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Basis of Presentation (Tables)
6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Schedule of Revision of Previously Issued Financial Statements

The following tables and paragraphs present line items of the previously issued financial statements that have been corrected as a result of the revision:

Balance sheet impacts (in thousands):

 

December 31, 2018

 

Balance Sheet:

As previously reported

 

Adjustments

 

As adjusted

 

Assets (Parent Company and Operating Partnership)

 

 

Operating properties

 

3,953,319

 

 

(1,600

)

 

3,951,719

 

Accumulated depreciation

 

(865,462

)

 

(19,945

)

 

(885,407

)

Operating real estate investments, net

 

3,087,857

 

 

(21,545

)

 

3,066,312

 

Total assets

 

4,098,521

 

 

(21,545

)

 

4,076,976

 

 

 

 

 

 

 

 

 

 

 

Equity (Parent Company)

 

 

 

 

 

 

 

 

 

Additional Paid-in Capital

 

3,200,850

 

 

(538

)

 

3,200,312

 

Cumulative Earnings

 

796,513

 

 

(20,888

)

 

775,625

 

Total Brandywine Realty Trust's equity

 

1,820,253

 

 

(21,426

)

 

1,798,827

 

Noncontrolling interests

 

12,320

 

 

(119

)

 

12,201

 

Total beneficiaries' equity

 

1,832,573

 

 

(21,545

)

 

1,811,028

 

Total liabilities and beneficiaries' equity

 

4,098,521

 

 

(21,545

)

 

4,076,976

 

 

 

 

 

 

 

 

 

 

 

Equity (Operating Partnership)

 

 

 

 

 

 

 

 

 

General Partnership Capital

 

1,813,136

 

 

(21,545

)

 

1,791,591

 

Total Brandywine Operating Partnership, L.P.'s equity

 

1,817,861

 

 

(21,545

)

 

1,796,316

 

Total partners' equity

 

1,820,053

 

 

(21,545

)

 

1,798,508

 

Total liabilities and partners' equity

 

4,098,521

 

 

(21,545

)

 

4,076,976

 

Statement of Beneficiaries’ / Partners’ Equity impacts (in thousands):

 

Three and Six Months Ended June 30, 2018

 

Brandywine Realty Trust

As previously reported

 

Adjustments

 

As adjusted

 

Statement of Beneficiaries' Equity:

 

 

Additional paid-in capital, beginning of period

 

3,218,564

 

 

(487

)

 

3,218,077

 

Cumulative earnings, beginning of period

 

660,174

 

 

(19,081

)

 

641,093

 

Noncontrolling interest, beginning of period

 

17,420

 

 

(162

)

 

17,258

 

Additional paid-in capital, March 31, 2018

 

3,222,047

 

 

(487

)

 

3,221,560

 

Cumulative earnings, March 31, 2018

 

704,506

 

 

(19,340

)

 

685,166

 

Noncontrolling interests, March 31, 2018

 

17,538

 

 

(163

)

 

17,375

 

Additional paid-in capital, June 30, 2018

 

3,223,072

 

 

(487

)

 

3,222,585

 

Cumulative earnings, June 30, 2018

 

717,515

 

 

(19,599

)

 

697,916

 

Noncontrolling interests, June 30, 2018

 

17,410

 

 

(164

)

 

17,246

 

 

 

 

 

 

 

 

 

 

 

Brandywine Operating Partnership

 

 

 

 

 

 

 

 

 

Statement of Partners' Equity:

 

 

 

 

 

 

 

 

 

Partner Capital, beginning of period

 

1,815,411

 

 

(19,727

)

 

1,795,684

 

Partner Capital, March 31, 2018

 

1,834,947

 

 

(19,987

)

 

1,814,960

 

Partner Capital, June 30, 2018

 

1,814,870

 

 

(20,247

)

 

1,794,623

 

 

 

Three Months Ended March 31, 2019

 

Brandywine Realty Trust

As previously reported

 

Adjustments

 

As adjusted

 

Statement of Beneficiaries' Equity:

 

 

Additional paid-in capital, beginning of period

 

3,200,850

 

 

(538

)

 

3,200,312

 

Cumulative earnings, beginning of period

 

796,513

 

 

(20,888

)

 

775,625

 

Noncontrolling interest, beginning of period

 

12,320

 

 

(119

)

 

12,201

 

Additional paid-in capital, March 31, 2019

 

3,187,312

 

 

(538

)

 

3,186,774

 

Cumulative earnings, March 31, 2019

 

795,186

 

 

(20,374

)

 

774,812

 

Noncontrolling interests, March 31, 2019

 

12,142

 

 

(117

)

 

12,025

 

 

 

 

 

 

 

 

 

 

 

Brandywine Operating Partnership

 

 

 

 

 

 

 

 

 

Statement of Partners' Equity:

 

 

 

 

 

 

 

 

 

Partner Capital, beginning of period

 

1,813,136

 

 

(21,545

)

 

1,791,591

 

Partner Capital, March 31, 2019

 

1,761,580

 

 

(21,028

)

 

1,740,552

 

Schedule Of Lease Payments on Non-Cancellable Leases

Lease payments on non-cancellable leases at June 30, 2019 are as follows (in thousands):

Year

 

Minimum Rent

 

2019 (six months remaining)

 

$

199,330

 

2020

 

 

394,365

 

2021

 

 

378,185

 

2022

 

 

337,153

 

2023

 

 

307,024

 

Thereafter

 

 

1,402,193

 

Total

 

$

3,018,250

 

 

Lease payments on non-cancellable leases at December 31, 2018 are as follows (in thousands):

 

Year

 

Minimum Rent

 

2019

 

$

392,058

 

2020

 

 

372,619

 

2021

 

 

349,160

 

2022

 

 

304,445

 

2023

 

 

277,388

 

Thereafter

 

 

1,265,810

 

Total

 

$

2,961,480

 

Schedule Of Allocation Of Lease Revenue Recognized Between Fixed Contractual Payments And Variable Lease Payments

 

The table below sets forth the allocation of lease revenue recognized between fixed contractual payments and variable lease payments (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Lease Revenue

 

2019

 

 

2019

 

Fixed contractual payments

 

$

109,289

 

 

$

217,322

 

Variable lease payments

 

 

28,498

 

 

 

58,563

 

Total

 

$

137,787

 

 

$

275,885

 

 

Summary of Operating Lease Cost Recognized Through Property Operating Expenses

The table below summarizes the Company’s operating lease cost (in thousands) recognized through “Property operating expenses” on the consolidated statements of operations:  

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

Lease Cost

 

2019

 

 

2019

 

Fixed lease cost

 

$

525

 

 

$

1,050

 

Variable lease cost

 

 

14

 

 

 

28

 

Total

 

$

539

 

 

$

1,078

 

 

 

 

 

 

 

 

 

 

Weighted-average remaining lease term (years)

 

 

53.1

 

 

 

 

 

Weighted-average discount rate

 

 

6.3

%