XML 66 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2012
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Dec. 31, 2011
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Dec. 31, 2010
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Cash flows from operating activities:            
Net income (loss) $ 6,529 $ (4,715) $ (17,606) $ 6,529 $ (4,715) $ (17,606)
Adjustments to reconcile net loss to net cash from operating activities:            
Depreciation and amortization 198,579 219,110 214,776 198,579 219,110 214,776
Amortization of deferred financing costs 6,208 4,991 3,770 6,208 4,991 3,770
Amortization of debt discount/(premium), net 1,760 1,567 831 1,760 1,567 831
Amortization of stock compensation costs 5,685 5,282 5,102 5,685 5,282 5,102
Shares used for employee taxes upon vesting of share awards (2,493) (1,012) (288) (2,493) (1,012) (288)
Derivative Instruments, Gain (Loss) Recognized in Income, Net 2,985 0 0 2,985 0 0
Straight-line rent income (23,566) (20,298) (13,705) (23,566) (20,298) (13,705)
Amortization of above (below) Market Leases, Net (6,084) (5,384) (5,960) (6,084) (5,384) (5,960)
Straight-line ground rent expense 1,897 1,924 1,647 1,897 1,924 1,647
Provision for doubtful accounts 2,198 1,924 2,479 2,198 1,924 2,479
Net gain on sale of interests in real estate (34,774) (10,008) (11,011) (34,774) (10,008) (11,011)
Loss on real estate venture formation 950 222 0 950 222 0
Loss on early extinguishment of debt 22,002 2,776 2,110 22,002 2,776 2,110
Historic tax credit transaction income (11,840) (12,026) 0 (11,840) (12,026) 0
Real estate venture income in excess of distributions (1,517) (1,175) (4,648) (1,517) (1,175) (4,648)
Cumulative interest accretion of repayments of unsecured notes 0 (4,005) (3,433) 0 (4,005) (3,433)
Contributions from historic tax credit transaction, net of deferred costs 0 2,694 27,396 0 2,694 27,396
Deferred financing obligation (1,803) 0 0 (1,803) 0 0
Changes in assets and liabilities:            
Accounts receivable 262 (856) (4,173) 262 (856) (4,173)
Other assets 2,417 (2,349) (2,782) 2,417 (2,349) (2,782)
Accounts payable and accrued expenses (8,355) 7,732 (7,980) (8,355) 7,732 (7,980)
Deferred income, gains and rent (2,167) (7,220) (6,412) (2,167) (7,220) (6,412)
Other liabilities (1,590) (425) 5,014 (1,590) (425) 5,014
Net cash from operating activities 157,283 178,749 185,127 157,283 178,749 185,127
Cash flows from investing activities:            
Acquisition of properties (77,555) (40,674) (50,681) (77,555) (40,674) (50,681)
Investments in Available-for-sale Securities, Debt (105,250) 0 0 (105,250) 0 0
Proceeds from the sale of available-for-sale securities 105,250 0 0 105,250 0 0
Sales of properties, net 170,918 155,956 50,089 170,918 155,956 50,089
Proceeds from repayment of mortgage notes receivable 23,364 0 40,000 23,364 0 40,000
Capital expenditures (99,112) (131,156) (180,943) (99,112) (131,156) (180,943)
Advances for purchase of tenant assets, net of repayments 270 1,365 (1,715) 270 1,365 (1,715)
Loan proceeds from an unconsolidated Real Estate Venture partner 566 1,388 0 566 1,388 0
Loan provided to unconsolidated Real Estate Venture partner 0 (1,122) (826) 0 (1,122) (826)
Investment in unconsolidated Real Estate Ventures (65,354) (5,277) (5,180) (65,354) (5,277) (5,180)
Cash distributions from unconsolidated Real Estate Ventures in excess of cumulative equity income 5,109 10,316 2,205 5,109 10,316 2,205
Decrease in cash due to the deconsolidation of variable interest entities 0 0 (1,382) 0 0 (1,382)
Leasing costs (31,243) (38,461) (23,503) (31,243) (38,461) (23,503)
Net cash from (used in) investing activities (73,037) (47,665) (171,936) (73,037) (47,665) (171,936)
Cash flows from financing activities:            
Proceeds from New Unsecured Term Loans 600,000 0 0 600,000 0 0
Proceeds from Credit Facility 90,500 706,002 565,000 90,500 706,002 565,000
Repayments of Credit Facility (297,000) (613,502) (474,000) (297,000) (613,502) (474,000)
Proceeds from mortgage notes payable       0 0 256,104
Proceeds from mortgage notes payable 0 0 256,104      
Repayments of mortgage notes payable (68,513) (221,856) (51,966) (68,513) (221,856) (51,966)
Proceeds from unsecured notes 248,183 321,448 0 248,183 321,448 0
Deferred financing obligation non-cash interest expense 935 0 0 935 0 0
Net Proceeds from Issuance of Common Stock 0 7,930 70,867 0 7,930 70,867
Net Proceeds from Issuance of Preferred Stock and Preference Stock 96,237 0 0 96,237 0 0
Redemption of preferred units (108,536) 0 0 (108,536) 0 0
Cash used in redemption of partnership units (9,676) 0 0 (9,676) 0 0
Repayments from unsecured notes (338,097) (105,381) (276,270) (338,097) (105,381) (276,270)
Repayments of unsecured term loan (190,485) (145,500)   (190,485) (145,500) 0
Net settlement of hedge transactions 0 (613) 0 0 (613) 0
Debt financing costs (10,128) (4,249) (595) (10,128) (4,249) (595)
Refund Of Deferred Financing Costs Related To Forward Commitment 0 0 1,659 0 0 1,659
Exercise of stock options 976 350 37 976 350 37
Distributions paid to shareholders/unitholders (96,030) (89,559) (87,345) (97,503) (91,868) (89,029)
Distributions to noncontrolling interest (1,473) (2,309) (1,684)      
Net cash from (used in) financing activities (83,107) (147,239) 1,807 (83,107) (147,239) 1,807
Increase (decrease) in cash and cash equivalents 1,139 (16,155) 14,998 1,139 (16,155) 14,998
Cash and cash equivalents at beginning of period 410 16,565 1,567 410 16,565 1,567
Cash and cash equivalents at end of period 1,549 410 16,565 1,549 410 16,565
Supplemental disclosure:            
Cash paid for interest, net of capitalized interest during the years ended December 31, 2012, 2011 and 2010 of $2,560, $1,997 and $10,385, respectively 137,823 135,210 135,206 137,823 135,210 135,206
Supplemental disclosure of non-cash activity:            
Settlement of note receivable through foreclosure of a parcel of land 0 0 (2,795) 0 0 (2,795)
Proceeds from mortgage notes payable retained by lender and included in other assets 0 0 396 0 0 396
Change in investments in joint venture related to contribution of land (15,222) 0 0 (15,222)    
Change in investments in joint venture related to contribution of services (711) 0 0 (711)    
Change in capital expenditures financed through accounts payable at period end 7,059 (3,896) (5,126) 7,059 (3,896) 5,126
Change in capital expenditures financed through retention payable at period end 566 (6,213) (2,066) 566 (6,213) 2,066
Change in unfunded tenant allowance (1,089) (1,717) 0 (1,089) (1,717) 0
Change in real estate investments due to the deconsolidation of variable interest entities 0 0 (37,126) 0 0 (37,126)
Change in mortgage notes payable due to the deconsolidation of variable interest entities 0 0 (42,887) 0 0 (42,887)
Change in non-controlling interest from issuance of limited partnership units 0 0 77,733 0 0 77,733
Distributions payable $ 23,652 $ 23,895   $ 23,652 $ 23,895