Here are the 10-K annual reports from Brandywine Realty Trust (BDN) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow BDN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BDN filings page.
Brandywine Realty Trust and its operating partnership filed a combined annual report describing their 2025 performance and structure as an office‑focused REIT operating mainly in Philadelphia, its suburbs, Austin and select Mid‑Atlantic markets. The trust held an aggregate market value of non‑affiliate common shares of $710,790,280 at a share price of $4.29 as of June 30, 2025, with 173,711,848 common shares outstanding as of February 18, 2026.
The report explains that Brandywine Realty Trust owns a 99.7% interest in Brandywine Operating Partnership and consolidates its results, while the partnership holds substantially all assets, incurs debt and conducts operations. In 2025 the company recorded aggregate impairment charges of $67.5 million on real estate investments and unconsolidated ventures, following $53.1 million of impairments in 2024, reflecting declines in certain property values.
Management outlines a strategy focused on urban town centers and mixed‑use, transit‑oriented projects, using developments, redevelopments, selective acquisitions and joint ventures to grow. Extensive risk factors highlight pressures on office demand, tenant credit, interest rates, refinancing, development cost overruns, environmental compliance, cybersecurity, climate impacts and the need to maintain REIT status while continuing regular shareholder distributions.