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Brandywine Realty Trust · BDN

PUBLIC DATA CASEHYPOTHETICAL INVESTMENT TERMSHOLD

Credit metrics — LTM Jun-26

PUBLIC FILING inputs · CALCULATED metrics

Metric	Value	Formula	Raw inputs used
Total debt	$2.6B	Σ tranche principal (face value)	debt=2625.9
Net debt	$2.6B	Total debt − cash	debt=2625.9 · cash=37.9
Gross leverage (Debt / EBITDA)	9.92x	Total debt ÷ EBITDA	debt=2625.9 · ebitda=264.7
Secured leverage	2.07x	Secured debt ÷ EBITDA	secured=547.3 · ebitda=264.7
Net leverage	9.78x	Net debt ÷ EBITDA	netDebt=2588.1 · ebitda=264.7
Interest coverage (EBIT / interest)	0.52x	EBIT ÷ interest expense	ebit=79.4 · interest=153.6
EBITDA / interest	1.72x	EBITDA ÷ interest expense	ebitda=264.7 · interest=153.6
FCF / debt	-0.3%	Free cash flow ÷ total debt	fcf=-7.2 · debt=2625.9
Debt service coverage	0.86x	(EBITDA − capex − taxes) ÷ (interest + mandatory amortization)	ebitda=264.7 · capex=129.0 · taxes=0.05 · interest=153.6 · amort=4.00
Cash conversion	51.3%	(EBITDA − capex) ÷ EBITDA	ebitda=264.7 · capex=129.0
Liquidity ratio	3.89x	(Cash + undrawn revolver) ÷ (debt due next period + amortization + interest)	liquidity=612.4 · stObl=157.6
Current ratio	n/m	Current assets ÷ (current liabilities ex-debt + debt due next period)	currentAssets=0.00 · curLiab=0.00
Short-term debt / liquidity	0.00x	Debt due next period ÷ (cash + undrawn revolver)	std=0.00 · liquidity=612.4

Credit scorecard — deterministic, auditable

Score 45.7 / 100 · Elevated

Factor	Measure	Value	Best	Worst	Points	Max	Proj. base	Proj. downside	Proj. severe
Leverage	Net debt / LTM EBITDA	9.78	2	7	0.0	15	0.0	0.0	0.0
Coverage	LTM EBITDA / interest expense	1.72	5	1	2.7	15	1.6	0.9	0.2
Liquidity	Cash + undrawn revolver vs next-period obligations	3.89	2	0.5	10.0	10	10.0	10.0	10.0
Free cash flow	LTM FCF / total debt	-0.00	0.12	-0.02	1.2	10	0.0	0.0	0.2
Maturity risk	Share of debt maturing within 3 periods	0.51	0	0.5	0.0	10	0.0	0.0	0.0
Margin stability	Std-dev of annual EBITDA margin	0.01	0.01	0.05	9.2	10	9.2	9.2	9.2
Revenue stability	Std-dev of annual revenue growth	0.01	0.03	0.15	8.0	8	8.0	8.0	8.0
Asset coverage	Asset base / total debt	1.72	2	0.6	9.6	12	9.6	9.6	9.6
Industry risk	Sector factor (config.ts)	0.50	1	0	5.0	10	5.0	5.0	5.0
Total					45.7	100	43.4	42.7	42.2

Why did the score change?

FY2025A (10-K, 2025-12-31) → LTM Jun-26: 46.7 → 45.7

• Net leverage broadly stable at 9.8x
▼ Interest coverage fell from 1.9x to 1.7x (-0.7 pts, negative)
• Liquidity ratio broadly stable at 3.9x
• FCF / debt broadly stable at -0.3%
• Near-term maturity share unchanged at 51%
• Margin volatility unchanged at 1.3 pts
• Revenue volatility unchanged at 1.2 pts
▼ Asset coverage fell from 1.76x to 1.72x (-0.4 pts, negative)
• Industry risk factor unchanged at 0.50

Each factor earns its weight linearly between a “worst” (0 pts) and “best” (full pts) threshold; weights and thresholds live in src/lib/config.ts. “Proj.” columns re-score the first projected period of each scenario. Risk bands: ≥75 Low · ≥60 Moderate · ≥45 Elevated · else High.

Covenant analysis

Base Case Downside Severe Downside

Metrics are computed from the projection by the scenario engine — no covenant output is typed in. Headroom = distance to the covenant (positive = cushion). Hypothetical covenants are UNDERWRITING ASSUMPTION; disclosed covenants are tested on a model-basis proxy.

Base Case: 8 failed tests; first breach LTM Jun-27EDownside: 15 failed tests; first breach LTM Jun-27ESevere Downside: 15 failed tests; first breach LTM Jun-27E

Credit agreement: leverage ratio ≤ 0.60 (debt ÷ total asset value) — PROXY at analyst cap rate PUBLIC FILING DISCLOSED (issuer documents) — tested on a model-basis proxy

	LTM Jun-27E	LTM Jun-28E	LTM Jun-29E	LTM Jun-30E	LTM Jun-31E
Current metric	58.0%	57.0%	58.4%	60.3%	62.5%
Covenant	≤ 60.0%	≤ 60.0%	≤ 60.0%	≤ 60.0%	≤ 60.0%
Headroom	2.0% (3%)	3.0% (5%)	1.6% (3%)	−0.3% (-0%)	−2.5% (-4%)
Status	PASS	PASS	PASS	BREACH	BREACH

Credit agreement: fixed-charge coverage ≥ 1.5x — PROXY (EBITDA ÷ cash interest) PUBLIC FILING DISCLOSED (issuer documents) — tested on a model-basis proxy

	LTM Jun-27E	LTM Jun-28E	LTM Jun-29E	LTM Jun-30E	LTM Jun-31E
Current metric	1.42x	1.47x	1.41x	1.44x	1.34x
Covenant	≥ 1.50x	≥ 1.50x	≥ 1.50x	≥ 1.50x	≥ 1.50x
Headroom	−0.08x (-5%)	−0.03x (-2%)	−0.09x (-6%)	−0.06x (-4%)	−0.16x (-10%)
Status	BREACH	BREACH	BREACH	BREACH	BREACH

Credit agreement: secured debt ÷ total asset value ≤ 0.40 — PROXY PUBLIC FILING DISCLOSED (issuer documents) — tested on a model-basis proxy

	LTM Jun-27E	LTM Jun-28E	LTM Jun-29E	LTM Jun-30E	LTM Jun-31E
Current metric	12.0%	11.9%	11.8%	11.8%	11.7%
Covenant	≤ 40.0%	≤ 40.0%	≤ 40.0%	≤ 40.0%	≤ 40.0%
Headroom	28.0% (70%)	28.1% (70%)	28.2% (70%)	28.2% (71%)	28.3% (71%)
Status	PASS	PASS	PASS	PASS	PASS

Hypothetical maintenance covenant on the new loan: min liquidity ($M) UNDERWRITING ASSUMPTION HYPOTHETICAL — underwriting assumption

	LTM Jun-27E	LTM Jun-28E	LTM Jun-29E	LTM Jun-30E	LTM Jun-31E
Current metric	$725M	$600M	$508M	$419M	$314M
Covenant	≥ $100M	≥ $100M	≥ $100M	≥ $100M	≥ $100M
Headroom	$625M (625%)	$500M (500%)	$408M (408%)	$319M (319%)	$214M (214%)
Status	PASS	PASS	PASS	PASS	PASS

Hypothetical maintenance covenant on the new loan: max net debt / EBITDA UNDERWRITING ASSUMPTION HYPOTHETICAL — underwriting assumption

	LTM Jun-27E	LTM Jun-28E	LTM Jun-29E	LTM Jun-30E	LTM Jun-31E
Current metric	9.65x	9.71x	9.79x	9.87x	10.00x
Covenant	≤ 10.50x	≤ 10.50x	≤ 10.00x	≤ 10.00x	≤ 9.50x
Headroom	0.85x (8%)	0.79x (8%)	0.21x (2%)	0.13x (1%)	−0.50x (-5%)
Status	PASS	PASS	PASS	PASS	BREACH

Projected credit metrics by scenario

ANALYST PROJECTION

Scenario	Metric	LTM Jun-27E	LTM Jun-28E	LTM Jun-29E	LTM Jun-30E	LTM Jun-31E
Base Case	Net debt / EBITDA	9.6x	9.7x	9.8x	9.9x	10.0x
	EBITDA / cash interest	1.4x	1.5x	1.4x	1.4x	1.3x
	DSCR	0.8x	0.8x	0.8x	0.8x	0.8x
	Liquidity ($M)	$725M	$600M	$508M	$419M	$314M
Downside	Net debt / EBITDA	10.7x	11.7x	12.0x	12.0x	12.0x
	EBITDA / cash interest	1.2x	1.2x	1.2x	1.2x	1.3x
	DSCR	0.8x	0.7x	0.7x	0.8x	0.8x
	Liquidity ($M)	$697M	$575M	$575M	$575M	$575M
Severe Downside	Net debt / EBITDA	12.3x	14.5x	15.6x	15.8x	15.6x
	EBITDA / cash interest	1.1x	0.9x	0.9x	0.9x	0.9x
	DSCR	0.7x	0.6x	0.6x	0.6x	0.7x
	Liquidity ($M)	$662M	$575M	$575M	$575M	$575M

Red = payment default reached in or before that period. After a default the model keeps rolling mechanically for illustration; the recovery waterfall is struck at the default period.

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