Dashboard › Real Underwriting Cases › Brandywine Realty Trust
Brandywine Realty Trust · BDN
PUBLIC DATA CASEHYPOTHETICAL INVESTMENT TERMSHOLDFinancial statements PUBLIC FILING ANALYST PROJECTION
| $M | FY2023A | FY2024A | FY2025A | LTM Jun-26 | LTM Jun-27E | LTM Jun-28E | LTM Jun-29E | LTM Jun-30E | LTM Jun-31E |
|---|---|---|---|---|---|---|---|---|---|
| Revenueⓘ | $514.7M | $505.5M | $484.5M | $498.3M | $468.4M | $454.3M | $454.3M | $458.9M | $463.5M |
| % growth | -1.8% | -4.2% | -6.0% | -3.0% | 0.0% | 1.0% | 1.0% | ||
| Direct costs / COGSⓘ | $189.9M | $187.3M | $185.2M | $196.8M | $199.6M | $200.4M | $200.4M | $200.1M | $199.8M |
| Gross profit (NOI for real estate) | $324.7M | $318.2M | $299.3M | $301.5M | $268.8M | $253.9M | $253.9M | $258.8M | $263.7M |
| % margin | 63.1% | 62.9% | 61.8% | 60.5% | 57.4% | 55.9% | 55.9% | 56.4% | 56.9% |
| Operating expenses (cash, adjusted)ⓘ | $34.9M | $42.8M | $42.0M | $36.8M | $34.6M | $33.6M | $33.6M | $33.9M | $34.3M |
| EBITDA (company-adjusted basis) | $289.8M | $275.4M | $257.2M | $264.7M | $234.2M | $220.4M | $220.4M | $224.9M | $229.4M |
| % margin | 56.3% | 54.5% | 53.1% | 53.1% | 50.0% | 48.5% | 48.5% | 49.0% | 49.5% |
| D&Aⓘ | $188.8M | $178.2M | $176.4M | $185.3M | $174.2M | $169.0M | $169.0M | $170.6M | $172.3M |
| Share-based compensationⓘ | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| EBIT | $101.0M | $97.2M | $80.8M | $79.4M | $60.0M | $51.4M | $51.4M | $54.2M | $57.1M |
| Interest expenseⓘ | $95.5M | $116.3M | $135.0M | $153.6M | $187.4M | $186.3M | $182.7M | $182.3M | $181.9M |
| EBT | $5.6M | ($19.1M) | ($54.2M) | ($74.2M) | ($127.4M) | ($134.8M) | ($131.3M) | ($128.1M) | ($124.8M) |
| Taxesⓘ | $0.1M | $0.0M | $0.1M | $0.1M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income (model basis) | $5.5M | ($19.1M) | ($54.3M) | ($74.3M) | ($127.4M) | ($134.8M) | ($131.3M) | ($128.1M) | ($124.8M) |
| Capexⓘ | $164.3M | $140.3M | $126.1M | $129.0M | $84.3M | $81.8M | $81.8M | $82.6M | $83.4M |
| Working capital & other cash items | $17.0M | ($22.0M) | $5.5M | ($10.8M) | $23.4M | $22.7M | $22.7M | $22.9M | $23.2M |
| Free cash flowⓘ | $12.9M | $40.8M | ($9.4M) | ($7.2M) | ($60.9M) | ($70.4M) | ($66.9M) | ($63.0M) | ($59.1M) |
Historical columns are calculated from reported filing inputs (click a line label to jump to its source). Projections flow from the selected scenario’s assumptions (Scenarios tab): interest accrues on beginning balances by tranche; floating tranches use MAX(SOFR, floor) + spread + scenario shock; PIK accrues to principal. FCF = net income + D&A + SBC + PIK − capex − ΔNWC / other. Impairments, restructuring and other one-offs are excluded from EBITDA and net income and sit in the cash plug.
Provenance: reported inputs → standardized lines PUBLIC FILING
Each blue input in the Excel Historical tab is one row below. Values are US$ millions (filing reports US$ thousands; ÷1000). “Calculated” lines are formulas over these inputs, never typed numbers.
| Metric | Feeds line | Period | US$M | Filing | Page / section | Raw text | Source |
|---|---|---|---|---|---|---|---|
| revenue | revenue (+) | FY2023 | 514.651 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 514,651 | SEC ↗ |
| FY2024 | 505.517 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 505,517 | SEC ↗ | ||
| FY2025 | 484.454 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 484,454 | SEC ↗ | ||
| H1-2025 | 242.087 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 242,087 | SEC ↗ | ||
| H1-2026 | 255.924 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 255,924 | SEC ↗ | ||
| prop_opex | cogs (+) | FY2023 | 129.885 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 129,885 | SEC ↗ |
| FY2024 | 129.89 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 129,890 | SEC ↗ | ||
| FY2025 | 131.347 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 131,347 | SEC ↗ | ||
| H1-2025 | 64.891 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 64,891 | SEC ↗ | ||
| H1-2026 | 77.094 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 77,094 | SEC ↗ | ||
| re_taxes | cogs (+) | FY2023 | 49.974 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 49,974 | SEC ↗ |
| FY2024 | 47.726 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 47,726 | SEC ↗ | ||
| FY2025 | 43.602 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 43,602 | SEC ↗ | ||
| H1-2025 | 22.939 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 22,939 | SEC ↗ | ||
| H1-2026 | 23.006 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 23,006 | SEC ↗ | ||
| mgmt_exp | cogs (+) | FY2023 | 10.088 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 10,088 | SEC ↗ |
| FY2024 | 9.714 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 9,714 | SEC ↗ | ||
| FY2025 | 10.245 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 10,245 | SEC ↗ | ||
| H1-2025 | 5.117 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 5,117 | SEC ↗ | ||
| H1-2026 | 4.433 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 4,433 | SEC ↗ | ||
| ga | opexAdj (+) | FY2023 | 34.862 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 34,862 | SEC ↗ |
| FY2024 | 42.781 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 42,781 | SEC ↗ | ||
| FY2025 | 42.031 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 42,031 | SEC ↗ | ||
| H1-2025 | 26.795 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 26,795 | SEC ↗ | ||
| H1-2026 | 21.598 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 21,598 | SEC ↗ | ||
| da | da (+) | FY2023 | 188.797 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 188,797 | SEC ↗ |
| FY2024 | 178.168 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 178,168 | SEC ↗ | ||
| FY2025 | 176.428 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 176,428 | SEC ↗ | ||
| H1-2025 | 88.115 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 88,115 | SEC ↗ | ||
| H1-2026 | 96.98 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 96,980 | SEC ↗ | ||
| interest_expense | interest (+) | FY2023 | 95.456 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 95,456 | SEC ↗ |
| FY2024 | 116.306 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 116,306 | SEC ↗ | ||
| FY2025 | 134.955 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 134,955 | SEC ↗ | ||
| H1-2025 | 64.19 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 64,190 | SEC ↗ | ||
| H1-2026 | 82.82 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 82,820 | SEC ↗ | ||
| taxes | taxes (+) | FY2023 | 0.072 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 72 | SEC ↗ |
| FY2024 | 0.014 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 14 | SEC ↗ | ||
| FY2025 | 0.112 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 112 | SEC ↗ | ||
| H1-2025 | 0.085 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 85 | SEC ↗ | ||
| H1-2026 | 0.024 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 24 | SEC ↗ | ||
| cfo | cfo (+) | FY2023 | 177.273 | Form 10-K for period ended 2025-12-31 | p. F-12 · Consolidated Statements of Cash Flows | 177,273 | SEC ↗ |
| FY2024 | 181.125 | Form 10-K for period ended 2025-12-31 | p. F-12 · Consolidated Statements of Cash Flows | 181,125 | SEC ↗ | ||
| FY2025 | 116.701 | Form 10-K for period ended 2025-12-31 | p. F-12 · Consolidated Statements of Cash Flows | 116,701 | SEC ↗ | ||
| H1-2025 | 40.704 | Form 10-Q for period ended 2026-06-30 | p. 11 · Consolidated Statements of Cash Flows (six months) | 40,704 | SEC ↗ | ||
| H1-2026 | 45.821 | Form 10-Q for period ended 2026-06-30 | p. 11 · Consolidated Statements of Cash Flows (six months) | 45,821 | SEC ↗ | ||
| capex_ti | capex (+) | FY2023 | 48.939 | Form 10-K for period ended 2025-12-31 | p. F-12 · Consolidated Statements of Cash Flows | 48,939 | SEC ↗ |
| FY2024 | 72.792 | Form 10-K for period ended 2025-12-31 | p. F-12 · Consolidated Statements of Cash Flows | 72,792 | SEC ↗ | ||
| FY2025 | 74.005 | Form 10-K for period ended 2025-12-31 | p. F-12 · Consolidated Statements of Cash Flows | 74,005 | SEC ↗ | ||
| H1-2025 | 39.524 | Form 10-Q for period ended 2026-06-30 | p. 11 · Consolidated Statements of Cash Flows (six months) | 39,524 | SEC ↗ | ||
| H1-2026 | 33.162 | Form 10-Q for period ended 2026-06-30 | p. 11 · Consolidated Statements of Cash Flows (six months) | 33,162 | SEC ↗ | ||
| capex_redev | capex (+) | FY2023 | 59.984 | Form 10-K for period ended 2025-12-31 | p. F-12 · Consolidated Statements of Cash Flows | 59,984 | SEC ↗ |
| FY2024 | 18.398 | Form 10-K for period ended 2025-12-31 | p. F-12 · Consolidated Statements of Cash Flows | 18,398 | SEC ↗ | ||
| FY2025 | 6.168 | Form 10-K for period ended 2025-12-31 | p. F-12 · Consolidated Statements of Cash Flows | 6,168 | SEC ↗ | ||
| H1-2025 | 4.766 | Form 10-Q for period ended 2026-06-30 | p. 11 · Consolidated Statements of Cash Flows (six months) | 4,766 | SEC ↗ | ||
| H1-2026 | 1.872 | Form 10-Q for period ended 2026-06-30 | p. 11 · Consolidated Statements of Cash Flows (six months) | 1,872 | SEC ↗ | ||
| capex_dev | capex (+) | FY2023 | 47.537 | Form 10-K for period ended 2025-12-31 | p. F-12 · Consolidated Statements of Cash Flows | 47,537 | SEC ↗ |
| FY2024 | 38.57 | Form 10-K for period ended 2025-12-31 | p. F-12 · Consolidated Statements of Cash Flows | 38,570 | SEC ↗ | ||
| FY2025 | 33.223 | Form 10-K for period ended 2025-12-31 | p. F-12 · Consolidated Statements of Cash Flows | 33,223 | SEC ↗ | ||
| H1-2025 | 17.656 | Form 10-Q for period ended 2026-06-30 | p. 11 · Consolidated Statements of Cash Flows (six months) | 17,656 | SEC ↗ | ||
| H1-2026 | 26.632 | Form 10-Q for period ended 2026-06-30 | p. 11 · Consolidated Statements of Cash Flows (six months) | 26,632 | SEC ↗ | ||
| leasing_costs | capex (+) | FY2023 | 7.879 | Form 10-K for period ended 2025-12-31 | p. F-12 · Consolidated Statements of Cash Flows | 7,879 | SEC ↗ |
| FY2024 | 10.557 | Form 10-K for period ended 2025-12-31 | p. F-12 · Consolidated Statements of Cash Flows | 10,557 | SEC ↗ | ||
| FY2025 | 12.749 | Form 10-K for period ended 2025-12-31 | p. F-12 · Consolidated Statements of Cash Flows | 12,749 | SEC ↗ | ||
| H1-2025 | 6.726 | Form 10-Q for period ended 2026-06-30 | p. 11 · Consolidated Statements of Cash Flows (six months) | 6,726 | SEC ↗ | ||
| H1-2026 | 9.886 | Form 10-Q for period ended 2026-06-30 | p. 11 · Consolidated Statements of Cash Flows (six months) | 9,886 | SEC ↗ | ||
| impairment | memo / check | FY2023 | 131.573 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 131,573 | SEC ↗ |
| FY2024 | 44.655 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 44,655 | SEC ↗ | ||
| FY2025 | 63.392 | Form 10-K for period ended 2025-12-31 | p. F-9 · Consolidated Statements of Operations | 63,392 | SEC ↗ | ||
| H1-2025 | 63.369 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 63,369 | SEC ↗ | ||
| H1-2026 | 11.909 | Form 10-Q for period ended 2026-06-30 | p. 7 · Consolidated Statements of Operations (six months) | 11,909 | SEC ↗ | ||
| cash_interest | memo / check | FY2023 | 107.838 | Form 10-K for period ended 2025-12-31 | p. F-13 · Consolidated Statements of Cash Flows (supplemental) | 107,838 | SEC ↗ |
| FY2024 | 132.253 | Form 10-K for period ended 2025-12-31 | p. F-13 · Consolidated Statements of Cash Flows (supplemental) | 132,253 | SEC ↗ | ||
| FY2025 | 132.043 | Form 10-K for period ended 2025-12-31 | p. F-13 · Consolidated Statements of Cash Flows (supplemental) | 132,043 | SEC ↗ | ||
| H1-2025 | 58.031 | Form 10-Q for period ended 2026-06-30 | p. 11 · Consolidated Statements of Cash Flows (supplemental) | 58,031 | SEC ↗ | ||
| H1-2026 | 81.874 | Form 10-Q for period ended 2026-06-30 | p. 11 · Consolidated Statements of Cash Flows (supplemental) | 81,874 | SEC ↗ | ||
| noi_reported | memo / check | FY2023 | 324.704 | Form 10-K for period ended 2025-12-31 | p. F-57 · Note 18 Segment Information | 324,704 | SEC ↗ |
| FY2024 | 318.187 | Form 10-K for period ended 2025-12-31 | p. F-57 · Note 18 Segment Information | 318,187 | SEC ↗ | ||
| FY2025 | 299.26 | Form 10-K for period ended 2025-12-31 | p. F-57 · Note 18 Segment Information | 299,260 | SEC ↗ | ||
| q2_available_revolver | memo / check | 2026-06-30 | — | Form 10-Q for period ended 2026-06-30 | p. 44 · Liquidity: availability at 2026-06-30 (600.0 commitment − 149.0 drawn − 25.5 letters of credit) | $425.5 million of available borrowings… | SEC ↗ |
| cip | memo / check | 2026-06-30 | 85.569 | Form 10-Q for period ended 2026-06-30 | p. 6 · Consolidated Balance Sheets | 85,569 | SEC ↗ |
| land | memo / check | 2026-06-30 | 75.134 | Form 10-Q for period ended 2026-06-30 | p. 6 · Consolidated Balance Sheets | 75,134 | SEC ↗ |
| jv_investment | memo / check | 2026-06-30 | 336.851 | Form 10-Q for period ended 2026-06-30 | p. 6 · Consolidated Balance Sheets | 336,851 | SEC ↗ |
| debt_revolver | memo / check | 2026-06-30 | 149.0 | Form 10-Q for period ended 2026-06-30 | p. 23 · Note 7 Debt Obligations | 149,000 | SEC ↗ |
| debt_term_loan | memo / check | 2026-06-30 | 250.0 | Form 10-Q for period ended 2026-06-30 | p. 23 · Note 7 Debt Obligations | 250,000 | SEC ↗ |
| debt_avira | memo / check | 2026-06-30 | 90.0 | Form 10-Q for period ended 2026-06-30 | p. 23 · Note 7 Debt Obligations | 90,000 | SEC ↗ |
| debt_cpace | memo / check | 2026-06-30 | 57.324 | Form 10-Q for period ended 2026-06-30 | p. 23 · Note 7 Debt Obligations | 57,324 | SEC ↗ |
| debt_n2027 | memo / check | 2026-06-30 | 450.0 | Form 10-Q for period ended 2026-06-30 | p. 23 · Note 7 Debt Obligations | 450,000 | SEC ↗ |
| debt_n2028 | memo / check | 2026-06-30 | 350.0 | Form 10-Q for period ended 2026-06-30 | p. 23 · Note 7 Debt Obligations | 350,000 | SEC ↗ |
| debt_n2029a | memo / check | 2026-06-30 | 550.0 | Form 10-Q for period ended 2026-06-30 | p. 23 · Note 7 Debt Obligations | 550,000 | SEC ↗ |
| debt_n2029b | memo / check | 2026-06-30 | 350.0 | Form 10-Q for period ended 2026-06-30 | p. 23 · Note 7 Debt Obligations | 350,000 | SEC ↗ |
| debt_n2031 | memo / check | 2026-06-30 | 300.0 | Form 10-Q for period ended 2026-06-30 | p. 23 · Note 7 Debt Obligations | 300,000 | SEC ↗ |
| debt_trups | memo / check | 2026-06-30 | 27.062 | Form 10-Q for period ended 2026-06-30 | p. 23 · Note 7 Debt Obligations | 27,062 | SEC ↗ |
| debt_trups_ib | memo / check | 2026-06-30 | 25.774 | Form 10-Q for period ended 2026-06-30 | p. 23 · Note 7 Debt Obligations | 25,774 | SEC ↗ |
| debt_trups_ii | memo / check | 2026-06-30 | 25.774 | Form 10-Q for period ended 2026-06-30 | p. 23 · Note 7 Debt Obligations | 25,774 | SEC ↗ |
| debt_total_principal_all | memo / check | 2026-06-30 | 2,624.934 | Form 10-Q for period ended 2026-06-30 | p. 24 · Note 7 Debt Obligations | 2,624,934 | SEC ↗ |
| FY2025 | 2,563.948 | Form 10-K for period ended 2025-12-31 | p. F-46 · Note 7 Debt Obligations | 2,563,948 | SEC ↗ | ||
| cash | memo / check | 2026-06-30 | 37.87 | Form 10-Q for period ended 2026-06-30 | p. 6 · Consolidated Balance Sheets | 37,870 | SEC ↗ |
| FY2025 | 32.284 | Form 10-K for period ended 2025-12-31 | p. F-13 · Consolidated Statements of Cash Flows (reconciliation) | 32,284 | SEC ↗ | ||
| fy25_available_revolver | memo / check | 2025-12-31 | — | Form 10-K for period ended 2025-12-31 | p. 45 · Liquidity: availability at 2025-12-31 (net of letters of credit) | $564.5 million of available borrowings… | SEC ↗ |
| compliance | memo / check | 2026-06-30 | — | Form 10-Q for period ended 2026-06-30 | p. 24 · Note 7: company states it is in compliance at 2026-06-30 | was in compliance with all financial c… | SEC ↗ |
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 |