Summary of Quarterly Results

12 Months Ended

Dec. 31, 2018

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, 2018 and 2017 (in thousands, except per share data):

Brandywine Realty Trust

	1st		2nd		3rd				4th
	Quarter		Quarter		Quarter				Quarter
2018
Total revenue	$	136,358	$	133,786	$	134,998			$	139,203	(b)
Net income (loss)		44,705		13,136		(43,262	)	(a)		122,710	(c)
Net income (loss) allocated to Common Shares		44,215		12,920		(43,003	)			121,823
Basic earnings (loss) per Common Share	$	0.25	$	0.07	$	(0.24	)		$	0.68
Diluted earnings (loss) per Common Share	$	0.25	$	0.07	$	(0.24	)		$	0.68
2017
Total revenue	$	130,920	$	127,791	$	128,438			$	133,344
Net income		21,271		7,698		19,046				73,844
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

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

(a) The decrease in third quarter net income primarily relates to a $56.9 million impairment charge which related to eight office properties in the Company’s Metropolitan Washington, D.C. segment. See Note 3, “Real Estate Investments,” for further information.

(b) The increase in fourth quarter revenues primarily relates to the acquisition of the Austin Portfolio, located in Austin, Texas, on December 11, 2018. See Note 3, “Real Estate Investments,” for further information on this transaction.

(c) The increase in net income for the fourth quarter primarily relates to gains of $103.8 million and $28.3 million, recorded in the “Net gain on real estate venture transactions” and “Gain on promoted interest in unconsolidated real estate venture” captions within the Company’s consolidated statements of operations, respectively, from the Austin Portfolio transaction. For further details, see Note 3, "Real Estate Investments."

Brandywine Operating Partnership, L.P.

	1st		2nd		3rd				4th
	Quarter		Quarter		Quarter				Quarter
2018
Total revenue	$	136,358	$	133,786	$	134,998			$	139,203	(b)
Net income (loss)		44,705		13,136		(43,262	)	(a)		122,710	(c)
Net income (loss) attributable to Common Partnership Unitholders		44,586		13,029		(43,362	)			122,612
Basic earnings (loss) per Common Partnership Unit	$	0.25	$	0.07	$	(0.24	)		$	0.68
Diluted earnings (loss) per Common Partnership Unit	$	0.25	$	0.07	$	(0.24	)		$	0.68
2017
Total revenue	$	130,920	$	127,791	$	128,438			$	133,344
Net income		21,271		7,698		19,046				73,844
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

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

(a) (a)The decrease in third quarter net income primarily relates to a $56.9 million impairment charge which related to eight office properties in the Company’s Metropolitan Washington, D.C. segment. See Note 3, “Real Estate Investments,” for further information.

(b) The increase in fourth quarter revenues primarily relates to the acquisition of the Austin Portfolio, located in Austin, Texas, on December 11, 2018. See Note 3, “Real Estate Investments,” for further information on this transaction.

(c) The increase in net income for the fourth quarter primarily relates to gains of $103.8 million and $28.3 million, recorded in the “Net gain on real estate venture transactions” and “Gain on promoted interest in unconsolidated real estate venture” captions within the Company’s consolidated statements of operations, respectively, from the Austin Portfolio transaction. For further details, see Note 3, "Real Estate Investments."