110	1,122	1,176	979	783	605
Accumulated Other Comprehensive Income / (Loss)	-5.19	-3.87	2.40	5.03	-2.37	-7.56	-2.02	3.90	-0.67	2.52	-1.44
Other Equity Adjustments	-1,315	-3,789	-1,394	-1,408	-1,514	-2,448	-2,579	-2,709	-2,827	-2,932	-3,013
Noncontrolling Interest	18	19	17	12	10	11	11	7.70	6.77	5.95	5.12

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	Q2 2025	Q3 2025	Q1 2026
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	6/30/2025	9/30/2025	3/31/2026
Total Assets	3,974	3,987	3,954	3,923	3,737	3,754	3,600	3,424	3,394	3,319	3,588
Total Current Assets	78	138	72	99	83	69	73	71	167	119	87
Cash & Equivalents	31	97	32	48	43	30	36	29	123	75	36
Accounts Receivable	11	13	12	23	12	11	8.67	14	16	15	23
Prepaid Expenses	36	28	28	28	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	2,054	2,031	2,446
Plant, Property & Equipment, gross	3,587	3,632	3,597	3,695	3,550	3,547	3,410	3,405	3,260	3,265	3,725
Accumulated Depreciation	1,035	1,096	1,125	1,153	1,164	1,192	1,157	1,200	1,206	1,235	1,279
Total Noncurrent Assets	1,344	1,313	1,411	1,282	1,268	1,331	1,274	1,148	1,174	1,170	1,055
Long-Term Investments	579	584	631	638	618	680	603	570	556	594	322
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	-	-	-	51
Intangible Assets	20	16	12	8.54	7.11	6.67	6.25	5.03	4.22	3.85	21
Other Noncurrent Operating Assets	724	712	716	636	643	644	665	573	560	572	646
Other Noncurrent Nonoperating Assets	20	-	53	-	-	-	-	-	54	-	15
Total Liabilities & Shareholders' Equity	3,974	3,987	3,954	3,923	3,737	3,754	3,600	3,424	3,394	3,319	3,588
Total Liabilities	2,339	2,394	2,398	2,408	2,445	2,455	2,495	2,424	2,509	2,472	2,849
Total Current Liabilities	182	171	176	182	166	168	185	166	152	159	177
Accounts Payable	126	114	117	133	114	116	137	118	109	128	142
Dividends Payable	33	33	33	26	26	26	26	26	26	14	14
Other Current Liabilities	23	24	25	23	25	26	21	21	17	16	21
Total Noncurrent Liabilities	2,158	2,223	2,222	2,226	2,279	2,287	2,310	2,258	2,357	2,314	2,672
Long-Term Debt	2,075	2,133	2,134	2,134	2,181	2,242	2,262	2,215	2,312	2,269	2,622
Capital Lease Obligations	23	23	23	23	23	23	24	24	24	24	24
Other Noncurrent Operating Liabilities	60	66	65	69	74	22	24	20	21	21	26
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	1,635	1,593	1,557	1,514	1,292	1,299	1,105	999	885	847	739
Total Preferred & Common Equity	1,627	1,586	1,549	1,507	1,286	1,293	1,099	994	880	842	734
Total Common Equity	1,627	1,586	1,549	1,507	1,286	1,293	1,099	994	880	842	734
Common Stock	3,153	3,158	3,161	3,163	3,170	3,173	3,180	3,195	3,198	3,200	3,204
Retained Earnings	1,147	1,171	1,158	1,137	963	993	828	757	668	642	557
Accumulated Other Comprehensive Income / (Loss)	4.53	-1.41	5.22	8.13	5.34	6.12	-3.77	-0.02	-1.12	-1.56	0.13
Other Equity Adjustments	-2,677	-2,742	-2,775	-2,801	-2,853	-2,879	-2,906	-2,958	-2,985	-2,999	-3,027
Noncontrolling Interest	7.69	7.61	7.33	7.34	6.69	6.71	6.13	5.81	5.47	5.35	4.88

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-83.73%	440.96%	-0.95%	4.58%	6.63%	-7.85%	-8.98%	3.96%	1.69%	-1.77%	-4.17%
EBITDA Growth	-10.43%	25.16%	-15.07%	-26.80%	37.40%	84.53%	-54.73%	29.62%	-51.82%	75.10%	-26.89%
EBIT Growth	-34.46%	126.17%	-27.20%	-59.25%	106.63%	254.93%	-77.25%	86.87%	-115.35%	519.76%	-71.57%
NOPAT Growth	-72.64%	681.44%	-26.57%	-58.49%	102.97%	249.27%	-76.81%	28.69%	-112.63%	354.30%	-51.42%
Net Income Growth	-542.81%	231.75%	199.20%	11.80%	-74.51%	790.05%	-95.98%	336.62%	-465.62%	0.46%	8.97%
EPS Growth	0.00%	0.00%	242.11%	15.38%	-74.67%	831.58%	-96.05%	342.86%	-470.97%	0.87%	9.65%
Operating Cash Flow Growth	4.31%	-11.85%	5.05%	24.52%	3.03%	-3.60%	-15.47%	9.66%	-15.30%	2.17%	-35.57%
Free Cash Flow Firm Growth	218.87%	-126.85%	230.94%	-111.79%	168.27%	515.43%	-78.22%	-22.08%	41.96%	21.63%	-233.34%
Invested Capital Growth	-57.99%	42.61%	-31.43%	7.55%	-0.58%	-12.02%	-2.80%	-0.72%	-7.05%	-7.23%	15.84%
Revenue Q/Q Growth	-79.48%	217.19%	27.13%	-29.16%	88.95%	0.00%	1,388.70%	0.69%	0.23%	-1.61%	-0.20%
EBITDA Q/Q Growth	-12.73%	5.68%	9.32%	-13.61%	19.16%	-47.40%	208.66%	20.24%	-38.41%	120.54%	-17.16%
EBIT Q/Q Growth	-37.99%	20.03%	23.40%	-37.35%	66.94%	-56.55%	121.90%	57.10%	-131.32%	314.30%	-58.67%
NOPAT Q/Q Growth	-80.20%	4,396.19%	-32.65%	-48.17%	34.14%	-56.24%	122.68%	5.58%	-124.82%	219.41%	27.14%
Net Income Q/Q Growth	-202.16%	512.06%	239.96%	35.34%	-71.07%	0.00%	102.48%	87.26%	-1,896.59%	36.54%	4.15%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-76.25%	0.57%	-56.25%	93.75%	-1,542.86%	36.67%	3.74%
Operating Cash Flow Q/Q Growth	-1.89%	-4.43%	5.85%	8.90%	2.70%	-6.48%	-6.46%	5.54%	2.74%	-4.71%	-19.57%
Free Cash Flow Firm Q/Q Growth	-67.70%	-252.30%	534.16%	-187.63%	145.22%	-32.83%	-88.11%	108.47%	9.29%	20.56%	-227.82%
Invested Capital Q/Q Growth	-18.71%	44.51%	0.97%	12.56%	-0.03%	-3.28%	129.14%	-2.11%	-5.29%	-4.70%	21.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	601.08%	100.00%	100.00%	100.00%	100.00%	75.29%	74.96%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	304.39%	70.43%	60.38%	42.26%	54.46%	109.06%	54.24%	67.63%	32.04%	57.12%	43.58%
Operating Margin	34.90%	35.29%	26.03%	10.42%	19.78%	74.88%	19.16%	23.66%	-4.19%	10.86%	5.50%
EBIT Margin	83.18%	34.78%	25.56%	9.96%	19.30%	74.34%	18.58%	33.40%	-5.04%	21.55%	6.39%
Profit (Net Income) Margin	-31.65%	7.71%	23.28%	24.89%	5.95%	57.46%	2.54%	10.67%	-38.36%	-38.87%	-36.92%
Tax Burden Percent	100.00%	100.00%	100.52%	99.69%	99.97%	100.07%	99.62%	99.90%	100.04%	100.01%	100.06%
Interest Burden Percent	-38.04%	22.16%	90.61%	250.68%	30.84%	77.24%	13.72%	31.97%	760.43%	-180.37%	-577.13%
Effective Tax Rate	0.00%	0.00%	-0.52%	0.31%	0.03%	-0.07%	0.38%	0.10%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.41%	4.42%	3.28%	1.61%	3.17%	11.80%	2.96%	3.88%	-0.51%	1.40%	0.67%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.61%	-1.98%	2.62%	6.31%	-1.11%	6.14%	-2.86%	-0.76%	-12.81%	-13.61%	-9.83%
Return on Net Nonoperating Assets (RNNOA)	-1.39%	-2.32%	3.18%	5.80%	-1.19%	5.80%	-2.26%	-0.64%	-12.84%	-17.99%	-20.08%
Return on Equity (ROE)	-0.98%	2.10%	6.46%	7.41%	1.97%	17.60%	0.71%	3.24%	-13.35%	-16.59%	-19.42%
Cash Return on Invested Capital (CROIC)	82.07%	-30.70%	40.57%	-5.67%	3.74%	24.58%	5.80%	4.60%	6.80%	8.90%	-14.01%
Operating Return on Assets (OROA)	1.14%	2.87%	2.18%	1.34%	2.75%	9.97%	2.34%	4.38%	-0.68%	3.02%	0.88%
Return on Assets (ROA)	-0.43%	0.64%	1.99%	3.36%	0.85%	7.71%	0.32%	1.40%	-5.19%	-5.44%	-5.05%
Return on Common Equity (ROCE)	-0.96%	4.03%	12.58%	7.35%	1.96%	17.49%	0.70%	3.22%	-13.28%	-16.50%	-19.30%
Return on Equity Simple (ROE_SIMPLE)	-1.59%	2.17%	6.62%	7.53%	2.06%	17.13%	0.73%	3.32%	-14.98%	-18.92%	0.00%
Net Operating Profit after Tax (NOPAT)	24	185	136	57	115	401	93	120	-15	38	19
NOPAT Margin	24.43%	35.29%	26.16%	10.39%	19.77%	74.93%	19.09%	23.63%	-2.94%	7.60%	3.85%
Net Nonoperating Expense Percent (NNEP)	2.01%	6.40%	0.66%	-4.70%	4.28%	5.66%	5.83%	4.64%	12.30%	15.01%	10.50%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	3.30%	-0.43%	1.17%	0.56%
Cost of Revenue to Revenue	-501.08%	0.00%	0.00%	0.00%	0.00%	24.71%	25.04%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	30.27%	5.06%	5.48%	5.11%	5.54%	5.66%	6.19%	6.92%	6.77%	8.46%	8.68%
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	566.18%	64.71%	73.97%	89.58%	80.22%	0.41%	55.80%	81.42%	104.19%	89.60%	96.41%
Earnings before Interest and Taxes (EBIT)	81	183	133	54	112	398	90	169	-26	109	31
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	296	370	314	230	316	583	264	342	165	289	211
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.67	0.30	1.02	0.78	1.06	0.78	0.99	0.48	0.61	0.91	0.62
Price to Tangible Book Value (P/TBV)	0.71	0.30	1.05	0.84	1.12	0.80	1.01	0.49	0.61	0.91	0.64
Price to Revenue (P/Rev)	13.27	3.09	3.58	2.57	3.07	2.61	3.44	1.55	1.55	1.86	1.02
Price to Earnings (P/E)	0.00	49.27	16.24	10.44	52.62	4.58	141.08	14.69	0.00	0.00	0.00
Dividend Yield	8.16%	6.69%	6.03%	9.18%	7.51%	9.28%	7.77%	16.63%	15.49%	13.78%	18.65%
Earnings Yield	0.00%	2.03%	6.16%	9.58%	1.90%	21.85%	0.71%	6.81%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.98	0.98	1.01	0.89	1.03	0.88	1.00	0.72	0.81	0.95	0.90
Enterprise Value to Revenue (EV/Rev)	34.94	9.21	6.56	5.97	6.42	5.22	6.32	4.34	4.49	4.99	5.59
Enterprise Value to EBITDA (EV/EBITDA)	11.48	13.08	10.86	14.12	11.79	4.78	11.65	6.41	14.00	8.73	12.83
Enterprise Value to EBIT (EV/EBIT)	42.01	26.48	25.65	59.94	33.27	7.02	34.00	12.98	0.00	23.15	87.47
Enterprise Value to NOPAT (EV/NOPAT)	143.03	26.10	25.06	57.48	32.47	6.96	33.09	18.35	0.00	65.64	145.17
Enterprise Value to Operating Cash Flow (EV/OCF)	17.22	27.84	18.69	14.29	15.91	12.36	16.11	10.49	13.03	13.92	23.21
Enterprise Value to Free Cash Flow (EV/FCFF)	0.71	0.00	2.02	0.00	27.46	3.34	16.91	15.48	11.48	10.30	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.22	2.11	1.05	1.12	1.27	1.01	1.09	1.22	1.63	2.14	3.20
Long-Term Debt to Equity	1.22	2.11	1.05	1.12	1.27	1.01	1.09	1.22	1.63	2.14	3.20
Financial Leverage	0.86	1.17	1.21	0.92	1.07	0.95	0.79	0.85	1.00	1.32	2.04
Leverage Ratio	2.27	3.30	3.25	2.21	2.33	2.28	2.21	2.32	2.57	3.05	3.84
Compound Leverage Factor	-0.86	0.73	2.94	5.53	0.72	1.76	0.30	0.74	19.56	-5.50	-22.17
Debt to Total Capital	54.99%	67.86%	51.11%	52.83%	55.95%	50.36%	52.14%	54.90%	62.02%	68.16%	76.22%
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	54.99%	67.86%	51.11%	52.83%	55.95%	50.36%	52.14%	54.90%	62.02%	68.16%	76.22%
Preferred Equity to Total Capital	0.00%	1.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.42%	0.73%	0.46%	0.32%	0.27%	0.29%	0.31%	0.21%	0.19%	0.18%	0.15%
Common Equity to Total Capital	44.59%	92.43%	48.42%	46.86%	43.78%	49.35%	47.55%	44.89%	37.79%	31.66%	23.63%
Debt to EBITDA	8.07	10.88	6.14	8.82	6.78	3.14	7.02	5.81	13.11	7.74	12.11
Net Debt to EBITDA	7.06	8.31	4.88	7.98	6.12	2.37	5.27	4.10	9.11	5.46	10.47
Long-Term Debt to EBITDA	8.07	10.88	6.14	8.82	6.78	3.14	7.02	5.81	13.11	7.74	12.11
Debt to NOPAT	100.49	21.71	14.18	35.87	18.69	4.57	19.94	16.62	-143.13	58.21	137.01
Net Debt to NOPAT	87.95	16.59	11.27	32.48	16.85	3.45	14.96	11.73	-99.47	41.02	118.44
Long-Term Debt to NOPAT	100.49	21.71	14.18	35.87	18.69	4.57	19.94	16.62	-143.13	58.21	137.01
Altman Z-Score	0.37	0.50	0.79	0.53	0.69	1.26	1.06	0.87	0.66	0.77	0.49
Noncontrolling Interest Sharing Ratio	2.54%	-92.22%	-94.83%	0.81%	0.65%	0.60%	0.61%	0.56%	0.49%	0.54%	0.60%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.74	2.25	2.06	0.63	1.29	0.81	0.45	0.34	0.56	0.68	0.57
Quick Ratio	0.74	2.09	2.06	0.31	0.94	0.49	0.26	0.15	0.40	0.54	0.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	4,795	-1,287	1,686	-199	136	835	182	142	201	245	-393
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	201.88%	184.85%	444.67%	0.00%	1,994.21%
Free Cash Flow to Firm to Interest Expense	42.83	-8.47	19.64	-2.54	1.66	11.30	2.90	2.05	2.11	2.12	-2.67
Operating Cash Flow to Interest Expense	1.76	1.14	2.13	2.90	2.87	3.06	3.05	3.02	1.86	1.57	0.79
Operating Cash Flow Less CapEx to Interest Expense	2.63	6.17	3.29	4.53	3.39	4.97	1.54	1.39	1.44	2.13	0.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.01	0.08	0.09	0.13	0.14	0.13	0.13	0.13	0.14	0.14	0.14
Accounts Receivable Turnover	3.56	5.48	5.41	31.71	35.44	35.78	38.32	44.24	44.79	40.97	27.80
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	0.02	0.13	0.12	0.18	0.19	0.19	0.19	0.20	0.21	0.22	0.21
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	1.12	0.90	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	102.66	66.56	67.48	11.51	10.30	10.20	9.53	8.25	8.15	8.91	13.13
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	324.94	407.45	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	102.66	66.56	67.48	11.51	10.30	-314.73	-397.93	8.25	8.15	8.91	13.13
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,457	4,930	3,380	3,636	3,615	3,180	3,091	3,069	2,853	2,647	3,008
Invested Capital Turnover	0.02	0.13	0.13	0.16	0.16	0.16	0.16	0.16	0.17	0.18	0.17
Increase / (Decrease) in Invested Capital	-4,771	1,473	-1,549	255	-21	-434	-89	-22	-216	-206	411
Enterprise Value (EV)	3,394	4,839	3,413	3,249	3,726	2,790	3,076	2,195	2,309	2,522	2,709
Market Capitalization	1,289	1,623	1,861	1,401	1,782	1,397	1,674	784	800	940	494
Book Value per Share	$11.04	$31.31	$10.42	$10.07	$9.52	$10.52	$9.88	$9.48	$7.65	$6.02	$4.56
Tangible Book Value per Share	$10.40	$30.49	$10.05	$9.34	$9.04	$10.23	$9.71	$9.37	$7.61	$5.98	$4.43
Total Capital	4,337	5,933	3,777	3,839	3,833	3,635	3,555	3,622	3,486	3,281	3,355
Total Debt	2,385	4,026	1,931	2,028	2,144	1,831	1,854	1,988	2,162	2,236	2,557
Total Long-Term Debt	2,385	4,026	1,931	2,028	2,144	1,831	1,854	1,988	2,162	2,236	2,557
Net Debt	2,087	3,076	1,534	1,836	1,934	1,383	1,391	1,403	1,503	1,576	2,210
Capital Expenditures (CapEx)	-97	-764	-99	-127	-42	-141	95	113	40	-65	5.85
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-83	-52	-89	-69	-57	-69	-111	-144	-134	-151	-94
Debt-free Net Working Capital (DFNWC)	-26	336	113	-46	33	-23	-83	-126	-76	-61	-62
Net Working Capital (NWC)	-26	336	113	-46	33	-23	-83	-126	-76	-61	-62
Net Nonoperating Expense (NNE)	54	145	15	-79	80	93	81	66	182	235	198
Net Nonoperating Obligations (NNO)	1,505	3,022	1,534	1,825	1,926	1,376	1,390	1,436	1,529	1,602	2,210
Total Depreciation and Amortization (D&A)	215	187	181	176	204	186	174	173	191	180	180
Debt-free, Cash-free Net Working Capital to Revenue	-85.17%	-9.95%	-17.13%	-12.73%	-9.89%	-12.95%	-22.70%	-28.40%	-26.11%	-29.86%	-19.38%
Debt-free Net Working Capital to Revenue	-26.80%	63.85%	21.72%	-8.54%	5.70%	-4.28%	-17.06%	-24.93%	-14.77%	-12.01%	-12.72%
Net Working Capital to Revenue	-26.80%	63.85%	21.72%	-8.54%	5.70%	-4.28%	-17.06%	-24.93%	-14.77%	-12.01%	-12.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.21)	$0.19	$0.00	$0.76	$0.19	$1.77	$0.07	$0.31	($1.15)	($1.14)	($1.03)
Adjusted Weighted Average Basic Shares Outstanding	178.16M	175.02M	175.48M	178.52M	176.13M	171.93M	170.88M	171.49M	171.96M	172.53M	173.46M
Adjusted Diluted Earnings per Share	($0.21)	$0.19	$0.00	$0.76	$0.19	$1.77	$0.07	$0.31	($1.15)	($1.14)	($1.03)
Adjusted Weighted Average Diluted Shares Outstanding	178.16M	176.01M	176.81M	179.64M	176.69M	172.32M	172.27M	172.33M	171.96M	172.53M	173.46M
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	174.82M	175.19M	178.44M	175.81M	176.60M	170.64M	171.38M	171.73M	172.24M	173.07M	173.71M
Normalized Net Operating Profit after Tax (NOPAT)	81	70	74	122	112	78	90	124	71	70	63
Normalized NOPAT Margin	83.67%	13.29%	14.20%	22.42%	19.36%	14.50%	18.47%	24.55%	13.74%	13.78%	13.01%
Pre Tax Income Margin	-31.65%	7.71%	23.16%	24.96%	5.95%	57.42%	2.55%	10.68%	-38.34%	-38.87%	-36.90%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.72	1.20	1.55	0.69	1.37	5.38	1.44	2.44	-0.27	0.94	0.21
NOPAT to Interest Expense	0.21	1.22	1.59	0.72	1.41	5.42	1.48	1.73	-0.16	0.33	0.13
EBIT Less CapEx to Interest Expense	1.59	6.23	2.71	2.32	1.89	7.29	-0.07	0.81	-0.69	1.50	0.17
NOPAT Less CapEx to Interest Expense	1.08	6.25	2.74	2.35	1.92	7.33	-0.03	0.09	-0.58	0.89	0.09
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-374.92%	287.98%	96.77%	95.90%	388.49%	42.92%	1,058.89%	242.95%	-63.13%	-53.33%	-52.16%
Augmented Payout Ratio	-593.91%	287.98%	96.77%	112.03%	438.54%	62.44%	1,058.89%	242.95%	-63.13%	-53.33%	-52.16%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	172,950,504.00	173,699,039.00	-	173,711,848.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	172,950,504.00	173,699,039.00	-	173,711,848.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-0.51	-0.15	-	-0.28
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.03%	0.92%	-2.12%	-0.43%	1.86%	-6.35%	-3.93%	-3.81%	-7.87%	-0.78%	4.52%
EBITDA Growth	-22.69%	-126.27%	-2.30%	-6.69%	-44.64%	488.72%	-11.89%	-96.27%	94.52%	-34.82%	-15.67%
EBIT Growth	-63.73%	-198.56%	-5.34%	1.23%	-181.34%	199.65%	-36.11%	-335.91%	322.88%	-55.13%	-99.12%
NOPAT Growth	-73.04%	-286.43%	-4.84%	46.74%	-166.28%	127.80%	-33.86%	-248.57%	366.38%	25.94%	-90.04%
Net Income Growth	-260.53%	-630.05%	-211.11%	337.63%	-665.95%	71.72%	-64.83%	-393.84%	84.31%	17.35%	-80.38%
EPS Growth	-262.50%	-635.29%	-233.33%	312.50%	-638.46%	72.53%	-60.00%	-400.00%	84.38%	16.00%	-75.00%
Operating Cash Flow Growth	-28.09%	7.72%	343.00%	-13.89%	4.25%	-13.58%	-73.48%	-28.59%	-9.13%	-49.87%	61.65%
Free Cash Flow Firm Growth	107.62%	211.25%	138.34%	-75.59%	71.53%	37.61%	-18.61%	95.23%	35.74%	-244.42%	-273.29%
Invested Capital Growth	-3.93%	-7.05%	-7.74%	-5.02%	-7.81%	-7.23%	-6.91%	-12.65%	-10.54%	15.84%	13.59%
Revenue Q/Q Growth	2.77%	0.62%	-2.83%	-0.90%	5.13%	-7.50%	-0.32%	-0.78%	0.70%	-0.38%	5.01%
EBITDA Q/Q Growth	-4.05%	-151.47%	308.93%	-9.56%	-43.07%	261.38%	-52.66%	-96.17%	2,868.80%	21.11%	-38.77%
EBIT Q/Q Growth	-26.23%	-707.95%	127.29%	-17.27%	-159.27%	844.80%	-82.53%	-405.86%	156.00%	50.00%	-99.66%
NOPAT Q/Q Growth	-24.71%	-652.83%	129.05%	21.34%	-134.01%	331.93%	-30.89%	-372.59%	160.97%	9.65%	-94.53%
Net Income Q/Q Growth	-69.87%	-629.13%	89.60%	284.40%	-647.53%	73.08%	39.36%	-228.71%	70.77%	-41.85%	-32.34%
EPS Q/Q Growth	-62.50%	-600.00%	89.01%	270.00%	-664.71%	73.96%	36.00%	-218.75%	70.59%	-40.00%	-33.33%
Operating Cash Flow Q/Q Growth	-10.42%	31.47%	-63.85%	102.26%	8.46%	8.98%	-88.91%	444.56%	38.02%	-39.88%	-64.23%
Free Cash Flow Firm Q/Q Growth	-81.07%	20.90%	58.91%	-32.89%	33.03%	-3.01%	-6.01%	60.98%	-7.50%	-226.38%	7.91%
Invested Capital Q/Q Growth	-0.67%	-5.29%	0.32%	0.64%	-3.58%	-4.70%	0.67%	-5.57%	-1.25%	21.08%	0.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.94%	148.41%	100.00%	74.99%	75.79%	151.89%	100.00%	73.99%	74.13%	151.90%	69.67%
EBITDA Margin	48.50%	-24.81%	53.34%	48.68%	26.36%	102.97%	48.90%	1.89%	55.65%	67.66%	39.46%
Operating Margin	11.03%	-60.61%	18.12%	15.54%	-7.18%	18.00%	12.48%	-34.28%	20.75%	22.84%	1.19%
EBIT Margin	10.17%	-61.47%	17.26%	14.41%	-8.12%	65.41%	11.46%	-35.34%	19.65%	29.59%	0.10%
Profit (Net Income) Margin	-16.72%	-121.19%	-12.98%	24.15%	-125.75%	-36.60%	-22.27%	-73.76%	-21.41%	-30.49%	-38.43%
Tax Burden Percent	99.99%	100.02%	100.01%	99.97%	100.00%	100.01%	100.00%	100.10%	100.00%	100.07%	100.00%
Interest Burden Percent	-164.41%	197.10%	-75.17%	167.62%	1,547.92%	-55.95%	-194.21%	208.52%	-108.96%	-102.96%	-39,676.42%
Effective Tax Rate	0.00%	0.00%	0.00%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	1.29%	-7.37%	2.18%	2.69%	-0.89%	2.32%	1.58%	-4.41%	2.68%	2.76%	0.14%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.82%	-14.29%	0.07%	3.39%	-10.93%	-1.52%	-0.75%	-8.15%	0.04%	-0.22%	-2.38%
Return on Net Nonoperating Assets (RNNOA)	-0.78%	-14.33%	0.07%	3.63%	-13.23%	-2.00%	-1.05%	-11.97%	0.07%	-0.46%	-5.41%
Return on Equity (ROE)	0.51%	-21.70%	2.25%	6.32%	-14.12%	0.31%	0.53%	-16.38%	2.75%	2.31%	-5.27%
Cash Return on Invested Capital (CROIC)	5.99%	6.80%	7.51%	4.63%	7.01%	8.90%	8.35%	13.15%	11.68%	-14.01%	-12.41%
Operating Return on Assets (OROA)	1.32%	-8.32%	2.29%	1.91%	-1.11%	9.15%	1.60%	-4.90%	2.76%	4.05%	0.01%
Return on Assets (ROA)	-2.17%	-16.40%	-1.72%	3.20%	-17.18%	-5.12%	-3.11%	-10.23%	-3.00%	-4.17%	-5.37%
Return on Common Equity (ROCE)	0.51%	-21.59%	2.24%	6.29%	-14.05%	0.31%	0.52%	-16.29%	2.74%	2.29%	-5.23%
Return on Equity Simple (ROE_SIMPLE)	-0.66%	0.00%	-16.22%	-12.81%	-28.18%	0.00%	-20.85%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	9.99	-55	16	19	-6.62	15	11	-29	18	19	1.06
NOPAT Margin	7.72%	-42.43%	12.69%	15.53%	-5.02%	12.60%	8.73%	-23.99%	14.53%	15.99%	0.83%
Net Nonoperating Expense Percent (NNEP)	2.11%	6.92%	2.11%	-0.71%	10.04%	3.83%	2.33%	3.74%	2.64%	2.99%	2.52%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.58%	-	-	-	0.47%	0.33%	-0.90%	0.56%	0.58%	0.03%
Cost of Revenue to Revenue	24.06%	-48.41%	0.00%	25.01%	24.21%	-51.89%	0.00%	26.01%	25.87%	-51.90%	30.33%
SG&A Expenses to Revenue	6.24%	6.11%	8.78%	7.13%	9.62%	8.25%	14.38%	7.73%	6.46%	6.11%	9.71%
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	64.91%	209.02%	81.88%	59.45%	82.97%	135.78%	87.52%	108.26%	53.38%	136.71%	68.48%
Earnings before Interest and Taxes (EBIT)	13	-80	22	18	-11	80	14	-43	24	36	0.12
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	63	-32	67	61	35	126	59	2.28	68	82	50
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.44	0.61	0.60	0.58	0.83	0.91	0.75	0.81	0.84	0.62	0.62
Price to Tangible Book Value (P/TBV)	0.45	0.61	0.60	0.58	0.84	0.91	0.75	0.82	0.85	0.64	0.64
Price to Revenue (P/Rev)	1.30	1.55	1.51	1.46	1.78	1.86	1.49	1.44	1.46	1.02	0.93
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	19.58%	15.49%	15.15%	14.78%	14.16%	13.78%	17.40%	14.49%	14.69%	18.65%	17.50%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.71	0.81	0.81	0.80	0.92	0.95	0.90	0.95	0.94	0.90	0.91
Enterprise Value to Revenue (EV/Rev)	4.18	4.49	4.54	4.51	5.00	4.99	4.78	4.80	4.82	5.59	5.61
Enterprise Value to EBITDA (EV/EBITDA)	8.02	14.00	14.22	14.52	19.60	8.73	8.51	10.72	9.18	12.83	13.63
Enterprise Value to EBIT (EV/EBIT)	25.92	0.00	0.00	0.00	0.00	23.15	23.65	58.92	31.20	87.47	160.19
Enterprise Value to NOPAT (EV/NOPAT)	35.29	0.00	0.00	0.00	0.00	65.64	72.47	0.00	159.30	145.17	301.98
Enterprise Value to Operating Cash Flow (EV/OCF)	12.44	13.03	11.87	12.28	13.50	13.92	14.61	15.88	16.12	23.21	22.80
Enterprise Value to Free Cash Flow (EV/FCFF)	11.66	11.48	10.37	16.87	12.64	10.30	10.36	6.71	7.61	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.42	1.63	1.71	1.74	2.07	2.14	2.24	2.64	2.71	3.20	3.58
Long-Term Debt to Equity	1.42	1.63	1.71	1.74	2.07	2.14	2.24	2.64	2.71	3.20	3.58
Financial Leverage	0.95	1.00	1.07	1.07	1.21	1.32	1.41	1.47	1.70	2.04	2.27
Leverage Ratio	2.51	2.57	2.68	2.70	2.87	3.05	3.12	3.27	3.55	3.84	4.03
Compound Leverage Factor	-4.12	5.07	-2.01	4.52	44.46	-1.71	-6.07	6.82	-3.86	-3.96	-1,600.13
Debt to Total Capital	58.76%	62.02%	63.05%	63.55%	67.41%	68.16%	69.13%	72.52%	73.03%	76.22%	78.16%
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	58.76%	62.02%	63.05%	63.55%	67.41%	68.16%	69.13%	72.52%	73.03%	76.22%	78.16%
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	0.20%	0.19%	0.19%	0.19%	0.18%	0.18%	0.18%	0.17%	0.17%	0.15%	0.14%
Common Equity to Total Capital	41.04%	37.79%	36.76%	36.27%	32.41%	31.66%	30.69%	27.31%	26.80%	23.63%	21.69%
Debt to EBITDA	8.06	13.11	13.50	14.25	17.45	7.74	7.97	10.52	9.00	12.11	13.11
Net Debt to EBITDA	5.50	9.11	9.45	9.78	12.57	5.46	5.84	7.47	6.37	10.47	11.34
Long-Term Debt to EBITDA	8.06	13.11	13.50	14.25	17.45	7.74	7.97	10.52	9.00	12.11	13.11
Debt to NOPAT	35.46	-143.13	-138.45	-145.58	-71.04	58.21	67.86	-243.82	156.23	137.01	290.59
Net Debt to NOPAT	24.19	-99.47	-96.93	-99.91	-51.17	41.02	49.67	-173.04	110.60	118.44	251.30
Long-Term Debt to NOPAT	35.46	-143.13	-138.45	-145.58	-71.04	58.21	67.86	-243.82	156.23	137.01	290.59
Altman Z-Score	0.69	0.61	0.68	0.67	0.64	0.74	0.62	0.56	0.60	0.49	0.42
Noncontrolling Interest Sharing Ratio	0.48%	0.49%	0.50%	0.49%	0.51%	0.54%	0.55%	0.56%	0.59%	0.60%	0.61%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.54	0.56	0.50	0.41	0.39	0.68	0.43	1.09	0.75	0.57	0.49
Quick Ratio	0.39	0.40	0.33	0.25	0.24	0.54	0.26	0.91	0.57	0.38	0.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	133	161	256	172	229	222	208	335	310	-392	-361
Operating Cash Flow to CapEx	285.43%	459.33%	119.55%	277.37%	195.76%	0.00%	24.42%	186.54%	0.00%	175.48%	54.25%
Free Cash Flow to Firm to Interest Expense	5.47	6.54	10.22	6.02	7.48	7.10	6.54	10.37	9.43	-7.83	-8.83
Operating Cash Flow to Interest Expense	2.06	2.67	0.95	1.69	1.71	1.82	0.20	1.06	1.44	0.57	0.25
Operating Cash Flow Less CapEx to Interest Expense	1.34	2.09	0.16	1.08	0.84	4.50	-0.61	0.49	2.58	0.25	-0.21
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.13	0.14	0.13	0.13	0.14	0.14	0.14	0.14	0.14	0.14	0.14
Accounts Receivable Turnover	29.74	44.79	40.83	45.41	32.31	40.97	39.72	36.55	40.18	27.80	26.52
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	0.21	0.21	0.21	0.21	0.22	0.22	0.22	0.23	0.21	0.21
Accounts Payable Turnover	0.99	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.04
Days Sales Outstanding (DSO)	12.27	8.15	8.94	8.04	11.30	8.91	9.19	9.99	9.08	13.13	13.76
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)	367.12	0.00	0.00	0.00	206,276.16	0.00	0.00	0.00	0.00	0.00	9,504.13
Cash Conversion Cycle (CCC)	-354.85	8.15	8.94	8.04	-206,264.87	8.91	9.19	9.99	9.08	13.13	-9,490.36
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,012	2,853	2,862	2,880	2,777	2,647	2,664	2,516	2,484	3,008	3,026
Invested Capital Turnover	0.17	0.17	0.17	0.17	0.18	0.18	0.18	0.18	0.18	0.17	0.17
Increase / (Decrease) in Invested Capital	-123	-216	-240	-152	-235	-206	-198	-364	-293	411	362
Enterprise Value (EV)	2,147	2,309	2,322	2,307	2,567	2,522	2,390	2,379	2,338	2,709	2,750
Market Capitalization	668	800	772	746	914	940	746	716	709	494	457
Book Value per Share	$8.76	$7.65	$7.47	$7.50	$6.36	$6.02	$5.74	$5.09	$4.84	$4.56	$4.23
Tangible Book Value per Share	$8.71	$7.61	$7.42	$7.47	$6.33	$5.98	$5.71	$5.06	$4.82	$4.43	$4.11
Total Capital	3,672	3,486	3,497	3,564	3,390	3,281	3,237	3,221	3,140	3,355	3,385
Total Debt	2,158	2,162	2,205	2,265	2,285	2,236	2,238	2,336	2,293	2,557	2,646
Total Long-Term Debt	2,158	2,162	2,205	2,265	2,285	2,236	2,238	2,336	2,293	2,557	2,646
Net Debt	1,472	1,503	1,543	1,555	1,646	1,576	1,638	1,658	1,623	2,210	2,288
Capital Expenditures (CapEx)	18	14	20	17	27	-83	26	18	-37	16	19
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-131	-134	-126	-129	-149	-151	-125	-108	-115	-94	-126
Debt-free Net Working Capital (DFNWC)	-83	-76	-83	-99	-112	-61	-95	14	-40	-62	-90
Net Working Capital (NWC)	-83	-76	-83	-99	-112	-61	-95	14	-40	-62	-90
Net Nonoperating Expense (NNE)	32	103	32	-11	159	60	38	60	44	56	50
Net Nonoperating Obligations (NNO)	1,498	1,529	1,570	1,581	1,672	1,602	1,665	1,631	1,638	2,210	2,287
Total Depreciation and Amortization (D&A)	50	48	46	43	45	46	45	45	44	46	50
Debt-free, Cash-free Net Working Capital to Revenue	-25.53%	-26.11%	-24.69%	-25.30%	-28.93%	-29.86%	-24.95%	-21.86%	-23.77%	-19.38%	-25.69%
Debt-free Net Working Capital to Revenue	-16.21%	-14.77%	-16.25%	-19.36%	-21.83%	-12.01%	-19.07%	2.88%	-8.22%	-12.72%	-18.30%
Net Working Capital to Revenue	-16.21%	-14.77%	-16.25%	-19.36%	-21.83%	-12.01%	-19.07%	2.88%	-8.22%	-12.72%	-18.30%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.13)	($0.91)	($0.10)	$0.17	($0.96)	($0.25)	($0.16)	($0.51)	($0.15)	($0.21)	($0.28)
Adjusted Weighted Average Basic Shares Outstanding	172.10M	171.96M	172.21M	172.56M	172.67M	172.53M	172.92M	173.53M	173.70M	173.46M	173.76M
Adjusted Diluted Earnings per Share	($0.13)	($0.91)	($0.10)	$0.17	($0.96)	($0.25)	($0.16)	($0.51)	($0.15)	($0.21)	($0.28)
Adjusted Weighted Average Diluted Shares Outstanding	172.10M	171.96M	172.21M	174.70M	172.67M	172.53M	172.92M	173.53M	173.70M	173.46M	173.76M
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	172.10M	172.24M	172.27M	172.67M	172.67M	173.07M	172.95M	173.70M	173.70M	173.71M	173.71M
Normalized Net Operating Profit after Tax (NOPAT)	18	-61	16	26	20	15	8.47	15	18	19	9.39
Normalized NOPAT Margin	14.03%	-46.82%	12.69%	20.66%	15.15%	12.60%	6.97%	12.85%	14.51%	15.99%	7.40%
Pre Tax Income Margin	-16.73%	-121.16%	-12.98%	24.15%	-125.75%	-36.60%	-22.27%	-73.69%	-21.41%	-30.47%	-38.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.54	-3.25	0.87	0.63	-0.35	2.56	0.44	-1.32	0.72	0.71	0.00
NOPAT to Interest Expense	0.41	-2.24	0.64	0.68	-0.22	0.49	0.33	-0.89	0.54	0.39	0.03
EBIT Less CapEx to Interest Expense	-0.18	-3.83	0.08	0.02	-1.22	5.23	-0.37	-1.89	1.86	0.39	-0.46
NOPAT Less CapEx to Interest Expense	-0.31	-2.82	-0.15	0.07	-1.09	3.16	-0.48	-1.46	1.67	0.06	-0.43
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-1,329.04%	-63.13%	-56.51%	-67.22%	-33.77%	-53.33%	-50.70%	-32.25%	-56.50%	-52.16%	-40.47%
Augmented Payout Ratio	-1,329.04%	-63.13%	-56.51%	-67.22%	-33.77%	-53.33%	-50.70%	-32.25%	-56.50%	-52.16%	-40.47%

Financials Breakdown Chart

Key Financial Trends

Brandywine Realty Trust (NYSE: BDN) continued to post a loss in Q1 2026, but the quarter also showed some stabilizing cash flow and balance sheet improvements versus the prior year. Revenue rose year over year, operating cash flow was positive, and liquidity remains adequate. That said, heavy interest expense, ongoing impairment charges, and a highly leveraged capital structure remain the biggest concerns for retail investors.

Q1 2026 revenue increased to $127.0 million from $121.5 million in Q1 2025, showing modest top-line growth.
Operating cash flow was positive at $10.2 million in Q1 2026, versus $6.3 million in Q1 2025 and a stronger $47.5 million in Q3 2025.
Cash increased from Q1 2025 to $36.2 million from $29.4 million, despite the quarterly net loss.
Short-term liquidity improved with current assets of $87.3 million versus current liabilities of $177.0 million, helped by cash generation and receivables.
Common equity rose quarter over quarter to $734.3 million from $879.8 million in Q2 2025? Actually, on a sequential basis it was lower than mid-2025, but still far above the distressed levels seen in early 2024, reflecting a healthier equity base than last year’s trough.
Depreciation and amortization remain large non-cash add-backs, which supports cash flow but also highlights the capital-intensive nature of the business.
Cash interest paid remained elevated at $29.5 million in Q1 2026, underscoring the burden of debt service.
Share count was essentially flat at about 173.8 million shares in Q1 2026, so dilution is not the main issue right now.
Q1 2026 net loss widened to $48.8 million from $27.1 million in Q1 2025.
Interest expense remained very heavy at $40.9 million in Q1 2026, which overwhelmed the $1.5 million in operating income.
Impairment charges persisted at $11.9 million in Q1 2026, suggesting continued pressure on property values or asset quality.
Investing cash outflows were large at $54.2 million, driven by property spending, acquisitions, and other investing items.
Total debt remains high at about $2.62 billion of long-term debt plus capital lease obligations, leaving the company sensitive to interest rates and refinancing conditions.
Operating income was minimal at just $1.5 million in Q1 2026, so even small changes in expenses or rates can push results deeper into the red.

Bottom line: Brandywine Realty Trust is showing some cash flow resilience and slightly better revenue momentum, but profitability remains weak and leverage is still the main story. For investors, the key question is whether management can keep generating operating cash flow while reducing debt pressure and limiting further impairment charges.

07/27/26 05:18 PM ETAI Generated. May Contain Errors.

Brandywine Realty Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Brandywine Realty Trust's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Brandywine Realty Trust's net income appears to be on a downward trend, with a most recent value of -$178.87 million in 2025, rising from -$30.74 million in 2015. The previous period was -$196.49 million in 2024. See Brandywine Realty Trust's forecast for analyst expectations on what's next for the company.

Brandywine Realty Trust's total operating income in 2025 was $26.66 million, based on the following breakdown:

Total Gross Profit: $484.45 million
Total Operating Expenses: $467.05 million

Over the last 10 years, Brandywine Realty Trust's total revenue changed from $97.14 million in 2015 to $484.45 million in 2025, a change of 398.7%.

Brandywine Realty Trust's total liabilities were at $2.79 billion at the end of 2025, a 13.9% increase from 2024, and a 7.1% increase since 2015.

In the past 10 years, Brandywine Realty Trust's cash and equivalents has ranged from $17.55 million in 2022 to $387.84 million in 2016, and is currently $32.28 million as of their latest financial filing in 2025.

Over the last 10 years, Brandywine Realty Trust's book value per share changed from 11.04 in 2015 to 4.56 in 2025, a change of -58.7%.

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Financial statements for NYSE:BDN last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Brandywine Realty Trust (BDN) Financials

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Brandywine Realty Trust (BDN) Financials

Annual Income Statements for Brandywine Realty Trust

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Quarterly Balance Sheets for Brandywine Realty Trust

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Quarterly Metrics And Ratios for Brandywine Realty Trust

Financials Breakdown Chart

Key Financial Trends

Brandywine Realty Trust Financials - Frequently Asked Questions

When does Brandywine Realty Trust's fiscal year end?

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

What is Brandywine Realty Trust's operating income?

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

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

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