XML 21 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenue:        
Rents $ 116,479 $ 108,658 $ 347,680 $ 327,362
Tenant reimbursements 20,699 20,294 60,615 57,179
Termination fees 2,040 931 2,946 2,522
Third party management fees, labor reimbursement and leasing 3,263 3,007 9,652 9,021
Other 975 1,630 3,305 4,029
Total revenue 143,456 134,520 424,198 400,113
Expenses:        
Property operating expenses 40,661 38,783 119,522 112,961
Real estate taxes 14,190 13,486 42,706 40,430
Third party management expenses 1,317 1,298 4,105 3,812
Depreciation and amortization 50,613 46,955 149,423 142,262
General and administrative expenses 6,436 6,080 20,322 18,209
Total operating expenses 113,217 106,602 336,078 317,674
Operating Income 30,239 27,918 88,120 82,439
Other Income (Expense):        
Interest income 268 311 448 2,631
Historic tax credit transaction income 11,853 11,840 11,853 11,840
Interest expense (30,338) (32,620) (91,689) (99,745)
Interest expense — amortization of deferred financing costs (1,158) (1,218) (3,502) (3,790)
Interest expense — financing obligation (264) (230) (693) (608)
Equity in income of real estate ventures 714 500 3,757 1,382
Gain from remeasurement of investment in a real estate venture 0 0 7,847 0
Net gain on real estate venture transactions 0 0 3,683 0
Net loss on sale of undepreciated real estate (129) 0 (129) 0
Loss on real estate venture formation 0 (950) 0 (950)
Loss on early extinguishment of debt (11) (51) (1,127) (1,549)
Income (Loss) from continuing operations 11,174 5,500 18,568 (8,350)
Discontinued operations:        
Income (Loss) from discontinued operations (70) 1,649 590 6,803
Net gain (loss) on disposition of discontinued operations (16) 9,940 3,029 34,774
Total discontinued operations (86) 11,589 3,619 41,577
Net income 11,088 17,089 22,187 33,227
Discontinued operations attributable to non-controlling interests, Basic 1 (211) (48) (760)
Net (income) loss attributable to non-controlling interests — LP units (106) (49) (147) 335
Net income attributable to non-controlling interests (105) (260) (195) (425)
Net income attributable to Brandywine Realty Trust 10,983 16,829 21,992 32,802
Distribution to Preferred Shares (1,725) (2,785) (5,175) (7,832)
Preferred share redemption charge 0 0 0 (2,090)
Amount allocated to unvested restricted shareholders (85) (95) (278) (286)
Net income attributable to Common Shareholders of Brandywine Realty Trust 9,173 13,949 16,539 22,594
Basic income (loss) per Common Share:        
Continuing operations $ 0.06 $ 0.02 $ 0.09 $ (0.13)
Discontinued operations $ 0.00 $ 0.08 $ 0.02 $ 0.29
Net income (loss) attributable to common shareholders/unitholders, Basic $ 0.06 $ 0.10 $ 0.11 $ 0.16
Diluted income (loss) per Common Share:        
Continuing operations $ 0.06 $ 0.02 $ 0.09 $ (0.13)
Discontinued operations $ 0.00 $ 0.08 $ 0.02 $ 0.29
Net income attributable to common shareholders/unitholders, Diluted $ 0.06 $ 0.10 $ 0.11 $ 0.16
Weighted Average Number of Shares Outstanding, Basic 156,703,348 143,424,485 151,933,441 143,182,911
Weighted Average Number of Shares Outstanding, Diluted 157,992,082 144,128,010 153,142,825 143,182,911
Net income (loss) attributable to Brandywine Realty Trust        
Net income (loss) from continuing operations 11,068 5,451 18,421 (8,015)
Income (Loss) from discontinued operations (85) 11,378 3,571 40,817
Net income 11,088 17,089 22,187 33,227
Net income (Loss) attributable to Brandywine Realty Trust 10,983 16,829 21,992 32,802
BRANDYWINE OPERATING PARTNERSHIP, L.P.
        
Revenue:        
Rents 116,479 108,658 347,680 327,362
Tenant reimbursements 20,699 20,294 60,615 57,179
Termination fees 2,040 931 2,946 2,522
Third party management fees, labor reimbursement and leasing 3,263 3,007 9,652 9,021
Other 975 1,630 3,305 4,029
Total revenue 143,456 134,520 424,198 400,113
Expenses:        
Property operating expenses 40,661 38,783 119,522 112,961
Real estate taxes 14,190 13,486 42,706 40,430
Third party management expenses 1,317 1,298 4,105 3,812
Depreciation and amortization 50,613 46,955 149,423 142,262
General and administrative expenses 6,436 6,080 20,322 18,209
Total operating expenses 113,217 106,602 336,078 317,674
Operating Income 30,239 27,918 88,120 82,439
Other Income (Expense):        
Interest income 268 311 448 2,631
Historic tax credit transaction income 11,853 11,840 11,853 11,840
Interest expense (30,338) (32,620) (91,689) (99,745)
Interest expense — amortization of deferred financing costs (1,158) (1,218) (3,502) (3,790)
Interest expense — financing obligation (264) (230) (693) (608)
Equity in income of real estate ventures 714 500 3,757 1,382
Gain from remeasurement of investment in a real estate venture 0 0 7,847 0
Net gain on real estate venture transactions 0 0 3,683 0
Net loss on sale of undepreciated real estate (129) 0 (129) 0
Loss on real estate venture formation 0 (950) 0 (950)
Loss on early extinguishment of debt (11) (51) (1,127) (1,549)
Income (Loss) from continuing operations 11,174 5,500 18,568 (8,350)
Discontinued operations:        
Income (Loss) from discontinued operations (70) 1,649 590 6,803
Net gain (loss) on disposition of discontinued operations (16) 9,940 3,029 34,774
Total discontinued operations (86) 11,589 3,619 41,577
Net income 11,088 17,089 22,187 33,227
Distribution to Preferred Shares (1,725) (2,785) (5,175) (7,832)
Preferred share redemption charge 0 0 0 (2,090)
Amount allocated to unvested restricted shareholders (85) (95) (278) (286)
Net income attributable to Common Shareholders of Brandywine Realty Trust 9,278 14,209 16,734 23,019
Basic income (loss) per Common Share:        
Continuing operations $ 0.06 $ 0.02 $ 0.09 $ (0.13)
Discontinued operations $ 0.00 $ 0.08 $ 0.02 $ 0.29
Net income (loss) attributable to common shareholders/unitholders, Basic $ 0.06 $ 0.10 $ 0.11 $ 0.16
Diluted income (loss) per Common Share:        
Continuing operations $ 0.06 $ 0.02 $ 0.09 $ (0.13)
Discontinued operations $ 0.00 $ 0.08 $ 0.02 $ 0.29
Net income attributable to common shareholders/unitholders, Diluted $ 0.06 $ 0.10 $ 0.11 $ 0.16
Weighted Average Number of Shares Outstanding, Basic 158,467,087 146,082,206 153,731,070 145,842,872
Weighted Average Number of Shares Outstanding, Diluted 159,755,821 146,785,731 154,940,454 145,842,872
Net income (loss) attributable to Brandywine Realty Trust        
Net income (loss) from continuing operations 11,174 5,500 18,568 (8,350)
Income (Loss) from discontinued operations (86) 11,589 3,619 41,577
Net income $ 11,088 $ 17,089 $ 22,187 $ 33,227