Brandywine Realty Trust (BDN) Balance Sheet
BDN balance sheet, 2025
December 31, 2025 · U.S. dollars$3.59B assets = $2.79B liabilities + $797.9M equity
Both columns are drawn to the same scale: what BDN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BDN financial health
Descriptive bands, not a rating. Fiscal 2025.
BDN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.10B2016 | $3.59B2025 | −1.5%/yr | |
| Total liabilities | $2.22B2016 | $2.79B2025 | +2.6%/yr | |
| Shareholders’ equity | $1.88B2016 | $792.7M2025 | −9.2%/yr | |
| Cash & short-term investments | $193.9M2016 | $32.3M2025 | −18.1%/yr | |
| Total debt | $2.04B2016 | $2.58B2025 | +2.6%/yr | |
| Net cash (debt) | −$1.85B2016 | −$2.55B2025 | −$699.1M | |
| Working capital | $232.6M2016 | $56.6M2025 | −$176.0M | |
| Book value per share | $10.702016 | $4.572025 | −9.0%/yr | |
| Current ratio | 2.412016 | 1.312025 | −1.09 | |
| Debt / equity | 1.082016 | 3.262025 | +2.17 | |
| Shares outstanding | 176.0M2016 | 173.5M2025 | −0.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BDN assets
BDN liabilities and equity
BDN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BDN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $32.3M | $90.2M | $67.5M | $17.6M | $27.5M | $46.3M | $90.5M | $22.8M | $202.2M | $193.9M |
| Cash & equivalents | $32.3M | $90.2M | $58.3M | $17.6M | $27.5M | $46.3M | $90.5M | $22.8M | $202.2M | $193.9M |
| Short-term investments | — | — | — | $255,000 | $2.54B | — | — | $7.5M | $2.96B | $2.90B |
| Receivables | $204.8M | $197.0M | $12.0M | $190.8M | $179.1M | $168.9M | $190.5M | $181.6M | $187.7M | $162.1M |
| Inventory | $0 | $0 | $1 | $28.6M | $39.9M | $67.2M | $114.2M | −$7.5M | −$5.8M | −$3.7M |
| Other current assets | $0 | $5.9M | $186.7M | $0 | $0 | $0 | $0 | $19.1M | $6.2M | $45.5M |
| Total current assets | $237.1M | $293.2M | $266.2M | $208.3M | $207.1M | $222.6M | $288.4M | $216.1M | $390.3M | $397.7M |
| Property, plant & equipment (net) | $0 | $2.32B | $19.0M | $19.7M | $20.3M | $21.0M | $21.7M | $3.22B | $3.06B | $3.03B |
| Goodwill & intangible assets | $22.4M | $5.5M | $63.2M | $54.0M | $56.3M | $175.5M | $248.9M | $342.7M | $129.9M | $145.0M |
| Long-term investments | $314.3M | $570.5M | $601.2M | $567.6M | $435.5M | $401.3M | $120.3M | $169.1M | $194.6M | $281.3M |
| Other non-current assets | $3.01B | $307.0M | $2.78B | $3.02B | $3.13B | $3.08B | $3.39B | $1.71B | $222.2M | $243.9M |
| Total assets | $3.59B | $3.49B | $3.73B | $3.87B | $3.85B | $3.90B | $4.07B | $5.66B | $4.00B | $4.10B |
| Liabilities | ||||||||||
| Accounts payable | $143.8M | $129.7M | $123.8M | $132.4M | $150.2M | $122.0M | $109.9M | $125.7M | $107.1M | $103.4M |
| Short-term debt | $179.4M | $0 | $410.0M | $88.5M | $23.0M | $120,000 | $87.2M | $92.5M | $6.6M | $30.0M |
| Deferred revenue | $22.6M | $35.4M | $24.2M | $25.1M | $23.8M | $21.4M | $35.3M | $28.3M | $42.6M | $31.6M |
| Total current liabilities | $180.5M | $191.4M | $174.1M | $278.8M | $229.8M | $176.1M | $179.0M | $280.1M | $182.1M | $165.1M |
| Long-term debt | $2.56B | $2.21B | $2.14B | $1.97B | $1.85B | $1.83B | $2.14B | $1.94B | $1.93B | $2.01B |
| Lease obligations | $23.7M | $23.5M | $23.4M | $23.2M | $23.0M | $22.8M | $44.8M | $31.8M | $20.3M | $18.1M |
| Other long-term liabilities | $51.0M | $43.4M | $95.4M | $0 | $61.6M | $88.8M | $60.8M | $50.3M | $35.9M | $37.5M |
| Total liabilities | $2.79B | $2.45B | $2.41B | $2.24B | $2.14B | $2.10B | $2.38B | $3.90B | $2.15B | $2.22B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.8M | $1.8M | $3.22B | $3.26B |
| Retained earnings (deficit) | −$2.41B | $783.5M | −$1.85B | −$1.53B | −$1.46B | $1.11B | −$1.51B | $654.1M | −$1.39B | −$1.39B |
| Treasury stock | — | — | — | — | −$18.5M | −$17.5M | −$16.2M | −$14.0M | −$12.4M | −$13.7M |
| Accumulated other comprehensive income | −$1.4M | −$2.93B | −$668,000 | $3.9M | −$2.0M | −$2.46B | −$2.4M | $5.0M | $2.4M | −$1.7M |
| Minority interest | $5.1M | $6.0M | $6.8M | $7.7M | $11.0M | $10.5M | $10.4M | $12.3M | $17.4M | $17.1M |
| Total shareholders' equity | $792.7M | $1.04B | $1.32B | $1.63B | $1.70B | $1.79B | $1.69B | $1.74B | $1.85B | $1.88B |
| Key figures | ||||||||||
| Total debt | $2.58B | $2.24B | $2.17B | $2.05B | $1.88B | $1.85B | $2.23B | $2.03B | $1.94B | $2.04B |
| Net cash (debt) | −$2.55B | −$2.15B | −$2.10B | −$2.04B | −$1.85B | −$1.81B | −$2.14B | −$2.01B | −$1.74B | −$1.85B |
| Working capital | $56.6M | $101.8M | $92.1M | −$70.5M | −$22.7M | $46.5M | $109.4M | −$64.0M | $208.1M | $232.6M |
| Tangible book value | $770.3M | $1.03B | $1.26B | $1.58B | $1.64B | $1.62B | $1.44B | $1.40B | $1.72B | $1.74B |
| Book value per share | $4.57 | $6.02 | $7.70 | $9.48 | $9.88 | $10.41 | $9.56 | $9.83 | $10.44 | $10.70 |
| Shares outstanding | 173.5M | 172.5M | 172.0M | 172.3M | 172.3M | 172.3M | 176.7M | 176.9M | 176.8M | 176.0M |
| Current ratio | 1.31 | 1.53 | 1.53 | 0.75 | 0.90 | 1.26 | 1.61 | 0.77 | 2.14 | 2.41 |
| Quick ratio | 1.31 | 1.50 | 0.46 | 0.75 | 0.90 | 1.22 | 1.57 | 0.73 | 2.14 | 2.16 |
| Debt / equity | 3.26 | 2.15 | 1.64 | 1.26 | 1.10 | 1.03 | 1.32 | 1.17 | 1.05 | 1.08 |
| Equity / assets | 22.1% | 29.7% | 35.5% | 42.2% | 44.2% | 46.0% | 41.5% | 30.7% | 46.2% | 45.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $41.0M | $36.2M | $32.3M | $75.5M | $122.6M | $29.4M | $90.2M | $36.5M | $30.4M | $43.2M | $58.3M | $47.9M |
| Cash & equivalents | $41.0M | $36.2M | $32.3M | $75.5M | $122.6M | $29.4M | $90.2M | $36.5M | $30.4M | $43.2M | $58.3M | $47.9M |
| Short-term investments | — | — | — | — | — | — | — | — | — | $4.4M | — | $2.17B |
| Receivables | $189.2M | $207.6M | $204.8M | $198.6M | $199.4M | $199.5M | $197.0M | $196.5M | $202.7M | $201.3M | $198.7M | $208.3M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $51.4M | $1 | $1 | $1 | $92.5M |
| Other current assets | $0 | $45.5M | $0 | $1.1M | $55.0M | $2.0M | $5.9M | $0 | $6.1M | $8.1M | $0 | $0 |
| Total current assets | $60.9M | $289.3M | $237.1M | $275.2M | $377.0M | $231.0M | $293.2M | $239.2M | $239.2M | $252.6M | $257.0M | $266.9M |
| Property, plant & equipment (net) | $0 | $17.7M | $0 | $0 | $18.1M | $2.30B | $2.32B | $18.6M | $2.53B | $2.55B | $19.0M | $19.2M |
| Goodwill & intangible assets | $13.8M | $99.7M | $22.4M | $31.6M | $32.0M | $32.8M | $5.5M | $6.2M | $34.4M | $34.9M | $35.5M | $36.3M |
| Long-term investments | $0 | $321.5M | $314.3M | $594.2M | $555.5M | $570.4M | $570.5M | $602.7M | $680.1M | $618.0M | $601.2M | $638.1M |
| Other non-current assets | $3.46B | $2.86B | $3.01B | $2.42B | $2.41B | $288.4M | $307.0M | $2.73B | $274.4M | $280.2M | $2.82B | $2.96B |
| Total assets | $3.54B | $3.59B | $3.59B | $3.32B | $3.39B | $3.42B | $3.49B | $3.60B | $3.75B | $3.74B | $3.73B | $3.92B |
| Liabilities | ||||||||||||
| Accounts payable | $136.7M | $141.9M | $143.8M | $128.5M | $108.7M | $118.5M | $129.7M | $137.4M | $115.5M | $114.2M | $123.8M | $132.7M |
| Short-term debt | $358,000 | $178.6M | $179.4M | $162,000 | $0 | $0 | $0 | $40.0M | $25.0M | $340.0M | $410.0M | $6.1M |
| Deferred revenue | $21.8M | $20.9M | $22.6M | $16.0M | $17.1M | $21.3M | $35.4M | $21.5M | $26.2M | $25.4M | $24.2M | $23.2M |
| Total current liabilities | $358,000 | $177.0M | $180.5M | $158.6M | $152.4M | $166.2M | $191.4M | $225.1M | $168.0M | $165.8M | $24.2M | $182.0M |
| Long-term debt | $0 | $2.62B | $2.56B | $2.27B | $2.31B | $2.21B | $2.21B | $2.26B | $2.24B | $2.18B | $2.14B | $2.13B |
| Lease obligations | — | $23.8M | $23.7M | $23.7M | $23.6M | $23.6M | $23.5M | $23.5M | $23.5M | $23.4M | $23.4M | $23.3M |
| Other long-term liabilities | $2.84B | $49.4M | $51.0M | $44.4M | $44.3M | $43.6M | $43.4M | $8.0M | $45.2M | $97.5M | $245.2M | $91.9M |
| Total liabilities | $2.84B | $2.85B | $2.79B | $2.47B | $2.51B | $2.42B | $2.45B | $2.49B | $2.45B | $2.44B | $2.41B | $2.41B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M | $1.7M |
| Retained earnings (deficit) | −$2.52B | $556.7M | −$2.41B | $641.9M | $667.9M | $756.5M | $783.5M | $828.0M | $993.2M | $963.0M | −$1.85B | $1.14B |
| Accumulated other comprehensive income | $573,000 | −$3.03B | −$1.4M | −$3.00B | −$2.99B | −$2.96B | −$2.93B | −$3.8M | −$2.87B | −$2.85B | −$668,000 | −$2.79B |
| Minority interest | — | $4.9M | $5.1M | $5.4M | $5.5M | $5.8M | — | — | — | — | — | — |
| Total shareholders' equity | $691.2M | $734.3M | $792.7M | $841.5M | $879.8M | $993.6M | $1.04B | $1.10B | $1.29B | $1.29B | $1.32B | $1.51B |
| Key figures | ||||||||||||
| Total debt | $2.65B | $2.65B | $2.58B | $2.29B | $2.34B | $2.24B | $2.24B | $2.29B | $2.27B | $2.20B | $2.17B | $2.16B |
| Net cash (debt) | −$2.61B | −$2.61B | −$2.55B | −$2.22B | −$2.21B | −$2.21B | −$2.15B | −$2.25B | −$2.23B | −$2.16B | −$2.11B | −$2.11B |
| Working capital | $60.6M | $112.3M | $56.6M | $116.5M | $224.6M | $64.8M | $101.8M | $14.1M | $71.2M | $86.9M | $232.8M | $84.9M |
| Tangible book value | $677.4M | $634.6M | $770.3M | $809.9M | $847.8M | $960.8M | $1.03B | $1.09B | $1.26B | $1.25B | $1.28B | $1.47B |
| Book value per share | $3.96 | $4.23 | $4.56 | $4.84 | $5.07 | $5.75 | $6.02 | $6.36 | $7.40 | $7.47 | $7.65 | $8.76 |
| Shares outstanding | 174.4M | 173.8M | 173.7M | 173.7M | 173.5M | 172.9M | 172.7M | 172.7M | 174.7M | 172.2M | 172.1M | 172.1M |
| Current ratio | 170.23 | 1.63 | 1.31 | 1.73 | 2.47 | 1.39 | 1.53 | 1.06 | 1.42 | 1.52 | 10.60 | 1.47 |
| Quick ratio | 643.04 | 1.38 | 1.31 | 1.73 | 2.11 | 1.38 | 1.50 | 1.04 | 1.39 | 1.48 | 10.60 | 1.41 |
| Debt / equity | 3.84 | 3.60 | 3.26 | 2.72 | 2.66 | 2.25 | 2.15 | 2.08 | 1.75 | 1.71 | 1.65 | 1.43 |
| Equity / assets | 19.5% | 20.5% | 22.1% | 25.4% | 25.9% | 29.0% | 29.7% | 30.5% | 34.4% | 34.4% | 35.3% | 38.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 23, 2026); data from EODHD.
BDN financial position
At the end of fiscal 2025 (December 31, 2025), Brandywine Realty had total assets of $3.6 billion (up 2.7% from a year earlier), total liabilities of $2.8 billion and shareholders' equity of $792.7 million. It held $32.3 million in cash and short-term investments against $2.6 billion of debt, net debt of $2.5 billion. Its current ratio was 1.31. In the latest quarter (ended June 30, 2026) total assets were $3.5 billion and equity $691.2 million.
Related: BDN income statement, BDN cash flow statement, BDN key metrics. See the BDN stock overview for the latest quote and news.
BDN balance sheet FAQ
What are Brandywine Realty's total assets?
Brandywine Realty reported total assets of $3.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.5 billion a year earlier.
How much debt does Brandywine Realty have?
Brandywine Realty had $2.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 3.26.
How much cash does Brandywine Realty have?
Brandywine Realty held $32.3 million in cash and short-term investments at the end of fiscal 2025; with $2.6 billion of debt that is net debt of $2.5 billion.
What is Brandywine Realty's book value?
Brandywine Realty's shareholders' equity (book value) was $792.7 million at the end of fiscal 2025, or $4.57 per share.
What is Brandywine Realty's current ratio?
Brandywine Realty had current assets of $237.1 million and current liabilities of $180.5 million, a current ratio of 1.31 (it can cover its short-term obligations).
How much goodwill does Brandywine Realty have?
Brandywine Realty carried $22.4 million of goodwill and intangible assets, 0.6% of total assets, at the end of fiscal 2025.