BDNBRANDYWINE REALTY TRUST
Real Estate Investment Trusts
- Revenue
- $484M
- 4.2% YoY
- Operating margin
- 5.5%
- 49% YoY
- EBITDA
- $203M
- 13% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 10.3×
- $2.1B net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCClear4% of revenueOver 10% of revenue
- Payouts exceed cash flowFired115% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $487M | $506M | $515M | $506M | $484M | 4.2% |
| Operating income | $93M | $120M | −$22M | $55M | $27M | 51% |
| Net income | $12M | $54M | −$197M | −$196M | −$178M | 9.0% |
| Operating cash flow | $191M | $209M | $177M | $181M | $117M | 36% |
| Stock-based comp | $7M | $9M | $10M | $17M | $18M | 4.0% |
| Buybacks | $0 | $0 | — | — | — |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $100K · 1
- Open-market sells, 12 mo
- $0 · 0
- Net
- $100K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $6M | $3M | 41 | 81 |
| FY2024 | $5M | $8M | 70 | 94 |
| FY2023 | $6M | $6M | 60 | 78 |
| FY2022 | $6M | $818K | 59 | 76 |
| FY2021 | $6M | $8M | 120 | 122 |