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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenue:        
Rents $ 124,263 $ 120,288 $ 363,800 $ 363,581
Tenant reimbursements 21,553 20,095 64,006 64,057
Termination fees 1,097 1,418 2,561 6,970
Third party management fees, labor reimbursement and leasing 4,274 3,932 12,805 12,269
Other 1,398 825 5,467 2,295
Total revenue 152,585 146,558 448,639 449,172
Operating expenses:        
Property operating expenses 43,894 42,675 133,175 132,612
Real estate taxes 13,119 12,869 37,632 39,167
Third party management expenses 1,605 1,687 4,858 5,133
Depreciation and amortization 58,314 52,616 160,355 157,773
General and administrative expenses 6,127 5,900 21,554 20,086
Total operating expenses 123,059 115,747 357,574 354,771
Operating income 29,526 30,811 91,065 94,401
Other income (expense):        
Interest income 126 528 1,189 1,298
Tax credit transaction income 11,853 11,853 11,853 11,853
Interest expense (27,900) (31,481) (83,971) (94,837)
Interest expense — amortization of deferred financing costs (1,010) (1,566) (3,377) (3,952)
Interest expense — financing obligation (296) (273) (906) (861)
Recognized hedge activity 0 (828) 0 (828)
Equity in loss of Real Estate Ventures (1,093) (486) (1,835) (733)
Net gain on disposition of real estate 6,083 4,698 16,673 4,698
Net gain on sale of undepreciated real estate 3,019 0 3,019 1,184
Net gain from remeasurement of investment in real estate ventures 0 0 758 458
Loss on real estate venture transactions 0 0 0 (417)
Loss on early extinguishment of debt 0 (2,606) 0 (2,606)
Provision for impairment on assets held for sale/sold 0 (1,765) (2,508) (1,765)
Income from continuing operations 20,308 8,885 31,960 7,893
Discontinued operations:        
Income from discontinued operations 0 0 0 18
Net gain (loss) on disposition of discontinued operations 0 (3) 0 900
Total discontinued operations 0 (3) 0 918
Net income 20,308 8,882 31,960 8,811
Net income from discontinued operations attributable to non-controlling interests 0 0 0 (10)
Net income from continuing operations attributable to non-controlling interests (161) (108) (221) (47)
Net income attributable to non-controlling interests (161) (108) (221) (57)
Net income attributable to Brandywine Realty Trust 20,147 8,774 31,739 8,754
Distribution to preferred shareholders (1,725) (1,725) (5,175) (5,175)
Nonforfeitable dividends allocated to unvested restricted shareholders (76) (82) (253) (268)
Net income attributable to Common Shareholders of Brandywine Realty Trust $ 18,346 $ 6,967 $ 26,311 $ 3,311
Basic income per Common Share:        
Continuing operations (USD per share) $ 0.10 $ 0.04 $ 0.15 $ 0.01
Discontinued operations (USD per share) 0.00 0.00 0.00 0.01
Net income (loss) attributable to common shareholders, Basic (USD per share) 0.10 0.04 0.15 0.02
Diluted income per Common Share:        
Continuing operations (USD per share) 0.10 0.04 0.15 0.01
Discontinued operations (USD per share) 0.00 0.00 0.00 0.01
Net income (loss) attributable to common shareholders, Diluted (USD per share) $ 0.10 $ 0.04 $ 0.15 $ 0.02
Basic weighted average shares outstanding (in shares) 178,188,037 171,606,722 179,198,714 161,866,955
Diluted weighted average shares outstanding (in shares) 178,776,684 173,193,870 179,988,492 163,353,970
Net income attributable to Brandywine Realty Trust        
Total continuing operations $ 20,147 $ 8,777 $ 31,739 $ 7,846
Total discontinued operations 0 (3) 0 908
Net income 20,308 8,882 31,960 8,811
Net income $ 20,147 $ 8,774 $ 31,739 $ 8,754
Distributions declared per Common Share (USD per share) $ 0.15 $ 0.15 $ 0.45 $ 0.45
BRANDYWINE OPERATING PARTNERSHIP, L.P.        
Revenue:        
Rents $ 124,263 $ 120,288 $ 363,800 $ 363,581
Tenant reimbursements 21,553 20,095 64,006 64,057
Termination fees 1,097 1,418 2,561 6,970
Third party management fees, labor reimbursement and leasing 4,274 3,932 12,805 12,269
Other 1,398 825 5,467 2,295
Total revenue 152,585 146,558 448,639 449,172
Operating expenses:        
Property operating expenses 43,894 42,675 133,175 132,612
Real estate taxes 13,119 12,869 37,632 39,167
Third party management expenses 1,605 1,687 4,858 5,133
Depreciation and amortization 58,314 52,616 160,355 157,773
General and administrative expenses 6,127 5,900 21,554 20,086
Total operating expenses 123,059 115,747 357,574 354,771
Operating income 29,526 30,811 91,065 94,401
Other income (expense):        
Interest income 126 528 1,189 1,298
Tax credit transaction income 11,853 11,853 11,853 11,853
Interest expense (27,900) (31,481) (83,971) (94,837)
Interest expense — amortization of deferred financing costs (1,010) (1,566) (3,377) (3,952)
Interest expense — financing obligation (296) (273) (906) (861)
Recognized hedge activity 0 (828) 0 (828)
Equity in loss of Real Estate Ventures (1,093) (486) (1,835) (733)
Net gain on disposition of real estate 6,083 4,698 16,673 4,698
Net gain on sale of undepreciated real estate 3,019 0 3,019 1,184
Net gain from remeasurement of investment in real estate ventures 0 0 758 458
Loss on real estate venture transactions 0 0 0 (417)
Loss on early extinguishment of debt 0 (2,606) 0 (2,606)
Provision for impairment on assets held for sale/sold 0 (1,765) (2,508) (1,765)
Income from continuing operations 20,308 8,885 31,960 7,893
Discontinued operations:        
Income from discontinued operations 0 0 0 18
Net gain (loss) on disposition of discontinued operations 0 (3) 0 900
Total discontinued operations 0 (3) 0 918
Net income 20,308 8,882 31,960 8,811
Net (income) loss attributable to non-controlling interests (1) (24) 4 (12)
Net income attributable to Brandywine Realty Trust 20,307 8,858 31,964 8,799
Distribution to preferred shareholders (1,725) (1,725) (5,175) (5,175)
Nonforfeitable dividends allocated to unvested restricted shareholders (76) (82) (253) (268)
Net income attributable to Common Shareholders of Brandywine Realty Trust $ 18,506 $ 7,051 $ 26,536 $ 3,356
Basic income per Common Share:        
Continuing operations (USD per share) $ 0.10 $ 0.04 $ 0.15 $ 0.01
Discontinued operations (USD per share) 0.00 0.00 0.00 0.01
Net income (loss) attributable to common shareholders, Basic (USD per share) 0.10 0.04 0.15 0.02
Diluted income per Common Share:        
Continuing operations (USD per share) 0.10 0.04 0.15 0.01
Discontinued operations (USD per share) 0.00 0.00 0.00 0.01
Net income (loss) attributable to common shareholders, Diluted (USD per share) $ 0.10 $ 0.04 $ 0.15 $ 0.02
Basic weighted average shares outstanding (in shares) 179,723,139 173,341,782 180,733,816 163,620,963
Diluted weighted average shares outstanding (in shares) 180,311,786 174,928,930 181,523,594 165,107,978
Net income attributable to Brandywine Realty Trust        
Total continuing operations $ 20,307 $ 8,861 $ 31,964 $ 7,881
Total discontinued operations 0 (3) 0 918
Net income 20,308 8,882 31,960 8,811
Net income $ 20,307 $ 8,858 $ 31,964 $ 8,799
Distributions declared per Common Share (USD per share) $ 0.15 $ 0.15 $ 0.45 $ 0.45