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Organization of the Parent Company and The Operating Partnership
6 Months Ended
Jun. 30, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP

1. ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP

The Parent Company is a self-administered and self-managed real estate investment trust (“REIT”) that provides leasing, property management, development, redevelopment, acquisition and other tenant-related services for a portfolio of office, retail and mixed-use properties. The Parent Company owns its assets and conducts its operations through the Operating Partnership and subsidiaries of the Operating Partnership. The Parent Company is the sole general partner of the Operating Partnership and, as of June 30, 2016, owned a 99.1% interest in the Operating Partnership. The Parent Company’s common shares of beneficial interest are publicly traded on the New York Stock Exchange under the ticker symbol “BDN”.

As of June 30, 2016, the Company owned 120 properties that contain an aggregate of approximately 18.1 million net rentable square feet and consist of 102 office properties, nine mixed-use properties, one retail property (112 properties, collectively the “Core Properties”), four development properties, two redevelopment properties and two properties classified as held for sale (collectively, the “Properties”).  In addition, as of June 30, 2016, the Company owned economic interests in 16 unconsolidated real estate ventures (collectively, the “Real Estate Ventures”), of which eight own properties that contain approximately 7.9 million net rentable square feet of office space; two own 4.3 acres of undeveloped parcels of land; three own 2.2 acres of land under active development; one owns a residential tower that contains 345 apartment units and one owns an apartment complex that contains 398 units.  Additionally, on June 30, 2016, one real estate venture, in which the Company owns a 50% interest, sold its interest in an office property, comprised of 172,286 square feet, located in Berwyn, Pennsylvania. As of June 30, 2016, the Company also owned 285 acres of undeveloped land and held options to purchase parcels containing approximately 50 additional acres of undeveloped land.  As of June 30, 2016, the total potential development that these land parcels could support, including the parcels under option, under current zoning, entitlements or combination thereof, amounted to an estimated 6.3 million square feet.  The Properties and the properties owned by the Real Estate Ventures are located in or near Philadelphia, Pennsylvania; Metropolitan Washington, D.C.; Southern New Jersey; Richmond, Virginia; Wilmington, Delaware; Austin, Texas and Oakland and Concord, California. In addition to managing properties that the Company owns, as of June 30, 2016, the Company was managing approximately 11.2 million net rentable square feet of office and industrial properties for third parties and Real Estate Ventures.

Prior to the MAP Venture formation on February 4, 2016 (See Note 4, “Investment in Unconsolidated Real Estate Ventures”), the Company’s consolidated portfolio included 20 industrial properties. Upon consummation of the MAP Venture formation and as of June 30, 2016, the Company held six remaining industrial properties, which the Company classified as mixed-use.

The Company conducts its third-party real estate management services business primarily through wholly-owned management company subsidiaries. As of June 30, 2016, the management company subsidiaries were managing properties containing an aggregate of approximately 29.2 million net rentable square feet, of which approximately 18.0 million net rentable square feet related to Properties owned by the Company and approximately 11.2 million net rentable square feet related to properties owned by third parties and Real Estate Ventures.  

Unless otherwise indicated, all references in this Form 10-Q to square feet represent net rentable area.