XML 25 R10.htm IDEA: XBRL DOCUMENT v3.20.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 288,240 $ 17,655
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 145,314 158,738
Amortization of deferred financing costs 2,195 2,026
Amortization of debt discount/(premium), net (55) 527
Amortization of stock compensation costs 5,544 6,145
Straight-line rent income (8,903) (8,287)
Amortization of acquired above (below) market leases, net (3,657) (7,236)
Ground rent expense 1,092 1,103
Provision for doubtful accounts 1,041 611
Net gain on real estate venture transactions 0 (3,594)
Net gain on sale of interests in real estate (274,688) (1,857)
Loss from Real Estate Ventures, net of distributions 9,880 5,134
Income tax provision (benefit) (224) 46
Changes in assets and liabilities:    
Accounts receivable (6,263) 2,086
Other assets (7,527) (13,089)
Accounts payable and accrued expenses 10,782 194
Deferred income, gains and rent (8,856) (3,640)
Other liabilities 8,549 (1,312)
Net cash provided by operating activities 162,464 155,250
Cash flows from investing activities:    
Acquisition of properties (11,432) 0
Proceeds from the sale of properties 122,055 41,546
Proceeds from real estate venture sales 0 675
Proceeds from repayment of mortgage notes receivable 0 3,341
Capital expenditures for tenant improvements (55,262) (53,383)
Capital expenditures for redevelopments (18,664) (33,905)
Capital expenditures for developments (51,435) (55,002)
Advances for the purchase of tenant assets, net of repayments 1,265 (178)
Investment in unconsolidated Real Estate Ventures (719) (253)
Deposits for real estate 0 (1,990)
Capital distributions from Real Estate Ventures 6,916 35,206
Leasing costs paid (16,747) (13,184)
Net cash used in investing activities (24,023) (77,127)
Cash flows from financing activities:    
Repayments of mortgage notes payable (6,105) (5,669)
Proceeds from credit facility borrowings 170,500 333,000
Repayments of credit facility borrowings (170,500) (279,000)
Proceeds from the exercise of stock options 47 800
Shares used for employee taxes upon vesting of share awards (1,346) (1,554)
Partner contributions to consolidated real estate venture 0 25
Repurchase and retirement of common shares (60,000) (17,282)
Distributions paid to shareholders (98,651) (100,573)
Distributions to noncontrolling interest (561) (560)
Net cash used in financing activities (166,616) (70,813)
Increase/(Decrease) in cash and cash equivalents and restricted cash (28,175) 7,310
Cash and cash equivalents and restricted cash at beginning of year 91,170 23,211
Cash and cash equivalents and restricted cash at end of period 62,995 30,521
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents, beginning of period 90,499 22,842
Restricted cash, beginning of period 671 369
Cash and cash equivalents and restricted cash at beginning of year 91,170 23,211
Cash and cash equivalents, end of period 62,256 29,925
Restricted cash, end of period 739 596
Cash and cash equivalents and restricted cash at end of period 62,995 30,521
Supplemental disclosure:    
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2020 and 2019 of $3,462 and $2,246, respectively 51,733 56,455
Cash paid for income taxes 719 1,169
Supplemental disclosure of non-cash activity:    
Dividends and distributions declared but not paid 32,705 33,759
Change in investment in real estate ventures as a result of dispositions 0 3,461
Change in operating real estate from deconsolidation of operating properties 269,268 0
Change in investment in real estate ventures from deconsolidation of operating properties (263,358) 0
Change in mortgage notes payable from deconsolidation of operating properties (220,271) 0
Change in capital expenditures financed through accounts payable at period end (8,244) (6,011)
Change in capital expenditures financed through retention payable at period end 754 (3,356)
BRANDYWINE OPERATING PARTNERSHIP, L.P.    
Cash flows from operating activities:    
Net income 288,240 17,655
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 145,314 158,738
Amortization of deferred financing costs 2,195 2,026
Amortization of debt discount/(premium), net (55) 527
Amortization of stock compensation costs 5,544 6,145
Straight-line rent income (8,903) (8,287)
Amortization of acquired above (below) market leases, net (3,657) (7,236)
Ground rent expense 1,092 1,103
Provision for doubtful accounts 1,041 611
Net gain on real estate venture transactions 0 (3,594)
Net gain on sale of interests in real estate (274,688) (1,857)
Loss from Real Estate Ventures, net of distributions 9,880 5,134
Income tax provision (benefit) (224) 46
Changes in assets and liabilities:    
Accounts receivable (6,263) 2,086
Other assets (7,527) (13,089)
Accounts payable and accrued expenses 10,782 194
Deferred income, gains and rent (8,856) (3,640)
Other liabilities 8,549 (1,312)
Net cash provided by operating activities 162,464 155,250
Cash flows from investing activities:    
Acquisition of properties (11,432) 0
Proceeds from the sale of properties 122,055 41,546
Proceeds from real estate venture sales 0 675
Proceeds from repayment of mortgage notes receivable 0 3,341
Capital expenditures for tenant improvements (55,262) (53,383)
Capital expenditures for redevelopments (18,664) (33,905)
Capital expenditures for developments (51,435) (55,002)
Advances for the purchase of tenant assets, net of repayments 1,265 (178)
Investment in unconsolidated Real Estate Ventures (719) (253)
Deposits for real estate 0 (1,990)
Capital distributions from Real Estate Ventures 6,916 35,206
Leasing costs paid (16,747) (13,184)
Net cash used in investing activities (24,023) (77,127)
Cash flows from financing activities:    
Repayments of mortgage notes payable (6,105) (5,669)
Proceeds from credit facility borrowings 170,500 333,000
Repayments of credit facility borrowings (170,500) (279,000)
Proceeds from the exercise of stock options 47 800
Shares used for employee taxes upon vesting of share awards (1,346) (1,554)
Partner contributions to consolidated real estate venture 0 25
Repurchase and retirement of common shares (60,000) (17,282)
Distributions paid to shareholders (99,212) (101,133)
Net cash used in financing activities (166,616) (70,813)
Increase/(Decrease) in cash and cash equivalents and restricted cash (28,175) 7,310
Cash and cash equivalents and restricted cash at beginning of year 91,170 23,211
Cash and cash equivalents and restricted cash at end of period 62,995 30,521
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents, beginning of period 90,499 22,842
Restricted cash, beginning of period 671 369
Cash and cash equivalents and restricted cash at beginning of year 91,170 23,211
Cash and cash equivalents, end of period 62,256 29,925
Restricted cash, end of period 739 596
Cash and cash equivalents and restricted cash at end of period 62,995 30,521
Supplemental disclosure:    
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2020 and 2019 of $3,462 and $2,246, respectively 51,733 56,455
Cash paid for income taxes 719 1,169
Supplemental disclosure of non-cash activity:    
Dividends and distributions declared but not paid 32,705 33,759
Change in investment in real estate ventures as a result of dispositions 0 3,461
Change in operating real estate from deconsolidation of operating properties 269,268 0
Change in investment in real estate ventures from deconsolidation of operating properties (263,358) 0
Change in mortgage notes payable from deconsolidation of operating properties (220,271) 0
Change in capital expenditures financed through accounts payable at period end (8,244) (6,011)
Change in capital expenditures financed through retention payable at period end $ 754 $ (3,356)