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Brandywine Realty Trust

BDN on NYSE. Brandywine Realty Trust owns and rents offices, labs, and homes to tenants. Market value $474m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Capital spending looks too small to be complete, so we leave free cash flow out.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Real estate stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
16.8%very high

For every $100 of what the whole company costs, it produced $16.79 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
41.4×full

You pay 41.4 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 44 of 100. Price score: 33 of 100. Our list needs 70 on quality and 60 on price.

$2.73 a share, 11% above its 1-year low

Over the past year the price has ranged from $2.47 to $4.10.

Dividend: 12.0% a year

Paid every year for at least 5 years

Yields this high often come before a cut. Check the company's latest news.

Prices from Monday’s close (5 October).

Five years of cash, in billions

n/a
0.1
0.1
0.1
n/a
0.1
2021202220232024202512 monthsto Jun '26
Revenue
$487m$506m$515m$506m$484m
Operating margin
19.2%23.7%-4.2%10.9%5.5%
Debt to equity
n/an/a1.622.133.23
Shares outstanding
0.17bn0.17bn0.17bn0.17bn0.17bn

Health checks

  • Free cash flow positive3 of 3 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)2 of 7 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt3.23× equity
  • Revenue growth, five yearsShrinking, 2.0% a year
  • Buying back its own sharesRoughly flat

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $129 million last quarter, up 7% on a year ago.
  • A loss of $31 million, compared with a loss of $89 million a year ago.
  • It keeps 15 cents of each $1 of sales as operating profit, after losing 3 cents a year earlier.
  • Spare cash over the past 12 months: $80 million, down from $110 million.
  • About the same number of shares as a year ago.
  • Debt is $2.6 billion more than cash, up from $2.2 billion a year ago.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$132m
December 2024$122m
March 2025$122m
June 2025$121m
September 2025$121m
December 2025$121m
March 2026$127m
June 2026$129m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$165m
December 2024-$44m
March 2025-$27m
June 2025-$89m
September 2025-$26m
December 2025-$37m
March 2026-$49m
June 2026-$31m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
23 February 2026
Next quarterly (estimated, 10-Q)
27 October 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 232 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $399,474 of shares on the open market. 1 sold $80,469.

  • SWEENEY GERARD H
    President and CEO, Director
    Bought
    Date
    14 September 2026
    Shares
    33,900
    Price
    $2.96
    Value
    $100,344
  • SWEENEY GERARD H
    President and CEO, Director
    Bought
    Date
    10 November 2025
    Shares
    88,500
    Price
    $3.38
    Value
    $299,130
  • DIGGS JAMES C
    Director
    Sold
    Date
    30 October 2025
    Shares
    23,190
    Price
    $3.47
    Value
    $80,469

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 23 Feb 2026, plus the 10-Q filed 28 Jul 2026 and 7 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It carries a lot of debt: 3.2× its equity.
  • Sales have shrunk: 2.0% a year.
  • It isn't cheap on profits: 41.4× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.