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CONSOLIDATED STATEMENTS OF OPERATIONS - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenue        
Total revenue $ 129,372 $ 125,569 $ 384,481 $ 377,116
Operating expenses        
Property operating expenses 31,123 32,624 96,608 97,283
Real estate taxes 12,808 12,313 38,981 39,872
Third party management expenses 2,468 2,549 7,664 7,898
Depreciation and amortization 48,966 45,134 141,645 132,875
General and administrative expenses 8,069 7,564 26,911 25,892
Provision for impairment 11,666 0 16,134 0
Total operating expenses 115,100 100,184 327,943 303,820
Gain on sale of real estate        
Net gain on disposition of real estate 0 8,669 0 8,813
Net gain on sale of undepreciated real estate 0 2,983 781 8,007
Total gain on sale of real estate 0 11,652 781 16,820
Operating income 14,272 37,037 57,319 90,116
Other income (expense):        
Interest income 293 498 1,318 1,387
Interest expense (24,355) (17,061) (70,677) (49,144)
Interest expense - amortization of deferred financing costs (1,110) (745) (3,251) (2,259)
Equity in loss of unconsolidated real estate ventures (10,739) (6,260) (24,504) (15,804)
Net gain on real estate venture transactions 0 0 181 0
Net income (loss) before income taxes (21,639) 13,469 (39,614) 24,296
Income tax benefit (provision) 3 9 (35) (66)
Net income (loss) (21,636) 13,478 (39,649) 24,230
Nonforfeitable dividends allocated to unvested restricted shareholders (159) (105) (433) (351)
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust $ (21,713) $ 13,336 $ (39,942) $ 23,820
Basic income (loss) per Common Share (in dollars per share) $ (0.13) $ 0.08 $ (0.23) $ 0.14
Diluted income (loss) per Common Share (in dollars per share) $ (0.13) $ 0.08 $ (0.23) $ 0.14
Basic weighted average common partnership units outstanding (in shares) 172,097,661 171,569,807 171,912,552 171,464,936
Diluted weighted average common partnership units outstanding (in shares) 172,097,661 172,152,256 171,912,552 172,435,153
BRANDYWINE OPERATING PARTNERSHIP, L.P.        
Revenue        
Total revenue $ 129,372 $ 125,569 $ 384,481 $ 377,116
Operating expenses        
Property operating expenses 31,123 32,624 96,608 97,283
Real estate taxes 12,808 12,313 38,981 39,872
Third party management expenses 2,468 2,549 7,664 7,898
Depreciation and amortization 48,966 45,134 141,645 132,875
General and administrative expenses 8,069 7,564 26,911 25,892
Provision for impairment 11,666 0 16,134 0
Total operating expenses 115,100 100,184 327,943 303,820
Gain on sale of real estate        
Net gain on disposition of real estate 0 8,669 0 8,813
Net gain on sale of undepreciated real estate 0 2,983 781 8,007
Total gain on sale of real estate 0 11,652 781 16,820
Operating income 14,272 37,037 57,319 90,116
Other income (expense):        
Interest income 293 498 1,318 1,387
Interest expense (24,355) (17,061) (70,677) (49,144)
Interest expense - amortization of deferred financing costs (1,110) (745) (3,251) (2,259)
Equity in loss of unconsolidated real estate ventures (10,739) (6,260) (24,504) (15,804)
Net gain on real estate venture transactions 0 0 181 0
Net income (loss) before income taxes (21,639) 13,469 (39,614) 24,296
Income tax benefit (provision) 3 9 (35) (66)
Net income (loss) (21,636) 13,478 (39,649) 24,230
Net loss attributable to noncontrolling interests - consolidated real estate ventures 20 1 21 5
Net income (loss) attributable to Brandywine Operating Partnership (21,616) 13,479 (39,628) 24,235
Nonforfeitable dividends allocated to unvested restricted shareholders (159) (105) (433) (351)
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust $ (21,775) $ 13,374 $ (40,061) $ 23,884
Basic income (loss) per Common Share (in dollars per share) $ (0.13) $ 0.08 $ (0.23) $ 0.14
Diluted income (loss) per Common Share (in dollars per share) $ (0.13) $ 0.08 $ (0.23) $ 0.14
Basic weighted average common partnership units outstanding (in shares) 172,614,128 172,086,274 172,429,019 172,019,701
Diluted weighted average common partnership units outstanding (in shares) 172,614,128 172,668,723 172,429,019 172,989,918
Rents        
Revenue        
Total revenue $ 121,661 $ 117,481 $ 360,642 $ 350,279
Rents | BRANDYWINE OPERATING PARTNERSHIP, L.P.        
Revenue        
Total revenue 121,661 117,481 360,642 350,279
Third party management fees, labor reimbursement and leasing        
Revenue        
Total revenue 6,553 6,872 18,782 17,904
Third party management fees, labor reimbursement and leasing | BRANDYWINE OPERATING PARTNERSHIP, L.P.        
Revenue        
Total revenue 6,553 6,872 18,782 17,904
Other        
Revenue        
Total revenue 1,158 1,216 5,057 8,933
Other | BRANDYWINE OPERATING PARTNERSHIP, L.P.        
Revenue        
Total revenue $ 1,158 $ 1,216 $ 5,057 $ 8,933