XML 25 R10.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 6,789 $ 12,107
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 83,128 101,781
Amortization of deferred financing costs 1,418 1,480
Amortization of debt discount/(premium), net (975) (788)
Amortization of stock compensation costs 4,324 4,462
Straight-line rent income (7,472) (4,416)
Amortization of acquired above (below) market leases, net (2,573) (2,617)
Ground rent expense 505 729
Provision for doubtful accounts 67 345
Net gain on sale of interests in real estate (2,135) (2,787)
Loss from unconsolidated real estate ventures, net of distributions 14,164 4,092
Income tax provision (benefit) 34 (226)
Changes in assets and liabilities:    
Accounts receivable 2,513 (4,349)
Other assets (2,405) (3,315)
Accounts payable and accrued expenses (12,431) (4,215)
Deferred income, gains and rent 1,887 (5,418)
Other liabilities (7,712) 3,455
Net cash provided by operating activities 79,126 100,320
Cash flows from investing activities:    
Acquisition of properties 0 (11,432)
Proceeds from the sale of properties 79 21,250
Proceeds from insurance 1,250 0
Capital expenditures for tenant improvements (20,573) (27,834)
Capital expenditures for redevelopments (10,005) (14,686)
Capital expenditures for developments (18,746) (33,566)
Advances for the purchase of tenant assets, net of repayments 290 1,563
Investment in unconsolidated real estate ventures (16,662) (199)
Capital distributions from unconsolidated real estate ventures 5,151 3,575
Leasing costs paid (9,187) (13,998)
Net cash used in investing activities (68,403) (75,327)
Cash flows from financing activities:    
Repayments of mortgage notes payable 0 (3,909)
Proceeds from credit facility borrowings 96,000 132,500
Repayments of credit facility borrowings (38,000) (71,500)
Exercise of stock options, net (63) 47
Shares used for employee taxes upon vesting of share awards (1,823) (1,346)
Partner contributions to consolidated real estate venture 2,289 0
Repurchase and retirement of common shares 0 (60,000)
Redemption of limited partnership units (2,234) 0
Distributions paid to shareholders (65,074) (66,107)
Distributions to noncontrolling interest (383) (374)
Net cash used in financing activities (9,288) (70,689)
Increase/(Decrease) in cash and cash equivalents and restricted cash 1,435 (45,696)
Cash and cash equivalents and restricted cash at beginning of period 47,077 91,170
Cash and cash equivalents and restricted cash at end of period 48,512 45,474
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents, beginning of period 46,344 90,499
Restricted cash, beginning of period 733 671
Cash and cash equivalents and restricted cash at beginning of period 47,077 91,170
Cash and cash equivalents, end of period 47,730 44,819
Restricted cash, end of period 782 655
Cash and cash equivalents and restricted cash at end of period 48,512 45,474
Supplemental disclosure:    
Cash paid for interest, net of capitalized interest during the six months ended June 30, 2021 and 2020 of $3,734 and $2,341, respectively 36,961 42,994
Cash paid for income taxes 21 483
Supplemental disclosure of non-cash activity:    
Dividends and distributions declared but not paid 32,727 32,747
Change in investment in real estate ventures as a result of deconsolidation 32,761 0
Change in operating real estate from deconsolidation of operating properties (30,073) 0
Change in other assets as a result of deconsolidation of operating properties (2,688) 0
Change in capital expenditures financed through accounts payable at period end (653) 5,955
Change in capital expenditures financed through retention payable at period end (2,339) 222
BRANDYWINE OPERATING PARTNERSHIP, L.P.    
Cash flows from operating activities:    
Net income (loss) 6,789 12,107
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 83,128 101,781
Amortization of deferred financing costs 1,418 1,480
Amortization of debt discount/(premium), net (975) (788)
Amortization of stock compensation costs 4,324 4,462
Straight-line rent income (7,472) (4,416)
Amortization of acquired above (below) market leases, net (2,573) (2,617)
Ground rent expense 505 729
Provision for doubtful accounts 67 345
Net gain on sale of interests in real estate (2,135) (2,787)
Loss from unconsolidated real estate ventures, net of distributions 14,164 4,092
Income tax provision (benefit) 34 (226)
Changes in assets and liabilities:    
Accounts receivable 2,513 (4,349)
Other assets (2,405) (3,315)
Accounts payable and accrued expenses (12,431) (4,215)
Deferred income, gains and rent 1,887 (5,418)
Other liabilities (7,712) 3,455
Net cash provided by operating activities 79,126 100,320
Cash flows from investing activities:    
Acquisition of properties 0 (11,432)
Proceeds from the sale of properties 79 21,250
Proceeds from insurance 1,250 0
Capital expenditures for tenant improvements (20,573) (27,834)
Capital expenditures for redevelopments (10,005) (14,686)
Capital expenditures for developments (18,746) (33,566)
Advances for the purchase of tenant assets, net of repayments 290 1,563
Investment in unconsolidated real estate ventures (16,662) (199)
Capital distributions from unconsolidated real estate ventures 5,151 3,575
Leasing costs paid (9,187) (13,998)
Net cash used in investing activities (68,403) (75,327)
Cash flows from financing activities:    
Repayments of mortgage notes payable 0 (3,909)
Proceeds from credit facility borrowings 96,000 132,500
Repayments of credit facility borrowings (38,000) (71,500)
Exercise of stock options, net (63) 47
Shares used for employee taxes upon vesting of share awards (1,823) (1,346)
Partner contributions to consolidated real estate venture 2,289 0
Repurchase and retirement of common shares 0 (60,000)
Redemption of limited partnership units (2,234) 0
Distributions paid to shareholders (65,457) (66,481)
Net cash used in financing activities (9,288) (70,689)
Increase/(Decrease) in cash and cash equivalents and restricted cash 1,435 (45,696)
Cash and cash equivalents and restricted cash at beginning of period 47,077 91,170
Cash and cash equivalents and restricted cash at end of period 48,512 45,474
Reconciliation of cash and cash equivalents and restricted cash:    
Cash and cash equivalents, beginning of period 46,344 90,499
Restricted cash, beginning of period 733 671
Cash and cash equivalents and restricted cash at beginning of period 47,077 91,170
Cash and cash equivalents, end of period 47,730 44,819
Restricted cash, end of period 782 655
Cash and cash equivalents and restricted cash at end of period 48,512 45,474
Supplemental disclosure:    
Cash paid for interest, net of capitalized interest during the six months ended June 30, 2021 and 2020 of $3,734 and $2,341, respectively 36,961 42,994
Cash paid for income taxes 21 483
Supplemental disclosure of non-cash activity:    
Dividends and distributions declared but not paid 32,727 32,747
Change in investment in real estate ventures as a result of deconsolidation 32,761 0
Change in operating real estate from deconsolidation of operating properties (30,073) 0
Change in other assets as a result of deconsolidation of operating properties (2,688) 0
Change in capital expenditures financed through accounts payable at period end (653) 5,955
Change in capital expenditures financed through retention payable at period end $ (2,339) $ 222