Brandywine Realty

I’ve made a couple of purchases of BDN this month at $4.57 & $4.21. It closed today at $4.13 and traded as low as $4.11. While it is not 100% offices, it has a lot of offices mostly in the Philly area.

Its 4Q2022 financial supplemental report is below:

Supplemental Q4 2022 Master.xlsx (

One interesting thing in the supplemental is a cash sources and uses tables.

Sources - in millions
CF after interest payments - $175
Secured Term Loan, Net - $236
Proceeds from Asset Sales - $120
Decrease in Cash on Hand - $18
LOC Reduction - ($84)
Total Sources - $465

Uses - Millions
Dividends - $132
Contributions to JV’s - $35
Rev Maintaining CAPEX - $34
Rev Creating CAPEX - $60
Devel./Redevel. Projects - $150
Bond Redemption - $54
Total Uses - $465

If the above table prove anywhere near accurate for the year, BDN is a great bargain.

With a closing price of $4.13 the yield is currently 18.4%. The current dividend took 84.6% of 4Q22 FAD and 83.9% for the year. The 2022 tax treatment was 62.1% ordinary income and 37.9% LTCG.

A dividend cut appears possible to me, but not likely.


I am looking at loading up the truck on this one.




I’ve been slowly buying MPW with a similar (probably worse) result. It just keeps going down and the dividend yield keeps going up.

I have really bad timing when it comes to REITs. Every time I finally start buying, they rapidly decline. I should stay away.

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