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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenue:        
Rents $ 119,127 $ 121,622 $ 239,537 $ 243,293
Tenant reimbursements 19,799 20,502 42,453 43,962
Termination fees 828 3,349 1,464 5,552
Third party management fees, labor reimbursement and leasing 4,659 4,187 8,531 8,337
Other 1,235 840 4,069 1,470
Total revenue 145,648 150,500 296,054 302,614
Operating expenses:        
Property operating expenses 42,704 43,136 89,281 89,937
Real estate taxes 11,968 12,841 24,513 26,298
Third party management expenses 1,677 1,730 3,253 3,446
Depreciation and amortization 50,930 52,587 102,041 105,157
General and administrative expenses 6,791 6,005 15,427 14,186
Total operating expenses 114,070 116,299 234,515 239,024
Operating income 31,578 34,201 61,539 63,590
Other income (expense):        
Interest income 313 385 1,063 770
Interest expense (27,895) (31,512) (56,071) (63,356)
Interest expense — amortization of deferred financing costs (1,288) (1,197) (2,367) (2,386)
Interest expense — financing obligation (324) (316) (610) (588)
Equity in loss of Real Estate Ventures (873) (489) (742) (247)
Net gain on disposition of real estate 1,571 0 10,590 [1] 0
Gain (loss) on sale of undepreciated real estate 0 (3) 0 1,184
Net gain from remeasurement of investments in real estate ventures 758 458 758 458
Loss on real estate venture transactions 0 (282) 0 (417)
Provision for impairment on assets held for sale/sold (782) 0 (2,508) 0
Income (Loss) from continuing operations 3,058 1,245 11,652 (992)
Discontinued operations:        
Income from discontinued operations 0 26 0 18
Net gain on disposition of discontinued operations 0 903 0 903
Total discontinued operations 0 929 0 921
Net income (loss) 3,058 2,174 11,652 (71)
Net loss from discontinued operations attributable to non-controlling interests — LP units 0 (10) 0 (10)
Net loss attributable to non-controlling interest — partners' share of consolidated real estate ventures 5 24 5 12
Net (income) loss attributable to non-controlling interests — LP units (7) 5 (65) 49
Net (income) loss attributable to non-controlling interests (2) 19 (60) 51
Net income (loss) attributable to Brandywine Realty Trust 3,056 2,193 11,592 (20)
Distribution to Preferred Shares (1,725) (1,725) (3,450) (3,450)
Nonforfeitable dividends allocated to unvested restricted shareholders (76) (83) (177) (186)
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust $ 1,255 $ 385 $ 7,965 $ (3,656)
Basic income (loss) per Common Share:        
Continuing operations (USD per share) $ 0.01 $ 0.00 $ 0.04 $ (0.03)
Discontinued operations (USD per share) 0.00 0.00 0.00 0.01
Net income (loss) attributable to common shareholders, Basic (USD per share) 0.01 0.00 0.04 (0.02)
Diluted income (loss) per Common Share:        
Continuing operations (USD per share) 0.01 0.00 0.04 (0.03)
Discontinued operations (USD per share) 0.00 0.00 0.00 0.01
Net income (loss) attributable to common shareholders, Diluted (USD per share) $ 0.01 $ 0.00 $ 0.04 $ (0.02)
Basic weighted average shares outstanding (in shares) 179,860,284 157,037,348 179,712,428 156,916,356
Diluted weighted average shares outstanding (in shares) 180,538,887 157,037,348 180,599,265 156,916,356
Net income attributable to Brandywine Realty Trust        
Total continuing operations $ 3,056 $ 1,274 $ 11,592 $ (931)
Total discontinued operations 0 919 0 911
Net income (loss) 3,058 2,174 11,652 (71)
Net income (loss) 3,056 2,193 11,592 (20)
BRANDYWINE OPERATING PARTNERSHIP, L.P.        
Revenue:        
Rents 119,127 121,622 239,537 243,293
Tenant reimbursements 19,799 20,502 42,453 43,962
Termination fees 828 3,349 1,464 5,552
Third party management fees, labor reimbursement and leasing 4,659 4,187 8,531 8,337
Other 1,235 840 4,069 1,470
Total revenue 145,648 150,500 296,054 302,614
Operating expenses:        
Property operating expenses 42,704 43,136 89,281 89,937
Real estate taxes 11,968 12,841 24,513 26,298
Third party management expenses 1,677 1,730 3,253 3,446
Depreciation and amortization 50,930 52,587 102,041 105,157
General and administrative expenses 6,791 6,005 15,427 14,186
Total operating expenses 114,070 116,299 234,515 239,024
Operating income 31,578 34,201 61,539 63,590
Other income (expense):        
Interest income 313 385 1,063 770
Interest expense (27,895) (31,512) (56,071) (63,356)
Interest expense — amortization of deferred financing costs (1,288) (1,197) (2,367) (2,386)
Interest expense — financing obligation (324) (316) (610) (588)
Equity in loss of Real Estate Ventures (873) (489) (742) (247)
Net gain on disposition of real estate 1,571 0 10,590 0
Gain (loss) on sale of undepreciated real estate 0 (3) 0 1,184
Net gain from remeasurement of investments in real estate ventures 758 458 758 458
Loss on real estate venture transactions 0 (282) 0 (417)
Provision for impairment on assets held for sale/sold (782) 0 (2,508) 0
Income (Loss) from continuing operations 3,058 1,245 11,652 (992)
Discontinued operations:        
Income from discontinued operations 0 26 0 18
Net gain on disposition of discontinued operations 0 903 0 903
Total discontinued operations 0 929 0 921
Net income (loss) 3,058 2,174 11,652 (71)
Net loss attributable to non-controlling interest — partners' share of consolidated real estate ventures 5 24 5 12
Net income (loss) attributable to Brandywine Realty Trust 3,063 2,198 11,657 (59)
Distribution to Preferred Shares (1,725) (1,725) (3,450) (3,450)
Nonforfeitable dividends allocated to unvested restricted shareholders (76) (83) (177) (186)
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust $ 1,262 $ 390 $ 8,030 $ (3,695)
Basic income (loss) per Common Share:        
Continuing operations (USD per share) $ 0.01 $ 0.00 $ 0.04 $ (0.03)
Discontinued operations (USD per share) 0.00 0.00 0.00 0.01
Net income (loss) attributable to common shareholders, Basic (USD per share) 0.01 0.00 0.04 (0.02)
Diluted income (loss) per Common Share:        
Continuing operations (USD per share) 0.01 0.00 0.04 (0.03)
Discontinued operations (USD per share) 0.00 0.00 0.00 0.01
Net income (loss) attributable to common shareholders, Diluted (USD per share) $ 0.01 $ 0.00 $ 0.04 $ (0.02)
Basic weighted average shares outstanding (in shares) 181,395,386 158,801,087 181,247,530 158,680,095
Diluted weighted average shares outstanding (in shares) 182,073,989 158,801,087 182,134,367 158,680,095
Net income attributable to Brandywine Realty Trust        
Total continuing operations $ 3,063 $ 1,269 $ 11,657 $ (980)
Total discontinued operations 0 929 0 921
Net income (loss) 3,058 2,174 11,652 (71)
Net income (loss) $ 3,063 $ 2,198 $ 11,657 $ (59)
[1] Gain/(Loss) on Sale is net of closing and other transaction related costs.