þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 |
MARYLAND (Brandywine Realty Trust) | 23-2413352 |
DELAWARE (Brandywine Operating Partnership L.P.) | 23-2862640 |
(State or other jurisdiction of Incorporation or organization) | (I.R.S. Employer Identification No.) |
555 East Lancaster Avenue | |
Radnor, Pennsylvania | 19087 |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered |
Common Shares of Beneficial Interest, | New York Stock Exchange |
par value $0.01 per share | |
(Brandywine Realty Trust) | |
7.50% Series C Cumulative Redeemable Preferred | New York Stock Exchange |
Shares of Beneficial Interest | |
par value $0.01 per share | |
(Brandywine Realty Trust) | |
7.375% Series D Cumulative Redeemable Preferred | New York Stock Exchange |
Shares of Beneficial Interest | |
par value $0.01 per share | |
(Brandywine Realty Trust) |
Brandywine Realty Trust | Yes þ No o |
Brandywine Operating Partnership, L.P. | Yes o No þ |
Brandywine Realty Trust | Yes o No þ |
Brandywine Operating Partnership, L.P. | Yes o No þ |
Brandywine Realty Trust | Yes þ No o |
Brandywine Operating Partnership, L.P. | Yes þ No o |
Brandywine Realty Trust | Yes þ No o |
Brandywine Operating Partnership, L.P. | Yes þ No o |
Brandywine Realty Trust | Yes o No þ |
Brandywine Operating Partnership, L.P. | Yes o No þ |
• | facilitate a better understanding by the investors of the Parent Company and the Operating Partnership by enabling them to view the business as a whole in the same manner as management views and operates the business; |
• | remove duplicative disclosures and provide a more straightforward presentation in light of the fact that a substantial portion of the disclosure applies to both the Parent Company and the Operating Partnership; and |
• | create time and cost efficiencies through the preparation of one combined report instead of two separate reports. |
• | Consolidated Financial Statements; |
• | Parent Company’s and Operating Partnership’s Equity |
• | Liquidity and Capital Resources in the Management’s Discussion and Analysis of Financial Condition and Results of Operations. |
Page | |
Exhibit 3.1.27 | |
Exhibit 10.4 | |
Exhibit 10.5 | |
Exhibit 10.6 | |
Exhibit 10.7 | |
Exhibit 12.1 | |
Exhibit 12.2 | |
Exhibit 21 | |
Exhibit 23.1 | |
Exhibit 23.2 | |
Exhibit 31.1 | |
Exhibit 31.2 | |
Exhibit 31.3 | |
Exhibit 31.4 | |
Exhibit 32.1 | |
Exhibit 32.2 | |
Exhibit 32.3 | |
Exhibit 32.4 | |
Exhibit 99.1 | |
EX-101 INSTANCE DOCUMENT | |
EX-101 SCHEMA DOCUMENT | |
EX-101 CALCULATION LINKBASE DOCUMENT | |
EX-101 LABELS LINKBASE DOCUMENT | |
EX-101 PRESENTATION LINKBASE DOCUMENT | |
EX-101 DEFINITION LINKBASE DOCUMENT |
• | the continuing impact of the global economic slowdown, which is having and may continue to have a negative effect on the following, among other things: |
• | the fundamentals of our business, including overall market occupancy, demand for office space and rental rates; |
• | the financial condition of our tenants, many of which are financial, legal and other professional firms, our lenders, counterparties to our derivative financial instruments and institutions that hold our cash balances and short-term investments, which may expose us to increased risks of default by these parties; |
• | availability of financing on attractive terms or at all, which may adversely impact our future interest expense and our ability to pursue acquisition and development opportunities and refinance existing debt; and |
• | a decline in real estate asset valuations, which may limit our ability to dispose of assets at attractive prices or obtain or maintain debt financing secured by our properties or on an unsecured basis. |
• | changes in local real estate conditions (including changes in rental rates and the number of properties that compete with our properties); |
• | changes in the economic conditions affecting industries in which our principal tenants compete; |
• | the unavailability of equity and debt financing; |
• | our failure to lease unoccupied space in accordance with our projections; |
• | our failure to re-lease occupied space upon expiration of leases; |
• | tenant defaults and the bankruptcy of major tenants; |
• | increases in interest rates; |
• | failure of interest rate hedging contracts to perform as expected and the effectiveness of such arrangements; |
• | failure of acquisitions to perform as expected; |
• | unanticipated costs associated with the acquisition, integration and operation of our acquisitions; |
• | unanticipated costs to complete, lease-up and operate our developments and redevelopments; |
• | unanticipated costs associated with land development, including building moratoriums and inability to obtain necessary zoning, land-use, building, occupancy and other required governmental approvals, construction cost increases or overruns and construction delays; |
• | impairment charges; |
• | increased costs for, or lack of availability of, adequate insurance, including for terrorist acts; |
• | actual or threatened terrorist attacks; |
• | demand for tenant services beyond those traditionally provided by landlords; |
• | liability under environmental or other laws; |
• | failure or bankruptcy of real estate venture partners; |
• | inability of real estate venture partners to fund venture obligations; |
• | failure of dispositions to close in a timely manner; |
• | failure of buyers of our properties to comply with terms of their financing agreements to us; |
• | earthquakes and other natural disasters; |
• | the unforeseen impact of climate change and compliance costs relating to laws and regulations governing climate change; |
• | risks associated with federal, state and local tax audits; |
• | complex regulations relating to our status as a REIT and the adverse consequences of our failure to qualify as a REIT; |
• | the impact of newly adopted accounting principles on our accounting policies and on period-to-period comparisons of financial results. |
Item 1. | Business |
Notes | Repurchase Amount | Principal | Loss | Deferred Financing Amortization | |||||||||||
2011 3.875% Notes | $ | 59,835 | $ | 59,835 | $ | — | $ | — | |||||||
2012 5.750% Notes | 24,749 | 23,709 | 868 | 32 | |||||||||||
2015 7.500% Notes | 25,140 | 22,671 | 2,396 | 120 | |||||||||||
$ | 109,724 | $ | 106,215 | $ | 3,264 | $ | 152 |
Mortgage Note | Payment Date | Amount | ||||
Concord Airport Plaza | Sep-11 | $ | 34,494 | |||
One Logan Square | Jul-11 | 60,000 | ||||
Midlantic, Lenox, DCCI | Jun-11 | 56,514 | ||||
Research Office Center | Jun-11 | 39,145 | ||||
Arboretum I, II, III, & V | Apr-11 | 20,386 | ||||
Total | $ | 210,539 |
• | maximize cash flow through leasing strategies designed to capture rental growth as rental rates increase and as leases are renewed; |
• | attain a high tenant retention rate by providing a full array of property management and maintenance services and tenant service programs responsive to the varying needs of our diverse tenant base; |
• | form joint venture opportunities with high-quality partners having attractive real estate holdings or significant financial resources; |
• | utilize our reputation as a full-service real estate development and management organization to identify acquisition and development opportunities that will expand our business and create long-term value; and |
• | increase the economic diversification of our tenant base while maximizing economies of scale. |
• | to acquire and develop high-quality office and industrial properties at attractive yields in markets that we expect will experience economic growth and where we can achieve operating efficiencies; |
• | to deploy our land inventory for development of high-quality office and industrial properties; and |
• | to capitalize on our redevelopment expertise to selectively develop, redevelop and reposition properties in desirable locations. |
• | current and projected market rents and absorption statistics justify construction activity; |
• | we can maximize market penetration by accumulating a critical mass of properties and thereby enhance operating efficiencies; |
• | barriers to entry (such as zoning restrictions, utility availability, infrastructure limitations, development moratoriums and limited developable land) will create supply constraints on office and industrial space; and |
• | there is potential for economic growth, particularly job growth and industry diversification. |
Item 1A. | Risk Factors |
• | significant job losses in the financial and professional services industries may occur, which may decrease demand for our office space, causing market rental rates and property values to be negatively impacted; |
• | our ability to borrow on terms and conditions that we find acceptable, or at all, may be limited, which could reduce our ability to complete development opportunities and refinance existing debt; |
• | reduced values of our properties may limit our ability to dispose of assets at attractive prices or to obtain debt financing secured by our properties and may reduce the availability of unsecured loans; |
• | the value and liquidity of our short-term investments and cash deposits could be reduced as a result of a deterioration of the financial condition of the institutions that hold our cash deposits or the institutions or assets in which we have made short-term investments, the dislocation of the markets for our short-term investments, increased volatility in market rates for such investments or other factors; |
• | reduced liquidity in debt markets and increased credit risk premiums for certain market participants may impair our ability to access capital; and |
• | one or more lenders under our line of credit could refuse or be unable to fund their financing commitment to us and we may not be able to replace the financing commitment of any such lenders on favorable terms, or at all. |
• | downturns in the national, regional and local economic climate including increases in the unemployment rate and inflation; |
• | competition from other office, mixed use, industrial and commercial buildings; |
• | local real estate market conditions, such as oversupply or reduction in demand for office, industrial or commercial space; |
• | changes in interest rates and availability of financing; |
• | vacancies, changes in market rental rates and the need to periodically repair, renovate and re-lease space; |
• | increased operating costs, including insurance expense, utilities, real estate taxes, janitorial costs, state and local taxes, labor shortages and heightened security costs; |
• | civil disturbances, earthquakes and other natural disasters, or terrorist acts or acts of war which may result in uninsured or underinsured losses; |
• | significant expenditures associated with each investment, such as debt service payments, real estate taxes, insurance and maintenance costs which are generally not reduced when circumstances cause a reduction in revenues from a property; and |
• | declines in the financial condition of our tenants and our ability to collect rents from our tenants. |
• | increasing our costs to finance our ongoing operations and fund our development and redevelopment activities; |
• | reducing the availability of potential bidders for, and the amounts offered for, any properties we may wish to sell; and |
• | preventing us from accessing necessary debt capital on a timely basis leading us to consider potentially more dilutive capital transactions such as undesirable sales of properties or equity securities. |
• | the unavailability of favorable financing alternatives in the private and public debt markets; |
• | having sufficient capital to pay development costs; |
• | unprecedented market volatility in the share price of REITs; |
• | dependence on the financial services sector as part of our tenant base; |
• | construction costs exceeding original estimates due to rising interest rates, diminished availability of materials and labor, and increases in the costs of materials and labor; |
• | construction and lease-up delays resulting in increased debt service, fixed expenses and construction or renovation costs; |
• | expenditure of funds and devotion of management’s time to projects that we do not complete; |
• | the unavailability or scarcity of utilities; |
• | occupancy rates and rents at newly completed properties may fluctuate depending on a number of factors, including market and economic conditions, resulting in lower than projected rental rates and a corresponding lower return on our investment; |
• | complications (including building moratoriums and anti-growth legislation) in obtaining necessary zoning, occupancy and other governmental permits; and |
• | increased use restrictions by local zoning or planning authorities limiting our ability to develop and impacting the size of developments. |
• | we may not be able to obtain financing for acquisitions on favorable terms; |
• | acquired properties may fail to perform as expected; |
• | the actual costs of repositioning or redeveloping acquired properties may be higher than our estimates; |
• | acquired properties may be located in new markets where we may have limited knowledge and understanding of the local economy, an absence of business relationships in the area or unfamiliarity with local governmental and permitting procedures; and |
• | we may not be able to efficiently integrate acquired properties, particularly portfolios of properties, into our organization and manage new properties in a way that allows us to realize cost savings and synergies. |
• | liabilities for clean-up of pre-existing disclosed or undisclosed environmental contamination; |
• | claims by tenants, vendors or other persons arising on account of actions or omissions of the former owners of the properties; and |
• | liabilities incurred in the ordinary course of business. |
• | the operational and financial performance of our properties; |
• | capital expenditures with respect to existing, developed and newly acquired properties; |
• | general and administrative costs associated with our operation as a publicly-held REIT; |
• | the amount of, and the interest rates on, our debt; and |
• | the absence of significant expenditures relating to environmental and other regulatory matters. |
• | consider the transfer to be null and void; |
• | not reflect the transaction on our books; |
• | institute legal action to stop the transaction; |
• | not pay dividends or other distributions with respect to those shares; |
• | not recognize any voting rights for those shares; and |
• | consider the shares held in trust for the benefit of a person to whom such shares may be transferred. |
• | increases in market interest rates, relative to the dividend yield on our shares. If market interest rates go up, prospective purchasers of our securities may require a higher yield. Higher market interest rates would not, however, result in more funds for us to distribute and, to the contrary, would likely increase our borrowing costs and potentially decrease funds available for distribution. Thus, higher market interest rates could cause the market price of our common shares to go down; |
• | anticipated benefit of an investment in our securities as compared to investment in securities of companies in other industries (including benefits associated with tax treatment of dividends and distributions); |
• | perception by market professionals of REITs generally and REITs comparable to us in particular; |
• | level of institutional investor interest in our securities; |
• | relatively low trading volumes in securities of REITs; |
• | our results of operations and financial condition; and |
• | investor confidence in the stock market generally. |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
Month of Sale | Property/Portfolio Name | Location | # of Bldgs. | Rentable Square Feet/ Acres | Property/Portfolio Occupancy % at Date of Sale | Sales Price (in thousands) | |||||||||||
Dec-11 | Brandywine AI Ventures | Various (1) | 3 | 587,317 | 86.3 | % | $ | 156,000 | |||||||||
Nov-11 | 442 Creamery Way | Exton, PA | 1 | 104,500 | 100.0 | % | 7,425 | ||||||||||
Oct-11 | Lake Center II | Marlton, NJ | 1 | 40,287 | 47.8 | % | 2,216 | ||||||||||
Oct-11 | Five Greentree Center | Marlton, NJ | 1 | 165,956 | 92.2 | % | 20,584 | ||||||||||
Jun-11 | Three Greentree Center | Marlton, NJ | 1 | 69,300 | 13.9 | % | 5,891 | ||||||||||
Total Office Properties Sold | 7 | 967,360 | $ | 192,116 |
Location | State | Year Built/ Renovated | Net Rentable Square Feet | Percentage Leased as of December 31, 2011 (a) | Total Base Rent for the Twelve Months Ended December 31, 2011 (b) (000's) | Average Annualized Rental Rate as of December 31, 2011 (c) | ||||||||||||||||
PENNSYLVANIA SUBURBS SEGMENT | ||||||||||||||||||||||
150 Radnor Chester Road | Radnor | PA | 1983 | 340,380 | 100.0 | % | $ | 9,312 | $ | 31.43 | ||||||||||||
201 King of Prussia Road | Radnor | PA | 2001 | 251,434 | 100.0 | % | 6,343 | 28.22 | ||||||||||||||
555 Lancaster Avenue | Radnor | PA | 1973 | 241,687 | 98.6 | % | 6,334 | 28.45 | ||||||||||||||
401 Plymouth Road | Plymouth Meeting | PA | 2001 | 202,252 | 96.0 | % | 5,015 | 22.88 | ||||||||||||||
One Radnor Corporate Center | Radnor | PA | 1998 | 198,378 | 100.0 | % | 4,997 | 23.86 | ||||||||||||||
101 West Elm Street | W. Conshohocken | PA | 1999 | 173,827 | 97.8 | % | 4,064 | 24.91 | ||||||||||||||
Five Radnor Corporate Center | Radnor | PA | 1998 | 164,655 | 100.0 | % | 4,870 | 32.35 | ||||||||||||||
Four Radnor Corporate Center | Radnor | PA | 1995 | 164,464 | 100.0 | % | 3,896 | 26.50 | ||||||||||||||
751-761 Fifth Avenue | King Of Prussia | PA | 1967 | 158,000 | 100.0 | % | 732 | 3.96 | ||||||||||||||
630 Allendale Road | King of Prussia | PA | 2000 | 150,000 | 76.0 | % | 2,466 | 25.11 | ||||||||||||||
640 Freedom Business Center | (d) | King Of Prussia | PA | 1991 | 132,000 | 98.0 | % | 1,923 | 24.57 | |||||||||||||
52 Swedesford Square | East Whiteland Twp. | PA | 1988 | 131,017 | 35.1 | % | — | — | ||||||||||||||
400 Berwyn Park | Berwyn | PA | 1999 | 124,182 | 95.6 | % | 2,892 | 25.42 | ||||||||||||||
4000 Chemical Road | Plymouth Meeting | PA | 2007 | 120,877 | 100.0 | % | 2,970 | 27.99 | ||||||||||||||
Three Radnor Corporate Center | Radnor | PA | 1998 | 119,087 | 100.0 | % | 2,866 | 27.26 |
Location | State | Year Built/ Renovated | Net Rentable Square Feet | Percentage Leased as of December 31, 2011 (a) | Total Base Rent for the Twelve Months Ended December 31, 2011 (b) (000's) | Average Annualized Rental Rate as of December 31, 2011 (c) | ||||||||||||||||
101 Lindenwood Drive | Malvern | PA | 1988 | 118,121 | 97.1 | % | 1,734 | 13.27 | ||||||||||||||
300 Berwyn Park | Berwyn | PA | 1989 | 108,619 | 96.0 | % | 2,050 | 24.17 | ||||||||||||||
Two Radnor Corporate Center | Radnor | PA | 1998 | 97,936 | 72.9 | % | 1,493 | 28.96 | ||||||||||||||
301 Lindenwood Drive | Malvern | PA | 1984 | 97,813 | 79.8 | % | 1,532 | 19.66 | ||||||||||||||
1 West Elm Street | W. Conshohocken | PA | 1999 | 97,737 | 100.0 | % | 2,575 | 27.97 | ||||||||||||||
555 Croton Road | King of Prussia | PA | 1999 | 96,909 | 95.4 | % | 2,365 | 30.03 | ||||||||||||||
500 North Gulph Road | King Of Prussia | PA | 1979 | 93,082 | 74.3 | % | 1,227 | 20.01 | ||||||||||||||
620 West Germantown Pike | Plymouth Meeting | PA | 1990 | 90,183 | 82.7 | % | 1,325 | 25.29 | ||||||||||||||
610 West Germantown Pike | Plymouth Meeting | PA | 1987 | 90,088 | 90.7 | % | 1,184 | 14.33 | ||||||||||||||
630 West Germantown Pike | Plymouth Meeting | PA | 1988 | 89,870 | 97.2 | % | 2,062 | 29.37 | ||||||||||||||
600 West Germantown Pike | Plymouth Meeting | PA | 1986 | 89,626 | 93.8 | % | 1,369 | 22.32 | ||||||||||||||
630 Freedom Business Center | (d) | King Of Prussia | PA | 1989 | 86,683 | 80.8 | % | 1,281 | 21.21 | |||||||||||||
1200 Swedesford Road | Berwyn | PA | 1994 | 86,622 | 93.1 | % | 1,556 | 26.10 | ||||||||||||||
620 Freedom Business Center | (d) | King Of Prussia | PA | 1986 | 86,570 | 94.3 | % | 1,651 | 23.44 | |||||||||||||
595 East Swedesford Road | Wayne | PA | 1998 | 81,890 | 100.0 | % | 1,672 | 21.68 | ||||||||||||||
1050 Westlakes Drive | Berwyn | PA | 1984 | 80,000 | 100.0 | % | 1,984 | 26.47 | ||||||||||||||
One Progress Drive | Horsham | PA | 1986 | 79,204 | 80.0 | % | 823 | 6.95 | ||||||||||||||
1060 First Avenue | (d) | King Of Prussia | PA | 1987 | 77,718 | 91.0 | % | 1,364 | 21.73 | |||||||||||||
741 First Avenue | King Of Prussia | PA | 1966 | 77,184 | 100.0 | % | 376 | 6.00 | ||||||||||||||
1040 First Avenue | (d) | King Of Prussia | PA | 1985 | 75,488 | 70.4 | % | 1,066 | 24.91 | |||||||||||||
200 Berwyn Park | Berwyn | PA | 1987 | 75,025 | 100.0 | % | 1,507 | 21.83 | ||||||||||||||
1020 First Avenue | (d) | King Of Prussia | PA | 1984 | 74,556 | 100.0 | % | 1,608 | 21.39 | |||||||||||||
1000 First Avenue | (d) | King Of Prussia | PA | 1980 | 74,139 | 100.0 | % | 1,343 | 21.83 | |||||||||||||
436 Creamery Way | Exton | PA | 1991 | 72,300 | 100.0 | % | 462 | 13.37 | ||||||||||||||
130 Radnor Chester Road | Radnor | PA | 1983 | 71,349 | 100.0 | % | 2,150 | 32.98 | ||||||||||||||
14 Campus Boulevard | Newtown Square | PA | 1998 | 69,542 | 100.0 | % | 1,815 | 26.70 | ||||||||||||||
170 Radnor Chester Road | Radnor | PA | 1983 | 68,143 | 100.0 | % | 1,668 | 29.33 | ||||||||||||||
500 Enterprise Road | Horsham | PA | 1990 | 66,751 | 100.0 | % | 823 | 12.99 | ||||||||||||||
575 East Swedesford Road | Wayne | PA | 1985 | 66,265 | 100.0 | % | 1,229 | 26.91 | ||||||||||||||
429 Creamery Way | Exton | PA | 1996 | 63,420 | 83.9 | % | 564 | 14.52 | ||||||||||||||
610 Freedom Business Center | (d) | King Of Prussia | PA | 1985 | 62,991 | 62.3 | % | 582 | 20.97 | |||||||||||||
925 Harvest Drive | Blue Bell | PA | 1990 | 62,957 | 85.9 | % | 954 | 18.54 | ||||||||||||||
980 Harvest Drive | Blue Bell | PA | 1988 | 62,379 | 71.4 | % | 932 | 20.55 | ||||||||||||||
426 Lancaster Avenue | Devon | PA | 1990 | 61,102 | 100.0 | % | 1,213 | 20.79 | ||||||||||||||
1180 Swedesford Road | Berwyn | PA | 1987 | 60,371 | 100.0 | % | 1,844 | 26.49 | ||||||||||||||
1160 Swedesford Road | Berwyn | PA | 1986 | 60,099 | 100.0 | % | 1,479 | 21.01 | ||||||||||||||
100 Berwyn Park | Berwyn | PA | 1986 | 57,730 | 86.9 | % | 867 | 18.68 | ||||||||||||||
440 Creamery Way | Exton | PA | 1991 | 57,218 | 100.0 | % | 855 | 16.89 | ||||||||||||||
640 Allendale Road | (f) | King of Prussia | PA | 2000 | 56,034 | 100.0 | % | 316 | 7.17 | |||||||||||||
565 East Swedesford Road | Wayne | PA | 1984 | 55,456 | 100.0 | % | 940 | 20.58 | ||||||||||||||
650 Park Avenue | King Of Prussia | PA | 1968 | 54,338 | 92.0 | % | 726 | 17.81 | ||||||||||||||
910 Harvest Drive | Blue Bell | PA | 1990 | 52,611 | 100.0 | % | 1,040 | 21.12 | ||||||||||||||
2240/50 Butler Pike | Plymouth Meeting | PA | 1984 | 52,229 | 100.0 | % | 978 | 22.54 | ||||||||||||||
920 Harvest Drive | Blue Bell | PA | 1990 | 51,875 | 88.9 | % | 797 | 22.01 | ||||||||||||||
486 Thomas Jones Way | Exton | PA | 1990 | 51,372 | 84.8 | % | 648 | 18.22 | ||||||||||||||
660 Allendale Road | (f) | King of Prussia | PA | 2011 | 50,635 | 100.0 | % | 211 | 2.66 | |||||||||||||
875 First Avenue | King Of Prussia | PA | 1966 | 50,000 | 100.0 | % | 1,037 | 23.16 | ||||||||||||||
620 Allendale Road | King Of Prussia | PA | 1961 | 50,000 | 100.0 | % | 559 | 12.35 | ||||||||||||||
15 Campus Boulevard | Newtown Square | PA | 2002 | 49,621 | 100.0 | % | 1,223 | 26.35 | ||||||||||||||
17 Campus Boulevard | Newtown Square | PA | 2001 | 48,565 | 100.0 | % | 1,137 | 26.43 |
Location | State | Year Built/ Renovated | Net Rentable Square Feet | Percentage Leased as of December 31, 2011 (a) | Total Base Rent for the Twelve Months Ended December 31, 2011 (b) (000's) | Average Annualized Rental Rate as of December 31, 2011 (c) | ||||||||||||||||
11 Campus Boulevard | Newtown Square | PA | 1998 | 47,699 | 100.0 | % | 1,219 | 26.44 | ||||||||||||||
456 Creamery Way | Exton | PA | 1987 | 47,604 | 100.0 | % | 407 | 9.51 | ||||||||||||||
585 East Swedesford Road | Wayne | PA | 1998 | 43,683 | 100.0 | % | 771 | 28.23 | ||||||||||||||
1100 Cassett Road | Berwyn | PA | 1997 | 43,480 | 100.0 | % | 1,106 | 32.57 | ||||||||||||||
467 Creamery Way | Exton | PA | 1988 | 42,000 | 100.0 | % | 608 | 19.30 | ||||||||||||||
1336 Enterprise Drive | West Goshen | PA | 1989 | 39,330 | — | % | — | — | ||||||||||||||
600 Park Avenue | King Of Prussia | PA | 1964 | 39,000 | 100.0 | % | 418 | 6.00 | ||||||||||||||
412 Creamery Way | Exton | PA | 1999 | 38,098 | 92.8 | % | 780 | 21.70 | ||||||||||||||
18 Campus Boulevard | Newtown Square | PA | 1990 | 37,374 | 100.0 | % | 864 | 24.42 | ||||||||||||||
457 Creamery Way | Exton | PA | 1990 | 36,019 | 100.0 | % | 389 | 16.19 | ||||||||||||||
100 Arrandale Boulevard | Exton | PA | 1997 | 34,931 | 100.0 | % | 456 | 18.27 | ||||||||||||||
300 Lindenwood Drive | Malvern | PA | 1991 | 33,000 | 100.0 | % | 794 | 24.48 | ||||||||||||||
2260 Butler Pike | Plymouth Meeting | PA | 1984 | 31,892 | 30.9 | % | 486 | 22.22 | ||||||||||||||
120 West Germantown Pike | Plymouth Meeting | PA | 1984 | 30,574 | 100.0 | % | 484 | 20.89 | ||||||||||||||
468 Thomas Jones Way | Exton | PA | 1990 | 28,934 | 100.0 | % | 540 | 18.76 | ||||||||||||||
1700 Paoli Pike | Malvern | PA | 2000 | 28,000 | — | % | — | — | ||||||||||||||
140 West Germantown Pike | Plymouth Meeting | PA | 1984 | 25,357 | 100.0 | % | 416 | 20.78 | ||||||||||||||
481 John Young Way | Exton | PA | 1997 | 19,275 | 100.0 | % | 483 | 27.32 | ||||||||||||||
100 Lindenwood Drive | Malvern | PA | 1985 | 18,400 | 100.0 | % | 373 | 22.57 | ||||||||||||||
200 Lindenwood Drive | Malvern | PA | 1984 | 12,600 | 100.0 | % | 129 | 8.02 | ||||||||||||||
111 Arrandale Road | Exton | PA | 1996 | 10,479 | 100.0 | % | 199 | 21.92 | ||||||||||||||
SUBTOTAL - PENNSYLVANIA SUBURBS SEGMENT | 6,970,385 | 92.7 | % | 131,798 | 22.94 | |||||||||||||||||
PHILADELPHIA CENTRAL BUSINESS DISTRICT SEGMENT | ||||||||||||||||||||||
1717 Arch Street | (d) | Philadelphia | PA | 1990 | 1,029,413 | 93.0 | % | 16,013 | 21.18 | |||||||||||||
2970 Market Street | Philadelphia | PA | 2010 | 862,692 | 100.0 | % | 19,543 | 31.03 | ||||||||||||||
2929 Arch Street | (d) | Philadelphia | PA | 2005 | 730,187 | 100.0 | % | 24,629 | 35.67 | |||||||||||||
100 North 18th Street | (e) | Philadelphia | PA | 1988 | 708,844 | 97.0 | % | 20,175 | 32.42 | |||||||||||||
130 North 18th Street | Philadelphia | PA | 1989 | 595,041 | 100.0 | % | 12,789 | 29.51 | ||||||||||||||
101 - 103 Juniper Street | (g) | Philadelphia | PA | 2011 | N/A | — | % | — | — | |||||||||||||
2930 Chestnut Street | (d), (g) | Philadelphia | PA | 2010 | 553,421 | 99.2 | % | 76 | 11.17 | |||||||||||||
3020 Market Street | Philadelphia | PA | 1959 | 192,707 | 57.2 | % | 905 | 21.23 | ||||||||||||||
Philadelphia Marine Center | (d), (g) | Philadelphia | PA | Various | 181,900 | 100.0 | % | 1,216 | 4.94 | |||||||||||||
SUBTOTAL - PHILADELPHIA CENTRAL BUSINESS DISTRICT | 4,854,205 | 96.3 | % | 95,346 | 26.54 | |||||||||||||||||
METROPOLITAN WASHINGTON D.C. SEGMENT | ||||||||||||||||||||||
1676 International Drive | McLean | VA | 1999 | 299,387 | 93.8 | % | 8,712 | 33.71 | ||||||||||||||
13820 Sunrise Valley Drive | Herndon | VA | 2007 | 268,240 | 100.0 | % | 9,084 | 32.59 | ||||||||||||||
2340 Dulles Corner Boulevard | Herndon | VA | 1987 | 264,405 | 100.0 | % | 8,017 | 31.50 | ||||||||||||||
2291 Wood Oak Drive | Herndon | VA | 1999 | 230,389 | 98.9 | % | 2,988 | 21.82 | ||||||||||||||
1900 Gallows Road | Vienna | VA | 1989 | 210,632 | 67.1 | % | 3,283 | 29.49 | ||||||||||||||
3141 Fairview Park Drive | (h) | Falls Church | VA | 1988 | 183,618 | 82.4 | % | 4,328 | 28.85 |
Location | State | Year Built/ Renovated | Net Rentable Square Feet | Percentage Leased as of December 31, 2011 (a) | Total Base Rent for the Twelve Months Ended December 31, 2011 (b) (000's) | Average Annualized Rental Rate as of December 31, 2011 (c) | ||||||||||||||||
2411 Dulles Corner Park | Herndon | VA | 1990 | 180,510 | 78.4 | % | 5,181 | 32.92 | ||||||||||||||
2355 Dulles Corner Boulevard | Herndon | VA | 1988 | 179,176 | 70.8 | % | 4,648 | 32.30 | ||||||||||||||
1880 Campus Commons Drive | Reston | VA | 1985 | 172,943 | 86.7 | % | 1,721 | 12.97 | ||||||||||||||
2121 Cooperative Way | Herndon | VA | 2000 | 161,275 | 80.8 | % | 3,471 | 21.29 | ||||||||||||||
6600 Rockledge Drive | (d) | Bethesda | MD | 1981 | 160,173 | 91.3 | % | 3,684 | 24.26 | |||||||||||||
8260 Greensboro Drive | McLean | VA | 1980 | 158,961 | 77.4 | % | 3,224 | 21.52 | ||||||||||||||
2251 Corporate Park Drive | Herndon | VA | 2000 | 158,016 | 100.0 | % | 5,128 | 34.61 | ||||||||||||||
12015 Lee Jackson Memorial Highway | Fairfax | VA | 1985 | 153,255 | 94.8 | % | 4,095 | 26.37 | ||||||||||||||
13880 Dulles Corner Lane | Herndon | VA | 1997 | 151,853 | 46.4 | % | 4,101 | 33.72 | ||||||||||||||
8521 Leesburg Pike | Vienna | VA | 1984 | 150,897 | 61.3 | % | 2,328 | 23.85 | ||||||||||||||
2273 Research Boulevard | Rockville | MD | 1999 | 147,689 | 95.7 | % | 4,057 | 29.20 | ||||||||||||||
2275 Research Boulevard | Rockville | MD | 1990 | 147,650 | 100.0 | % | 4,065 | 30.51 | ||||||||||||||
2201 Cooperative Way | Herndon | VA | 1990 | 138,806 | 34.9 | % | 3,062 | 16.09 | ||||||||||||||
2277 Research Boulevard | Rockville | MD | 1986 | 137,045 | 100.0 | % | 3,360 | 29.67 | ||||||||||||||
11781 Lee Jackson Memorial Highway | Fairfax | VA | 1982 | 130,935 | 98.2 | % | 3,264 | 27.34 | ||||||||||||||
11720 Beltsville Drive | Beltsville | MD | 1987 | 128,903 | 58.8 | % | 1,755 | 23.72 | ||||||||||||||
13825 Sunrise Valley Drive | Herndon | VA | 1989 | 104,150 | 12.4 | % | 304 | 25.32 | ||||||||||||||
198 Van Buren Street | Herndon | VA | 1996 | 98,934 | 100.0 | % | 3,018 | 34.95 | ||||||||||||||
196 Van Buren Street | Herndon | VA | 1991 | 97,781 | 47.1 | % | 1,819 | 28.20 | ||||||||||||||
11700 Beltsville Drive | Beltsville | MD | 1981 | 96,843 | 96.3 | % | 2,356 | 25.56 | ||||||||||||||
11710 Beltsville Drive | Beltsville | MD | 1987 | 81,281 | 100.0 | % | 1,570 | 20.11 | ||||||||||||||
4401 Fair Lakes Court | Fairfax | VA | 1988 | 55,972 | 96.6 | % | 1,533 | 27.05 | ||||||||||||||
11740 Beltsville Drive | Beltsville | MD | 1987 | 6,783 | 100.0 | % | 140 | 29.18 | ||||||||||||||
SUBTOTAL - METROPOLITAN WASHINGTON D.C. SEGMENT | 4,456,502 | 82.8 | % | 104,296 | 27.73 | |||||||||||||||||
NEW JERSEY/DELAWARE SEGMENT | ||||||||||||||||||||||
300 Delaware Avenue | Wilmington | DE | 1989 | 298,071 | 86.0 | % | 2,954 | 15.89 | ||||||||||||||
920 North King Street | Wilmington | DE | 1989 | 203,328 | 96.7 | % | 4,232 | 27.46 | ||||||||||||||
10000 Midlantic Drive | Mt. Laurel | NJ | 1990 | 183,147 | 52.6 | % | 1,300 | 26.33 | ||||||||||||||
1009 Lenox Drive | Lawrenceville | NJ | 1989 | 180,734 | 83.7 | % | 4,136 | 27.70 | ||||||||||||||
Main Street - Plaza 1000 | Voorhees | NJ | 1988 | 162,364 | 31.1 | % | 784 | 20.46 | ||||||||||||||
400 Commerce Drive | Newark | DE | 1997 | 154,086 | 100.0 | % | 2,321 | 17.20 | ||||||||||||||
457 Haddonfield Road | Cherry Hill | NJ | 1990 | 121,737 | 92.2 | % | 1,899 | 22.55 | ||||||||||||||
2000 Midlantic Drive | Mt. Laurel | NJ | 1989 | 121,658 | 92.4 | % | 1,246 | 22.75 | ||||||||||||||
2000 Lenox Drive | Lawrenceville | NJ | 2000 | 119,731 | 100.0 | % | 2,644 | 26.91 | ||||||||||||||
700 East Gate Drive | Mt. Laurel | NJ | 1984 | 119,272 | 94.9 | % | 1,769 | 24.66 | ||||||||||||||
989 Lenox Drive | Lawrenceville | NJ | 1984 | 112,055 | 53.2 | % | 1,440 | 21.98 | ||||||||||||||
993 Lenox Drive | Lawrenceville | NJ | 1985 | 111,124 | 100.0 | % | 2,907 | 20.74 | ||||||||||||||
1000 Howard Boulevard | Mt. Laurel | NJ | 1988 | 105,312 | 46.5 | % | 743 | 20.60 | ||||||||||||||
One Righter Parkway | (d) | Wilmington | DE | 1989 | 104,761 | 82.3 | % | 1,915 | 23.56 | |||||||||||||
1000 Atrium Way | Mt. Laurel | NJ | 1989 | 99,668 | 76.8 | % | 1,044 | 23.74 | ||||||||||||||
997 Lenox Drive | Lawrenceville | NJ | 1987 | 97,277 | 81.5 | % | 1,941 | 23.67 | ||||||||||||||
Two Righter Parkway | (d) | Wilmington | DE | 1987 | 95,514 | 72.0 | % | 1,190 | 21.37 | |||||||||||||
1120 Executive Boulevard | Mt. Laurel | NJ | 1987 | 95,183 | 60.6 | % | 611 | 22.91 | ||||||||||||||
15000 Midlantic Drive | Mt. Laurel | NJ | 1991 | 84,056 | 92.9 | % | 898 | 20.48 |
Location | State | Year Built/ Renovated | Net Rentable Square Feet | Percentage Leased as of December 31, 2011 (a) | Total Base Rent for the Twelve Months Ended December 31, 2011 (b) (000's) | Average Annualized Rental Rate as of December 31, 2011 (c) | ||||||||||||||||
220 Lake Drive East | Cherry Hill | NJ | 1988 | 78,509 | 84.6 | % | 887 | 19.57 | ||||||||||||||
1200 Lenox Drive | Lawrenceville | NJ | 2007 | 76,419 | 100.0 | % | 2,077 | 28.81 | ||||||||||||||
200 Lake Drive East | Cherry Hill | NJ | 1989 | 76,352 | 86.5 | % | 1,143 | 22.47 | ||||||||||||||
200 Commerce Drive | Newark | DE | 1998 | 68,034 | 100.0 | % | 1,327 | 20.90 | ||||||||||||||
9000 Midlantic Drive | Mt. Laurel | NJ | 1989 | 67,299 | 74.2 | % | 409 | 22.58 | ||||||||||||||
6 East Clementon Road | Gibbsboro | NJ | 1980 | 66,236 | 28.6 | % | 265 | 17.04 | ||||||||||||||
100 Commerce Drive | Newark | DE | 1989 | 62,787 | 54.3 | % | 883 | 20.44 | ||||||||||||||
701 East Gate Drive | Mt. Laurel | NJ | 1986 | 61,794 | 93.1 | % | 560 | 16.19 | ||||||||||||||
210 Lake Drive East | Cherry Hill | NJ | 1986 | 60,604 | 68.9 | % | 723 | 24.73 | ||||||||||||||
308 Harper Drive | Moorestown | NJ | 1976 | 59,500 | 83.3 | % | 542 | 18.96 | ||||||||||||||
305 Fellowship Drive | Mt. Laurel | NJ | 1980 | 56,824 | 88.3 | % | 789 | 23.23 | ||||||||||||||
309 Fellowship Drive | Mt. Laurel | NJ | 1982 | 55,911 | 74.7 | % | 571 | 20.31 | ||||||||||||||
307 Fellowship Drive | Mt. Laurel | NJ | 1981 | 54,485 | 92.6 | % | 660 | 20.13 | ||||||||||||||
303 Fellowship Drive | Mt. Laurel | NJ | 1979 | 53,768 | 66.8 | % | 468 | 21.62 | ||||||||||||||
1000 Bishops Gate | Mt. Laurel | NJ | 2005 | 53,281 | 100.0 | % | 1,015 | 24.20 | ||||||||||||||
1000 Lenox Drive | Lawrenceville | NJ | 1982 | 52,264 | 100.0 | % | 1,329 | 30.97 | ||||||||||||||
100 Lenox Drive | Lawrenceville | NJ | 1991 | 50,942 | 100.0 | % | 972 | 23.09 | ||||||||||||||
2 Foster Avenue | (f) | Gibbsboro | NJ | 1974 | 50,761 | 94.6 | % | 220 | 4.65 | |||||||||||||
4000 Midlantic Drive | Mt. Laurel | NJ | 1998 | 46,945 | 100.0 | % | 575 | 22.13 | ||||||||||||||
Five Eves Drive | Marlton | NJ | 1986 | 45,564 | 95.0 | % | 687 | 16.98 | ||||||||||||||
161 Gaither Drive | Mount Laurel | NJ | 1987 | 44,739 | 100.0 | % | 655 | 24.24 | ||||||||||||||
Main Street - Piazza | Voorhees | NJ | 1990 | 44,708 | 100.0 | % | 494 | 21.91 | ||||||||||||||
20 East Clementon Road | Gibbsboro | NJ | 1986 | 38,260 | 84.7 | % | 358 | 17.06 | ||||||||||||||
Two Eves Drive | Marlton | NJ | 1987 | 37,532 | 96.6 | % | 396 | 16.39 | ||||||||||||||
304 Harper Drive | Moorestown | NJ | 1975 | 32,978 | 97.4 | % | 450 | 22.38 | ||||||||||||||
Main Street - Promenade | Voorhees | NJ | 1988 | 31,445 | 83.8 | % | 225 | 10.85 | ||||||||||||||
Four B Eves Drive | Marlton | NJ | 1987 | 27,011 | 100.0 | % | 406 | 17.14 | ||||||||||||||
815 East Gate Drive | Mt. Laurel | NJ | 1986 | 25,500 | 65.1 | % | 184 | 18.44 | ||||||||||||||
817 East Gate Drive | Mt. Laurel | NJ | 1986 | 25,351 | 100.0 | % | 268 | 15.25 | ||||||||||||||
Four A Eves Drive | Marlton | NJ | 1987 | 24,687 | 82.2 | % | 313 | 16.76 | ||||||||||||||
1 Foster Avenue | (f) | Gibbsboro | NJ | 1972 | 24,255 | 100.0 | % | 111 | 4.58 | |||||||||||||
4 Foster Avenue | (f) | Gibbsboro | NJ | 1974 | 23,372 | 100.0 | % | 162 | 7.79 | |||||||||||||
7 Foster Avenue | Gibbsboro | NJ | 1983 | 22,158 | 70.5 | % | 189 | 17.80 | ||||||||||||||
10 Foster Avenue | Gibbsboro | NJ | 1983 | 18,651 | 88.9 | % | 162 | 18.02 | ||||||||||||||
5 U.S. Avenue | (f) | Gibbsboro | NJ | 1987 | 5,000 | 100.0 | % | 24 | 5.00 | |||||||||||||
50 East Clementon Road | Gibbsboro | NJ | 1986 | 3,080 | 100.0 | % | 174 | 56.41 | ||||||||||||||
5 Foster Avenue | Gibbsboro | NJ | 1968 | 2,000 | 100.0 | % | — | — | ||||||||||||||
SUBTOTAL - NEW JERSEY/DELAWARE SEGMENT | 4,198,084 | 81.6 | % | 56,647 | 21.49 | |||||||||||||||||
RICHMOND, VA SEGMENT | ||||||||||||||||||||||
300 Arboretum Place | Richmond | VA | 1988 | 212,228 | 95.2 | % | 3,622 | 18.61 | ||||||||||||||
6800 Paragon Place | Richmond | VA | 1986 | 144,813 | 78.6 | % | 2,216 | 19.18 | ||||||||||||||
6802 Paragon Place | Richmond | VA | 1989 | 143,784 | 89.3 | % | 2,202 | 12.83 | ||||||||||||||
7501 Boulders View Drive | Richmond | VA | 1990 | 136,641 | 91.7 | % | 1,977 | 11.28 | ||||||||||||||
2511 Brittons Hill Road | (f) | Richmond | VA | 1987 | 132,548 | 100.0 | % | 678 | 6.66 | |||||||||||||
2100-2116 West Laburnam Avenue | Richmond | VA | 1976 | 128,337 | 100.0 | % | 1,804 | 15.26 | ||||||||||||||
7300 Beaufont Springs Drive | Richmond | VA | 2000 | 120,665 | 100.0 | % | 1,953 | 16.38 |
Location | State | Year Built/ Renovated | Net Rentable Square Feet | Percentage Leased as of December 31, 2011 (a) | Total Base Rent for the Twelve Months Ended December 31, 2011 (b) (000's) | Average Annualized Rental Rate as of December 31, 2011 (c) | ||||||||||||||||
1025 Boulders Parkway | Richmond | VA | 1994 | 93,143 | 68.3 | % | 1,485 | 18.71 | ||||||||||||||
2201-2245 Tomlynn Street | (f) | Richmond | VA | 1989 | 85,860 | 89.9 | % | 395 | 6.75 | |||||||||||||
7401 Beaufont Springs Drive | Richmond | VA | 1998 | 82,706 | 66.2 | % | 883 | 8.56 | ||||||||||||||
7325 Beaufont Springs Drive | Richmond | VA | 1999 | 75,218 | 100.0 | % | 1,396 | 21.14 | ||||||||||||||
100 Gateway Centre Parkway | Richmond | VA | 2001 | 74,991 | 72.0 | % | 568 | 17.23 | ||||||||||||||
6806 Paragon Place | Richmond | VA | 2007 | 74,480 | 100.0 | % | 1,755 | 25.85 | ||||||||||||||
9011 Arboretum Parkway | Richmond | VA | 1991 | 73,183 | 79.4 | % | 886 | 18.76 | ||||||||||||||
4870 Sadler Road | Glen Allen | VA | 2000 | 63,832 | 100.0 | % | 1,061 | 20.99 | ||||||||||||||
4880 Sadler Road | Glen Allen | VA | 1998 | 62,664 | 100.0 | % | 958 | 20.28 | ||||||||||||||
4805 Lake Brooke Drive | Glen Allen | VA | 1996 | 60,867 | 100.0 | % | 730 | 19.80 | ||||||||||||||
9100 Arboretum Parkway | Richmond | VA | 1988 | 58,445 | 74.6 | % | 777 | 18.34 | ||||||||||||||
2812 Emerywood Parkway | Henrico | VA | 1980 | 56,984 | 100.0 | % | 878 | 11.63 | ||||||||||||||
4364 South Alston Avenue | Durham | NC | 1985 | 56,601 | 62.6 | % | 902 | 15.95 | ||||||||||||||
2277 Dabney Road | (f) | Richmond | VA | 1986 | 50,400 | 100.0 | % | 308 | 8.00 | |||||||||||||
9200 Arboretum Parkway | Richmond | VA | 1988 | 49,542 | 100.0 | % | 737 | 16.49 | ||||||||||||||
9210 Arboretum Parkway | Richmond | VA | 1988 | 48,012 | 64.0 | % | 571 | 13.90 | ||||||||||||||
2212-2224 Tomlynn Street | (f) | Richmond | VA | 1985 | 45,353 | 94.7 | % | 319 | 9.22 | |||||||||||||
2221-2245 Dabney Road | (f) | Richmond | VA | 1994 | 45,250 | 100.0 | % | 273 | 8.08 | |||||||||||||
2251 Dabney Road | (f) | Richmond | VA | 1983 | 42,000 | 89.8 | % | 186 | 7.61 | |||||||||||||
2161-2179 Tomlynn Street | (f) | Richmond | VA | 1985 | 41,550 | 70.8 | % | 210 | 8.01 | |||||||||||||
2256 Dabney Road | (f) | Richmond | VA | 1982 | 33,413 | 100.0 | % | 232 | 8.85 | |||||||||||||
2246 Dabney Road | (f) | Richmond | VA | 1987 | 33,271 | 100.0 | % | 284 | 9.72 | |||||||||||||
2244 Dabney Road | (f) | Richmond | VA | 1993 | 33,050 | 100.0 | % | 286 | 9.52 | |||||||||||||
9211 Arboretum Parkway | Richmond | VA | 1991 | 30,791 | 83.0 | % | 86 | 11.47 | ||||||||||||||
2248 Dabney Road | (f) | Richmond | VA | 1989 | 30,184 | 100.0 | % | 190 | 8.63 | |||||||||||||
2130-2146 Tomlynn Street | (f) | Richmond | VA | 1988 | 29,700 | 100.0 | % | 186 | 9.35 | |||||||||||||
2120 Tomlyn Street | (f) | Richmond | VA | 1986 | 23,850 | 100.0 | % | 132 | 8.29 | |||||||||||||
2240 Dabney Road | (f) | Richmond | VA | 1984 | 15,389 | 100.0 | % | 133 | 9.61 | |||||||||||||
SUBTOTAL - RICHMOND, VA SEGMENT | 2,489,745 | 90.1 | % | 31,259 | 14.45 | |||||||||||||||||
AUSTIN, TX | ||||||||||||||||||||||
1250 Capital of Texas Highway South | Austin | TX | 1984 | 270,711 | 98.4 | % | 3,278 | 22.81 | ||||||||||||||
1301 Mopac Expressway | Austin | TX | 2001 | 222,580 | 100.0 | % | 4,091 | 28.53 | ||||||||||||||
3711 South Mopac Expressway | Austin | TX | 2007 | 205,195 | 100.0 | % | 3,720 | 29.1 | ||||||||||||||
1601 Mopac Expressway | Austin | TX | 2000 | 195,639 | 100.0 | % | 2,657 | 19.56 | ||||||||||||||
1501 South Mopac Expressway | Austin | TX | 1999 | 195,324 | 100.0 | % | 2,581 | 23.79 | ||||||||||||||
1221 Mopac Expressway | Austin | TX | 2001 | 173,302 | 100.0 | % | 2,947 | 11.19 | ||||||||||||||
SUBTOTAL - AUSTIN, TX | 1,262,751 | 99.7 | % | 19,274 | 23.00 | |||||||||||||||||
CALIFORNIA | ||||||||||||||||||||||
155 Grand Avenue | Oakland | CA | 1990 | 200,996 | 75.9 | % | 4,736 | 36.25 | ||||||||||||||
2 Kaiser Land | (g) | Oakland | CA | N/A | — | — | % | — | — | |||||||||||||
Oakland Lot B | (g) | Oakland | CA | N/A | — | — | % | — | — | |||||||||||||
1220 Concord Avenue | Concord | CA | 1984 | 175,153 | 100.0 | % | 4,204 | 23.26 | ||||||||||||||
1200 Concord Avenue | Concord | CA | 1984 | 175,103 | 99.6 | % | 4,436 | 24.71 |
Location | State | Year Built/ Renovated | Net Rentable Square Feet | Percentage Leased as of December 31, 2011 (a) | Total Base Rent for the Twelve Months Ended December 31, 2011 (b) (000's) | Average Annualized Rental Rate as of December 31, 2011 (c) | ||||||||||||||||
5780 & 5790 Fleet Street | Carlsbad | CA | 1999 | 121,381 | 81.4 | % | 2,485 | 26.13 | ||||||||||||||
5900 & 5950 La Place Court | Carlsbad | CA | 1988 | 80,506 | 38.4 | % | 643 | 18.1 | ||||||||||||||
16870 West Bernardo Drive | Rancho Bernardo | CA | 2002 | 68,708 | 96.1 | % | 1,447 | 29.33 | ||||||||||||||
5963 La Place Court | Carlsbad | CA | 1987 | 61,587 | 68.0 | % | 650 | 13.75 | ||||||||||||||
2035 Corte Del Nogal | Carlsbad | CA | 1991 | 53,982 | 76.5 | % | 760 | 19.01 | ||||||||||||||
5973 Avenida Encinas | Carlsbad | CA | 1986 | 51,695 | 88.3 | % | 1,046 | 23.6 | ||||||||||||||
SUBTOTAL - CALIFORNIA | 989,111 | 83.6 | % | 20,407 | 25.93 | |||||||||||||||||
TOTAL CORE PORTFOLIO | 25,220,783 | 89.5 | % | $ | 459,027 | $ | 23.46 |
(a) | Calculated by dividing net rentable square feet included in leases signed on or before December 31, 2011 at the property by the aggregate net rentable square feet of the property. |
(b) | “Total Base Rent” for the twelve months ended December 31, 2011 represents base rents earned during such period, excluding tenant reimbursements and deferred market rent adjustments, calculated in accordance with generally accepted accounting principles (GAAP) determined on a straight-line basis. |
(c) | “Average Annualized Rental Rate” is calculated by taking: (i) for office leases written on a triple net basis, the sum of the annualized base rent utilizing contractual rental rates pursuant to executed leases as of December 31, 2011 exclusive of concessions and abatements plus the prorata 2011 budgeted operating expense reimbursements excluding tenant electricity; and (ii) for office leases written on a full service basis, the annualized base rent utilizing contractual rental rates pursuant to executed leases as of December 31, 2011 exclusive of concessions and abatements, and dividing the sum of such amounts by the total square footage occupied as of December 31, 2011. |
(d) | These properties are subject to a ground lease with a third party. |
(e) | We hold our interest in Two Logan Square (100 North 18th Street) through our ownership of second and third mortgages that are secured by this property and that are junior to a first mortgage with a third party. Our ownership of these two mortgages currently provides us with all of the cash flows from Two Logan Square after the payment of operating expenses and debt service on the first mortgage. |
(f) | These properties are industrial facilities. |
(g) | These are mixed-use properties. |
(h) | We contributed this property to an unconsolidated real estate venture, however, we will continue to consolidate this property due to our continuing involvement resulting from our ongoing lease of space, and our 50% ownership interest in the venture. Please see Note 3 to the consolidated financial financial statements for additional information. |
Year of Lease Expiration December 31, | Number of Leases Expiring Within the Year | Rentable Square Footage Subject to Expiring Leases | Final Annualized Base Rent Under Expiring Leases (a) | Final Annualized Base Rent Per Square Foot Expiring Leases | Percentage of Total Final Annualized Base Rent Under Expiring Leases | Cumulative Total | ||||||||||||||
2011 (b) | 81 | 159,562 | $ | 3,025,094 | $ | 18.96 | 0.5 | % | 0.5 | % | ||||||||||
2012 | 281 | 2,035,560 | 51,922,219 | 25.51 | 8.9 | % | 9.4 | % | ||||||||||||
2013 | 249 | 2,193,966 | 50,830,854 | 23.17 | 8.8 | % | 18.2 | % | ||||||||||||
2014 | 219 | 2,453,387 | 63,231,149 | 25.77 | 10.9 | % | 29.1 | % | ||||||||||||
2015 | 197 | 2,460,559 | 61,163,813 | 24.86 | 10.5 | % | 39.6 | % | ||||||||||||
2016 | 206 | 1,930,564 | 50,764,099 | 26.29 | 8.7 | % | 48.3 | % | ||||||||||||
2017 | 167 | 2,713,200 | 76,061,255 | 28.03 | 13.1 | % | 61.4 | % | ||||||||||||
2018 | 81 | 1,545,754 | 46,396,684 | 30.02 | 8.0 | % | 69.4 | % | ||||||||||||
2019 | 58 | 1,122,558 | 38,259,447 | 34.08 | 6.6 | % | 76.0 | % | ||||||||||||
2020 | 30 | 866,007 | 22,231,381 | 25.67 | 3.8 | % | 79.8 | % | ||||||||||||
2021 | 37 | 1,137,800 | 29,508,128 | 25.93 | 5.1 | % | 84.9 | % | ||||||||||||
2022 and thereafter | 46 | 3,199,520 | 86,770,054 | 27.12 | 15.0 | % | 100.0 | % | ||||||||||||
1,652 | 21,818,437 | $ | 580,164,177 | $ | 26.59 | 100.0 | % |
(a) | “Final Annualized Base Rent” for each lease scheduled to expire represents the cash rental rate of base rents, excluding tenant reimbursements, in the final month prior to expiration multiplied by 12. Tenant reimbursements generally include payment of a portion of real estate taxes, operating expenses and common area maintenance and utility charges. |
(b) | Relates to existing month-to-month tenancy leases and to expired leases that we executed, which converted to month-to-month tenancies until a written notice to vacate is provided by us or a new lease agreement is agreed upon with the tenant. |
Tenant Name (a) | Number of Leases | Weighted Average Remaining Lease Term Months | Aggregate Leased Square Feet | Aggregate Leased Square Square Feet | Annualized Base Rent (in 000) (b) | Percentage of Aggregate Annualized Base Rent | |||||||||||||
General Services Administration — U.S. Govt. | 17 | 192 | 1,547,532 | 7.1 | % | $ | 34,371 | 6.9 | % | ||||||||||
Northrop Grumman Corporation | 5 | 48 | 471,005 | 2.2 | % | 14,887 | 3.0 | % | |||||||||||
Pepper Hamilton LLP | 2 | 36 | 312,336 | 1.4 | % | 11,971 | 2.4 | % | |||||||||||
Lockheed Martin | 9 | 22 | 556,584 | 2.6 | % | 10,366 | 2.1 | % | |||||||||||
Wells Fargo Bank, N.A. | 11 | 63 | 439,687 | 2.0 | % | 10,260 | 2.1 | % | |||||||||||
Time Warner Cable, Inc. | 1 | 91 | 266,899 | 1.2 | % | 8,709 | 1.8 | % | |||||||||||
KPMG, LLP | 2 | 33 | 241,828 | 1.1 | % | 7,715 | 1.6 | % | |||||||||||
Dechert LLP | 1 | 94 | 218,565 | 1.0 | % | 7,468 | 1.5 | % | |||||||||||
Lincoln National Management Co. | 1 | 103 | 193,626 | 0.9 | % | 6,315 | 1.3 | % | |||||||||||
Drinker Biddle & Reath LLP | 1 | 30 | 209,584 | 1.0 | % | 6,034 | 1.2 | % | |||||||||||
Blank Rome LLP | 1 | 121 | 236,903 | 1.1 | % | 6,012 | 1.2 | % | |||||||||||
Marsh & McLennan Companies, Inc. | 3 | 16 | 177,199 | 0.8 | % | 5,331 | 1.1 | % | |||||||||||
Deltek Systems, Inc. | 1 | 128 | 157,911 | 0.7 | % | 4,974 | 1.0 | % | |||||||||||
Hewlett Packard | 2 | 54 | 141,339 | 0.6 | % | 4,128 | 0.8 | % | |||||||||||
Freescale Semiconductor, Inc. | 1 | 20 | 144,438 | 0.7 | % | 3,826 | 0.8 | % | |||||||||||
Intel Corporation | 1 | 13 | 164,061 | 0.8 | % | 3,782 | 0.8 | % | |||||||||||
Woodcock Washburn, LLP | 1 | 120 | 109,323 | 0.5 | % | 3,736 | 0.8 | % | |||||||||||
Computer Sciences | 4 | 31 | 202,992 | 0.9 | % | 3,715 | 0.8 | % | |||||||||||
VWR Management Services LLC | 1 | 156 | 149,858 | 0.7 | % | 3,708 | 0.7 | % | |||||||||||
AT&T | 3 | 90 | 108,583 | 0.5 | % | 3,361 | 0.7 | % | |||||||||||
Consolidated Total/Weighted Average | 68 | 94 | 6,050,253 | 27.8 | % | $ | 160,669 | 32.6 | % |
(a) | The identified tenant includes affiliates in certain circumstances. |
(b) | Annualized Base Rent represents the monthly Base Rent, excluding tenant reimbursements, for each lease in effect at December 31, 2011 multiplied by 12. Tenant reimbursements generally include payment of a portion of real estate taxes, operating expenses and common area maintenance and utility charges. |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
Item 5. | Market for Registrant’s Common Equity and Related Shareholder Matters and Issuer Purchases of Equity Securities |
Share Price High | Share Price Low | Distributions Paid During Quarter | |||||||||
First Quarter 2010 | $ | 12.90 | $ | 10.29 | $ | 0.15 | |||||
Second Quarter 2010 | $ | 13.36 | $ | 10.75 | $ | 0.15 | |||||
Third Quarter 2010 | $ | 12.62 | $ | 10.00 | $ | 0.15 | |||||
Fourth Quarter 2010 | $ | 12.99 | $ | 10.22 | $ | 0.15 | |||||
First Quarter 2011 | $ | 12.32 | $ | 11.09 | $ | 0.15 | |||||
Second Quarter 2011 | $ | 12.76 | $ | 11.06 | $ | 0.15 | |||||
Third Quarter 2011 | $ | 12.34 | $ | 7.88 | $ | 0.15 | |||||
Fourth Quarter 2011 | $ | 9.63 | $ | 7.09 | $ | 0.15 |
(a) | (b) | (c) | ||||||||
Plan category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||
Equity compensation plans approved by security holders (1) | 3,599,672 | $ | 14.50 | 5,789,202 | ||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||
Total | 3,599,672 | $ | 14.50 | 5,789,202 |
(1) | Relates to our Amended and Restated 1997 Long-Term Incentive Plan (the “1997 Plan”) and 46,667 options awarded prior to adoption of the 1997 Plan. In June 2010, our shareholders approved amendments to the 1997 Plan. The amendments, among other things, increased the number of common shares available for awards under the 1997 Plan by 6,000,000 (of which 3,600,000 were made available solely for awards of options and share appreciation rights). |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Shares that May Yet Be Purchased Under the Plans or Programs (a) | |||||||||
(in thousands) | ||||||||||||
January 1 to January 31 | 10,485 | (b) | $ | 11.53 | 539,200 | |||||||
February 1 to February 28 | — | 539,200 | ||||||||||
March 1 to March 31 | 27,083 | (b) | 11.81 | 539,200 | ||||||||
April 1 to April 31 | 47,999 | (b) | 11.82 | 539,200 | ||||||||
May 1 to May 31 | — | 539,200 | ||||||||||
June 1 to June 30 | — | 539,200 | ||||||||||
July 1 to July 31 | — | 539,200 | ||||||||||
August 1 to August 31 | — | 539,200 | ||||||||||
September 1 to September 31 | — | 539,200 | ||||||||||
October 1 to October 31 | — | 539,200 | ||||||||||
November 1 to November 31 | — | 539,200 | ||||||||||
December 1 to December 31 | — | 539,200 | ||||||||||
Total | 85,567 |
(a) | Relates to the remaining share repurchase availability under the Parent Company’s share repurchase program. There is no expiration date on the share repurchase program. The Parent Company’s Board of Trustees initially authorized this program in 1998 and has periodically replenished capacity under the program. |
(b) | Represents common shares cancelled by the Parent Company upon vesting of restricted common shares previously awarded to Company employees in satisfaction of tax withholding obligations. Such shares do not reduce the total number of shares that remain available to be purchased under the share repurchase program. |
Year Ended | ||||||||||||||||||
Index | 12/31/2006 | 12/31/2007 | 12/31/2008 | 12/31/2009 | 12/31/2010 | 12/31/2011 | ||||||||||||
Brandywine Realty Trust | 100.00 | 57.23 | 27.38 | 44.63 | 48.03 | 41.53 | ||||||||||||
S&P 500 | 100.00 | 105.49 | 66.46 | 84.05 | 96.71 | 98.76 | ||||||||||||
Russell 2000 | 100.00 | 98.43 | 65.18 | 82.89 | 105.14 | 100.75 | ||||||||||||
NAREIT All Equity REIT Index | 100.00 | 84.31 | 52.50 | 67.20 | 85.98 | 93.10 |
Item 6. | Selected Financial Data |
Year Ended December 31, | 2011 (a,b) | 2010 (b) | 2009 (a,b) | 2008 (a,b) | 2007 (b) | |||||||||||||||
Operating Results | ||||||||||||||||||||
Total revenue | $ | 581,805 | $ | 559,956 | $ | 567,920 | $ | 573,596 | $ | 588,768 | ||||||||||
Income (loss) from continuing operations | (13,232 | ) | (31,276 | ) | 3,588 | (2,465 | ) | 5,243 | ||||||||||||
Net income (loss) | (4,715 | ) | (17,606 | ) | 8,089 | 38,525 | 55,335 | |||||||||||||
Income (loss) allocated to Common Shares | (12,996 | ) | (25,578 | ) | (245 | ) | 28,462 | 44,124 | ||||||||||||
Loss from continuing operations per Common Share | ||||||||||||||||||||
Basic | $ | (0.16 | ) | $ | (0.29 | ) | $ | (0.04 | ) | $ | (0.13 | ) | $ | (0.05 | ) | |||||
Diluted | $ | (0.16 | ) | $ | (0.29 | ) | $ | (0.04 | ) | $ | (0.13 | ) | $ | (0.05 | ) | |||||
Earnings (loss) per Common Share | ||||||||||||||||||||
Basic | $ | (0.10 | ) | $ | (0.19 | ) | $ | — | $ | 0.32 | $ | 0.50 | ||||||||
Diluted | $ | (0.10 | ) | $ | (0.19 | ) | $ | — | $ | 0.32 | $ | 0.50 | ||||||||
Cash distributions paid per Common Share | $ | 0.60 | $ | 0.60 | $ | 0.60 | $ | 1.76 | $ | 1.76 | ||||||||||
Balance Sheet Data | ||||||||||||||||||||
Real estate investments, net of accumulated depreciation | $ | 4,061,461 | $ | 4,201,410 | $ | 4,164,992 | $ | 4,191,367 | $ | 4,657,333 | ||||||||||
Total assets | 4,557,718 | 4,690,378 | 4,663,750 | 4,742,619 | 5,213,968 | |||||||||||||||
Total indebtedness | 2,393,995 | 2,430,446 | 2,454,577 | 2,741,495 | 3,081,949 | |||||||||||||||
Total liabilities | 2,668,022 | 2,712,604 | 2,742,010 | 3,020,121 | 3,363,759 | |||||||||||||||
Noncontrolling interest | 33,105 | 128,272 | 38,308 | 52,961 | 84,076 | |||||||||||||||
Brandywine Realty Trust’s equity | 1,856,591 | 1,849,502 | 1,883,432 | 1,669,537 | 1,766,133 | |||||||||||||||
Other Data | ||||||||||||||||||||
Cash flows from: | ||||||||||||||||||||
Operating activities | 179,015 | 185,127 | 220,405 | 233,867 | 224,805 | |||||||||||||||
Investing activities | (47,931 | ) | (171,936 | ) | (102,549 | ) | 164,046 | 39,162 | ||||||||||||
Financing activities | (147,239 | ) | 1,807 | (120,213 | ) | (399,589 | ) | (283,746 | ) | |||||||||||
Property Data | ||||||||||||||||||||
Number of properties owned at year end | 232 | 233 | 245 | 248 | 257 | |||||||||||||||
Net rentable square feet owned at year end | 25,221 | 25,633 | 25,563 | 26,257 | 28,888 |
(a) | During 2011, we recorded additional income of $0.5 million related to electricity charges in prior years that were under-billed to a certain tenant. This resulted in the overstatement of total revenue by $0.5 million during the current year and in the understatement of total revenue by $0.3 million and $0.2 million for the years ended December 31, 2009 and 2008, respectively. Because this error was not material to prior years' consolidated financial statements and the impact of recording the error in the current year is not material to our consolidated financial statements, we recorded the related adjustment in the current year. |
(b) | The consolidated statement of operations during 2011 also contained an out of period depreciation and amortization expense adjustment of $4.7 million relating to intangible assets representing tenant relationships and in-place leases that should have been written off in prior periods. Our recognition of this expense in 2011 resulted in the overstatement of depreciation and amortization expense by $4.7 million million in 2011. During the year ended December 31, 2010, depreciation and amortization expense was overstated by $1.7 million and was understated by $1.4 million, $1.8 million, $1.7 million and $1.5 million during the years ended December 31, 2009, 2008, 2007, and 2006, respectively. As this error was not material to prior years' consolidated financial statements and that the impact of recording the error in the current year is not material to our consolidated financial statements, we recorded the related adjustment during the current year. |
Year Ended December 31, | 2011 (a,b) | 2010 (b) | 2009 (a,b) | 2008 (a,b) | 2007 (b) | |||||||||||||||
Operating Results | ||||||||||||||||||||
Total revenue | $ | 581,805 | $ | 559,956 | $ | 567,920 | $ | 573,596 | $ | 588,768 | ||||||||||
Income (loss) from continuing operations | (13,232 | ) | (31,276 | ) | 3,588 | (2,465 | ) | 5,243 | ||||||||||||
Net income (loss) | (4,715 | ) | (17,606 | ) | 8,089 | 38,525 | 55,335 | |||||||||||||
Loss from continuing operations per Common Partnership Unit | ||||||||||||||||||||
Basic | $ | (0.15 | ) | $ | (0.29 | ) | $ | (0.04 | ) | $ | (0.13 | ) | $ | (0.05 | ) | |||||
Diluted | $ | (0.15 | ) | $ | (0.29 | ) | $ | (0.04 | ) | $ | (0.13 | ) | $ | (0.05 | ) | |||||
Earnings (loss) per Common Partnership Units | ||||||||||||||||||||
Basic | $ | (0.09 | ) | $ | (0.19 | ) | $ | — | $ | 0.32 | $ | 0.50 | ||||||||
Diluted | $ | (0.09 | ) | $ | (0.19 | ) | $ | — | $ | 0.32 | $ | 0.50 | ||||||||
Cash distributions paid per Common Partnership Unit | $ | 0.60 | $ | 0.60 | $ | 0.60 | $ | 1.76 | $ | 1.76 | ||||||||||
Balance Sheet Data | ||||||||||||||||||||
Real estate investments, net of accumulated depreciation | $ | 4,061,461 | $ | 4,201,410 | $ | 4,164,992 | $ | 4,191,367 | $ | 4,657,333 | ||||||||||
Total assets | 4,557,718 | 4,690,378 | 4,663,750 | 4,742,619 | 5,213,968 | |||||||||||||||
Total indebtedness | 2,393,995 | 2,430,446 | 2,454,577 | 2,741,495 | 3,081,949 | |||||||||||||||
Total liabilities | 2,668,022 | 2,712,604 | 2,742,010 | 3,020,121 | 3,363,759 | |||||||||||||||
Redeemable limited partnership units | 38,370 | 132,855 | 44,620 | 54,166 | 90,151 | |||||||||||||||
Non-controlling interest | — | — | 65 | — | 28 | |||||||||||||||
Brandywine Operating Partnership’s equity | 1,851,326 | 1,844,919 | 1,877,055 | 1,668,332 | 1,760,030 | |||||||||||||||
Other Data | ||||||||||||||||||||
Cash flows from: | ||||||||||||||||||||
Operating activities | 179,015 | 185,127 | 220,405 | 233,867 | 224,805 | |||||||||||||||
Investing activities | (47,931 | ) | (171,936 | ) | (102,549 | ) | 164,046 | 39,162 | ||||||||||||
Financing activities | (147,239 | ) | 1,807 | (120,213 | ) | (399,589 | ) | (283,746 | ) | |||||||||||
Property Data | ||||||||||||||||||||
Number of properties owned at year end | 232 | 233 | 245 | 248 | 257 | |||||||||||||||
Net rentable square feet owned at year end | 25,221 | 25,663 | 25,563 | 26,257 | 28,888 |
(a) | During 2011, we recorded additional income of $0.5 million related to electricity charges in prior years that were under-billed to a certain tenant. This resulted in the overstatement of total revenue by $0.5 million during the current year and in the understatement of total revenue by $0.3 million and $0.2 million for the years ended December 31, 2009 and 2008, respectively. Because this error was not material to prior years' consolidated financial statements and the impact of recording the error in the current year is not material to our consolidated financial statements, we recorded the related adjustment in the current year. |
(b) | The consolidated statement of operations during 2011 also contained an out of period depreciation and amortization expense adjustment of $4.7 million relating to intangible assets representing tenant relationships and in-place leases that should have been written off in prior periods. Our recognition of this expense in 2011 resulted in the overstatement of depreciation and amortization expense by $4.7 million million in 2011. During the year ended December 31, 2010, depreciation and amortization expense was overstated by $1.7 million and was understated by $1.4 million, $1.8 million, $1.7 million and $1.5 million during the years ended December 31, 2009, 2008, 2007, and 2006, respectively. As this error was not material to prior years' consolidated financial statements and the impact of recording the error in the current year is not material to our consolidated financial statements, we recorded the related adjustment during the current year. |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Year ended | ||||
December 31, 2011 | ||||
Leasing Activity: | ||||
Total net rentable square feet owned (1) | 25,220,783 | |||
Occupancy percentage (end of period) | 86.5 | % | ||
Average occupancy percentage | 85.3 | % | ||
New leases and expansions commenced (square feet) | 2,031,215 | |||
Leases renewed (square feet) | 2,044,519 | |||
Net absorption (square feet) (2) | 300,556 | |||
Percentage change in rental rates per square feet (3): | ||||
New and expansion rental rates | 0.2 | % | ||
Renewal rental rates | (1.9 | )% | ||
Capital Costs Committed (4): | ||||
Leasing commissions (per square feet) | $4.94 | |||
Tenant Improvements (per square feet) | $15.44 | |||
(1) For each period, includes all properties in the core portfolio (i.e. not under development or redevelopment), including properties that were sold during these periods. | ||||
(2) Includes leasing related to completed developments and redevelopments, as well as sold properties. | ||||
(3) Rental rates include base rent plus reimbursement for operating expenses and real estate taxes. | ||||
(4) Calculated on a weighted average basis. |
Same Store Property Portfolio | Acquired/Completed Properties | Other/ (Eliminations) (a) | Total Portfolio | ||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2011 | 2010 | Increase/ (Decrease) | 2011 | 2010 | 2011 | 2010 | 2011 | 2010 | Increase/ (Decrease) | |||||||||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||||||||||||||
Cash rents | $ | 400,969 | $ | 417,100 | $ | (16,131 | ) | $ | 45,076 | $ | 15,003 | $ | 8,823 | $ | 9,294 | $ | 454,868 | $ | 441,397 | $ | 13,471 | ||||||||||||||||||||
Straight-line rents | 15,840 | 11,152 | $ | 4,688 | 3,923 | 2,197 | 524 | 402 | 20,287 | 13,751 | 6,536 | ||||||||||||||||||||||||||||||
Above/below market rent amortization | 5,345 | 5,898 | $ | (553 | ) | (41 | ) | (102 | ) | 141 | 157 | 5,445 | 5,953 | (508 | ) | ||||||||||||||||||||||||||
Total rents | 422,154 | 434,150 | (11,996 | ) | 48,958 | 17,098 | 9,488 | 9,853 | 480,600 | 461,101 | 19,499 | ||||||||||||||||||||||||||||||
Tenant reimbursements | 70,818 | 73,321 | (2,503 | ) | 9,781 | 3,194 | 637 | 624 | 81,236 | 77,139 | 4,097 | ||||||||||||||||||||||||||||||
Termination fees | 2,993 | 5,471 | (2,478 | ) | — | 105 | — | — | 2,993 | 5,576 | (2,583 | ) | |||||||||||||||||||||||||||||
Third party management fees, labor reimbursement and leasing | — | — | — | — | — | 11,536 | 11,830 | 11,536 | 11,830 | (294 | ) | ||||||||||||||||||||||||||||||
Other | 3,093 | 2,703 | 390 | 426 | 60 | 1,921 | 1,547 | 5,440 | 4,310 | 1,130 | |||||||||||||||||||||||||||||||
Total revenue | 499,058 | 515,645 | (16,587 | ) | 59,165 | 20,457 | 23,582 | 23,854 | 581,805 | 559,956 | 21,849 | ||||||||||||||||||||||||||||||
Property operating expenses | 160,370 | 166,110 | (5,740 | ) | 18,387 | 6,774 | (6,766 | ) | (4,973 | ) | 171,991 | 167,911 | 4,080 | ||||||||||||||||||||||||||||
Real estate taxes | 49,805 | 49,639 | 166 | 4,785 | 2,166 | 1,640 | 1,759 | 56,230 | 53,564 | 2,666 | |||||||||||||||||||||||||||||||
Third party management expenses | — | — | — | — | — | 5,590 | 5,866 | 5,590 | 5,866 | (276 | ) | ||||||||||||||||||||||||||||||
Net Operating Income | 288,883 | 299,896 | (11,013 | ) | 35,993 | 11,517 | 23,118 | 21,202 | 347,994 | 332,615 | 15,379 | ||||||||||||||||||||||||||||||
General & administrative expenses | — | 1 | (1 | ) | 612 | 304 | 23,990 | 23,001 | 24,602 | 23,306 | 1,296 | ||||||||||||||||||||||||||||||
Depreciation and amortization | 183,729 | 189,341 | (5,612 | ) | 26,861 | 11,567 | 7,090 | 9,684 | 217,680 | 210,592 | 7,088 | ||||||||||||||||||||||||||||||
Operating Income (loss) | $ | 105,154 | $ | 110,554 | $ | (5,400 | ) | $ | 8,520 | $ | (354 | ) | $ | (7,962 | ) | $ | (11,483 | ) | $ | 105,712 | $ | 98,717 | $ | 6,995 | |||||||||||||||||
Number of properties | 223 | 223 | 9 | 9 | 232 | 232 | |||||||||||||||||||||||||||||||||||
Square feet | 22,207 | 22,207 | 3,014 | 3,014 | 25,221 | 25,221 | |||||||||||||||||||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||||||||||||||||||||
Interest income | 1,813 | 3,222 | (1,409 | ) | |||||||||||||||||||||||||||||||||||||
Historic tax credit transaction income | 12,026 | — | 12,026 | ||||||||||||||||||||||||||||||||||||||
Interest expense | (131,405 | ) | (132,640 | ) | 1,235 | ||||||||||||||||||||||||||||||||||||
Interest expense — Deferred financing costs | (4,991 | ) | (3,770 | ) | (1,221 | ) | |||||||||||||||||||||||||||||||||||
Equity in income of real estate ventures | 3,775 | 5,305 | (1,530 | ) | |||||||||||||||||||||||||||||||||||||
Net gain on sale of interests in real estate | 2,791 | — | 2,791 | ||||||||||||||||||||||||||||||||||||||
Net gain on sale of undepreciated real estate | 45 | — | 45 | ||||||||||||||||||||||||||||||||||||||
Loss on real estate venture formation | (222 | ) | — | (222 | ) | ||||||||||||||||||||||||||||||||||||
Gain (loss) on early extinguishment of debt | (2,776 | ) | (2,110 | ) | (666 | ) | |||||||||||||||||||||||||||||||||||
Loss from continuing operations | (13,232 | ) | (31,276 | ) | 18,044 | ||||||||||||||||||||||||||||||||||||
Income from discontinued operations | 8,517 | 13,670 | (5,153 | ) | |||||||||||||||||||||||||||||||||||||
Net Loss | $ | (4,715 | ) | $ | (17,606 | ) | $ | 12,891 | |||||||||||||||||||||||||||||||||
Loss per common share | $ | (0.10 | ) | $ | (0.19 | ) | $ | 0.09 |
(a) | - Represents certain revenues and expenses at the corporate level as well as various intercompany costs that are eliminated in consolidation and third-party management fees. This also includes two properties that were contributed to an unconsolidated real estate venture in which the Company has a 50% ownership interest (see Note 3 for additional information). |
• | increase of $30.1 million in rental income due to our acquisition of Three Logan Square, the completion and placement in service of the IRS Philadelphia Campus and Cira South Garage during the third quarter of 2010, the acquisition of Overlook I and II during the first quarter of 2011, the placement in service of the Juniper Street Parking Garage during the second quarter of 2011, and the acquisition of 3020 Market Street during the third quarter of 2011; and |
• | offsetting decrease of $16.6 million of rental income at the same store and corporate-level portfolio's as a result of declining renewal rates and the commencement of leases with free rent periods during 2011 compared to 2010. |
• | an increase of $0.8 million in benefits claims expense as a result of more insurance claims being made compared to the prior year; and |
• | a decrease in capitalized salaries of $0.8 million due to less construction activity compared to the prior year |
• | decrease of $10.6 million related to our $300.0 million 5.625% Guaranteed Notes that matured during December of 2010; |
• | decrease of $7.5 million as a result of our prior year hedges maturing during the fourth quarter of 2010; |
• | decrease of $2.0 million related to the repurchase of our $345.0 million 3.875% Guaranteed exchangeable notes; |
• | decrease of $1.1 million in mortgage interest expense which is directly related to the $199.8 million decrease in mortgage indebtedness during the year ended December 31, 2011; and, |
• | decrease of $1.3 million resulting from our buybacks of unsecured notes during 2011. The details of various repurchases made during 2011 are noted in "Gain (loss) on early extinguishment of debt" section below. |
• | increase of $12.3 million related our issuance in April 2011 of $325.0 million 4.950% Guaranteed Notes due 2018; |
• | decrease of $8.4 million of capitalized interest expense as a result of lower development activity during 2011; |
• | increase of $0.3 million related to the Historic Tax Credit interest accretion. We accrete interest related to the preferred return due to our partner in the Philadelphia IRS Campus transaction; and, |
• | increase of $0.3 million of interest on our Credit Facility due to a higher outstanding balance during 2011 compared to 2010. |
Same Store Property Portfolio | Acquired/Completed Properties | Development/Redevelopment Properties (a) | Other/ (Eliminations) (b) | Total Portfolio | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2010 | 2009 | Increase/ (Decrease) | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | Increase/ (Decrease) | ||||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash rents | $ | 425,787 | $ | 439,381 | $ | (13,594 | ) | $ | 13,665 | $ | 9,202 | $ | 9,626 | $ | 3,985 | $ | (2,544 | ) | $ | 4,839 | $ | 446,534 | $ | 457,407 | $ | (10,873 | ) | |||||||||||||||||||||
Straight-line rents | 10,595 | 7,995 | $ | 2,600 | 1,954 | 810 | 1,125 | (146 | ) | — | 33 | 13,674 | 8,692 | 4,982 | ||||||||||||||||||||||||||||||||||
Above/below market rent amortization | 5,574 | 6,542 | $ | (968 | ) | 417 | 508 | — | (379 | ) | — | — | 5,991 | 6,671 | (680 | ) | ||||||||||||||||||||||||||||||||
Total rents | 441,956 | 453,918 | (11,962 | ) | 16,036 | 10,520 | 10,751 | 3,460 | (2,544 | ) | 4,872 | 466,199 | 472,770 | (6,571 | ) | |||||||||||||||||||||||||||||||||
Tenant reimbursements | 72,762 | 74,023 | (1,261 | ) | 3,359 | 2,197 | 2,260 | 557 | 393 | 1,420 | 78,774 | 78,197 | 577 | |||||||||||||||||||||||||||||||||||
Termination fees | 5,553 | 2,387 | 3,166 | 107 | — | 106 | 1,214 | — | — | 5,766 | 3,601 | 2,165 | ||||||||||||||||||||||||||||||||||||
Third party management fees, labor reimbursement and leasing | — | — | — | — | — | — | — | 11,830 | 17,151 | 11,830 | 17,151 | (5,321 | ) | |||||||||||||||||||||||||||||||||||
Other | 2,555 | 1,913 | 642 | 539 | 188 | 15 | 125 | 1,219 | 1,113 | 4,328 | 3,339 | 989 | ||||||||||||||||||||||||||||||||||||
Total revenue | 522,826 | 532,241 | (9,415 | ) | 20,041 | 12,905 | 13,132 | 5,356 | 10,898 | 24,556 | 566,897 | 575,058 | (8,161 | ) | ||||||||||||||||||||||||||||||||||
Property operating expenses | 165,283 | 160,917 | 4,366 | 9,853 | 5,927 | 3,137 | 1,813 | (8,122 | ) | (3,486 | ) | 170,151 | 165,171 | 4,980 | ||||||||||||||||||||||||||||||||||
Real estate taxes | 50,189 | 54,074 | (3,885 | ) | 2,840 | 1,235 | 550 | 526 | 865 | 1,258 | 54,444 | 57,093 | (2,649 | ) | ||||||||||||||||||||||||||||||||||
Third party management expenses | — | — | — | — | — | — | — | 5,866 | 7,996 | 5,866 | 7,996 | (2,130 | ) | |||||||||||||||||||||||||||||||||||
Net Operating Income | 307,354 | 317,250 | (9,896 | ) | 7,348 | 5,743 | 9,445 | 3,017 | 12,289 | 18,788 | 336,436 | 344,798 | (8,362 | ) | ||||||||||||||||||||||||||||||||||
General & administrative expenses | 1 | — | 1 | 281 | — | 23 | — | 23,001 | 20,821 | 23,306 | 20,821 | 2,485 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 191,040 | 188,776 | 2,264 | 11,535 | 7,457 | 5,089 | 3,741 | 5,111 | 5,889 | 212,775 | 205,863 | 6,912 | ||||||||||||||||||||||||||||||||||||
Operating Income (loss) | $ | 116,313 | $ | 128,474 | $ | (12,161 | ) | $ | (4,468 | ) | $ | (1,714 | ) | $ | 4,333 | $ | (724 | ) | $ | (15,823 | ) | $ | (7,922 | ) | $ | 100,355 | $ | 118,114 | $ | (17,759 | ) | |||||||||||||||||
Number of properties | 223 | 223 | 6 | 6 | 4 | 4 | 233 | 233 | ||||||||||||||||||||||||||||||||||||||||
Square feet | 22,282 | 22,282 | 1,734 | 1,734 | 1,618 | 1,618 | 25,634 | 25,634 | ||||||||||||||||||||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 3,222 | 2,499 | 723 | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (132,640 | ) | (135,740 | ) | 3,100 | |||||||||||||||||||||||||||||||||||||||||||
Interest expense — Deferred financing costs | (3,770 | ) | (5,864 | ) | 2,094 | |||||||||||||||||||||||||||||||||||||||||||
Recognized hedge activity | — | (916 | ) | 916 | ||||||||||||||||||||||||||||||||||||||||||||
Equity in income of real estate ventures | 5,305 | 4,069 | 1,236 | |||||||||||||||||||||||||||||||||||||||||||||
Gain on early extinguishment of debt | (2,110 | ) | 23,177 | (25,287 | ) | |||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | (29,638 | ) | 5,339 | (34,977 | ) | |||||||||||||||||||||||||||||||||||||||||||
Income from discontinued operations | 12,032 | 2,750 | 9,282 | |||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | $ | (17,606 | ) | $ | 8,089 | $ | (25,695 | ) | ||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) per common share | $ | (0.19 | ) | $ | — | $ | (0.19 | ) |
(a) | - Results include: two developments and two redevelopment properties. |
(b) | - Represents certain revenues and expenses at the corporate level as well as various intercompany costs that are eliminated in consolidation and third-party management fees. |
• | decrease of $13.6 million of rental income at the same store portfolio as a result of the decrease in same store occupancy of 320 basis points; |
• | decrease of $7.3 million due to the deconsolidation of three of our real estate ventures as a result of the adoption of the new accounting standard for the consolidation of variable interest entities beginning January 1, 2010 during the first quarter of 2010. This standard does not require retrospective adoption; |
• | decrease of $3.9 million of rental income due to the decrease in occupancy at three redevelopment properties that we recently placed in service; and |
• | an offsetting increase of $13.9 million of rental income due to our acquisition of Three Logan Square and the completion and placement in service of the IRS Philadelphia Campus and the Cira South Garage during the third quarter of 2010. |
• | an increase of $0.8 million in amortization of stock-based compensation as a result of stock option and restricted stock performance units granted in March 2010; |
• | an increase of $1.4 million in salaries, bonus and recruiting fees due to new hires during 2010; |
• | a $0.2 million one-time bonus payment made during 2010; and |
• | a net increase of $0.1 million as a result of various corporate level expenses during 2010, none of which were individually significant. |
• | a decrease of $14.6 million resulting from our buybacks of various unsecured notes subsequent to 2009. The details of the various purchases completed during 2010 are noted in the (Loss) gain on early extinguishment of debt section below; |
• | a decrease of $5.5 million resulting from the pay-off of an unsecured note at maturity during the fourth quarter of 2009; |
• | a decrease of $0.4 million resulting from lower weighted average interest rates on our $183.0 million term loan and our three Preferred Trust borrowings. Such borrowings have variable interest rates and a portion of such borrowings are swaps which matured early in the quarters; and |
• | an increase of $1.5 million in capitalized interest as a result of the increase in cumulative spending on development projects in 2010 compared to 2009. |
• | fund normal recurring expenses, |
• | fund capital expenditures, including capital and tenant improvements and leasing costs, |
• | fund repayment of certain debt instruments when they mature, |
• | fund potential development and redevelopment costs, and |
• | fund distributions to the Parent Company. |
Activity | 2011 | 2010 | 2009 | |||||||||
Operating | $ | 179,015 | $ | 185,127 | $ | 220,405 | ||||||
Investing | (47,931 | ) | (171,936 | ) | (102,549 | ) | ||||||
Financing | (147,239 | ) | 1,807 | (120,213 | ) | |||||||
Net cash flows | $ | (16,155 | ) | $ | 14,998 | $ | (2,357 | ) |
• | a decrease in average occupancy from 86.7% during the year ended December 31, 2010 to 85.3% during the year ended December 31, 2011; |
• | a decrease in the number of operating properties due to dispositions. We sold a total of four office properties and contributed three office properties to an unconsolidated real estate venture during 2011; and |
• | timing of cash receipts from our tenants and cash expenditures in the normal course of operations. |
• | acquisition of Three Logan Square and the completion and placement in service of the IRS Philadelphia Campus and Cira South Garage during the third quarter of 2010, acquisition of Overlook I and II during the first quarter of 2011, the placement in service of the Juniper Street Parking Garage during the second quarter of 2011, and the acquisition of 3020 Market Street during the third quarter of 2011; and |
• | receipt of $27.4 million from the historic tax credit transaction in June 2010 and recognition of $12.0 million of the total contributions received as income during the third quarter of 2011. |
• | increase in net proceeds from sales of properties of $105.9 million during the year ended December 31, 2011 when compared to the year ended December 31, 2010. The 2011 total net proceeds from sales of properties included $120.1 million from the sale of three properties to a newly formed unconsolidated real estate venture (see Note 3 to the consolidated financial statements for additional information); |
• | decreased capital expenditures for tenant and building improvements and leasing commissions by $34.8 million during the year ended December 31, 2011 compared to the year ended December 31, 2010. The decrease in capital expenditures mainly related to the completion of and placement in service of the IRS Philadelphia Campus and Cira South Garage during the third quarter of 2010 and of the Juniper Street Parking Garage during the second quarter of 2011; |
• | advances provided to certain tenants for purchase of tenant assets of $1.4 million during 2011 compared to advances made of $1.7 million in 2010. |
• | $0.8 million decrease related to a loan provided to an unconsolidated Real Estate Venture partner during 2010, with no comparable loan during 2011; |
• | decrease of $10.0 million of net cash paid related to acquisitions in 2011 compared to 2010 (see Note 3 to the consolidated financial statements for details); |
• | increase in cash distributions from unconsolidated Real Estate Ventures of $8.1 million during the year ended December 31, 2011 compared to the year ended December 31, 2010. Of this increase, $0.6 million pertains to a portion of the proceeds from the sale of a building of one of the unconsolidated Real Estate Ventures (see Footnote 4 of the notes to the consolidated financial statements); and |
• | decrease in cash of $1.4 million during the year ended December 31, 2010 due to the deconsolidation of variable interest entities last year. |
• | receipt of $40.0 million of proceeds from the repayment of a note receivable during 2010; and |
• | increase in investments in unconsolidated Real Estate Ventures of $0.1 million during 2011 when compared to 2010. |
• | decrease in proceeds from Credit Facility and mortgage notes payable of $115.1 million during the year ended December 31, 2011 compared to the year ended December 31, 2010; |
• | increase in repayments of the Credit Facility and mortgage notes payable of $309.4 million during the year ended December 31, 2011 compared to the year ended December 31, 2010; |
• | repayment of unsecured term loan of $145.5 million during 2011. |
• | net settlement of hedge transactions amounting to $0.6 million during the year ended December 31, 2011; |
• | increase in debt financing costs of approximately $3.6 million during the year ended December 31, 2011 compared to the year ended December 31, 2010; |
• | decrease in net proceeds received from the issuance of common shares of the Parent Company and exercise of stock options amounting to $62.6 million during the year ended December 31, 2011, compared to the issuances made during the year ended December 31, 2010; |
• | increase in distributions paid by the Parent Company to its shareholders and on non-controlling interests from $89.0 million during the year ended December 31, 2010 to $91.9 million during the year ended December 31, 2011; and |
• | receipt of refund of deferred financing costs related to forward commitment amounting to $1.7 million during the third quarter of 2010. |
• | proceeds from our issuance of 4.950% Notes due 2018 during 2011 amounting to $321.5 million; and |
• | decrease in repayments of unsecured notes of $170.9 million during the year ended December 31, 2011 when compared to the year ended December 31, 2010. |
Notes | Repurchase Amount | Principal | Loss | Deferred Financing Amortization | ||||||||||||
2011 3.875% Notes | $ | 59,835 | $ | 59,835 | $ | — | $ | — | ||||||||
2012 5.750% Notes | 24,749 | 23,709 | 868 | 32 | ||||||||||||
2015 7.500% Notes | 25,140 | 22,671 | 2,396 | 120 | ||||||||||||
$ | 109,724 | $ | 106,215 | $ | 3,264 | $ | 152 |
December 31, 2011 | December 31, 2010 | ||||||
(dollars in thousands) | |||||||
Balance: | |||||||
Fixed rate (includes variable swapped to fixed) | $ | 2,061,728 | $ | 1,929,962 | |||
Variable rate — unhedged | 338,774 | 504,610 | |||||
Total | $ | 2,400,502 | $ | 2,434,572 | |||
Percent of Total Debt: | |||||||
Fixed rate (includes variable swapped to fixed) | 85.9 | % | 79.3 | % | |||
Variable rate — unhedged | 14.1 | % | 20.7 | % | |||
Total | 100 | % | 100 | % | |||
Weighted-average interest rate at period end: | |||||||
Fixed rate (includes variable swapped to fixed) | 6.0 | % | 6.4 | % | |||
Variable rate — unhedged | 1.1 | % | 1.6 | % | |||
Total | 5.3 | % | 5.4 | % |
Payments by Period (in thousands) | |||||||||||||||||||
Total | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years | |||||||||||||||
Mortgage notes payable (a) | $ | 512,391 | $ | 12,398 | $ | 78,912 | $ | 196,961 | $ | 224,120 | |||||||||
Revolving credit facility | 275,500 | 275,500 | — | — | — | ||||||||||||||
Unsecured term loan | 37,500 | 37,500 | — | — | — | ||||||||||||||
Unsecured debt (a) | 1,575,111 | 151,491 | 242,681 | 777,329 | 403,610 | ||||||||||||||
Ground leases (b) | 298,712 | 1,818 | 5,545 | 5,727 | 285,622 | ||||||||||||||
Interest expense (c) | 599,101 | 112,737 | 210,516 | 155,185 | 120,663 | ||||||||||||||
Development contracts (d) | 138 | 138 | — | — | — | ||||||||||||||
Other liabilities (e) | 10,378 | — | — | — | 10,378 | ||||||||||||||
$ | 3,308,831 | $ | 591,582 | $ | 537,654 | $ | 1,135,202 | $ | 1,044,393 |
(a) | Amounts do not include unamortized discounts and/or premiums. |
(b) | Future minimum rental payments under the terms of all non-cancelable ground leases under which we are the lessee are expensed on a straight-line basis regardless of when payments are due. The table above does not include the future minimum annual rental payments related to the ground lease that we assumed in connection with the acquisition of Three Logan Square as the amounts cannot be determined at this time. The table also does not include the future minimum rental payments related to the ground lease in connection with our acquisition of an office building in Philadelphia, Pennsylvania during 2011. Both of these ground leases are discussed below. |
(c) | Variable rate debt future interest expense commitments are calculated using December 31, 2011 interest rates. |
(d) | Represents contractual obligations for certain development projects and does not contemplate all costs expected to be incurred. to be incurred for such developments |
(e) | Other liabilities consists of deferred compensation liability and existing interest accretion on Two Logan Square (see related discussion below), as of December 31, 2011. |
Year-ended | Year-ended | |||||||||
December 31, 2011 | December 31, 2010 | |||||||||
(amounts in thousands) | ||||||||||
Net loss attributable to common unitholders | $ | (13,212 | ) | $ | (26,110 | ) | ||||
Add (deduct): | ||||||||||
Amount allocated to unvested restricted unitholders | 505 | 512 | ||||||||
Net gain on sale of interests in real estate | (2,791 | ) | — | |||||||
Net gain on sale of undepreciated real estate | (45 | ) | — | |||||||
Loss on real estate venture formation | 222 | — | ||||||||
Net (gain) loss on disposition of discontinued operations | (7,264 | ) | (11,011 | ) | ||||||
Depreciation and amortization: | ||||||||||
Real property - continuing operations | 167,347 | 158,494 | ||||||||
Leasing costs including acquired intangibles - continuing operations | 49,286 | 50,889 | ||||||||
Real property - discontinued operations | 1,214 | 3,468 | ||||||||
Leasing costs including acquired intangibles - discontinued operations | 217 | 717 | ||||||||
Company's share of unconsolidated real estate ventures | 9,181 | 10,038 | ||||||||
Funds from operations | $ | 204,660 | $ | 186,997 | ||||||
Funds from operations allocable to unvested restricted shareholders | (1,264 | ) | (1,200 | ) | ||||||
Funds from operations available to common share and unit holders (FFO) | $ | 203,396 | $ | 185,797 | ||||||
Weighted-average shares/units outstanding - fully diluted | 146,299,625 | 136,909,622 |
Item 7A. | Quantitative and Qualitative Disclosure About Market Risk |
Item 8. | Financial Statements and Supplementary Data |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Item 9B. | Other Information |
Item 10. | Directors, Executive Officers and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters |
Item 13. | Certain Relationships and Related Transactions, and Director Independence |
Item 14. | Principal Accountant Fees and Services |
Item 15. | Exhibits and Financial Statement Schedules. |
(a) | 1. and 2. Financial Statements and Schedules |
Exhibits No. | Description | |
3.1.1 | Amended and Restated Declaration of Trust of Brandywine Realty Trust (amended and restated as of May 12, 1997) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated June 9, 1997 and incorporated herein by reference) | |
3.1.2 | Articles of Amendment to Declaration of Trust of Brandywine Realty Trust (September 4, 1997) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated September 10, 1997 and incorporated herein by reference) | |
3.1.3 | Articles of Amendment to Declaration of Trust of Brandywine Realty Trust (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated June 3, 1998 and incorporated herein by reference) | |
3.1.4 | Articles Supplementary to Declaration of Trust of Brandywine Realty Trust (September 28, 1998) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 13, 1998 and incorporated herein by reference) | |
3.1.5 | Articles of Amendment to Declaration of Trust of Brandywine Realty Trust (March 19, 1999) (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 1998 and incorporated herein by reference) | |
3.1.6 | Articles Supplementary to Declaration of Trust of Brandywine Realty Trust (April 19, 1999) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated April 26, 1999 and incorporated herein by reference) | |
3.1.7 | Articles Supplementary to Declaration of Trust of Brandywine Realty Trust (December 30, 2003) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-A dated December 29, 2003 and incorporated herein by reference) | |
3.1.8 | Articles Supplementary to Declaration of Trust of Brandywine Realty Trust (February 5, 2004) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-A dated February 5, 2004 and incorporated herein by reference) | |
3.1.9 | Articles of Amendment to Declaration of Trust of Brandywine Realty Trust (October 3, 2005) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 4, 2005 and incorporated herein by reference) | |
3.1.10 | Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (the “Operating Partnership”) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated December 17, 1997 and incorporated herein by reference) | |
3.1.11 | First Amendment to Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated December 17, 1997 and incorporated herein by reference) | |
3.1.12 | Second Amendment to the Amended and Restated Agreement of Limited Partnership Agreement of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated April 13, 1998 and incorporated herein by reference) | |
3.1.13 | Third Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated May 14, 1998 and incorporated herein by reference) | |
3.1.14 | Fourth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 13, 1998 and incorporated herein by reference) | |
3.1.15 | Fifth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 13, 1998 and incorporated herein by reference) | |
3.1.16 | Sixth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 13, 1998 and incorporated herein by reference) | |
3.1.17 | Seventh Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference) | |
3.1.18 | Eighth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference) | |
3.1.19 | Ninth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference) | |
3.1.20 | Tenth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference) | |
3.1.21 | Eleventh Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference) | |
3.1.22 | Twelfth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2003 and incorporated herein by reference) | |
3.1.23 | Thirteenth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated September 21, 2004 and incorporated herein by reference) | |
3.1.24 | Fourteenth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated January 10, 2006 and incorporated herein by reference) | |
3.1.25 | Fifteenth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated August 18, 2006 and incorporated herein by reference) | |
3.1.26 | Sixteenth Amendment to the Amended and Restated Agreement of Limited Partnership of Brandywine Operating Partnership, L.P. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated August 9, 2010 and incorporated herein by reference) | |
3.1.27 | List of partners of Brandywine Operating Partnership, L.P. | |
3.2 | Amended and Restated Bylaws of Brandywine Realty Trust (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated June 4, 2010 and incorporated herein by reference) | |
4.1 | Form of 7.50% Series C Cumulative Redeemable Preferred Share Certificate (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-A dated December 29, 2003 and incorporated herein by reference) | |
4.2 | Form of 7.375% Series D Cumulative Redeemable Preferred Share Certificate (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-A dated February 5, 2004 and incorporated herein by reference) | |
4.3.1 | Indenture dated October 22, 2004 by and among Brandywine Operating Partnership, L.P., Brandywine Realty Trust, certain subsidiaries of Brandywine Operating Partnership, L.P. named therein and The Bank of New York Mellon, as Trustee (previously filed as an exhibit to Brandywine Realty Trust's Form 8-K dated October 22, 2004 and incorporated herein by reference) | |
4.3.2 | First Supplemental Indenture dated as of May 25, 2005 by and among Brandywine Operating Partnership, L.P., Brandywine Realty Trust, certain subsidiaries of Brandywine Operating Partnership, L.P. named therein and The Bank of New York Mellon, as Trustee (previously filed as an exhibit to Brandywine Realty Trust's Form 8-K dated May 26, 2005 and incorporated herein by reference) | |
4.3.3 | Second Supplemental Indenture dated as of October 4, 2006 by and among Brandywine Operating Partnership, L.P., Brandywine Realty Trust and The Bank of New York Mellon, as Trustee (previously filed as an exhibit to Brandywine Realty Trust's Form 8-K dated October 4, 2006 and incorporated herein by reference) | |
4.3.4 | Third Supplemental Indenture dated as of April 5, 2011 by and among Brandywine Operating Partnership, L.P., Brandywine Realty Trust and The Bank of New York Mellon, as Trustee (previously filed as an exhibit to Brandywine Realty Trust's Form 8-K dated April 5, 2011 and incorporated herein by reference) | |
4.4 | Form of $250,000,000 5.40% Guaranteed Note due 2014 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 22, 2004 and incorporated herein by reference) | |
4.5 | Form of $300,000,000 aggregate principal amount of 5.75% Guaranteed Note due 2012 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated March 28, 2006 and incorporated herein by reference) | |
4.6 | Form of $250,000,000 aggregate principal amount of 6.00% Guaranteed Note due 2016 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated March 28, 2006 and incorporated herein by reference) | |
4.7 | Form of 3.875% Exchangeable Guaranteed Notes due 2026 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 4, 2006 and incorporated herein by reference) | |
4.8 | Form of $300,000,000 aggregate principal amount of 5.70% Guaranteed Notes due 2017 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated April 30, 2007 and incorporated herein by reference) | |
4.9 | Form of $250,000,000 aggregate principal amount of 7.50% Guaranteed Notes due 2015 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated September 25, 2009 and incorporated herein by reference) | |
4.10 | Form of $325,000,000 aggregate principal amount of 4.95% Guaranteed Notes due 2018 (previously filed as an exhibit to Brandywine Realty Trust's Form 8-K dated April 5, 2011 and incorporated herein by reference) | |
10.1 | Second Amended and Restated Revolving Credit Agreement dated as of June 29, 2007 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated June 29, 2007 and incorporated herein by reference) |
10.2 | Term Loan Agreement dated as of October 15, 2007 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 16, 2007 and incorporated herein by reference) | |
10.3 | First Amendment to the Second Amended and Restated Revolving Credit Agreement dated as of February 28, 2011 (previously filed as an exhibit to Brandywine Realty Trust's Form 8-K dated March 1, 2011 and incorporated herein by reference) | |
10.4 | Third Amended and Restated Revolving Credit Agreement dated as of December 15, 2011 | |
10.5 | Term Loan A Agreement dated as of December 15, 2011 | |
10.6 | Term Loan B Agreement dated as of December 15, 2011 | |
10.7 | Term Loan C Agreement dated as of December 15, 2011 | |
10.8 | Contribution Agreement dated as of July 10, 1998 (with Donald E. Axinn) (previously filed as an exhibit to Brandywine Realty Trust's Form 8-K dated July 30, 1998 and incorporated herein by reference) | |
10.9 | First Amendment to Contribution Agreement (with Donald E. Axinn) (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 13, 1998 and incorporated herein by reference) | |
10.10 | Modification Agreement dated as of June 20, 2005 between Brandywine Operating Partnership, L.P. and Donald E. Axinn (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated June 21, 2005 and incorporated herein by reference) | |
10.11 | Contribution Agreement dated August 18, 2004 with TRC Realty, Inc.-GP, TRC-LB LLC and TRC Associates Limited Partnership (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated August 19, 2004 and incorporated herein by reference) | |
10.12 | Registration Rights Agreement (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated September 21, 2004 and incorporated herein by reference) | |
10.13 | Tax Protection Agreement (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated September 21, 2004 and incorporated herein by reference) | |
10.14 | Registration Rights Agreement dated as of October 3, 2005 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 4, 2005 and incorporated herein by reference) | |
10.15 | Letter to Cohen & Steers Capital Management, Inc. relating to waiver of share ownership limit (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-Q for the quarter ended June 30, 2003 and incorporated herein by reference) | |
10.16 | Registration Rights Agreement dated as of October 4, 2006 relating to 3.875% Exchangeable Guaranteed Notes due 2026 (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 4, 2006 and incorporated herein by reference) | |
10.17 | Common Share Delivery Agreement (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated October 4, 2006 and incorporated herein by reference) | |
10.18 | Sales Agency Financing Agreement dated as of March 10, 2010 with BNY Mellon Capital Markets, LLC (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated March 10, 2010 and incorporated herein by reference) | |
10.19 | Sales Agency Financing Agreement dated as of March 10, 2010 with Citigroup Global Markets Inc. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated March 10, 2010 and incorporated herein by reference) | |
10.20 | Sales Agency Financing Agreement dated as of March 10, 2010 with Deutsche Bank Securities Inc. (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated March 10, 2010 and incorporated herein by reference) | |
10.21 | Registration Rights Agreement (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated August 9, 2010 and incorporated herein by reference) | |
10.22 | Amended and Restated Employment Agreement dated as of February 9, 2007 of Gerard H. Sweeney** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated February 14, 2007 and incorporated herein by reference) | |
10.23 | Amended and Restated 1997 Long-Term Incentive Plan (as amended effective June 2, 2010)** (previously filed as an exhibit to Brandywine Realty Trust’s Registration Statement on Form S-8, File No. 333-167266 and incorporated herein by reference) | |
10.24 | Amended and Restated Executive Deferred Compensation Plan effective March 25, 2004** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-Q for the quarter ended March 31, 2004 and incorporated herein by reference) | |
10.25 | Amended and Restated Executive Deferred Compensation Plan effective January 1, 2009** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2008 and incorporated herein by reference) | |
10.26 | 2007 Non-Qualified Employee Share Purchase Plan** (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-Q for the quarter ended March 31, 2007 and incorporated herein by reference) | |
10.27 | Performance Share Award to Howard M. Sipzner** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated December 12, 2006 and incorporated herein by reference) | |
10.28 | 2007 Performance Share Award to Gerard H. Sweeney** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated February 14, 2007 and incorporated herein by reference) | |
10.29 | Form of 2007 Performance Share Award to executive officers (other than the President and Chief Executive Officer)** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated February 14, 2007 and incorporated herein by reference) | |
10.30 | Summary of Trustee Compensation** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated March 17, 2006 and incorporated herein by reference) | |
10.31 | Form of Non-Qualified Share Option Agreement to the President and CEO and Executive Vice President and CFO** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated April 11, 2008 and incorporated herein by reference) | |
10.32 | Form of Non-Qualified Share Option Agreement to the executive officers (other than the President and CEO and Executive Vice President and CFO)** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated April 11, 2008 and incorporated herein by reference) | |
10.33 | Form of Incentive Stock Option Agreement to the President and CEO and Executive Vice President and CFO ** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated April 11, 2008 and incorporated herein by reference) | |
10.34 | Form of Incentive Stock Option Agreement to the executive officers (other than the President and CEO and Executive Vice President and CFO)** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated April 11, 2008 and incorporated herein by reference) | |
10.35 | Form of Restricted Share Award for Executive Officers** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated April 1, 2009 and incorporated herein by reference) | |
10.36 | Form of Restricted Performance Share Unit and Dividend Equivalent Rights Award Agreement for Executive Officers** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated April 1, 2009 and incorporated herein by reference) | |
10.37 | 2009-2011 Restricted Performance Share Unit Program** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated April 1, 2009 and incorporated herein by reference) | |
10.38 | Forms of Non-Qualified Share Option Agreement for Executive Officers** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated April 1, 2009 and incorporated herein by reference) | |
10.39 | Forms of Incentive Stock Option Agreement for Executive Officers** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated April 1, 2009 and incorporated herein by reference) | |
10.40 | Form of Amended and Restated Change of Control Agreement with Executive Officers** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K filed on February 4, 2010 and incorporated herein by reference) | |
10.41 | Employment Agreement dated February 3, 2010 with Howard M. Sipzner** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K filed on February 4, 2010 and incorporated herein by reference) | |
10.42 | Form of Restricted Share Award (March 2010) for Executive Officers** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K filed on March 8, 2010 and incorporated herein by reference) | |
10.43 | Form of Restricted Performance Share Unit and Dividend Equivalent Rights Award Agreement (March 2010) for Executive Officers** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K filed on March 8, 2010 and incorporated herein by reference) | |
10.44 | Forms of Incentive Stock Option Agreement (March 2010) for Executive Officers** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K filed on March 8, 2010 and incorporated herein by reference) | |
10.45 | Forms of Non-Qualified Share Option Agreement (March 2010) for Executive Officers** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K filed on March 8, 2010 and incorporated herein by reference) | |
10.46 | 2010-2012 Restricted Performance Share Unit Program** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K filed on March 8, 2010 and incorporated herein by reference) | |
10.47 | Letter to RREEF America LLC relating to waiver of share ownership limit (previously filed as an exhibit to Brandywine Realty Trust’s Form 10-K for the fiscal year ended December 31, 2009 and incorporated herein by reference) | |
10.48 | Form of Restricted Share Award (March 2011) for Executive Officers** (previously filed as an exhibit to Brandywine Realty Trust's Form 8-K filed on March 8, 2011 and incorporated herein by reference) | |
10.49 | Form of Restricted Performance Share Unit and Dividend Equivalent Rights Award Agreement (March 2011) for Executive Officers** (previously filed as an exhibit to Brandywine Realty Trust's Form 8-K filed on March 8, 2011 and incorporated herein by reference) | |
10.50 | Forms of Incentive Share Option Agreement (March 2011) for Executive Officers** (previously filed as an exhibit to Brandywine Realty Trust's Form 8-K filed on March 8, 2011 and incorporated herein by reference) | |
10.51 | Forms of Non-Qualified Share Option Agreement (March 2011) for Executive Officers** (previously filed as an exhibit to Brandywine Realty Trust's Form 8-K filed on March 8, 2011 and incorporated herein by reference) | |
10.52 | 2011-2013 Restricted Performance Share Unit Program** (previously filed as an exhibit to Brandywine Realty Trust's Form 8-K filed on March 8, 2011 and incorporated herein by reference) | |
10.53 | Letter Agreement dated May 24, 2011 modifying options of President and Chief Executive Officer** (previously filed as an exhibit to Brandywine Realty Trust's Form 8-K filed on May 24, 2011 and incorporated herein by reference) | |
12.1 | Statement re Computation of Ratios of Brandywine Realty Trust | |
12.2 | Statement re Computation of Ratios of Brandywine Operating Partnership, L.P. | |
14.1 | Code of Business Conduct and Ethics** (previously filed as an exhibit to Brandywine Realty Trust’s Form 8-K dated December 22, 2004 and incorporated herein by reference) | |
21 | List of subsidiaries | |
23.1 | Consent of PricewaterhouseCoopers LLP relating to financial statements of Brandywine Realty Trust | |
23.2 | Consent of PricewaterhouseCoopers LLP relating to financial statements of Brandywine Operating Partnership, L.P. | |
31.1 | Certification of the Chief Executive Officer of Brandywine Realty Trust pursuant to 13a-14 under the Securities Exchange Act of 1934 | |
31.2 | Certification of the Chief Financial Officer of Brandywine Realty Trust pursuant to 13a-14 under the Securities Exchange Act of 1934 | |
31.3 | Certification of the Chief Executive Officer of Brandywine Realty Trust, in its capacity as the general partner of Brandywine Operating Partnership, L.P., pursuant to 13a-14 under the Securities Exchange Act of 1934 | |
31.4 | Certification of the Chief Financial Officer of Brandywine Realty Trust, in its capacity as the general partner of Brandywine Operating Partnership, L.P., pursuant to 13a-14 under the Securities Exchange Act of 1934 | |
32.1 | Certification of the Chief Executive Officer of Brandywine Realty Trust pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.2 | Certification of the Chief Financial Officer of Brandywine Realty Trust pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.3 | Certification of the Chief Executive Officer of Brandywine Realty Trust, in its capacity as the general partner of Brandywine Operating Partnership, L.P., pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
32.4 | Certification of the Chief Financial Officer of Brandywine Realty Trust, in its capacity as the general partner of Brandywine Operating Partnership, L.P., pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
99.1 | Material Tax Consequences |
** | Management contract or compensatory plan or arrangement |
(b) | Financial Statement Schedule: See Item 15 (a) (1) and (2) above |
BRANDYWINE REALTY TRUST | ||
By: | /s/ Gerard H. Sweeney | |
Gerard H. Sweeney | ||
President and Chief Executive Officer |
Signature | Title | Date | ||
/s/ Walter D’Alessio | Chairman of the Board and Trustee | February 24, 2012 | ||
Walter D’Alessio | ||||
/s/ Gerard H. Sweeney | President, Chief Executive Officer and Trustee | February 24, 2012 | ||
Gerard H. Sweeney | (Principal Executive Officer) | |||
/s/ Howard M. Sipzner | Executive Vice President and Chief Financial Officer | February 24, 2012 | ||
Howard M. Sipzner | (Principal Financial Officer) | |||
/s/ Gabriel J. Mainardi | Vice President and Chief Accounting Officer (Principal | February 24, 2012 | ||
Gabriel J. Mainardi | Accounting Officer) | |||
/s/ D. Pike Aloian | Trustee | February 24, 2012 | ||
D. Pike Aloian | ||||
/s/ Wyche Fowler | Trustee | February 24, 2012 | ||
Wyche Fowler | ||||
/s/ James Diggs | Trustee | February 24, 2012 | ||
James Diggs | ||||
/s/ Michael J. Joyce | Trustee | February 24, 2012 | ||
Michael J. Joyce | ||||
/s/ Anthony A. Nichols, Sr. | Trustee | February 24, 2012 | ||
Anthony A. Nichols, Sr. | ||||
/s/ Charles P. Pizzi | Trustee | February 24, 2012 | ||
Charles P. Pizzi |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||
By: | Brandywine Realty Trust, its General Partner | |
By: | /s/ Gerard H. Sweeney | |
Gerard H. Sweeney | ||
President and Chief Executive Officer |
Signature | Title | Date | ||
/s/ Walter D’Alessio | Chairman of the Board and Trustee | February 24, 2012 | ||
Walter D’Alessio | ||||
/s/ Gerard H. Sweeney | President, Chief Executive Officer and Trustee | February 24, 2012 | ||
Gerard H. Sweeney | (Principal Executive Officer) | |||
/s/ Howard M. Sipzner | Executive Vice President and Chief Financial Officer | February 24, 2012 | ||
Howard M. Sipzner | (Principal Financial Officer) | |||
/s/ Gabriel J. Mainardi | Vice President and Chief Accounting Officer (Principal | February 24, 2012 | ||
Gabriel J. Mainardi | Accounting Officer) | |||
/s/ D. Pike Aloian | Trustee | February 24, 2012 | ||
D. Pike Aloian | ||||
/s/ Wyche Fowler | Trustee | February 24, 2012 | ||
Wyche Fowler | ||||
/s/ James Diggs | Trustee | February 24, 2012 | ||
James Diggs | ||||
/s/ Michael J. Joyce | Trustee | February 24, 2012 | ||
Michael J. Joyce | ||||
/s/ Anthony A. Nichols, Sr. | Trustee | February 24, 2012 | ||
Anthony A. Nichols, Sr. | ||||
/s/ Charles P. Pizzi | Trustee | February 24, 2012 | ||
Charles P. Pizzi |
December 31, 2011 | December 31, 2010 | ||||||
ASSETS | |||||||
Real estate investments: | |||||||
Rental properties | $ | 4,793,080 | $ | 4,834,111 | |||
Accumulated depreciation | (865,710 | ) | (776,078 | ) | |||
Operating real estate investments, net | 3,927,370 | 4,058,033 | |||||
Construction-in-progress | 25,083 | 33,322 | |||||
Land inventory | 109,008 | 110,055 | |||||
Total real estate investments, net | 4,061,461 | 4,201,410 | |||||
Cash and cash equivalents | 410 | 16,565 | |||||
Accounts receivable, net | 14,718 | 16,009 | |||||
Accrued rent receivable, net | 108,101 | 95,541 | |||||
Investment in real estate ventures, at equity | 115,807 | 84,372 | |||||
Deferred costs, net | 115,362 | 106,117 | |||||
Intangible assets, net | 70,515 | 97,462 | |||||
Notes receivable | 18,186 | 18,205 | |||||
Other assets | 53,158 | 54,697 | |||||
Total assets | $ | 4,557,718 | $ | 4,690,378 | |||
LIABILITIES AND BENEFICIARIES’ EQUITY | |||||||
Mortgage notes payable | $ | 511,061 | $ | 711,789 | |||
Unsecured credit facility | 275,500 | 183,000 | |||||
Unsecured term loan | 37,500 | 183,000 | |||||
Unsecured senior notes, net of discounts | 1,569,934 | 1,352,657 | |||||
Accounts payable and accrued expenses | 69,929 | 72,235 | |||||
Distributions payable | 23,895 | 22,623 | |||||
Deferred income, gains and rent | 99,569 | 121,552 | |||||
Acquired lease intangibles, net | 35,106 | 29,233 | |||||
Other liabilities | 45,528 | 36,515 | |||||
Total liabilities | 2,668,022 | 2,712,604 | |||||
Commitments and contingencies (Note 20) | |||||||
Brandywine Realty Trust’s equity: | |||||||
Preferred Shares (shares authorized-20,000,000): | |||||||
7.50% Series C Preferred Shares, $0.01 par value; issued and outstanding- 2,000,000 in 2011 and 2010, respectively | 20 | 20 | |||||
7.375% Series D Preferred Shares, $0.01 par value; issued and outstanding- 2,300,000 in 2011 and 2010, respectively | 23 | 23 | |||||
Common Shares of Brandywine Realty Trust’s beneficial interest, $0.01 par value; shares authorized 200,000,000; 142,690,755 and 134,601,796 issued in 2011 and 2010, respectively and 142,690,755 and 134,485,117 outstanding in 2011 and 2010, respectively | 1,424 | 1,343 | |||||
Additional paid-in capital | 2,776,197 | 2,671,217 | |||||
Deferred compensation payable in common stock | 5,631 | 5,774 | |||||
Common shares in treasury, at cost, 116,679 in 2010 | — | (3,074 | ) | ||||
Common shares in grantor trust, 292,646 in 2011 and 291,281 in 2010 | (5,631 | ) | (5,774 | ) | |||
Cumulative earnings | 477,338 | 483,439 | |||||
Accumulated other comprehensive loss | (6,079 | ) | (1,945 | ) | |||
Cumulative distributions | (1,392,332 | ) | (1,301,521 | ) | |||
Total Brandywine Realty Trust’s equity | 1,856,591 | 1,849,502 | |||||
Non-controlling interests | 33,105 | 128,272 | |||||
Total equity | 1,889,696 | 1,977,774 | |||||
Total liabilities and equity | $ | 4,557,718 | $ | 4,690,378 |
Years ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
Revenue: | |||||||||||
Rents | $ | 480,600 | $ | 461,101 | $ | 467,188 | |||||
Tenant reimbursements | 81,236 | 77,139 | 76,652 | ||||||||
Termination fees | 2,993 | 5,576 | 3,601 | ||||||||
Third party management fees, labor reimbursement and leasing | 11,536 | 11,830 | 17,151 | ||||||||
Other | 5,440 | 4,310 | 3,328 | ||||||||
Total revenue | 581,805 | 559,956 | 567,920 | ||||||||
Operating Expenses: | |||||||||||
Property operating expenses | 171,991 | 167,911 | 162,940 | ||||||||
Real estate taxes | 56,230 | 53,564 | 56,224 | ||||||||
Third party management expenses | 5,590 | 5,866 | 7,996 | ||||||||
Depreciation and amortization | 217,680 | 210,592 | 203,572 | ||||||||
General and administrative expenses | 24,602 | 23,306 | 20,821 | ||||||||
Total operating expenses | 476,093 | 461,239 | 451,553 | ||||||||
Operating income | 105,712 | 98,717 | 116,367 | ||||||||
Other Income (Expense): | |||||||||||
Interest income | 1,813 | 3,222 | 2,499 | ||||||||
Historic tax credit transaction income | 12,026 | — | — | ||||||||
Interest expense | (131,405 | ) | (132,640 | ) | (135,740 | ) | |||||
Interest expense — amortization of deferred financing costs | (4,991 | ) | (3,770 | ) | (5,864 | ) | |||||
Recognized hedge activity | — | — | (916 | ) | |||||||
Equity in income of real estate ventures | 3,775 | 5,305 | 4,069 | ||||||||
Net gain on sale of interests in real estate | 2,791 | — | (3 | ) | |||||||
Net gain on sale of undepreciated real estate | 45 | — | — | ||||||||
Loss on real estate venture formation | (222 | ) | — | — | |||||||
(Loss) gain on early extinguishment of debt | (2,776 | ) | (2,110 | ) | 23,176 | ||||||
Income (loss) from continuing operations | (13,232 | ) | (31,276 | ) | 3,588 | ||||||
Discontinued operations: | |||||||||||
Income from discontinued operations | 1,253 | 2,659 | 6,960 | ||||||||
Net gain on disposition of discontinued operations | 7,264 | 11,011 | 1,241 | ||||||||
Provision for impairment | — | — | (3,700 | ) | |||||||
Total discontinued operations | 8,517 | 13,670 | 4,501 | ||||||||
Net income (loss) | (4,715 | ) | (17,606 | ) | 8,089 | ||||||
Net (income) loss from discontinued operations attributable to non- controlling interests — LP units | (332 | ) | (288 | ) | (91 | ) | |||||
Net income attributable to non-controlling interests — partners’ share of consolidated real estate ventures | — | — | (30 | ) | |||||||
Net (income) loss from continuing operations attributable to non-controlling interests — LP units | 548 | 820 | 58 | ||||||||
Net (income) loss attributable to non-controlling interests | 216 | 532 | (63 | ) | |||||||
Net income (loss) attributable to Brandywine Realty Trust | (4,499 | ) | (17,074 | ) | 8,026 | ||||||
Distribution to Preferred Shares | (7,992 | ) | (7,992 | ) | (7,992 | ) | |||||
Amount allocated to unvested restricted shareholders | (505 | ) | (512 | ) | (279 | ) | |||||
Net loss attributable to Common Shareholders of Brandywine Realty Trust | $ | (12,996 | ) | $ | (25,578 | ) | $ | (245 | ) | ||
Basic earnings (loss) per Common Share: | |||||||||||
Continuing operations | $ | (0.16 | ) | $ | (0.29 | ) | $ | (0.04 | ) | ||
Discontinued operations | 0.06 | 0.10 | 0.04 | ||||||||
$ | (0.10 | ) | $ | (0.19 | ) | $ | — | ||||
Diluted earnings (loss) per Common Share: | |||||||||||
Continuing operations | $ | (0.16 | ) | (0.29 | ) | $ | (0.04 | ) | |||
Discontinued operations | 0.06 | 0.10 | 0.04 | ||||||||
$ | (0.10 | ) | $ | (0.19 | ) | $ | — | ||||
Basic weighted average shares outstanding | 135,444,424 | 131,743,275 | 111,898,045 | ||||||||
Diluted weighted average shares outstanding | 135,444,424 | 131,743,275 | 113,251,291 | ||||||||
Net income (loss) attributable to Brandywine Realty Trust | |||||||||||
Income (loss) from continuing operations | $ | (12,684 | ) | $ | (30,456 | ) | $ | 3,616 | |||
Income (loss) from discontinued operations | 8,185 | 13,382 | 4,410 | ||||||||
Net income (loss) | $ | (4,499 | ) | $ | (17,074 | ) | $ | 8,026 |
Years ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
Net income (loss) | $ | (4,715 | ) | $ | (17,606 | ) | $ | 8,089 | |||
Comprehensive income: | |||||||||||
Unrealized gain (loss) on derivative financial instruments | (4,499 | ) | 7,320 | 7,395 | |||||||
Ineffectiveness of the hedges | — | — | (125 | ) | |||||||
Reclassification of realized (gains)/losses on derivative financial instruments to operations, net | 153 | 28 | (184 | ) | |||||||
Total comprehensive income (loss) | (4,346 | ) | 7,348 | 7,086 | |||||||
Comprehensive income (loss) | (9,061 | ) | (10,258 | ) | 15,175 | ||||||
Comprehensive (income) loss attributable to non-controlling interest | 427 | 377 | (63 | ) | |||||||
Comprehensive income (loss) attributable to Brandywine Realty Trust | $ | (8,634 | ) | $ | (9,881 | ) | $ | 15,112 |
Number of Preferred Shares | Par Value of Preferred Shares | Number of Common Shares | Number of Treasury Shares | Number of Rabbi Trust/Deferred Compensation Shares | Common Shares of Brandywine Realty Trust’s beneficial interest | Additional Paid-in Capital | Common Shares in Treasury | Deferred Compensation Payable in Common Stock | Common Shares in Grantor Trust | Cumulative Earnings | Accumulated Other Comprehensive Income (Loss) | Cumulative Distributions | Non-Controlling Interests | Total | |||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2008 | 4,300,000 | $ | 43 | 88,610,053 | 451,116 | 215,742 | $ | 882 | $ | 2,351,428 | $ | (14,121 | ) | $ | 6,274 | $ | (6,274 | ) | $ | 498,716 | $ | (17,005 | ) | $ | (1,150,406 | ) | $ | 52,961 | $ | 1,722,498 | |||||||||||||||||||||||||
Net income | 8,026 | 63 | 8,089 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | 7,376 | (290 | ) | 7,086 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Shares of Beneficial Interest | 40,250 | 403 | 241,920 | 242,323 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Bonus Share Issuance | (36,826 | ) | 1,228 | (1,105 | ) | 123 | |||||||||||||||||||||||||||||||||||||||||||||||||
Vesting of Restricted Stock | (86,172 | ) | 8,971 | 2 | (852 | ) | 2,960 | 56 | (56 | ) | (2,322 | ) | (212 | ) | |||||||||||||||||||||||||||||||||||||||||
Restricted Stock Amortization | 3,286 | 3,286 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Performance Units Amortization | 288 | 288 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of LP units to Common Shares | (7,513 | ) | 432 | (178 | ) | (254 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Share Issuance from/to Deferred Compensation Plan | (3,796 | ) | (54,854 | ) | 26,092 | (29 | ) | 1,830 | (816 | ) | 816 | (1,670 | ) | 131 | |||||||||||||||||||||||||||||||||||||||||
Share Choice Plan Issuance | (7,081 | ) | (1 | ) | (45 | ) | (46 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Stock Option Amortization | 602 | 602 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Outperformance Plan Amortization | 927 | 927 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Trustee Fees Paid in Shares | (13,987 | ) | 4,895 | 466 | 35 | (35 | ) | (314 | ) | 152 | |||||||||||||||||||||||||||||||||||||||||||||
Other — consolidated real estate ventures | 34 | 34 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other activity | 187 | 491 | 678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for Non-controlling Interest | 12,709 | 231 | (12,940 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Share distributions | (7,992 | ) | (7,992 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared ($0.45 per share) | (54,961 | ) | (1,266 | ) | (56,227 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2009 | 4,300,000 | $ | 43 | 128,849,176 | 251,764 | 255,700 | $ | 1,286 | $ | 2,610,421 | $ | (7,205 | ) | $ | 5,549 | $ | (5,549 | ) | $ | 501,384 | $ | (9,138 | ) | $ | (1,213,359 | ) | $ | 38,308 | $ | 1,921,740 | |||||||||||||||||||||||||
Net loss | (17,074 | ) | (532 | ) | (17,606 | ) |
Comprehensive income | 7,193 | 155 | 7,348 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Shares of Beneficial Interest | 5,742,268 | 57 | 71,924 | 71,981 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity issuance costs | (1,214 | ) | (1,214 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of LP Units | 77,732 | 77,732 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Bonus Share Issuance | (32,607 | ) | 32,607 | 871 | 369 | (369 | ) | (502 | ) | 369 | |||||||||||||||||||||||||||||||||||||||||||||
Vesting of Restricted Stock | (76,598 | ) | 8,989 | (1,114 | ) | 2,304 | 103 | (103 | ) | (1,417 | ) | (227 | ) | ||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Amortization | 3,483 | 3,483 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Performance Units Amortization | 965 | 965 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of LP Units to Common Shares | (17,468 | ) | 732 | (266 | ) | (466 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||
Share Issuance from/to Deferred Compensation Plan | (2,409 | ) | (9,035 | ) | (282 | ) | 282 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock Option Amortization | 1,131 | 1,131 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Outperformance Plan Amortization | 380 | 380 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Trustee Fees Paid in Shares | (8,412 | ) | 3,020 | 224 | 35 | (35 | ) | (125 | ) | 99 | |||||||||||||||||||||||||||||||||||||||||||||
Exercise of Options | 12,761 | 37 | 37 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for Non-controlling Interest | (14,796 | ) | 14,796 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative Effect of Accounting Change for Variable Interest Entities | 1,439 | (38 | ) | 1,401 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Share distributions | (7,992 | ) | (7,992 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared ($0.60 per share) | (80,170 | ) | (1,683 | ) | (81,853 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2010 | 4,300,000 | $ | 43 | 134,601,796 | 116,679 | 291,281 | $ | 1,343 | $ | 2,671,217 | $ | (3,074 | ) | $ | 5,774 | $ | (5,774 | ) | $ | 483,439 | $ | (1,945 | ) | $ | (1,301,521 | ) | $ | 128,272 | $ | 1,977,774 | |||||||||||||||||||||||||
Net loss | (4,500 | ) | (215 | ) | (4,715 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | (4,134 | ) | (212 | ) | (4,346 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Common Shares of Beneficial Interest | 679,285 | 7 | 8,265 | 8,272 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity issuance costs | (345 | ) | (32 | ) | (377 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of LP Units to Common Shares | 7,204,104 | 72 | 85,966 | (86,038 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Bonus Share Issuance | (463 | ) | 463 | 12 | 6 | (6 | ) | (6 | ) | 6 |
Vesting of Restricted Stock | 85,248 | (116,216 | ) | 9,043 | 1 | (1,818 | ) | 3,062 | (1,595 | ) | (350 | ) | |||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Amortization | 2,937 | 2,937 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Performance Units Amortization | 1,679 | 1,679 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of Stock Options | 120,179 | 1 | 349 | 350 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Option Amortization | 1,487 | 1,487 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Outperformance Plan Amortization | 123 | 123 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Issuance from/to Deferred Compensation Plan | (845 | ) | (8,141 | ) | (16 | ) | (149 | ) | 149 | (16 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Share Choice Plan Issuance | (1,684 | ) | (55 | ) | (55 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Trustee Fees Paid in Shares | 2,672 | 32 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to Non-controlling Interest | 6,376 | (6,376 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Share distributions | (7,992 | ) | (7,992 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared ($0.60 per share) | (82,819 | ) | (2,294 | ) | (85,113 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2011 | 4,300,000 | $ | 43 | 142,690,755 | — | 292,646 | $ | 1,424 | $ | 2,776,197 | $ | — | $ | 5,631 | $ | (5,631 | ) | $ | 477,338 | $ | (6,079 | ) | $ | (1,392,332 | ) | $ | 33,105 | $ | 1,889,696 |
Years ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | (4,715 | ) | $ | (17,606 | ) | $ | 8,089 | |||
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||||||||||
Depreciation and amortization | 219,110 | 214,776 | 210,463 | ||||||||
Amortization of deferred financing costs | 4,991 | 3,770 | 5,864 | ||||||||
Amortization of debt discount/(premium), net | 1,567 | 831 | 3,495 | ||||||||
Straight-line rent income | (20,298 | ) | (13,705 | ) | (9,116 | ) | |||||
Amortization of acquired above (below) market leases to rental revenue, net | (5,384 | ) | (5,960 | ) | (6,661 | ) | |||||
Straight-line ground rent expense | 1,924 | 1,647 | 1,473 | ||||||||
Provision for doubtful accounts | 1,924 | 2,479 | 5,371 | ||||||||
Non-cash compensation expense | 4,270 | 4,814 | 5,200 | ||||||||
Recognized hedge activity | — | — | 916 | ||||||||
Provision for impairment on discontinued operations | — | — | 3,700 | ||||||||
Real estate venture income in excess of cumulative distributions | (1,175 | ) | (4,648 | ) | (2,512 | ) | |||||
Loss on real estate venture formation | 222 | — | — | ||||||||
Net loss (gain) on sale of interests in real estate | (10,008 | ) | (11,011 | ) | (1,237 | ) | |||||
Loss (gain) on early extinguishment of debt | 2,776 | 2,110 | (23,176 | ) | |||||||
Cumulative interest accretion of repayments of unsecured notes | (4,005 | ) | (3,433 | ) | (5,009 | ) | |||||
Contributions from historic tax credit transaction, net of deferred costs | 2,694 | 27,396 | 23,763 | ||||||||
Historic tax credit transaction income | (12,026 | ) | — | — | |||||||
Changes in assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | (856 | ) | (4,173 | ) | 3,746 | ||||||
Other assets | (2,083 | ) | (2,782 | ) | 2,373 | ||||||
Accounts payable and accrued expenses | 7,732 | (7,980 | ) | (4,081 | ) | ||||||
Deferred income, gains and rents | (7,220 | ) | (6,412 | ) | 3,059 | ||||||
Other liabilities | (425 | ) | 5,014 | (5,315 | ) | ||||||
Net cash from operating activities | 179,015 | 185,127 | 220,405 | ||||||||
Cash flows from investing activities: | |||||||||||
Acquisition of properties | (40,674 | ) | (50,681 | ) | — | ||||||
Sales of properties, net | 155,956 | 50,089 | 101,305 | ||||||||
Proceeds from repayment of mortgage notes receivable | — | 40,000 | — | ||||||||
Capital expenditures | (131,156 | ) | (180,943 | ) | (211,892 | ) | |||||
Advances for purchase of tenant assets, net of repayments | 1,365 | (1,715 | ) | — | |||||||
Loan provided to an unconsolidated Real Estate Venture partner | — | (826 | ) | — | |||||||
Investment in unconsolidated Real Estate Ventures | (5,277 | ) | (5,180 | ) | (14,980 | ) | |||||
Escrowed cash | — | — | 31,385 | ||||||||
Cash distributions from unconsolidated Real Estate Ventures in excess of cumulative equity income | 10,316 | 2,205 | 13,062 | ||||||||
Decrease in cash due to the deconsolidation of variable interest entities | — | (1,382 | ) | — | |||||||
Leasing costs | (38,461 | ) | (23,503 | ) | (21,429 | ) | |||||
Net cash used in investing activities | (47,931 | ) | (171,936 | ) | (102,549 | ) | |||||
Cash flows from financing activities: | |||||||||||
Proceeds from Credit Facility borrowings | 706,002 | 565,000 | 983,000 |
Repayments of Credit Facility borrowings | (613,502 | ) | (474,000 | ) | (1,044,000 | ) | |||||
Proceeds from mortgage notes payable | — | 256,104 | 149,800 | ||||||||
Repayments of mortgage notes payable | (221,856 | ) | (51,966 | ) | (84,102 | ) | |||||
Repayments of unsecured term loan | (145,500 | ) | — | — | |||||||
Proceeds from unsecured notes | 321,448 | — | 247,030 | ||||||||
Repayments of unsecured notes | (105,381 | ) | (276,270 | ) | (514,004 | ) | |||||
Proceeds from financing activity | — | — | — | ||||||||
Net settlement of hedge transactions | (613 | ) | — | (5,044 | ) | ||||||
Debt financing costs | (4,249 | ) | (595 | ) | (24,620 | ) | |||||
Refund of deferred financing costs related to forward commitment | — | 1,659 | — | ||||||||
Net proceeds from issuance of shares | 7,930 | 70,867 | 242,332 | ||||||||
Exercise of stock options | 350 | 37 | — | ||||||||
Distributions paid to shareholders | (89,559 | ) | (87,345 | ) | (68,914 | ) | |||||
Distributions to noncontrolling interest | (2,309 | ) | (1,684 | ) | (1,691 | ) | |||||
Net cash from (used in) financing activities | (147,239 | ) | 1,807 | (120,213 | ) | ||||||
Increase (decrease) in cash and cash equivalents | (16,155 | ) | 14,998 | (2,357 | ) | ||||||
Cash and cash equivalents at beginning of year | 16,565 | 1,567 | 3,924 | ||||||||
Cash and cash equivalents at end of year | $ | 410 | $ | 16,565 | $ | 1,567 | |||||
Supplemental disclosure: | |||||||||||
Cash paid for interest, net of capitalized interest during the years ended December 31, 2011, 2010 and 2009 of $1,997, $10,385, and $8,893, respectively | $ | 135,210 | $ | 135,206 | $ | 139,636 | |||||
Supplemental disclosure of non-cash activity: | |||||||||||
Note receivable issued related to the sale of the two Trenton properties, net of $12.9 million deferred gain | — | — | 9,600 | ||||||||
Settlement of note receivable through foreclosure of a parcel of land | — | (2,795 | ) | — | |||||||
Proceeds from mortgage notes payable retained by lender and included in other assets (see Note 7) | — | 396 | — | ||||||||
Change in capital expenditures financed through accounts payable at period end | (3,896 | ) | (5,126 | ) | 7,086 | ||||||
Change in capital expenditures financed through retention payable at period end | (6,213 | ) | (2,066 | ) | 5,862 | ||||||
Change in unfunded tenant allowance | (1,717 | ) | — | 5,986 | |||||||
Change in real estate investments due to the deconsolidation of variable interest entities | — | (37,126 | ) | — | |||||||
Change in mortgage notes payable due to the deconsolidation of variable interest entities | — | (42,877 | ) | — | |||||||
Change in non-controlling interest from issuance of limited partnership units (see Note 3) | — | 77,733 | — |
December 31, 2011 | December 31, 2010 | ||||||
ASSETS | |||||||
Real estate investments: | |||||||
Operating properties | $ | 4,793,080 | $ | 4,834,111 | |||
Accumulated depreciation | (865,710 | ) | (776,078 | ) | |||
Operating real estate investments, net | 3,927,370 | 4,058,033 | |||||
Construction-in-progress | 25,083 | 33,322 | |||||
Land inventory | 109,008 | 110,055 | |||||
Total real estate investments, net | 4,061,461 | 4,201,410 | |||||
Cash and cash equivalents | 410 | 16,565 | |||||
Accounts receivable, net | 14,718 | 16,009 | |||||
Accrued rent receivable, net | 108,101 | 95,541 | |||||
Investment in real estate ventures, at equity | 115,807 | 84,372 | |||||
Deferred costs, net | 115,362 | 106,117 | |||||
Intangible assets, net | 70,515 | 97,462 | |||||
Notes receivable | 18,186 | 18,205 | |||||
Other assets | 53,158 | 54,697 | |||||
Total assets | $ | 4,557,718 | $ | 4,690,378 | |||
LIABILITIES AND EQUITY | |||||||
Mortgage notes payable | $ | 511,061 | $ | 711,789 | |||
Unsecured credit facility | 275,500 | 183,000 | |||||
Unsecured term loan | 37,500 | 183,000 | |||||
Unsecured senior notes, net of discounts | 1,569,934 | 1,352,657 | |||||
Accounts payable and accrued expenses | 69,929 | 72,235 | |||||
Distributions payable | 23,895 | 22,623 | |||||
Deferred income, gains and rent | 99,569 | 121,552 | |||||
Acquired lease intangibles, net | 35,106 | 29,233 | |||||
Other liabilities | 45,528 | 36,515 | |||||
Total liabilities | 2,668,022 | 2,712,604 | |||||
Commitments and contingencies (Note 20) | |||||||
Redeemable limited partnership units at redemption value; 2,698,648 and 9,902,752 issued and outstanding in 2011 and 2010, respectively | 38,370 | 132,855 | |||||
Brandywine Operating Partnership’s equity: | |||||||
7.50% Series D Preferred Mirror Units; issued and outstanding- 2,000,000 in 2011 and 2010, respectively | 47,912 | 47,912 | |||||
7.375% Series E Preferred Mirror Units; issued and outstanding- 2,300,000 in 2011 and 2010, respectively | 55,538 | 55,538 | |||||
General Partnership Capital, 142,690,755 and 134,601,796 units issued in 2011 and 2010, respectively and 142,690,755 and 134,485,117 units outstanding in 2011 and 2010, respectively | 1,754,302 | 1,743,549 | |||||
Accumulated other comprehensive loss | (6,426 | ) | (2,080 | ) | |||
Total Brandywine Operating Partnership’s equity | 1,851,326 | 1,844,919 | |||||
Total liabilities and partners’ equity | $ | 4,557,718 | $ | 4,690,378 |
For the year ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
Revenue: | |||||||||||
Rents | $ | 480,600 | $ | 461,101 | $ | 467,188 | |||||
Tenant reimbursements | 81,236 | 77,139 | 76,652 | ||||||||
Termination fees | 2,993 | 5,576 | 3,601 | ||||||||
Third party management fees, labor reimbursement and leasing | 11,536 | 11,830 | 17,151 | ||||||||
Other | 5,440 | 4,310 | 3,328 | ||||||||
Total revenue | 581,805 | 559,956 | 567,920 | ||||||||
Operating Expenses: | |||||||||||
Property operating expenses | 171,991 | 167,911 | 162,940 | ||||||||
Real estate taxes | 56,230 | 53,564 | 56,224 | ||||||||
Third party management expenses | 5,590 | 5,866 | 7,996 | ||||||||
Depreciation and amortization | 217,680 | 210,592 | 203,572 | ||||||||
General & administrative expenses | 24,602 | 23,306 | 20,821 | ||||||||
Total operating expenses | 476,093 | 461,239 | 451,553 | ||||||||
Operating income | 105,712 | 98,717 | 116,367 | ||||||||
Other Income (Expense): | |||||||||||
Interest income | 1,813 | 3,222 | 2,499 | ||||||||
Historic Tax Credit Transaction Income | 12,026 | — | — | ||||||||
Interest expense | (131,405 | ) | (132,640 | ) | (135,740 | ) | |||||
Interest expense — Amortization of deferred financing costs | (4,991 | ) | (3,770 | ) | (5,864 | ) | |||||
Recognized hedge activity | — | — | (916 | ) | |||||||
Equity in income of real estate ventures | 3,775 | 5,305 | 4,069 | ||||||||
Net gain on sale of interests in real estate | 2,791 | — | (3 | ) | |||||||
Net gain on sale of undepreciated real estate | 45 | — | — | ||||||||
Loss on real estate venture formation | (222 | ) | — | — | |||||||
(Loss) Gain on early extinguishment of debt | (2,776 | ) | (2,110 | ) | 23,176 | ||||||
Income (loss) from continuing operations | (13,232 | ) | (31,276 | ) | 3,588 | ||||||
Discontinued operations: | |||||||||||
Income from discontinued operations | 1,253 | 2,659 | 6,960 | ||||||||
Net (loss) gain on disposition of discontinued operations | 7,264 | 11,011 | 1,241 | ||||||||
Provision for impairment | — | — | (3,700 | ) | |||||||
8,517 | 13,670 | 4,501 | |||||||||
Net income (loss) | (4,715 | ) | (17,606 | ) | 8,089 | ||||||
Net income attributable to non-controlling interests | — | — | (30 | ) | |||||||
Net income (loss) attributable to Brandywine Operating Partnership | (4,715 | ) | (17,606 | ) | 8,059 | ||||||
Distribution to Preferred share dividends | (7,992 | ) | (7,992 | ) | (7,992 | ) | |||||
Amount allocated to unvested restricted unitholders | (505 | ) | (512 | ) | (279 | ) | |||||
Net loss attributable to Common Partnership Unitholders Brandywine Operating Partnership | $ | (13,212 | ) | $ | (26,110 | ) | $ | (212 | ) | ||
Basic earnings (loss) per Common Partnership Unit: | |||||||||||
Continuing operations | $ | (0.15 | ) | $ | (0.29 | ) | $ | (0.04 | ) | ||
Discontinued operations | 0.06 | 0.10 | 0.04 | ||||||||
$ | (0.09 | ) | $ | (0.19 | ) | $ | — | ||||
Diluted earnings (loss) per Common Partnership Unit: | |||||||||||
Continuing operations | $ | (0.15 | ) | $ | (0.29 | ) | $ | (0.04 | ) | ||
Discontinued operations | 0.06 | 0.10 | 0.04 | ||||||||
$ | (0.09 | ) | $ | (0.19 | ) | $ | — | ||||
Basic weighted average common partnership units outstanding | 145,118,841 | 137,454,796 | 114,712,869 | ||||||||
Diluted weighted average common partnership units outstanding | 145,118,841 | 137,454,796 | 116,066,115 | ||||||||
Net income (loss) attributable to Brandywine Operating Partnership | |||||||||||
Income (loss) from continuing operations | $ | (13,232 | ) | $ | (31,276 | ) | $ | 3,558 | |||
Income (loss) from discontinued operations | 8,517 | 13,670 | 4,501 | ||||||||
Net income (loss) | $ | (4,715 | ) | $ | (17,606 | ) | $ | 8,059 |
For the year ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
Net income (loss) | $ | (4,715 | ) | $ | (17,606 | ) | $ | 8,089 | |||
Comprehensive income: | |||||||||||
Unrealized gain (loss) on derivative financial instruments | (4,499 | ) | 7,320 | 7,395 | |||||||
Ineffectiveness of the hedges | — | — | (125 | ) | |||||||
Reclassification of realized (gains)/losses on derivative financial instruments to operations, net | 153 | 28 | (184 | ) | |||||||
Total comprehensive income (loss) | (4,346 | ) | 7,348 | 7,086 | |||||||
Comprehensive income (loss) | (9,061 | ) | (10,258 | ) | 15,175 | ||||||
Comprehensive (income) loss attributable to non-controlling interest | — | — | (30 | ) | |||||||
Comprehensive income (loss) attributable to Brandywine Operating Partnership | $ | (9,061 | ) | $ | (10,258 | ) | $ | 15,145 |
Series D Preferred Mirror Units | Series E Preferred Mirror Units | General Partner Capital | ||||||||||||||||||||||||||||||
Units | Amount | Units | Amount | Units | Amount | Accumulated Other Comprehensive Income | Non-controlling Interest Consolidated Real Estate Ventures | Total Partners’ Equity | ||||||||||||||||||||||||
BALANCE, December 31, 2008 | 2,000,000 | $ | 47,912 | 2,300,000 | $ | 55,538 | 88,158,937 | $ | 1,581,887 | $ | (17,005 | ) | $ | — | $ | 1,668,332 | ||||||||||||||||
Net income | — | — | — | — | — | 8,059 | — | 30 | 8,089 | |||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 7,086 | — | 7,086 | |||||||||||||||||||||||
Deferred compensation obligation | — | — | — | — | 51,058 | 131 | — | — | 131 | |||||||||||||||||||||||
Issuance of LP Units | — | — | — | — | 40,250,000 | 242,323 | — | — | 242,323 | |||||||||||||||||||||||
Bonus share issuance | — | — | — | — | 36,826 | 123 | — | — | 123 | |||||||||||||||||||||||
Conversion of LP Units to common shares | — | — | — | — | 7,513 | 254 | — | — | 254 | |||||||||||||||||||||||
Share choice plan | — | — | — | — | (7,081 | ) | (46 | ) | — | — | (46 | ) | ||||||||||||||||||||
Vesting of restricted units | — | — | — | — | 86,172 | (213 | ) | — | — | (213 | ) | |||||||||||||||||||||
Restricted stock amortization | — | — | — | — | — | 3,286 | — | — | 3,286 | |||||||||||||||||||||||
Restricted performance units amortization | — | — | — | — | — | 288 | — | — | 288 | |||||||||||||||||||||||
Outperformance plan amortization | — | — | — | — | — | 927 | — | — | 927 | |||||||||||||||||||||||
Option amortization | — | — | — | — | — | 602 | — | — | 602 | |||||||||||||||||||||||
Trustee fees paid in shares | — | — | — | — | 13,987 | 152 | — | — | 152 | |||||||||||||||||||||||
Adjustment of redeemable partnership units to liquidation value at period end | — | — | — | — | — | 8,213 | — | — | 8,213 | |||||||||||||||||||||||
Adjustment to non-controlling interest | — | — | — | — | — | — | — | 35 | 35 | |||||||||||||||||||||||
Other | — | — | — | — | — | — | 491 | — | 491 | |||||||||||||||||||||||
Distributions to Preferred Mirror Units | — | — | — | — | — | (7,992 | ) | — | — | (7,992 | ) | |||||||||||||||||||||
Distributions to general partnership unitholder | — | — | — | — | — | (54,961 | ) | — | — | (54,961 | ) | |||||||||||||||||||||
BALANCE, December 31, 2009 | 2,000,000 | $ | 47,912 | 2,300,000 | $ | 55,538 | 128,597,412 | $ | 1,783,033 | $ | (9,428 | ) | $ | 65 | $ | 1,877,120 | ||||||||||||||||
Net loss | — | — | — | — | — | (17,606 | ) | — | — | (17,606 | ) | |||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 7,348 | — | 7,348 | |||||||||||||||||||||||
Deferred compensation obligation | — | — | — | — | (2,409 | ) | — | — | — | — | ||||||||||||||||||||||
Issuance of LP Units | — | — | — | — | 5,742,268 | 71,981 | — | — | 71,981 | |||||||||||||||||||||||
Bonus share issuance | — | — | — | — | 32,607 | 369 | — | — | 369 | |||||||||||||||||||||||
Conversion of LP Units to common shares | — | — | — | — | 17,468 | 466 | — | — | 466 | |||||||||||||||||||||||
Vesting of restricted units | — | — | — | — | 76,598 | (227 | ) | — | — | (227 | ) | |||||||||||||||||||||
Restricted stock amortization | — | — | — | — | — | 3,483 | — | — | 3,483 | |||||||||||||||||||||||
Restricted performance units amortization | — | — | — | — | — | 965 | — | — | 965 | |||||||||||||||||||||||
Outperformance plan amortization | — | — | — | — | — | 380 | — | — | 380 | |||||||||||||||||||||||
Option amortization | — | — | — | — | — | 1,132 | — | — | 1,132 | |||||||||||||||||||||||
Trustee fees paid in shares | — | — | — | — | 8,412 | 98 | — | — | 98 | |||||||||||||||||||||||
Exercise of options | — | — | — | — | 12,761 | 37 | — | — | 37 | |||||||||||||||||||||||
Adjustment of redeemable partnership units to liquidation value at period end | — | — | — | — | — | (13,839 | ) | — | — | (13,839 | ) | |||||||||||||||||||||
Adjustment to non-controlling interest | — | — | — | — | — | — | — | (27 | ) | (27 | ) |
Cumulative effect of accounting change for variable interest entities | — | — | — | — | — | 1,439 | — | (38 | ) | 1,401 | ||||||||||||||||||||||
Distributions to Preferred Mirror Units | — | — | — | — | — | (7,992 | ) | — | — | (7,992 | ) | |||||||||||||||||||||
Distributions to general partnership unitholder | — | — | — | — | — | (80,170 | ) | — | — | (80,170 | ) | |||||||||||||||||||||
BALANCE, December 31, 2010 | 2,000,000 | $ | 47,912 | 2,300,000 | $ | 55,538 | 134,485,117 | $ | 1,743,549 | $ | (2,080 | ) | $ | — | $ | 1,844,919 | ||||||||||||||||
Net loss | — | — | — | — | — | (4,715 | ) | — | — | (4,715 | ) | |||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | (4,346 | ) | — | (4,346 | ) | |||||||||||||||||||||
Deferred compensation obligation | — | — | — | — | (845 | ) | (16 | ) | — | — | (16 | ) | ||||||||||||||||||||
Issuance of LP Units | — | — | — | — | 679,285 | 8,272 | — | — | 8,272 | |||||||||||||||||||||||
Bonus share issuance | — | — | — | — | 463 | 6 | — | — | 6 | |||||||||||||||||||||||
Conversion of LP Units to common shares | — | — | — | — | 7,204,104 | 86,038 | — | — | 86,038 | |||||||||||||||||||||||
Share choice plan issuance | — | — | — | — | (1,684 | ) | (55 | ) | — | — | (55 | ) | ||||||||||||||||||||
Common partnership units cancellation | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Vesting of restricted units | — | — | — | — | 201,464 | (352 | ) | — | — | (352 | ) | |||||||||||||||||||||
Restricted stock amortization | — | — | — | — | — | 2,937 | — | — | 2,937 | |||||||||||||||||||||||
Restricted performance units amortization | — | — | — | — | — | 1,679 | — | — | 1,679 | |||||||||||||||||||||||
Outperformance plan amortization | — | — | — | — | — | 123 | — | — | 123 | |||||||||||||||||||||||
Option amortization | — | — | — | — | — | 1,487 | — | — | 1,487 | |||||||||||||||||||||||
Trustee fees paid in shares | — | — | — | — | 2,672 | 32 | — | — | 32 | |||||||||||||||||||||||
Exercise of options | — | — | — | — | 120,179 | 350 | — | — | 350 | |||||||||||||||||||||||
Adjustment of redeemable partnership units to liquidation value at period end | — | — | — | — | — | 5,778 | — | — | 5,778 | |||||||||||||||||||||||
Distributions to Preferred Mirror Units | — | — | — | — | — | (7,992 | ) | — | — | (7,992 | ) | |||||||||||||||||||||
Distributions to general partnership unitholder | — | — | — | — | — | (82,819 | ) | — | — | (82,819 | ) | |||||||||||||||||||||
BALANCE, December 31, 2011 | 2,000,000 | $ | 47,912 | 2,300,000 | $ | 55,538 | 142,690,755 | $ | 1,754,302 | $ | (6,426 | ) | $ | — | $ | 1,851,326 |
For the year ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | (4,715 | ) | $ | (17,606 | ) | 8,089 | ||||
Adjustments to reconcile net income (loss) to net cash from operating activities: | |||||||||||
Depreciation and amortization | 219,110 | 214,776 | 210,463 | ||||||||
Amortization of deferred financing costs | 4,991 | 3,770 | 5,864 | ||||||||
Amortization of debt discount/(premium), net | 1,567 | 831 | 3,495 | ||||||||
Straight-line rent income | (20,298 | ) | (13,705 | ) | (9,116 | ) | |||||
Amortization of acquired above (below) market leases, net | (5,384 | ) | (5,960 | ) | (6,661 | ) | |||||
Straight-line ground rent expense | 1,924 | 1,647 | 1,473 | ||||||||
Provision for doubtful accounts | 1,924 | 2,479 | 5,371 | ||||||||
Non-cash compensation expense | 4,270 | 4,814 | 5,200 | ||||||||
Recognized hedge activity | — | — | 916 | ||||||||
Provision for impairment on discontinued operations | — | — | 3,700 | ||||||||
Real estate venture income in excess of cumulative distributions | (1,175 | ) | (4,648 | ) | (2,512 | ) | |||||
Loss on real estate venture formation | 222 | — | — | ||||||||
Net loss (gain) on sale of interests in real estate | (10,008 | ) | (11,011 | ) | (1,237 | ) | |||||
Loss (gain) on early extinguishment of debt | 2,776 | 2,110 | (23,176 | ) | |||||||
Cumulative interest accretion of repayments of unsecured notes | (4,005 | ) | (3,433 | ) | (5,009 | ) | |||||
Contributions from historic tax credit transaction, net of deferred costs | 2,694 | 27,396 | 23,763 | ||||||||
Historic tax credit transaction income | (12,026 | ) | — | — | |||||||
Changes in assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | (856 | ) | (4,173 | ) | 3,746 | ||||||
Other assets | (2,083 | ) | (2,782 | ) | 2,373 | ||||||
Accounts payable and accrued expenses | 7,732 | (7,980 | ) | (4,081 | ) | ||||||
Deferred income, gains and rents | (7,220 | ) | (6,412 | ) | 3,059 | ||||||
Other liabilities | (425 | ) | 5,014 | (5,315 | ) | ||||||
Net cash from operating activities | 179,015 | 185,127 | 220,405 | ||||||||
Cash flows from investing activities: | |||||||||||
Acquisition of properties | (40,674 | ) | (50,681 | ) | — | ||||||
Sales of properties, net | 155,956 | 50,089 | 101,305 | ||||||||
Proceeds from repayment of mortgage notes receivable | — | 40,000 | — | ||||||||
Capital expenditures | (131,156 | ) | (180,943 | ) | (211,892 | ) | |||||
Advances for purchase of tenant assets, net of repayments | 1,365 | (1,715 | ) | — | |||||||
Loan provided to an unconsolidated Real Estate Venture partner | — | (826 | ) | — | |||||||
Investment in unconsolidated Real Estate Ventures | (5,277 | ) | (5,180 | ) | (14,980 | ) | |||||
Escrowed cash | — | — | 31,385 | ||||||||
Cash distributions from unconsolidated Real Estate Ventures in excess of cumulative equity income | 10,316 | 2,205 | 13,062 | ||||||||
Decrease in cash due to the deconsolidation of variable interest entities | — | (1,382 | ) | — | |||||||
Leasing costs | (38,461 | ) | (23,503 | ) | (21,429 | ) |
Net cash used in investing activities | (47,931 | ) | (171,936 | ) | (102,549 | ) | |||||
Cash flows from financing activities: | |||||||||||
Proceeds from Credit Facility borrowings | 706,002 | 565,000 | 983,000 | ||||||||
Repayments of Credit Facility borrowings | (613,502 | ) | (474,000 | ) | (1,044,000 | ) | |||||
Proceeds from mortgage notes payable | — | 256,104 | 149,800 | ||||||||
Repayments of mortgage notes payable | (221,856 | ) | (51,966 | ) | (84,102 | ) | |||||
Repayments unsecured term loan | (145,500 | ) | — | — | |||||||
Proceeds from unsecured notes | 321,448 | — | 247,030 | ||||||||
Repayments of unsecured notes | (105,381 | ) | (276,270 | ) | (514,004 | ) | |||||
Proceeds from financing activity | — | — | — | ||||||||
Net settlement of hedge transactions | (613 | ) | — | (5,044 | ) | ||||||
Debt financing costs | (4,249 | ) | (595 | ) | (24,620 | ) | |||||
Refund of deferred financing costs related to forward commitment | — | 1,659 | — | ||||||||
Net proceeds from issuance of operating units | 7,930 | 70,867 | 242,332 | ||||||||
Exercise of unit options | 350 | 37 | — | ||||||||
Distributions paid to preferred and common partnership unitholders | (91,868 | ) | (89,029 | ) | (70,605 | ) | |||||
Net cash from (used in) financing activities | (147,239 | ) | 1,807 | (120,213 | ) | ||||||
Increase (decrease) in cash and cash equivalents | (16,155 | ) | 14,998 | (2,357 | ) | ||||||
Cash and cash equivalents at beginning of year | 16,565 | 1,567 | 3,924 | ||||||||
Cash and cash equivalents at end of year | $ | 410 | $ | 16,565 | $ | 1,567 | |||||
Supplemental disclosure: | |||||||||||
Cash paid for interest, net of capitalized interest during the years ended December 31, 2011, 2010 and 2009 of $1,997, $10,385, and $8,893, respectively | $ | 135,210 | $ | 135,206 | $ | 139,636 | |||||
Supplemental disclosure of non-cash activity: | |||||||||||
Note receivable issued related to the sale of the two Trenton properties, net of $12.9 million deferred gain | — | — | 9,600 | ||||||||
Settlement of note receivable through foreclosure of a parcel of land | — | (2,795 | ) | — | |||||||
Proceeds from mortgage notes payable retained by lender and included in other assets (see Note 7) | — | 396 | — | ||||||||
Change in capital expenditures financed through accounts payable at period end | (3,896 | ) | (5,126 | ) | 7,086 | ||||||
Change in capital expenditures financed through retention payable at period end | (6,213 | ) | (2,066 | ) | 5,862 | ||||||
Change in unfunded tenant allowance | (1,717 | ) | — | 5,986 | |||||||
Change in real estate investments due to the deconsolidation of variable interest entities | — | (37,126 | ) | — | |||||||
Change in mortgage notes payable due to the deconsolidation of variable interest entities | — | (42,877 | ) | — | |||||||
Change in non-controlling interest from issuance of limited partnership units (see Note 3) | — | 77,733 | — |
1. | ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP |
2. | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
Development | $ | — | $ | 2,331 | $ | 1,772 | |||||
Redevelopment | — | 127 | 398 | ||||||||
Tenant Improvements | 3,539 | 940 | 1,757 | ||||||||
Total | $ | 3,539 | $ | 3,398 | $ | 3,927 |
December 31, | |||||||
2011 | 2010 | ||||||
Prepaid Ground Rent | $ | 7,615 | $ | 7,704 | |||
Prepaid Real Estate Taxes | 7,983 | 7,648 | |||||
Rent inducements, net | 7,572 | 6,262 | |||||
Cash surrender value of life insurance | 9,261 | 8,128 | |||||
Restricted cash | 2,528 | 4,029 | |||||
Marketable securities | 2,366 | 2,614 | |||||
Prepaid insurance | 2,589 | 2,432 | |||||
Furniture, fixtures and equipment | 634 | 1,613 | |||||
Deposits on future settlements | 3,884 | 2,035 | |||||
Others | 8,726 | 12,232 | |||||
Total | $ | 53,158 | $ | 54,697 |
• | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access; |
• | Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals; and |
• | Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity or information. |
Fair Value Measurements at Reporting Date Using: | |||||||||||||||
Description | December 31, 2011 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | |||||||||||
Recurring | |||||||||||||||
Assets: | |||||||||||||||
Available-for-Sale Securities | $ | — | $ | — | $ | — | $ | — | |||||||
Liabilities: | |||||||||||||||
Interest Rate Swaps | $ | 3,886 | $ | — | $ | 3,886 | $ | — |
Fair Value Measurements at Reporting Date Using: | |||||||||||||||
Description | December 31, 2010 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Unobservable Inputs (Level 3) | |||||||||||
Recurring | |||||||||||||||
Assets: | |||||||||||||||
Available-for-Sale Securities | $ | 248 | $ | 248 | $ | — | $ | — |
• | Non-financial assets and liabilities initially measured at fair value in an acquisition or business combination that are not remeasured at least annually at fair value, |
• | Long-lived assets measured at fair value due to an impairment in accordance with the accounting standard for the impairment or disposal of long-lived assets, |
• | Equity and cost method investments measured at fair value due to an impairment in accordance with the accounting standard for investments, |
• | Notes receivable adjusted for any impairment in its value in accordance with the accounting standard for loan receivables; and |
• | Asset retirement obligations initially measured at fair value under the accounting standard for asset retirement obligations. |
3. | REAL ESTATE INVESTMENTS |
December 31, | |||||||
2011 | 2010 | ||||||
Land | $ | 677,891 | $ | 697,724 | |||
Building and improvements | 3,631,388 | 3,693,579 | |||||
Tenant improvements | 483,801 | 442,808 | |||||
$ | 4,793,080 | $ | 4,834,111 |
August 5, | |||
2010 | |||
Building and tenant improvements | $ | 98,188 | |
Intangible assets acquired | 28,856 | ||
Below market lease liabilities assumed | (683 | ) | |
Total | $ | 126,361 |
August 5, 2010 | Weighted Average Amortization Period (in years) | |||||
Intangible assets: | ||||||
In-place lease value | $ | 13,584 | 3 | |||
Tenant relationship value | 8,870 | 5 | ||||
Above market tenant leases acquired | 895 | 1 | ||||
Below market ground lease acquired | 5,507 | 82 | ||||
Total | $ | 28,856 | 23 | |||
Intangible liabilities: | ||||||
Below market leases acquired | $ | 683 | 1 |
For the period from August 5 to December 31, 2010 | |||
Revenue: | |||
Rents | $ | 6,347 | |
Tenant Reimbursements | 933 | ||
Other | 45 | ||
Total revenue | $ | 7,325 | |
Loss from operations (includes depreciation and intangible asset amortization) | $ | (3,602 | ) |
December 31, | |||||||
2010 | 2009 | ||||||
(unaudited) | |||||||
Pro forma revenues | $ | 582,642 | $ | 604,440 | |||
Pro forma income (loss) from continuing operations | (29,000 | ) | 7,890 | ||||
Pro forma net income (loss) available to common shareholders | (24,940 | ) | 2,306 | ||||
Earnings per common share from continuing operations: | |||||||
Basic — as reported | $ | (0.29 | ) | $ | (0.04 | ) | |
Basic — as pro forma | $ | (0.28 | ) | $ | — | ||
Diluted — as reported | $ | (0.29 | ) | $ | (0.04 | ) | |
Diluted — as pro forma | $ | (0.28 | ) | $ | — | ||
Earnings per common share: | |||||||
Basic — as reported | $ | (0.19 | ) | $ | — | ||
Basic — as pro forma | $ | (0.19 | ) | $ | 0.02 | ||
Diluted — as reported | $ | (0.19 | ) | $ | — | ||
Diluted — as pro forma | $ | (0.19 | ) | $ | 0.02 |
4. | INVESTMENT IN UNCONSOLIDATED VENTURES |
Ownership Percentage (a) | Carrying Amount | Company’s Share of 2011 Real Estate Venture Income (Loss) | Real Estate Venture Debt at 100% | Current Interest Rate | Debt Maturity | ||||||||||||||
Broadmoor Austin Associates | 50 | % | $ | 66,150 | $ | 197 | $ | 66,810 | 7.04 | % | Apr-2023 | ||||||||
Brandywine-AI Venture LLC (b) | 50 | % | 24,670 | (278 | ) | 68,000 | (b) | (b) | |||||||||||
Macquarie BDN Christina LLC | 20 | % | 6,168 | 875 | 60,000 | 4.50 | % | June-2016 | |||||||||||
One Commerce Square (c) | 25 | % | 5,100 | 242 | 128,529 | 5.67 | % | Dec-15 | |||||||||||
Brandywine 1919 Ventures (d) | 50 | % | 4,882 | — | — | N/A | N/A | ||||||||||||
Two Commerce Square (c) | 25 | % | 3,415 | 224 | 107,112 | 6.30 | % | May-13 | |||||||||||
1000 Chesterbrook Blvd. | 50 | % | 1,745 | 245 | 26,000 | 4.75 | % | Dec-21 | |||||||||||
Four Tower Bridge (e) | 65 | % | 1,360 | 702 | 10,870 | 5.20 | % | Feb-21 | |||||||||||
G&I Interchange Office LLC (DRA — N. PA) (f) | 20 | % | 1,239 | 76 | 181,967 | 5.78 | % | Jan-15 | |||||||||||
Residence Inn Tower Bridge | 50 | % | 481 | 433 | 14,261 | 5.63 | % | Feb-16 | |||||||||||
PJP VII | 25 | % | 472 | 190 | 8,072 | L+1.55% | Nov-13 | ||||||||||||
PJP V | 25 | % | 361 | 116 | 5,789 | 6.47 | % | Aug-19 | |||||||||||
PJP II | 30 | % | 300 | 138 | 4,263 | 6.12 | % | Nov-23 | |||||||||||
Six Tower Bridge (e) | 63 | % | 201 | 126 | 12,599 | 7.79 | % | Aug-12 | |||||||||||
Two Tower Bridge | 35 | % | 134 | (364 | ) | 13,482 | (g) | (g) | |||||||||||
Seven Tower Bridge | 20 | % | 105 | — | 11,182 | (h) | (h) | ||||||||||||
PJP VI | 25 | % | 31 | 67 | 8,834 | 6.08 | % | Apr-23 | |||||||||||
Eight Tower Bridge | 3.4 | % | — | 583 | — | ||||||||||||||
Coppell Associates (e) | 50 | % | (1,007 | ) | (139 | ) | 18,060 | (i) | (i) | ||||||||||
Five Tower Bridge | — | 60 | |||||||||||||||||
Invesco, L.P. | — | 282 | |||||||||||||||||
$ | 115,807 | $ | 3,775 | $ | 745,830 |
(a) | Ownership percentage represents the Company’s entitlement to residual distributions after payments of priority returns, where applicable. |
(b) | See Note 3 for related discussion about the Brandywine-AI Venture, LLC formation. |
(c) | During November, 2010, the Company acquired a 25% interest in two partnerships which own One and Two Commerce Square buildings in Philadelphia, PA. The other partner holds the remaining 75% interest in each of the two partnerships. In accordance with the accounting guidance for joint ventures, the Company is currently recognizing its preferred return from the real estate ventures as income on its invested capital. After the other partner has recognized the losses equal to its invested capital, the Company will begin to recognize its share from the results of the real estate ventures in proportion to its ownership interests. |
(d) | See Note 3 for related discussion about the Brandywine 1919 Market Ventures formation. |
(e) | As a result of the adoption of the new accounting standard for the consolidation of variable interest entities, the Company deconsolidated these three real estate ventures as of January 1, 2010. |
(f) | Proceeds received by the Company from the sale of an 80% ownership stake in the properties exceeded the historical cost of those properties. Accordingly, no investment in the real estate venture was reflected on the balance sheet at period end. |
(g) | Consists of a $10.1 million fixed rate mortgage with a 5.72% interest rate and May 2013 maturity date; also includes $3.4 million municipal and state borrowings with nominal interest rates (0 — 1%) and maturity dates from 3 to 10 years. |
(h) | Comprised of two fixed rate mortgages: $7.0 million and $1.0 million. Both mature in February 2013 and accrue interest at a fixed rate of 4% through February 2012, and 5% through February 2013. The total loan amount of $11.2 million as presented above also includes a 3% fixed rate loan (interest only through maturity) with a balance of $1.2 million as of December 31, 2011. This loan can be increased up to $1.3 million through its maturity date of September 2025. The remaining $2.0 million of the total amount features a 4% fixed rate with interest only through its maturity date of February 2014. |
(i) | Comprised of two fixed rate mortgages: a senior fixed rate note of $16.4 million at 5.75% that matures in March 2016 and a junior fixed rate note of $1.6 million at 6.89% that matures in December 2013; 5.89% is the blended rate. |
December 31, | |||||||
2011 | 2010 | ||||||
Net property | $ | 846,643 | $ | 804,705 | |||
Other assets | 110,520 | 105,576 | |||||
Other Liabilities | 48,798 | 44,509 | |||||
Debt | 745,830 | 748,387 | |||||
Equity | 162,535 | 117,385 | |||||
Company’s share of equity (Company’s basis) | 115,807 | 84,372 |
Years ended December 31, | |||||||||||
2011 (a) | 2010 (a) | 2009 | |||||||||
Revenue | $ | 145,867 | $ | 118,923 | $ | 105,236 | |||||
Operating expenses | 63,715 | 44,942 | 38,691 | ||||||||
Interest expense, net | 42,032 | 37,505 | 30,858 | ||||||||
Depreciation and amortization | 39,172 | 32,703 | 36,700 | ||||||||
Net income | 948 | 3,773 | (1,012 | ) | |||||||
Company’s share of income (Company’s basis) | 3,775 | 5,305 | 4,069 |
(a) - | Includes the three real estate ventures that were deconsolidated upon the adoption of the accounting standard for the consolidation of VIEs on January 1, 2010. |
2011 | $ | 24,228 | |
2012 | 143,705 | ||
2013 | 13,809 | ||
2014 | 306,051 | ||
2015 | 97,215 | ||
Thereafter | 160,822 | ||
$ | 745,830 |
5. | DEFERRED COSTS |
December 31, 2011 | |||||||||||
Total Cost | Accumulated Amortization | Deferred Costs, net | |||||||||
Leasing Costs | $ | 140,772 | $ | (50,990 | ) | $ | 89,782 | ||||
Financing Costs | 38,929 | (13,349 | ) | 25,580 | |||||||
Total | $ | 179,701 | $ | (64,339 | ) | $ | 115,362 |
December 31, 2010 | |||||||||||
Total Cost | Accumulated Amortization | Deferred Costs, net | |||||||||
Leasing Costs | $ | 123,724 | $ | (43,930 | ) | $ | 79,794 | ||||
Financing Costs | 37,257 | (10,934 | ) | 26,323 | |||||||
Total | $ | 160,981 | $ | (54,864 | ) | $ | 106,117 |
December 31, 2011 | |||||||||||
Total Cost | Accumulated Amortization | Intangibles, net | |||||||||
In-place lease value | $ | 91,426 | $ | (55,498 | ) | $ | 35,928 | ||||
Tenant relationship value | 72,813 | (45,114 | ) | 27,699 | |||||||
Above market leases acquired | 12,744 | (5,856 | ) | 6,888 | |||||||
Total | $ | 176,983 | $ | (106,468 | ) | $ | 70,515 | ||||
Below market leases acquired | $ | 75,685 | $ | (40,579 | ) | $ | 35,106 |
December 31, 2010 | |||||||||||
Total Cost | Accumulated Amortization | Intangibles, net | |||||||||
In-place lease value | $ | 108,456 | $ | (63,010 | ) | $ | 45,446 | ||||
Tenant relationship value | 95,385 | (52,113 | ) | 43,272 | |||||||
Above market leases acquired | 18,319 | (9,575 | ) | 8,744 | |||||||
Total | $ | 222,160 | $ | (124,698 | ) | $ | 97,462 | ||||
Below market leases acquired | $ | 67,198 | $ | (37,965 | ) | $ | 29,233 |
Assets | Liabilities | ||||||
2012 | $ | 20,457 | $ | 6,826 | |||
2013 | 12,457 | 6,312 | |||||
2014 | 9,606 | 4,745 | |||||
2015 | 7,207 | 2,597 | |||||
2016 | 4,565 | 1,704 | |||||
Thereafter | 16,223 | 12,922 | |||||
Total | $ | 70,515 | $ | 35,106 |
7. | DEBT OBLIGATIONS |
Property / Location | December 31, 2011 | December 31, 2010 | Effective Interest Rate | Maturity Date | ||||||||||
MORTGAGE DEBT: | ||||||||||||||
Arboretum I, II, III & V | $ | — | $ | 20,386 | 7.59 | % | (a) | Jul-11 | ||||||
Midlantic Drive/Lenox Drive/DCC I | — | 56,514 | 8.05 | % | (b) | Oct-11 | ||||||||
Research Office Center | — | 39,145 | 5.30 | % | (c), (d) | Oct-11 | ||||||||
Concord Airport Plaza | — | 34,494 | 5.55 | % | (d), (e) | Jan-12 | ||||||||
Newtown Square/Berwyn Park/Libertyview | 56,538 | 58,102 | 7.25 | % | May-13 | |||||||||
Southpoint III | 1,887 | 2,597 | 7.75 | % | Apr-14 | |||||||||
Tysons Corner | 94,882 | 96,507 | 5.36 | % | (d) | Aug-15 | ||||||||
Two Logan Square | 89,800 | 89,800 | 7.57 | % | Apr-16 | |||||||||
One Logan Square | — | 60,000 | 4.50 | % | (f) | Jul-16 | ||||||||
Fairview Eleven Tower | 22,000 | — | 4.25 | % | Jan-17 | |||||||||
IRS Philadelphia Campus | 202,905 | 208,366 | 7.00 | % | Sep-30 | |||||||||
Cira South Garage | 44,379 | 46,335 | 7.12 | % | Sep-30 | |||||||||
Principal balance outstanding | 512,391 | 712,246 | ||||||||||||
Plus: unamortized fixed-rate debt premiums (discounts), net | (1,330 | ) | (457 | ) | ||||||||||
Total mortgage indebtedness | $ | 511,061 | $ | 711,789 | ||||||||||
UNSECURED DEBT: | ||||||||||||||
$345.0M 3.875% Guaranteed Exchangeable Notes due 2026 | — | 59,835 | 5.50 | % | (g) | Oct-11 | ||||||||
Bank Term Loan | 37,500 | 183,000 | LIBOR+0.80% | (h) | Jun-12 | |||||||||
Credit Facility | 275,500 | 183,000 | LIBOR+0.725% | (h) | Jun-12 | |||||||||
$300.0M 5.750% Guaranteed Notes due 2012 | 151,491 | 175,200 | 5.73 | % | Apr-12 | |||||||||
$250.0M 5.400% Guaranteed Notes due 2014 | 242,681 | 242,681 | 5.53 | % | Nov-14 | |||||||||
$250.0M 7.500% Guaranteed Notes due 2015 | 227,329 | 250,000 | 7.77 | % | May-15 | |||||||||
$250.0M 6.000% Guaranteed Notes due 2016 | 250,000 | 250,000 | 5.95 | % | Apr-16 | |||||||||
$300.0M 5.700% Guaranteed Notes due 2017 | 300,000 | 300,000 | 5.68 | % | May-17 | |||||||||
$325.0M 4.950% Guaranteed Notes due 2018 | 325,000 | — | 5.14 | % | Apr-18 | |||||||||
Indenture IA (Preferred Trust I) | 27,062 | 27,062 | 2.75 | % | Mar-35 | |||||||||
Indenture IB (Preferred Trust I) | 25,774 | 25,774 | 3.30 | % | Apr-35 | |||||||||
Indenture II (Preferred Trust II) | 25,774 | 25,774 | LIBOR+1.25% | Jul-35 | ||||||||||
Principal balance outstanding | 1,888,111 | 1,722,326 | ||||||||||||
Less: unamortized exchangeable debt discount | — | (906 | ) | |||||||||||
unamortized fixed-rate debt discounts, net | (5,177 | ) | (2,763 | ) | ||||||||||
Total unsecured indebtedness | $ | 1,882,934 | $ | 1,718,657 | ||||||||||
Total Debt Obligations | $ | 2,393,995 | $ | 2,430,446 |
(a) | On April 1, 2011, the Company prepaid the remaining balance of the loan without penalty. |
(b) | On June 3, 2011, the Company prepaid the remaining balance of the loan without penalty. |
(c) | On June 30, 2011, the Company prepaid the remaining balance of the loan without penalty. The unamortized fixed-rate debt premium of $0.3 million related to this loan was included as part of the gain (loss) on early extinguishment of debt in the Company's consolidated |
(d) | These loans were assumed upon acquisition of the related properties. The interest rates reflect the market rate at the time of acquisition. |
(e) | On September 1, 2011, the Company prepaid the remaining balance of the loan without penalty. The unamortized fixed-rate debt premium of $0.2 million related to this loan was included as part of the gain (loss) on early extinguishment of debt in the Company's consolidated statement of operations during the year. |
(f) | This mortgage was subject to an interest rate floor of 4.50% on a monthly basis. On July 11, 2011, the Company prepaid the balance of the loan without penalty. |
(g) | On October 20, 2011, holders representing $59.5 million of the outstanding Exchangeable Notes exercised their right to cause the Company to redeem their notes at par plus accrued and unpaid interest leaving an outstanding balance of $0.4 million. On December 8, 2011, the Company redeemed the remaining balance of the Exchangeable Notes pursuant to its right under the indenture agreement (see related discussion below). |
(h) | On March 31, 2011, the maturity dates of the Bank Term Loan and the Credit Facility were extended to June 29, 2012 from June 29, 2011. On June 29, 2011, the Company paid a total extension fee amounting to $1.2 million which is equal to 15 basis points of the outstanding principal balance of the Bank Term Loan and of the committed amount under the Credit Facility. The extension of the maturity dates was at the Company's option under the Bank Term Loan and the Credit Facility agreements. There were no changes in the terms and conditions of the loan agreements as a result of the maturity date extensions. On December 15, 2011, the Company entered into binding agreements for lender commitments related a new $600.0 million four -year unsecured credit facility (the "New Credit Facility") and three unsecured term loans in the same aggregate amount of $600.0 million (collectively, the “New Term Loans”), consisting of a $150.0 million three-year loan, a $250.0 million four-year loan and a $200.0 million seven-year loan. Please see below for a related discussion regarding the New Credit Facility and Term Loans. |
Notes | Repurchase Amount | Principal | Loss | Deferred Financing Amortization | |||||||||||
2011 3.875% Notes | $ | 59,835 | $ | 59,835 | $ | — | $ | — | |||||||
2012 5.750% Notes | 24,749 | 23,709 | 868 | 32 | |||||||||||
2015 7.500% Notes | 25,140 | 22,671 | 2,396 | 120 | |||||||||||
$ | 109,724 | $ | 106,215 | $ | 3,264 | $ | 152 |
2012 | $ | 476,889 | |
2013 | 66,806 | ||
2014 | 254,787 | ||
2015 | 327,225 | ||
2016 | 347,065 | ||
Thereafter | 927,730 | ||
Total principal payments | 2,400,502 | ||
Net unamortized premiums/(discounts) | (6,507 | ) | |
Outstanding indebtedness | $ | 2,393,995 |
8. | FAIR VALUE OF FINANCIAL INSTRUMENTS |
December 31, 2011 | December 31, 2010 | ||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||
Mortgage payable, net of premiums | $ | 512,391 | $ | 545,784 | $ | 712,246 | $ | 726,348 | |||||||||
Unsecured notes payable, net of discounts | $ | 1,496,501 | $ | 1,555,633 | $ | 1,277,716 | $ | 1,338,743 | |||||||||
Variable Rate Debt Instruments | $ | 391,610 | $ | 380,786 | $ | 444,610 | $ | 432,556 | |||||||||
Notes Receivable | $ | 31,157 | (a) | $ | 32,756 | $ | 31,216 | (a) | $ | 28,921 |
(a) | For purposes of this disclosure, one of the notes is presented gross of the deferred gain of $12.9 million arising from the sale of the two Trenton properties in 2009 accounted for under the accounting standard for installment sales. |
9. | RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS |
Hedge Product | Hedge Type | Designation | Notional Amount | Strike | Trade Date | Maturity Date | Fair value | ||||||||||||
Swap | Interest Rate | Cash Flow | (a) | $ | 200,000 | 3.623 | % | December 6-13, 2011 | February 1, 2019 | $ | 2,820 | ||||||||
Swap | Interest Rate | Cash Flow | (a) | 127,000 | 2.702 | % | December 9-13, 2011 | February 1, 2016 | 340 | ||||||||||
Swap | Interest Rate | Cash Flow | (a) | 50,000 | 2.470 | % | December 13, 2011 | February 1, 2015 | 65 | ||||||||||
Swap | Interest Rate | Cash Flow | (a) | 23,000 | 2.513 | % | December 7-12, 2011 | May 1, 2015 | 27 | ||||||||||
Swap | Interest Rate | Cash Flow | (a) | 27,062 | 2.750 | % | December 21, 2011 | September 30, 2017 | 244 | ||||||||||
Swap | Interest Rate | Cash Flow | (a) | 25,774 | 3.300 | % | December 22, 2011 | January 30, 2021 | 390 | ||||||||||
$ | 452,836 | $ | 3,886 |
10. | DISCONTINUED OPERATIONS |
Years ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
Revenue: | |||||||||||
Rents | $ | 3,779 | $ | 9,363 | $ | 19,095 | |||||
Tenant reimbursements | 1,198 | 3,678 | 8,453 | ||||||||
Termination fees | 33 | 190 | — | ||||||||
Other | (50 | ) | 70 | 238 | |||||||
Total revenue | 4,960 | 13,301 | 27,786 | ||||||||
Expenses: | |||||||||||
Property operating expenses | 1,717 | 4,641 | 9,884 | ||||||||
Real estate taxes | 559 | 1,816 | 3,769 | ||||||||
Depreciation and amortization | 1,431 | 4,185 | 7,173 | ||||||||
Total operating expenses | 3,707 | 10,642 | 20,826 | ||||||||
Income from discontinued operations before gain on sale of interests in real estate | 1,253 | 2,659 | 6,960 | ||||||||
Net gain on disposition of discontinued operations | 7,264 | 11,011 | 1,241 | ||||||||
Provision for impairment | — | — | (3,700 | ) | |||||||
Income from discontinued operations | $ | 8,517 | $ | 13,670 | $ | 4,501 |
11. | NON-CONTROLLING INTERESTS IN THE PARENT COMPANY |
12. | BENEFICIARIES’ EQUITY OF THE PARENT COMPANY |
Years ended December 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | |||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||
Numerator | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | (13,232 | ) | $ | (13,232 | ) | $ | (31,276 | ) | $ | (31,276 | ) | $ | 3,588 | $ | 3,588 | |||||||
Net (loss) income from continuing operations attributable to non-controlling interests | 548 | 548 | 820 | 820 | 58 | 58 | |||||||||||||||||
Amount allocable to unvested restricted shareholders | (505 | ) | (505 | ) | (512 | ) | (512 | ) | (279 | ) | (279 | ) | |||||||||||
Preferred share dividends | (7,992 | ) | (7,992 | ) | (7,992 | ) | (7,992 | ) | (7,992 | ) | (7,992 | ) | |||||||||||
Loss from continuing operations available to common shareholders | (21,181 | ) | (21,181 | ) | (38,960 | ) | (38,960 | ) | (4,625 | ) | (4,625 | ) | |||||||||||
Income from discontinued operations | 8,517 | 8,517 | 13,670 | 13,670 | 4,501 | 4,501 | |||||||||||||||||
Discontinued operations attributable to non-controlling interests | (332 | ) | (332 | ) | (288 | ) | (288 | ) | (121 | ) | (121 | ) | |||||||||||
Discontinued operations attributable to common shareholders | 8,185 | 8,185 | 13,382 | 13,382 | 4,380 | 4,380 | |||||||||||||||||
Net loss available to common shareholders | $ | (12,996 | ) | $ | (12,996 | ) | $ | (25,578 | ) | $ | (25,578 | ) | $ | (245 | ) | $ | (245 | ) | |||||
Denominator | |||||||||||||||||||||||
Weighted-average shares outstanding | 135,444,424 | 135,444,424 | 131,743,275 | 131,743,275 | 111,898,045 | 111,898,045 | |||||||||||||||||
Contingent securities/Stock based compensation | — | — | — | — | — | 1,353,246 | |||||||||||||||||
Total weighted-average shares outstanding | 135,444,424 | 135,444,424 | 131,743,275 | 131,743,275 | 111,898,045 | 113,251,291 | |||||||||||||||||
Earnings (loss) per Common Share: | |||||||||||||||||||||||
Loss from continuing operations attributable to common shareholders | $ | (0.16 | ) | $ | (0.16 | ) | $ | (0.29 | ) | $ | (0.29 | ) | $ | (0.04 | ) | $ | (0.04 | ) | |||||
Discontinued operations attributable to common shareholders | 0.06 | 0.06 | 0.10 | 0.10 | 0.04 | 0.04 | |||||||||||||||||
Net loss attributable to common shareholders | $ | (0.10 | ) | $ | (0.10 | ) | $ | (0.19 | ) | $ | (0.19 | ) | $ | — | $ | — |
13. | PARTNERS’ EQUITY OF THE OPERATING PARTNERSHIP |
Years ended December 31, | |||||||||||||||||||||||
2011 | 2010 | 2009 | |||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | ||||||||||||||||||
Numerator | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | (13,232 | ) | $ | (13,232 | ) | $ | (31,276 | ) | $ | (31,276 | ) | $ | 3,588 | $ | 3,588 | |||||||
Net (loss) income from continuing operations attributable to non-controlling interests | — | — | — | — | (30 | ) | (30 | ) | |||||||||||||||
Amount allocable to unvested restricted unitholders | (505 | ) | (505 | ) | (512 | ) | (512 | ) | (279 | ) | (279 | ) | |||||||||||
Preferred share dividends | (7,992 | ) | (7,992 | ) | (7,992 | ) | (7,992 | ) | (7,992 | ) | (7,992 | ) | |||||||||||
Loss from continuing operations available to common unitholders | (21,729 | ) | (21,729 | ) | (39,780 | ) | (39,780 | ) | (4,713 | ) | (4,713 | ) | |||||||||||
Discontinued operations attributable to common unitholders | 8,517 | 8,517 | 13,670 | 13,670 | 4,501 | 4,501 | |||||||||||||||||
Net loss available to common unitholders | $ | (13,212 | ) | $ | (13,212 | ) | $ | (26,110 | ) | $ | (26,110 | ) | $ | (212 | ) | $ | (212 | ) | |||||
Denominator | |||||||||||||||||||||||
Weighted-average units outstanding | 145,118,841 | 145,118,841 | 137,454,796 | 137,454,796 | 114,712,869 | 114,712,869 | |||||||||||||||||
Contingent securities/Stock based compensation | — | — | — | — | — | 1,353,246 | |||||||||||||||||
Total weighted-average units outstanding | 145,118,841 | 145,118,841 | 137,454,796 | 137,454,796 | 114,712,869 | 116,066,115 | |||||||||||||||||
Earnings (loss) per Common Share: | |||||||||||||||||||||||
Loss from continuing operations attributable to common unitholders | $ | (0.15 | ) | $ | (0.15 | ) | $ | (0.29 | ) | $ | (0.29 | ) | $ | (0.04 | ) | $ | (0.04 | ) | |||||
Discontinued operations attributable to common unitholders | 0.06 | 0.06 | 0.10 | 0.10 | 0.04 | 0.04 | |||||||||||||||||
Net loss attributable to common unitholders | $ | (0.09 | ) | $ | (0.09 | ) | $ | (0.19 | ) | $ | (0.19 | ) | $ | — | $ | — |
14. | SHARE BASED COMPENSATION, 401(k) PLAN AND DEFERRED COMPENSATION |
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||||
Outstanding at January 1, 2011 | 3,116,611 | $ | 14.56 | 7.81 | $ | (9,080,625 | ) | ||||||
Granted | 603,241 | 11.89 | 9.18 | (1,441,746 | ) | ||||||||
Exercised | (120,180 | ) | 2.91 | ||||||||||
Outstanding at December 31, 2011 | 3,599,672 | $ | 14.50 | 7.20 | $ | (18,015,060 | ) | ||||||
Vested/Exercisable at December 31, 2011 | 2,287,729 | $ | 17.01 | 6.59 | $ | (16,912,225 | ) |
Grant Date | March 2, 2011 | March 4, 2010 | |||
Risk-free interest rate | 2.86% | 3.03% | |||
Dividend yield | 5.01% | 6.53% | |||
Volatility factor | 48.02% | 46.89% | |||
Weighted-average expected life | 7 | yrs | 7 | yrs |
Years ended December 31, | |||||||||||||||||||
2010 | 2009 | ||||||||||||||||||
Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in Years) | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in Years) | ||||||||||||||
Outstanding at beginning of year | 2,404,567 | $ | 15.48 | 8.38 | 1,754,648 | $ | 20.41 | 8.77 | |||||||||||
Granted | 724,805 | 11.31 | 9.18 | 676,491 | 2.91 | 9.25 | |||||||||||||
Forfeited/Expired | (12,761 | ) | 2.91 | — | (26,572 | ) | 20.61 | — | |||||||||||
Outstanding at end of year | 3,116,611 | $ | 14.56 | 7.81 | 2,404,567 | $ | 15.48 | 8.38 | |||||||||||
Vested/Exercisable at end of year | 1,384,728 | $ | 17.63 | 7.14 | 616,119 | $ | 20.03 | 7.54 |
Shares | Weighted Average Grant Date Fair value | |||||
Non-vested at January 1, 2011 | 851,278 | $ | 10.75 | |||
Granted | 197,035 | 11.92 | ||||
Vested | (237,541 | ) | 19.76 | |||
Forfeited | (3,481 | ) | 11.47 | |||
Non-vested at December 31, 2011 | 807,291 | $ | 9.46 |
15. | DISTRIBUTIONS |
Years ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
Common Share Distributions: | |||||||||||
Ordinary income | $ | 0.37 | $ | 0.60 | $ | 0.60 | |||||
Capital gain | — | — | — | ||||||||
Non-taxable distributions | 0.23 | — | — | ||||||||
Distributions per share | $ | 0.60 | $ | 0.60 | $ | 0.60 | |||||
Percentage classified as ordinary income | 61.67 | % | 100 | % | 100 | % | |||||
Percentage classified as capital gain | — | % | — | % | — | % | |||||
Percentage classified as non-taxable distribution | 38.33 | % | — | % | — | % | |||||
Preferred Share Distributions: | |||||||||||
Total distributions declared | $ | 7,992,000 | $ | 7,992,000 | $ | 7,992,000 |
Parent Company | Unrealized Gains (Losses) on Securities | Cash Flow Hedges | Accumulated Other Comprehensive Loss | |||||||||
Balance at January 1, 2009 | $ | (9 | ) | $ | (16,996 | ) | $ | (17,005 | ) | |||
Change during year | — | 7,395 | 7,395 | |||||||||
Non-controlling interest — consolidated real estate venture partner’s share of unrealized (gains)/losses on derivative financial instruments | — | 290 | 290 | |||||||||
Ineffectiveness of forward starting swaps | — | (125 | ) | (125 | ) | |||||||
Other | — | 491 | 491 | |||||||||
Reclassification adjustments for (gains) losses reclassified into operations | — | (184 | ) | (184 | ) | |||||||
Balance at December 31, 2009 | $ | (9 | ) | $ | (9,129 | ) | $ | (9,138 | ) | |||
Change during year | — | 7,320 | 7,320 | |||||||||
Non-controlling interest — consolidated real estate venture partner’s share of unrealized (gains)/losses on derivative financial instruments | — | (155 | ) | (155 | ) | |||||||
Reclassification adjustments for (gains) losses reclassified into operations | — | 28 | 28 | |||||||||
Balance at December 31, 2010 | $ | (9 | ) | $ | (1,936 | ) | $ | (1,945 | ) | |||
Change during year | — | (4,499 | ) | (4,499 | ) | |||||||
Non-controlling interest — consolidated real estate venture partner’s share of unrealized (gains)/losses on derivative financial instruments | — | 212 | 212 | |||||||||
Reclassification adjustments for (gains) losses reclassified into operations | — | 153 | 153 | |||||||||
Balance at December 31, 2011 | $ | (9 | ) | $ | (6,070 | ) | $ | (6,079 | ) |
Operating Partnership | Unrealized Gains (Losses) on Securities | Cash Flow Hedges | Accumulated Other Comprehensive Loss | |||||||||
Balance at January 1, 2009 | $ | (9 | ) | $ | (16,996 | ) | $ | (17,005 | ) | |||
Change during year | — | 7,395 | 7,395 | |||||||||
Ineffectiveness of forward starting swaps | — | (125 | ) | (125 | ) | |||||||
Other | — | 491 | 491 | |||||||||
Reclassification adjustments for (gains) losses reclassified into operations | — | (184 | ) | (184 | ) | |||||||
Balance at December 31, 2009 | $ | (9 | ) | $ | (9,419 | ) | $ | (9,428 | ) | |||
Change during year | — | 7,320 | 7,320 | |||||||||
Reclassification adjustments for (gains) losses reclassified into operations | — | 28 | 28 | |||||||||
Balance at December 31, 2010 | $ | (9 | ) | $ | (2,071 | ) | $ | (2,080 | ) | |||
Change during year | (4,499 | ) | (4,499 | ) | ||||||||
Reclassification adjustments for (gains) losses reclassified into operations | — | 153 | 153 | |||||||||
Balance at December 31, 2011 | $ | (9 | ) | $ | (6,417 | ) | $ | (6,426 | ) |
Pennsylvania Suburbs | Philadelphia CBD | Metropolitan, D.C. | New Jersey /Delaware | Richmond, Virginia | Austin, Texas | California | Corporate | Total | |||||||||||||||||||||||||||
2011: | |||||||||||||||||||||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||||||||||||||||||
Operating properties | $ | 1,218,071 | $ | 953,870 | $ | 1,255,803 | $ | 545,657 | $ | 307,698 | $ | 257,694 | $ | 254,287 | $ | — | $ | 4,793,080 | |||||||||||||||||
Construction-in-progress | 25,083 | $ | 25,083 | ||||||||||||||||||||||||||||||||
Land inventory | 109,008 | $ | 109,008 | ||||||||||||||||||||||||||||||||
Total revenue | 158,248 | 125,366 | 128,456 | 81,629 | 36,789 | 30,895 | 21,670 | (1,248 | ) | 581,805 | |||||||||||||||||||||||||
Property operating expenses, real estate taxes and third party management expenses | 58,440 | 48,792 | 47,786 | 40,500 | 14,727 | 13,048 | 11,507 | (989 | ) | 233,811 | |||||||||||||||||||||||||
Net operating income | $ | 99,808 | $ | 76,574 | $ | 80,670 | $ | 41,129 | $ | 22,062 | $ | 17,847 | $ | 10,163 | $ | (259 | ) | $ | 347,994 | ||||||||||||||||
2010: | |||||||||||||||||||||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||||||||||||||||||
Operating properties | $ | 1,199,957 | $ | 911,354 | $ | 1,359,776 | $ | 568,413 | $ | 294,406 | $ | 254,019 | $ | 246,186 | $ | — | $ | 4,834,111 | |||||||||||||||||
Construction-in-progress | — | — | — | — | — | — | — | 33,322 | 33,322 | ||||||||||||||||||||||||||
Land inventory | — | — | — | — | — | — | — | 110,055 | 110,055 | ||||||||||||||||||||||||||
Total revenue | 152,380 | 92,110 | 137,923 | 87,711 | 36,032 | 32,049 | 22,551 | (800 | ) | 559,956 | |||||||||||||||||||||||||
Property operating expenses, real estate taxes and third party management expenses | 59,065 | 37,896 | 48,318 | 44,137 | 14,010 | 13,401 | 11,852 | (1,338 | ) | 227,341 | |||||||||||||||||||||||||
Net operating income | $ | 93,315 | $ | 54,214 | $ | 89,605 | $ | 43,574 | $ | 22,022 | $ | 18,648 | $ | 10,699 | $ | 538 | $ | 332,615 | |||||||||||||||||
2009: | |||||||||||||||||||||||||||||||||||
Real estate investments, at cost: | |||||||||||||||||||||||||||||||||||
Operating properties | $ | 1,219,391 | $ | 490,602 | $ | 1,372,213 | $ | 605,181 | $ | 301,474 | $ | 268,806 | $ | 254,951 | $ | — | $ | 4,512,618 | |||||||||||||||||
Construction-in-progress | — | — | — | — | — | — | 271,962 | 271,962 | |||||||||||||||||||||||||||
Land inventory | — | — | — | — | — | — | 97,368 | 97,368 | |||||||||||||||||||||||||||
Total revenue | 157,616 | 73,534 | 140,438 | 98,344 | 36,201 | 31,311 | 29,283 | 1,193 | 567,920 | ||||||||||||||||||||||||||
Property operating expenses, real estate taxes and third party management expenses | 56,297 | 31,479 | 52,899 | 45,421 | 13,871 | 14,351 | 14,735 | (1,893 | ) | 227,160 | |||||||||||||||||||||||||
Net operating income | $ | 101,319 | $ | 42,055 | $ | 87,539 | $ | 52,923 | $ | 22,330 | $ | 16,960 | $ | 14,548 | $ | 3,086 | $ | 340,760 |
Year Ended December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(amounts in thousands) | |||||||||||
Consolidated net operating income | $ | 347,994 | $ | 332,615 | $ | 340,760 | |||||
Less: | |||||||||||
Interest expense | (131,405 | ) | (132,640 | ) | (135,740 | ) | |||||
Deferred financing costs | (4,991 | ) | (3,770 | ) | (5,864 | ) | |||||
Depreciation and amortization | (217,680 | ) | (210,592 | ) | (203,572 | ) | |||||
Administrative expenses | (24,602 | ) | (23,306 | ) | (20,821 | ) | |||||
Recognized Hedge Activity | — | — | (916 | ) | |||||||
Plus: | |||||||||||
Interest income | 1,813 | 3,222 | 2,499 | ||||||||
Historic tax credit transaction income | 12,026 | — | — | ||||||||
Equity in income of real estate ventures | 3,775 | 5,305 | 4,069 | ||||||||
Net gain on sales of interests in real estate ventures | 2,791 | — | (3 | ) | |||||||
Net gain on sale of undepreciated real estate | 45 | — | — | ||||||||
Loss on real estate venture formation | (222 | ) | — | — | |||||||
Gain (loss) on early extinguishment of debt | (2,776 | ) | (2,110 | ) | 23,176 | ||||||
Income (loss) from continuing operations | (13,232 | ) | (31,276 | ) | 3,588 | ||||||
Income from discontinued operations | 8,517 | 13,670 | 4,501 | ||||||||
Net income (loss) | $ | (4,715 | ) | $ | (17,606 | ) | $ | 8,089 |
Year | Minimum Rent | ||
2012 | $ | 443,103 | |
2013 | 424,764 | ||
2014 | 384,539 | ||
2015 | 344,641 | ||
2016 | 295,045 | ||
Thereafter | 1,090,697 |
2012 | $ | 1,818 | |
2013 | 1,818 | ||
2014 | 1,818 | ||
2015 | 1,909 | ||
2016 | 1,909 | ||
Thereafter | 289,440 |
1st Quarter (a) | 2nd Quarter (b) | 3rd Quarter | 4th Quarter | ||||||||||||
2011: | |||||||||||||||
Total revenue | $ | 146,794 | $ | 144,094 | $ | 144,308 | $ | 146,609 | |||||||
Net income (loss) | (490 | ) | (6,234 | ) | 6,611 | (4,602 | ) | ||||||||
Net income (loss) allocated to Common Shares | (439 | ) | (6,069 | ) | 6,249 | (4,240 | ) | ||||||||
Basic earnings (loss) per Common Share | $ | (0.02 | ) | $ | (0.06 | ) | $ | 0.03 | $ | (0.05 | ) | ||||
Diluted earnings (loss) per Common Share | $ | (0.02 | ) | $ | (0.06 | ) | $ | 0.03 | $ | (0.05 | ) | ||||
2010: | |||||||||||||||
Total revenue | $ | 139,502 | $ | 134,191 | $ | 140,179 | $ | 146,084 | |||||||
Net loss | (399 | ) | (5,600 | ) | (6,616 | ) | (4,991 | ) | |||||||
Loss allocated to Common Shares | (348 | ) | (5,441 | ) | (6,437 | ) | (4,848 | ) | |||||||
Basic loss per Common Share | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.06 | ) | $ | (0.05 | ) | |||
Diluted loss per Common Share | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.06 | ) | $ | (0.05 | ) |
(a) | During the first quarter of 2011, the Company recorded additional income of $0.5 million related to electricity charges in prior years that were under-billed to a certain tenant. This resulted in the overstatement of total revenue by $0.5 million during the current year and in the understatement of total revenue by $0.3 million and $0.2 million for the years ended December 31, 2009 and 2008, respectively. As management believes that this error was not material to prior years' consolidated financial statements and that the impact of recording the error in the current year is not material to the Company's consolidated financial statements, the Company recorded the related adjustment in the current year. |
(b) | The consolidated statement of operations for the second quarter of 2011 also contained an out of period depreciation and amortization expense adjustment of $4.7 million relating to intangible assets representing tenant relationships and in-place leases that should have been written off in prior periods. This resulted in the overstatement of depreciation and amortization expense by $4.7 million million in the current year. During the year ended December 31, 2010, depreciation and amortization expense was overstated by $1.7 million and was understated by $1.4 million, $1.8 million, $1.7 million and $1.5 million during the years ended December 31, 2009, 2008, 2007, and 2006, respectively. As management believes that this error was not material to prior years' consolidated financial statements and that the impact of recording the error in the current year is not material to the Company's consolidated financial statements, the Company recorded the related adjustment during the current year. |
Description | Balance at Beginning of Period | Additions | Deductions (1) | Balance at End of Period | ||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||
Year ended December 31, 2011 | $ | 15,222 | $ | 928 | $ | 665 | $ | 15,485 | ||||||||
Year ended December 31, 2010 | $ | 16,363 | $ | 763 | $ | 1,904 | $ | 15,222 | ||||||||
Year ended December 31, 2009 | $ | 15,474 | $ | 2,596 | $ | 1,707 | $ | 16,363 |
(1) | Deductions represent amounts that the Company had fully reserved for in prior periods and pursuit of collection of such amounts was ceased during the period. |
Gross Amount at Which Carried | |||||||||||||||||||||||||||||||||||
Initial Cost | December 31, 2011 | ||||||||||||||||||||||||||||||||||
Property Name | City | State | Encumberances at December 31, 2011 (a) | Land | Building and Improvements | Net Improvements (Retirements) Since Acquisition | Land | Building and Improvements | Total (b) | Accumulated Depreciation at December 31, 2011 (c) | Year of Construction | Year Acquired | Depreciable Life | ||||||||||||||||||||||
PENNSYLVANIA SUBURBS | |||||||||||||||||||||||||||||||||||
400 Berwyn Park | Berwyn | PA | — | 2,657 | 4,462 | 15,031 | 2,657 | 19,493 | 22,150 | 6,742 | 1999 | 1999 | 40 | ||||||||||||||||||||||
300 Berwyn Park | Berwyn | PA | 9,971 | 2,206 | 13,422 | 4,161 | 2,206 | 17,583 | 19,789 | 6,554 | 1989 | 1997 | 40 | ||||||||||||||||||||||
1200 Swedesford Road | Berwyn | PA | 1,887 | 2,595 | 11,809 | 3,778 | 2,596 | 15,586 | 18,182 | 3,893 | 1994 | 2001 | 40 | ||||||||||||||||||||||
1050 Westlakes Drive | Berwyn | PA | — | 2,611 | 10,445 | 5,046 | 2,611 | 15,491 | 18,102 | 5,820 | 1984 | 1999 | 40 | ||||||||||||||||||||||
200 Berwyn Park | Berwyn | PA | 6,887 | 1,533 | 9,460 | 1,615 | 1,533 | 11,075 | 12,608 | 4,512 | 1987 | 1997 | 40 | ||||||||||||||||||||||
1180 Swedesford Road | Berwyn | PA | — | 2,086 | 8,342 | 1,262 | 2,085 | 9,605 | 11,690 | 3,198 | 1987 | 2001 | 40 | ||||||||||||||||||||||
100 Berwyn Park | Berwyn | PA | 5,299 | 1,180 | 7,290 | 2,144 | 1,180 | 9,434 | 10,614 | 3,636 | 1986 | 1997 | 40 | ||||||||||||||||||||||
1160 Swedesford Road | Berwyn | PA | — | 1,781 | 7,124 | 1,071 | 1,781 | 8,195 | 9,976 | 2,690 | 1986 | 2001 | 40 | ||||||||||||||||||||||
1100 Cassett Road | Berwyn | PA | — | 1,695 | 6,779 | 102 | 1,694 | 6,882 | 8,576 | 1,823 | 1997 | 2001 | 40 | ||||||||||||||||||||||
980 Harvest Drive | Blue Bell | PA | — | 3,304 | 16,960 | (808 | ) | 3,304 | 16,152 | 19,456 | 5,167 | 1988 | 2002 | 40 | |||||||||||||||||||||
925 Harvest Drive | Blue Bell | PA | — | 1,671 | 6,606 | 770 | 1,670 | 7,377 | 9,047 | 2,837 | 1990 | 1998 | 40 | ||||||||||||||||||||||
920 Harvest Drive | Blue Bell | PA | — | 1,209 | 6,595 | (125 | ) | 1,208 | 6,471 | 7,679 | 3,088 | 1990 | 1998 | 40 | |||||||||||||||||||||
426 Lancaster Avenue | Devon | PA | — | 1,689 | 6,756 | 405 | 1,688 | 7,162 | 8,850 | 2,884 | 1990 | 1998 | 40 | ||||||||||||||||||||||
52 Swedesford Square | East Whiteland Twp. | PA | — | 4,241 | 16,579 | 557 | 4,241 | 17,136 | 21,377 | 6,341 | 1988 | 1998 | 40 | ||||||||||||||||||||||
429 Creamery Way | Exton | PA | — | 1,368 | 5,471 | 451 | 1,368 | 5,922 | 7,290 | 1,667 | 1996 | 2001 | 40 | ||||||||||||||||||||||
412 Creamery Way | Exton | PA | — | 1,195 | 4,779 | 1,123 | 1,195 | 5,902 | 7,097 | 1,612 | 1999 | 2001 | 40 | ||||||||||||||||||||||
440 Creamery Way | Exton | PA | — | 982 | 3,927 | 1,900 | 982 | 5,827 | 6,809 | 2,124 | 1991 | 2001 | 40 | ||||||||||||||||||||||
436 Creamery Way | Exton | PA | — | 994 | 3,978 | 686 | 994 | 4,664 | 5,658 | 1,251 | 1991 | 2001 | 40 | ||||||||||||||||||||||
467 Creamery Way | Exton | PA | — | 906 | 3,623 | 1,070 | 906 | 4,693 | 5,599 | 1,353 | 1988 | 2001 | 40 | ||||||||||||||||||||||
100 Arrandale Boulevard | Exton | PA | — | 970 | 3,878 | 274 | 970 | 4,152 | 5,122 | 1,275 | 1997 | 2001 | 40 | ||||||||||||||||||||||
457 Creamery Way | Exton | PA | — | 777 | 3,107 | 1,035 | 777 | 4,142 | 4,919 | 1,062 | 1990 | 2001 | 40 | ||||||||||||||||||||||
486 Thomas Jones Way | Exton | PA | — | 806 | 3,256 | 605 | 806 | 3,861 | 4,667 | 1,710 | 1990 | 1996 | 40 | ||||||||||||||||||||||
468 Thomas Jones Way | Exton | PA | — | 526 | 2,112 | 612 | 526 | 2,724 | 3,250 | 972 | 1990 | 1996 | 40 | ||||||||||||||||||||||
456 Creamery Way | Exton | PA | — | 635 | 2,548 | (48 | ) | 636 | 2,499 | 3,135 | 1,135 | 1987 | 1996 | 40 | |||||||||||||||||||||
481 John Young Way | Exton | PA | — | 496 | 1,983 | 14 | 496 | 1,997 | 2,493 | 540 | 1997 | 2001 | 40 | ||||||||||||||||||||||
111 Arrandale Road | Exton | PA | — | 262 | 1,048 | 125 | 262 | 1,173 | 1,435 | 404 | 1996 | 2001 | 40 | ||||||||||||||||||||||
One Progress Drive | Horsham | PA | — | 1,399 | 5,629 | 4,466 | 1,399 | 10,095 | 11,494 | 2,777 | 1986 | 1996 | 40 | ||||||||||||||||||||||
500 Enterprise Drive | Horsham | PA | — | 1,303 | 5,188 | 3,228 | 1,303 | 8,416 | 9,719 | 2,566 | 1990 | 1996 | 40 | ||||||||||||||||||||||
640 Freedom Business Center | King Of Prussia | PA | — | 4,222 | 16,891 | 2,964 | 4,222 | 19,855 | 24,077 | 7,867 | 1991 | 1998 | 40 | ||||||||||||||||||||||
555 Croton Road | King of Prussia | PA | — | 4,486 | 17,943 | 1,215 | 4,486 | 19,158 | 23,644 | 5,461 | 1999 | 2001 | 40 | ||||||||||||||||||||||
630 Allendale Road | King of Prussia | PA | — | 2,836 | 4,028 | 12,275 | 2,636 | 16,503 | 19,139 | 4,385 | 2000 | 2000 | 40 | ||||||||||||||||||||||
1000 First Avenue | King Of Prussia | PA | — | 2,772 | 10,936 | 3,524 | 2,772 | 14,460 | 17,232 | 5,838 | 1980 | 1998 | 40 | ||||||||||||||||||||||
620 Freedom Business Center | King Of Prussia | PA | — | 2,770 | 11,014 | 3,413 | 2,769 | 14,428 | 17,197 | 6,184 | 1986 | 1998 | 40 | ||||||||||||||||||||||
1060 First Avenue | King Of Prussia | PA | — | 2,712 | 10,953 | 2,378 | 2,712 | 13,331 | 16,043 | 5,006 | 1987 | 1998 | 40 | ||||||||||||||||||||||
1040 First Avenue | King Of Prussia | PA | — | 2,860 | 11,282 | 1,303 | 2,860 | 12,585 | 15,445 | 4,717 | 1985 | 1998 | 40 | ||||||||||||||||||||||
Gross Amount at Which Carried | |||||||||||||||||||||||||||||||||||
Initial Cost | December 31, 2011 | ||||||||||||||||||||||||||||||||||
Property Name | City | State | Encumberances at December 31, 2011 (a) | Land | Building and Improvements | Net Improvements (Retirements) Since Acquisition | Land | Building and Improvements | Total (b) | Accumulated Depreciation at December 31, 2011 (c) | Year of Construction | Year Acquired | Depreciable Life | ||||||||||||||||||||||
630 Freedom Business Center | King Of Prussia | PA | — | 2,773 | 11,144 | 1,199 | 2,773 | 12,343 | 15,116 | 4,910 | 1989 | 1998 | 40 | ||||||||||||||||||||||
1020 First Avenue | King Of Prussia | PA | — | 2,168 | 8,576 | 4,117 | 2,168 | 12,693 | 14,861 | 5,079 | 1984 | 1998 | 40 | ||||||||||||||||||||||
610 Freedom Business Center | King Of Prussia | PA | — | 2,017 | 8,070 | 1,195 | 2,017 | 9,265 | 11,282 | 3,546 | 1985 | 1998 | 40 | ||||||||||||||||||||||
500 North Gulph Road | King Of Prussia | PA | — | 1,303 | 5,201 | 1,834 | 1,303 | 7,035 | 8,338 | 2,988 | 1979 | 1996 | 40 | ||||||||||||||||||||||
650 Park Avenue | King Of Prussia | PA | — | 1,916 | 4,378 | 2,042 | 1,917 | 6,419 | 8,336 | 2,819 | 1968 | 1998 | 40 | ||||||||||||||||||||||
741 First Avenue | King Of Prussia | PA | — | 1,287 | 5,151 | 12 | 1,288 | 5,162 | 6,450 | 1,996 | 1966 | 1998 | 40 | ||||||||||||||||||||||
875 First Avenue | King Of Prussia | PA | — | 618 | 2,473 | 3,239 | 618 | 5,712 | 6,330 | 2,438 | 1966 | 1998 | 40 | ||||||||||||||||||||||
751-761 Fifth Avenue | King Of Prussia | PA | — | 1,097 | 4,391 | 31 | 1,097 | 4,422 | 5,519 | 1,712 | 1967 | 1998 | 40 | ||||||||||||||||||||||
600 Park Avenue | King Of Prussia | PA | — | 1,012 | 4,048 | 385 | 1,012 | 4,433 | 5,445 | 1,684 | 1964 | 1998 | 40 | ||||||||||||||||||||||
620 Allendale Road | King Of Prussia | PA | — | 1,020 | 3,839 | 503 | 1,020 | 4,342 | 5,362 | 1,645 | 1961 | 1998 | 40 | ||||||||||||||||||||||
660 Allendale Road | King Of Prussia | PA | — | 396 | 948 | 2,505 | 1,085 | 2,764 | 3,849 | 42 | 2011 | 1998 | 40 | ||||||||||||||||||||||
640 Allendale Road | King of Prussia | PA | — | 439 | 432 | 1,553 | 439 | 1,985 | 2,424 | 564 | 2000 | 2000 | 40 | ||||||||||||||||||||||
101 Lindenwood Drive | Malvern | PA | — | 4,152 | 16,606 | 3,331 | 4,152 | 19,937 | 24,089 | 4,954 | 1988 | 2001 | 40 | ||||||||||||||||||||||
301 Lindenwood Drive | Malvern | PA | — | 2,729 | 10,915 | 1,264 | 2,729 | 12,179 | 14,908 | 3,541 | 1984 | 2001 | 40 | ||||||||||||||||||||||
300 Lindenwood Drive | Malvern | PA | — | 848 | 3,394 | 1,334 | 849 | 4,727 | 5,576 | 1,532 | 1991 | 2001 | 40 | ||||||||||||||||||||||
1700 Paoli Pike | Malvern | PA | — | 458 | 559 | 3,018 | 488 | 3,547 | 4,035 | 977 | 2000 | 2000 | 40 | ||||||||||||||||||||||
100 Lindenwood Drive | Malvern | PA | — | 473 | 1,892 | 188 | 474 | 2,079 | 2,553 | 575 | 1985 | 2001 | 40 | ||||||||||||||||||||||
200 Lindenwood Drive | Malvern | PA | — | 324 | 1,295 | 335 | 324 | 1,630 | 1,954 | 378 | 1984 | 2001 | 40 | ||||||||||||||||||||||
14 Campus Boulevard | Newtown Square | PA | 6,384 | 2,244 | 4,217 | 1,515 | 2,243 | 5,733 | 7,976 | 2,311 | 1998 | 1998 | 40 | ||||||||||||||||||||||
11 Campus Boulevard | Newtown Square | PA | 4,379 | 1,112 | 4,067 | 1,047 | 1,112 | 5,114 | 6,226 | 1,836 | 1998 | 1999 | 40 | ||||||||||||||||||||||
17 Campus Boulevard | Newtown Square | PA | 4,458 | 1,108 | 5,155 | (397 | ) | 1,108 | 4,758 | 5,866 | 1,098 | 2001 | N/A | 40 | |||||||||||||||||||||
15 Campus Boulevard | Newtown Square | PA | 4,555 | 1,164 | 3,896 | 229 | 1,164 | 4,125 | 5,289 | 1,016 | 2002 | N/A | 40 | ||||||||||||||||||||||
18 Campus Boulevard | Newtown Square | PA | 3,431 | 787 | 3,312 | 313 | 787 | 3,625 | 4,412 | 1,780 | 1990 | 1996 | 40 | ||||||||||||||||||||||
401 Plymouth Road | Plymouth Meeting | PA | — | 6,198 | 16,131 | 15,959 | 6,199 | 32,089 | 38,288 | 8,130 | 2001 | N/A | 40 | ||||||||||||||||||||||
4000 Chemical Road | Plymouth Meeting | PA | — | 4,373 | 24,546 | 4,509 | 4,373 | 29,055 | 33,428 | 4,005 | 2006 | N/A | 40 | ||||||||||||||||||||||
610 West Germantown Pike | Plymouth Meeting | PA | — | 3,651 | 14,514 | 3,017 | 3,651 | 17,531 | 21,182 | 4,595 | 1987 | 2002 | 40 | ||||||||||||||||||||||
600 West Germantown Pike | Plymouth Meeting | PA | — | 3,652 | 15,288 | 1,958 | 3,652 | 17,246 | 20,898 | 4,225 | 1986 | 2002 | 40 | ||||||||||||||||||||||
630 West Germantown Pike | Plymouth Meeting | PA | — | 3,558 | 14,743 | 2,199 | 3,558 | 16,942 | 20,500 | 4,585 | 1988 | 2002 | 40 | ||||||||||||||||||||||
620 West Germantown Pike | Plymouth Meeting | PA | — | 3,572 | 14,435 | 1,220 | 3,572 | 15,655 | 19,227 | 3,921 | 1990 | 2002 | 40 | ||||||||||||||||||||||
2240/2250 Butler Pike | Plymouth Meeting | PA | — | 1,104 | 4,627 | 1,277 | 1,104 | 5,904 | 7,008 | 2,929 | 1984 | 1996 | 40 | ||||||||||||||||||||||
2260 Butler Pike | Plymouth Meeting | PA | — | 661 | 2,727 | 1,198 | 662 | 3,924 | 4,586 | 1,710 | 1984 | 1996 | 40 | ||||||||||||||||||||||
120 West Germantown Pike | Plymouth Meeting | PA | — | 685 | 2,773 | 631 | 685 | 3,404 | 4,089 | 1,481 | 1984 | 1996 | 40 | ||||||||||||||||||||||
140 West Germantown Pike | Plymouth Meeting | PA | — | 481 | 1,976 | 318 | 481 | 2,294 | 2,775 | 1,096 | 1984 | 1996 | 40 | ||||||||||||||||||||||
351 Plymouth Road | Plymouth Meeting | PA | — | 1,043 | 555 | — | 1,043 | 555 | 1,598 | 94 | N/A | 2000 | 40 | ||||||||||||||||||||||
150 Radnor Chester Road | Radnor | PA | — | 11,925 | 36,986 | 12,838 | 11,897 | 49,852 | 61,749 | 12,855 | 1983 | 2004 | 29 | ||||||||||||||||||||||
One Radnor Corporate Center | Radnor | PA | — | 7,323 | 28,613 | 22,241 | 7,323 | 50,854 | 58,177 | 10,296 | 1998 | 2004 | 29 | ||||||||||||||||||||||
201 King of Prussia Road | Radnor | PA | — | 8,956 | 29,811 | 6,700 | 8,949 | 36,518 | 45,467 | 11,783 | 2001 | 2004 | 25 |
Gross Amount at Which Carried | |||||||||||||||||||||||||||||||||||
Initial Cost | December 31, 2011 | ||||||||||||||||||||||||||||||||||
Property Name | City | State | Encumberances at December 31, 2011 (a) | Land | Building and Improvements | Net Improvements (Retirements) Since Acquisition | Land | Building and Improvements | Total (b) | Accumulated Depreciation at December 31, 2011 (c) | Year of Construction | Year Acquired | Depreciable Life | ||||||||||||||||||||||
555 Lancaster Avenue | Radnor | PA | — | 8,014 | 16,508 | 18,711 | 8,609 | 34,624 | 43,233 | 9,207 | 1973 | 2004 | 24 | ||||||||||||||||||||||
Four Radnor Corporate Center | Radnor | PA | — | 5,406 | 21,390 | 11,350 | 5,705 | 32,441 | 38,146 | 9,291 | 1995 | 2004 | 30 | ||||||||||||||||||||||
Five Radnor Corporate Center | Radnor | PA | — | 6,506 | 25,525 | 2,159 | 6,578 | 27,612 | 34,190 | 6,414 | 1998 | 2004 | 38 | ||||||||||||||||||||||
Three Radnor Corporate Center | Radnor | PA | — | 4,773 | 17,961 | 2,361 | 4,792 | 20,303 | 25,095 | 5,259 | 1998 | 2004 | 29 | ||||||||||||||||||||||
Two Radnor Corporate Center | Radnor | PA | — | 3,937 | 15,484 | 1,208 | 3,942 | 16,687 | 20,629 | 4,396 | 1998 | 2004 | 29 | ||||||||||||||||||||||
130 Radnor Chester Road | Radnor | PA | — | 2,573 | 8,338 | 3,542 | 2,568 | 11,885 | 14,453 | 2,788 | 1983 | 2004 | 25 | ||||||||||||||||||||||
170 Radnor Chester Road | Radnor | PA | — | 2,514 | 8,147 | 3,283 | 2,508 | 11,436 | 13,944 | 3,203 | 1983 | 2004 | 25 | ||||||||||||||||||||||
101 West Elm Street | W. Conshohocken | PA | — | 6,251 | 25,209 | 3,010 | 6,252 | 28,218 | 34,470 | 4,845 | 1999 | 2005 | 40 | ||||||||||||||||||||||
1 West Elm Street | W. Conshohocken | PA | — | 3,557 | 14,249 | 1,128 | 3,557 | 15,377 | 18,934 | 2,497 | 1999 | 2005 | 40 | ||||||||||||||||||||||
595 East Swedesford Road | Wayne | PA | — | 2,729 | 10,917 | 2,072 | 2,729 | 12,989 | 15,718 | 2,939 | 1998 | 2003 | 40 | ||||||||||||||||||||||
575 East Swedesford Road | Wayne | PA | — | 2,178 | 8,712 | 1,630 | 2,178 | 10,342 | 12,520 | 2,551 | 1985 | 2003 | 40 | ||||||||||||||||||||||
565 East Swedesford Road | Wayne | PA | — | 1,872 | 7,489 | 1,785 | 1,872 | 9,274 | 11,146 | 2,208 | 1984 | 2003 | 40 | ||||||||||||||||||||||
585 East Swedesford Road | Wayne | PA | — | 1,350 | 5,401 | 358 | 1,351 | 5,758 | 7,109 | 1,325 | 1998 | 2003 | 40 | ||||||||||||||||||||||
1336 Enterprise Drive | West Goshen | PA | — | 731 | 2,946 | 47 | 731 | 2,993 | 3,724 | 1,275 | 1989 | 1997 | 40 | ||||||||||||||||||||||
PHILADELPHIA CBD | |||||||||||||||||||||||||||||||||||
2970 Market Street | Philadelphia | PA | 202,905 | 22,430 | 217,763 | 9,956 | 22,430 | 227,719 | 250,149 | 8,408 | 2010 | 2007 | 40 | ||||||||||||||||||||||
2929 Arch Street | Philadelphia | PA | — | — | 208,570 | 18,366 | — | 226,936 | 226,936 | 55,716 | 2005 | N/A | 40 | ||||||||||||||||||||||
130 North 18th Street | Philadelphia | PA | — | 14,496 | 107,736 | 10,054 | 14,473 | 117,813 | 132,286 | 28,639 | 1998 | 2004 | 23 | ||||||||||||||||||||||
100 North 18th Street | Philadelphia | PA | 89,800 | 16,066 | 100,255 | 5,671 | 16,066 | 105,926 | 121,992 | 26,011 | 1988 | 2004 | 33 | ||||||||||||||||||||||
1717 Arch Street | Philadelphia | PA | — | — | 98,188 | 3,346 | — | 101,534 | 101,534 | 7,383 | 1990 | 2010 | 40 | ||||||||||||||||||||||
2930 Chestnut Street | Philadelphia | PA | 44,379 | — | 76,008 | 3,064 | — | 79,072 | 79,072 | 2,600 | 2010 | N/A | 40 | ||||||||||||||||||||||
3020 Market Street | Philadelphia | PA | — | — | 21,417 | 20 | — | 21,437 | 21,437 | 277 | 1959 | 2011 | 26 | ||||||||||||||||||||||
101 - 103 Juniper Street | Philadelphia | PA | — | — | 14,401 | 76 | — | 14,477 | 14,477 | 212 | 2010 | 2006 | 40 | ||||||||||||||||||||||
Philadelphia Marine Center | Philadelphia | PA | — | 532 | 2,196 | 3,236 | 628 | 5,336 | 5,964 | 1,749 | Various | 1998 | 40 | ||||||||||||||||||||||
METROPOLITAN WASHINGTON, D.C. | |||||||||||||||||||||||||||||||||||
11720 Beltsville Drive | Beltsville | MD | — | 3,831 | 16,661 | 4,047 | 3,903 | 20,636 | 24,539 | 4,357 | 1987 | 2006 | 46 | ||||||||||||||||||||||
11700 Beltsville Drive | Beltsville | MD | — | 2,808 | 12,081 | 339 | 2,863 | 12,365 | 15,228 | 2,033 | 1981 | 2006 | 46 | ||||||||||||||||||||||
11710 Beltsville Drive | Beltsville | MD | — | 2,278 | 11,100 | (769 | ) | 2,322 | 10,288 | 12,610 | 1,578 | 1987 | 2006 | 46 | |||||||||||||||||||||
6600 Rockledge Drive | Bethesda | MD | — | — | 37,421 | 11,145 | — | 48,566 | 48,566 | 8,529 | 1981 | 2006 | 50 | ||||||||||||||||||||||
11740 Beltsville Drive | Bethesda | MD | — | 198 | 870 | 42 | 203 | 908 | 1,111 | 146 | 1987 | 2006 | 46 | ||||||||||||||||||||||
12015 Lee Jackson Memorial Highway | Fairfax | VA | — | 3,770 | 22,895 | 2,702 | 3,841 | 25,526 | 29,367 | 3,937 | 1985 | 2006 | 42 | ||||||||||||||||||||||
11781 Lee Jackson Memorial Highway | Fairfax | VA | — | 3,246 | 19,836 | (289 | ) | 3,307 | 19,487 | 22,794 | 3,572 | 1982 | 2006 | 40 | |||||||||||||||||||||
4401 Fair Lakes Court | Fairfax | VA | — | 1,569 | 11,982 | 284 | 1,600 | 12,236 | 13,836 | 1,738 | 1988 | 2006 | 52 | ||||||||||||||||||||||
3141 Fairview Park Drive (d) | Falls Church | VA | 22,000 | 5,918 | 40,981 | 8,917 | 7,081 | 48,736 | 55,817 | 6,499 | 1988 | 2006 | 51 |
Gross Amount at Which Carried | |||||||||||||||||||||||||||||||||||
Initial Cost | December 31, 2011 | ||||||||||||||||||||||||||||||||||
Property Name | City | State | Encumberances at December 31, 2011 (a) | Land | Building and Improvements | Net Improvements (Retirements) Since Acquisition | Land | Building and Improvements | Total (b) | Accumulated Depreciation at December 31, 2011 (c) | Year of Construction | Year Acquired | Depreciable Life | ||||||||||||||||||||||
2340 Dulles Corner Boulevard | Herndon | VA | — | 16,345 | 65,379 | 18,370 | 16,129 | 83,965 | 100,094 | 17,616 | 1987 | 2006 | 40 | ||||||||||||||||||||||
13820 Sunrise Valley Drive | Herndon | VA | — | 11,082 | 47,290 | 19,687 | 11,082 | 66,977 | 78,059 | 8,334 | 2007 | N/A | 40 | ||||||||||||||||||||||
2291 Wood Oak Drive | Herndon | VA | — | 8,243 | 52,413 | 12,805 | 8,781 | 64,680 | 73,461 | 6,930 | 1999 | 2006 | 55 | ||||||||||||||||||||||
2355 Dulles Corner Boulevard | Herndon | VA | — | 10,365 | 43,876 | 4,418 | 10,364 | 48,295 | 58,659 | 7,804 | 1988 | 2006 | 40 | ||||||||||||||||||||||
196/198 Van Buren Street | Herndon | VA | — | 7,931 | 43,812 | 6,058 | 8,348 | 49,453 | 57,801 | 7,660 | 1991 | 2006 | 53 | ||||||||||||||||||||||
2251 Corporate Park Drive | Herndon | VA | — | 11,472 | 45,893 | 337 | 11,471 | 46,231 | 57,702 | 5,942 | 2000 | 2006 | 40 | ||||||||||||||||||||||
2411 Dulles Corner Park | Herndon | VA | — | 7,279 | 46,340 | 3,691 | 7,416 | 49,894 | 57,310 | 7,736 | 1990 | 2006 | 50 | ||||||||||||||||||||||
2121 Cooperative Way | Herndon | VA | — | 5,598 | 38,639 | 1,330 | 5,794 | 39,772 | 45,566 | 4,593 | 2000 | 2006 | 54 | ||||||||||||||||||||||
13880 Dulles Corner Lane | Herndon | VA | — | 7,236 | 39,213 | (1,132 | ) | 7,373 | 37,943 | 45,316 | 4,816 | 1997 | 2006 | 55 | |||||||||||||||||||||
2201 Cooperative Way | Herndon | VA | — | 4,809 | 34,093 | (678 | ) | 4,809 | 33,416 | 38,225 | 3,936 | 1990 | 2006 | 54 | |||||||||||||||||||||
13825 Sunrise Valley Drive | Herndon | VA | — | 3,794 | 19,365 | (851 | ) | 3,865 | 18,443 | 22,308 | 2,480 | 1989 | 2006 | 46 | |||||||||||||||||||||
1676 International Drive | Mclean | VA | 61,976 | 18,437 | 97,538 | 1,650 | 18,785 | 98,840 | 117,625 | 13,100 | 1999 | 2006 | 55 | ||||||||||||||||||||||
8260 Greensboro Drive | Mclean | VA | 32,906 | 7,952 | 33,964 | 242 | 8,103 | 34,055 | 42,158 | 4,509 | 1980 | 2006 | 52 | ||||||||||||||||||||||
1880 Campus Commons Drive | Reston | VA | — | 6,164 | 28,114 | 1,714 | 6,281 | 29,711 | 35,992 | 3,636 | 1985 | 2006 | 52 | ||||||||||||||||||||||
2273 Research Boulevard | Rockville | MD | — | 5,167 | 31,110 | 3,179 | 5,237 | 34,219 | 39,456 | 6,197 | 1999 | 2006 | 45 | ||||||||||||||||||||||
2275 Research Boulevard | Rockville | MD | — | 5,059 | 29,668 | 2,372 | 5,154 | 31,945 | 37,099 | 5,358 | 1990 | 2006 | 45 | ||||||||||||||||||||||
2277 Research Boulevard | Rockville | MD | — | 4,649 | 26,952 | 823 | 4,733 | 27,690 | 32,423 | 4,304 | 1986 | 2006 | 45 | ||||||||||||||||||||||
1900 Gallows Road | Vienna | VA | — | 7,797 | 47,817 | 2,978 | 7,944 | 50,648 | 58,592 | 6,300 | 1989 | 2006 | 52 | ||||||||||||||||||||||
8521 Leesburg Pike | Vienna | VA | — | 4,316 | 30,885 | (1,004 | ) | 4,397 | 29,799 | 34,196 | 4,022 | 1984 | 2006 | 51 | |||||||||||||||||||||
NEW JERSEY/DELAWARE | |||||||||||||||||||||||||||||||||||
457 Haddonfield Road | Cherry Hill | NJ | 11,175 | 2,142 | 9,120 | 853 | 2,142 | 9,973 | 12,115 | 4,138 | 1990 | 1996 | 40 | ||||||||||||||||||||||
220 Lake Drive East | Cherry Hill | NJ | — | 2,144 | 8,798 | 863 | 2,144 | 9,661 | 11,805 | 2,799 | 1988 | 2001 | 40 | ||||||||||||||||||||||
200 Lake Drive East | Cherry Hill | NJ | — | 2,069 | 8,275 | 1,244 | 2,068 | 9,520 | 11,588 | 2,559 | 1989 | 2001 | 40 | ||||||||||||||||||||||
210 Lake Drive East | Cherry Hill | NJ | — | 1,645 | 6,579 | 1,332 | 1,645 | 7,911 | 9,556 | 2,222 | 1986 | 2001 | 40 | ||||||||||||||||||||||
6 East Clementon Road | Gibbsboro | NJ | — | 1,345 | 5,366 | 682 | 1,345 | 6,048 | 7,393 | 2,303 | 1980 | 1997 | 40 | ||||||||||||||||||||||
20 East Clementon Road | Gibbsboro | NJ | — | 769 | 3,055 | 582 | 768 | 3,638 | 4,406 | 1,425 | 1986 | 1997 | 40 | ||||||||||||||||||||||
10 Foster Avenue | Gibbsboro | NJ | — | 244 | 971 | 118 | 244 | 1,089 | 1,333 | 450 | 1983 | 1997 | 40 | ||||||||||||||||||||||
7 Foster Avenue | Gibbsboro | NJ | — | 231 | 921 | 16 | 231 | 937 | 1,168 | 373 | 1983 | 1997 | 40 | ||||||||||||||||||||||
50 East Clementon Road | Gibbsboro | NJ | — | 114 | 964 | 3 | 114 | 967 | 1,081 | 383 | 1986 | 1997 | 40 | ||||||||||||||||||||||
2 Foster Avenue | Gibbsboro | NJ | — | 185 | 730 | 16 | 185 | 746 | 931 | 297 | 1974 | 1997 | 40 | ||||||||||||||||||||||
4 Foster Avenue | Gibbsboro | NJ | — | 183 | 726 | 5 | 182 | 732 | 914 | 290 | 1974 | 1997 | 40 | ||||||||||||||||||||||
1 Foster Avenue | Gibbsboro | NJ | — | 93 | 364 | 76 | 93 | 440 | 533 | 185 | 1972 | 1997 | 40 | ||||||||||||||||||||||
5 U.S. Avenue | Gibbsboro | NJ | — | 21 | 81 | 3 | 21 | 84 | 105 | 33 | 1987 | 1997 | 40 | ||||||||||||||||||||||
5 Foster Avenue | Gibbsboro | NJ | — | 9 | 32 | 26 | 9 | 58 | 67 | 23 | 1968 | 1997 | 40 |
Gross Amount at Which Carried | |||||||||||||||||||||||||||||||||||
Initial Cost | December 31, 2011 | ||||||||||||||||||||||||||||||||||
Property Name | City | State | Encumberances at December 31, 2011 (a) | Land | Building and Improvements | Net Improvements (Retirements) Since Acquisition | Land | Building and Improvements | Total (b) | Accumulated Depreciation at December 31, 2011 (c) | Year of Construction | Year Acquired | Depreciable Life | ||||||||||||||||||||||
1009 Lenox Drive | Lawrenceville | NJ | — | 4,876 | 19,284 | 4,373 | 5,118 | 23,415 | 28,533 | 9,039 | 1989 | 1998 | 40 | ||||||||||||||||||||||
989 Lenox Drive | Lawrenceville | NJ | — | 3,701 | 14,802 | 1,420 | 3,850 | 16,073 | 19,923 | 3,610 | 1984 | 2003 | 40 | ||||||||||||||||||||||
997 Lenox Drive | Lawrenceville | NJ | — | 2,410 | 9,700 | 4,442 | 2,540 | 14,012 | 16,552 | 4,781 | 1987 | 1998 | 40 | ||||||||||||||||||||||
2000 Lenox Drive | Lawrenceville | NJ | — | 2,291 | 12,221 | 1,975 | 2,684 | 13,803 | 16,487 | 3,499 | 2000 | 2000 | 40 | ||||||||||||||||||||||
993 Lenox Drive | Lawrenceville | NJ | — | 2,811 | 17,996 | (4,369 | ) | 2,960 | 13,478 | 16,438 | 5,196 | 1985 | 1998 | 40 | |||||||||||||||||||||
1200 Lenox Drive | Lawrenceville | NJ | — | 1,071 | 12,967 | 1,238 | 1,071 | 14,205 | 15,276 | 1,846 | 2007 | N/A | 40 | ||||||||||||||||||||||
100 Lenox Drive | Lawrenceville | NJ | — | — | — | 12,103 | 1,134 | 10,969 | 12,103 | 1,815 | 1977 | 1999 | 40 | ||||||||||||||||||||||
1000 Lenox Drive | Lawrenceville | NJ | — | 1,174 | 4,696 | 2,180 | 1,244 | 6,806 | 8,050 | 2,677 | 1982 | 2002 | 40 | ||||||||||||||||||||||
1120 Executive Boulevard | Marlton | NJ | — | 2,074 | 8,415 | 1,804 | 2,074 | 10,219 | 12,293 | 4,200 | 1987 | 1997 | 40 | ||||||||||||||||||||||
Two Eves Drive | Marlton | NJ | — | 818 | 3,461 | 178 | 819 | 3,638 | 4,457 | 1,575 | 1987 | 1997 | 40 | ||||||||||||||||||||||
Five Eves Drive | Marlton | NJ | — | 703 | 2,819 | 511 | 703 | 3,330 | 4,033 | 1,392 | 1986 | 1997 | 40 | ||||||||||||||||||||||
Four B Eves Drive | Marlton | NJ | — | 588 | 2,369 | 361 | 589 | 2,729 | 3,318 | 1,180 | 1987 | 1997 | 40 | ||||||||||||||||||||||
Four A Eves Drive | Marlton | NJ | — | 539 | 2,168 | 136 | 538 | 2,305 | 2,843 | 1,011 | 1987 | 1997 | 40 | ||||||||||||||||||||||
308 Harper Drive | Moorestown | NJ | — | 1,643 | 6,663 | 1,070 | 1,644 | 7,732 | 9,376 | 2,685 | 1976 | 1998 | 40 | ||||||||||||||||||||||
304 Harper Drive | Moorestown | NJ | — | 657 | 2,674 | 359 | 657 | 3,033 | 3,690 | 1,161 | 1975 | 1998 | 40 | ||||||||||||||||||||||
700 East Gate Drive | Mt. Laurel | NJ | — | 3,569 | 14,436 | 2,122 | 3,568 | 16,559 | 20,127 | 6,205 | 1984 | 1998 | 40 | ||||||||||||||||||||||
10000 Midlantic Drive | Mt. Laurel | NJ | — | 3,206 | 12,857 | 1,473 | 3,206 | 14,330 | 17,536 | 6,306 | 1990 | 1997 | 40 | ||||||||||||||||||||||
15000 Midlantic Drive | Mt. Laurel | NJ | — | 3,061 | 12,254 | 1,070 | 3,061 | 13,324 | 16,385 | 5,351 | 1991 | 1997 | 40 | ||||||||||||||||||||||
1000 Atrium Way | Mt. Laurel | NJ | — | 2,061 | 8,180 | 3,583 | 2,062 | 11,762 | 13,824 | 4,788 | 1989 | 1997 | 40 | ||||||||||||||||||||||
1000 Howard Boulevard | Mt. Laurel | NJ | — | 2,297 | 9,288 | 1,378 | 2,297 | 10,666 | 12,963 | 4,294 | 1988 | 1997 | 40 | ||||||||||||||||||||||
2000 Midlantic Drive | Mt. Laurel | NJ | — | 2,202 | 8,823 | 1,905 | 2,203 | 10,727 | 12,930 | 3,953 | 1989 | 1997 | 40 | ||||||||||||||||||||||
701 East Gate Drive | Mt. Laurel | NJ | — | 1,736 | 6,877 | 1,277 | 1,736 | 8,154 | 9,890 | 2,843 | 1986 | 1998 | 40 | ||||||||||||||||||||||
307 Fellowship Drive | Mt. Laurel | NJ | — | 1,565 | 6,342 | 1,295 | 1,564 | 7,638 | 9,202 | 2,658 | 1981 | 1998 | 40 | ||||||||||||||||||||||
9000 Midlantic Drive | Mt. Laurel | NJ | — | 1,472 | 5,895 | 1,785 | 1,471 | 7,681 | 9,152 | 2,608 | 1989 | 1997 | 40 | ||||||||||||||||||||||
305 Fellowship Drive | Mt. Laurel | NJ | — | 1,421 | 5,768 | 1,440 | 1,421 | 7,208 | 8,629 | 3,050 | 1980 | 1998 | 40 | ||||||||||||||||||||||
309 Fellowship Drive | Mt. Laurel | NJ | — | 1,518 | 6,154 | 564 | 1,518 | 6,718 | 8,236 | 2,472 | 1982 | 1998 | 40 | ||||||||||||||||||||||
303 Fellowship Drive | Mt. Laurel | NJ | — | 1,493 | 6,055 | 567 | 1,493 | 6,622 | 8,115 | 2,441 | 1979 | 1998 | 40 | ||||||||||||||||||||||
1000 Bishops Gate | Mt. Laurel | NJ | — | 934 | 6,287 | 427 | 934 | 6,714 | 7,648 | 1,755 | 2005 | 2000 | 40 | ||||||||||||||||||||||
161 Gaither Drive | Mt. Laurel | NJ | — | 1,016 | 4,064 | 818 | 1,016 | 4,882 | 5,898 | 1,578 | 1987 | 2001 | 40 | ||||||||||||||||||||||
4000 Midlantic Drive | Mt. Laurel | NJ | — | 714 | 5,085 | (1,403 | ) | 714 | 3,682 | 4,396 | 1,810 | 1998 | 1997 | 40 | |||||||||||||||||||||
815 East Gate Drive | Mt. Laurel | NJ | — | 636 | 2,584 | 253 | 636 | 2,837 | 3,473 | 1,092 | 1986 | 1998 | 40 | ||||||||||||||||||||||
817 East Gate Drive | Mt. Laurel | NJ | — | 611 | 2,426 | 360 | 612 | 2,785 | 3,397 | 1,096 | 1986 | 1998 | 40 | ||||||||||||||||||||||
400 Commerce Drive | Newark | DE | — | 2,528 | 9,220 | 1,180 | 2,528 | 10,400 | 12,928 | 3,000 | 1997 | 2002 | 40 | ||||||||||||||||||||||
200 Commerce Drive | Newark | DE | — | 911 | 4,414 | 1,018 | 911 | 5,432 | 6,343 | 1,676 | 1998 | 2002 | 40 | ||||||||||||||||||||||
100 Commerce Drive | Newark | DE | — | 1,160 | 4,633 | 454 | 1,159 | 5,088 | 6,247 | 2,116 | 1989 | 1997 | 40 |
Gross Amount at Which Carried | |||||||||||||||||||||||||||||||||||
Initial Cost | December 31, 2011 | ||||||||||||||||||||||||||||||||||
Property Name | City | State | Encumberances at December 31, 2011 (a) | Land | Building and Improvements | Net Improvements (Retirements) Since Acquisition | Land | Building and Improvements | Total (b) | Accumulated Depreciation at December 31, 2011 (c) | Year of Construction | Year Acquired | Depreciable Life | ||||||||||||||||||||||
Main Street - Plaza 1000 | Voorhees | NJ | — | 2,732 | 10,942 | 3,446 | 2,732 | 14,388 | 17,120 | 6,143 | 1988 | 1997 | 40 | ||||||||||||||||||||||
Main Street - Piazza | Voorhees | NJ | — | 696 | 2,802 | 60 | 696 | 2,862 | 3,558 | 1,233 | 1990 | 1997 | 40 | ||||||||||||||||||||||
Main Street - Promenade | Voorhees | NJ | — | 531 | 2,052 | 363 | 531 | 2,415 | 2,946 | 916 | 1988 | 1997 | 40 | ||||||||||||||||||||||
920 North King Street | Wilmington | DE | — | 6,141 | 21,140 | 1,232 | 6,142 | 22,371 | 28,513 | 6,432 | 1989 | 2004 | 30 | ||||||||||||||||||||||
300 Delaware Avenue | Wilmington | DE | — | 6,368 | 13,739 | 2,942 | 6,369 | 16,680 | 23,049 | 5,121 | 1989 | 2004 | 23 | ||||||||||||||||||||||
Two Righter Parkway | Wilmington | DE | — | 2,802 | 11,217 | 5,255 | 2,803 | 16,471 | 19,274 | 2,361 | 1987 | 2001 | 40 | ||||||||||||||||||||||
One Righter Parkway | Wilmington | DE | — | 2,545 | 10,195 | 4,773 | 2,546 | 14,967 | 17,513 | 7,070 | 1989 | 1996 | 40 | ||||||||||||||||||||||
RICHMOND | |||||||||||||||||||||||||||||||||||
4364 South Alston Avenue | Durham | NC | — | 1,622 | 6,419 | 892 | 1,580 | 7,353 | 8,933 | 2,625 | 1985 | 1998 | 40 | ||||||||||||||||||||||
4805 Lake Brooke Drive | Glen Allen | VA | — | 1,640 | 6,567 | 1,373 | 1,640 | 7,940 | 9,580 | 3,220 | 1996 | 1998 | 40 | ||||||||||||||||||||||
Overlook II | Glen Allen | VA | — | 791 | 4,503 | 62 | 790 | 4,565 | 5,355 | 188 | 2000 | 2011 | 40 | ||||||||||||||||||||||
Overlook I | Glen Allen | VA | — | 791 | 3,976 | 93 | 790 | 4,069 | 4,859 | 181 | 1998 | 2011 | 40 | ||||||||||||||||||||||
2812 Emerywood Parkway | Henrico | VA | — | 1,069 | 4,281 | 1,043 | 1,069 | 5,324 | 6,393 | 2,226 | 1980 | 1998 | 40 | ||||||||||||||||||||||
300 Arboretum Place | Richmond | VA | — | 5,450 | 21,892 | 3,528 | 5,450 | 25,420 | 30,870 | 9,639 | 1988 | 1998 | 40 | ||||||||||||||||||||||
7501 Boulders View Drive | Richmond | VA | — | 4,669 | 19,699 | 1,952 | 4,925 | 21,395 | 26,320 | 2,510 | 1990 | 2007 | 40 | ||||||||||||||||||||||
7300 Beaufont Springs Drive | Richmond | VA | — | 4,672 | 19,689 | 670 | 4,922 | 20,109 | 25,031 | 2,256 | 2000 | 2007 | 40 | ||||||||||||||||||||||
6800 Paragon Place | Richmond | VA | — | 4,552 | 18,414 | 1,549 | 4,552 | 19,963 | 24,515 | 3,110 | 1986 | 2006 | 40 | ||||||||||||||||||||||
6802 Paragon Place | Richmond | VA | — | 2,917 | 11,454 | 2,469 | 2,917 | 13,923 | 16,840 | 3,638 | 1989 | 2002 | 40 | ||||||||||||||||||||||
1025 Boulders Parkway | Richmond | VA | — | 2,574 | 11,297 | 1,146 | 2,825 | 12,192 | 15,017 | 1,364 | 1994 | 2007 | 40 | ||||||||||||||||||||||
2100-2116 West Laburnam Avenue | Richmond | VA | — | 2,482 | 8,846 | 3,073 | 2,482 | 11,919 | 14,401 | 4,497 | 1976 | 1998 | 40 | ||||||||||||||||||||||
7401 Beaufont Springs Drive | Richmond | VA | — | 2,349 | 10,396 | 717 | 2,599 | 10,863 | 13,462 | 1,201 | 1998 | 2007 | 40 | ||||||||||||||||||||||
7325 Beaufont Springs Drive | Richmond | VA | — | 2,344 | 10,377 | 502 | 2,594 | 10,629 | 13,223 | 1,307 | 1999 | 2007 | 40 | ||||||||||||||||||||||
6806 Paragon Place | Richmond | VA | — | — | 10,288 | 827 | 403 | 10,712 | 11,115 | 2,573 | 2007 | 2005 | 40 | ||||||||||||||||||||||
9011 Arboretum Parkway | Richmond | VA | — | 1,857 | 7,702 | 832 | 1,856 | 8,535 | 10,391 | 3,333 | 1991 | 1998 | 40 | ||||||||||||||||||||||
2511 Brittons Hill Road | Richmond | VA | — | 1,202 | 4,820 | 1,472 | 1,202 | 6,292 | 7,494 | 2,472 | 1987 | 1998 | 40 | ||||||||||||||||||||||
9100 Arboretum Parkway | Richmond | VA | — | 1,362 | 5,489 | 565 | 1,362 | 6,054 | 7,416 | 2,298 | 1988 | 1998 | 40 | ||||||||||||||||||||||
100 Gateway Centre Parkway | Richmond | VA | — | 391 | 5,410 | 885 | 391 | 6,295 | 6,686 | 1,878 | 2001 | 1998 | 40 | ||||||||||||||||||||||
9200 Arboretum Parkway | Richmond | VA | — | 985 | 3,973 | 1,353 | 984 | 5,327 | 6,311 | 1,819 | 1988 | 1998 | 40 | ||||||||||||||||||||||
9210 Arboretum Parkway | Richmond | VA | — | 1,110 | 4,474 | 486 | 1,110 | 4,960 | 6,070 | 1,839 | 1988 | 1998 | 40 | ||||||||||||||||||||||
2201-2245 Tomlynn Street | Richmond | VA | — | 1,020 | 4,067 | 447 | 1,019 | 4,515 | 5,534 | 1,620 | 1989 | 1998 | 40 | ||||||||||||||||||||||
9211 Arboretum Parkway | Richmond | VA | — | 582 | 2,433 | 252 | 582 | 2,685 | 3,267 | 1,048 | 1991 | 1998 | 40 | ||||||||||||||||||||||
2212-2224 Tomlynn Street | Richmond | VA | — | 502 | 2,014 | 353 | 502 | 2,367 | 2,869 | 779 | 1985 | 1998 | 40 | ||||||||||||||||||||||
2244 Dabney Road | Richmond | VA | — | 550 | 2,203 | 37 | 550 | 2,240 | 2,790 | 837 | 1993 | 1998 | 40 | ||||||||||||||||||||||
2248 Dabney Road | Richmond | VA | — | 512 | 2,049 | 223 | 512 | 2,272 | 2,784 | 854 | 1989 | 1998 | 40 | ||||||||||||||||||||||
2221-2245 Dabney Road | Richmond | VA | — | 530 | 2,123 | 80 | 529 | 2,204 | 2,733 | 804 | 1994 | 1998 | 40 | ||||||||||||||||||||||
2277 Dabney Road | Richmond | VA | — | 507 | 2,034 | 61 | 507 | 2,095 | 2,602 | 751 | 1986 | 1998 | 40 | ||||||||||||||||||||||
2246 Dabney Road | Richmond | VA | — | 455 | 1,822 | 18 | 455 | 1,840 | 2,295 | 682 | 1987 | 1998 | 40 |
Gross Amount at Which Carried | |||||||||||||||||||||||||||||||||||||||||||
Initial Cost | December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||
Property Name | City | State | Encumberances at December 31, 2011 (a) | Land | Building and Improvements | Net Improvements (Retirements) Since Acquisition | Land | Building and Improvements | Total (b) | Accumulated Depreciation at December 31, 2011 (c) | Year of Construction | Year Acquired | Depreciable Life | ||||||||||||||||||||||||||||||
2161-2179 Tomlynn Street | Richmond | VA | — | 423 | 1,695 | 68 | 423 | 1,763 | 2,186 | 640 | 1985 | 1998 | 40 | ||||||||||||||||||||||||||||||
2251 Dabney Road | Richmond | VA | — | 387 | 1,552 | 138 | 387 | 1,690 | 2,077 | 636 | 1983 | 1998 | 40 | ||||||||||||||||||||||||||||||
2256 Dabney Road | Richmond | VA | — | 356 | 1,427 | 273 | 356 | 1,700 | 2,056 | 676 | 1982 | 1998 | 40 | ||||||||||||||||||||||||||||||
2130-2146 Tomlynn Street | Richmond | VA | — | 353 | 1,416 | 213 | 353 | 1,629 | 1,982 | 681 | 1988 | 1998 | 40 | ||||||||||||||||||||||||||||||
2120 Tomlynn Street | Richmond | VA | — | 281 | 1,125 | 204 | 280 | 1,330 | 1,610 | 475 | 1986 | 1998 | 40 | ||||||||||||||||||||||||||||||
2240 Dabney Road | Richmond | VA | — | 264 | 1,059 | 11 | 264 | 1,069 | 1,333 | 396 | 1984 | 1998 | 40 | ||||||||||||||||||||||||||||||
Boulders Land | Richmond | VA | — | 1,256 | — | 3 | 1,259 | — | 1,259 | — | N/A | 2007 | N/A | ||||||||||||||||||||||||||||||
CALIFORNIA | |||||||||||||||||||||||||||||||||||||||||||
5780 & 5790 Fleet Street | Carlsbad | CA | — | 7,073 | 22,907 | 3,435 | 7,516 | 25,899 | 33,415 | 3,596 | 1999 | 2006 | 55 | ||||||||||||||||||||||||||||||
5900 & 5950 La Place Court | Carlsbad | CA | — | 3,706 | 11,185 | 2,090 | 3,955 | 13,026 | 16,981 | 2,090 | 1988 | 2006 | 48 | ||||||||||||||||||||||||||||||
5963 La Place Court | Carlsbad | CA | — | 2,824 | 9,413 | 1,662 | 2,999 | 10,900 | 13,899 | 1,647 | 1987 | 2006 | 55 | ||||||||||||||||||||||||||||||
5973 Avenida Encinas | Carlsbad | CA | — | 2,121 | 8,361 | 1,383 | 2,256 | 9,609 | 11,865 | 1,803 | 1986 | 2006 | 45 | ||||||||||||||||||||||||||||||
2035 Corte Del Nogal | Carlsbad | CA | — | 3,261 | 6,077 | 1,250 | 3,499 | 7,089 | 10,588 | 1,484 | 1991 | 2006 | 39 | ||||||||||||||||||||||||||||||
1200 Concord Avenue | Concord | CA | — | 6,395 | 24,664 | 235 | 6,515 | 24,778 | 31,293 | 4,215 | 1984 | 2006 | 34 | ||||||||||||||||||||||||||||||
1220 Concord Avenue | Concord | CA | — | 6,476 | 24,966 | (332 | ) | 6,476 | 24,634 | 31,110 | 3,911 | 1984 | 2006 | 34 | |||||||||||||||||||||||||||||
155 Grand Avenue | Oakland | CA | — | 13,556 | 54,266 | 4,482 | 13,555 | 58,749 | 72,304 | 7,863 | 1990 | 2007 | 40 | ||||||||||||||||||||||||||||||
Two Kaiser Plaza | Oakland | CA | — | 7,841 | — | — | 7,841 | — | 7,841 | — | N/A | 2006 | N/A | ||||||||||||||||||||||||||||||
Oakland Lot B | Oakland | CA | — | 4,342 | — | — | 4,342 | — | 4,342 | — | N/A | 2006 | N/A | ||||||||||||||||||||||||||||||
16870 W Bernardo Drive | San Diego | CA | — | 2,979 | 15,896 | 1,766 | 3,154 | 17,487 | 20,641 | 2,562 | 2002 | 2006 | 56 | ||||||||||||||||||||||||||||||
AUSTIN | |||||||||||||||||||||||||||||||||||||||||||
1250 Capital of Texas Hwy South | Austin | TX | — | 5,152 | 37,928 | 5,826 | 5,247 | 43,659 | 48,906 | 7,063 | 1984 | 2006 | 52 | ||||||||||||||||||||||||||||||
1301 Mopac Expressway | Austin | TX | — | 4,188 | 41,229 | (595 | ) | 4,251 | 40,571 | 44,822 | 5,732 | 2001 | 2006 | 55 | |||||||||||||||||||||||||||||
1221 Mopac Expressway | Austin | TX | — | 3,290 | 31,548 | 4,228 | 3,369 | 35,696 | 39,065 | 3,900 | 2001 | 2006 | 55 | ||||||||||||||||||||||||||||||
1601 Mopac Expressway | Austin | TX | — | 3,538 | 34,346 | 220 | 3,605 | 34,499 | 38,104 | 4,390 | 2000 | 2006 | 54 | ||||||||||||||||||||||||||||||
1501 South Mopac Expressway | Austin | TX | — | 3,698 | 34,912 | (2,202 | ) | 3,767 | 32,640 | 36,407 | 3,889 | 1999 | 2006 | 53 | |||||||||||||||||||||||||||||
3711 South Mopac Expressway - II | Austin | TX | — | 1,688 | 19,229 | 4,316 | 1,688 | 23,545 | 25,233 | 3,660 | 2007 | 2006 | 40 | ||||||||||||||||||||||||||||||
3711 South Mopac Expressway - I | Austin | TX | — | 1,688 | 21,011 | 2,451 | 1,688 | 23,462 | 25,150 | 2,262 | 2007 | 2006 | 40 | ||||||||||||||||||||||||||||||
Total: | $ | 512,391 | $ | 666,690 | $ | 3,603,754 | $ | 522,640 | $ | 677,891 | $ | 4,115,189 | $ | 4,793,080 | $ | 865,710 |
(a) | Excludes the effect of any net interest premium/(discount). |
(b) | Reconciliation of Real Estate: |
2011 | 2010 | 2009 | |||||||||
Balance at beginning of year | $ | 4,834,111 | $ | 4,512,618 | $ | 4,608,320 | |||||
Additions: | |||||||||||
Acquisitions | 31,454 | 102,475 | — | ||||||||
Capital expenditures | 133,550 | 336,281 | 80,506 | ||||||||
Less: | |||||||||||
Dispositions | (206,035 | ) | (117,263 | ) | (176,208 | ) | |||||
Balance at end of year | $ | 4,793,080 | $ | 4,834,111 | $ | 4,512,618 |
(c) | Reconciliation of Accumulated Depreciation: |
2011 | 2010 | 2009 | |||||||||
Balance at beginning of year | $ | 776,078 | $ | 716,957 | $ | 639,688 | |||||
Additions: | |||||||||||
Depreciation expense — continuing operations | 157,691 | 133,740 | 141,309 | ||||||||
Depreciation expense — discontinued operations | 1,185 | 1,554 | 6,494 | ||||||||
Less: | |||||||||||
Dispositions | (69,244 | ) | (76,173 | ) | (70,534 | ) | |||||
Balance at end of year | $ | 865,710 | $ | 776,078 | $ | 716,957 |
SECTION 1. | DEFINITIONS AND ACCOUNTING TERMS | 1 | ||
1.1 | Definitions | 1 | ||
1.2 | Computation of Time Periods and Other Definition Provisions | 31 | ||
1.3 | Accounting Terms | 32 | ||
1.4 | Joint Venture Investments | 32 | ||
SECTION 2. | CREDIT FACILITY | 33 | ||
2.1 | Revolving Loans | 33 | ||
2.2 | Competitive Bid Option | 38 | ||
2.3 | Letter of Credit Subfacility | 43 | ||
2.4 | Joint and Several Liability of the Borrowers | 52 | ||
2.5 | Appointment of BOP | 54 | ||
2.6 | Non-Recourse | 54 | ||
2.7 | Increase of Revolving Committed Amount | 54 | ||
SECTION 3. | GENERAL PROVISIONS APPLICABLE TO LOANS AND LETTERS OF CREDIT | 55 | ||
3.1 | Interest | 55 | ||
3.2 | Place and Manner Payments | 56 | ||
3.3 | Prepayments | 57 | ||
3.4 | Fees | 58 | ||
3.5 | Payment in full at Maturity; Extension of Maturity | 59 | ||
3.6 | Computations of Interest and Fees | 59 | ||
3.7 | Pro Rata Treatment | 60 | ||
3.8 | Sharing of Payments | 61 | ||
3.9 | Capital Adequacy | 62 | ||
3.10 | Inability To Determine Interest Rate | 63 | ||
3.11 | Illegality | 63 | ||
3.12 | Requirements of Law | 64 | ||
3.13 | Taxes | 65 | ||
3.14 | Compensation | 70 | ||
3.15 | Mitigation; Mandatory Assignment | 70 | ||
SECTION 4. | [RESERVED] | 71 | ||
SECTION 5. | CONDITIONS PRECEDENT | 71 | ||
5.1 | Closing Conditions | 71 | ||
5.2 | Conditions to All Extensions of Credit | 75 | ||
SECTION 6. | REPRESENTATIONS AND WARRANTIES | 76 | ||
6.1 | Financial Condition | 76 | ||
6.2 | No Material Change | 76 | ||
6.3 | Organization and Good Standing | 77 | ||
6.4 | Due Authorization | 77 | ||
6.5 | No Conflicts | 77 | ||
6.6 | Consents | 78 | ||
6.7 | Enforceable Obligations | 78 | ||
6.8 | No Default | 78 | ||
6.9 | Ownership | 78 | ||
6.10 | Indebtedness | 78 | ||
6.11 | Litigation | 78 | ||
6.12 | Taxes | 79 |
6.13 | Compliance with Law | 79 | ||
6.14 | Compliance with ERISA | 79 | ||
6.15 | Organization Structure/Subsidiaries | 80 | ||
6.16 | Use of Proceeds; Margin Stock | 81 | ||
6.17 | Government Regulation | 81 | ||
6.18 | Environmental Matters | 81 | ||
6.19 | Solvency | 82 | ||
6.20 | [Reserved] | 83 | ||
6.21 | Location of Properties | 83 | ||
6.22 | Disclosure | 83 | ||
6.23 | Licenses, etc | 83 | ||
6.24 | No Burdensome Restrictions | 83 | ||
6.25 | Eligible Subsidiaries | 83 | ||
6.26 | Foreign Assets Control Regulations, Etc | 84 | ||
SECTION 7. | AFFIRMATIVE COVENANTS | 84 | ||
7.1 | Information Covenants | 84 | ||
7.2 | Financial Covenants | 89 | ||
7.3 | Preservation of Existence | 89 | ||
7.4 | Books and Records | 90 | ||
7.5 | Compliance with Law | 90 | ||
7.6 | Payment of Taxes and Other Indebtedness | 90 | ||
7.7 | Insurance | 90 | ||
7.8 | Maintenance of Assets | 90 | ||
7.9 | Performance of Obligations | 91 | ||
7.10 | Use of Proceeds | 91 | ||
7.11 | Audits/Inspections | 91 | ||
7.12 | Additional Credit Parties | 91 | ||
7.13 | [Intentionally Omitted.] | 92 | ||
7.14 | Construction | 92 | ||
7.15 | [Intentionally Omitted.] | 92 | ||
SECTION 8. | NEGATIVE COVENANTS | 92 | ||
8.1 | Indebtedness | 92 | ||
8.2 | Liens | 93 | ||
8.3 | Nature of Business | 93 | ||
8.4 | Consolidation and Merger | 93 | ||
8.5 | Sale or Lease of Assets | 93 | ||
8.6 | [Intentionally Omitted.] | 94 | ||
8.7 | Restricted Payments | 94 | ||
8.8 | Transactions with Affiliates | 94 | ||
8.9 | Fiscal Year; Organizational Documents | 94 | ||
8.10 | Limitations | 95 | ||
8.11 | Other Negative Pledges | 95 | ||
SECTION 9. | EVENTS OF DEFAULT | 95 | ||
9.1 | Events of Default | 95 | ||
9.2 | Acceleration; Remedies | 99 | ||
9.3 | Allocation of Payments After Event of Default | 100 |
SECTION 10. | AGENCY PROVISIONS | 101 | ||
10.1 | Appointment | 101 | ||
10.2 | Delegation of Duties | 101 | ||
10.3 | Exculpatory Provisions | 101 | ||
10.4 | Reliance on Communications | 102 | ||
10.5 | Notice of Default | 103 | ||
10.6 | Non-Reliance on Administrative Agent and Other Lenders | 103 | ||
10.7 | Indemnification | 104 | ||
10.8 | Administrative Agent in Its Individual Capacity | 104 | ||
10.9 | Successor Agent | 105 | ||
10.10 | Other Agents | 105 | ||
SECTION 11. | MISCELLANEOUS | 106 | ||
11.1 | Notices | 106 | ||
11.2 | Right of Set-Off | 108 | ||
11.3 | Benefit of Agreement | 108 | ||
11.4 | No Waiver; Remedies Cumulative | 113 | ||
11.5 | Payment of Expenses; Indemnification | 113 | ||
11.6 | Amendments, Waivers and Consents | 114 | ||
11.7 | Counterparts/Telecopy | 116 | ||
11.8 | Headings | 116 | ||
11.9 | Defaulting Lender | 116 | ||
11.10 | Survival of Indemnification and Representations and Warranties | 118 | ||
11.11 | Governing Law; Jurisdiction | 119 | ||
11.12 | Waiver of Jury Trial | 119 | ||
11.13 | Time | 120 | ||
11.14 | Severability | 120 | ||
11.15 | Entirety | 120 | ||
11.16 | Binding Effect | 120 | ||
11.17 | Confidentiality | 121 | ||
11.18 | Further Assurances | 122 | ||
11.19 | Release of Guarantors | 122 | ||
11.20 | USA PATRIOT Act | 122 | ||
11.21 | Limitation on Liability | 123 | ||
11.22 | Transitional Arrangements | 123 | ||
11.23 | No Fiduciary Duty | 124 |
SCHEDULES | |
Schedule EG | Eligible Ground Leases |
Schedule 2.2 | Existing Competitive Bid Loans |
Schedule 2.3(c) | Existing Letters of Credit |
Schedule 6.15 | Organization Structure/Subsidiaries |
Schedule 6.21 | Properties |
Schedule 6.25 | Eligible Unencumbered Property Subsidiaries |
Schedule 8.2 | Existing Liens |
Schedule 11.1 | Notices |
EXHIBITS | |
Exhibit 1.1(a) | Revolving Loan Commitment Percentages |
Exhibit 2.1(c) | Form of Notice of Borrowing |
Exhibit 2.1(f) | Form of Notice of Continuation/Conversion |
Exhibit 2.1(h) | Form of Revolving Note |
Exhibit 2.2(b) | Form of Competitive Bid Quote Request |
Exhibit 2.2(c) | Form of Invitation for Competitive Bid Quotes |
Exhibit 2.2(d)(ii) | Form of Competitive Bid Quote |
Exhibit 3.13-1 | Form of U.S. Tax Compliance Certificate |
Exhibit 3.13-2 | Form of U.S. Tax Compliance Certificate |
Exhibit 3.13-3 | Form of U.S. Tax Compliance Certificate |
Exhibit 3.13-4 | Form of U.S. Tax Compliance Certificate |
Exhibit 7.1(c) | Form of Officer’s Certificate |
Exhibit 7.12 | Form of Guaranty |
Exhibit 11.3(b) | Form of Assignment Agreement |
Exhibit 11.3(e)-1 | Form of Designation Agreement |
Exhibit 11.3(e)-2 | Form of Designated Bank Note |
Pricing Level | Unsecured Senior Debt Rating | Applicable Percentage for Eurodollar Loans | Facility Fee Rate | Applicable Percentage for Base Rate Loans |
I | A- / A3 or higher | 1.00% | 0.17% | —% |
II | BBB+ / Baa1 | 1.05% | 0.20% | 0.05% |
III | BBB / Baa2 | 1.25% | 0.25% | 0.25% |
IV | BBB- / Baa3 | 1.50% | 0.35% | 0.50% |
V | < BBB- / Baa3 or NR | 1.85% | 0.45% | 0.85% |
By: | Brandywine Realty Trust, a Maryland real estate investment trust, its general partner |
SECTION 1. | DEFINITIONS AND ACCOUNTING TERMS | 1 | |
1.1 | Definitions | 1 | |
1.2 | Computation of Time Periods and Other Definition Provisions | 28 | |
1.3 | Accounting Terms | 28 | |
1.4 | Joint Venture Investments | 29 | |
SECTION 2. | CREDIT FACILITY | 29 | |
2.1 | Loans | 29 | |
2.2 | [Reserved] | 32 | |
2.3 | [Reserved] | 32 | |
2.4 | Joint and Several Liability of the Borrowers | 32 | |
2.5 | Appointment of BOP | 34 | |
2.6 | Non-Recourse | 34 | |
2.7 | Incremental Commitments | 35 | |
SECTION 3. | GENERAL PROVISIONS APPLICABLE TO LOANS | 36 | |
3.1 | Interest | 36 | |
3.2 | Place and Manner of Payments | 37 | |
3.3 | Prepayments | 37 | |
3.4 | Fees | 38 | |
3.5 | Payment in full at Maturity; Extension of Maturity | 38 | |
3.6 | Computations of Interest and Fees | 39 | |
3.7 | Pro Rata Treatment | 40 | |
3.8 | Sharing of Payments | 40 | |
3.9 | Capital Adequacy | 41 | |
3.10 | Inability To Determine Interest Rate | 42 | |
3.11 | Illegality | 42 | |
3.12 | Requirements of Law | 42 | |
3.13 | Taxes | 44 | |
3.14 | Compensation | 48 | |
3.15 | Mitigation; Mandatory Assignment | 49 | |
SECTION 4. | [RESERVED] | 50 | |
SECTION 5. | CONDITIONS PRECEDENT | 50 | |
5.1 | Closing Conditions | 50 | |
5.2 | Conditions to All Extensions of Credit | 54 | |
SECTION 6. | REPRESENTATIONS AND WARRANTIES | 54 | |
6.1 | Financial Condition | 54 | |
6.2 | No Material Change | 55 | |
6.3 | Organization and Good Standing | 55 | |
6.4 | Due Authorization | 55 | |
6.5 | No Conflicts | 56 | |
6.6 | Consents | 56 | |
6.7 | Enforceable Obligations | 56 |
6.8 | No Default | 56 | |
6.9 | Ownership | 57 | |
6.10 | Indebtedness | 57 | |
6.11 | Litigation | 57 | |
6.12 | Taxes | 57 | |
6.13 | Compliance with Law | 57 | |
6.14 | Compliance with ERISA | 57 | |
6.15 | Organization Structure/Subsidiaries | 59 | |
6.16 | Use of Proceeds; Margin Stock | 59 | |
6.17 | Government Regulation | 59 | |
6.18 | Environmental Matters | 59 | |
6.19 | Solvency | 61 | |
6.20 | [Reserved]. | 61 | |
6.21 | Location of Properties | 61 | |
6.22 | Disclosure | 61 | |
6.23 | Licenses, etc | 61 | |
6.24 | No Burdensome Restrictions | 62 | |
6.25 | Eligible Subsidiaries | 62 | |
6.26 | Foreign Assets Control Regulations, Etc | 62 | |
SECTION 7. | AFFIRMATIVE COVENANTS | 63 | |
7.1 | Information Covenants | 63 | |
7.2 | Financial Covenants | 67 | |
7.3 | Preservation of Existence | 68 | |
7.4 | Books and Records | 68 | |
7.5 | Compliance with Law | 68 | |
7.6 | Payment of Taxes and Other Indebtedness | 69 | |
7.7 | Insurance | 69 | |
7.8 | Maintenance of Assets | 69 | |
7.9 | Performance of Obligations | 69 | |
7.10 | Use of Proceeds | 70 | |
7.11 | Audits/Inspections | 70 | |
7.12 | Additional Credit Parties | 70 | |
7.13 | [Intentionally Omitted.] | 71 | |
7.14 | Construction | 71 | |
7.15 | [Intentionally Omitted.] | 71 | |
SECTION 8. | NEGATIVE COVENANTS | 71 | |
8.1 | Indebtedness | 71 | |
8.2 | Liens | 72 | |
8.3 | Nature of Business | 72 | |
8.4 | Consolidation and Merger | 72 | |
8.5 | Sale or Lease of Assets | 73 | |
8.6 | [Intentionally Omitted.] | 73 | |
8.7 | Restricted Payments | 73 | |
8.8 | Transactions with Affiliates | 73 |
8.9 | Fiscal Year; Organizational Documents | 74 | |
8.10 | Limitations | 74 | |
8.11 | Other Negative Pledges | 74 | |
SECTION 9. | EVENTS OF DEFAULT | 75 | |
9.1 | Events of Default | 75 | |
9.2 | Acceleration; Remedies | 78 | |
9.3 | Allocation of Payments After Event of Default | 79 | |
SECTION 10. | AGENCY PROVISIONS | 80 | |
10.1 | Appointment | 80 | |
10.2 | Delegation of Duties | 80 | |
10.3 | Exculpatory Provisions | 80 | |
10.4 | Reliance on Communications | 81 | |
10.5 | Notice of Default | 82 | |
10.6 | Non-Reliance on Administrative Agent and Other Lenders | 82 | |
10.7 | Indemnification | 83 | |
10.8 | Administrative Agent in Its Individual Capacity | 83 | |
10.9 | Successor Agent | 84 | |
10.10 | Other Agents | 84 | |
SECTION 11. | MISCELLANEOUS | 85 | |
11.1 | Notices | 85 | |
11.2 | Right of Set-Off | 86 | |
11.3 | Benefit of Agreement | 87 | |
11.4 | No Waiver; Remedies Cumulative | 91 | |
11.5 | Payment of Expenses; Indemnification | 91 | |
11.6 | Amendments, Waivers and Consents | 92 | |
11.7 | Counterparts/Telecopy | 93 | |
11.8 | Headings | 94 | |
11.9 | Defaulting Lender | 94 | |
11.10 | Survival of Indemnification and Representations and Warranties | 94 | |
11.11 | Governing Law; Jurisdiction | 94 | |
11.12 | Waiver of Jury Trial | 95 | |
11.13 | Time | 95 | |
11.14 | Severability | 95 | |
11.15 | Entirety | 95 | |
11.16 | Binding Effect | 96 | |
11.17 | Confidentiality | 96 | |
11.18 | Further Assurances | 98 | |
11.19 | Release of Guarantors | 98 | |
11.20 | USA PATRIOT Act | 98 | |
11.21 | Limitation on Liability | 98 | |
11.22 | No Fiduciary Duty | 99 |
SCHEDULES | |
Schedule EG | Eligible Ground Leases |
Schedule 6.15 | Organization Structure/Subsidiaries |
Schedule 6.21 | Properties |
Schedule 6.25 | Eligible Unencumbered Property Subsidiaries |
Schedule 8.2 | Existing Liens |
Schedule 11.1 | Notices |
EXHIBITS | |
Exhibit 1.1(a) | Commitment Percentages |
Exhibit 2.1(c) | Form of Notice of Borrowing |
Exhibit 2.1(f) | Form of Notice of Continuation/Conversion |
Exhibit 2.1(h) | Form of Note |
Exhibit 3.13-1 | Form of U.S. Tax Compliance Certificate |
Exhibit 3.13-2 | Form of U.S. Tax Compliance Certificate |
Exhibit 3.13-3 | Form of U.S. Tax Compliance Certificate |
Exhibit 3.13-4 | Form of U.S. Tax Compliance Certificate |
Exhibit 7.1(c) | Form of Officer’s Certificate |
Exhibit 7.12(a) | Form of Guaranty |
Exhibit 7.12(b) | Form of Limited Partner Guaranty |
Exhibit 11.3(b) | Form of Assignment Agreement |
Pricing Level | Unsecured Senior Debt Rating | Applicable Percentage for Eurodollar Loans | Applicable Percentage for Base Rate Loans |
I | A- / A3 or higher | 1.15% | 0.15% |
II | BBB+ / Baa1 | 1.20% | 0.20% |
III | BBB / Baa2 | 1.40% | 0.40% |
IV | BBB- / Baa3 | 1.75% | 0.75% |
V | < BBB- / Baa3 or NR | 2.20% | 1.20% |
By: | Brandywine Realty Trust, a Maryland real estate investment trust, its general partner |
SECTION 1. | DEFINITIONS AND ACCOUNTING TERMS | 1 | ||
1.1 | Definitions | 1 | ||
1.2 | Computation of Time Periods and Other Definition Provisions | 28 | ||
1.3 | Accounting Terms | 28 | ||
1.4 | Joint Venture Investments | 29 | ||
SECTION 2. | CREDIT FACILITY | 29 | ||
2.1 | Loans | 29 | ||
2.2 | [Reserved] | 32 | ||
2.3 | [Reserved] | 32 | ||
2.4 | Joint and Several Liability of the Borrowers | 32 | ||
2.5 | Appointment of BOP | 34 | ||
2.6 | Non-Recourse | 34 | ||
2.7 | Incremental Commitments | 35 | ||
SECTION 3. | GENERAL PROVISIONS APPLICABLE TO LOANS | 36 | ||
3.1 | Interest | 36 | ||
3.2 | Place and Manner of Payments | 37 | ||
3.3 | Prepayments | 37 | ||
3.4 | Fees | 38 | ||
3.5 | Payment in full at Maturity; Extension of Maturity | 38 | ||
3.6 | Computations of Interest and Fees | 39 | ||
3.7 | Pro Rata Treatment | 40 | ||
3.8 | Sharing of Payments | 40 | ||
3.9 | Capital Adequacy | 41 | ||
3.10 | Inability To Determine Interest Rate | 42 | ||
3.11 | Illegality | 42 | ||
3.12 | Requirements of Law | 42 | ||
3.13 | Taxes | 44 | ||
3.14 | Compensation | 48 | ||
3.15 | Mitigation; Mandatory Assignment | 49 | ||
SECTION 4. | [RESERVED] | 50 | ||
SECTION 5. | CONDITIONS PRECEDENT | 50 | ||
5.1 | Closing Conditions | 50 | ||
5.2 | Conditions to All Extensions of Credit | 54 | ||
SECTION 6. | REPRESENTATIONS AND WARRANTIES | 54 | ||
6.1 | Financial Condition | 54 | ||
6.2 | No Material Change | 55 | ||
6.3 | Organization and Good Standing | 55 | ||
6.4 | Due Authorization | 55 | ||
6.5 | No Conflicts | 56 | ||
6.6 | Consents | 56 | ||
6.7 | Enforceable Obligations | 56 |
6.8 | No Default | 56 | ||
6.9 | Ownership | 57 | ||
6.10 | Indebtedness | 57 | ||
6.11 | Litigation | 57 | ||
6.12 | Taxes | 57 | ||
6.13 | Compliance with Law | 57 | ||
6.14 | Compliance with ERISA | 57 | ||
6.15 | Organization Structure/Subsidiaries | 59 | ||
6.16 | Use of Proceeds; Margin Stock | 59 | ||
6.17 | Government Regulation | 59 | ||
6.18 | Environmental Matters | 59 | ||
6.19 | Solvency | 61 | ||
6.20 | [Reserved]. | 61 | ||
6.21 | Location of Properties | 61 | ||
6.22 | Disclosure | 61 | ||
6.23 | Licenses, etc | 61 | ||
6.24 | No Burdensome Restrictions | 62 | ||
6.25 | Eligible Subsidiaries | 62 | ||
6.26 | Foreign Assets Control Regulations, Etc | 62 | ||
SECTION 7. | AFFIRMATIVE COVENANTS | 63 | ||
7.1 | Information Covenants | 63 | ||
7.2 | Financial Covenants | 67 | ||
7.3 | Preservation of Existence | 68 | ||
7.4 | Books and Records | 68 | ||
7.5 | Compliance with Law | 68 | ||
7.6 | Payment of Taxes and Other Indebtedness | 69 | ||
7.7 | Insurance | 69 | ||
7.8 | Maintenance of Assets | 69 | ||
7.9 | Performance of Obligations | 69 | ||
7.10 | Use of Proceeds | 70 | ||
7.11 | Audits/Inspections | 70 | ||
7.12 | Additional Credit Parties | 70 | ||
7.13 | [Intentionally Omitted.] | 71 | ||
7.14 | Construction | 71 | ||
7.15 | [Intentionally Omitted.] | 71 | ||
SECTION 8. | NEGATIVE COVENANTS | 71 | ||
8.1 | Indebtedness | 71 | ||
8.2 | Liens | 72 | ||
8.3 | Nature of Business | 72 | ||
8.4 | Consolidation and Merger | 72 | ||
8.5 | Sale or Lease of Assets | 73 | ||
8.6 | [Intentionally Omitted.] | 73 | ||
8.7 | Restricted Payments | 73 | ||
8.8 | Transactions with Affiliates | 73 |
8.9 | Fiscal Year; Organizational Documents | 74 | ||
8.10 | Limitations | 74 | ||
8.11 | Other Negative Pledges | 74 | ||
SECTION 9. | EVENTS OF DEFAULT | 75 | ||
9.1 | Events of Default | 75 | ||
9.2 | Acceleration; Remedies | 78 | ||
9.3 | Allocation of Payments After Event of Default | 79 | ||
SECTION 10. | AGENCY PROVISIONS | 80 | ||
10.1 | Appointment | 80 | ||
10.2 | Delegation of Duties | 80 | ||
10.3 | Exculpatory Provisions | 80 | ||
10.4 | Reliance on Communications | 81 | ||
10.5 | Notice of Default | 82 | ||
10.6 | Non-Reliance on Administrative Agent and Other Lenders | 82 | ||
10.7 | Indemnification | 83 | ||
10.8 | Administrative Agent in Its Individual Capacity | 83 | ||
10.9 | Successor Agent | 84 | ||
10.1 | Other Agents | 84 | ||
SECTION 11. | MISCELLANEOUS | 85 | ||
11.1 | Notices | 85 | ||
11.2 | Right of Set-Off | 86 | ||
11.3 | Benefit of Agreement | 87 | ||
11.4 | No Waiver; Remedies Cumulative | 91 | ||
11.5 | Payment of Expenses; Indemnification | 91 | ||
11.6 | Amendments, Waivers and Consents | 92 | ||
11.7 | Counterparts/Telecopy | 93 | ||
11.8 | Headings | 94 | ||
11.9 | Defaulting Lender | 94 | ||
11.10 | Survival of Indemnification and Representations and Warranties | 94 | ||
11.11 | Governing Law; Jurisdiction | 94 | ||
11.12 | Waiver of Jury Trial | 95 | ||
11.13 | Time | 95 | ||
11.14 | Severability | 95 | ||
11.15 | Entirety | 95 | ||
11.16 | Binding Effect | 96 | ||
11.17 | Confidentiality | 96 | ||
11.18 | Further Assurances | 98 | ||
11.19 | Release of Guarantors | 98 | ||
11.20 | USA PATRIOT Act | 98 | ||
11.21 | Limitation on Liability | 98 | ||
11.22 | No Fiduciary Duty | 99 |
SCHEDULES | |
Schedule EG | Eligible Ground Leases |
Schedule 6.15 | Organization Structure/Subsidiaries |
Schedule 6.21 | Properties |
Schedule 6.25 | Eligible Unencumbered Property Subsidiaries |
Schedule 8.2 | Existing Liens |
Schedule 11.1 | Notices |
EXHIBITS | |
Exhibit 1.1(a) | Commitment Percentages |
Exhibit 2.1(c) | Form of Notice of Borrowing |
Exhibit 2.1(f) | Form of Notice of Continuation/Conversion |
Exhibit 2.1(h) | Form of Note |
Exhibit 3.13-1 | Form of U.S. Tax Compliance Certificate |
Exhibit 3.13-2 | Form of U.S. Tax Compliance Certificate |
Exhibit 3.13-3 | Form of U.S. Tax Compliance Certificate |
Exhibit 3.13-4 | Form of U.S. Tax Compliance Certificate |
Exhibit 7.1(c) | Form of Officer’s Certificate |
Exhibit 7.12(a) | Form of Guaranty |
Exhibit 7.12(b) | Form of Limited Partner Guaranty |
Exhibit 11.3(b) | Form of Assignment Agreement |
Pricing Level | Unsecured Senior Debt Rating | Applicable Percentage for Eurodollar Loans | Applicable Percentage for Base Rate Loans |
I | A- / A3 or higher | 1.15% | 0.15% |
II | BBB+ / Baa1 | 1.20% | 0.20% |
III | BBB / Baa2 | 1.40% | 0.40% |
IV | BBB- / Baa3 | 1.75% | 0.75% |
V | < BBB- / Baa3 or NR | 2.20% | 1.20% |
By: | Brandywine Realty Trust, a Maryland real estate investment trust, its general partner |
SECTION 1. | DEFINITIONS AND ACCOUNTING TERMS | 1 | ||
1.1 | Definitions. | 1 | ||
1.2 | Computation of Time Periods and Other Definition Provisions. | 24 | ||
1.3 | Accounting Terms. | 24 | ||
1.4 | Joint Venture Investments. | 25 | ||
SECTION 2. | CREDIT FACILITY | |||
2.1 | Loans. | 25 | ||
2.2 | [Reserved]. | 27 | ||
2.3 | [Reserved]. | 27 | ||
2.4 | Joint and Several Liability of the Borrowers. | 28 | ||
2.5 | Appointment of BOP. | 29 | ||
2.6 | Non-Recourse. | 30 | ||
2.7 | Incremental Commitments. | 30 | ||
SECTION 3. | GENERAL PROVISIONS APPLICABLE TO LOANS | 31 | ||
3.1 | Interest. | 31 | ||
3.2 | Place and Manner of Payments. | 32 | ||
3.3 | Prepayments. | 33 | ||
3.4 | Fees. | 33 | ||
3.5 | Payment in full at Maturity. | 33 | ||
3.6 | Computations of Interest and Fees. | 34 | ||
3.7 | Pro Rata Treatment. | 34 | ||
3.8 | Sharing of Payments. | 35 | ||
3.9 | Capital Adequacy. | 36 | ||
3.10 | Inability To Determine Interest Rate. | 36 | ||
3.11 | Illegality. | 36 | ||
3.12 | Requirements of Law. | 37 | ||
3.13 | Taxes. | 38 | ||
3.14 | Compensation. | 42 | ||
3.15 | Mitigation; Mandatory Assignment. | 43 | ||
SECTION 4. | [RESERVED] | 43 | ||
SECTION 5. | CONDITIONS PRECEDENT | 43 | ||
5.1 | Closing Conditions. | 43 | ||
5.2 | Conditions to All Extensions of Credit. | 46 | ||
SECTION 6. | REPRESENTATIONS AND WARRANTIES | 47 | ||
6.1 | Financial Condition. | 47 | ||
6.2 | No Material Change. | 47 | ||
6.3 | Organization and Good Standing. | 48 | ||
6.4 | Due Authorization. | 48 | ||
6.5 | No Conflicts. | 48 |
6.6 | Consents. | 48 | ||
6.7 | Enforceable Obligations. | 49 | ||
6.8 | No Default. | 49 | ||
6.9 | Ownership. | 49 | ||
6.10 | Indebtedness. | 49 | ||
6.11 | Litigation. | 49 | ||
6.12 | Taxes. | 49 | ||
6.13 | Compliance with Law. | 50 | ||
6.14 | Compliance with ERISA. | 50 | ||
6.15 | Organization Structure/Subsidiaries. | 51 | ||
6.16 | Use of Proceeds; Margin Stock. | 51 | ||
6.17 | Government Regulation. | 51 | ||
6.18 | Environmental Matters. | 51 | ||
6.19 | Solvency. | 53 | ||
6.20 | [Reserved]. | 53 | ||
6.21 | Location of Properties. | 53 | ||
6.22 | Disclosure. | 53 | ||
6.23 | Licenses, etc. | 53 | ||
6.24 | No Burdensome Restrictions. | 53 | ||
6.25 | Eligible Subsidiaries. | 53 | ||
6.26 | Foreign Assets Control Regulations, Etc. | 54 | ||
SECTION 7. | AFFIRMATIVE COVENANTS | 54 | ||
7.1 | Information Covenants. | 54 | ||
7.2 | Financial Covenants. | 58 | ||
7.3 | Preservation of Existence. | 59 | ||
7.4 | Books and Records. | 59 | ||
7.5 | Compliance with Law. | 59 | ||
7.6 | Payment of Taxes and Other Indebtedness. | 59 | ||
7.7 | Insurance. | 60 | ||
7.8 | Maintenance of Assets. | 60 | ||
7.9 | Performance of Obligations. | 60 | ||
7.10 | Use of Proceeds. | 60 | ||
7.11 | Audits/Inspections. | 60 | ||
7.12 | Additional Credit Parties. | 60 | ||
7.13 | [Intentionally Omitted.] | 61 | ||
7.14 | Construction. | 61 | ||
7.15 | Changes to Financial Covenants. | 61 | ||
SECTION 8. | NEGATIVE COVENANTS | 62 | ||
8.1 | Indebtedness. | 62 | ||
8.2 | Liens. | 62 | ||
8.3 | Nature of Business. | 63 | ||
8.4 | Consolidation and Merger. | 63 | ||
8.5 | Sale or Lease of Assets. | 63 | ||
8.6 | [Intentionally Omitted.] | 63 |
8.7 | Restricted Payments. | 63 | ||
8.8 | Transactions with Affiliates. | 64 | ||
8.9 | Fiscal Year; Organizational Documents. | 64 | ||
8.10 | Limitations. | 64 | ||
8.11 | Other Negative Pledges. | 64 | ||
SECTION 9. | EVENTS OF DEFAULT | 65 | ||
9.1 | Events of Default. | 65 | ||
9.2 | Acceleration; Remedies. | 68 | ||
9.3 | Allocation of Payments After Event of Default. | 68 | ||
SECTION 10. | AGENCY PROVISIONS | 69 | ||
10.1 | Appointment. | 69 | ||
10.2 | Delegation of Duties. | 70 | ||
10.3 | Exculpatory Provisions. | 70 | ||
10.4 | Reliance on Communications. | 70 | ||
10.5 | Notice of Default. | 71 | ||
10.6 | Non-Reliance on Administrative Agent and Other Lenders. | 71 | ||
10.7 | Indemnification. | 72 | ||
10.8 | Administrative Agent in Its Individual Capacity. | 72 | ||
10.9 | Successor Agent. | 72 | ||
SECTION 11. | MISCELLANEOUS | 73 | ||
11.1 | Notices. | 73 | ||
11.2 | Right of Set-Off. | 75 | ||
11.3 | Benefit of Agreement. | 75 | ||
11.4 | No Waiver; Remedies Cumulative. | 78 | ||
11.5 | Payment of Expenses; Indemnification. | 79 | ||
11.6 | Amendments, Waivers and Consents. | 79 | ||
11.7 | Counterparts/Telecopy. | 81 | ||
11.8 | Headings. | 81 | ||
11.9 | Defaulting Lender. | 81 | ||
11.10 | Survival of Indemnification and Representations and Warranties. | 81 | ||
11.11 | Governing Law; Jurisdiction. | 82 | ||
11.12 | Waiver of Jury Trial. | 82 | ||
11.13 | Time. | 82 | ||
11.14 | Severability. | 83 | ||
11.15 | Entirety. | 83 | ||
11.16 | Binding Effect. | 83 | ||
11.17 | Confidentiality. | 83 | ||
11.18 | Further Assurances. | 85 | ||
11.19 | Release of Guarantors. | 85 | ||
11.20 | USA PATRIOT Act. | 85 | ||
11.21 | Limitation on Liability. | 85 | ||
11.22 | No Fiduciary Duty. | 85 |
SCHEDULES | |
Schedule EG | Eligible Ground Leases |
Schedule 6.15 | Organization Structure/Subsidiaries |
Schedule 6.21 | Properties |
Schedule 6.25 | Eligible Unencumbered Property Subsidiaries |
Schedule 8.2 | Existing Liens |
Schedule 11.1 | Notices |
EXHIBITS | |
Exhibit 1.1(a) | Commitment Percentages |
Exhibit 2.1(c) | Form of Notice of Borrowing |
Exhibit 2.1(f) | Form of Notice of Continuation/Conversion |
Exhibit 2.1(h) | Form of Note |
Exhibit 3.13-1 | Form of U.S. Tax Compliance Certificate |
Exhibit 3.13-2 | Form of U.S. Tax Compliance Certificate |
Exhibit 3.13-3 | Form of U.S. Tax Compliance Certificate |
Exhibit 3.13-4 | Form of U.S. Tax Compliance Certificate |
Exhibit 7.1(c) | Form of Officer’s Certificate |
Exhibit 7.12(a) | Form of Guaranty |
Exhibit 7.12(b) | Form of Limited Partner Guaranty |
Exhibit 11.3(b) | Form of Assignment Agreement |
1.1 | Definitions. |
Pricing Level | Unsecured Senior Debt Rating | Applicable Percentage for Eurodollar Loans | Applicable Percentage for Base Rate Loans |
I | A- / A3 or higher | 1.25% | 0.25% |
II | BBB+ / Baa1 | 1.38% | 0.38% |
III | BBB / Baa2 | 1.55% | 0.55% |
IV | BBB- / Baa3 | 1.90% | 0.90% |
V | < BBB- / Baa3 or NR | 2.35% | 1.35% |
1.2 | Computation of Time Periods and Other Definition Provisions. |
1.3 | Accounting Terms. |
1.4 | Joint Venture Investments. |
2.1 | Loans. |
2.2 | [Reserved]. |
2.3 | [Reserved]. |
2.4 | Joint and Several Liability of the Borrowers. |
2.5 | Appointment of BOP. |
2.6 | Non-Recourse. |
2.7 | Incremental Commitments. |
3.1 | Interest. |
3.2 | Place and Manner of Payments. |
3.3 | Prepayments. |
3.4 | Fees. |
3.5 | Payment in full at Maturity. |
3.6 | Computations of Interest and Fees. |
3.7 | Pro Rata Treatment. |
3.8 | Sharing of Payments. |
3.9 | Capital Adequacy. |
3.10 | Inability To Determine Interest Rate. |
3.11 | Illegality. |
3.12 | Requirements of Law. |
3.13 | Taxes. |
3.14 | Compensation. |
3.15 | Mitigation; Mandatory Assignment. |
5.1 | Closing Conditions. |
5.2 | Conditions to All Extensions of Credit. |
6.1 | Financial Condition. |
6.2 | No Material Change. |
6.3 | Organization and Good Standing. |
6.4 | Due Authorization. |
6.5 | No Conflicts. |
6.6 | Consents. |
6.7 | Enforceable Obligations. |
6.8 | No Default. |
6.9 | Ownership. |
6.10 | Indebtedness. |
6.11 | Litigation. |
6.12 | Taxes. |
6.13 | Compliance with Law. |
6.14 | Compliance with ERISA. |
6.15 | Organization Structure/Subsidiaries. |
6.16 | Use of Proceeds; Margin Stock. |
6.17 | Government Regulation. |
6.18 | Environmental Matters. |
6.19 | Solvency. |
6.20 | [Reserved]. |
6.21 | Location of Properties. |
6.22 | Disclosure. |
6.23 | Licenses, etc. |
6.24 | No Burdensome Restrictions. |
6.25 | Eligible Subsidiaries. |
6.26 | Foreign Assets Control Regulations, Etc. |
7.1 | Information Covenants. |
7.2 | Financial Covenants. |
7.3 | Preservation of Existence. |
7.4 | Books and Records. |
7.5 | Compliance with Law. |
7.6 | Payment of Taxes and Other Indebtedness. |
7.7 | Insurance. |
7.8 | Maintenance of Assets. |
7.9 | Performance of Obligations. |
7.10 | Use of Proceeds. |
7.11 | Audits/Inspections. |
7.12 | Additional Credit Parties. |
7.13 | [Intentionally Omitted.] |
7.14 | Construction. |
7.15 | Changes to Financial Covenants. |
8.1 | Indebtedness. |
8.2 | Liens. |
8.3 | Nature of Business. |
8.4 | Consolidation and Merger. |
8.5 | Sale or Lease of Assets. |
8.6 | [Intentionally Omitted.] |
8.7 | Restricted Payments. |
8.8 | Transactions with Affiliates. |
8.9 | Fiscal Year; Organizational Documents. |
8.10 | Limitations. |
8.11 | Other Negative Pledges. |
9.1 | Events of Default. |
9.2 | Acceleration; Remedies. |
9.3 | Allocation of Payments After Event of Default. |
10.1 | Appointment. |
10.2 | Delegation of Duties. |
10.3 | Exculpatory Provisions. |
10.4 | Reliance on Communications. |
10.5 | Notice of Default. |
10.6 | Non-Reliance on Administrative Agent and Other Lenders. |
10.7 | Indemnification. |
10.8 | Administrative Agent in Its Individual Capacity. |
10.9 | Successor Agent. |
11.1 | Notices. |
11.2 | Right of Set-Off. |
11.3 | Benefit of Agreement. |
11.4 | No Waiver; Remedies Cumulative. |
11.5 | Payment of Expenses; Indemnification. |
11.6 | Amendments, Waivers and Consents. |
11.7 | Counterparts/Telecopy. |
11.8 | Headings. |
11.9 | Defaulting Lender. |
11.10 | Survival of Indemnification and Representations and Warranties. |
11.11 | Governing Law; Jurisdiction. |
11.12 | Waiver of Jury Trial. |
11.13 | Time. |
11.14 | Severability. |
11.15 | Entirety. |
11.16 | Binding Effect. |
11.17 | Confidentiality. |
11.18 | Further Assurances. |
11.19 | Release of Guarantors. |
11.20 | USA PATRIOT Act. |
11.21 | Limitation on Liability. |
11.22 | No Fiduciary Duty. |
By: | Brandywine Realty Trust, a Maryland real estate investment trust, its general partner |
Brandywine Realty Trust | ||||||||||||||||||||
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Share Distributions | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Earnings before fixed charges: | ||||||||||||||||||||
Add: | ||||||||||||||||||||
Income (loss) from continuing operations before non-controlling interest and equity in earnings from unconsolidated real estate ventures (a) | $ | (17,007 | ) | $ | (36,581 | ) | $ | (481 | ) | $ | (10,912 | ) | $ | (1,752 | ) | |||||
Distributed income of equity investees | 2,600 | 657 | 1,557 | 7,639 | 6,900 | |||||||||||||||
Amortization of capitalized interest | 3,564 | 3,527 | 3,166 | 2,801 | 2,170 | |||||||||||||||
Fixed charges - per below | 140,356 | 148,500 | 152,126 | 170,589 | 185,308 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | (1,997 | ) | (10,385 | ) | (8,893 | ) | (16,746 | ) | (17,885 | ) | ||||||||||
Earnings before fixed charges | $ | 127,516 | $ | 105,718 | $ | 147,475 | $ | 153,371 | $ | 174,741 | ||||||||||
Fixed charges and Preferred Distributions: | ||||||||||||||||||||
Interest expense from continuing operations (including amortization) | $ | 136,396 | $ | 136,410 | $ | 141,604 | $ | 152,096 | $ | 165,647 | ||||||||||
Capitalized interest | 1,997 | 10,385 | 8,893 | 16,746 | 17,885 | |||||||||||||||
Ground leases and other | 1,963 | 1,705 | 1,629 | 1,747 | 1,776 | |||||||||||||||
Total Fixed Charges | 140,356 | 148,500 | 152,126 | 170,589 | 185,308 | |||||||||||||||
Income allocated to preferred shareholders | 7,992 | 7,992 | 7,992 | 7,992 | 7,992 | |||||||||||||||
Total Preferred Distributions | 7,992 | 7,992 | 7,992 | 7,992 | 7,992 | |||||||||||||||
Total combined fixed charges and preferred distributions | $ | 148,348 | $ | 156,492 | $ | 160,118 | $ | 178,581 | $ | 193,300 | ||||||||||
Ratio of earnings to combined fixed charges and preferred distributions | (b) | (b) | (b) | (b) | (b) | |||||||||||||||
(a) Amounts for the years ended December 31, 2011, 2010, 2009, 2008, and 2007 have been reclassified to present properties sold. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented. | ||||||||||||||||||||
(b) Due to the registrant's loss in the period, the coverage ratio was less than 1:1. The registrant must generate additional earnings of $20,832 for the year ended December 31, 2011, $50,774 for the year ended December 31, 2010, $12,643 for the year ended December 31, 2009, $25,210 for the year ended December 31, 2008, and $18,559 for the year ended December 31, 2007 to achieve a coverage ratio of 1:1. |
Brandywine Operating Partnership, L.P. | ||||||||||||||||||||
Computation of Ratio of Earnings to Combined Fixed Charges | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||
2011 | 2010 | 2009 | 2008 | 2007 | ||||||||||||||||
Earnings before fixed charges: | ||||||||||||||||||||
Add: | ||||||||||||||||||||
Income (loss) from continuing operations before non-controlling interest and equity in earnings from unconsolidated real estate ventures (a) | $ | (17,007 | ) | $ | (36,581 | ) | $ | (481 | ) | $ | (10,912 | ) | $ | (1,752 | ) | |||||
Distributed income of equity investees | 2,600 | 657 | 1,557 | 7,639 | 6,900 | |||||||||||||||
Amortization of capitalized interest | 3,564 | 3,527 | 3,166 | 2,801 | 2,170 | |||||||||||||||
Fixed charges - per below | 140,356 | 148,500 | 152,126 | 170,589 | 185,308 | |||||||||||||||
Less: | ||||||||||||||||||||
Capitalized interest | (1,997 | ) | (10,385 | ) | (8,893 | ) | (16,746 | ) | (17,885 | ) | ||||||||||
Earnings before fixed charges | $ | 127,516 | $ | 105,718 | $ | 147,475 | $ | 153,371 | $ | 174,741 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense from continuing operations (including amortization) | $ | 136,396 | $ | 136,410 | $ | 141,604 | $ | 152,096 | $ | 165,647 | ||||||||||
Ground leases and other | 1,963 | 1,705 | 1,629 | 1,747 | 1,776 | |||||||||||||||
Capitalized interest | 1,997 | 10,385 | 8,893 | 16,746 | 17,885 | |||||||||||||||
Total Fixed Charges | $ | 140,356 | $ | 148,500 | $ | 152,126 | $ | 170,589 | $ | 185,308 | ||||||||||
Ratio of earnings to combined fixed charges | (b) | (b) | (b) | (b) | (b) | |||||||||||||||
(a) Amounts for the years ended December 31, 2011, 2010, 2009, 2008 and 2007 have been reclassified to present properties sold. As a result, operations have been reclassified to discontinued operations from continuing operations for all periods presented. | ||||||||||||||||||||
(b) Due to the registrant's loss in the period, the coverage ratio was less than 1:1. The registrant must generate additional earnings of $12,840 for the year ended December 31, 2011, $42,782 for the year ended December 31, 2010, $4,651 for the year ended December 31, 2009, $17,218 for the year ended December 31, 2008, and $10,567 for the year ended December 31, 2007 to achieve a coverage ratio of 1:1. |
1. | I have reviewed this annual report on Form 10-K of Brandywine Realty Trust: |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by other within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
1. | I have reviewed this annual report on Form 10-K of Brandywine Realty Trust: |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by other within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
1. | I have reviewed this annual report on Form 10-K of Brandywine Operating Partnership, L.P.: |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by other within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
1. | I have reviewed this annual report on Form 10-K of Brandywine Operating Partnership, L.P.: |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15(d)-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by other within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
• | the tax consequences to you may vary depending on your particular tax situation; |
• | special rules that are not discussed below may apply to you if, for example, you are a tax-exempt organization, a broker-dealer, a non-U.S. person, a trust, an estate, a regulated investment company, a REIT, a financial institution, an insurance company, a holder of debt securities or shares through a partnership or other pass-through entity, or otherwise subject to special tax treatment under the Code; |
• | this summary does not address state, local or non-U.S. tax considerations; |
• | this summary deals only with our shareholders and debt holders that hold common shares, preferred shares or debt securities as “capital assets” within the meaning of Section 1221 of the Code; and |
• | this discussion is not intended to be, and should not be construed as, tax advice. |
• | We will be taxed at regular corporate rates on any undistributed REIT taxable income, including undistributed net capital gains; |
• | Under certain circumstances, we may be subject to the “alternative minimum tax” on our items of tax preference, if any; |
• | If we have net income from prohibited transactions (which are, in general, certain sales or other dispositions of property, other than foreclosure property, held primarily for sale to customers in the ordinary course of business) such income will be subject to a 100% tax. See “-Sale of Partnership Property;” |
• | If we elect to treat property that we acquire in connection with a foreclosure of a mortgage loan or leasehold as “foreclosure property,” we may thereby avoid the 100% tax on gain from a resale of that property (if the sale would otherwise constitute a prohibited transaction), but the income from the sale or operation of the property (and any other non-qualifying income from foreclosure property) may be subject to corporate income tax at the highest applicable rate (currently 35%); |
• | If we should fail to satisfy the 75% gross income test or the 95% gross income test (as discussed below), and nonetheless have maintained our qualification as a REIT because certain other requirements have been met, we will be subject to a 100% tax on the net income attributable to the greater of the amount by which we fail the 75% or 95% test, multiplied by a fraction intended to reflect our profitability; |
• | If we fail to satisfy any of the REIT asset tests, as described below, by larger than a de minimis amount, but our failure is due to reasonable cause and not due to willful negligence and we nonetheless maintain our REIT qualification because of specified cure provisions, we will be required to pay a tax equal to the greater of $50,000 or 35% of the net income generated by the non-qualifying assets during the period in which we failed to satisfy the asset tests; |
• | If we fail to satisfy any provision of the Code that would result in our failure to qualify as a REIT (other than a gross income or asset test requirement) and that violation is due to reasonable cause and not due to willful negligence, we may retain our REIT qualification, but we will be required to pay a penalty of $50,000 for each such failure; |
• | We may be required to pay monetary penalties to the IRS in certain circumstances, including if we fail to meet record-keeping requirements intended to monitor our compliance with rules relating to the composition of our shareholders, as described below in “Requirements for Qualification as a REIT;” |
• | If we should fail to distribute during each calendar year at least the sum of (a) 85% of our REIT ordinary income for such year, (b) 95% of our REIT capital gain net income for such year, and (c) any undistributed taxable income from prior years, we would be subject to a 4% excise tax on the excess of such required distribution over the sum of (i) the amounts actually distributed plus (ii) retained amounts on which corporate level tax is paid by us; |
• | We may elect to retain and pay income tax on our net long-term capital gain. In that case, a shareholder would include its proportionate share of our undistributed long-term capital gain in its income and would be allowed a credit for its proportionate share of the tax we paid; |
• | A 100% excise tax may be imposed on some items of income and expense that are directly or constructively paid between us, our tenants and/or our taxable REIT subsidiaries if and to the extent that the IRS successfully adjusts the reported amounts of these items; |
• | If we acquire appreciated assets from a C corporation (a corporation generally subject to corporate level tax) in a transaction in which the adjusted tax basis of the assets in our hands is determined by reference to the adjusted tax basis of the assets in the hands of the C corporation, we may be subject to tax on such appreciation at the highest corporate income tax rate then applicable if we subsequently recognize gain on a disposition of such assets during the ten-year period following their acquisition from the C corporation, unless the C corporation elects to treat the assets as if they were sold for their fair market value at the time of our acquisition; and |
• | Income earned by any of our taxable REIT subsidiaries will be subject to tax at regular corporate rates. |
2. | the beneficial ownership of which is evidenced by transferable shares or by transferable certificates of beneficial interest; |
3. | that would be taxable as a domestic corporation but for the special Code provisions applicable to REITs; |
4. | that is neither a financial institution nor an insurance company subject to certain provisions of the Code; |
6. | in which, during the last half of each taxable year, not more than 50% in value of the outstanding shares is owned, directly or indirectly, by five or fewer individuals (as defined in the Code to include specified entities), after applying certain attribution rules; |
7. | that makes an election to be taxable as a REIT, or has made this election for a previous taxable year which has not been revoked or terminated, and satisfies all relevant filing and other administrative requirements established by the Internal Revenue Service that must be met to elect and maintain REIT status; |
8. | that uses a calendar year for federal income tax purposes and complies with the record keeping requirements of the Code and the Treasury Regulations; and |
9. | that meets other applicable tests, described below, regarding the nature of its income and assets and the amount of its distributions. |
• | The amount of rent must not be based in whole or in part on the income or profits of any person. However, an amount received or accrued generally will not be excluded from the term “rents from real property” solely by reason of being based on a fixed percentage or percentages of gross receipts or sales. |
• | Rents received from a tenant will not qualify as “rents from real property” in satisfying the gross income tests if the REIT, or a direct or indirect owner of 10% or more of the REIT, directly or constructively, owns 10% or more of such tenant (a “Related Party Tenant”). However, rental payments from a taxable REIT subsidiary will qualify as rents from real property even if we own more than 10% of the total value or combined voting power of the taxable REIT subsidiary if at least 90% of the property is leased to unrelated tenants and the rent paid by the taxable REIT subsidiary is substantially comparable to the rent paid by the unrelated tenants for comparable space. |
• | Rent attributable to personal property leased in connection with a lease of real property will not qualify as “rents from real property” if such rent exceeds 15% of the total rent received under the |
• | the REIT generally must not operate or manage the property or furnish or render services to tenants, except through an “independent contractor” who is adequately compensated and from whom the REIT derives no income, or through a taxable REIT subsidiary. The “independent contractor” requirement, however, does not apply to the extent the services provided by the REIT are “usually or customarily rendered” in connection with the rental of space for occupancy only, and are not otherwise considered “rendered to the occupant.” In addition, a de minimis rule applies with respect to non-customary services. Specifically, if the value of the non-customary service income with respect to a property (valued at no less than 150% of the direct costs of performing such services) is 1% or less of the total income derived from the property, then all rental income except the non-customary service income will qualify as “rents from real property.” A taxable REIT subsidiary may provide services (including non-customary services) to a REIT's tenants without “tainting” any of the rental income received by the REIT, and will be able to manage or operate properties for third parties and generally engage in other activities unrelated to real estate. |
• | a citizen or resident of the U.S. as defined in section 7701(b) of the Code, |
• | a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the U.S. or any state thereof or the District of Columbia, |
• | an estate the income of which is subject to U.S. federal income taxation regardless of its source or |
• | a trust if it (a) is subject to the primary supervision of a court within the U.S. and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person. |
• | a citizen or resident of the U.S. as defined in section 7701(b) of the Code, |
• | a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the U.S. or any state thereof or the District of Columbia, |
• | an estate the income of which is subject to U.S. federal income taxation regardless of its source or |
• | a trust if it (a) is subject to the primary supervision of a court within the U.S. and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person. |
• | it is payable at least once per year; |
• | it is payable over the entire term of the debt security; and |
• | it is payable at a single fixed rate or, subject to certain conditions, based on one or more interest indices. |
• | the debt security's “adjusted issue price” at the beginning of the accrual period multiplied by its yield to maturity, determined on the basis of compounding at the close of each accrual period and properly adjusted for the length of the accrual period, over |
• | the aggregate of all qualified stated interest allocable to the accrual period. |
• | the interest on a floating rate debt security is based on more than one interest index; or |
• | the principal amount of the debt security is indexed in any manner. |
• | the amount of cash and the fair market value of other property received in exchange for such debt securities, other than amounts attributable to accrued but unpaid stated interest, which will be subject to tax as ordinary income to the extent not previously included in income; and |
• | the U.S. Holder's adjusted tax basis in such debt securities. |
• | interest paid on debt securities is not effectively connected with a non-U.S. Holder's conduct of a trade or business in the United States; |
• | the non-U.S. Holder does not actually or constructively own 10% or more of the capital or profits interest in the Operating Partnership (in the case of debt issued by the Operating Partnership), or 10% or more of the shares of Brandywine (in the case of debt issued by Brandywine); |
• | the non-U.S. Holder is not |
◦ | a controlled foreign corporation that is related to the Operating Partnership or Brandywine, as applicable, or |
◦ | a bank that receives such interest on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business; and |
• | the beneficial owner of debt securities provides a certification, which is generally made on an IRS Form W-8BEN or a suitable substitute form and signed under penalties of perjury, that it is not a United States person. |
• | the non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable year of the sale, exchange or redemption, and certain other conditions are met; or |
• | the gain is effectively connected with the conduct of a trade or business of the non-U.S. Holder in the United States and, if an applicable tax treaty so provides, such gain is attributable to a United States permanent establishment maintained by such holder. |
• | fails to furnish an accurate taxpayer identification number, or TIN, to the payor in the manner required; |
• | is notified by the IRS that it has failed to properly report payments of interest or dividends; or |
• | under certain circumstances, fails to certify, under penalties of perjury, that it has furnished a correct TIN and that it has not been notified by the IRS that it is subject to backup withholding. |
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Deferred Costs (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs |
|
Organization of The Parent Company and The Operating Partnership (Details)
|
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
managementcompanies
A
|
Mar. 31, 2011
|
Dec. 31, 2011
Parent Company [Member]
sqft
A
|
Dec. 31, 2011
Unconsolidated real estate ventures [Member]
sqft
Real_Estate_Investments
|
Dec. 31, 2011
Wholly-owned management company subsidiaries [Member]
sqft
|
Dec. 31, 2011
Third Parties and Unconsolidated Real Estate Ventures [Member]
sqft
|
Dec. 31, 2011
Office Properties [Member]
Properties
|
Dec. 31, 2011
Industrial facilities [Member]
Properties
|
Dec. 31, 2011
Mixed-use properties [Member]
Properties
|
|
Organization of The Parent Company and The Operating Partnership (Textuals) [Abstract] | |||||||||
Ownership in the Operating Partnership | 98.10% | ||||||||
Number of unconsolidated real estate ventures | 18 | ||||||||
Number of properties with ownership interest | 3 | 207 | 20 | 5 | |||||
Net rentable square feet | 25,200,000 | 6,700,000 | 32,600,000 | 7,400,000 | |||||
Number of Third-party real estate management services businesses that conduct business with Company | 6 | ||||||||
Ownership in Management Companies, directly and indirectly | 100.00% | ||||||||
Area of undeveloped parcels of land (in acres) owned by a Real Estate Venture | 4 | 444 | |||||||
Area of additional undeveloped parcels of land with option to purchase | 52 |
Distributions (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Distributions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends Payable | DISTRIBUTIONS
|
Real Estate Investments (Pro Forma Operations Data) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|||||||||
Supplemental Pro Forma Operating Data [Abstract] | |||||||||||||||||||
Pro forma revenues | $ 582,642 | $ 604,440 | |||||||||||||||||
Pro forma income (loss) from continuing operations | (29,000) | 7,890 | |||||||||||||||||
Pro forma net income (loss) available to common shareholders | $ (24,940) | $ 2,306 | |||||||||||||||||
Loss per common share from continuing operations : | |||||||||||||||||||
Basic - as reported | $ (0.16) | $ (0.29) | $ (0.04) | ||||||||||||||||
Basic -- as pro forma | $ (0.28) | $ 0.00 | |||||||||||||||||
Diluted - as reported | $ (0.16) | $ (0.29) | $ (0.04) | ||||||||||||||||
Diluted - as pro forma | $ (0.28) | $ 0.00 | |||||||||||||||||
Earnings per Common Share | |||||||||||||||||||
Net income (loss) attributable to common shareholders, Basic | $ (0.05) | $ 0.03 | $ (0.06) | [1] | $ (0.02) | [2] | $ (0.05) | $ (0.06) | $ (0.06) | [1] | $ (0.02) | [2] | $ (0.10) | $ (0.19) | $ 0.00 | ||||
Basic -- as pro forma | $ (0.19) | $ 0.02 | |||||||||||||||||
Net income (loss) attributable to common shareholders, Diluted | $ (0.05) | $ 0.03 | $ (0.06) | [1] | $ (0.02) | [2] | $ (0.05) | $ (0.06) | $ (0.06) | [1] | $ (0.02) | [2] | $ (0.10) | $ (0.19) | $ 0.00 | ||||
Diluted - as pro forma | $ (0.19) | $ 0.02 | |||||||||||||||||
|
Summary of Significant Accounting Policies (Principles of Consolidation/ Depreciation and Amortization) (Details Textuals) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2008
|
Dec. 31, 2007
|
Dec. 31, 2006
|
|
Buildings and improvements, useful life, minimum | 5 | |||||
Buildings and improvements, useful life, maximum | 55 | |||||
PJP VII [Member]
|
||||||
Payment guarantees other than the guarantee | $ 0.7 | |||||
Restatement Adjustment [Member]
|
||||||
Depreciation and amortization expense relating to intangibles | 4.7 | 1.7 | (1.4) | (1.8) | (1.7) | (1.5) |
Depreciation expense related to projects completed in prior years | $ (1.2) | $ 0.9 | $ 0.2 |
Intangible Assets (Details) (USD $)
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Finite-Lived Intangible Assets [Line Items] | |||
Intangible liabilities written off through accelerated amortization | $ 200,000 | $ 400,000 | |
Intangible assets | |||
Total Cost | 176,983,000 | 222,160,000 | |
Accumulated Amortization | (106,468,000) | (124,698,000) | |
Intangibles, net | 70,515,000 | 97,462,000 | |
Below market leases acquired | 35,106,000 | 29,233,000 | |
Leases, Acquired-in-Place [Member]
|
|||
Intangible assets | |||
Total Cost | 91,426,000 | 108,456,000 | |
Accumulated Amortization | (55,498,000) | (63,010,000) | |
Intangibles, net | 35,928,000 | 45,446,000 | |
Customer Relationships [Member]
|
|||
Intangible assets | |||
Total Cost | 72,813,000 | 95,385,000 | |
Accumulated Amortization | (45,114,000) | (52,113,000) | |
Intangibles, net | 27,699,000 | 43,272,000 | |
Above market tenant leases acquired [Member]
|
|||
Intangible assets | |||
Total Cost | 12,744,000 | 18,319,000 | |
Accumulated Amortization | (5,856,000) | (9,575,000) | |
Intangibles, net | 6,888,000 | 8,744,000 | |
Below market ground lease acquired [Member]
|
|||
Intangible assets | |||
Total Cost | 75,685,000 | 67,198,000 | |
Accumulated Amortization | (40,579,000) | (37,965,000) | |
Intangibles, net | 35,106,000 | 29,233,000 | |
Tenant Move-Outs Prior to End of the Lease Term [Member]
|
|||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets written off through accelerated amortization | $ 7,400,000 | $ 1,500,000 | $ 2,400,000 |
Accumulated Other Comprehensive Income (Loss) (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Schedule of Accumulated other comprehensive income (loss) [Line Items] | |||
Beginning Balance | $ (1,945) | ||
Change during year | (4,499) | 7,320 | 7,395 |
Ineffectiveness of the hedges | 0 | 0 | 125 |
Reclassification adjustment for (gains) losses reclassified to operations | (153) | (28) | 184 |
Ending Balance | (6,079) | (1,945) | |
Accumulated Other Comprehensive Income (Loss)
|
|||
Schedule of Accumulated other comprehensive income (loss) [Line Items] | |||
Beginning Balance | (1,945) | (9,138) | (17,005) |
Change during year | (4,499) | 7,320 | 7,395 |
Non-controlling interest consolidated - real estate venture partner's share of unrealized (gains)/losses on derivative financial statements | 212 | (155) | 290 |
Ineffectiveness of the hedges | (125) | ||
Other | 491 | ||
Reclassification adjustment for (gains) losses reclassified to operations | (153) | (28) | 184 |
Ending Balance | (6,079) | (1,945) | (9,138) |
Unrealized Gains (Losses) on Securities
|
|||
Schedule of Accumulated other comprehensive income (loss) [Line Items] | |||
Beginning Balance | (9) | (9) | (9) |
Change during year | 0 | 0 | 0 |
Non-controlling interest consolidated - real estate venture partner's share of unrealized (gains)/losses on derivative financial statements | 0 | 0 | 0 |
Ineffectiveness of the hedges | 0 | ||
Other | 0 | ||
Reclassification adjustment for (gains) losses reclassified to operations | 0 | 0 | 0 |
Ending Balance | (9) | (9) | (9) |
Cash Flow Hedges
|
|||
Schedule of Accumulated other comprehensive income (loss) [Line Items] | |||
Beginning Balance | (1,936) | (9,129) | (16,996) |
Change during year | (4,499) | 7,320 | 7,395 |
Non-controlling interest consolidated - real estate venture partner's share of unrealized (gains)/losses on derivative financial statements | 212 | (155) | 290 |
Ineffectiveness of the hedges | (125) | ||
Other | 491 | ||
Reclassification adjustment for (gains) losses reclassified to operations | (153) | (28) | 184 |
Ending Balance | (6,070) | (1,936) | (9,129) |
BRANDYWINE OPERATING PARTNERSHIP, L.P.
|
|||
Schedule of Accumulated other comprehensive income (loss) [Line Items] | |||
Beginning Balance | (2,080) | ||
Change during year | (4,499) | 7,320 | 7,395 |
Ineffectiveness of the hedges | 0 | 0 | 125 |
Reclassification adjustment for (gains) losses reclassified to operations | (153) | (28) | 184 |
Ending Balance | (6,426) | (2,080) | |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | Accumulated Other Comprehensive Income (Loss)
|
|||
Schedule of Accumulated other comprehensive income (loss) [Line Items] | |||
Beginning Balance | 2,080 | (9,428) | (17,005) |
Change during year | (4,499) | 7,320 | 7,395 |
Ineffectiveness of the hedges | (125) | ||
Other | 491 | ||
Reclassification adjustment for (gains) losses reclassified to operations | (153) | (28) | (184) |
Ending Balance | (6,426) | 2,080 | (9,428) |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | Unrealized Gains (Losses) on Securities
|
|||
Schedule of Accumulated other comprehensive income (loss) [Line Items] | |||
Beginning Balance | 9 | (9) | (9) |
Change during year | 0 | 0 | |
Ineffectiveness of the hedges | 0 | ||
Other | 0 | ||
Reclassification adjustment for (gains) losses reclassified to operations | 0 | 0 | 0 |
Ending Balance | (9) | 9 | (9) |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | Cash Flow Hedges
|
|||
Schedule of Accumulated other comprehensive income (loss) [Line Items] | |||
Beginning Balance | 2,071 | (9,419) | (16,996) |
Change during year | (4,499) | 7,320 | 7,395 |
Ineffectiveness of the hedges | (125) | ||
Other | 491 | ||
Reclassification adjustment for (gains) losses reclassified to operations | (153) | (28) | (184) |
Ending Balance | $ (6,417) | $ 2,071 | $ (9,419) |
Partners Equity of The Operating Partnership (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Common Partnership Unit |
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Schedule II - Valuation and Qualifying Accounts
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12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | Brandywine Realty Trust and Brandywine Operating Partnership, L.P. Schedule II Valuation and Qualifying Accounts (in thousands)
|
Intangible Assets (Details 1) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended |
---|---|
Dec. 31, 2011
|
|
Assets, Total [Member]
|
|
Annual amortization of intangible assets and liabilities | |
2012 | $ 20,457 |
2013 | 12,457 |
2014 | 9,606 |
2015 | 7,207 |
2016 | 4,565 |
Thereafter | 16,223 |
Total | 70,515 |
Liabilities, Total [Member]
|
|
Annual amortization of intangible assets and liabilities | |
2012 | 6,826 |
2013 | 6,312 |
2014 | 4,745 |
2015 | 2,597 |
2016 | 1,704 |
Thereafter | 12,922 |
Total | $ 35,106 |
Investment in Unconsolidated Ventures (Financial Position of Unconsolidated Real Estate Ventures) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Financial position of the Real Estate Ventures | ||
Debt | $ (745,830) | |
Company's share of equity (Company's basis) | 115,807 | 84,372 |
Unconsolidated real estate ventures [Member]
|
||
Financial position of the Real Estate Ventures | ||
Net property | (846,643) | (804,705) |
Other Assets | (110,520) | (105,576) |
Other Liabilities | (48,798) | (44,509) |
Debt | (745,830) | (748,387) |
Equity | 162,535 | 117,385 |
Company's share of equity (Company's basis) | $ 115,807 | $ 84,372 |
Risk Management and Use of Financial Instruments (Fair Values of Derivative Financial Instruments) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
|||
---|---|---|---|---|
Derivatives, Fair Value [Line Items] | ||||
Notional Amount | $ 452,836 | |||
Fair value | 3,886 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | 3.623% Interest Rate Swap Maturing February 1, 2019 [Member]
|
||||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount | 200,000 | [1] | ||
Strike | 0.03623 | [1] | ||
Fair value | 2,820 | [1] | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | 2.702% Interest Rate Swap Maturing February 1, 2016 [Member]
|
||||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount | 127,000 | [1] | ||
Strike | 0.02702 | [1] | ||
Fair value | 340 | [1] | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | 2.470% Interest Rate Swap Maturing February 1, 2015 [Member]
|
||||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount | 50,000 | [1] | ||
Strike | 0.02470 | [1] | ||
Fair value | 65 | [1] | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | 2.513% Interest Rate Swap Maturing May 1, 2015 [Member]
|
||||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount | 23,000 | [1] | ||
Strike | 0.02513 | [1] | ||
Fair value | 27 | [1] | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | 2.750% Interest Rate Swap Maturing September 30, 2017 [Member]
|
||||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount | 27,062 | [1] | ||
Strike | 0.02750 | [1] | ||
Fair value | 244 | [1] | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | 3.300% Interest Rate Swap Maturing January 30, 2021 [Member]
|
||||
Derivatives, Fair Value [Line Items] | ||||
Notional Amount | 25,774 | [1] | ||
Strike | 0.033 | [1] | ||
Fair value | $ 390 | [1] | ||
|
Summary of Significant Accounting Policies (Accounts Receivable and Accrued Rent Receivable/Deferred Costs/ Treasury Shares) (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2011
Years
|
Dec. 31, 2010
|
|
Accounting Policies [Abstract] | ||
Tenant receivables and accrued rent receivables, gross | $ 3.4 | $ 3.7 |
Allowance for doubtful accounts receivable | $ 12.1 | $ 11.6 |
Deferred leasing costs, amortization period, minimum | 1 | |
Deferred leasing costs, amortization period, ,maximum | 15 | |
Treasury stock, shares | 0 | 116,679 |
Commitments and Contingencies (Ground Rent) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
---|---|
Minimum future rental payments on non-cancelable leases | |
2012 | $ 443,103 |
2013 | 424,764 |
2014 | 384,539 |
2015 | 344,641 |
2016 | 295,045 |
Thereafter | 1,090,697 |
Ground Rent [Member]
|
|
Minimum future rental payments on non-cancelable leases | |
2012 | 1,818 |
2013 | 1,818 |
2014 | 1,818 |
2015 | 1,909 |
2016 | 1,909 |
Thereafter | $ 289,440 |
Deferred Costs (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
---|---|---|
Components of Deferred Costs Net [Abstract] | ||
Leasing Costs, Total Cost | $ 140,772 | $ 123,724 |
Financing Costs, Total Cost | 38,929 | 37,257 |
Total Cost | 179,701 | 160,981 |
Leasing Costs, Accumulated Amortization | (50,990) | (43,930) |
Financing Costs, Accumulated Amortization | (13,349) | (10,934) |
Total, Accumulated Amortization | (64,339) | (54,864) |
Leasing Costs, Deferred Costs, net | 89,782 | 79,794 |
Financing Costs, Deferred Costs, net | 25,580 | 26,323 |
Deferred Costs | $ 115,362 | $ 106,117 |
Fair Value of Financial Instruments (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
||||
---|---|---|---|---|---|---|
Company's estimates of fair value differ from the carrying amounts | ||||||
Mortgage payable, net of premiums, Carrying Amount | $ 512,391 | $ 712,246 | ||||
Mortgage payable, net of premiums, Fair Value | 545,784 | 726,348 | ||||
Unsecured notes payable, net of discounts, Carrying Amount | 1,496,501 | 1,277,716 | ||||
Unsecured notes payable, net of discounts, Fair Value | 1,555,633 | 1,338,743 | ||||
Variable rate debt instruments, Carrying Amount | 391,610 | 444,610 | ||||
Variable rate debt instruments, Fair Value | 380,786 | 432,556 | ||||
Notes receivable, Carrying Amount | 31,157 | [1] | 31,216 | [1] | ||
Notes receivable, Fair Value | $ 32,756 | $ 28,921 | ||||
|
Debt Obligations (Details 1) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended |
---|---|
Dec. 31, 2011
|
|
Schedule of principal payments of debt obligations | |
Repurchase Amount | $ 109,724 |
Principal | 106,215 |
Loss | 3,264 |
Deferred Financing Amortization | 152 |
2011 3.75% Notes [Member]
|
|
Schedule of principal payments of debt obligations | |
Repurchase Amount | 59,835 |
Principal | 59,835 |
Loss | 0 |
Deferred Financing Amortization | 0 |
Debt instrument stated interest rate | 3.875% |
2012 5.750% Notes [Member]
|
|
Schedule of principal payments of debt obligations | |
Repurchase Amount | 24,749 |
Principal | 23,709 |
Loss | 868 |
Deferred Financing Amortization | 32 |
Debt instrument stated interest rate | 5.75% |
2015 7.500% Notes [Member]
|
|
Schedule of principal payments of debt obligations | |
Repurchase Amount | 25,140 |
Principal | 22,671 |
Loss | 2,396 |
Deferred Financing Amortization | $ 120 |
Debt instrument stated interest rate | 7.50% |
Fair Value of Financial Instruments (Details Textuals) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
Properties
|
Dec. 31, 2010
Properties
|
Dec. 31, 2009
Properties
|
|
Fair Value of Financial Instruments (Textuals) [Abstract] | |||
Number of properties sold (in properties) | 19 | 19 | 19 |
Trenton Properties [Member]
|
|||
Fair Value of Financial Instruments (Textuals) [Abstract] | |||
Gross deferred gain on sale of properties | 12.9 | ||
Number of properties sold (in properties) | 2 |
Deferred Costs (Details Textuals) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
Deferred Costs (Textuals) [Abstract] | |||
Capitalized internal direct leasing costs | $ 6.6 | $ 6.2 | $ 5.3 |
Investment in Unconsolidated Ventures (Narrative) (Details) (USD $)
|
12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
A
Room
sqft
Real_Estate_Investments
Real_Estate_Ventures
Buildings
|
Nov. 30, 2010
Buildings
|
||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Number of unconsolidated Real Estate Ventures | 18 | ||||||||||||||
Number of real estate ventures that owns 52 office buildings | 15 | ||||||||||||||
Number of office buildings owned by 15 Real Estate Ventures | 52 | ||||||||||||||
Net rentable square feet of 52 office buildings owned the 15 Real Estate Ventures | 6,700,000 | ||||||||||||||
Number of real estate ventures that owns undeveloped land | 2 | ||||||||||||||
Area of undeveloped parcels of land (in acres) owned by a Real Estate Venture | 4 | ||||||||||||||
Number of real estate ventures developed hotel property | 1 | ||||||||||||||
Number of rooms in a hotel property developed by one Real Estate Venture | 137 | ||||||||||||||
Minimum ownership interest in unconsolidated Real Estate Ventures | 20.00% | ||||||||||||||
Maximum ownership interest in unconsolidated Real Estate Ventures | 65.00% | ||||||||||||||
Company's ownership percentage in the Real Estate Venture | 25.00% | ||||||||||||||
Percentage of interest acquired in partnerships by other partner | 75.00% | ||||||||||||||
Interest acquired in partnerships, Number | 2 | ||||||||||||||
Number of office buildings owned | 2 | ||||||||||||||
Real estate venture debt | $ 745,830,000 | ||||||||||||||
G&I Interchange Office LLC (DRA — N. PA) [Member]
|
|||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Company's ownership percentage in the Real Estate Venture | 20.00% | [1],[2] | |||||||||||||
Sale of ownership in properties | 80.00% | ||||||||||||||
Real estate venture debt | 181,967,000 | [2] | |||||||||||||
Two Tower Bridge [Member]
|
|||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Company's ownership percentage in the Real Estate Venture | 35.00% | [1],[3] | |||||||||||||
Real estate venture debt | 13,482,000 | [3] | |||||||||||||
Two Tower Bridge [Member] | Mortgage Maturing May 2013 [Member]
|
|||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Debt instrument stated interest rate | 5.72% | ||||||||||||||
Real estate venture debt | 10,100,000 | ||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 0.00% | ||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 1.00% | ||||||||||||||
Two Tower Bridge [Member] | Mortgage Maturing May 2013 [Member] | Minimum [Member]
|
|||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Debt Instrument, Term | 3 years | ||||||||||||||
Two Tower Bridge [Member] | Mortgage Maturing May 2013 [Member] | Maximum [Member]
|
|||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Debt Instrument, Term | 10 years | ||||||||||||||
Two Tower Bridge [Member] | Municipal and state borrowings [Member]
|
|||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Real estate venture debt | 3,400,000 | ||||||||||||||
Seven Tower Bridge [Member]
|
|||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Company's ownership percentage in the Real Estate Venture | 20.00% | [1],[4] | |||||||||||||
Debt instrument stated interest rate | 3.00% | ||||||||||||||
Real estate venture debt | 11,182,000 | [4] | |||||||||||||
Debt Instrument, Number of Fixed Rate Mortgages | 2 | ||||||||||||||
Seven Tower Bridge [Member] | Mortgage One and Two [Member] | Fixed Interest Rate Through February 2012 [Member]
|
|||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Debt instrument stated interest rate | 4.00% | ||||||||||||||
Seven Tower Bridge [Member] | Mortgage One and Two [Member] | Fixed Interest Rate Through February 2013 [Member]
|
|||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Debt instrument stated interest rate | 5.00% | ||||||||||||||
Seven Tower Bridge [Member] | Mortgage Maturing February 2014 [Member]
|
|||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Debt instrument stated interest rate | 4.00% | ||||||||||||||
Seven Tower Bridge [Member] | Secured Debt [Member] | Mortgage One Maturing February 2013 [Member]
|
|||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Real estate venture debt | 7,000,000 | ||||||||||||||
Seven Tower Bridge [Member] | Secured Debt [Member] | Mortgage Two Maturing February 2013 [Member]
|
|||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Real estate venture debt | 1,000,000 | ||||||||||||||
Seven Tower Bridge [Member] | Secured Debt [Member] | Mortgage Maturing February 2014 [Member]
|
|||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Real estate venture debt | 2,000,000 | ||||||||||||||
Seven Tower Bridge [Member] | Line of Credit [Member]
|
|||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Real estate venture debt | 1,200,000 | ||||||||||||||
Equity Method Investment Summarized Financial Information Debt, Maximum Borrowings | 1,300,000 | ||||||||||||||
Coppell Associates [Member]
|
|||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Company's ownership percentage in the Real Estate Venture | 50.00% | [1],[5],[6] | |||||||||||||
Real estate venture debt | 18,060,000 | [5],[6] | |||||||||||||
Debt Instrument, Number of Fixed Rate Mortgages | 2 | ||||||||||||||
Debt Instrument, Blended Rate | 5.89% | ||||||||||||||
Coppell Associates [Member] | Senior Mortgage [Member]
|
|||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Debt instrument stated interest rate | 5.75% | ||||||||||||||
Real estate venture debt | 16,400,000 | ||||||||||||||
Coppell Associates [Member] | Junior Mortgage [Member]
|
|||||||||||||||
Investment in Unconsolidated Ventures (Textuals) [Abstract] | |||||||||||||||
Debt instrument stated interest rate | 6.89% | ||||||||||||||
Real estate venture debt | $ 1,600,000 | ||||||||||||||
|
Distributions
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
|
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Distributions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DISTRIBUTIONS | DISTRIBUTIONS
|
Segment Information (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment information |
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Reconciliation of consolidated net operating income |
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Fair Value of Financial Instruments (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial instruments with fair values different from their carrying amount |
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Investment in Unconsolidated Ventures (Aggregate Principal Payments of Recourse and Non-recourse Debt Payable to Third-parties) (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
---|---|
Long-term Debt, aggregate principal payments of recourse and non-recourse debt payable to third-parties [Abstract] | |
2011 | $ 476,889 |
2012 | 66,806 |
2013 | 254,787 |
2014 | 327,225 |
2015 | 347,065 |
Thereafter | 927,730 |
Long-term Debt, aggregate principal payments of recourse and non-recourse debt payable to third-parties | 745,830 |
Equity Method Investments [Member]
|
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Long-term Debt, aggregate principal payments of recourse and non-recourse debt payable to third-parties [Abstract] | |
2011 | 24,228 |
2012 | 143,705 |
2013 | 13,809 |
2014 | 306,051 |
2015 | 97,215 |
Thereafter | $ 160,822 |
Share Based Compensation, 401(k) Plan and Deferred Compensation (Option Activity) (Details) (USD $)
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2011
Years
|
Dec. 31, 2010
Years
|
Dec. 31, 2009
Years
|
|
Option activity | |||
Outstanding at beginning of year, shares | 3,116,611 | 2,404,567 | 1,754,648 |
Granted, shares | 603,241 | 724,805 | 676,491 |
Exercised, shares | (120,180) | ||
Forfetied/Expired, shares | (12,761) | (26,572) | |
Outstanding at end of year, shares | 3,599,672 | 3,116,611 | 2,404,567 |
Vested/Exercisable, shares | 2,287,729 | 1,384,728 | 616,119 |
Outstanding at beginning of year, Weighted Average Exercise Price | $ 14.56 | $ 15.48 | $ 20.41 |
Granted, Weighted Average Exercise Price | $ 11.89 | $ 11.31 | $ 2.91 |
Forfeited/Expired, Weighted Average Exercise Price | $ 2.91 | $ 20.61 | |
Exercised, Weighted Average Exercise Price | $ 2.91 | ||
Outstanding at end of year, Weighted Average Exercise Price | $ 14.50 | $ 14.56 | $ 15.48 |
Vested/Exercisable at end of period, Weighted Average Exercise Price | $ 17.01 | $ 17.63 | $ 20.03 |
Outstanding at beginning of year, Weighted Average Remaining Contractual Term | 7.81 | 8.38 | 8.77 |
Granted, Weighted Average Remaining Contractual Term (in years) | 9.18 | 9.18 | 9.25 |
Outstanding at end of year, Weighted Average Remaining Contractual Term | 7.20 | 7.81 | 8.38 |
Vested/Exercisable at end of period, Weighted Average Remaining Contractual Term | 6.59 | 7.14 | 7.54 |
Outstanding at beginning of year, Aggregate Intrinsic Value | $ (9,080,625) | ||
Granted, Aggregate Intrinsic Value | $ (1,441,746) | ||
Outstanding at end of year, Aggregate Intrinsic Value | (18,015,060) | (9,080,625) | |
Vested/Exercisable at end of year, Aggregate Intrinsic Value | $ 16,912,225 |
Real Estate Investments (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross carrying value of rental properties |
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Business acquisition, purchase price allocation |
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Schedule of Intangibles assets and liabilities acquired |
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Operating results of acquired property included in parent company results of operations |
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Supplemental pro forma operating data |
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Commitments and Contingencies (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
|
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Leases Future Minimum Payments Due |
|
Real Estate Investments (Purchase Price of Allocation) (Details) (Three Logan Square [Member], USD $)
In Thousands, unless otherwise specified |
Aug. 05, 2010
|
---|---|
Three Logan Square [Member]
|
|
Purchase price of allocation | |
Building and tenant improvements | $ 98,188 |
Intangible assets acquired | 28,856 |
Below market lease liabilities assumed | (683) |
Total | $ 126,361 |
Schedule II - Valuation and Qualifying Accounts (Details) (Allowance for Doubtful Accounts [Member], USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
||||||
Allowance for Doubtful Accounts [Member]
|
||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||||||
Balance at Beginning of Period | $ 15,222 | $ 16,363 | $ 15,474 | |||||
Additions | 928 | 763 | 2,596 | |||||
Deductions | 665 | [1] | 1,904 | [1] | 1,707 | [1] | ||
Balance at End of Period | $ 15,485 | $ 15,222 | $ 16,363 | |||||
|
Summary of Significant Accounting Policies (Income Taxes) (Details) (USD $)
In Billions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2011
|
Dec. 31, 2010
|
|
Income Tax Contingency [Line Items] | ||
Distributable income minimum percentage | 90.00% | |
Tax basis of assets | $ 4.5 | $ 4.5 |
Amount of Federal excise tax if sufficient taxable income is not distributed within prescribed time limits | 4.00% | |
Excise tax annual amount, if certain requirements are not meant | 4.00% | |
Excise tax, if sum of ordinary income is less than | 85.00% | |
Excise tax, if Net capital gain exceeds cash distributions and certain taxes paid | 95.00% | |
BRANDYWINE OPERATING PARTNERSHIP, L.P.
|
||
Income Tax Contingency [Line Items] | ||
Tax basis of assets | $ 4.5 | $ 4.5 |
Amount of Federal excise tax if sufficient taxable income is not distributed within prescribed time limits | 4.00% | |
Excise tax annual amount, if certain requirements are not meant | 4.00% | |
Excise tax, if sum of ordinary income is less than | 85.00% | |
Excise tax, if Net capital gain exceeds cash distributions and certain taxes paid | 95.00% |
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