BDNBRANDYWINE REALTY TRUST

Real Estate Investment Trusts

Revenue: $484M; 4.2% YoY
Operating margin: 5.5%; 49% YoY
EBITDA: $203M; 13% YoY
Market cap: $507M
Employees: 268; $2M revenue each
Net debt / EBITDA: 10.3×; $2.1B net debt
AI in 10-K: 0.8; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$6M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
115% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
84% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 67th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 29th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
10.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$507M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$399K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
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: $399K · 2
Open-market sells, 12 mo: $0 · 0
Net: $399K

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