Brandywine Realty Trust is a diversified office and industrial real estate investment trust. The company develops and operates commercial properties in the largely suburban areas of western and northern Pennsylvania, New Jersey, California, Virginia, and Texas. As of 2006, Brandywine operated a total of 28.2 million square feet across its 284 office and industrial properties. Properties are largely two to three story buildings, generating revenue per square foot around $24.
Until its diversifying acquisition of Prentiss Properties Trust in 2006, the company operated much more exclusively in the Pennsylvania and mid-Atlantic markets. This helps to limit geographic real estate risk, but also may dilute the company's scale in a particular region and present operational challenges inherent entering new and unfamiliar markets.
The commercial real estate market is at the whim of the US economic cycle, both because of the impact of variables, such as interest rates, on the value of properties owned and the occupancy and rental rates of tenants, who are almost exclusively other businesses.
Below are relevant operating and financial data. The company has increased revenue rapidly over the previous several years, driven by increases in total square footage coupled with higher revenue per square foot. 
|Region||Revenue||% of total revenue|
|Philadelphia & Delaware||$86||13.0%|
|Northern VA and MD||$112||16.9%|
Market share is listed by 2007 revenues. In 2007, BDN held 7% of total U.S. office REIT market share, by revenues. There are 14 U.S. exchange traded REITs focusing on office properties. Of those, the top three Boston Properties (BXP), Brookfield Properties (BPO) and SL Green Realty (SLG) accounted for just over half of Market Share by 2007 revenus.
Brandywine faces heavy competition within each of its markets. Commercial real estate operators compete for tenants, financing, and acquisitions of properties. They compete on several factors, including rents, services provided for tenants, and location. Competitors range anywhere from other REITs to pension funds to individual and foreign investors. Some competitors include:
Below are comparisons of relevant operating information for similar commercial real estate investment trusts.
|Company||Properties||Sq. Ft. (in mil)||Revenue (in $MM)||Rev/square foot||Operating Income (in $MM)||Operating Margin|