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CONSOLIDATED STATEMENTS OF OPERATIONS - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue        
Total revenue $ 131,782 $ 129,372 $ 383,612 $ 384,481
Operating expenses        
Property operating expenses 31,900 31,123 95,532 96,608
Real estate taxes 11,892 12,808 37,019 38,981
Third party management expenses 2,487 2,468 7,456 7,664
Depreciation and amortization 44,301 48,966 133,530 141,645
General and administrative expenses 12,681 8,069 32,726 26,911
Provision for impairment 37,980 11,666 44,407 16,134
Total operating expenses 141,241 115,100 350,670 327,943
Gain on sale of real estate        
Net gain on sale of undepreciated real estate 0 0 0 781
Total gain on sale of real estate 0 0 0 781
Operating income (loss) (9,459) 14,272 32,942 57,319
Other income (expense):        
Interest and investment income 639 293 2,572 1,318
Interest expense (30,561) (24,355) (85,104) (70,677)
Interest expense - amortization of deferred financing costs (1,247) (1,110) (3,753) (3,251)
Equity in loss of unconsolidated real estate ventures (125,862) (10,739) (153,957) (24,504)
Net gain on real estate venture transactions 770 0 54,503 181
Gain on early extinguishment of debt 0 0 941 0
Net loss before income taxes (165,720) (21,639) (151,856) (39,614)
Income tax benefit (provision) 0 3 (11) (35)
Net loss (165,720) (21,636) (151,867) (39,649)
Nonforfeitable dividends allocated to unvested restricted unitholders (276) (159) (889) (433)
Net loss attributable to Common Shareholders of Brandywine Realty Trust $ (165,496) $ (21,713) $ (152,304) $ (39,942)
Basic loss per Common Partnership Unit (in dollars per share) $ (0.96) $ (0.13) $ (0.88) $ (0.23)
Diluted loss per Common Partnership Unit (in dollars per share) $ (0.96) $ (0.13) $ (0.88) $ (0.23)
Basic weighted average common partnership units outstanding (in shares) 172,668,731 172,097,661 172,480,325 171,912,552
Diluted weighted average common partnership units outstanding (in shares) 172,668,731 172,097,661 172,480,325 171,912,552
BRANDYWINE OPERATING PARTNERSHIP, L.P.        
Revenue        
Total revenue $ 131,782 $ 129,372 $ 383,612 $ 384,481
Operating expenses        
Property operating expenses 31,900 31,123 95,532 96,608
Real estate taxes 11,892 12,808 37,019 38,981
Third party management expenses 2,487 2,468 7,456 7,664
Depreciation and amortization 44,301 48,966 133,530 141,645
General and administrative expenses 12,681 8,069 32,726 26,911
Provision for impairment 37,980 11,666 44,407 16,134
Total operating expenses 141,241 115,100 350,670 327,943
Gain on sale of real estate        
Net gain on sale of undepreciated real estate 0 0 0 781
Total gain on sale of real estate 0 0 0 781
Operating income (loss) (9,459) 14,272 32,942 57,319
Other income (expense):        
Interest and investment income 639 293 2,572 1,318
Interest expense (30,561) (24,355) (85,104) (70,677)
Interest expense - amortization of deferred financing costs (1,247) (1,110) (3,753) (3,251)
Equity in loss of unconsolidated real estate ventures (125,862) (10,739) (153,957) (24,504)
Net gain on real estate venture transactions 770 0 54,503 181
Gain on early extinguishment of debt 0 0 941 0
Net loss before income taxes (165,720) (21,639) (151,856) (39,614)
Income tax benefit (provision) 0 3 (11) (35)
Net loss (165,720) (21,636) (151,867) (39,649)
Net (income) loss attributable to noncontrolling interests - consolidated real estate ventures 3 20 (3) 21
Net loss attributable to Brandywine Operating Partnership, L.P. (165,717) (21,616) (151,870) (39,628)
Nonforfeitable dividends allocated to unvested restricted unitholders (276) (159) (889) (433)
Net loss attributable to Common Shareholders of Brandywine Realty Trust $ (165,993) $ (21,775) $ (152,759) $ (40,061)
Basic loss per Common Partnership Unit (in dollars per share) $ (0.96) $ (0.13) $ (0.88) $ (0.23)
Diluted loss per Common Partnership Unit (in dollars per share) $ (0.96) $ (0.13) $ (0.88) $ (0.23)
Basic weighted average common partnership units outstanding (in shares) 173,184,325 172,614,128 172,995,920 172,429,019
Diluted weighted average common partnership units outstanding (in shares) 173,184,325 172,614,128 172,995,920 172,429,019
Rents        
Revenue        
Total revenue $ 117,958 $ 121,661 $ 354,975 $ 360,642
Rents | BRANDYWINE OPERATING PARTNERSHIP, L.P.        
Revenue        
Total revenue 117,958 121,661 354,975 360,642
Third party management fees, labor reimbursement and leasing        
Revenue        
Total revenue 6,093 6,553 17,685 18,782
Third party management fees, labor reimbursement and leasing | BRANDYWINE OPERATING PARTNERSHIP, L.P.        
Revenue        
Total revenue 6,093 6,553 17,685 18,782
Other        
Revenue        
Total revenue 7,731 1,158 10,952 5,057
Other | BRANDYWINE OPERATING PARTNERSHIP, L.P.        
Revenue        
Total revenue $ 7,731 $ 1,158 $ 10,952 $ 5,057