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Held by 223 of 5,944 reporting institutions (92th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 240 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $163.3B | 168.7× | — | 15.1× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,425 |
| XHG | $130.7B | — | — | 2546.6× | 24.9% | 2.2% | -205% | 85.0% | 88.3% | — | 1 |
| PLD | $124.3B | 37.6× | — | 14.1× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,592 |
| EQIX | $99.8B | 73.8× | 25.5× | 10.8× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | 0.3× | 1,229 |
| AMT | $82.3B | 32.7× | 14.2× | 7.7× | 5.1% | — | 24.7% | 72.0% | 37.3% | 0.6× | 1,662 |
| SPG | $66.2B | 14.3× | — | 10.4× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,242 |
| O | $53.4B | 48.9× | — | 9.3× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,389 |
| PSA | $51.7B | 32.7× | — | 10.7× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,045 |
| VTR | $41.9B | 163.3× | — | 7.2× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 891 |
| CBRE | $41.0B | 36.0× | — | 1.0× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,020 |
| IRM | $33.2B | 228.9× | 22.6× | 4.8× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.5× | 1,043 |
| EXR | $28.8B | 29.7× | 13.5× | 8.5× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | — | 722 |
| AVB | $26.6B | 25.6× | 12.2× | 8.7× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.2× | 715 |
| VICI | $26.2B | 9.4× | — | 6.5× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 898 |
| EQR | $25.6B | 23.0× | — | — | — | — | — | 10.1% | 5.8% | — | 681 |
| SBAC | $19.0B | 18.4× | 21.5× | 6.8× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.7× | 636 |
| BEKE | $17.6B | 133.1× | 37.9× | 1.3× | 5.6% | 21.4% | 3.2% | 4.5% | 4.5% | — | 197 |
| ESS | $17.5B | 26.1× | 11.6× | 9.3× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | — | 582 |
| INVH | $16.6B | 28.3× | — | 6.1× | 4.2% | — | 21.5% | 6.2% | 3.3% | — | 560 |
| JLL | $16.0B | 20.7× | 11.9× | 0.6× | 11.4% | — | 3.0% | 10.6% | 10.4% | 0.1× | 615 |
| WY | $15.7B | 48.5× | 16.8× | 2.3× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.5× | 868 |
| KIM | $15.2B | — | 16.3× | 7.1× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.5× | 633 |
| NLY | $15.0B | 7.3× | — | — | — | — | — | 12.6% | 12.6% | — | 743 |
| LAMR | $15.0B | 25.6× | — | 6.6× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 655 |
| HST | $15.0B | 19.8× | — | 2.5× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 656 |
| BDN | $507M | — | — | 1.1× | -4.2% | 61.8% | -36.8% | -22.5% | -5.3% | — | 223 |
Peers = companies sharing BDN's sector (Real Estate) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $484.5M 100.0% | $505.5M 100.0% | $514.7M 100.0% | $506.1M 100.0% | $486.8M 100.0% | $534.9M 100.0% | $580.4M 100.0% | $544.3M 100.0% | $520.5M 100.0% | $525.5M 100.0% |
| Cost of Revenue | — | — | — | $194.4M 38.4% | $188.3M 38.7% | $205.5M 38.4% | $225.8M 38.9% | $218.1M 40.1% | $206.1M 39.6% | $209.4M 39.9% |
| Gross Profit | $299.3M 61.8% | $318.2M 62.9% | $324.7M 63.1% | $311.7M 61.6% | $298.5M 61.3% | $329.4M 61.6% | $354.6M 61.1% | $326.2M 59.9% | $314.4M 60.4% | $316.0M 60.1% |
| Selling, General & Admin | $42.0M 8.7% | $42.8M 8.5% | $34.9M 6.8% | $35.0M 6.9% | $30.2M 6.2% | $30.3M 5.7% | $32.2M 5.5% | $27.8M 5.1% | $28.5M 5.5% | $26.6M 5.1% |
| Total Operating Expenses | $185.2M 38.2% | $187.3M 37.1% | $189.9M 36.9% | $194.4M 38.4% | $188.3M 38.7% | $424.0M 79.3% | $468.0M 80.6% | $493.6M 90.7% | $418.0M 80.3% | $466.2M 88.7% |
| Operating Income | $26.7M 5.5% | $54.9M 10.9% | -$21.6M -4.2% | $119.7M 23.7% | $93.3M 19.2% | $400.5M 74.9% | $114.8M 19.8% | $56.7M 10.4% | $135.5M 26.0% | $185.4M 35.3% |
| Interest Expense | — | — | — | — | — | — | $81.5M 14.0% | $78.2M 14.4% | $81.9M 15.7% | $84.7M 16.1% |
| Interest & Investment Income | — | — | — | $1.9M 0.4% | $8.3M 1.7% | $1.9M 0.4% | $2.3M 0.4% | $4.7M 0.9% | $1.1M 0.2% | $1.2M 0.2% |
| Pretax Income | -$178.8M -36.9% | -$196.5M -38.9% | -$197.3M -38.3% | $54.0M 10.7% | $12.4M 2.5% | $307.1M 57.4% | $34.5M 6.0% | $135.9M 25.0% | $120.5M 23.2% | $40.5M 7.7% |
| Income Tax Expense | $112K 0.0% | $14K 0.0% | $72K 0.0% | $55K 0.0% | $47K 0.0% | -$224K -0.0% | $12K 0.0% | $423K 0.1% | -$628K -0.1% | $0 0.0% |
| Net Income | -$178.2M -36.8% | -$195.9M -38.8% | -$196.8M -38.2% | $53.8M 10.6% | $12.3M 2.5% | $305.5M 57.1% | $34.3M 5.9% | $134.5M 24.7% | $120.2M 23.1% | $40.2M 7.6% |
| Per Share | ||||||||||
| EPS (Basic) | $-1.03 | $-1.14 | $-1.15 | $0.31 | $0.07 | $1.77 | $0.19 | $0.75 | $0.65 | $0.19 |
| EPS (Diluted) | $-1.03 | $-1.14 | $-1.15 | $0.31 | $0.07 | $1.77 | $0.19 | $0.75 | $0.65 | $0.19 |
| Weighted Avg Shares (Basic) | 173.5M | 172.5M | 172.0M | 171.5M | 170.9M | 171.9M | 176.1M | 178.5M | 175.5M | 175.0M |
| Weighted Avg Shares (Diluted) | 173.5M | 172.5M | 172.0M | 172.3M | 172.3M | 172.3M | 176.7M | 179.6M | 176.8M | 176.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
3/8 of the 9 checks — 1 couldn't be scored (see above), so the score is out of the 8 with data.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Needs granular two-year detail (receivables, PP&E, D&A, SG&A) — not fully reported.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: -5%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $32M is below the $178M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~3.8% on $2.1B of debt. Interest last disclosed in FY2019 (no longer broken out).
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-17
Where each multiple sits in its own 14-yr range · 37th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 12.3× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 40.1 | 38.9 | 38.4 | 38.7 | 38.4 | — | — | — |
| Gross Profit | 59.9 | 61.1 | 61.6 | 61.3 | 61.6 | 63.1 | 62.9 | 61.8 |
| SG&A | 5.1 | 5.5 | 5.7 | 6.2 | 6.9 | 6.8 | 8.5 | 8.7 |
| Operating Income | 10.4 | 19.8 | 74.9 | 19.2 | 23.7 | -4.2 | 10.9 | 5.5 |
| Income Tax | 0.1 | 0.0 | -0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net Income | 24.7 | 5.9 | 57.1 | 2.5 | 10.6 | -38.2 | -38.8 | -36.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on BDN: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.