Brandywine Realty Trust (BDN): Business Model Canvas [Jan-2025 Mise à jour]

Brandywine Realty Trust (BDN) apparaît comme une force dynamique dans l'immobilier commercial, naviguant stratégiquement dans le paysage complexe des investissements immobiliers urbains et suburbains. Avec un modèle commercial robuste qui mélange de manière transparente des partenariats stratégiques, une gestion immobilière innovante et un développement durable, BDN transforme les paradigmes immobiliers traditionnels en offrant des espaces flexibles de haute qualité pour les locataires d'entreprise tout en offrant une valeur cohérente aux investisseurs institutionnels. Leur approche unique combine le repositionnement des actifs sophistiqués, les technologies immobilières de pointe et une orientation géographique concentrée qui les positionne comme un acteur distinctif sur le marché immobilier compétitif.

Brandywine Realty Trust (BDN) - Modèle commercial: partenariats clés

Partenariats stratégiques avec des promoteurs immobiliers commerciaux

Brandywine Realty Trust entretient des partenariats stratégiques avec les principaux promoteurs immobiliers commerciaux à travers la Pennsylvanie et les régions métropolitaines.

Développeur partenaire	Focus de partenariat	Région géographique
Liberty Property Trust	Projets de développement à usage mixte	Région du Grand Philadelphie
Groupe de propriétés Keystone	Extensions du campus de bureau	Philadelphie de banlieue

Collaboration avec les investisseurs institutionnels et les fonds de retraite

Brandywine collabore activement avec des partenaires d'investissement institutionnels pour diversifier le portefeuille immobilier.

Partenaire institutionnel	Type d'investissement	Valeur d'investissement totale
Système de retraite des employés publics de Californie (CALPERS)	Investissements en actions immobilières	75 millions de dollars
Système de retraite des enseignants du Texas	Portefeuille de propriétés commerciales	125 millions de dollars

Coentreprises avec des sociétés locales de construction et de gestion immobilière

Brandywine établit des coentreprises pour améliorer l'efficacité opérationnelle et la pénétration régionale du marché.

• Services de construction AECOM
• Turner Construction Company
• Project Management Advisors, Inc.

Relations avec les institutions financières pour le financement en capital

Les partenariats financiers critiques soutiennent la structure du capital de Brandywine et les stratégies d'investissement.

Institution financière	Type de financement	Montant de la facilité de crédit
Banque Wells Fargo	Facilité de crédit renouvelable	500 millions de dollars
JPMorgan Chase	Accords de prêt à terme	350 millions de dollars

Partenariats avec des consultants en durabilité et en construction verte

Brandywine collabore avec des experts en durabilité pour améliorer les performances environnementales des actifs immobiliers.

• US Green Building Council
• Consultants de certification LEED
• Partenaires technologiques d'efficacité énergétique

Brandywine Realty Trust (BDN) - Modèle d'entreprise: Activités clés

Acquisition et développement immobiliers commerciaux

En 2024, Brandywine Realty Trust se concentre sur l'acquisition stratégique de l'immobilier avec les caractéristiques de portefeuille suivantes:

Taille totale du portefeuille	Environ 9,3 millions de pieds carrés
Focus géographique	Philadelphie, Austin et Washington D.C.
Volume d'investissement (2023)	87,2 millions de dollars d'acquisitions de nouvelles propriétés

Services de gestion immobilière et de location

Les mesures opérationnelles clés pour la gestion des propriétés comprennent:

• Taux d'occupation: 92,3%
• Terme de location moyenne: 5,7 ans
• Activité de location en 2023: 1,2 million de pieds carrés

Optimisation du portefeuille et repositionnement stratégique des actifs

Volume de disposition (2023)	215,4 millions de dollars
Investissement de réaménagement	62,5 millions de dollars
Projets de repositionnement des actifs	7 projets majeurs en cours

Gestion des relations des locataires

Les stratégies d'engagement des locataires comprennent:

• Taux de rétention nette des locataires: 68,5%
• Score moyen de satisfaction du locataire: 4,2 / 5
• Équipes de gestion des comptes dédiés

Rénovation et modernisation des biens durables

Investissement ESG (2023)	24,3 millions de dollars
Propriétés certifiées LEED	42% du portefeuille total
Améliorations de l'efficacité énergétique	Réduction des émissions de carbone de 22%

Brandywine Realty Trust (BDN) - Modèle d'entreprise: Ressources clés

Portefeuille diversifié de propriétés de bureau et à usage mixte

Au quatrième trimestre 2023, Brandywine Realty Trust possède 89 propriétés totalisant 12,2 millions de pieds carrés d'offices et des biens immobiliers à usage mixte. Le portefeuille est principalement concentré sur les marchés de Pennsylvanie et métropolitains.

Type de propriété	Total en pieds carrés	Nombre de propriétés
Propriétés du bureau	10,5 millions de pieds carrés	72 propriétés
Propriétés à usage mixte	1,7 million de pieds carrés	17 propriétés

Équipe de gestion immobilière expérimentée

L'équipe de direction de Brandywine possède en moyenne 22 ans d'expérience dans l'immobilier. Les cadres clés comprennent:

• Gerard H. Sweeney - Président et chef de la direction
• Tom Wirth - vice-président exécutif et directeur financier
• David Kalson - Vice-président exécutif de la location

Solides notations financières et de crédit

Mesures financières au 31 décembre 2023:

Métrique financière	Montant
Total des capitaux propres	2,1 milliards de dollars
Dette totale	1,6 milliard de dollars
Cote de crédit (S&P)	Bbb-
Cote de crédit (Moody's)	Baa3

Technologies et systèmes de gestion des propriétés avancées

Les investissements technologiques comprennent:

• Logiciel de gestion immobilière Yardi
• Systèmes de gestion de l'énergie
• Plateformes d'engagement des locataires numériques

Concentration géographique

Distribution des biens à partir de 2023:

Région	Pourcentage de portefeuille
Pennsylvanie	65%
Delaware	20%
New Jersey	15%

Brandywine Realty Trust (BDN) - Modèle d'entreprise: propositions de valeur

Actifs immobiliers commerciaux de haute qualité et bien situés

Au quatrième trimestre 2023, Brandywine Realty Trust possédait 101 propriétés totalisant 12,2 millions de pieds carrés d'espace de bureau et à usage mixte. La concentration de portefeuille comprend:

Région	Total des pieds carrés	Pourcentage de portefeuille
Philadelphie	6,5 millions	53.3%
Washington DC Metro	3,8 millions	31.1%
Autres marchés	1,9 million	15.6%

Environnements de bureau durables et modernes

Métriques de durabilité pour les propriétés BDN:

• 72% du portefeuille Energy Star certifié
• 18 propriétés avec certification LEED
• Réduction des émissions de carbone de 24% depuis 2016

Options de location flexibles pour divers besoins de locataires

Statistiques de location pour 2023:

Métrique	Valeur
Terme de location moyenne	7,2 ans
Taux d'occupation	92.3%
Taux de rétention des locataires	68%

Distributions de dividendes cohérentes pour les investisseurs

Performance de dividende:

• Dividende annuel: 1,04 $ par action
• Rendement des dividendes: 6,8%
• Années consécutives de paiements de dividendes: 21 ans

Investissements immobiliers urbains et suburbains stratégiques

Répartition du portefeuille d'investissement:

Type de propriété	Total des pieds carrés	Pourcentage de portefeuille
Bureau urbain	7,6 millions	62.3%
Bureau de banlieue	4,1 millions	33.6%
À usage mixte	0,5 million	4.1%

Brandywine Realty Trust (BDN) - Modèle d'entreprise: Relations clients

Support et engagement personnalisés des locataires

Brandywine Realty Trust maintient une équipe de support de locataires dédiée avec une cote de satisfaction de 97,2% à partir de 2023. La société fournit une gestion des comptes personnalisée pour 82 propriétés commerciales sur les principaux marchés métropolitains.

Canal de support	Temps de réponse	Disponibilité
Prise en charge du téléphone direct	Dans les 24 heures	8 h à 18 h HNE
Assistance par e-mail	Dans les 4 heures ouvrables	24/7
Portail de locataires en ligne	Accès en temps réel	24/7

Accords de location à long terme

La durée du bail moyenne des propriétés commerciales de Brandywine est de 7,3 ans. Le taux de rétention des locataires s'élève à 85,6% au quatrième trimestre 2023.

• Valeur du portefeuille de location: 1,2 milliard de dollars
• Taux d'occupation: 92,4%
• Terme de location moyenne pondérée: 7,5 ans

Maintenance et mises à niveau des propriétés proactives

Investissement annuel dans la maintenance des biens et les mises à niveau: 42,3 millions de dollars. Les mises à niveau de la durabilité mises en œuvre dans 65% du portefeuille de biens.

Catégorie de maintenance	Dépenses annuelles
Améliorations des infrastructures	18,7 millions de dollars
Intégration technologique	12,5 millions de dollars
Efficacité énergétique	11,1 millions de dollars

Plateformes de communication numérique

La plate-forme d'engagement des locataires numériques a été lancée en 2022 avec un taux d'adoption des locataires de 78%. L'application mobile fournit des demandes de maintenance en temps réel, des informations de facturation et des canaux de communication.

Services de gestion immobilière réactifs

Temps de résolution de la demande de maintenance moyenne: 1,6 jours. Assistance de maintenance d'urgence 24/7 disponible dans toutes les propriétés.

• Équipe de gestion immobilière dédiée: 142 professionnels
• Fréquence de communication moyenne des locataires: trimestriel
• Collection de rétroaction des locataires: enquêtes biannuelles

Brandywine Realty Trust (BDN) - Modèle commercial: canaux

Équipes de location directe

Brandywine Realty Trust conserve 45 professionnels de location dédiés sur les principaux marchés en Pennsylvanie, au New Jersey et au Delaware à partir de 2024.

Marché	Nombre de professionnels de la location	Total géré en pieds carrés
Philadelphie	22	4,2 millions de pieds carrés
New Jersey	15	2,8 millions de pieds carrés
Delaware	8	1,5 million de pieds carrés

Listes de sites Web d'entreprise et de propriétés en ligne

La plate-forme numérique de Brandywine dispose de 97 listes de propriétés actives avec des données de disponibilité en temps réel au T1 2024.

• Trafic de site Web: 125 000 visiteurs uniques mensuels
• Taux de conversion de recherche en ligne: 6,3%
• Disponibilité de la visite virtuelle: 72 propriétés

Réseaux de courtiers immobiliers

Brandywine collabore avec 287 sociétés de courtage immobilier commerciales dans la région du Nord-Est.

Segment du réseau de courtiers	Nombre de partenariats	Volume de transaction annuel
Grands courtiers nationaux	42	480 millions de dollars
Courtiers régionaux	165	210 millions de dollars
Courtiers spécialisés locaux	80	95 millions de dollars

Conférences de l'industrie et événements de réseautage

Brandywine participe à 24 conférences de l'industrie chaque année, générant 412 prospects qualifiés en 2024.

• NAIOP Commercial Real Estate Conference Participation
• Événements de réseautage de l'Institut foncier urbain
• Sommets de développement économique régional

Plateformes de marketing numérique et de relations avec les investisseurs

Métriques d'engagement numérique pour Brandywine Realty Trust en 2024:

Plate-forme	Adeptes / abonnés	Taux d'engagement
Liendin	37,500	4.2%
Site Web de relations avec les investisseurs	18 200 visiteurs mensuels	7.1%
Webinaires d'investisseurs annuels	1 250 participants	Taux de satisfaction de 92%

Brandywine Realty Trust (BDN) - Modèle d'entreprise: segments de clientèle

Locataires du siège social

Au quatrième trimestre 2023, le portefeuille de Brandywine Realty Trust comprend 8,6 millions de pieds carrés d'espace de bureau principalement situé dans les zones métropolitaines de Philadelphie et de Washington, D.C.

Type de client	Pourcentage de portefeuille	Terme de location moyenne
Locataires du siège social	42%	7,2 ans

Entreprises de services professionnels

Brandywine cible les sociétés de services professionnels dans les principaux segments de marché.

• Services juridiques
• Cabinets de conseil
• Pratiques comptables

Segment de service professionnel	Dénombrement des locataires	Espace loué total
Services professionnels	87 entreprises	1,3 million de pieds carrés

Technologies de technologie et de soins de santé

L'objectif stratégique de Brandywine comprend les segments de la technologie et des locataires de soins de santé.

Secteur	Nombre de locataires	Taux d'occupation
Entreprises technologiques	42 locataires	94.5%
Entreprises de soins de santé	29 locataires	92.3%

Investisseurs institutionnels

La base d'investisseurs de Brandywine en décembre 2023 comprend:

• Fonds de pension
• Fiducies d'investissement immobilier
• Fonds de richesse souverain

Catégorie d'investisseurs	Montant d'investissement	Pourcentage de l'investissement total
Investisseurs institutionnels	1,2 milliard de dollars	68%

Entreprises régionales et nationales

Brandywine dessert les entreprises à différentes échelles géographiques.

Échelle commerciale	Nombre de locataires	Zone louée totale
Entreprises régionales	156 locataires	3,7 millions de pieds carrés
Entreprises nationales	64 locataires	2,9 millions de pieds carrés

Brandywine Realty Trust (BDN) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

À partir du rapport annuel de 2023, Brandywine Realty Trust a déclaré que les coûts d'acquisition de propriétés totaux de 0 $ pour l'exercice. L'entreprise s'est concentrée sur la gestion stratégique des actifs plutôt que sur de nouvelles acquisitions.

Catégorie de dépenses	Montant ($)
Acquisition de terres	$0
Achat de l'immeuble	$0

Entretien et rénovation des biens en cours

En 2023, Brandywine Realty Trust a dépensé approximativement 24,3 millions de dollars sur la maintenance des biens et les améliorations des capitaux.

• Entretien de routine: 12,5 millions de dollars
• Rénovations majeures: 11,8 millions de dollars

Opérationnels et sur la gestion des frais généraux

Les dépenses opérationnelles totales pour 2023 ont été signalées à 64,2 millions de dollars.

Catégorie aérienne	Montant ($)
Coûts administratifs généraux	28,6 millions de dollars
Compensation des employés	35,6 millions de dollars

Entretien de la dette et paiements d'intérêts

Les dépenses totales d'intérêt pour 2023 étaient 79,5 millions de dollars.

• Intérêt de dette à long terme: 68,3 millions de dollars
• Intérêt de dette à court terme: 11,2 millions de dollars

Dépenses de marketing et de location

Les coûts de marketing et de location pour 2023 ont totalisé 8,7 millions de dollars.

Dépenses de marketing	Montant ($)
Marketing numérique	3,2 millions de dollars
Commission de location	5,5 millions de dollars

Brandywine Realty Trust (BDN) - Modèle d'entreprise: Strots de revenus

Revenu de location de location de propriétés commerciales

Au quatrième trimestre 2023, Brandywine Realty Trust a déclaré un chiffre d'affaires de location total de 144,3 millions de dollars. Le portefeuille immobilier de la société se compose de 8,4 millions de pieds carrés d'immobilier commercial.

Type de propriété	Revenus de location	Taux d'occupation
Propriétés du bureau	112,7 millions de dollars	92.4%
Propriétés des sciences de la vie	31,6 millions de dollars	95.2%

Vente et gains de disposition des biens

En 2023, Brandywine Realty Trust a généré 78,5 millions de dollars à partir des dispositions de propriété.

• Volume total des ventes de propriétés: 215,6 millions de dollars
• Gains nets des ventes de propriétés: 37,2 millions de dollars
• Prix ​​de vente moyen par pied carré: 245 $

Frais de service de gestion immobilière

Les frais de service de gestion immobilière pour 2023 ont totalisé 6,2 millions de dollars.

Revenu des dividendes pour les actionnaires

Brandywine Realty Trust payé 0,19 $ par action en dividendes trimestriels pour 2023, avec une distribution annuelle totale de dividendes de 41,3 millions de dollars.

Projets de développement immobilier à valeur ajoutée

Les revenus du projet de développement pour 2023 ont atteint 52,1 millions de dollars.

Type de projet	Investissement total	Revenus projetés
Développement de bureau	125,6 millions de dollars	38,4 millions de dollars
Développement des sciences de la vie	87,3 millions de dollars	13,7 millions de dollars

Brandywine Realty Trust (BDN) - Canvas Business Model: Value Propositions

You're looking at the core reasons why tenants choose Brandywine Realty Trust's properties, especially as the market sorts itself out. It's all about quality, location, and minimizing future uncertainty for your lease commitment.

High-quality, modern, and transit-rich office environments are central to the offering. This isn't just a marketing phrase; the operational data shows a clear preference for their prime assets. As of September 30, 2025, the core portfolio, which represents their primary focus, was 88.8% occupied and 90.4% leased. This suggests tenants are consolidating into better spaces.

Brandywine Realty Trust delivers mixed-use ecosystems integrating office, residential, and life science. This integration is most visible in their major development hubs. For example, the Uptown ATX development in Austin is planned to include 1.0 million square feet of office, 0.5 million square feet of life science, and 1,900 multi-family units within its 66-acre transit-oriented community.

The focus on specialized life science and research space in University City, Philadelphia, is a key differentiator. Brandywine Realty Trust has committed to developing over 3 million square feet of life science lab and research space in leading markets. Specific examples in University City include 3151 Market St, a building with 285,000 square feet of mixed office and lab space, and another dedicated life science building with 65,000 square feet fully leased to Spark Therapeutics for intensive biological lab use.

A significant value proposition is the low forward lease expiration rate, which directly reduces renewal risk for current tenants and signals portfolio stability. Brandywine Realty Trust continues to boast one of the office sector's lowest schedules, with only 4.9% of revenues expiring through 2026. This is a concrete number that speaks to long-term contractual revenue visibility.

The flight-to-quality appeal in key urban and suburban submarkets is evident when you break down the occupancy by geography as of late 2025. Tenants are clearly favoring the Philadelphia market over others, which supports premium rental rates on new deals.

Here's a quick look at the geographic split in occupancy and leasing as reported after Q3 2025:

Market Submarket	Occupancy Rate (as of 9/30/2025)	Leased Rate (as of late 2025)
Philadelphia CBD (Core)	94%	96%
Pennsylvania Suburbs (Core)	88%	89%
Boston (Core)	77%	78%
Austin Portfolio (Overall)	N/A	77.7% Leased (as of 9/30/2025)

The strength in the core markets is further supported by leasing performance; in the third quarter of 2025, new leasing saw accrual rental rate growth increase by 9.3%. This ability to secure higher rates on new space, while having minimal near-term lease expirations, is the value proposition in action. Also, management reported strong liquidity with no outstanding balance on its $600 million unsecured line of credit and $75 million in cash on hand as of September 30, 2025, which underpins their ability to execute on development and maintain assets.

You can see the value drivers clearly:

• Low Near-Term Risk: Only 4.9% of revenues expire through 2026.
• Premium Pricing Power: New leasing showed accrual rental rate growth of 9.3% in Q3 2025.
• Asset Quality Bifurcation: 41% of the company's buildings were fully leased as of Q1 2025, showing quality separation.
• Development Pipeline Scale: Land inventory supports an estimated 11 million square feet of future development potential.

Finance: draft 13-week cash view by Friday.

Brandywine Realty Trust (BDN) - Canvas Business Model: Customer Relationships

You're looking at how Brandywine Realty Trust (BDN) keeps its tenants happy and locked in, which is key for a real estate investment trust (REIT) like this, especially in the current market. The relationship focus is all about long-term value creation, not just signing a lease and walking away.

Direct, long-term leasing relationships with corporate tenants

Brandywine Realty Trust focuses on owning, developing, leasing, and managing an urban, town center, and transit-oriented portfolio, with key markets including Philadelphia, PA, and Austin, TX. The company's core portfolio as of September 30, 2025, comprised 11.3 million square feet across 60 properties. This scale allows for direct engagement with corporate clients, aiming for deep, multi-year commitments. The company's strategy reinforces this through its development pipeline; for instance, the commercial development pipeline stands at 1.6 million square feet, with 75,000 square feet currently in active lease negotiations, indicating a forward-looking approach to securing long-term occupancy with new partners. The company also emphasizes a partnership approach with stakeholders, including tenants.

Dedicated property management for tenant experience

Service is at the forefront of Brandywine Realty Trust's operations, supported by dedicated property management. They have introduced innovative tenant services to enhance the workplace. A prime example is BEX, short for Brandywine Experience, which offers flexible co-working touchdown spaces exclusively for tenants. These BEX locations are positioned in markets like Philadelphia, Radnor, PA, and Tysons, Virginia. These spaces offer amenities such as lounge and kitchen areas, coffee service, desk and conference space, and free WiFi. Furthermore, Brandywine Realty Trust actively works to improve building efficiency, which benefits tenants by potentially lowering operating costs. They incorporate clauses in new and re-negotiated leases that either require tenants to submit monthly utility data or allow the company to install sub-meters, a measure used to track energy usage and implement cost-effective efficiency measures.

High tenant retention focus, targeting 59-61% in 2025

The focus on retaining existing tenants is a measurable priority, as demonstrated by the initial 2025 guidance. The stated Tenant Retention Rate Range for 2025 was set between 59% and 61%. Performance against this goal has been strong through the third quarter. The tenant retention ratio for the third quarter of 2025 was reported at 68%, which was above the Q1 2025 retention rate of 55%. Management indicated an expectation to end the year at the upper end of their original range, despite the Q3 figure exceeding the initial target. The core portfolio ended Q3 2025 at 88.8% occupied and 90.4% leased.

The relationship success can be seen in the lease renewal metrics:

Metric	Wholly-Owned Portfolio Q3 2025 Data
Leases Executed (Total Sq. Ft.)	164,000 square feet
Renewal Leases Commenced (Sq. Ft.)	257,000 square feet
Average Lease Term on Renewals	6.2 years
Accrual Rental Rate Growth on Renewals	Decreased (4.6)%

Strategic engagement to secure anchor tenants in new developments

Brandywine Realty Trust secures future relationships by proactively marketing its development pipeline. The company is capitalizing on trends like the 'flight to quality' in markets such as the Philadelphia Central Business District (CBD), where trophy class assets are outperforming the broader market. The ongoing commercial development pipeline of 1.6 million square feet is a key area for securing new, large-scale anchor tenants who value high-quality, modern, and sustainable environments. The company also has specialized product offerings, such as research + innovation spaces designed for Life Science businesses, which require specific features like large floor plates and emergency power generation, showing tailored engagement for specialized anchor tenants.

Relationship-driven approach for renewals and expansions

The approach to renewals is clearly relationship-driven, as evidenced by the Q3 2025 leasing activity. Of the 164,000 square feet of leases executed in the wholly-owned portfolio during Q3 2025, a significant portion came from existing relationships:

• Leases that were renewals accounted for 257,000 square feet.
• Tenant expansions accounted for 35,000 square feet.

This indicates that renewals and expansions made up a substantial part of the leasing volume, suggesting successful relationship management is driving significant square footage retention and growth within the existing tenant base. Furthermore, the company has 182,000 square feet of executed new leasing scheduled to commence after September 30, 2025, which represents future relationship commitments.

Brandywine Realty Trust (BDN) - Canvas Business Model: Channels

You're looking at how Brandywine Realty Trust (BDN) gets its product-Class-A office and mixed-use space-to the customer, which is primarily tenants in Philadelphia and Austin. This is all about getting space occupied and managing those relationships, so the channels are very hands-on.

In-house leasing and marketing teams

Brandywine Realty Trust relies heavily on its internal capabilities to drive leasing velocity, especially in its core markets. The company's commitment to its properties is evident in its market capture; for instance, in 2024, they captured 49% of all office space transactions in Philadelphia, which is well above their general market share. This suggests a strong, effective in-house sales and marketing channel. The overall size of the organization, which has 416 total employees as of a recent check, supports these direct teams.

Third-party commercial real estate brokers

While the in-house team is strong, third-party brokers are essential for filling space, especially for larger or more complex deals. Leasing activity is tracked both for wholly-owned properties and those held in joint ventures. For example, in the second quarter of 2025, total leasing activity was 461,000 square feet, with 233,000 square feet signed in the wholly-owned portfolio and 226,000 square feet signed in the joint venture portfolio. This shows a significant portion of deal flow is facilitated through external brokerage relationships.

You can see the leasing volume across the quarters of 2025 here:

Reporting Period	Leases Signed (Wholly-Owned Portfolio)	Leases Signed (Including Joint Ventures)
Q1 2025	235,000 square feet	340,000 square feet
Q2 2025	233,000 square feet	461,000 square feet
Q3 2025	164,000 square feet	343,000 square feet

Direct property management staff at each location

The management of the physical assets is a direct channel for tenant satisfaction and retention. As of September 30, 2025, Brandywine Realty Trust managed a core portfolio of 60 properties totaling 11.3 million square feet. The operational success of this portfolio is reflected in its occupancy; the core portfolio was 88.8% occupied and 90.4% leased as of September 30, 2025. The company emphasizes its decades of expertise in property management, tenant engagement, and operational innovation as a key differentiator.

The occupancy and leasing status of the core portfolio shows the direct impact of management:

• Core Portfolio Occupancy (as of September 30, 2025): 88.8%
• Core Portfolio Leased (as of September 30, 2025): 90.4%
• Average annual lease expiration rate through 2026: only 5.1%

Joint venture structures for specific development assets

Brandywine Realty Trust uses joint venture structures to execute on specific, often large-scale, development opportunities. This channel allows them to bring in capital partners for projects like their urban, town center, and transit-oriented assets. A recent example of managing these structures involved an acquisition in October 2025, where they redeemed their partner's preferred interest in 3025 JFK for $70.5 million, moving the asset to wholly-owned status. Furthermore, they commenced construction on a 121 room hotel component of their Radnor mixed-use complex in Q2 2025, with a project cost slightly less than $60,000,000 and an anticipated 10% return on cost.

Corporate website and investor relations outreach

For the financial community, the corporate website, www.brandywinerealty.com, serves as the primary channel for information dissemination, particularly through the "Investor Relations" section. This channel is used to communicate critical financial milestones, such as the announcement of Third Quarter 2025 Results on October 22, 2025. The company also uses this platform to detail capital structure activities, like the closing of a $300 million offering of 6.125% Guaranteed Notes due 2031 in October 2025.

The IR channel is critical for setting expectations, as evidenced by the revised 2025 FFO guidance range of $0.51 to $0.53 per share announced in October 2025.

Brandywine Realty Trust (BDN) - Canvas Business Model: Customer Segments

You're looking at the core clientele that drives the Net Operating Income (NOI) for Brandywine Realty Trust as of late 2025. Honestly, their customer base is tightly focused on high-quality, modern office space, with a strategic overlay of residential income from their mixed-use plays.

The primary segment is definitely the office user, heavily concentrated in the Greater Philadelphia area. As of the third quarter of 2025, the core portfolio-which is their main operating asset base-stood at 88.8% occupied and 90.4% leased. This high leased percentage, even with some new leases commencing after the reporting date, shows strong demand for their product.

Here's a quick look at the portfolio health as of September 30, 2025:

Metric	Value (Q3 2025)	Context
Core Portfolio Properties	60	Total number of properties in the core portfolio.
Core Portfolio Square Feet	11.3 million sq. ft.	Total square footage in the core portfolio.
Core Portfolio Occupancy	88.8%	Occupancy rate as of September 30, 2025.
Core Portfolio Leased	90.4%	Leased rate as of September 30, 2025 (reflecting post-Q3 commencements).
Tenant Retention Ratio	68%	Retention for the core portfolio in Q3 2025.

The types of tenants they attract lean toward the sophisticated end of the market. You see a clear preference for quality spaces; for instance, in 2024, 62% of their new leases were signed by tenants moving up the quality curve. This speaks directly to the large corporate and institutional office tenants who value the Brandywine Experience.

Specific industry segments are key focus areas:

• Life science, research, and academic organizations: Brandywine Realty Trust has actively catered to this demand, delivering its first life sciences building at 3151 Market in Philadelphia.
• Large corporate and institutional office tenants: These are the bread-and-butter clients, exemplified by the 16-year, 117,000 square foot headquarters lease signed with a major financial services firm at 3025 JFK Blvd.
• Government and defense contractors: While a core segment, specific financial breakdowns for this group aren't explicitly detailed in the latest reports, but they are part of the overall office tenant base.

Geographically, the focus is sharp. The majority of the Net Operating Income (NOI) is generated from the Greater Philadelphia market and Austin. While the exact NOI percentage for Philadelphia isn't explicitly stated in the latest filings, the operational focus is clear. For example, in Q2 2025, the Philadelphia suburbs portfolio was 88% occupied and 90% leased. Austin activity shows a recent sale of a 223,000 square foot property for $55.1 million in Q3 2025, and in Q2 2025, the Austin portfolio was reported at 78% leased and occupied. This suggests a disciplined approach to capital recycling in non-core or less concentrated markets.

Finally, you can't ignore the residential component that anchors their mixed-use developments. These residential tenants provide diversification and foot traffic to the office and retail components. As of late 2025 Q3, the two key residential developments were performing exceptionally well: Solaris at Uptown ATX and Avira at Schuylkill Yards were both 99% leased. To be fair, Avira was already at 96% leased back in Q1 2025. This high residential occupancy is a strong indicator of demand for their live-work-play environments.

Finance: draft 13-week cash view by Friday.

Brandywine Realty Trust (BDN) - Canvas Business Model: Cost Structure

The Cost Structure for Brandywine Realty Trust centers heavily on property-level expenditures, significant debt servicing, and ongoing capital deployment for growth and maintenance. These costs are managed against a backdrop of market adjustments, as seen by non-cash charges.

Significant property operating expenses (utilities, maintenance, taxes) are inherent to owning and operating a 11.3 million square foot core portfolio as of June 30, 2025. While specific line items aren't itemized here, the operational performance reflects these costs. For the 59 same store properties in the second quarter of 2025, same store Net Operating Income (NOI), excluding termination revenues, increased 1.0% on an accrual basis and 6.3% on a cash basis.

High interest expense on debt remains a major cost component. Brandywine Realty Trust actively managed its debt structure in late 2025. In October 2025, the company issued $300 million of 6.125% guaranteed notes due 2031. The net proceeds of approximately $296.3 million were used to repay a consolidated secured debt loan totaling $245 million. This early prepayment of the secured loan is expected to generate a fourth-quarter earnings charge approximating $12.3 million, or $0.07 per share.

Development and redevelopment capital expenditures are substantial, reflecting the company's focus on its pipeline. The capital plan for the balance of 2025 totaled $388 million as of the third quarter. A specific example of a new commitment is the construction start on the last component of the Radnor mixed use campus, a 120-room luxury boutique hotel, estimated to cost $59.5 million.

General and administrative costs for REIT operations are reflected in the overall operating results. For instance, the Funds from Operations (FFO) contribution from unconsolidated joint ventures in the second quarter of 2025 totaled a negative $5,800,000.0. The company is targeting year-end core occupancy between 88% and 89%.

Non-cash impairment charges directly hit the bottom line when asset values are adjusted. Brandywine Realty Trust recorded non-cash impairment charges totaling $63.4 million, or $0.37 per diluted share, in the second quarter of 2025, primarily related to portfolio assets located in Austin, Texas.

Here's a quick look at some key financial metrics impacting the cost base:

Cost/Expense Driver	Period/Date	Amount
Non-Cash Impairment Charge (Austin)	Q2 2025	$63.4 million
Development Capital Plan (Balance of Year)	As of Q3 2025	$388 million
Hotel Development Cost (Estimated)	Project Specific	$59.5 million
Secured Debt Repayment via New Notes	October 2025	$245 million
Prepayment Charge from Debt Repayment	Q4 2025 Estimate	$12.3 million
New Notes Issued	October 2025	$300 million

The company's focus on managing its capital structure to reduce leverage and improve its credit profile is a strategic cost consideration. The revised 2025 FFO guidance, narrowed to a range of $0.51 to $0.53 per share, reflects transaction costs and delays in development recapitalizations.

The cost structure is also influenced by capital recycling activities, such as property sales. Brandywine Realty Trust completed sales totaling $72.7 million at an average cap rate of 6.9% through the third quarter of 2025.

• Core portfolio square footage as of June 30, 2025: 11.3 million square feet.
• Core portfolio occupancy as of September 30, 2025: 88.8%.
• Quarterly dividend distribution declared in September 2025: $0.08 per common share.
• FFO for the first nine months of 2025: $78.8 million.

Brandywine Realty Trust (BDN) - Canvas Business Model: Revenue Streams

The primary engine for Brandywine Realty Trust (BDN) revenue remains the rental income from its core office and mixed-use properties. This forms the bulk of the top line, driven by the performance of its urban, town center, and transit-oriented portfolio, which comprised 60 properties totaling 11.3 million square feet as of September 30, 2025.

For the trailing twelve months (TTM) ending in late 2025, Brandywine Realty Trust generated total revenue of approximately $0.48 Billion USD, or $480 million. This figure is in the ballpark of the expected full-year 2025 revenue around $480.84 million, giving you a clear picture of the scale of operations.

Beyond base rent, Brandywine Realty Trust captures value through transactional activities and property services. Here's a breakdown of the non-rental components based on the latest reported guidance and actuals through Q3 2025:

Revenue Component	Latest Reported/Targeted Amount (2025)	Source Period/Context
Net Management and Development Fees	~$2.0 million net	Q2 2025 estimate
Property Sales Proceeds Target (Excluding Land)	$72.7 million	Revised 2025 Target
Termination Fees and Other Income	About $2.0 million	Q3 2025 estimate
Termination Fees and Other Income	About $1.5 million	Q2 2025 estimate

You should note that the property sales proceeds target of $72.7 million for 2025 was the revised goal after completing $17.6 million in sales by the end of Q2 2025, with $55.1 million under agreement at that time. However, by the Q3 2025 earnings call, management indicated they anticipate no property disposition activity for the balance of the year.

Parking and other ancillary property income is captured within the 'Termination fees and other income' line item, which saw estimates fluctuate slightly through the year. For instance, the Q2 estimate was about $1,500,000.0, which was revised up to about $2 million for the Q3 outlook.

The company's speculative revenue target, which likely incorporates some of these fee and ancillary items, was largely achieved by mid-2025, hitting $27.0 million by the end of Q2, against a target range of $27.0 - $28.0 million. This suggests that the core rental income is the foundation, and these other streams provide important, though variable, boosts to the overall financial picture.