Brandywine Realty Trust BDN
Urban and suburban office and mixed-use developer in Philadelphia and Austin facing refinancing and rollover hurdles.
Executive Summary: Brandywine Realty Trust (BDN) Institutional Rating
Quantitative Verdict: Brandywine Realty Trust (BDN) trades at an annualized dividend yield of 10.85% with an AFFO payout ratio of 84.2%, earning a Dividend Safety Score of 38 / 100 (Elevated Risk). The stock currently trades at a 36.9% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $4.20, backed by an institutional portfolio of 140 commercial properties operating at 89.1% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
Brandywine Realty Trust operates as a Integrated Asset Manager in the Office real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 89.1%.
Labor & Overhead Efficiency
- • Total Global Employees: 268
- • Estimated Market Cap: $509.62 M
- • Capital Per Employee: $1.90M
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 9.51%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 8.01% | $4.99 | +18.8% | $2.95 | Undervalued |
| 8.51% | $4.69 | +11.7% | $2.95 | Undervalued |
| 9.01% | $4.43 | +5.5% | $2.95 | Undervalued |
| 9.51% Base Case | $4.20 | 0.0% | $2.95 | Undervalued |
| 10.01% | $3.99 | -5.0% | $2.95 | Undervalued |
| 10.51% | $3.80 | -9.5% | $2.95 | Undervalued |
| 11.01% | $3.63 | -13.6% | $2.95 | Undervalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $0.0800 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| Cira Centre & FMC Tower at Cira Centre South | Philadelphia, PA | 861,000 sq ft | 87.2% | FMC Corp., University of Pennsylvania Health | $420,652,174 |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: BDN vs Peers
Institutional CompsDirect peer benchmark comparing Brandywine Realty Trust against its top competitors in the Office industry.
| Metric | BDN (Current) | EQIX | PSA | WELL |
|---|---|---|---|---|
| Share Price | $2.95 | $955.03 | $309.89 | $237.32 |
| Dividend Yield | 10.85% | 1.78% | 3.87% | 1.16% |
| Dividend Safety Score | 38 / 100 | 91 / 100 | 93 / 100 | 88 / 100 |
| Price / AFFO Multiple | 7.8x | 26.24x | 18.56x | 57.88x |
| NAV Premium / Discount | -36.9% | +3.8% | -10.2% | +89.9% |
| Portfolio Occupancy | 89.1% | 97.4% | 92.4% | 87.5% |
| Commercial Properties | 140 | 260 | 3,050 | 2,100 |
Frequently Asked Questions (BDN FAQ)
Brandywine Realty Trust (BDN) currently pays an annualized dividend of $0.32 per share, representing an annualized dividend yield of 10.85%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 84.2%, earning a Dividend Safety Score of 38/100 with a risk rating of 'Elevated Risk'.
Based on REITwave's institutional property-level valuation models, Brandywine Realty Trust's consensus base NAV is $4.20 per share. Trading at $2.95, the stock reflects an implied market cap rate of 9.51% and trades at a 36.9% discount to NAV (undervalued).
Brandywine Realty Trust owns and operates approximately 140 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 89.1% with a weighted average lease term (WALT) of 5.1 years.
Brandywine Realty Trust currently trades at a Price / AFFO multiple of 7.8x based on forward AFFO per share of $0.38. Its Price / FFO multiple stands at 5.4x against forward FFO per share of $0.55.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Gerard H. Sweeney. Total annual reported compensation was $4,150,000, reflecting a CEO-to-median-worker pay ratio of 62:1.
Brandywine Realty Trust maintains a Net Debt-to-EBITDA ratio of 7.8x and carries an investment-grade credit rating of BB- / Ba3. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.