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Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
Revenue:        
Rents $ 116,334 $ 109,713 $ 231,201 $ 218,704
Tenant reimbursements 19,565 18,229 39,916 36,885
Termination fees 410 101 906 1,591
Third party management fees, labor reimbursement and leasing 3,153 2,872 6,389 6,014
Other 1,457 888 2,330 2,399
Total revenue 140,919 131,803 280,742 265,593
Expenses:        
Property operating expenses 39,490 36,363 78,908 74,223
Real estate taxes 14,215 13,508 28,552 26,977
Third party management expenses 1,363 1,264 2,788 2,514
Depreciation and amortization 49,300 47,476 98,846 95,350
General and administrative expenses 7,335 6,079 13,886 12,129
Total operating expenses 111,703 104,690 222,980 211,193
Operating Income (Loss) 29,216 27,113 57,762 54,400
Other Income (Expense):        
Interest income 122 1,838 180 2,320
Interest expense (30,437) (32,981) (61,351) (67,125)
Interest expense — amortization of deferred financing costs (1,183) (1,261) (2,344) (2,572)
Interest expense — financing obligation (211) (196) (429) (378)
Equity in income of real estate ventures 1,508 838 3,043 882
Gain from remeasurement of investment in a real estate venture 7,847 0 7,847 0
Net gain (loss) on real estate venture transactions 3,683   3,683 0
Gains (Losses) on Sales of Investment Real Estate   (11)   (11)
Loss on early extinguishment of debt (1,113) (1,250) (1,116) (1,498)
Income (loss) from continuing operations 9,432 (5,910) 7,275 (13,982)
Discontinued operations:        
Income from discontinued operations 8 2,535 780 5,275
Net gain (loss) on disposition of discontinued operations (2,260) [1] 10,177 3,044 24,845
Total discontinued operations (2,252) 12,712 3,824 30,120
Net income 7,180 6,802 11,099 16,138
Discontinued operations attributable to non-controlling interests, Basic 26 (232) (51) (551)
Net (income) loss attributable to non-controlling interests — LP units (88) 201 (39) 386
Net (income) loss attributable to non-controlling interests (62) (31) (90) (165)
Net income attributable to Brandywine Realty Trust 7,118 6,771 11,009 15,973
Distribution to Preferred Shares (1,725) (3,049) (3,450) (5,047)
Redemption Premium 0 (2,090) 0 (2,090)
Amount allocated to unvested restricted shareholders (85) (95) (193) (191)
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust 5,308 1,537 7,366 8,645
Basic income (loss) per Common Share:        
Continuing operations $ 0.05 $ (0.08) $ 0.02 $ (0.15)
Discontinued operations $ (0.02) $ 0.09 $ 0.03 $ 0.21
Net income (loss) attributable to common shareholders/unitholders, Basic $ 0.03 $ 0.01 $ 0.05 $ 0.06
Diluted income (loss) per Common Share:        
Continuing operations $ 0.05 $ (0.08) $ 0.02 $ (0.15)
Discontinued operations $ (0.02) $ 0.09 $ 0.03 $ 0.21
Net income (loss) attributable to common shareholders/unitholders, Diluted $ 0.03 $ 0.01 $ 0.05 $ 0.06
Weighted Average Number of Shares Outstanding, Basic 155,347,384 143,300,637 149,508,957 143,060,796
Weighted Average Number of Shares Outstanding, Diluted 156,691,201 143,300,637 150,666,245 143,060,796
Net income (loss) attributable to Brandywine Realty Trust        
Loss from continuing operations 9,344 (5,709) 7,236 (13,596)
Income (loss) from discontinued operations (2,226) 12,480 3,773 29,569
Net Income (Loss) attributable to Brandywine Realty Trust 7,118 6,771 11,009 15,973
BRANDYWINE OPERATING PARTNERSHIP, L.P.
       
Revenue:        
Rents 116,334 109,713 231,201 218,704
Tenant reimbursements 19,565 18,229 39,916 36,885
Termination fees 410 101 906 1,591
Third party management fees, labor reimbursement and leasing 3,153 2,872 6,389 6,014
Other 1,457 888 2,330 2,399
Total revenue 140,919 131,803 280,742 265,593
Expenses:        
Property operating expenses 39,490 36,363 78,908 74,223
Real estate taxes 14,215 13,508 28,552 26,977
Third party management expenses 1,363 1,264 2,788 2,514
Depreciation and amortization 49,300 47,476 98,846 95,350
General and administrative expenses 7,335 6,079 13,886 12,129
Total operating expenses 111,703 104,690 222,980 211,193
Operating Income (Loss) 29,216 27,113 57,762 54,400
Other Income (Expense):        
Interest income 122 1,838 180 2,320
Interest expense (30,437) (32,981) (61,351) (67,125)
Interest expense — amortization of deferred financing costs (1,183) (1,261) (2,344) (2,572)
Interest expense — financing obligation (211) (196) (429) (378)
Equity in income of real estate ventures 1,508 838 3,043 882
Gain from remeasurement of investment in a real estate venture 7,847 0 7,847 0
Net gain (loss) on real estate venture transactions 3,683   3,683 0
Gains (Losses) on Sales of Investment Real Estate   (11)   (11)
Loss on early extinguishment of debt (1,113) (1,250) (1,116) (1,498)
Income (loss) from continuing operations 9,432 (5,910) 7,275 (13,982)
Discontinued operations:        
Income from discontinued operations 8 2,535 780 5,275
Net gain (loss) on disposition of discontinued operations (2,260) 10,177 3,044 24,845
Total discontinued operations (2,252) 12,712 3,824 30,120
Net income 7,180 6,802 11,099 16,138
Distribution to Preferred Shares (1,725) (3,049) (3,450) (5,047)
Redemption Premium 0 (2,090) 0 (2,090)
Amount allocated to unvested restricted shareholders (85) (95) (193) (191)
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust 5,370 1,568 7,456 8,810
Basic income (loss) per Common Share:        
Continuing operations $ 0.05 $ (0.08) $ 0.02 $ (0.15)
Discontinued operations $ (0.02) $ 0.09 $ 0.03 $ 0.21
Net income (loss) attributable to common shareholders/unitholders, Basic $ 0.03 $ 0.01 $ 0.05 $ 0.06
Diluted income (loss) per Common Share:        
Continuing operations $ 0.05 $ (0.08) $ 0.02 $ (0.15)
Discontinued operations $ (0.02) $ 0.09 $ 0.03 $ 0.21
Net income (loss) attributable to common shareholders/unitholders, Diluted $ 0.03 $ 0.01 $ 0.05 $ 0.06
Weighted Average Number of Shares Outstanding, Basic 157,131,697 145,958,358 151,323,813 145,721,890
Weighted Average Number of Shares Outstanding, Diluted 158,475,514 145,958,358 152,481,101 145,721,890
Net income (loss) attributable to Brandywine Realty Trust        
Loss from continuing operations 9,432 (5,910) 7,275 (13,982)
Income (loss) from discontinued operations $ (2,252) $ 12,712 $ 3,824 $ 30,120
[1] The loss of $(2.3) million for the second quarter of 2013 includes $1.1 million of closing costs incurred to sell the properties.