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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Revenue        
Rents $ 103,624 $ 119,127 $ 213,787 $ 239,537
Tenant reimbursements 15,937 19,799 35,991 42,453
Termination fees 554 828 848 1,464
Third party management fees, labor reimbursement and leasing 6,208 4,659 11,443 8,531
Other 858 1,235 1,614 4,069
Total revenue 127,181 145,648 263,683 296,054
Operating expenses        
Property operating expenses 36,079 42,704 76,958 89,281
Real estate taxes 11,481 11,968 23,367 24,513
Third party management expenses 2,661 1,677 4,671 3,253
Depreciation and amortization 46,907 50,930 95,780 102,041
General and administrative expenses 6,076 6,791 15,196 15,427
Provision for impairment 5,679 782 13,069 2,508
Total operating expenses 108,883 114,852 229,041 237,023
Operating income 18,298 30,796 34,642 59,031
Other income (expense)        
Interest income 359 313 679 1,063
Interest expense (19,829) (27,895) (43,520) (56,071)
Interest expense - amortization of deferred financing costs (644) (1,288) (1,418) (2,367)
Interest expense - financing obligation (242) (324) (523) (610)
Equity in loss of Real Estate Ventures (1,666) (873) (2,069) (742)
Net gain (loss) on disposition of real estate (727) 1,571 114,729 10,590
Net gain from remeasurement of investments in Real Estate Ventures 0 758 0 758
Net gain on Real Estate Venture transactions 3,128 0 9,057 0
Loss on early extinguishment of debt 0 0 (66,590) 0
Net income (loss) (1,323) 3,058 44,987 11,652
Net loss from continuing operations attributable to non-controlling interests - consolidated real estate ventures 22 (2) (367) (60)
Net (income) loss attributable to non-controlling interests 22 (2) (367) (60)
Net income (loss) attributable to entity (1,301) 3,056 44,620 11,592
Distribution to preferred shareholders (1,725) (1,725) (3,450) (3,450)
Nonforfeitable dividends allocated to unvested restricted shareholders (79) (76) (184) (177)
Net income (loss) attributable to Common Share/Unit holders of entity $ (3,105) $ 1,255 $ 40,986 $ 7,965
Basic income (loss) per Common Share:        
Continuing operations (USD per share) $ (0.02) $ 0.01 $ 0.23 $ 0.04
Diluted income (loss) per Common Share:        
Continuing operations (USD per share) $ (0.02) $ 0.01 $ 0.23 $ 0.04
Basic weighted average shares outstanding (in shares) 175,013,291 179,860,284 174,901,118 179,712,428
Diluted weighted average shares outstanding (in shares) 175,013,291 180,538,887 175,823,970 180,599,265
Distributions declared per Common Share (USD per share) $ 0.16 $ 0.15 $ 0.31 $ 0.30
BRANDYWINE OPERATING PARTNERSHIP, L.P.        
Revenue        
Rents $ 103,624 $ 119,127 $ 213,787 $ 239,537
Tenant reimbursements 15,937 19,799 35,991 42,453
Termination fees 554 828 848 1,464
Third party management fees, labor reimbursement and leasing 6,208 4,659 11,443 8,531
Other 858 1,235 1,614 4,069
Total revenue 127,181 145,648 263,683 296,054
Operating expenses        
Property operating expenses 36,079 42,704 76,958 89,281
Real estate taxes 11,481 11,968 23,367 24,513
Third party management expenses 2,661 1,677 4,671 3,253
Depreciation and amortization 46,907 50,930 95,780 102,041
General and administrative expenses 6,076 6,791 15,196 15,427
Provision for impairment 5,679 782 13,069 2,508
Total operating expenses 108,883 114,852 229,041 237,023
Operating income 18,298 30,796 34,642 59,031
Other income (expense)        
Interest income 359 313 679 1,063
Interest expense (19,829) (27,895) (43,520) (56,071)
Interest expense - amortization of deferred financing costs (644) (1,288) (1,418) (2,367)
Interest expense - financing obligation (242) (324) (523) (610)
Equity in loss of Real Estate Ventures (1,666) (873) (2,069) (742)
Net gain (loss) on disposition of real estate (727) 1,571 114,729 10,590
Net gain from remeasurement of investments in Real Estate Ventures 0 758 0 758
Net gain on Real Estate Venture transactions 3,128 0 9,057 0
Loss on early extinguishment of debt 0 0 (66,590) 0
Net income (loss) (1,323) 3,058 44,987 11,652
Net loss from continuing operations attributable to non-controlling interests - consolidated real estate ventures (4) 5 (6) 5
Net income (loss) attributable to entity (1,327) 3,063 44,981 11,657
Distribution to preferred shareholders (1,725) (1,725) (3,450) (3,450)
Nonforfeitable dividends allocated to unvested restricted shareholders (79) (76) (184) (177)
Net income (loss) attributable to Common Share/Unit holders of entity $ (3,131) $ 1,262 $ 41,347 $ 8,030
Basic income (loss) per Common Share:        
Continuing operations (USD per share) $ (0.02) $ 0.04 $ 0.23 $ 0.04
Diluted income (loss) per Common Share:        
Continuing operations (USD per share) $ (0.02) $ 0.04 $ 0.23 $ 0.04
Basic weighted average shares outstanding (in shares) 176,541,708 181,395,386 176,432,877 181,247,530
Diluted weighted average shares outstanding (in shares) 176,541,708 182,073,989 177,355,730 182,134,367
Distributions declared per Common Share (USD per share) $ 0.16 $ 0.15 $ 0.31 $ 0.30