Brandywine Realty Trust Common Stock (BDN)

FairStock Score: 52/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Benjamin Graham taught me to buy a dollar for fifty cents, but only when the balance sheet and earnings give me a reliable dollar. Brandywine is an office REIT with 112 properties and 19.2 million square feet, focused on Philadelphia and Austin. At the 2026-10-13 close of $2.67, FairStock's price-to-book of 0.67 means the market values the equity at about two-thirds of stated book. That is the main attraction. The operating record is poor: in fiscal year 2025, the year ended 2025-12-31, revenue was $484.5 million and net loss was $178.2 million; in fiscal year 2024, the year ended 2024-12-31, revenue was $505.5 million with a $195.9 million net loss; in fiscal year 2023, the year ended 2023-12-31, revenue was $514.7 million with a $196.8 million net loss. Revenue is trending down over those full years, though in fiscal Q1 2026, the quarter ended 2026-03-31, revenue was $127.0 million versus $121.5 million in fiscal Q1 2025, the quarter ended 2025-03-31, and the net loss was $48.6 million. FairStock calculations show debt-to-equity of 3.79, ROCE of 0.60%, ROE of negative 18.12%, and an Altman Z-Score of 0.40. As a REIT, EPS and P/E are distorted by depreciation, so I would not use Graham Number or margin of safety here; FFO/AFFO, the right REIT measures, are not in the data. I lean on dividend yield, leverage, revenue trend, and price-to-book. The 11.03% dividend yield looks high, but trailing free cash flow is only $7.2 million, a FairStock FCF yield of 1.6%, so coverage is questionable. FairStock classifies it as a TURNAROUND, with a loss in the latest year after earlier profits. Asset discount may be real, but weak profits, high leverage, and office-sector risk leave the moat and margin of safety uncertain.

In plain English: Brandywine owns and manages office buildings in Philadelphia and Austin. The business is losing money, revenue has slipped over the past few full years, and it carries a lot of debt, so the company looks weak. The stock trades below the value of its assets on the books, but with negative profits and a high dividend compared with cash flow, the price looks uncertain rather than clearly cheap.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · fiscal Q1 2025 10-Q (period ended 2025-03-31) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer