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SUMMARY OF QUARTERLY RESULTS (UNAUDITED)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
SUMMARY OF QUARTERLY RESULTS (UNAUDITED)
20. SUMMARY OF QUARTERLY RESULTS (UNAUDITED)
The following is a summary of quarterly financial information as of and for the years ended December 31, 2019 and 2018 (in thousands, except per share data):
Brandywine Realty Trust
 
 
1st
Quarter
 
2nd
Quarter
 
3rd
Quarter
 
 
 
4th
Quarter
 
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
Total revenue
 
$
143,896

 
$
144,151

 
$
145,331

 
 
 
$
147,039

 
 
Net income
 
4,583

 
6,252

 
6,820

 
 
 
16,874

 
(d)
Net income allocated to Common Shares
 
4,404

 
6,112

 
6,679

 
 
 
16,676

 
 
Basic earnings per Common Share
 
$
0.03

 
$
0.03

 
$
0.04

 
 
 
$
0.09

 
 
Diluted earnings per Common Share
 
$
0.03

 
$
0.03

 
$
0.04

 
 
 
$
0.09

 
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
Total revenue
 
$
136,358

 
$
133,786

 
$
134,998

 
 
 
$
139,203

 
(b)
Net income (loss)
 
44,445

 
12,876

 
(43,522
)
 
(a)
 
121,673

 
(c)
Net income (loss) allocated to Common Shares
 
43,956

 
12,661

 
(43,260
)
 
 
 
120,792

 
 
Basic earnings (loss) per Common Share
 
$
0.25

 
$
0.07

 
$
(0.24
)
 
 
 
$
0.68

 
 
Diluted earnings (loss) per Common Share
 
$
0.24

 
$
0.07

 
$
(0.24
)
 
 
 
$
0.67

 
 
The summation of quarterly earnings per share amounts does not necessarily equal the full year amounts due to rounding.
(a)
Driven by a $56.9 million impairment charge related to eight office properties in the Company’s Metropolitan Washington, D.C. segment. See Note 3, ''Real Estate Investments,” for further information.
(b)
The increase in fourth quarter revenues primarily relates to the acquisition of the Austin Portfolio, located in Austin, Texas, on December 11, 2018. See Note 3, ''Real Estate Investments,” for further information on this transaction.
(c)
Increase primarily relates to gains of $103.8 million and $28.3 million, recorded in the “Net gain on real estate venture transactions” and “Gain on promoted interest in unconsolidated real estate venture” captions within the Company’s consolidated statements of operations, respectively, from the Austin Portfolio transaction. For further details, see Note 3, ''Real Estate Investments."
(d)
Increase primarily related to a gain of $8.0 million recorded in the "Net gains on real estate venture transactions" within the Company's consolidated statement of operations from the sale of three PJP Ventures properties. For further details, see Note 4, "Investment in Unconsolidated Joint Ventures."
Brandywine Operating Partnership, L.P.
 
 
1st
Quarter
 
2nd
Quarter
 
3rd
Quarter
 
 
 
4th
Quarter
 
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
Total revenue
 
$
143,896

 
$
144,151

 
$
145,331

 
 
 
$
147,039

 
 
Net income
 
4,583

 
6,252

 
6,820

 
 
 
16,874

 
(d)
Net income attributable to Common Partnership Unitholders
 
4,430

 
6,146

 
6,716

 
 
 
16,772

 
 
Basic earnings per Common Partnership Unit
 
$
0.03

 
$
0.03

 
$
0.04

 
 
 
$
0.09

 
 
Diluted earnings per Common Partnership Unit
 
$
0.03

 
$
0.03

 
$
0.04

 
 
 
$
0.09

 
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
Total revenue
 
$
136,358

 
$
133,786

 
$
134,998

 
 
 
$
139,203

 
(b)
Net income (loss)
 
44,445

 
12,876

 
(43,522
)
 
(a)
 
121,673

 
(c)
Net income (loss) attributable to Common Partnership Unitholders
 
44,326

 
12,769

 
(43,622
)
 
 
 
121,575

 
 
Basic earnings (loss) per Common Partnership Unit
 
$
0.25

 
$
0.07

 
$
(0.24
)
 
 
 
$
0.68

 
 
Diluted earnings (loss) per Common Partnership Unit
 
$
0.24

 
$
0.07

 
$
(0.24
)
 
 
 
$
0.67

 
 
The summation of quarterly earnings per share amounts does not necessarily equal the full year amounts due to rounding.
(a)
Driven by a $56.9 million impairment charge related to eight office properties in the Company’s Metropolitan Washington, D.C. segment. See Note 3, ''Real Estate Investments,” for further information.
(b)
The increase in fourth quarter revenues primarily relates to the acquisition of the Austin Portfolio, located in Austin, Texas, on December 11, 2018. See Note 3, ''Real Estate Investments,” for further information on this transaction.
(c)
Increase primarily relates to gains of $103.8 million and $28.3 million, recorded in the “Net gain on real estate venture transactions” and “Gain on promoted interest in unconsolidated real estate venture” captions within the Company’s consolidated statements of operations, respectively, from the Austin Portfolio transaction. For further details, see Note 3, ''Real Estate Investments."
(d)
Increase primarily related to a gain of $8.0 million recorded in the "Net gains on real estate venture transactions" within the Company's consolidated statement of operations from the sale of three PJP Ventures properties. For further details, see Note 4, "Investment in Unconsolidated Joint Ventures."