Brandywine Realty Trust (BDN) just wrapped up FY 2025 with Q4 revenue of US$106.8 million and a basic EPS loss of US$0.21, while funds from operations came in at US$14.6 million. This puts the focus squarely on how efficiently cash flows are being generated from its office portfolio. The company has reported quarterly revenue between US$77.4 million in Q4 2024 and US$111.2 million in Q1 2025, alongside EPS losses that ranged from US$0.15 to US$0.96 over the disclosed periods. This gives investors a clearer view of how top line and per share results have been tracking through the year. With the shares trading at US$3.15, the latest figures give investors fresh data on how margins and cash generation are holding up across the portfolio.

See our full analysis for Brandywine Realty Trust.

With the headline numbers on the table, the next step is to see how they line up against the widely followed stories around growth, value, and risk that investors have been using to frame Brandywine Realty Trust over the past year.

FFO holds at US$93 million over the year

• On a trailing twelve month basis, funds from operations sit at US$93.4 million against total revenue of US$426.8 million, which gives you a sense of how much cash like profit the portfolio produced relative to what it brought in.
• What stands out for a more bullish angle is that FFO in each FY 2025 quarter, from US$24.7 million in Q1 to US$14.6 million in Q4, stayed positive even though net income was a loss in every period. This heavily supports the bullish idea that cash flow from the properties can still cover a meaningful chunk of costs even while accounting earnings are negative.
  • For example, FY 2025 net income losses across the four quarters add up to well over US$100 million, yet FFO over the same four quarters totals about US$93 million, so the gap between cash style earnings and accounting losses is large.
  • Bulls who focus on REIT cash generation can point to this FFO track record as a counter to the headline EPS loss of US$1.03 per share over the trailing twelve months.

To see how that FFO story fits into the longer term growth and valuation picture, check out the full narrative investors are building around this name. 📊 Read the full Brandywine Realty Trust Consensus Narrative.

TTM loss of US$179 million highlights earnings pressure

• Across the trailing twelve months, Brandywine reported a net income loss of US$179.5 million and a basic EPS loss of US$1.03. This lines up with the broader point that the company has been unprofitable and that losses have grown at about 72.8% per year over the past five years.
• Critics highlight that this earnings profile intensifies the bearish focus on financial strain, especially when interest costs and dividends come into the picture.
  • The risk summary flags that earnings do not sufficiently cover interest expense, so these trailing losses are not just an accounting detail but link directly to weaker interest coverage.
  • The same summary also notes an unstable dividend record, which fits with a business that has produced a loss in every reported quarter from Q3 2024 through Q4 2025 despite bringing in more than US$400 million of revenue over the last year.

P/S of 1.3x and 23.6% DCF discount

• Using the current share price of US$3.15 and trailing twelve month revenue of US$426.8 million, Brandywine trades at a P/S of 1.3x, which is below the US Office REIT industry average of 2.2x and a peer average of 3.0x. The shares sit about 23.6% below a DCF fair value of US$4.12.
• What is interesting for a value tilted bullish view is how that lower multiple and discount sit next to the weak profitability trends that bears focus on.
  • On one side, the relative valuation metrics look cheaper than both the wider office REIT group and direct peers, which can appeal to investors who are comfortable owning a REIT that is still generating FFO of over US$90 million per year.
  • On the other, those same investors have to weigh that apparent value against the trailing net loss of US$179.5 million and the flagged issues around interest coverage and dividend stability.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Brandywine Realty Trust's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

Explore Alternatives

Brandywine’s trailing loss of US$179.5 million, weak interest coverage, and unstable dividend record point to meaningful pressure on earnings quality and financial resilience.

If you want companies with stronger cushions instead, check out solid balance sheet and fundamentals stocks screener (388 results) today to focus on businesses built with healthier balance sheets and lower financial stress.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.