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BDN

Brandywine Realty TrustNYSE:BDN Stock Report

Last Price

US$12.99

Market Cap

US$2.2b

7D

-7.3%

1Y

13.6%

Updated

26 Jan, 2022

Data

Company Financials +
BDN fundamental analysis
Snowflake Score
Valuation3/6
Future Growth3/6
Past Performance1/6
Financial Health1/6
Dividends6/6

BDN Stock Overview

Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia, Austin and Washington, D.C.

Brandywine Realty Trust Competitors

Kilroy Realty

NYSE:KRC

US$7.4b

Cousins Properties

NYSE:CUZ

US$5.7b

Highwoods Properties

NYSE:HIW

US$4.6b

Corporate Office Properties Trust

NYSE:OFC

US$2.9b

Price History & Performance

Summary of all time highs, changes and price drops for Brandywine Realty Trust
Historical stock prices
Current Share PriceUS$12.99
52 Week HighUS$15.17
52 Week LowUS$10.63
Beta1.13
1 Month Change-3.92%
3 Month Change-1.52%
1 Year Change13.65%
3 Year Change-14.20%
5 Year Change-19.32%
Change since IPO188.66%

Recent News & Updates

Dec 26

Brandywine Realty Trust: The Future Remains Uncertain

BDN has been going through a phase of painful strategic redeployment of its real estate assets. Their portfolio now relies heavily on Pennsylvania and Texas markets. The office-heavy portfolio faces risks in face of work from home uncertainty, which they try to avoid with the implementation of "mixed-use" properties. The valuations are relatively attractive compared to the other REITs in the space and the dividend is respectable and safe.

Nov 03

Brandywine Realty Trust: Still Lacking Necessary Stability

At this point in time, shares of Brandywine Realty Trust are trading at low multiples and the company likely has attractive upside potential as a result. It is important to note, though, that shares are priced like this because the company is desperately in need of stability. Until we see evidence of that taking place, the company is too speculative for me to like.

Shareholder Returns

BDNUS REITsUS Market
7D-7.3%-3.1%-5.1%
1Y13.6%21.9%3.3%

Return vs Industry: BDN underperformed the US REITs industry which returned 23.3% over the past year.

Return vs Market: BDN exceeded the US Market which returned 4.2% over the past year.

Price Volatility

Is BDN's price volatile compared to industry and market?
BDN volatility
BDN Average Weekly Movement4.6%
REITs Industry Average Movement4.1%
Market Average Movement6.7%
10% most volatile stocks in US Market15.4%
10% least volatile stocks in US Market2.4%

Stable Share Price: BDN is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: BDN's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1994341Jerry Sweeneyhttps://www.brandywinerealty.com

Brandywine Realty Trust (NYSE: BDN) is one of the largest, publicly traded, full-service, integrated real estate companies in the United States with a core focus in the Philadelphia, Austin and Washington, D.C. markets. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 175 properties and 24.7 million square feet as of December 31, 2020 which excludes assets held for sale. Our purpose is to shape, connect and inspire the world around us through our expertise, the relationships we foster, the communities in which we live and work, and the history we build together.

Brandywine Realty Trust Fundamentals Summary

How do Brandywine Realty Trust's earnings and revenue compare to its market cap?
BDN fundamental statistics
Market CapUS$2.23b
Earnings (TTM)US$26.29m
Revenue (TTM)US$457.97m

85.0x

P/E Ratio

4.9x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
BDN income statement (TTM)
RevenueUS$457.97m
Cost of RevenueUS$188.22m
Gross ProfitUS$269.75m
ExpensesUS$243.47m
EarningsUS$26.29m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

Feb 02, 2022

Earnings per share (EPS)0.15
Gross Margin58.90%
Net Profit Margin5.74%
Debt/Equity Ratio106.3%

How did BDN perform over the long term?

See historical performance and comparison

Dividends

5.9%

Current Dividend Yield

54%

Payout Ratio

Valuation

Is Brandywine Realty Trust undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BDN ($12.99) is trading below our estimate of fair value ($26.01)

Significantly Below Fair Value: BDN is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: BDN is poor value based on its PE Ratio (85x) compared to the US REITs industry average (44x).

PE vs Market: BDN is poor value based on its PE Ratio (85x) compared to the US market (16.5x).


Price to Earnings Growth Ratio

PEG Ratio: BDN is poor value based on its PEG Ratio (4x)


Price to Book Ratio

PB vs Industry: BDN is good value based on its PB Ratio (1.3x) compared to the US REITs industry average (2x).


Future Growth

How is Brandywine Realty Trust forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

21.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BDN's forecast earnings growth (21.2% per year) is above the savings rate (2%).

Earnings vs Market: BDN's earnings (21.2% per year) are forecast to grow faster than the US market (13% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: BDN's revenue (4.1% per year) is forecast to grow slower than the US market (9.1% per year).

High Growth Revenue: BDN's revenue (4.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BDN's Return on Equity is forecast to be low in 3 years time (0.5%).


Past Performance

How has Brandywine Realty Trust performed over the past 5 years?

35.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BDN has a large one-off gain of $18.4M impacting its September 30 2021 financial results.

Growing Profit Margin: BDN's current net profit margins (5.7%) are lower than last year (56.1%).


Past Earnings Growth Analysis

Earnings Trend: BDN has become profitable over the past 5 years, growing earnings by 35.5% per year.

Accelerating Growth: BDN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: BDN had negative earnings growth (-91.3%) over the past year, making it difficult to compare to the REITs industry average (30.5%).


Return on Equity

High ROE: BDN's Return on Equity (1.6%) is considered low.


Financial Health

How is Brandywine Realty Trust's financial position?


Financial Position Analysis

Short Term Liabilities: BDN's short term assets ($220.3M) exceed its short term liabilities ($167.5M).

Long Term Liabilities: BDN's short term assets ($220.3M) do not cover its long term liabilities ($1.9B).


Debt to Equity History and Analysis

Debt Level: BDN's net debt to equity ratio (103.9%) is considered high.

Reducing Debt: BDN's debt to equity ratio has increased from 105.9% to 106.3% over the past 5 years.

Debt Coverage: BDN's debt is not well covered by operating cash flow (11.1%).

Interest Coverage: BDN's interest payments on its debt are not well covered by EBIT (1.1x coverage).


Balance Sheet


Dividend

What is Brandywine Realty Trust current dividend yield, its reliability and sustainability?

5.85%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: BDN's dividend (5.85%) is higher than the bottom 25% of dividend payers in the US market (1.36%).

High Dividend: BDN's dividend (5.85%) is in the top 25% of dividend payers in the US market (3.57%)


Stability and Growth of Payments

Stable Dividend: BDN's dividends per share have been stable in the past 10 years.

Growing Dividend: BDN's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (54.1%), BDN's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BDN's dividends in 3 years are forecast to be covered by earnings (57.5% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

7.8yrs

Average management tenure


CEO

Jerry Sweeney (64 yo)

33.17yrs

Tenure

US$5,301,445

Compensation

Mr. Gerard H. Sweeney, also known as Jerry, has been the Chief Executive Officer at Brandywine Realty Trust since August 8, 1994 and its President since 1994 and Trustee since February 9, 1994. He serves a...


CEO Compensation Analysis

Compensation vs Market: Jerry's total compensation ($USD5.30M) is above average for companies of similar size in the US market ($USD3.74M).

Compensation vs Earnings: Jerry's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: BDN's management team is seasoned and experienced (7.8 years average tenure).


Board Members

Experienced Board: BDN's board of directors are seasoned and experienced ( 10.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: BDN insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Brandywine Realty Trust's employee growth, exchange listings and data sources


Key Information

  • Name: Brandywine Realty Trust
  • Ticker: BDN
  • Exchange: NYSE
  • Founded: 1994
  • Industry: Office REITs
  • Sector: Real Estate
  • Implied Market Cap: US$2.234b
  • Market Cap: US$2.223b
  • Shares outstanding: 171.95m
  • Website: https://www.brandywinerealty.com

Number of Employees


Location

  • Brandywine Realty Trust
  • 2929 Walnut Street
  • Suite 1700
  • Philadelphia
  • Pennsylvania
  • 19104
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/26 00:54
End of Day Share Price2022/01/25 00:00
Earnings2021/09/30
Annual Earnings2020/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.