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Side-by-side financial comparison of BRANDYWINE REALTY TRUST (BDN) and Global Net Lease, Inc. (GNL). Click either name above to swap in a different company.
BRANDYWINE REALTY TRUST is the larger business by last-quarter revenue ($127.0M vs $117.0M, roughly 1.1× Global Net Lease, Inc.). Global Net Lease, Inc. runs the higher net margin — 41.2% vs -38.4%, a 79.6% gap on every dollar of revenue. On growth, BRANDYWINE REALTY TRUST posted the faster year-over-year revenue change (4.5% vs -15.1%). Over the past eight quarters, BRANDYWINE REALTY TRUST's revenue compounded faster (0.7% CAGR vs -11.1%).
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.
Global Net Lease, Inc. is a publicly traded real estate investment trust that acquires, owns and manages a diversified portfolio of commercial real estate assets under long-term net lease contracts. Its property portfolio spans North America and Europe, covering industrial, office, retail and other key sectors, serving tenants across multiple industries to deliver consistent long-term returns for shareholders.
BDN vs GNL — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $127.0M | $117.0M |
| Net Profit | $-48.8M | $48.2M |
| Gross Margin | — | — |
| Operating Margin | 1.2% | 94.7% |
| Net Margin | -38.4% | 41.2% |
| Revenue YoY | 4.5% | -15.1% |
| Net Profit YoY | -80.4% | 838.7% |
| EPS (diluted) | $-0.28 | $0.14 |
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 | $117.0M | ||
| Q3 25 | $121.4M | $121.0M | ||
| Q2 25 | $120.6M | $124.9M | ||
| Q1 25 | $121.5M | $132.4M | ||
| Q4 24 | $121.9M | $137.8M | ||
| Q3 24 | $131.8M | $138.7M | ||
| Q2 24 | $125.3M | $145.5M |
| Q1 26 | $-48.8M | — | ||
| Q4 25 | $-36.7M | $48.2M | ||
| Q3 25 | $-25.9M | $-60.1M | ||
| Q2 25 | $-88.7M | $-24.1M | ||
| Q1 25 | $-27.0M | $-189.4M | ||
| Q4 24 | $-44.5M | $-6.5M | ||
| Q3 24 | $-165.2M | $-65.6M | ||
| Q2 24 | $30.2M | $-35.7M |
| 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% | 94.7% | ||
| Q3 25 | 20.8% | -11.7% | ||
| Q2 25 | -34.3% | 33.9% | ||
| Q1 25 | 12.5% | -21.1% | ||
| Q4 24 | 18.0% | 40.8% | ||
| Q3 24 | -7.2% | 9.3% | ||
| Q2 24 | 15.5% | 42.6% |
| Q1 26 | -38.4% | — | ||
| Q4 25 | -30.3% | 41.2% | ||
| Q3 25 | -21.3% | -49.7% | ||
| Q2 25 | -73.5% | -19.3% | ||
| Q1 25 | -22.2% | -143.0% | ||
| Q4 24 | -36.5% | -4.7% | ||
| Q3 24 | -125.4% | -47.3% | ||
| Q2 24 | 24.1% | -24.5% |
| Q1 26 | $-0.28 | — | ||
| Q4 25 | $-0.21 | $0.14 | ||
| Q3 25 | $-0.15 | $-0.32 | ||
| Q2 25 | $-0.51 | $-0.16 | ||
| Q1 25 | $-0.16 | $-0.87 | ||
| Q4 24 | $-0.25 | $-0.08 | ||
| Q3 24 | $-0.96 | $-0.33 | ||
| Q2 24 | $0.17 | $-0.20 |
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 | $180.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $1.7B |
| Total Assets | $3.6B | $4.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.2M | — | ||
| Q4 25 | $32.3M | $180.1M | ||
| Q3 25 | $75.5M | $165.1M | ||
| Q2 25 | $122.6M | $144.8M | ||
| Q1 25 | $29.4M | $147.0M | ||
| Q4 24 | $90.2M | $159.7M | ||
| Q3 24 | $36.5M | $127.2M | ||
| Q2 24 | $30.4M | $122.2M |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.2B | — |
| Q1 26 | — | — | ||
| Q4 25 | $792.7M | $1.7B | ||
| Q3 25 | $841.5M | $1.7B | ||
| Q2 25 | $879.8M | $1.8B | ||
| Q1 25 | $993.6M | $1.9B | ||
| Q4 24 | $1.0B | $2.2B | ||
| Q3 24 | $1.1B | $2.3B | ||
| Q2 24 | $1.3B | $2.4B |
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $4.3B | ||
| Q3 25 | $3.3B | $4.8B | ||
| Q2 25 | $3.4B | $5.0B | ||
| Q1 25 | $3.4B | $5.8B | ||
| Q4 24 | $3.5B | $7.0B | ||
| Q3 24 | $3.6B | $7.3B | ||
| Q2 24 | $3.8B | $7.6B |
| Q1 26 | — | — | ||
| Q4 25 | 3.23× | — | ||
| Q3 25 | 2.70× | — | ||
| Q2 25 | 2.63× | — | ||
| Q1 25 | 2.23× | — | ||
| Q4 24 | 2.13× | — | ||
| Q3 24 | 2.06× | — | ||
| Q2 24 | 1.73× | — |
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 | — | $222.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 4.62× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $116.7M | $222.8M | ||
| Q3 25 | $47.5M | $56.0M | ||
| Q2 25 | $34.4M | $52.0M | ||
| Q1 25 | $6.3M | $59.2M | ||
| Q4 24 | $181.1M | $299.5M | ||
| Q3 24 | $52.2M | $62.1M | ||
| Q2 24 | $48.2M | $70.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.62× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.60× | — |
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% |
GNL
| Industrial And Distribution Segment | $56.0M | 48% |
| Office Segment | $30.8M | 26% |
| Single Tenant Retail Segment | $30.2M | 26% |
