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CONSOLIDATED STATEMENTS OF OPERATIONS - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenue        
Total revenue $ 124,042 $ 120,102 $ 251,547 $ 240,871
Operating expenses        
Property operating expenses 33,111 29,264 64,659 58,199
Real estate taxes 13,746 14,602 27,559 29,363
Third party management expenses 2,792 3,561 5,349 6,539
Depreciation and amortization 43,959 42,785 87,741 83,128
General and administrative expenses 8,328 8,356 18,328 14,940
Total operating expenses 101,936 98,568 203,636 192,169
Gain on sale of real estate        
Net gain on disposition of real estate 144 68 144 142
Net gain on sale of undepreciated real estate 4,127 0 5,024 1,993
Total gain on sale of real estate 4,271 68 5,168 2,135
Operating income 26,377 21,602 53,079 50,837
Other income (expense):        
Interest and investment income 449 1,677 889 3,351
Interest expense (16,341) (15,490) (32,083) (31,783)
Interest expense - amortization of deferred financing costs (805) (709) (1,514) (1,418)
Equity in loss of unconsolidated real estate ventures (4,981) (7,240) (9,544) (14,164)
Net income (loss) before income taxes 4,699 (160) 10,827 6,823
Income tax provision (48) (15) (75) (34)
Net income (loss) 4,651 (175) 10,752 6,789
Nonforfeitable dividends allocated to unvested restricted shareholders (98) (94) (246) (240)
Net income (loss) attributable to Common Partnership Unitholders of Brandywine Operating Partnership, L.P. $ 4,539 $ (261) $ 10,484 $ 6,514
Basic income per Common Share (in dollars per share) $ 0.03 $ 0 $ 0.06 $ 0.04
Diluted income per Common Share (in dollars per share) $ 0.03 $ 0 $ 0.06 $ 0.04
Basic weighted average common partnership units outstanding (in shares) 171,527,031 170,848,894 171,411,631 170,737,437
Diluted weighted average common partnership units outstanding (in shares) 172,260,429 170,848,894 172,575,408 171,996,119
BRANDYWINE OPERATING PARTNERSHIP, L.P.        
Revenue        
Total revenue $ 124,042 $ 120,102 $ 251,547 $ 240,871
Operating expenses        
Property operating expenses 33,111 29,264 64,659 58,199
Real estate taxes 13,746 14,602 27,559 29,363
Third party management expenses 2,792 3,561 5,349 6,539
Depreciation and amortization 43,959 42,785 87,741 83,128
General and administrative expenses 8,328 8,356 18,328 14,940
Total operating expenses 101,936 98,568 203,636 192,169
Gain on sale of real estate        
Net gain on disposition of real estate 144 68 144 142
Net gain on sale of undepreciated real estate 4,127 0 5,024 1,993
Total gain on sale of real estate 4,271 68 5,168 2,135
Operating income 26,377 21,602 53,079 50,837
Other income (expense):        
Interest and investment income 449 1,677 889 3,351
Interest expense (16,341) (15,490) (32,083) (31,783)
Interest expense - amortization of deferred financing costs (805) (709) (1,514) (1,418)
Equity in loss of unconsolidated real estate ventures (4,981) (7,240) (9,544) (14,164)
Net income (loss) before income taxes 4,699 (160) 10,827 6,823
Income tax provision (48) (15) (75) (34)
Net income (loss) 4,651 (175) 10,752 6,789
Net loss attributable to noncontrolling interests - consolidated real estate ventures 2 1 4 2
Net income (loss) attributable to Brandywine Operating Partnership 4,653 (174) 10,756 6,791
Nonforfeitable dividends allocated to unvested restricted shareholders (98) (94) (246) (240)
Net income (loss) attributable to Common Partnership Unitholders of Brandywine Operating Partnership, L.P. $ 4,555 $ (268) $ 10,510 $ 6,551
Basic income per Common Share (in dollars per share) $ 0.03 $ 0 $ 0.06 $ 0.04
Diluted income per Common Share (in dollars per share) $ 0.03 $ 0 $ 0.06 $ 0.04
Basic weighted average common partnership units outstanding (in shares) 172,043,498 171,792,415 171,985,863 171,699,909
Diluted weighted average common partnership units outstanding (in shares) 172,776,896 171,792,415 173,149,640 172,958,591
Rents        
Revenue        
Total revenue $ 116,897 $ 111,235 $ 232,798 $ 224,719
Rents | BRANDYWINE OPERATING PARTNERSHIP, L.P.        
Revenue        
Total revenue 116,897 111,235 232,798 224,719
Third party management fees, labor reimbursement and leasing        
Revenue        
Total revenue 5,924 6,627 11,032 13,278
Third party management fees, labor reimbursement and leasing | BRANDYWINE OPERATING PARTNERSHIP, L.P.        
Revenue        
Total revenue 5,924 6,627 11,032 13,278
Other        
Revenue        
Total revenue 1,221 2,240 7,717 2,874
Other | BRANDYWINE OPERATING PARTNERSHIP, L.P.        
Revenue        
Total revenue $ 1,221 $ 2,240 $ 7,717 $ 2,874