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Brandywine Realty Trust

NYSE:BDN
Snowflake Description

6 star dividend payer and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BDN
NYSE
$3B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

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, Washington, D.C., and Austin markets. The last earnings update was 45 days ago. More info.


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BDN Share Price and Events
7 Day Returns
-0.4%
NYSE:BDN
0.6%
US REITs
0.3%
US Market
1 Year Returns
-4.9%
NYSE:BDN
12.9%
US REITs
0.7%
US Market
BDN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Brandywine Realty Trust (BDN) -0.4% 4% 0.2% -4.9% -2.1% 0.8%
US REITs 0.6% 1.6% 5% 12.9% 10.5% 25.8%
US Market 0.3% 0.4% 0.6% 0.7% 37.2% 37.4%
1 Year Return vs Industry and Market
  • BDN underperformed the REITs industry which returned 12.9% over the past year.
  • BDN underperformed the Market in United States of America which returned 0.7% over the past year.
Price Volatility
BDN
Industry
5yr Volatility vs Market

Value

 Is Brandywine Realty Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Brandywine Realty Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Brandywine Realty Trust.

NYSE:BDN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:BDN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.5
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.499 (1 + (1- 21%) (78.54%))
0.871
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.871 * 5.96%)
7.92%

Discounted Cash Flow Calculation for NYSE:BDN using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Brandywine Realty Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Brandywine Realty Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:BDN DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.92%)
2019 188.37 Analyst x7 174.54
2020 192.59 Analyst x7 165.35
2021 210.64 Analyst x3 167.57
2022 221.25 Analyst x1 163.09
2023 256.25 Analyst x1 175.02
2024 274.78 Est @ 7.23% 173.90
2025 290.94 Est @ 5.88% 170.61
2026 305.30 Est @ 4.94% 165.89
2027 318.34 Est @ 4.27% 160.28
2028 330.48 Est @ 3.81% 154.17
Present value of next 10 years cash flows $1,670.42
NYSE:BDN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $330.48 × (1 + 2.73%) ÷ (7.92% – 2.73%)
$6,537.77
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $6,537.77 ÷ (1 + 7.92%)10
$3,049.96
NYSE:BDN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,670.42 + $3,049.96
$4,720.38
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $4,720.38 / 177.12
$26.65
NYSE:BDN Discount to Share Price
Calculation Result
Value per share (USD) From above. $26.65
Current discount Discount to share price of $15.48
= -1 x ($15.48 - $26.65) / $26.65
41.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Brandywine Realty Trust is available for.
Intrinsic value
42%
Share price is $15.48 vs Future cash flow value of $26.65
Current Discount Checks
For Brandywine Realty Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Brandywine Realty Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Brandywine Realty Trust's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Brandywine Realty Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Brandywine Realty Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:BDN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.54
NYSE:BDN Share Price ** NYSE (2019-06-17) in USD $15.48
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.95x
United States of America Market PE Ratio Median Figure of 3,093 Publicly-Listed Companies 17.68x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Brandywine Realty Trust.

NYSE:BDN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:BDN Share Price ÷ EPS (both in USD)

= 15.48 ÷ 0.54

28.8x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Brandywine Realty Trust is good value based on earnings compared to the US REITs industry average.
  • Brandywine Realty Trust is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Brandywine Realty Trust's expected growth come at a high price?
Raw Data
NYSE:BDN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 28.8x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
9.1%per year
United States of America REITs Industry PEG Ratio Median Figure of 142 Publicly-Listed REITs Companies 2.42x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NYSE:BDN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 28.8x ÷ 9.1%

3.17x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Brandywine Realty Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Brandywine Realty Trust's assets?
Raw Data
NYSE:BDN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $10.05
NYSE:BDN Share Price * NYSE (2019-06-17) in USD $15.48
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.87x
United States of America Market PB Ratio Median Figure of 5,245 Publicly-Listed Companies 1.79x
NYSE:BDN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:BDN Share Price ÷ Book Value per Share (both in USD)

= 15.48 ÷ 10.05

1.54x

* Primary Listing of Brandywine Realty Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Brandywine Realty Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Brandywine Realty Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Brandywine Realty Trust has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Brandywine Realty Trust expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
9.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Brandywine Realty Trust expected to grow at an attractive rate?
  • Brandywine Realty Trust's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Brandywine Realty Trust's earnings growth is positive but not above the United States of America market average.
  • Brandywine Realty Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:BDN Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:BDN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 9.1%
NYSE:BDN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 4.9%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 6.1%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.8%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:BDN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:BDN Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 687 71 1
2022-12-31 669 65 1
2021-12-31 642 38 2
2020-12-31 598 28 4
2019-12-31 580 26 4
NYSE:BDN Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 538 206 96
2018-12-31 531 227 136
2018-09-30 534 209 87
2018-06-30 526 197 149
2018-03-31 522 181 140
2017-12-31 515 183 115
2017-09-30 517 172 28
2017-06-30 512 172 15
2017-03-31 508 174 8
2016-12-31 517 174 33
2016-09-30 535 180 -17
2016-06-30 564 190 -5

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Brandywine Realty Trust's earnings are expected to grow by 9.1% yearly, however this is not considered high growth (20% yearly).
  • Brandywine Realty Trust's revenue is expected to grow by 4.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:BDN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Brandywine Realty Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:BDN Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.20 0.20 0.20 1.00
2020-12-31 0.16 0.19 0.10 4.00
2019-12-31 0.14 0.15 0.14 4.00
NYSE:BDN Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.54
2018-12-31 0.76
2018-09-30 0.49
2018-06-30 0.84
2018-03-31 0.80
2017-12-31 0.66
2017-09-30 0.16
2017-06-30 0.09
2017-03-31 0.05
2016-12-31 0.19
2016-09-30 -0.10
2016-06-30 -0.03

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Brandywine Realty Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Brandywine Realty Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Brandywine Realty Trust has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Brandywine Realty Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Brandywine Realty Trust has delivered over 20% year on year earnings growth in the past 5 years.
  • Brandywine Realty Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Brandywine Realty Trust's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
Brandywine Realty Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Brandywine Realty Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:BDN Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 538.36 95.63 28.92
2018-12-31 531.43 135.96 27.80
2018-09-30 533.67 87.27 28.95
2018-06-30 525.93 149.08 28.80
2018-03-31 522.23 140.25 27.94
2017-12-31 514.66 115.31 28.54
2017-09-30 516.98 28.12 27.68
2017-06-30 512.29 15.33 27.38
2017-03-31 508.10 8.14 26.80
2016-12-31 516.82 32.95 26.60
2016-09-30 535.38 -16.93 28.36
2016-06-30 563.94 -4.61 28.98
2016-03-31 582.93 -0.25 29.69
2015-12-31 597.02 -37.63 29.21
2015-09-30 590.97 22.73 28.25
2015-06-30 585.23 11.35 28.02
2015-03-31 587.94 9.56 27.23
2014-12-31 588.19 -1.19 26.78
2014-09-30 578.48 21.15 26.39
2014-06-30 575.86 23.41 26.93
2014-03-31 570.94 31.36 28.26
2013-12-31 561.38 31.36 26.63
2013-09-30 560.58 -20.44 27.33
2013-06-30 552.64 -26.97 26.97
2013-03-31 542.69 -45.54 25.71
2012-12-31 535.19 -51.28 25.41
2012-09-30 541.22 -29.35 24.50
2012-06-30 546.79 -29.58 24.60

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Brandywine Realty Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Brandywine Realty Trust used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Brandywine Realty Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Brandywine Realty Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Brandywine Realty Trust has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Brandywine Realty Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Brandywine Realty Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Brandywine Realty Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Brandywine Realty Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Brandywine Realty Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Brandywine Realty Trust Company Filings, last reported 2 months ago.

NYSE:BDN Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,781.49 2,117.20 19.31
2018-12-31 1,832.57 2,028.05 30.33
2018-09-30 1,776.80 1,937.54 83.36
2018-06-30 1,850.78 1,938.79 120.38
2018-03-31 1,867.24 1,940.03 211.18
2017-12-31 1,846.60 1,930.83 207.96
2017-09-30 1,750.57 1,893.12 25.29
2017-06-30 1,757.72 1,912.63 41.13
2017-03-31 1,879.57 2,012.97 239.23
2016-12-31 1,883.44 2,013.71 197.65
2016-09-30 1,911.57 2,023.56 219.06
2016-06-30 1,929.83 2,047.07 265.60
2016-03-31 1,964.29 2,193.59 423.52
2015-12-31 1,952.09 2,385.84 58.58
2015-09-30 2,045.16 2,439.94 50.63
2015-06-30 2,115.81 2,443.78 123.98
2015-03-31 2,138.58 2,447.54 309.08
2014-12-31 2,159.33 2,430.84 257.50
2014-09-30 2,189.89 2,714.80 672.03
2014-06-30 1,870.44 2,592.94 234.84
2014-03-31 1,895.15 2,594.52 236.61
2013-12-31 1,921.44 2,597.57 263.97
2013-09-30 1,921.16 2,381.51 185.63
2013-06-30 1,934.07 2,382.83 216.12
2013-03-31 1,758.63 2,406.32 47.87
2012-12-31 1,773.52 2,479.54 1.55
2012-09-30 1,884.21 2,525.33 241.62
2012-06-30 1,893.73 2,524.36 190.06
  • Brandywine Realty Trust's level of debt (117.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (136.9% vs 117.6% today).
  • Debt is not well covered by operating cash flow (9.9%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Brandywine Realty Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Brandywine Realty Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.91%
Current annual income from Brandywine Realty Trust dividends. Estimated to be 5.11% next year.
If you bought $2,000 of Brandywine Realty Trust shares you are expected to receive $98 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Brandywine Realty Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
  • Brandywine Realty Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.71%).
Upcoming dividend payment

Purchase Brandywine Realty Trust before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:BDN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 185 Stocks 3.7%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:BDN Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 0.92 1.00
2022-12-31 0.88 1.00
2021-12-31 0.81 4.00
2020-12-31 0.79 8.00
2019-12-31 0.76 8.00
NYSE:BDN Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-22 0.760 4.991
2019-02-21 0.760 4.908
2018-12-06 0.760 5.371
2018-09-11 0.720 4.868
2018-05-23 0.720 4.359
2018-02-28 0.720 4.547
2017-12-07 0.720 4.163
2017-09-12 0.640 3.660
2017-05-18 0.640 3.735
2017-04-25 0.640 3.761
2017-04-19 0.640 3.767
2016-12-06 0.640 3.938
2016-09-13 0.640 4.211
2016-05-24 0.640 3.929
2016-03-09 0.600 4.192
2015-12-08 0.600 4.720
2015-09-15 0.600 4.607
2015-07-27 0.600 4.644
2015-07-22 0.600 4.388
2015-03-11 0.600 4.135
2014-12-09 0.600 3.741
2014-09-10 0.600 4.017
2014-05-29 0.600 3.834
2014-03-12 0.600 4.082
2013-12-10 0.600 4.262
2013-09-10 0.600 4.458
2013-05-30 0.600 4.435
2013-03-13 0.600 4.015
2012-12-11 0.600 4.660
2012-09-11 0.600 4.986
2012-05-31 0.600 5.067
2012-03-20 0.600 5.235
2011-12-13 0.600 5.816
2011-09-13 0.600 7.127
2011-06-01 0.600 5.600
2011-03-11 0.600 4.958
2010-12-02 0.600 5.202
2010-09-15 0.600 5.041
2010-06-02 0.600 5.384
2010-03-24 0.600 4.840
2010-03-01 0.600 5.073
2010-02-24 0.600 5.362
2009-11-06 0.600 5.570
2009-10-28 0.600 6.208
2009-09-16 0.400 3.744

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Brandywine Realty Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (343.6x coverage).
X
Income/ dividend checks
We assess Brandywine Realty Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Brandywine Realty Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Brandywine Realty Trust has a total score of 6/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Brandywine Realty Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jerry Sweeney
COMPENSATION $4,551,452
AGE 61
TENURE AS CEO 24.8 years
CEO Bio

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 as Chief Executive Officer, President and Trustee at Brandywine Operating Partnership, LP. Prior to August 1994, Mr. Sweeney served as a Vice President at LCOR, Incorporated from 1983 to 1994. He was employed by the Linpro Company from 1983 to 1994 and served in several capacities, including Financial Vice President and General Partner. During this time, Mr. Sweeney was responsible for the development, marketing, management, construction and financial oversight of a diversified portfolio consisting of urban high-rise, mid-rise, flex, warehouse and distribution facilities and retail and apartment complexes. He is also a Co-Founder and Co-Chief Executive Officer at Bonomo Turkish Taffy LLC. Mr. Sweeney is a Member of the Real Estate Roundtable, Chairman of the Schuylkill River Development Corporation and WHYY, co-chair of the World Class Greater Philadelphia initiative and Chairman of the board for the Philadelphia Regional Port Authority. He serves as a Board Member of the Independence Seaport Museum. Mr. Sweeney has been a Director of U S Realtel Inc. since January 2000, Cypress Communications since February 2002 and Cypress Communications Holding Co. Inc. since January 2000. He serves as a Director of Thomas Jefferson University. Mr. Sweeney serves as a Member of the Board of Governors of NAIOP, Inc., Urban Land Institute and National Association Of Real Estate Investment Trusts Inc. He holds a BS degree in Economics from West Chester University of Pennsylvania.

CEO Compensation
  • Jerry's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Jerry's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Brandywine Realty Trust management team in years:

5.3
Average Tenure
54
Average Age
  • The average tenure for the Brandywine Realty Trust management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Jerry Sweeney

TITLE
President
COMPENSATION
$5M
AGE
61
TENURE
24.8 yrs

Tom Wirth

TITLE
Executive VP & CFO
COMPENSATION
$2M
AGE
56
TENURE
5.3 yrs

George Johnstone

TITLE
Executive Vice President of Operations
COMPENSATION
$1M
AGE
54
TENURE
5.3 yrs

Jeff DeVuono

TITLE
Executive VP & Senior MD of Pennsylvania Region
COMPENSATION
$1M
AGE
52
TENURE
10.9 yrs

Bill Redd

TITLE
Executive VP and Senior MD of Austin & Metro DC Regions
COMPENSATION
$1M
AGE
62
TENURE
11.4 yrs

George Hasenecz

TITLE
Senior Vice President of Investments
TENURE
9.4 yrs

Daniel Palazzo

TITLE
VP, Chief Accounting Officer & Treasurer
AGE
47
TENURE
4.4 yrs

Jennifer Matthews Rice

TITLE
Senior VP
AGE
47
TENURE
2.3 yrs

Laura Krebs Miller

TITLE
Vice President of Marketing
TENURE
0.3 yrs

Anna Abbott

TITLE
Vice President of Human Resources
TENURE
1.4 yrs
Board of Directors Tenure

Average tenure and age of the Brandywine Realty Trust board of directors in years:

11.5
Average Tenure
68.5
Average Age
  • The average tenure for the Brandywine Realty Trust board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Michael Joyce

TITLE
Non-Executive Chairman of the Board & Lead Independent Trustee
COMPENSATION
$263K
AGE
76
TENURE
2.3 yrs

Jerry Sweeney

TITLE
President
COMPENSATION
$5M
AGE
61
TENURE
25.3 yrs

Anthony Nichols

TITLE
Chairman Emeritus
COMPENSATION
$175K
AGE
79
TENURE
15.3 yrs

Charlie Pizzi

TITLE
COMPENSATION
$199K
AGE
67
TENURE
22.8 yrs

Jim Diggs

TITLE
COMPENSATION
$205K
AGE
70
TENURE
8.3 yrs

H. Haverstick

TITLE
COMPENSATION
$207K
AGE
65
TENURE
2.5 yrs

Wyche Fowler

TITLE
COMPENSATION
$176K
AGE
77
TENURE
14.8 yrs

Terri Herubin

TITLE
Director
COMPENSATION
$163K
AGE
56
TENURE
1.1 yrs
Who owns this company?
Recent Insider Trading
  • Brandywine Realty Trust insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
21. May 19 Sell James Diggs Individual 20. May 19 20. May 19 -3,700 $14.84 $-54,908
03. May 19 Sell Thomas Wirth Individual 01. May 19 01. May 19 -9,700 $15.30 $-148,445
17. Aug 18 Sell William Redd Individual 15. Aug 18 15. Aug 18 -30,000 $16.45 $-493,500
10. Aug 18 Sell Anthony Nichols Individual 08. Aug 18 08. Aug 18 -5,000 $16.67 $-83,325
03. Aug 18 Sell Thomas Wirth Individual 01. Aug 18 01. Aug 18 -3,000 $16.52 $-49,560
30. Jul 18 Sell James Diggs Individual 26. Jul 18 26. Jul 18 -5,234 $16.09 $-84,215
X
Management checks
We assess Brandywine Realty Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Brandywine Realty Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is Brandywine Realty Trust (NYSE:BDN) A Risky Investment?

Check out our latest analysis for Brandywine Realty Trust How Much Debt Does Brandywine Realty Trust Carry? … NYSE:BDN Historical Debt, June 17th 2019 How Strong Is Brandywine Realty Trust's Balance Sheet? … Because it carries more debt than cash, we think it's worth watching Brandywine Realty Trust's balance sheet over time.

Simply Wall St -

How Does Brandywine Realty Trust (NYSE:BDN) Affect Your Portfolio Volatility?

If you're interested in Brandywine Realty Trust (NYSE:BDN), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … What this means for you: It is probable that there is a link between the share price of Brandywine Realty Trust and the broader market, since it has a beta value quite close to one.

Simply Wall St -

Have Insiders Been Selling Brandywine Realty Trust (NYSE:BDN) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Brandywine Realty Trust (NYSE:BDN). … See our latest analysis for Brandywine Realty Trust Brandywine Realty Trust Insider Transactions Over The Last Year In the last twelve months, the biggest single sale by an insider was when the Executive VP and Senior MD of Austin & Metro DC Regions, William Redd, sold US$494k worth of shares at a price of US$16.45 per share. … Insiders sold Brandywine Realty Trust shares recently, but they didn't buy any.

Simply Wall St -

Is Brandywine Realty Trust (NYSE:BDN) Overpaying Its CEO?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Jerry Sweeney's Compensation Compare With Similar Sized Companies. … According to our data, Brandywine Realty Trust has a market capitalization of US$2.7b, and pays its CEO total annual compensation worth US$4.6m.

Simply Wall St -

Update: Brandywine Realty Trust (NYSE:BDN) Stock Gained 13% In The Last Three Years

Unfortunately for shareholders, while the Brandywine Realty Trust (NYSE:BDN) share price is up 13% in the last three years, that falls short of the market return. … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … During three years of share price growth, Brandywine Realty Trust moved from a loss to profitability.

Simply Wall St -

Is Brandywine Realty Trust's (NYSE:BDN) 7.5% ROE Better Than Average?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … To keep the lesson grounded in practicality, we'll use ROE to better understand Brandywine Realty Trust (NYSE:BDN). … Brandywine Realty Trust has a ROE of 7.5%, based on the last twelve months.

Simply Wall St -

Why You Shouldn't Look At Brandywine Realty Trust's (NYSE:BDN) Bottom Line

Brandywine Realty Trust is a US$2.8b. … A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much BDN actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation

Simply Wall St -

Why Brandywine Realty Trust (NYSE:BDN) Could Be Worth Watching

Brandywine Realty Trust (NYSE:BDN), which is in the reits business, and is based in United States,. … As a mid-cap stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Today I will analyse the most recent data on Brandywine Realty Trust’s outlook and valuation to see if the opportunity still exists

Simply Wall St -

Need To Know: Brandywine Realty Trust (NYSE:BDN) Insiders Have Been Selling Shares

So we'll take a look at whether insiders have been buying or selling shares in Brandywine Realty Trust (NYSE:BDN). … Brandywine Realty Trust Insider Transactions Over The Last Year. … In total, Brandywine Realty Trust insiders sold more than they bought over the last year

Simply Wall St -

Can Brandywine Realty Trust (NYSE:BDN) Improve Its Returns?

Brandywine Realty Trust has a ROE of 5.0%, based on the last twelve months. … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.050 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Company Info

Description

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, Washington, D.C., and Austin markets. Organized as a real estate investment trust (REIT), we own, develop, lease and manage an urban, town center and transit-oriented portfolio comprising 180 properties and 24.9 million square feet as of March 31, 2019, 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.

Details
Name: Brandywine Realty Trust
BDN
Exchange: NYSE
Founded: 1994
$2,695,776,019
$2,726,612,540
177,120,632
Website: http://www.brandywinerealty.com
Address: Brandywine Realty Trust
2929 Walnut Street,
Suite 1700,
Philadelphia,
Pennsylvania, 19104,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE BDN Common Shares New York Stock Exchange US USD 23. Jul 1986
DB B2X Common Shares Deutsche Boerse AG DE EUR 23. Jul 1986
Number of employees
Current staff
Staff numbers
329
Brandywine Realty Trust employees.
Industry
Office REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/17 23:33
End of day share price update: 2019/06/17 00:00
Last estimates confirmation: 2019/06/16
Last earnings filing: 2019/05/03
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.