XML 27 R12.htm IDEA: XBRL DOCUMENT v3.24.2.u1
CONSOLIDATED STATEMENTS OF OPERATIONS - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 28, 2024
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue          
Total revenue   $ 125,346 $ 125,882 $ 251,830 $ 255,109
Operating expenses          
Property operating expenses   31,353 31,891 63,632 65,485
Real estate taxes   12,535 11,571 25,127 26,173
Third party management expenses   2,426 2,557 4,969 5,196
Depreciation and amortization   44,187 47,079 89,229 92,679
General and administrative expenses   8,941 9,360 20,045 18,842
Provision for impairment   6,427 4,468 6,427 4,468
Total operating expenses   105,869 106,926 209,429 212,843
Gain on sale of real estate          
Net gain on sale of undepreciated real estate   0 0 0 781
Total gain on sale of real estate   0 0 0 781
Operating income   19,477 18,956 42,401 43,047
Other income (expense):          
Interest and investment income   1,512 520 1,933 1,025
Interest expense   (29,494) (23,669) (54,543) (46,322)
Interest expense - amortization of deferred financing costs   (1,415) (1,114) (2,506) (2,141)
Equity in loss of unconsolidated real estate ventures   (14,507) (7,598) (28,095) (13,765)
Net gain on real estate venture transactions $ 53,762 53,762 181 53,733 181
Gain on early extinguishment of debt   941 0 941 0
Net income (loss) before income taxes   30,276 (12,724) 13,864 (17,975)
Income tax provision   (9) (13) (11) (38)
Net income (loss)   30,267 (12,737) 13,853 (18,013)
Nonforfeitable dividends allocated to unvested restricted unitholders   (277) (204) (613) (274)
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust   $ 29,896 $ (12,900) $ 13,192 $ (18,229)
Basic income (loss) per Common Share (in dollars per share)   $ 0.17 $ (0.08) $ 0.08 $ (0.11)
Diluted income (loss) per Common Share (in dollars per share)   $ 0.17 $ (0.08) $ 0.08 $ (0.11)
Basic weighted average common partnership units outstanding (in shares)   172,563,136 171,962,162 172,385,087 171,818,463
Diluted weighted average common partnership units outstanding (in shares)   174,695,651 171,962,162 174,342,151 171,818,463
BRANDYWINE OPERATING PARTNERSHIP, L.P.          
Revenue          
Total revenue   $ 125,346 $ 125,882 $ 251,830 $ 255,109
Operating expenses          
Property operating expenses   31,353 31,891 63,632 65,485
Real estate taxes   12,535 11,571 25,127 26,173
Third party management expenses   2,426 2,557 4,969 5,196
Depreciation and amortization   44,187 47,079 89,229 92,679
General and administrative expenses   8,941 9,360 20,045 18,842
Provision for impairment   6,427 4,468 6,427 4,468
Total operating expenses   105,869 106,926 209,429 212,843
Gain on sale of real estate          
Net gain on sale of undepreciated real estate   0 0 0 781
Total gain on sale of real estate   0 0 0 781
Operating income   19,477 18,956 42,401 43,047
Other income (expense):          
Interest and investment income   1,512 520 1,933 1,025
Interest expense   (29,494) (23,669) (54,543) (46,322)
Interest expense - amortization of deferred financing costs   (1,415) (1,114) (2,506) (2,141)
Equity in loss of unconsolidated real estate ventures   (14,507) (7,598) (28,095) (13,765)
Net gain on real estate venture transactions $ 53,762   181 53,733 181
Gain on early extinguishment of debt   941 0 941 0
Net income (loss) before income taxes   30,276 (12,724) 13,864 (17,975)
Income tax provision   (9) (13) (11) (38)
Net income (loss)   30,267 (12,737) 13,853 (18,013)
Net (income) loss attributable to noncontrolling interests - consolidated real estate ventures   (3) 0 (6) 1
Net income (loss) attributable to Brandywine Operating Partnership   30,264 (12,737) 13,847 (18,012)
Nonforfeitable dividends allocated to unvested restricted unitholders   (277) (204) (613) (274)
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust   $ 29,987 $ (12,941) $ 13,234 $ (18,286)
Basic income (loss) per Common Share (in dollars per share)   $ 0.17 $ (0.08) $ 0.08 $ (0.11)
Diluted income (loss) per Common Share (in dollars per share)   $ 0.17 $ (0.08) $ 0.08 $ (0.11)
Basic weighted average common partnership units outstanding (in shares)   173,078,731 172,478,629 172,900,681 172,334,930
Diluted weighted average common partnership units outstanding (in shares)   175,211,246 172,478,629 174,857,745 172,334,930
Rents          
Revenue          
Total revenue   $ 118,009 $ 118,133 $ 237,017 $ 238,981
Rents | BRANDYWINE OPERATING PARTNERSHIP, L.P.          
Revenue          
Total revenue   118,009 118,133 237,017 238,981
Third party management fees, labor reimbursement and leasing          
Revenue          
Total revenue   5,698 6,227 11,592 12,229
Third party management fees, labor reimbursement and leasing | BRANDYWINE OPERATING PARTNERSHIP, L.P.          
Revenue          
Total revenue   5,698 6,227 11,592 12,229
Other          
Revenue          
Total revenue   1,639 1,522 3,221 3,899
Other | BRANDYWINE OPERATING PARTNERSHIP, L.P.          
Revenue          
Total revenue   $ 1,639 $ 1,522 $ 3,221 $ 3,899