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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Dec. 31, 2014
USD ($)
Cash flows from operating activities:      
Net income (loss) $ 40,501 $ (30,740) $ 6,942
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 189,676 219,029 208,569
Amortization of deferred financing costs 2,696 4,557 5,148
Amortization of debt discount/(premium), net 1,471 (755) (531)
Amortization of stock compensation costs 4,310 5,065 4,137
Shares used for employee taxes upon vesting of share awards (879) (2,055) (1,177)
Recognized hedge activity 0 0 828
Settlement of hedge transaction 0 (5,266) 0
Straight-line rent income (28,351) (23,668) (16,046)
Amortization of acquired above (below) market leases, net (6,529) (7,960) (6,377)
Straight-line ground rent expense 88 88 89
Provision for doubtful accounts 1,865 2,489 1,763
Net (gain) loss on real estate venture transactions (20,000) (7,418) 417
Net gain on sale of interests in real estate (126,215) (23,515) (6,085)
Preacquisition cost write-off 0 1,299 0
Net gain from remeasurement of investment in real estate ventures 0 (758) (458)
Loss on early extinguishment of debt 66,590 0 7,594
Provision for impairment 40,517 82,208 1,765
Tax credit transaction income 0 (19,955) (11,853)
Real Estate Venture loss in excess of distributions 12,125 2,034 1,954
Deferred financing obligation (679) (1,237) (1,147)
Changes in assets and liabilities:      
Accounts receivable 2,373 (848) (2,869)
Other assets (155) 837 (4,111)
Accounts payable and accrued expenses (8,004) 4,083 962
Deferred income, gains and rent 137 (521) 2,436
Other liabilities 685 (1,894) (2,951)
Net cash provided by operating activities 172,222 195,099 188,999
Cash flows from investing activities:      
Acquisition of properties (20,406) (150,472) (18,443)
Acquisition of property - 1031 exchange funds applied 0 (62,812) 0
Proceeds from the sale of properties 784,331 247,228 118,855
Sale of property - 1031 exchange funds held in escrow 0 62,800 0
Net proceeds from the contribution of properties to an unconsolidated real estate venture 0 50,158 0
Net proceeds from the contribution of land to an unconsolidated real estate venture 0 0 8,212
Distribution of sale proceeds from a real estate venture 21,022 6,100 0
Issuance of mortgage note receivable (3,380) 0 0
Loan provided to an unconsolidated real estate venture 0 0 (88,000)
Proceeds from repayment of mortgage notes receivable 0 88,000 7,026
Capital expenditures for tenant improvements (51,398) (97,851) (131,077)
Capital expenditures for redevelopments (11,909) (48,367) (19,245)
Capital expenditures for developments (191,184) (179,927) (86,608)
Advances for the purchase of tenant assets, net of repayments (784) 308 (540)
Investment in unconsolidated Real Estate Ventures (28,610) (68,549) (46,098)
Deposits for real estate (746) (878) 0
Escrowed cash 6,992 516 283
Cash distribution from unconsolidated Real Estate Ventures in excess of cumulative equity income 13,065 8,557 9,767
Leasing costs paid (16,083) (21,263) (24,917)
Net cash provided by (used in) investing activities 500,910 (166,452) (270,785)
Cash flows from financing activities:      
Proceeds from mortgage notes payable 86,900 130,000 0
Repayments of mortgage notes payable (357,151) (222,836) (13,441)
Proceeds from unsecured term loan borrowing 0 50,000 0
Repayments of unsecured term loan 0 0 (250,828)
Proceeds from credit facility borrowings 195,000 89,000 0
Repayments of credit facility borrowings (195,000) (89,000) 0
Net proceeds from unsecured notes 0 0 496,459
Net proceeds from issuance of common shares\units 0 0 335,016
Repayments of unsecured notes (149,919) 0 (383,768)
Debt financing costs paid (495) (5,202) (3,705)
Proceeds from the exercise of stock options 1,286 127 2,143
Partner contributions to consolidated real estate venture 108 1,025 0
Repurchase and retirement of common shares 0 (67,320) 0
Distributions paid to shareholders (115,702) (114,328) (104,731)
Distributions to non-controlling interest (934) (921) (1,064)
Net cash provided by (used in) financing activities (535,907) (229,455) 76,081
Increase (Decrease) in cash and cash equivalents 137,225 (200,808) (5,705)
Cash and cash equivalents at beginning of year 56,694 257,502 263,207
Cash and cash equivalents at end of period 193,919 56,694 257,502
Supplemental disclosure:      
Cash paid for interest, net of capitalized interest during the years ended December 31, 2016, 2015 and 2014 of $12,835, $12,150 and $6,802, respectively 97,843 124,953 129,160
Supplemental disclosure of non-cash activity:      
Dividends and distributions declared but not paid 30,032 28,249 28,871
Change in investment in real estate ventures as a result of dispositions 2,023 0 0
Change in investment in real estate ventures related to non-cash disposition of property (25,165) (25,127) (5,897)
Change in operating real estate related to non-cash property disposition 0 25,127 0
Change in real estate investments related to non-cash property acquisition 0 (66,324) 0
Change in investments in joint venture related to non-cash acquisition of property 0 66,324 0
Change in investments in joint venture related to contribution of land 0 0 (1,182)
Change in receivable from settlement of acquisitions 0 0 619
Change in other liabilities from contingent consideration related to a business combination 0 1,585 0
Change in operating real estate from contingent consideration related to a business combination 0 (1,585) 0
Change in other liabilities from a deferred payment related to an asset acquisition 0 2,000 0
Change in operating real estate from a deferred payment related to an asset acquisition 0 (2,000) 0
Change in operating real estate from deconsolidation of 3141 Fairview Park Drive 44,313 0 0
Change in investment in real estate ventures from deconsolidation of 3141 Fairview Park Drive (12,642) 0 0
Change in mortgage notes payable from deconsolidation of 3141 Fairview Park Drive (20,582) 0 0
Change in other liabilities from deconsolidation of 3141 Fairview Park Drive (12,384) 0 0
Change in capital expenditures financed through accounts payable at period end 8,222 (7,654) 7,336
Change in capital expenditures financed through retention payable at period end 848 6,104 6,164
Change in unfunded tenant allowance 0 (273) (955)
BRANDYWINE OPERATING PARTNERSHIP, L.P.      
Cash flows from operating activities:      
Net income (loss) 40,501 (30,740) 6,942
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 189,676 219,029 208,569
Amortization of deferred financing costs 2,696 4,557 5,148
Amortization of debt discount/(premium), net 1,471 (755) (531)
Amortization of stock compensation costs 4,310 5,065 4,137
Shares used for employee taxes upon vesting of share awards (879) (2,055) (1,177)
Recognized hedge activity 0 0 828
Settlement of hedge transaction 0 (5,266) 0
Straight-line rent income (28,351) (23,668) (16,046)
Amortization of acquired above (below) market leases, net (6,529) (7,960) (6,377)
Straight-line ground rent expense 88 88 89
Provision for doubtful accounts 1,865 2,489 1,763
Net (gain) loss on real estate venture transactions (20,000) (7,418) 417
Net gain on sale of interests in real estate (126,215) (23,515) (6,085)
Preacquisition cost write-off 0 1,299 0
Net gain from remeasurement of investment in real estate ventures 0 (758) (458)
Loss on early extinguishment of debt 66,590 0 7,594
Provision for impairment 40,517 82,208 1,765
Tax credit transaction income 0 (19,955) (11,853)
Real Estate Venture loss in excess of distributions 12,125 2,034 1,954
Deferred financing obligation (679) (1,237) (1,147)
Changes in assets and liabilities:      
Accounts receivable 2,373 (848) (2,869)
Other assets (155) 837 (4,111)
Accounts payable and accrued expenses (8,004) 4,083 962
Deferred income, gains and rent 137 (521) 2,436
Other liabilities 685 (1,894) (2,951)
Net cash provided by operating activities 172,222 195,099 188,999
Cash flows from investing activities:      
Acquisition of properties (20,406) (150,472) (18,443)
Acquisition of property - 1031 exchange funds applied 0 (62,812) 0
Proceeds from the sale of properties 784,331 247,228 118,855
Sale of property - 1031 exchange funds held in escrow 0 62,800 0
Net proceeds from the contribution of properties to an unconsolidated real estate venture 0 50,158 0
Net proceeds from the contribution of land to an unconsolidated real estate venture 0 0 8,212
Distribution of sale proceeds from a real estate venture 21,022 6,100 0
Issuance of mortgage note receivable (3,380) 0 0
Loan provided to an unconsolidated real estate venture 0 0 (88,000)
Proceeds from repayment of mortgage notes receivable 0 88,000 7,026
Capital expenditures for tenant improvements (51,398) (97,851) (131,077)
Capital expenditures for redevelopments (11,909) (48,367) (19,245)
Capital expenditures for developments (191,184) (179,927) (86,608)
Advances for the purchase of tenant assets, net of repayments (784) 308 (540)
Investment in unconsolidated Real Estate Ventures (28,610) (68,549) (46,098)
Deposits for real estate (746) (878) 0
Escrowed cash 6,992 516 283
Cash distribution from unconsolidated Real Estate Ventures in excess of cumulative equity income 13,065 8,557 9,767
Leasing costs paid (16,083) (21,263) (24,917)
Net cash provided by (used in) investing activities 500,910 (166,452) (270,785)
Cash flows from financing activities:      
Proceeds from mortgage notes payable 86,900 130,000 0
Repayments of mortgage notes payable (357,151) (222,836) (13,441)
Proceeds from unsecured term loan borrowing 0 50,000 0
Repayments of unsecured term loan 0 0 (250,828)
Proceeds from credit facility borrowings 195,000 89,000 0
Repayments of credit facility borrowings (195,000) (89,000) 0
Net proceeds from unsecured notes 0 0 496,459
Net proceeds from issuance of common shares\units 0 0 335,016
Repayments of unsecured notes (149,919) 0 (383,768)
Debt financing costs paid (495) (5,202) (3,705)
Proceeds from the exercise of stock options 1,286 127 2,143
Partner contributions to consolidated real estate venture 108 1,025 0
Repurchase and retirement of common shares 0 (67,320) 0
Distributions paid to shareholders (116,636) (115,249) (105,795)
Net cash provided by (used in) financing activities (535,907) (229,455) 76,081
Increase (Decrease) in cash and cash equivalents 137,225 (200,808) (5,705)
Cash and cash equivalents at beginning of year 56,694 257,502 263,207
Cash and cash equivalents at end of period 193,919 56,694 257,502
Supplemental disclosure:      
Cash paid for interest, net of capitalized interest during the years ended December 31, 2016, 2015 and 2014 of $12,835, $12,150 and $6,802, respectively 97,843 124,953 129,160
Supplemental disclosure of non-cash activity:      
Dividends and distributions declared but not paid 30,032 28,249 28,871
Change in investment in real estate ventures as a result of dispositions 2,023 0 0
Change in investment in real estate ventures related to non-cash disposition of property (25,165) (25,127) (5,897)
Change in operating real estate related to non-cash property disposition 0 25,127 0
Change in real estate investments related to non-cash property acquisition 0 (66,324) 0
Change in investments in joint venture related to non-cash acquisition of property 0 66,324 0
Change in investments in joint venture related to contribution of land 0 0 (1,182)
Change in receivable from settlement of acquisitions 0 0 619
Change in other liabilities from contingent consideration related to a business combination 0 1,585 0
Change in operating real estate from contingent consideration related to a business combination 0 (1,585) 0
Change in other liabilities from a deferred payment related to an asset acquisition 0 2,000 0
Change in operating real estate from a deferred payment related to an asset acquisition 0 (2,000) 0
Change in operating real estate from deconsolidation of 3141 Fairview Park Drive 44,313 0 0
Change in investment in real estate ventures from deconsolidation of 3141 Fairview Park Drive (12,642) 0 0
Change in mortgage notes payable from deconsolidation of 3141 Fairview Park Drive (20,582) 0 0
Change in other liabilities from deconsolidation of 3141 Fairview Park Drive (12,384) 0 0
Change in capital expenditures financed through accounts payable at period end 8,222 (7,654) 7,336
Change in capital expenditures financed through retention payable at period end 848 6,104 6,164
Change in unfunded tenant allowance $ 0 $ (273) $ (955)