Brandywine Realty Trust (NYSE:BDN), a real estate investment trust (“REIT”) with a core focus in the Philadelphia and Austin, Texas sub-markets, is off to a great start in 2023, with a total YTD return of nearly 10%. And since a prior analysis on the stock, shares are up about 10.5%. This compares favorably to the S&P 500’s (SPY) 7% gains over the same period. Despite the recent run-up, BDN is still down nearly 50% over the past year. In addition, the stock trades at less than 6x forward earnings with a dividend payout that is currently yielding 11%.