XML 23 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 28,969 $ 44,987
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 90,155 95,780
Amortization of deferred financing costs 1,230 1,418
Amortization of debt discount/(premium), net 718 745
Amortization of stock compensation costs 3,705 2,947
Straight-line rent income (13,104) (13,699)
Amortization of acquired above (below) market leases, net (1,768) (3,585)
Straight-line ground rent expense 44 44
Provision for doubtful accounts 1,250 427
Net gain on real estate venture transactions (14,582) (9,057)
Net gain on sale of interests in real estate (8,411) (114,729)
Loss on early extinguishment of debt 0 66,590
Provision for impairment 3,057 13,069
Real Estate Venture loss in excess of distributions (680) 2,655
Deferred financing obligation 0 (528)
Changes in assets and liabilities:    
Accounts receivable 136 3,159
Other assets (3,000) (898)
Accounts payable and accrued expenses (2,180) (5,129)
Deferred income, gains and rent (4,422) (1,408)
Other liabilities 1,131 592
Net cash provided by operating activities 82,248 83,380
Cash flows from investing activities:    
Proceeds from the sale of properties 102,083 748,395
Proceeds from real estate venture sales 27,230 4,812
Capital expenditures for tenant improvements (19,461) (25,939)
Capital expenditures for redevelopments (12,501) (8,333)
Capital expenditures for developments (36,783) (105,879)
Advances for the purchase of tenant assets, net of repayments (1,082) (3,614)
Investment in unconsolidated Real Estate Ventures (4,982) (15,300)
Deposits for real estate (212) (928)
Escrowed cash (32,007) 6,993
Cash distribution from unconsolidated Real Estate Ventures in excess of cumulative equity income 12,406 10,298
Leasing costs paid (9,846) (10,220)
Net cash provided by investing activities 24,845 600,285
Cash flows from financing activities:    
Proceeds from mortgage notes payable 0 86,900
Repayments of mortgage notes payable (2,442) (354,754)
Proceeds from credit facility borrowings 219,000 195,000
Repayments of credit facility borrowings (19,000) (195,000)
Repayments of unsecured notes (300,000) (149,919)
Debt financing costs paid 0 (477)
Redemption of preferred shares (100,000) 0
Proceeds from the exercise of stock options 471 826
Shares used for employee taxes upon vesting of share awards (674) (879)
Partner contributions to consolidated real estate venture 33 54
Distributions paid to shareholders (60,026) (56,052)
Distributions to non-controlling interest (474) (461)
Net cash used in financing activities (263,112) (474,762)
Increase (decrease) in cash and cash equivalents (156,019) 208,903
Cash and cash equivalents at beginning of year 193,919 56,694
Cash and cash equivalents at end of period 37,900 265,597
Supplemental disclosure:    
Cash paid for interest, net of capitalized interest during the six months ended June 30, 2017 and 2016 of $2,523 and $7,387, respectively 45,844 52,559
Supplemental disclosure of non-cash activity:    
Dividends and distributions declared but not paid 28,376 29,880
Change in investment in real estate ventures as a result of dispositions 12,549 2,023
Change in investment in real estate ventures related to non-cash disposition of property 0 25,165
Change in capital expenditures financed through accounts payable at period end (3,682) (4,814)
Change in capital expenditures financed through retention payable at period end 534 1,009
BRANDYWINE OPERATING PARTNERSHIP, L.P.    
Cash flows from operating activities:    
Net income 28,969 44,987
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 90,155 95,780
Amortization of deferred financing costs 1,230 1,418
Amortization of debt discount/(premium), net 718 745
Amortization of stock compensation costs 3,705 2,947
Straight-line rent income (13,104) (13,699)
Amortization of acquired above (below) market leases, net (1,768) (3,585)
Straight-line ground rent expense 44 44
Provision for doubtful accounts 1,250 427
Net gain on real estate venture transactions (14,582) (9,057)
Net gain on sale of interests in real estate (8,411) (114,729)
Loss on early extinguishment of debt 0 66,590
Provision for impairment 3,057 13,069
Real Estate Venture loss in excess of distributions (680) 2,655
Deferred financing obligation 0 (528)
Changes in assets and liabilities:    
Accounts receivable 136 3,159
Other assets (3,000) (898)
Accounts payable and accrued expenses (2,180) (5,129)
Deferred income, gains and rent (4,422) (1,408)
Other liabilities 1,131 592
Net cash provided by operating activities 82,248 83,380
Cash flows from investing activities:    
Proceeds from the sale of properties 102,083 748,395
Proceeds from real estate venture sales 27,230 4,812
Capital expenditures for tenant improvements (19,461) (25,939)
Capital expenditures for redevelopments (12,501) (8,333)
Capital expenditures for developments (36,783) (105,879)
Advances for the purchase of tenant assets, net of repayments (1,082) (3,614)
Investment in unconsolidated Real Estate Ventures (4,982) (15,300)
Deposits for real estate (212) (928)
Escrowed cash (32,007) 6,993
Cash distribution from unconsolidated Real Estate Ventures in excess of cumulative equity income 12,406 10,298
Leasing costs paid (9,846) (10,220)
Net cash provided by investing activities 24,845 600,285
Cash flows from financing activities:    
Proceeds from mortgage notes payable 0 86,900
Repayments of mortgage notes payable (2,442) (354,754)
Proceeds from credit facility borrowings 219,000 195,000
Repayments of credit facility borrowings (19,000) (195,000)
Repayments of unsecured notes (300,000) (149,919)
Debt financing costs paid 0 (477)
Redemption of preferred shares (100,000) 0
Proceeds from the exercise of stock options 471 826
Shares used for employee taxes upon vesting of share awards (674) (879)
Partner contributions to consolidated real estate venture 33 54
Distributions paid to shareholders (60,500) (56,513)
Net cash used in financing activities (263,112) (474,762)
Increase (decrease) in cash and cash equivalents (156,019) 208,903
Cash and cash equivalents at beginning of year 193,919 56,694
Cash and cash equivalents at end of period 37,900 265,597
Supplemental disclosure:    
Cash paid for interest, net of capitalized interest during the six months ended June 30, 2017 and 2016 of $2,523 and $7,387, respectively 45,844 52,559
Supplemental disclosure of non-cash activity:    
Dividends and distributions declared but not paid 28,376 29,880
Change in investment in real estate ventures as a result of dispositions 12,549 2,023
Change in investment in real estate ventures related to non-cash disposition of property 0 25,165
Change in capital expenditures financed through accounts payable at period end (3,682) (4,814)
Change in capital expenditures financed through retention payable at period end $ 534 $ 1,009