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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Real estate investments:    
Operating properties $ 4,015,879 $ 3,953,319
Right of use asset - operating leases 22,175 [1] 0
Accumulated depreciation (891,125) (865,462)
Operating real estate investments, net 3,146,929 3,087,857
Construction-in-progress 112,176 150,263
Land held for development [2] 88,047 86,401
Prepaid leasehold interests in land held for development, net [3] 39,897 39,999
Total real estate investments, net 3,387,049 3,364,520
Assets held for sale, net 7,345 11,599
Cash and cash equivalents 14,449 22,842
Accounts receivable, net of allowance of $284 and $1,653 as of March 31, 2019 and December 31, 2018, respectively 21,780 16,394
Accrued rent receivable, net of allowance of $11,018 and $11,266 as of March 31, 2019 and December 31, 2018, respectively 168,781 165,243
Investment in Real Estate Ventures, equity method 161,568 169,100
Deferred costs, net 95,293 91,075
Intangible assets, net 119,903 131,348
Other assets 139,761 126,400
Total assets 4,115,929 4,098,521
LIABILITIES AND EQUITY    
Mortgage notes payable, net 319,132 320,869
Unsecured credit facility 160,500 92,500
Unsecured term loan, net 248,168 248,042
Unsecured senior notes, net 1,366,997 1,366,635
Accounts payable and accrued expenses 112,375 125,696
Distributions payable 34,107 33,632
Deferred income, gains and rent 24,749 28,293
Acquired lease intangibles, net 29,813 31,783
Lease liability - operating leases 22,402 0
Other liabilities 16,194 18,498
Total liabilities 2,334,437 2,265,948
Commitments and contingencies
Equity:    
Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 176,001,580 and 176,873,324 issued and outstanding as of March 31, 2019 and December 31, 2018, respectively 1,761 1,770
Additional paid-in-capital 3,187,312 3,200,850
Deferred compensation payable in common shares 14,640 14,021
Common shares in grantor trust, 1,012,542 and 977,120 issued and outstanding as of March 31, 2019 and December 31, 2018, respectively (14,640) (14,021)
Cumulative earnings 795,186 796,513
Accumulated other comprehensive income 2,560 5,029
Cumulative distributions (2,217,469) (2,183,909)
Total Brandywine Realty Trust's equity 1,769,350 1,820,253
Noncontrolling interests 12,142 12,320
Total beneficiaries' equity 1,781,492 1,832,573
Total liabilities and beneficiaries' equity 4,115,929 4,098,521
BRANDYWINE OPERATING PARTNERSHIP, L.P.    
Real estate investments:    
Operating properties 4,015,879 3,953,319
Right of use asset - operating leases 22,175 0
Accumulated depreciation (891,125) (865,462)
Operating real estate investments, net 3,146,929 3,087,857
Construction-in-progress 112,176 150,263
Land held for development 88,047 86,401
Prepaid leasehold interests in land held for development, net 39,897 39,999
Total real estate investments, net 3,387,049 3,364,520
Assets held for sale, net 7,345 11,599
Cash and cash equivalents 14,449 22,842
Accounts receivable, net of allowance of $284 and $1,653 as of March 31, 2019 and December 31, 2018, respectively 21,780 16,394
Accrued rent receivable, net of allowance of $11,018 and $11,266 as of March 31, 2019 and December 31, 2018, respectively 168,781 165,243
Investment in Real Estate Ventures, equity method 161,568 169,100
Deferred costs, net 95,293 91,075
Intangible assets, net 119,903 131,348
Other assets 139,761 126,400
Total assets 4,115,929 4,098,521
LIABILITIES AND EQUITY    
Mortgage notes payable, net 319,132 320,869
Unsecured credit facility 160,500 92,500
Unsecured term loan, net 248,168 248,042
Unsecured senior notes, net 1,366,997 1,366,635
Accounts payable and accrued expenses 112,375 125,696
Distributions payable 34,107 33,632
Deferred income, gains and rent 24,749 28,293
Acquired lease intangibles, net 29,813 31,783
Lease liability - operating leases 22,402 0
Other liabilities 16,194 18,498
Total liabilities 2,334,437 2,265,948
Commitments and contingencies
Redeemable limited partnership units at redemption value; 982,871 issued and outstanding as of March 31, 2019 and December 31, 2018 15,421 12,520
Equity:    
General Partnership Capital; 176,001,580 and 176,873,324 units issued and outstanding as of March 31, 2019 and December 31, 2018, respectively 1,761,580 1,813,136
Accumulated other comprehensive income 2,242 4,725
Total Brandywine Operating Partnership, L.P.'s equity 1,763,822 1,817,861
Non-controlling interest - consolidated real estate ventures 2,249 2,192
Total partners' equity 1,766,071 1,820,053
Total liabilities and beneficiaries' equity $ 4,115,929 $ 4,098,521
[1] On January 1, 2019, as a result of the adoption of Topic 842, Leases, the Company recognized operating ground leases for which it is a lessee on its consolidated balance sheets for the period ended March 31, 2019. See Note 2, “Basis of Presentation,” for further information.
[2] As of March 31, 2019, the Company categorized 35.2 acres of land held for development, located in the Other segment, as held for sale in accordance with applicable accounting standards for long lived assets. As of December 31, 2018, the Company categorized 37.9 acres of land held for development, comprised of 2.7 acres and 35.2 acres, located in the Pennsylvania Suburbs segment and Other segment, respectively, as held for sale in accordance with applicable accounting standards for long lived assets. See Note 3, “Real Estate Investments,” for further information.
[3] As of March 31, 2019 and December 31, 2018, this caption comprised leasehold interests in prepaid 99-year ground leases at 3025 and 3001-3003 JFK Boulevard, in Philadelphia, Pennsylvania.