XML 68 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income (loss) $ 43,189 $ 6,529 $ (4,715)
Adjustments to reconcile net loss to net cash from operating activities:      
Depreciation and amortization 198,731 198,579 219,110
Amortization of deferred financing costs 4,676 6,208 4,991
Amortization of debt discount/(premium), net 2,480 1,760 1,567
Amortization of stock compensation costs 6,998 5,685 5,282
Share-based compensation expense relating to awards withheld for employee taxes upon vesting of share awards (1,062) (2,493) (1,012)
Recognized hedge activity 0 2,985 0
Straight-line rent income (20,136) (23,566) (20,298)
Amortization of above (below) Market Leases, Net (7,170) (6,084) (5,384)
Straight-line ground rent expense 1,509 1,897 1,924
Provision for doubtful accounts 2,467 2,198 1,924
Net gain on sale of interests in real estate (29,166) (34,774) (10,008)
Loss on real estate venture formation 0 950 222
Net gain from remeasurement of investments in real estate ventures 6,866 0 0
Net gain on real estate venture transactions (3,683) 0 0
Loss on early extinguishment of debt 2,119 22,002 2,776
Historic tax credit transaction income (11,853) (11,840) (12,026)
Real estate venture income in excess of distributions (2,014) (1,517) (1,175)
Cumulative interest accretion of repayments of unsecured notes 0 0 (4,005)
Contributions from historic tax credit transaction, net of deferred costs 0 0 2,694
Deferred financing obligation (974) (1,803) 0
Changes in assets and liabilities:      
Accounts receivable (4,048) 262 (856)
Other assets 5,440 4,244 (3,851)
Accounts payable and accrued expenses (526) (8,355) 7,732
Deferred income, gains and rent 3,758 (2,167) (7,220)
Other liabilities (385) (1,590) (425)
Net cash from operating activities 183,484 159,110 177,247
Cash flows from investing activities:      
Acquisition of properties (161,604) (77,555) (40,674)
Investments in Available-for-sale Securities, Debt 0 (105,250) 0
Proceeds from the sale of available-for-sale securities 0 105,250 0
Sales of properties, net 423,480 170,918 155,956
Distribution of sales proceeds of real estate ventures 16,963 0 0
Proceeds from repayment of mortgage notes receivable 200 23,364 0
Capital expenditures for tenant improvements (109,357) (86,986) (130,482)
Capital expenditures for redevelopments (6,265) (11,964) (674)
Capital expenditures for developments (5,490) (162) 0
Payments for (Proceeds from) Other Investing Activities 1,976 0 0
Advances for purchase of tenant assets, net of repayments (127) 270 1,365
Loan proceeds from an unconsolidated Real Estate Venture partner 0 566 1,388
Loan provided to unconsolidated Real Estate Venture partner 0 0 (1,122)
Investment in unconsolidated Real Estate Ventures (33,069) (65,354) (5,277)
Increase (Decrease) in Restricted Cash 1,902 (1,827) 1,502
Cash distributions from unconsolidated Real Estate Ventures in excess of cumulative equity income 7,496 5,109 10,316
Leasing costs (31,397) (31,243) (38,461)
Net cash from (used in) investing activities 104,708 (74,864) (46,163)
Cash flows from financing activities:      
Proceeds from New Unsecured Term Loans 0 600,000 0
Proceeds from Credit Facility 186,000 90,500 706,002
Repayments of Credit Facility (255,000) (297,000) (613,502)
Repayments of mortgage notes payable (11,268) (68,513) (221,856)
Proceeds from unsecured notes 0 248,183 321,448
Deferred financing obligation interest expense 0 935 0
Net Proceeds from Issuance of Common Stock 181,527 0 7,930
Net Proceeds from Issuance of Preferred Stock and Preference Stock 0 96,237 0
Redemption of preferred units 0 (108,536) 0
Cash used in redemption of partnership units 0 (9,676) 0
Repayments from unsecured notes (31,369) (338,097) (105,381)
Repayments of unsecured term loan 0 (190,485) (145,500)
Net settlement of hedge transactions 0 0 (613)
Debt financing costs (355) (10,128) (4,249)
Exercise of stock options 2,381 976 350
Distributions paid to shareholders/unitholders (97,367) (96,030) (89,559)
Distributions to noncontrolling interest (1,083) (1,473) (2,309)
Net cash from (used in) financing activities (26,534) (83,107) (147,239)
Increase (decrease) in cash and cash equivalents 261,658 1,139 (16,155)
Cash and cash equivalents at beginning of period 1,549 410 16,565
Cash and cash equivalents at end of period 263,207 1,549 410
Supplemental disclosure:      
Cash paid for interest, net of capitalized interest during the years ended December 31, 2013, 2012, and 2011 of $3,137, $2,560, and $1,997, respectively 118,714 137,823 135,210
Supplemental disclosure of non-cash activity:      
Change in operating real estate related to a non-cash acquisition of an operating property (21,649) 0 0
Change in intangible assets, net related to non-cash acquisition of an operating property (3,517) 0 0
Change in acquired lease intangibles, net related to non-cash acquisition of an operating property 462 0 0
Change in investments in joint venture related to non-cash acquisition of property 13,040 0 0
Change in investments in joint venture related to non-cash disposition of property (17,628) 0 0
Change in operating real estate related to non-cash adjustment to land 7,752 0 0
Change in mortgage notes payable related to acquisition of an operating property 238,082 0 0
Change in investments in joint venture related to a contribution of land at period end (6,058) (15,222) 0
Change in investments in joint venture related to a contribution of services 0 (711) 0
Change in capital expenditures financed through accounts payable at period end 11,703 7,059 (3,896)
Change in capital expenditures financed through retention payable at period end (204) 566 (6,213)
Change in unfunded tenant allowance (969) (1,089) (1,717)
BRANDYWINE OPERATING PARTNERSHIP, L.P.
     
Cash flows from operating activities:      
Net income (loss) 43,189 6,529 (4,715)
Adjustments to reconcile net loss to net cash from operating activities:      
Depreciation and amortization 198,731 198,579 219,110
Amortization of deferred financing costs 4,676 6,208 4,991
Amortization of debt discount/(premium), net 2,480 1,760 1,567
Amortization of stock compensation costs 6,998 5,685 5,282
Share-based compensation expense relating to awards withheld for employee taxes upon vesting of share awards (1,062) (2,493) (1,012)
Recognized hedge activity 0 2,985 0
Straight-line rent income (20,136) (23,566) (20,298)
Amortization of above (below) Market Leases, Net (7,170) (6,084) (5,384)
Straight-line ground rent expense 1,509 1,897 1,924
Provision for doubtful accounts 2,467 2,198 1,924
Net gain on sale of interests in real estate (29,166) (34,774) (10,008)
Loss on real estate venture formation 0 950 222
Net gain from remeasurement of investments in real estate ventures 6,866 0 0
Net gain on real estate venture transactions (3,683) 0 0
Loss on early extinguishment of debt 2,119 22,002 2,776
Historic tax credit transaction income (11,853) (11,840) (12,026)
Real estate venture income in excess of distributions (2,014) (1,517) (1,175)
Cumulative interest accretion of repayments of unsecured notes 0 0 (4,005)
Contributions from historic tax credit transaction, net of deferred costs 0 0 2,694
Deferred financing obligation (974) (1,803) 0
Changes in assets and liabilities:      
Accounts receivable (4,048) 262 (856)
Other assets 5,440 4,244 (3,851)
Accounts payable and accrued expenses (526) (8,355) 7,732
Deferred income, gains and rent 3,758 (2,167) (7,220)
Other liabilities (385) (1,590) (425)
Net cash from operating activities 183,484 159,110 177,247
Cash flows from investing activities:      
Acquisition of properties (161,604) (77,555) (40,674)
Investments in Available-for-sale Securities, Debt 0 (105,250) 0
Proceeds from the sale of available-for-sale securities 0 105,250 0
Sales of properties, net 423,480 170,918 155,956
Distribution of sales proceeds of real estate ventures 16,963 0  
Proceeds from repayment of mortgage notes receivable 200 23,364 0
Capital expenditures for tenant improvements (109,357) (86,986) (130,482)
Capital expenditures for redevelopments (6,265) (11,964) (674)
Capital expenditures for developments (5,490) (162) 0
Payments for (Proceeds from) Other Investing Activities 1,976 0  
Advances for purchase of tenant assets, net of repayments (127) 270 1,365
Loan proceeds from an unconsolidated Real Estate Venture partner 0 566 1,388
Loan provided to unconsolidated Real Estate Venture partner 0 0 (1,122)
Investment in unconsolidated Real Estate Ventures (33,069) (65,354) (5,277)
Increase (Decrease) in Restricted Cash 1,902 (1,827) 1,502
Cash distributions from unconsolidated Real Estate Ventures in excess of cumulative equity income 7,496 5,109 10,316
Leasing costs (31,397) (31,243) (38,461)
Net cash from (used in) investing activities 104,708 (74,864) (46,163)
Cash flows from financing activities:      
Proceeds from New Unsecured Term Loans 0 600,000 0
Proceeds from Credit Facility 186,000 90,500 706,002
Repayments of Credit Facility (255,000) (297,000) (613,502)
Repayments of mortgage notes payable (11,268) (68,513) (221,856)
Proceeds from unsecured notes 0 248,183 321,448
Deferred financing obligation interest expense 0 935 0
Net Proceeds from Issuance of Common Stock 181,527 0 7,930
Net Proceeds from Issuance of Preferred Stock and Preference Stock 0 96,237 0
Redemption of preferred units 0 (108,536) 0
Cash used in redemption of partnership units 0 (9,676) 0
Repayments from unsecured notes (31,369) (338,097) (105,381)
Repayments of unsecured term loan 0 (190,485) (145,500)
Net settlement of hedge transactions 0 0 (613)
Debt financing costs (355) (10,128) (4,249)
Refund Of Deferred Financing Costs Related To Forward Commitment 0 0 0
Exercise of stock options 2,381 976 350
Distributions paid to shareholders/unitholders (98,450) (97,503) (91,868)
Net cash from (used in) financing activities (26,534) (83,107) (147,239)
Increase (decrease) in cash and cash equivalents 261,658 1,139 (16,155)
Cash and cash equivalents at beginning of period 1,549 410 16,565
Cash and cash equivalents at end of period 263,207 1,549 410
Supplemental disclosure:      
Cash paid for interest, net of capitalized interest during the years ended December 31, 2013, 2012, and 2011 of $3,137, $2,560, and $1,997, respectively 118,714 137,823 135,210
Supplemental disclosure of non-cash activity:      
Change in operating real estate related to a non-cash acquisition of an operating property (21,649) 0  
Change in intangible assets, net related to non-cash acquisition of an operating property (3,517) 0  
Change in acquired lease intangibles, net related to non-cash acquisition of an operating property 462 0  
Change in investments in joint venture related to non-cash acquisition of property 13,040 0  
Change in investments in joint venture related to non-cash disposition of property (17,628) 0  
Change in operating real estate related to non-cash adjustment to land 7,752 0  
Change in mortgage notes payable related to acquisition of an operating property 238,082 0 0
Change in investments in joint venture related to a contribution of land at period end (6,058) (15,222)  
Change in investments in joint venture related to a contribution of services 0    
Change in capital expenditures financed through accounts payable at period end 11,703 7,059 (3,896)
Change in capital expenditures financed through retention payable at period end (204) 566 (6,213)
Change in unfunded tenant allowance $ (969) $ (1,089) $ (1,717)