XML 66 R38.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Investment in Unconsolidated Ventures (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2015
Schedule Of Equity Method Investments [Line Items] |
Investment in Real Estate Ventures and Share of Real Estate Ventures' Income (Loss) | The Company’s investment in Real Estate Ventures as of December 31, 2015 and 2014, and the Company’s share of the Real Estate Ventures’ income (loss) for the years ended December 31, 2015 and 2014 was as follows (in thousands):
|  |  |  |  |  | Carrying Amount |  |  | Company's Share of Real Estate Venture Income (Loss) |  |  | Real Estate Venture Debt at 100% |  |  |  |  |  |  |
|  | Ownership Percentage (a) |  |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |  |  | Current Interest Rate |  |  | Debt Maturity
Office Properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brandywine-AI Venture LLC |  |  | 50% |  |  | $ | 50,760 |  |  | $ | 45,712 |  |  | $ | (229 | ) |  | $ | (185 | ) |  | $ | 132,717 |  |  | $ | 133,843 |  |  |  | 3.94 | % |  | (c)
DRA (G&I) Austin (b) |  |  | 50% |  |  |  | 60,427 |  |  |  | 40,374 |  |  |  | (1,235 | ) |  |  | (574 | ) |  |  | 410,066 |  |  |  | 382,100 |  |  |  | 3.38 | % |  | (d)
1000 Chesterbrook Blvd. |  |  | 50% |  |  |  | 1,895 |  |  |  | 2,152 |  |  |  | 117 |  |  |  | 388 |  |  |  | 23,610 |  |  |  | 24,251 |  |  |  | 4.75 | % |  | Dec 2021
Four Tower Bridge |  |  | 65% |  |  |  | 1,684 |  |  |  | 1,474 |  |  |  | 211 |  |  |  | (144 | ) |  |  | 10,162 |  |  |  | 10,353 |  |  |  | 5.20 | % |  | Feb 2021
PJP VII |  |  | 25% |  |  |  | 872 |  |  |  | 911 |  |  |  | 211 |  |  |  | 177 |  |  |  | 5,621 |  |  |  | 5,785 |  |  | L+2.65% |  |  | Dec 2019
PJP II |  |  | 30% |  |  |  | 435 |  |  |  | 403 |  |  |  | 32 |  |  |  | 73 |  |  |  | 3,201 |  |  |  | 3,492 |  |  |  | 6.12 | % |  | Nov 2023
PJP V |  |  | 25% |  |  |  | 305 |  |  |  | 216 |  |  |  | 189 |  |  |  | 166 |  |  |  | 5,035 |  |  |  | 5,242 |  |  |  | 6.47 | % |  | Aug 2019
PJP VI |  |  | 25% |  |  |  | 45 |  |  |  | 45 |  |  |  | 151 |  |  |  | (67 | ) |  |  | 7,918 |  |  |  | 8,168 |  |  |  | 6.08 | % |  | Apr 2023
Invesco, L.P. (h) |  |  |  |  |  |  | - |  |  |  | - |  |  |  | 349 |  |  |  | 989 |  |  |  | - |  |  |  | - |  |  |  |  |  |  |
Broadmoor Austin Associates (h) |  |  |  |  |  |  | - |  |  |  | 65,407 |  |  |  | (377 | ) |  |  | (460 | ) |  |  | - |  |  |  | 53,516 |  |  |  |  |  |  |
G&I Interchange Office LLC (DRA-N. PA) (h) |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (658 | ) |  |  | - |  |  |  | 174,595 |  |  |  |  |  |  |
Coppell Associates (e) |  |  | 50% |  |  |  | (1,130 | ) |  |  | (1,214 | ) |  |  | 84 |  |  |  | (45 | ) |  |  | 15,515 |  |  |  | 15,747 |  |  |  | 5.75 | % |  | Feb 2016
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
HSRE-Campus Crest IX, LLC (b) |  |  | 30% |  |  |  | 15,003 |  |  |  | 14,314 |  |  |  | (188 | ) |  |  | 67 |  |  |  | 95,562 |  |  |  | 90,245 |  |  | L+2.20% |  |  | Jul 2016
4040 Wilson |  |  | 50% |  |  |  | 36,626 |  |  |  | 27,415 |  |  |  | (106 | ) |  |  | (132 | ) |  |  | - |  |  |  | - |  |  |  |  |  |  |
TB-BDN Plymouth Apartments |  |  | 50% |  |  |  | 12,338 |  |  |  | 12,720 |  |  |  | (252 | ) |  |  | (83 | ) |  |  | 50,964 |  |  |  | 29,481 |  |  | L+1.70% |  |  | Dec 2017
Residence Inn Tower Bridge (h) |  |  |  |  |  |  | - |  |  |  | 723 |  |  |  | 367 |  |  |  | 107 |  |  |  | - |  |  |  | 13,394 |  |  |  |  |  |  |
Development Properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Brandywine 1919 Ventures (b) (f) |  |  | 50% |  |  |  | 29,086 |  |  |  | 12,823 |  |  |  | - |  |  |  | (21 | ) |  |  | 19,411 |  |  |  | - |  |  | L+2.25% |  |  | Oct 2018
51 N Street |  |  | 70% |  |  |  | 16,725 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |  |  |
1250 First Street Office |  |  | 70% |  |  |  | 14,312 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |  |  |
Seven Tower Bridge |  |  | 20% |  |  |  | 491 |  |  |  | 315 |  |  |  | (135 | ) |  |  | (388 | ) |  |  | 14,789 |  |  |  | 14,865 |  |  |  | 3.44 | % |  | (g)
|  |  |  |  |  | $ | 239,874 |  |  | $ | 223,790 |  |  | $ | (811 | ) |  | $ | (790 | ) |  | $ | 794,571 |  |  | $ | 965,077 |  |  |  |  |  |  |
(a) | Ownership percentage represents the Company’s entitlement to residual distributions after payments of priority returns, where applicable.
(b) | The basis differences associated with these ventures are allocated between cost and the underlying equity in the net assets of the investee and is accounted for as if the entity were consolidated (i.e., allocated to the Company’s relative share of assets and liabilities with an adjustment to recognize equity in earnings for the appropriate depreciation/amortization).
(c) | The debt for these properties is comprised of three fixed rate mortgages: (1) $38.8 million with a 4.40% fixed interest rate due January 1, 2019, (2) $27.6 million with a 4.65% fixed interest rate due January 1, 2022, and (3) $66.5 million with a 3.22% fixed interest rate due August 1, 2019, resulting in a time weighted average rate of 3.94%.
(d) | The debt for these properties includes seven mortgages: (1) $34.0 million that was swapped to a 1.59% fixed rate (or an all-in fixed rate of 3.52% incorporating the 1.93% spread) due November 1, 2018, (2) $55.8 million that was swapped to a 1.49% fixed rate (or an all-in rate of 3.19% incorporating the 1.70% spread) due October 15, 2018, (3) $140.3 million that was swapped to a 1.43% fixed rate (for an all-in fixed rate of 3.44% incorporating the 2.01% spread) due November 1, 2018, (4) $29.0 million with a 4.50% fixed interest rate due April 6, 2019, (5) $34.5 million with a 3.87% fixed interest rate due August 6, 2019, (6) $86.4 million that was swapped to a 1.36% fixed rate (or all-in fixed rate of 3.36% incorporating the 2.00% spread) due February 28, 2020, and (7) $30.0 million with a rate of LIBOR + 1.85% with a cap of 2.75%, resulting in a time and dollar weighted average rate of 3.38%.
(e) | Carrying amount represents the negative investment balance of the venture and is included in other liabilities.
(f) | The stated rate for the construction loan is LIBOR + 2.25%. The interest rate spread decreases to 2.00% upon receipt of certificate of occupancy. It is further reduced to 1.75% upon stabilization. To fulfill interest rate protection requirements an interest rate cap was purchased at 4.50%.
(g) | Comprised of two fixed rate mortgages totaling $8.0 million that mature on March 1, 2017 and accrue interest at a current rate of 7.00%, a $0.9 million 3.00% fixed rate loan through its September 1, 2025 maturity, a $2.0 million 4.00% fixed rate loan with interest only through its February 7, 2016 maturity and a $3.9 million 3.00% fixed rate loan with interest only beginning March 11, 2018 through its March 11, 2020 maturity, resulting in a time and dollar weighted average rate of 3.4%.
(h) | The ownership interest in Invesco, L.P. was sold prior to December 31, 2014. The Company purchased the remaining 50% interest in Broadmoor Austin Associates on June 22, 2015. The ownership interest in DRA-N. PA was disposed of on August 12, 2015. The ownership interest in Residence Inn Tower Bridge was sold on December 30, 2015. See below for further detail on 2015 dispositions.
Summary of Financial Position of Real Estate Ventures | The following is a summary of the financial position of the Real Estate Ventures as of December 31, 2015 and December 31, 2014 (in thousands):
| December 31, 2015 |  |  | December 31, 2014 |
Net property | $ | 1,258,999 |  |  | $ | 1,281,282 |
Other assets |  | 158,672 |  |  |  | 195,121 |
Other liabilities |  | 68,028 |  |  |  | 68,481 |
Debt |  | 794,571 |  |  |  | 965,077 |
Equity |  | 554,072 |  |  |  | 442,845 |
Company’s share of equity (Company’s basis) (a) (b) | $ | 241,004 |  |  | $ | 225,004 |
(a) | This amount includes the effect of the basis difference between the Company’s historical cost basis and the basis recorded at the Real Estate Venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from the impairment of investments, purchases of third party interests in existing Real Estate Ventures and upon the transfer of assets that were previously owned by the Company into a Real Estate Venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the Real Estate Venture level.
(b) | Does not include the negative investment balance of one real estate venture totaling $1.1 million and $1.2 million as of December 31, 2015 and 2014, respectively, which is included in other liabilities.
Summary of Results of Operations of Real Estate Ventures with Interests | The following is a summary of results of operations of the Real Estate Ventures in which the Company had interests as of December 31, 2015, 2014 and 2013 (in thousands):
| Years ended December 31, |
| 2015 |  |  | 2014 |  |  | 2013 |
Revenue | $ | 164,928 |  |  | $ | 147,236 |  |  | $ | 102,919 |
Operating expenses |  | (70,136 | ) |  |  | (61,268 | ) |  |  | (40,436 | )
Interest expense, net |  | (34,584 | ) |  |  | (36,511 | ) |  |  | (26,529 | )
Depreciation and amortization |  | (68,100 | ) |  |  | (57,109 | ) |  |  | (35,138 | )
Net income (loss) | $ | (7,892 | ) |  | $ | (7,652 | ) |  | $ | 816 |
Company’s share of income (loss) (Company’s basis) | $ | (811 | ) |  | $ | (790 | ) |  | $ | 3,664 |
Schedule of Maturities of Long-term Debt | As of December 31, 2015, the Company’s aggregate scheduled principal payments of debt obligations, excluding amortization of discounts and premiums, are as follows (in thousands):
2016 | $ | 249,468 |
2017 |  | 333,682 |
2018 |  | 340,437 |
2019 |  | 16,768 |
2020 |  | 17,661 |
Thereafter |  | 1,458,208 |
Total principal payments |  | 2,416,224 |
Net unamortized premiums/(discounts) |  | (8,912 | )
Net deferred financing costs |  | (22,595 | )
Outstanding indebtedness | $ | 2,384,717 |
Unconsolidated Real Estate Ventures [Member] |
Schedule Of Equity Method Investments [Line Items] |
Schedule of Maturities of Long-term Debt | As of December 31, 2015, the aggregate principal payments of recourse and non-recourse debt payable to third-parties are as follows (in thousands):
2016 |  | $ | 120,811 |
2017 |  |  | 68,319 |
2018 |  |  | 244,403 |
2019 |  |  | 175,975 |
2020 |  |  | 92,761 |
Thereafter |  |  | 92,302 |
|  | $ | 794,571 |

X
- Definition Equity method investment summarized financial information income statement table. + References No definition available. + Details
Name: | bdn_EquityMethodInvestmentSummarizedFinancialInformationIncomeStatementTableTextBlock
Namespace Prefix: | bdn_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Equity method investment summarized financial information table. + References No definition available. + Details
Name: | bdn_EquityMethodInvestmentSummarizedFinancialInformationTableTextBlock
Namespace Prefix: | bdn_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 + Details
Name: | us-gaap_EquityMethodInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_ScheduleOfEquityMethodInvestmentsLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=bdn_UnconsolidatedRealEstateVenturesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |