Dashboard › Real Underwriting Cases › Brandywine Realty Trust
Brandywine Realty Trust · BDN
PUBLIC DATA CASEHYPOTHETICAL INVESTMENT TERMSHOLDDebt schedule & capital structure — LTM Jun-26 (2026-06-30)
PUBLIC FILING| Facility | Rank | Sec. | Face value | Rate type | Coupon / spread | Floor | PIK | All-in (base, 1st period) | Annual interest | Maturity | Amort. | Cum. leverage | Mark / price | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Hypothetical Senior Secured Term Loan (S+525, 1% floor)TARGET | 1 | Secured | $400.0M | Floating | S+525bp | 1.00% | — | 9.15% | $36.6M | 2031-06-30 | 1.0%/yr | 1.5x | 98.0UNDERWRITING ASSUMPTION | |
| Avira Secured Term Loan (swapped to 5.81%) | 1 | Secured | $90.0M | Fixed | 5.81% | — | — | 5.81% | $5.2M | 2033-06-30 | bullet | 1.9x | — | |
| 3151 Market C-PACE Loan | 1 | Secured | $57.3M | Fixed | 7.31% | — | — | 7.31% | $4.2M | 2054-03-31 | bullet | 2.1x | — | |
| Unsecured Revolver ($600M less LCs; hypothetically undrawn pro forma) (commit $575M) | 2 | Unsecured | $0.0M | Floating | S+150bp | — | — | 5.40% | $0.0M | 2027-06-30 | bullet | 2.1x | — | |
| 3.95% Guaranteed Notes due Nov-2027 | 2 | Unsecured | $450.0M | Fixed | 3.95% | — | — | 3.95% | $17.8M | 2027-11-15 | bullet | 3.8x | — | |
| 8.30% Guaranteed Notes due Mar-2028 | 2 | Unsecured | $350.0M | Fixed | 8.30% | — | — | 8.30% | $29.1M | 2028-03-15 | bullet | 5.1x | — | |
| 8.875% Guaranteed Notes due Apr-2029 | 2 | Unsecured | $550.0M | Fixed | 8.88% | — | — | 8.88% | $48.8M | 2029-04-15 | bullet | 7.2x | — | |
| 4.55% Guaranteed Notes due Oct-2029 | 2 | Unsecured | $350.0M | Fixed | 4.55% | — | — | 4.55% | $15.9M | 2029-10-01 | bullet | 8.5x | — | |
| 6.125% Guaranteed Notes due Jan-2031 | 2 | Unsecured | $300.0M | Fixed | 6.13% | — | — | 6.13% | $18.4M | 2031-01-15 | bullet | 9.6x | — | |
| Junior subordinated trust-preferred indentures | 3 | Unsecured | $78.6M | Floating | S+151bp | — | — | 5.41% | $4.3M | 2035-03-30 | bullet | 9.9x | — | |
| Total debt (face value) | $2.6B | $180.2M | 9.9x | |||||||||||
| Less: cash | ($37.9M) | |||||||||||||
| Net debt | $2.6B | 9.8x | ||||||||||||
| Equity (residual: EV − net debt, EV at assumed multiple) | $1.9B | Goes to zero in any scenario where recovery value < claims. | ||||||||||||
Loan-to-value through target tranche
12%
cumulative debt $547M ÷ base asset value $4.5B
Collateral / lien
First-lien mortgages on a pledged pool of unencumbered properties (assumed 30% of asset value)
Ring-fenced pool: 30% of asset value
Call protection
102 / 101 / par (hypothetical)
Not modelled as a cash flow
Face value = legal claim; purchase price / mark is what an investor pays; coupon is the contractual cash / PIK return; yield and recovery are derived on the Returns and Recovery tabs. LTM NOI ÷ 7.5% analyst cap rate + construction-in-progress + land held for development + unconsolidated JV book value (6/30/2026). Property values are NOT disclosed in the filings.
Maturity wall & refinancing requirement
CRITICAL — 30% of debt ($800M) due within 2 period(s); liquidity covers 77% (window: 2 periods; materiality 15% of debt; default window 3)
INVESTMENT RISK FLAG — $800M maturity in LTM Jun-28E; only $725M projected liquidity; $75M refinancing requirement
INVESTMENT RISK FLAG — $700M maturity in LTM Jun-31E; only $419M projected liquidity; $281M refinancing requirement
| Period | Debt due | % of debt | Projected liquidity | Refi requirement | Liq. ÷ maturity | Risk |
|---|---|---|---|---|---|---|
| LTM Jun-27E | $0M | 0% | $612M | — | n/m | Low |
| LTM Jun-28E | $800M | 30% | $725M | $75M | 0.9x | High |
| LTM Jun-29E | $550M | 21% | $600M | — | 1.1x | Low |
| LTM Jun-30E | $350M | 13% | $508M | — | 1.5x | Low |
| LTM Jun-31E | $700M | 27% | $419M | $281M | 0.6x | High |
| 2033 (beyond horizon) | $90M | 3% | $314M | — | 3.5x | Low |
| 2035 (beyond horizon) | $79M | 3% | $314M | — | 4.0x | Low |
| 2054 (beyond horizon) | $57M | 2% | $314M | — | 5.5x | Low |
Projected liquidity = cash + undrawn revolver entering the period + that period’s positive FCF, in the selected scenario. * Beyond the 5-period horizon; liquidity shown at the end of period 5. Maturity periods map actual maturity dates to the model’s period-end month (June).
Refinancing risk engine — Base Case
ANALYST PROJECTIONFor every maturing tranche: balance at maturity → can projected cash repay it? → if not, does leverage (net debt ÷ EBITDA ≤ scenario limit) and pro-forma interest coverage (≥ scenario minimum, at the assumed refinancing rate) permit refinancing? A failure with insufficient cash is a payment default and feeds the recovery waterfall.
| Tranche | Matures | Balance at maturity | Cash on hand | Net lev. (test ≤) | Pro-forma coverage (test ≥) | Refi rate | Interest burden after | Result | Resolution |
|---|---|---|---|---|---|---|---|---|---|
| Unsecured Revolver ($600M less LCs; hypothetically undrawn pro forma) | LTM Jun-27E | $0.0M | $38M | 10.1x (11.0x) | 1.42x (1.20x) | 8.0% | $0.0M | REFINANCING PASS | Repaid from cash |
| 3.95% Guaranteed Notes due Nov-2027 | LTM Jun-28E | $450.0M | $150M | 9.4x (11.0x) | 1.34x (1.20x) | 8.0% | $32.6M | REFINANCING PASS | Partly repaid from cash; remainder refinanced |
| 8.30% Guaranteed Notes due Mar-2028 | LTM Jun-28E | $350.0M | $150M | 9.4x (11.0x) | 1.34x (1.20x) | 8.0% | $28.0M | REFINANCING PASS | Refinanced |
| 8.875% Guaranteed Notes due Apr-2029 | LTM Jun-29E | $550.0M | $25M | 9.5x (11.0x) | 1.44x (1.20x) | 8.0% | $44.0M | REFINANCING PASS | Refinanced |
| 4.55% Guaranteed Notes due Oct-2029 | LTM Jun-30E | $350.0M | $0M | 9.6x (11.0x) | 1.36x (1.20x) | 8.0% | $28.0M | REFINANCING PASS | Refinanced |
| Hypothetical Senior Secured Term Loan (S+525, 1% floor) | LTM Jun-31E | $380.0M | $0M | 9.6x (11.0x) | 1.33x (1.20x) | 8.0% | $30.4M | REFINANCING PASS | Refinanced |
| 6.125% Guaranteed Notes due Jan-2031 | LTM Jun-31E | $300.0M | $0M | 9.6x (11.0x) | 1.33x (1.20x) | 8.0% | $24.0M | REFINANCING PASS | Refinanced |
Projected debt balances by tranche — Base Case
| Tranche | Current | LTM Jun-27E | LTM Jun-28E | LTM Jun-29E | LTM Jun-30E | LTM Jun-31E |
|---|---|---|---|---|---|---|
| Hypothetical Senior Secured Term Loan (S+525, 1% floor) | $400.0M | $396.0M | $392.0M | $388.0M | $384.0M | $380.0M R |
| Avira Secured Term Loan (swapped to 5.81%) | $90.0M | $90.0M | $90.0M | $90.0M | $90.0M | $90.0M |
| 3151 Market C-PACE Loan | $57.3M | $57.3M | $57.3M | $57.3M | $57.3M | $57.3M |
| Unsecured Revolver ($600M less LCs; hypothetically undrawn pro forma) | $0.0M | $0.0M R | $0.0M | $66.8M | $155.7M | $260.2M |
| 3.95% Guaranteed Notes due Nov-2027 | $450.0M | $450.0M | $407.7M R | $407.7M | $407.7M | $407.7M |
| 8.30% Guaranteed Notes due Mar-2028 | $350.0M | $350.0M | $350.0M R | $350.0M | $350.0M | $350.0M |
| 8.875% Guaranteed Notes due Apr-2029 | $550.0M | $550.0M | $550.0M | $550.0M R | $550.0M | $550.0M |
| 4.55% Guaranteed Notes due Oct-2029 | $350.0M | $350.0M | $350.0M | $350.0M | $350.0M R | $350.0M |
| 6.125% Guaranteed Notes due Jan-2031 | $300.0M | $300.0M | $300.0M | $300.0M | $300.0M | $300.0M R |
| Junior subordinated trust-preferred indentures | $78.6M | $78.6M | $78.6M | $78.6M | $78.6M | $78.6M |
| Total debt | $2.6B | $2.6B | $2.6B | $2.6B | $2.7B | $2.8B |
| Cash | $37.9M | $150.3M | $25.0M | $0.0M | $0.0M | $0.0M |
| Cash interest | $153.6M | $180.2M | $179.1M | $191.4M | $191.6M | $210.4M |
| PIK interest (non-cash) | — | — | — | — | — | |
| Funding gap | — | — | — | — | — |
R = remainder refinanced at the scenario refinancing rate. Maturities are repaid from cash above the minimum-cash reserve first; the market-access test governs only the remainder.
Sources & data lineage (3)
| Source | Document | Data type | Period | Accession | Doc date | Retrieved | Class |
|---|---|---|---|---|---|---|---|
| SEC EDGAR | Brandywine Realty Trust — Form 10-K, period ended 2025-12-31 | Annual report | 2025-12-31 | 0000790816-26-000008 | 2026-02-23 | 2026-10-07 | PUBLIC FILING |
| SEC EDGAR | Brandywine Realty Trust — Form 10-Q, period ended 2026-06-30 | Quarterly report | 2026-06-30 | 0000790816-26-000029 | 2026-07-28 | 2026-10-07 | PUBLIC FILING |
| FRED (Federal Reserve Bank of St. Louis) | SOFR — Secured Overnight Financing Rate (3.90% on 2026-10-06) | Macro rate | — | — | 2026-10-06 | 2026-10-07 | PUBLIC FILING |