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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenue        
Rents $ 104,537 $ 124,263 $ 318,324 $ 363,800
Tenant reimbursements 17,324 21,553 53,315 64,006
Termination fees 611 1,097 1,459 2,561
Third party management fees, labor reimbursement and leasing 6,248 4,274 17,691 12,805
Other 974 1,398 2,588 5,467
Total revenue 129,694 152,585 393,377 448,639
Operating expenses        
Property operating expenses 37,250 43,894 114,208 133,175
Real estate taxes 11,566 13,119 34,933 37,632
Third party management expenses 2,501 1,605 7,172 4,858
Depreciation and amortization 46,956 58,314 142,736 160,355
General and administrative expenses 5,515 6,127 20,711 21,554
Provision for impairment 0 0 13,069 2,508
Total operating expenses 103,788 123,059 332,829 360,082
Operating income 25,906 29,526 60,548 88,557
Other income (expense)        
Interest income 291 126 970 1,189
Tax credit transaction income 0 11,853 0 11,853
Interest expense (20,814) (27,900) (64,334) (83,971)
Interest expense - amortization of deferred financing costs (645) (1,010) (2,063) (3,377)
Interest expense - financing obligation (156) (296) (679) (906)
Equity in loss of Real Estate Ventures (7,254) (1,093) (9,323) (1,835)
Net gain (loss) on disposition of real estate (104) 6,083 114,625 16,673
Net gain on sale of undepreciated real estate 188 3,019 188 3,019
Net gain from remeasurement of investments in Real Estate Ventures 0 0 0 758
Net gain on Real Estate Venture transactions 10,472 0 19,529 0
Loss on early extinguishment of debt 0 0 (66,590) 0
Net income 7,884 20,308 52,871 31,960
Net loss from continuing operations attributable to non-controlling interests - consolidated real estate ventures (58) (161) (425) (221)
Net income attributable to non-controlling interests (58) (161) (425) (221)
Net income attributable to entity 7,826 20,147 52,446 31,739
Distribution to preferred shareholders (1,725) (1,725) (5,175) (5,175)
Nonforfeitable dividends allocated to unvested restricted shareholders (79) (76) (263) (253)
Net income attributable to Common Share/Unit holders of entity $ 6,022 $ 18,346 $ 47,008 $ 26,311
Basic income per Common Share:        
Continuing operations (USD per share) $ 0.03 $ 0.10 $ 0.27 $ 0.15
Diluted income per Common Share:        
Continuing operations (USD per share) $ 0.03 $ 0.10 $ 0.27 $ 0.15
Basic weighted average shares outstanding (in shares) 175,127,110 178,188,037 174,976,998 179,198,714
Diluted weighted average shares outstanding (in shares) 176,364,615 178,776,684 176,009,822 179,988,492
Distributions declared per Common Share (USD per share) $ 0.16 $ 0.15 $ 0.47 $ 0.45
BRANDYWINE OPERATING PARTNERSHIP, L.P.        
Revenue        
Rents $ 104,537 $ 124,263 $ 318,324 $ 363,800
Tenant reimbursements 17,324 21,553 53,315 64,006
Termination fees 611 1,097 1,459 2,561
Third party management fees, labor reimbursement and leasing 6,248 4,274 17,691 12,805
Other 974 1,398 2,588 5,467
Total revenue 129,694 152,585 393,377 448,639
Operating expenses        
Property operating expenses 37,250 43,894 114,208 133,175
Real estate taxes 11,566 13,119 34,933 37,632
Third party management expenses 2,501 1,605 7,172 4,858
Depreciation and amortization 46,956 58,314 142,736 160,355
General and administrative expenses 5,515 6,127 20,711 21,554
Provision for impairment 0 0 13,069 2,508
Total operating expenses 103,788 123,059 332,829 360,082
Operating income 25,906 29,526 60,548 88,557
Other income (expense)        
Interest income 291 126 970 1,189
Tax credit transaction income 0 11,853 0 11,853
Interest expense (20,814) (27,900) (64,334) (83,971)
Interest expense - amortization of deferred financing costs (645) (1,010) (2,063) (3,377)
Interest expense - financing obligation (156) (296) (679) (906)
Equity in loss of Real Estate Ventures (7,254) (1,093) (9,323) (1,835)
Net gain (loss) on disposition of real estate (104) 6,083 114,625 16,673
Net gain on sale of undepreciated real estate 188 3,019 188 3,019
Net gain from remeasurement of investments in Real Estate Ventures 0 0 0 758
Net gain on Real Estate Venture transactions 10,472 0 19,529 0
Loss on early extinguishment of debt 0 0 (66,590) 0
Net income 7,884 20,308 52,871 31,960
Net loss from continuing operations attributable to non-controlling interests - consolidated real estate ventures (6) (1) (12) 4
Net income attributable to entity 7,878 20,307 52,859 31,964
Distribution to preferred shareholders (1,725) (1,725) (5,175) (5,175)
Nonforfeitable dividends allocated to unvested restricted shareholders (79) (76) (263) (253)
Net income attributable to Common Share/Unit holders of entity $ 6,074 $ 18,506 $ 47,421 $ 26,536
Basic income per Common Share:        
Continuing operations (USD per share) $ 0.03 $ 0.10 $ 0.27 $ 0.15
Diluted income per Common Share:        
Continuing operations (USD per share) $ 0.03 $ 0.10 $ 0.27 $ 0.15
Basic weighted average shares outstanding (in shares) 176,606,909 179,723,139 176,491,311 180,733,816
Diluted weighted average shares outstanding (in shares) 177,844,414 180,311,786 177,524,135 181,523,594
Distributions declared per Common Share (USD per share) $ 0.16 $ 0.15 $ 0.47 $ 0.45