XML 38 R17.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - BRANDYWINE OPERATING PARTNERSHIP L.P. - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ (197,403) $ 53,992 $ 12,366
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 188,797 177,984 178,105
Amortization of deferred financing costs 4,369 3,091 2,836
Amortization of debt discount/(premium), net (1,056) (5,254) (1,951)
Amortization of stock compensation costs 9,847 8,939 7,130
Straight-line rent income (9,270) (13,631) (13,485)
Amortization of acquired above (below) market leases, net (1,256) (2,581) (5,377)
Straight-line ground rent expense 799 814 918
Net gain on real estate venture transactions (181) (26,718) (2,973)
Total gain on sale of real estate (8,947) (25,684) (3,045)
Gain (loss) on early extinguishment of debt (138) 435 0
Provision for impairment 131,573 4,663 0
Loss from unconsolidated real estate ventures, including income distributions 77,915 23,522 26,697
Income tax provision 72 55 47
Changes in assets and liabilities:      
Accounts receivable 241 1,328 2,506
Other assets (2,831) (1,120) (19,325)
Accounts payable and accrued expenses (12,928) 5,405 2,974
Deferred income, gains and rent (86) 1,567 2,986
Other liabilities (2,244) 2,500 465
Net cash provided by operating activities 177,273 209,307 190,874
Cash flows from investing activities:      
Acquisition of properties (7,747) (3,446) 0
Proceeds from the sale of properties 76,804 64,210 10,303
Proceeds from insurance 0 0 1,250
Proceeds from note receivable 0 44,300 50,000
Capital expenditures for tenant improvements (48,939) (86,774) (56,830)
Capital expenditures for redevelopments (59,984) (87,223) (48,022)
Capital expenditures for developments (47,537) (89,017) (30,269)
Advances for the purchase of tenant assets, net of repayments (998) (447) 270
Investment in unconsolidated real estate ventures (85,922) (47,428) (31,643)
Deposits for real estate 3,500 (4,900) (2,550)
Capital distributions from unconsolidated real estate ventures 3,790 46,898 27,028
Leasing costs paid (7,879) (26,762) (19,852)
Net cash used in investing activities (174,912) (190,589) (100,315)
Cash flows from financing activities:      
Proceeds from credit facility borrowings 215,000 478,000 154,000
Repayments of credit facility borrowings (303,500) (412,500) (131,000)
Proceeds from unsecured notes 0 350,000 0
Repayments of unsecured notes (64,164) (296,134) 0
Proceeds from unsecured term loan 70,000 0 0
Proceeds from secured term loan 245,000 0 0
Proceeds from construction loan 13,824 0 0
Debt financing costs paid (4,371) (9,875) 0
Exercise of stock options, net 0 0 (63)
Shares used for employee taxes upon vesting of share awards (371) (2,941) (1,762)
Partner contributions to consolidated real estate venture 0 0 2,765
Redemption of limited partnership units (5) (4,006) (2,334)
Distributions paid to preferred and common partnership units (124,255) (130,724) (130,255)
Net cash provided by (used in) financing activities 46,786 (28,631) (109,336)
Increase/(Decrease) in cash and cash equivalents and restricted cash 49,147 (9,913) (18,777)
Cash and cash equivalents and restricted cash at beginning of year 18,387 28,300 47,077
Cash and cash equivalents and restricted cash at end of period 67,534 18,387 28,300
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents, beginning of period 17,551 27,463 46,344
Restricted cash, beginning of period 836 837 733
Cash and cash equivalents, end of period 58,319 17,551 27,463
Restricted cash, end of period 9,215 836 837
Cash and cash equivalents and restricted cash 67,534 18,387 28,300
Supplemental disclosure:      
Cash paid for interest, net of capitalized interest during the years ended December 31, 2023, 2022 and 2021 of $16,410, $10,517 and $8,689 respectively 107,838 85,761 72,391
Cash paid for income taxes 550 902 785
Supplemental disclosure of non-cash activity:      
Dividends and distributions declared but not paid 26,017 32,792 32,765
Extinguishment of debt costs accrued in financing activities 0 393 0
Change in investment in real estate ventures as a result of deconsolidation 8,595 107,057 32,761
Change in operating real estate from deconsolidation of operating properties (7,814) (92,009) (30,073)
Change in other assets as a result of deconsolidation of operating properties 0 (15,048) (2,688)
Change in capital expenditures financed through accounts payable at period end (3,282) (6,135) 22,744
Change in capital expenditures financed through retention payable at period end 2,715 (7,165) (613)
BRANDYWINE OPERATING PARTNERSHIP, L.P.      
Cash flows from operating activities:      
Net income (loss) (197,403) 53,992 12,366
Adjustments to reconcile net income to net cash from operating activities:      
Depreciation and amortization 188,797 177,984 178,105
Amortization of deferred financing costs 4,369 3,091 2,836
Amortization of debt discount/(premium), net (1,056) (5,254) (1,951)
Amortization of stock compensation costs 9,847 8,939 7,130
Straight-line rent income (9,270) (13,631) (13,485)
Amortization of acquired above (below) market leases, net (1,256) (2,581) (5,377)
Straight-line ground rent expense 799 814 918
Net gain on real estate venture transactions (181) (26,718) (2,973)
Total gain on sale of real estate (8,947) (25,684) (3,045)
Gain (loss) on early extinguishment of debt (138) 435 0
Provision for impairment 131,573 4,663 0
Loss from unconsolidated real estate ventures, including income distributions 77,915 23,522 26,697
Income tax provision 72 55 47
Changes in assets and liabilities:      
Accounts receivable 241 1,328 2,506
Other assets (2,831) (1,120) (19,325)
Accounts payable and accrued expenses (12,928) 5,405 2,974
Deferred income, gains and rent (86) 1,567 2,986
Other liabilities (2,244) 2,500 465
Net cash provided by operating activities 177,273 209,307 190,874
Cash flows from investing activities:      
Acquisition of properties (7,747) (3,446) 0
Proceeds from the sale of properties 76,804 64,210 10,303
Proceeds from insurance 0 0 1,250
Proceeds from note receivable 0 44,300 50,000
Capital expenditures for tenant improvements (48,939) (86,774) (56,830)
Capital expenditures for redevelopments (59,984) (87,223) (48,022)
Capital expenditures for developments (47,537) (89,017) (30,269)
Advances for the purchase of tenant assets, net of repayments (998) (447) 270
Investment in unconsolidated real estate ventures (85,922) (47,428) (31,643)
Deposits for real estate 3,500 (4,900) (2,550)
Capital distributions from unconsolidated real estate ventures 3,790 46,898 27,028
Leasing costs paid (7,879) (26,762) (19,852)
Net cash used in investing activities (174,912) (190,589) (100,315)
Cash flows from financing activities:      
Proceeds from credit facility borrowings 215,000 478,000 154,000
Repayments of credit facility borrowings (303,500) (412,500) (131,000)
Proceeds from unsecured notes 0 350,000 0
Repayments of unsecured notes (64,164) (296,134) 0
Debt financing costs paid (4,371) (9,875) 0
Exercise of stock options, net 0 0 (63)
Shares used for employee taxes upon vesting of share awards (371) (2,941) (1,762)
Partner contributions to consolidated real estate venture 0 0 2,765
Redemption of limited partnership units (5) (4,006) (2,334)
Distributions paid to preferred and common partnership units (124,627) (131,175) (130,942)
Net cash provided by (used in) financing activities 46,786 (28,631) (109,336)
Increase/(Decrease) in cash and cash equivalents and restricted cash 49,147 (9,913) (18,777)
Cash and cash equivalents and restricted cash at beginning of year 18,387 28,300 47,077
Cash and cash equivalents and restricted cash at end of period 67,534 18,387 28,300
Reconciliation of cash and cash equivalents and restricted cash:      
Cash and cash equivalents, beginning of period 17,551 27,463 46,344
Restricted cash, beginning of period 836 837 733
Cash and cash equivalents, end of period 58,319 17,551 27,463
Restricted cash, end of period 9,215 836 837
Cash and cash equivalents and restricted cash 67,534 18,387 28,300
Supplemental disclosure:      
Cash paid for interest, net of capitalized interest during the years ended December 31, 2023, 2022 and 2021 of $16,410, $10,517 and $8,689 respectively 107,838 85,761 72,391
Cash paid for income taxes 550 902 785
Supplemental disclosure of non-cash activity:      
Dividends and distributions declared but not paid 26,017 32,792 32,765
Extinguishment of debt costs accrued in financing activities 0 393 0
Change in investment in real estate ventures as a result of deconsolidation 8,595 107,057 32,761
Change in operating real estate from deconsolidation of operating properties (7,814) (92,009) (30,073)
Change in other assets as a result of deconsolidation of operating properties 0 (15,048) (2,688)
Change in capital expenditures financed through accounts payable at period end (3,282) (6,135) 22,744
Change in capital expenditures financed through retention payable at period end $ 2,715 $ (7,165) $ (613)