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Side-by-side financial comparison of BRANDYWINE REALTY TRUST (BDN) and Broadstone Net Lease, Inc. (BNL). Click either name above to swap in a different company.
BRANDYWINE REALTY TRUST is the larger business by last-quarter revenue ($127.0M vs $118.3M, roughly 1.1× Broadstone Net Lease, Inc.). Broadstone Net Lease, Inc. runs the higher net margin — 28.0% vs -38.4%, a 66.4% gap on every dollar of revenue. On growth, Broadstone Net Lease, Inc. posted the faster year-over-year revenue change (5.5% vs 4.5%). Over the past eight quarters, Broadstone Net Lease, Inc.'s revenue compounded faster (6.0% CAGR vs 0.7%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
Broadstone Net Lease, Inc. is a real estate investment trust (REIT) that acquires, owns, and manages a diversified portfolio of single-tenant commercial real estate assets across the United States. Its portfolio covers key segments including industrial facilities, healthcare properties, retail locations, and office spaces, all leased to tenants under long-term net lease agreements.
BDN vs BNL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $127.0M | $118.3M |
| Net Profit | $-48.8M | $33.1M |
| Gross Margin | — | — |
| Operating Margin | 1.2% | — |
| Net Margin | -38.4% | 28.0% |
| Revenue YoY | 4.5% | 5.5% |
| Net Profit YoY | -80.4% | 25.5% |
| EPS (diluted) | $-0.28 | $0.17 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $127.0M | — | ||
| Q4 25 | $121.0M | $118.3M | ||
| Q3 25 | $121.4M | $114.2M | ||
| Q2 25 | $120.6M | $113.0M | ||
| Q1 25 | $121.5M | $108.7M | ||
| Q4 24 | $121.9M | $112.1M | ||
| Q3 24 | $131.8M | $108.4M | ||
| Q2 24 | $125.3M | $105.9M |
| Q1 26 | $-48.8M | — | ||
| Q4 25 | $-36.7M | $33.1M | ||
| Q3 25 | $-25.9M | $26.5M | ||
| Q2 25 | $-88.7M | $20.2M | ||
| Q1 25 | $-27.0M | $16.7M | ||
| Q4 24 | $-44.5M | $26.4M | ||
| Q3 24 | $-165.2M | $35.6M | ||
| Q2 24 | $30.2M | $35.3M |
| Q1 26 | — | — | ||
| Q4 25 | 61.3% | — | ||
| Q3 25 | 62.6% | — | ||
| Q2 25 | 62.4% | — | ||
| Q1 25 | 60.8% | — | ||
| Q4 24 | 61.2% | — | ||
| Q3 24 | 64.9% | — | ||
| Q2 24 | 63.1% | — |
| Q1 26 | 1.2% | — | ||
| Q4 25 | 22.8% | — | ||
| Q3 25 | 20.8% | — | ||
| Q2 25 | -34.3% | — | ||
| Q1 25 | 12.5% | — | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | -7.2% | — | ||
| Q2 24 | 15.5% | — |
| Q1 26 | -38.4% | — | ||
| Q4 25 | -30.3% | 28.0% | ||
| Q3 25 | -21.3% | 23.2% | ||
| Q2 25 | -73.5% | 17.8% | ||
| Q1 25 | -22.2% | 15.4% | ||
| Q4 24 | -36.5% | 23.5% | ||
| Q3 24 | -125.4% | 32.8% | ||
| Q2 24 | 24.1% | 33.4% |
| Q1 26 | $-0.28 | — | ||
| Q4 25 | $-0.21 | $0.17 | ||
| Q3 25 | $-0.15 | $0.14 | ||
| Q2 25 | $-0.51 | $0.10 | ||
| Q1 25 | $-0.16 | $0.09 | ||
| Q4 24 | $-0.25 | $0.13 | ||
| Q3 24 | $-0.96 | $0.19 | ||
| Q2 24 | $0.17 | $0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.2M | $30.5M |
| Total DebtLower is stronger | — | $2.5B |
| Stockholders' EquityBook value | — | $2.9B |
| Total Assets | $3.6B | $5.7B |
| Debt / EquityLower = less leverage | — | 0.87× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.2M | — | ||
| Q4 25 | $32.3M | $30.5M | ||
| Q3 25 | $75.5M | $82.0M | ||
| Q2 25 | $122.6M | $20.8M | ||
| Q1 25 | $29.4M | $9.6M | ||
| Q4 24 | $90.2M | $14.8M | ||
| Q3 24 | $36.5M | $9.0M | ||
| Q2 24 | $30.4M | $18.3M |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $2.5B | ||
| Q3 25 | $2.3B | $2.4B | ||
| Q2 25 | $2.3B | $2.1B | ||
| Q1 25 | $2.2B | $2.0B | ||
| Q4 24 | $2.2B | $1.9B | ||
| Q3 24 | $2.3B | $2.0B | ||
| Q2 24 | $2.2B | $1.9B |
| Q1 26 | — | — | ||
| Q4 25 | $792.7M | $2.9B | ||
| Q3 25 | $841.5M | $2.9B | ||
| Q2 25 | $879.8M | $2.9B | ||
| Q1 25 | $993.6M | $2.9B | ||
| Q4 24 | $1.0B | $3.0B | ||
| Q3 24 | $1.1B | $3.0B | ||
| Q2 24 | $1.3B | $3.1B |
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $5.7B | ||
| Q3 25 | $3.3B | $5.5B | ||
| Q2 25 | $3.4B | $5.3B | ||
| Q1 25 | $3.4B | $5.2B | ||
| Q4 24 | $3.5B | $5.2B | ||
| Q3 24 | $3.6B | $5.3B | ||
| Q2 24 | $3.8B | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | 3.23× | 0.87× | ||
| Q3 25 | 2.70× | 0.82× | ||
| Q2 25 | 2.63× | 0.73× | ||
| Q1 25 | 2.23× | 0.68× | ||
| Q4 24 | 2.13× | 0.64× | ||
| Q3 24 | 2.06× | 0.65× | ||
| Q2 24 | 1.73× | 0.62× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $299.5M |
| Free Cash FlowOCF − Capex | — | $269.8M |
| FCF MarginFCF / Revenue | — | 228.1% |
| Capex IntensityCapex / Revenue | — | 25.1% |
| Cash ConversionOCF / Net Profit | — | 9.04× |
| TTM Free Cash FlowTrailing 4 quarters | — | $461.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $116.7M | $299.5M | ||
| Q3 25 | $47.5M | $64.2M | ||
| Q2 25 | $34.4M | $79.3M | ||
| Q1 25 | $6.3M | $71.5M | ||
| Q4 24 | $181.1M | $276.3M | ||
| Q3 24 | $52.2M | $67.3M | ||
| Q2 24 | $48.2M | $74.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $269.8M | ||
| Q3 25 | — | $58.0M | ||
| Q2 25 | — | $76.7M | ||
| Q1 25 | — | $57.1M | ||
| Q4 24 | — | $259.5M | ||
| Q3 24 | — | $60.3M | ||
| Q2 24 | — | $74.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 228.1% | ||
| Q3 25 | — | 50.8% | ||
| Q2 25 | — | 67.9% | ||
| Q1 25 | — | 52.5% | ||
| Q4 24 | — | 231.4% | ||
| Q3 24 | — | 55.6% | ||
| Q2 24 | — | 69.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 25.1% | ||
| Q3 25 | — | 5.4% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 13.2% | ||
| Q4 24 | — | 15.0% | ||
| Q3 24 | — | 6.5% | ||
| Q2 24 | — | 0.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.04× | ||
| Q3 25 | — | 2.43× | ||
| Q2 25 | — | 3.93× | ||
| Q1 25 | — | 4.27× | ||
| Q4 24 | — | 10.47× | ||
| Q3 24 | — | 1.89× | ||
| Q2 24 | 1.60× | 2.10× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDN
| Rents | $120.7M | 95% |
| Third party management fees, labor reimbursement and leasing | $4.7M | 4% |
BNL
| Other | $66.9M | 57% |
| Two Thousand Twenty Four Atm Program | $51.4M | 43% |
