XML 17 R2.htm IDEA: XBRL DOCUMENT v3.19.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2019
Dec. 31, 2018
Real estate investments:    
Operating properties $ 4,030,605 $ 3,951,719
Accumulated depreciation (940,833) (885,407)
Right of use asset - operating leases, net 22,001 [1] 0
Operating real estate investments, net 3,111,773 3,066,312
Construction-in-progress 120,785 150,263
Land held for development [2] 89,219 86,401
Prepaid leasehold interests in land held for development, net [3] 39,795 39,999
Total real estate investments, net 3,361,572 3,342,975
Assets held for sale, net 7,349 11,599
Cash and cash equivalents 31,573 22,842
Accounts receivable, net of allowance of $284 and $1,653 as of June 30, 2019 and December 31, 2018, respectively 18,181 16,394
Accrued rent receivable, net of allowance of $11,009 and $11,266 as of June 30, 2019 and December 31, 2018, respectively 170,420 165,243
Investment in Real Estate Ventures 128,189 169,100
Deferred costs, net 98,202 91,075
Intangible assets, net 109,365 131,348
Other assets 123,623 126,400
Total assets 4,048,474 4,076,976
LIABILITIES AND EQUITY    
Mortgage notes payable, net 317,377 320,869
Unsecured credit facility 163,500 92,500
Unsecured term loan, net 248,299 248,042
Unsecured senior notes, net 1,367,360 1,366,635
Accounts payable and accrued expenses 98,552 125,696
Distributions payable 34,113 33,632
Deferred income, gains and rent 22,481 28,293
Acquired lease intangibles, net 27,958 31,783
Lease liability - operating leases 22,453 0
Other liabilities 16,716 18,498
Total liabilities 2,318,809 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; 176,197,883 and 176,873,324 issued and outstanding as of June 30, 2019 and December 31, 2018, respectively 1,763 1,770
Additional paid-in-capital 3,188,239 3,200,312
Deferred compensation payable in common shares 16,239 14,021
Common shares in grantor trust, 1,113,450 and 977,120 issued and outstanding as of June 30, 2019 and December 31, 2018, respectively (16,239) (14,021)
Cumulative earnings 781,017 775,625
Accumulated other comprehensive income (2,160) 5,029
Cumulative distributions (2,251,040) (2,183,909)
Total Brandywine Realty Trust's equity 1,717,819 1,798,827
Noncontrolling interests 11,846 12,201
Total beneficiaries' equity 1,729,665 1,811,028
Total liabilities and beneficiaries' equity 4,048,474 4,076,976
BRANDYWINE OPERATING PARTNERSHIP, L.P.    
Real estate investments:    
Operating properties 4,030,605 3,951,719
Accumulated depreciation (940,833) (885,407)
Right of use asset - operating leases, net 22,001 0
Operating real estate investments, net 3,111,773 3,066,312
Construction-in-progress 120,785 150,263
Land held for development 89,219 86,401
Prepaid leasehold interests in land held for development, net 39,795 39,999
Total real estate investments, net 3,361,572 3,342,975
Assets held for sale, net 7,349 11,599
Cash and cash equivalents 31,573 22,842
Accounts receivable, net of allowance of $284 and $1,653 as of June 30, 2019 and December 31, 2018, respectively 18,181 16,394
Accrued rent receivable, net of allowance of $11,009 and $11,266 as of June 30, 2019 and December 31, 2018, respectively 170,420 165,243
Investment in Real Estate Ventures 128,189 169,100
Deferred costs, net 98,202 91,075
Intangible assets, net 109,365 131,348
Other assets 123,623 126,400
Total assets 4,048,474 4,076,976
LIABILITIES AND EQUITY    
Mortgage notes payable, net 317,377 320,869
Unsecured credit facility 163,500 92,500
Unsecured term loan, net 248,299 248,042
Unsecured senior notes, net 1,367,360 1,366,635
Accounts payable and accrued expenses 98,552 125,696
Distributions payable 34,113 33,632
Deferred income, gains and rent 22,481 28,293
Acquired lease intangibles, net 27,958 31,783
Lease liability - operating leases 22,453 0
Other liabilities 16,716 18,498
Total liabilities 2,318,809 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 14,220 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 1,715,685 1,791,591
Accumulated other comprehensive income (2,504) 4,725
Total Brandywine Operating Partnership, L.P.'s equity 1,713,181 1,796,316
Non-controlling interest - consolidated real estate ventures 2,264 2,192
Total partners' equity 1,715,445 1,798,508
Total liabilities and beneficiaries' equity $ 4,048,474 $ 4,076,976
[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 June 30, 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 June 30, 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.