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Summary of Quarterly Results
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]  
SUMMARY OF QUARTERLY RESULTS (UNAUDITED)

21. SUMMARY OF QUARTERLY RESULTS (UNAUDITED)

The following is a summary of quarterly financial information as of and for the years ended December 31, 2017 and 2016 (in thousands, except per share data):

Brandywine Realty Trust

 

 

1st

 

 

2nd

 

 

3rd

 

 

4th

 

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

130,920

 

 

$

127,791

 

 

$

128,438

 

 

$

133,344

 

(a)

Net income

 

21,271

 

 

 

7,698

 

 

 

19,046

 

 

 

73,844

 

(b)

Net income allocated to Common Shares

 

19,278

 

 

 

4,092

 

 

 

18,803

 

 

 

73,137

 

 

Basic earnings per Common Share

$

0.11

 

 

$

0.02

 

 

$

0.11

 

 

$

0.42

 

 

Diluted earnings per Common Share

$

0.11

 

 

$

0.02

 

 

$

0.11

 

 

$

0.41

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

136,502

 

 

$

127,181

 

 

$

129,694

 

 

$

132,086

 

 

Net income (loss)

 

46,310

 

 

 

(1,323

)

 

 

7,884

 

 

 

(12,370

)

 

Net income (loss) allocated to Common Shares

 

44,091

 

 

 

(3,105

)

 

 

6,022

 

 

 

(14,058

)

 

Basic earnings (loss) per Common Share

$

0.25

 

 

$

(0.02

)

 

$

0.03

 

 

$

(0.08

)

 

Diluted earnings (loss) per Common Share

$

0.25

 

 

$

(0.02

)

 

$

0.03

 

 

$

(0.08

)

 

 

The summation of quarterly earnings per share amounts does not necessarily equal the full year amounts due to rounding.

(a)

The increase in fourth quarter revenues primarily relates to the operating performance of 1900 Market Street in Philadelphia, Pennsylvania and the acquisition of One Drexel Plaza in Philadelphia, Pennsylvania.

(b)

The increase in net income for the fourth quarter primarily relates to the gain of $52.2 million from the disposition of eight office properties by the Austin Venture.  For further details, see Note 4, "Investment in Unconsolidated Real Estate Ventures."

Brandywine Operating Partnership, L.P.

 

 

1st

 

 

2nd

 

 

3rd

 

 

4th

 

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

Quarter

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

130,920

 

 

$

127,791

 

 

$

128,438

 

 

$

133,344

 

(a)

Net income

 

21,271

 

 

 

7,698

 

 

 

19,046

 

 

 

73,844

 

(b)

Net income attributable to Common Partnership Unitholders

 

19,442

 

 

 

4,129

 

 

 

18,961

 

 

 

73,758

 

 

Basic earnings per Common Partnership Unit

$

0.11

 

 

$

0.02

 

 

$

0.11

 

 

$

0.42

 

 

Diluted earnings per Common Partnership Unit

$

0.11

 

 

$

0.02

 

 

$

0.11

 

 

$

0.41

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenue

$

136,502

 

 

$

127,181

 

 

$

129,694

 

 

$

132,086

 

 

Net income (loss)

 

46,310

 

 

 

(1,323

)

 

 

7,884

 

 

 

(12,370

)

 

Net income (loss) attributable to Common Partnership Unitholders

 

44,478

 

 

 

(3,131

)

 

 

6,074

 

 

 

(14,176

)

 

Basic earnings (loss) per Common Partnership Unit

$

0.25

 

 

$

(0.02

)

 

$

0.03

 

 

$

(0.08

)

 

Diluted earnings (loss) per Common Partnership Unit

$

0.25

 

 

$

(0.02

)

 

$

0.03

 

 

$

(0.08

)

 

 

The summation of quarterly earnings per share amounts does not necessarily equal the full year amounts due to rounding.

(a)

The increase in fourth quarter revenues primarily relates to the operating performance of 1900 Market Street in Philadelphia, Pennsylvania and the acquisition of One Drexel Plaza in Philadelphia, Pennsylvania.

(b)

The increase in net income for the fourth quarter primarily relates to the gain of $52.2 million from the disposition of eight office properties by the Austin Venture.  For further details, see Note 4, "Investment in Unconsolidated Real Estate Ventures."