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Brandywine Realty Trust

Logo: Brandywine Realty Trust, CC BY 4.0, via Wikimedia Commons4

American real estate investment firm

Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas. As of December 31, 2022, the company owned interests in 72 properties containing 12.8 million net rentable square feet.3 From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

1986Founded1

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  • TickerBDN on NYSE1
  • Industryreal estate investment trust1
  • HeadquartersRadnor1
  • Websitewww.brandywinerealty.com
  • Incorporated inMD5
  • Business address2929 Arch Street, Suite 1800, Philadelphia, Pa 191045
  • Filer categoryLarge accelerated filer5

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Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.3

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

61.8%Gross margin7
5.5%Operating margin7
-36.8%Net margin7
-4.2%Revenue growth, 20257
-22.5%Return on equity7
3.23×Debt to equity7

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Fixed Rent brought in 73% of the revenue Brandywine Realty Trust broke down this way in fiscal 2025.

  1. Fixed Rent$353.7M773%down 3% from 2024
  2. Variable Rent$92.1M719%down 2% from 2024
  3. Third Party Management Revenue$20.3M74%down 14% from 2024
  4. Daily Parking And Hotel Flexible Stay$11.0M72%up 9% from 2024
  5. Real Estate, Other$6.6M71%down 47% from 2024
  6. Amortization Of Deferred Market Rents$718.0K70%down 22% from 2024
Products and services by year
Products and services202320242025
Fixed Rent$372.1M$363.8M$353.7M
Variable Rent$97.0M$94.4M$92.1M
Third Party Management Revenue$24.4M$23.7M$20.3M
Daily Parking And Hotel Flexible Stay$9.5M$10.0M$11.0M
Real Estate, Other$10.4M$12.5M$6.6M
Amortization Of Deferred Market Rents$1.3M$919.0K$718.0K

Business segments

Philadelphia CBD brought in 46% of the revenue Brandywine Realty Trust broke down this way in fiscal 2025.

  1. Philadelphia CBD$231.9M746%up 3% from 2024
  2. Pennsylvania Suburbs$126.8M725%up 1% from 2024
  3. Austin Texas$67.3M713%down 23% from 2024
  4. Other Operating$40.1M78%down 5% from 2024
  5. Other$40.1M78%down 5% from 2024
Business segments by year
Business segments202320242025
Philadelphia CBD$230.9M$226.0M$231.9M
Pennsylvania Suburbs$129.3M$125.0M$126.8M
Austin Texas$95.5M$87.2M$67.3M
Other Operating$39.3M$42.1M$40.1M
Other$39.3M$42.1M$40.1M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs100¢$484.3M
  • Income tax0¢$112.0K

Out of $484.5M in revenue.7 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$116.7M

Out of $116.7M of cash from operations.7

Financial statements

Revenue8910117$484.5M in 2025−17% since 2019
0$200.0M$400.0M$600.0M2019: $580.4M$580.4M20192020: $534.9M$534.9M2020−8%2021: $486.8M$486.8M2021−9%2022: $506.1M$506.1M2022+4%2023: $514.7M$514.7M2023+2%2024: $505.5M$505.5M2024−2%2025: $484.5M$484.5M2025−4%
Gross profit8910117$299.3M in 2025−16% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $354.6M$354.6M20192020: $329.4M$329.4M2020−7%2021: $298.5M$298.5M2021−9%2022: $311.7M$311.7M2022+4%2023: $324.7M$324.7M2023+4%2024: $318.2M$318.2M2024−2%2025: $299.3M$299.3M2025−6%
Operating income8910117$26.7M in 2025−77% since 2019
-$200.0M0$200.0M$400.0M$600.0M2019: $114.8M$114.8M20192020: $400.5M$400.5M2020+249%2021: $93.3M$93.3M2021−77%2022: $119.7M$119.7M2022+28%2023: -$21.6M-$21.6M20232024: $54.9M$54.9M20242025: $26.7M$26.7M2025−51%
Net income8910117-$178.2M in 2025
-$200.0M0$200.0M$400.0M2019: $34.3M$34.3M20192020: $305.5M$305.5M2020+792%2021: $12.3M$12.3M2021−96%2022: $53.8M$53.8M2022+338%2023: -$196.8M-$196.8M20232024: -$195.9M-$195.9M2024−0%2025: -$178.2M-$178.2M2025−9%

Every line of the income statement in the latest annual report, as filed.7

Period ending2025-12-312024-12-312023-12-31
Total revenue$484.5M$505.5M$514.7M
Property operating expenses$131.3M$129.9M$129.9M
Real estate taxes$43.6M$47.7M$50.0M
Third party management expenses$10.2M$9.7M$10.1M
Depreciation and amortization$176.4M$178.2M$188.8M
General and administrative expenses$42.0M$42.8M$34.9M
Provision for impairment$63.4M$44.7M$131.6M
Total operating expenses$467.0M$452.9M$545.2M
Net gain on disposition of real estate$9.4M$2.3M$7.7M
Net gain (loss) on sale of undepreciated real estate-$146.0K$0$1.2M
Total gain on sale of real estate$9.2M$2.3M$8.9M
Operating income (loss)$26.7M$54.9M-$21.6M
Interest expense-$135.0M-$116.3M-$95.5M
Interest expense - amortization of deferred financing costs-$5.1M-$5.0M-$4.4M
Equity in loss of unconsolidated real estate ventures-$57.7M-$191.6M-$77.9M
Net gain on real estate venture transactions$183.0K$56.8M$181.0K
Gain (loss) on early extinguishment of debt-$12.2M$941.0K$138.0K
Net loss before income taxes-$178.8M-$196.5M-$197.3M
Income tax provision-$112.0K-$14.0K-$72.0K
Net loss-$178.9M-$196.5M-$197.4M
Net loss attributable to noncontrolling interests$620.0K$580.0K$614.0K
Net loss attributable to Brandywine Realty Trust-$178.2M-$195.9M-$196.8M
Nonforfeitable dividends allocated to unvested restricted shareholders-$1.2M-$1.2M-$567.0K
Net loss attributable to Common Shareholders of Brandywine Realty Trust-$179.5M-$197.1M-$197.4M
Basic loss per Common Share (in dollars per shares)-$1.03-$1.14-$1.15
Diluted loss per Common Share (in dollars per share)-$1.03-$1.14-$1.15
Basic weighted average shares outstanding (in shares)173.5M shares172.5M shares172.0M shares
Diluted weighted average shares outstanding (in shares)173.5M shares172.5M shares172.0M shares

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The story

The company was founded in 1994 by Jerry Sweeney.

In 1998, the company acquired a portfolio of 23 properties for $229 million, an office park for $48.5 million, and a property portfolio of 68 smaller properties.

In 2001, the company completed an asset exchange with Prentiss Properties Trust.

In May 2005, the company completed the development of the Cira Centre, designed by César Pelli, next to Philadelphia's 30th Street Station.

In January 2006, the company acquired Prentiss Properties Trust for $3.3 billion.

In 2010, the company completed the renovation of Cira Square, a former U.S. post office building that was leased to the General Services Administration for occupancy by the Internal Revenue Service.

In 2013, the company acquired Commerce Square for $331.8 million.

In 2016, the company sold a portfolio of 58 office properties for $398.1 million.

From Wikipedia’s article on Brandywine Realty Trust, shared under CC BY-SA 4.0.6

Products and brands

  • office

Listed on Wikidata.1

Timeline

  1. 1986Founded Founded1

Recent filings

  1. Sep 29, 20263
  2. Sep 16, 20264
  3. Jul 31, 2026SCHEDULE 13G
  4. Jul 17, 2026SCHEDULE 13G
  5. Jul 8, 20264
  6. Jun 18, 2026S-8
  7. Jun 1, 20264
  8. Jun 1, 20264
  9. Jun 1, 20264
  10. Jun 1, 20264
  11. Jun 1, 20264
  12. Apr 29, 2026SCHEDULE 13G
  13. Apr 17, 20264
  14. Apr 17, 20264
  15. Apr 17, 20264

Every filing from the last three years, summarized. The full record is on SEC EDGAR.2

Sources

The numbers on this page point here. Each one links to the record it came from.

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