XML 36 R8.htm IDEA: XBRL DOCUMENT v2.3.0.15
Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:  
Net loss$ (113)$ (12,615)
Adjustments to reconcile net loss to net cash from operating activities:  
Depreciation and amortization164,014156,953
Amortization of deferred financing costs3,8442,700
Amortization of debt discount/(premium), net1,028590
Straight-line rent income(14,925)(9,179)
Amortization of acquired above (below) market leases to rental revenue, net(4,011)(4,535)
Straight-line ground rent expense1,4501,172
Provision for doubtful accounts1,1902,276
Non-cash compensation expense3,1893,744
Real estate venture income in excess of distributions(1,020)(2,779)
Net gain on sale of interests in real estate(6,627)(6,346)
Loss on early extinguishment of debt5801,701
Historic tax credit transaction income(12,026) 
Cumulative interest accretion of repayments of unsecured notes (2,716)
Contributions from historic tax credit transaction, net of deferred costs 27,396
Changes in assets and liabilities:  
Accounts receivable2,130(1,540)
Other assets(5,000)(16,051)
Accounts payable and accrued expenses21,38211,238
Deferred income, gains and rent(4,376)(7,368)
Other liabilities5,2844,981
Net cash from operating activities155,993149,622
Cash flows from investing activities:  
Acquisition of properties(40,674)(50,342)
Sales of properties, net5,63917,352
Proceeds from repayment of mortgage notes receivable 40,000
Capital expenditures(97,557)(144,884)
Advances for purchase of tenant assets, net of repayments(1,552)(4,514)
Loan provided to unconsolidated Real Estate Venture partner(1,045) 
Investment in unconsolidated Real Estate Ventures(2,259) 
Cash distributions from unconsolidated Real Estate Ventures in excess of cumulative equity income3,4321,453
Decrease in cash due to the deconsolidation of variable interest entities (1,382)
Leasing costs(28,460)(16,720)
Net cash used in investing activities(162,476)(159,037)
Cash flows from financing activities:  
Proceeds from Credit Facility borrowings407,502344,000
Repayments of Credit Facility borrowings(424,502)(414,000)
Proceeds from mortgage notes payable 253,981
Repayments of mortgage notes payable(218,959)(6,533)
Proceeds from unsecured notes321,498 
Repayments of unsecured notes(25,366)(66,408)
Net settlement of hedge transactions(613) 
Debt financing costs(4,199)(492)
Refund of deferred financing costs related to forward commitment 1,659
Net proceeds from issuance of shares7,96665,990
Exercise of stock options659 
Distributions paid to shareholders(67,119)(65,045)
Distributions to noncontrolling interest(1,243)(1,263)
Net cash from (used in) financing activities(4,376)111,889
Increase (decrease) in cash and cash equivalents(10,859)102,474
Cash and cash equivalents at beginning of period16,5651,567
Cash and cash equivalents at end of period5,706104,041
Supplemental disclosure:  
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2011 and 2010 of $1,450 and $9,468, respectively78,09185,824
Supplemental disclosure of non-cash activity:  
Proceeds from mortgage notes payable retained by lender and included in other assets 2,519
Change in capital expenditures financed through accounts payable at period end(2,114)(7,805)
Change in capital expenditures financed through retention payable at period end(5,863)1,362
Change in unfunded tenant allowance(442)(2,926)
Change in real estate investments due to the deconsolidation of variable interest entities (37,126)
Change in mortgage notes payable due to the deconsolidation of variable interest entities (42,877)
Change in non-controlling interest from issuance of limited partnership units 77,733
Distributions payable23,50522,624
BRANDYWINE OPERATING PARTNERSHIP, L.P.
  
Cash flows from operating activities:  
Net loss(113)(12,615)
Adjustments to reconcile net loss to net cash from operating activities:  
Depreciation and amortization164,014156,953
Amortization of deferred financing costs3,8442,700
Amortization of debt discount/(premium), net1,028590
Straight-line rent income(14,925)(9,179)
Amortization of acquired above (below) market leases to rental revenue, net(4,011)(4,535)
Straight-line ground rent expense1,4501,172
Provision for doubtful accounts1,1902,276
Non-cash compensation expense3,1893,744
Real estate venture income in excess of distributions(1,020)(2,779)
Net gain on sale of interests in real estate(6,627)(6,346)
Loss on early extinguishment of debt5801,701
Historic tax credit transaction income(12,026) 
Cumulative interest accretion of repayments of unsecured notes (2,716)
Contributions from historic tax credit transaction, net of deferred costs 27,396
Changes in assets and liabilities:  
Accounts receivable2,130(1,540)
Other assets(5,000)(16,051)
Accounts payable and accrued expenses21,38211,238
Deferred income, gains and rent(4,376)(7,368)
Other liabilities5,2844,981
Net cash from operating activities155,993149,622
Cash flows from investing activities:  
Acquisition of properties(40,674)(50,342)
Sales of properties, net5,63917,352
Proceeds from repayment of mortgage notes receivable 40,000
Capital expenditures(97,557)(144,884)
Advances for purchase of tenant assets, net of repayments(1,552)(4,514)
Loan provided to unconsolidated Real Estate Venture partner(1,045) 
Investment in unconsolidated Real Estate Ventures(2,259) 
Cash distributions from unconsolidated Real Estate Ventures in excess of cumulative equity income3,4321,453
Decrease in cash due to the deconsolidation of variable interest entities (1,382)
Leasing costs(28,460)(16,720)
Net cash used in investing activities(162,476)(159,037)
Cash flows from financing activities:  
Proceeds from Credit Facility borrowings407,502344,000
Repayments of Credit Facility borrowings(424,502)(414,000)
Proceeds from mortgage notes payable 253,981
Repayments of mortgage notes payable(218,959)(6,533)
Proceeds from unsecured notes321,498 
Repayments of unsecured notes(25,366)(66,408)
Net settlement of hedge transactions(613) 
Debt financing costs(4,199)(492)
Refund of deferred financing costs related to forward commitment 1,659
Net proceeds from issuance of shares7,96665,990
Exercise of stock options659 
Distributions paid to shareholders(68,362)(66,308)
Net cash from (used in) financing activities(4,376)111,889
Increase (decrease) in cash and cash equivalents(10,859)102,474
Cash and cash equivalents at beginning of period16,5651,567
Cash and cash equivalents at end of period5,706104,041
Supplemental disclosure:  
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2011 and 2010 of $1,450 and $9,468, respectively78,09185,824
Supplemental disclosure of non-cash activity:  
Proceeds from mortgage notes payable retained by lender and included in other assets 2,519
Change in capital expenditures financed through accounts payable at period end(2,114)(7,805)
Change in capital expenditures financed through retention payable at period end(5,863)1,362
Change in unfunded tenant allowance(442)(2,926)
Change in real estate investments due to the deconsolidation of variable interest entities (37,126)
Change in mortgage notes payable due to the deconsolidation of variable interest entities (42,877)
Change in non-controlling interest from issuance of limited partnership units 77,733
Distributions payable$ 23,505$ 22,624