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CONSOLIDATED STATEMENTS OF OPERATIONS - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue        
Total revenue $ 120,571 $ 125,346 $ 242,087 $ 251,830
Operating expenses        
Property operating expenses 31,365 31,353 64,891 63,632
Real estate taxes 11,507 12,535 22,939 25,127
Third party management expenses 2,484 2,426 5,117 4,969
Depreciation and amortization 43,762 44,187 88,115 89,229
General and administrative expenses 9,325 8,941 26,795 20,045
Provision for impairment 63,369 6,427 63,369 6,427
Total operating expenses 161,812 105,869 271,226 209,429
Gain (loss) on sale of real estate        
Net gain (loss) on disposition of real estate (86) 0 2,973 0
Total gain (loss) on sale of real estate (86) 0 2,973 0
Operating income (loss) (41,327) 19,477 (26,166) 42,401
Other income (expense):        
Interest and investment income 850 1,512 2,036 1,933
Interest expense (32,345) (29,494) (64,190) (54,543)
Interest expense - amortization of deferred financing costs (1,197) (1,415) (2,427) (2,506)
Equity in loss of unconsolidated real estate ventures (14,832) (14,507) (25,343) (28,095)
Net gain on real estate venture transactions 0 53,762 183 53,733
Gain on early extinguishment of debt 0 941 0 941
Net income (loss) before income taxes (88,851) 30,276 (115,907) 13,864
Income tax provision (85) (9) (85) (11)
Net income (loss) (88,936) 30,267 (115,992) 13,853
Nonforfeitable dividends allocated to unvested restricted unitholders (322) (277) (751) (613)
Net income (loss) attributable to Common Partnership Unitholders of Brandywine Operating Partnership, L.P. $ (88,991) $ 29,896 $ (116,395) $ 13,192
Basic income (loss) per Common Partnership Unit (in dollars per share) $ (0.51) $ 0.17 $ (0.67) $ 0.08
Diluted income (loss) per Common Partnership Unit (in dollars per share) $ (0.51) $ 0.17 $ (0.67) $ 0.08
Basic weighted average common partnership units outstanding (in shares) 173,532,583 172,563,136 173,225,737 172,385,087
Diluted weighted average common partnership units outstanding (in shares) 173,532,583 174,695,651 173,225,737 174,342,151
Brandywine Operating Partnership, L.P.        
Revenue        
Total revenue $ 120,571 $ 125,346 $ 242,087 $ 251,830
Operating expenses        
Property operating expenses 31,365 31,353 64,891 63,632
Real estate taxes 11,507 12,535 22,939 25,127
Third party management expenses 2,484 2,426 5,117 4,969
Depreciation and amortization 43,762 44,187 88,115 89,229
General and administrative expenses 9,325 8,941 26,795 20,045
Provision for impairment 63,369 6,427 63,369 6,427
Total operating expenses 161,812 105,869 271,226 209,429
Gain (loss) on sale of real estate        
Net gain (loss) on disposition of real estate (86) 0 2,973 0
Total gain (loss) on sale of real estate (86) 0 2,973 0
Operating income (loss) (41,327) 19,477 (26,166) 42,401
Other income (expense):        
Interest and investment income 850 1,512 2,036 1,933
Interest expense (32,345) (29,494) (64,190) (54,543)
Interest expense - amortization of deferred financing costs (1,197) (1,415) (2,427) (2,506)
Equity in loss of unconsolidated real estate ventures (14,832) (14,507) (25,343) (28,095)
Net gain on real estate venture transactions 0 53,762 183 53,733
Gain on early extinguishment of debt 0 941 0 941
Net income (loss) before income taxes (88,851) 30,276 (115,907) 13,864
Income tax provision (85) (9) (85) (11)
Net income (loss) (88,936) 30,267 (115,992) 13,853
Net income attributable to noncontrolling interests - consolidated real estate ventures 0 (3) 0 (6)
Net income (loss) attributable to Brandywine Operating Partnership, L.P. (88,936) 30,264 (115,992) 13,847
Nonforfeitable dividends allocated to unvested restricted unitholders (322) (277) (751) (613)
Net income (loss) attributable to Common Partnership Unitholders of Brandywine Operating Partnership, L.P. $ (89,258) $ 29,987 $ (116,743) $ 13,234
Basic income (loss) per Common Partnership Unit (in dollars per share) $ (0.51) $ 0.17 $ (0.67) $ 0.08
Diluted income (loss) per Common Partnership Unit (in dollars per share) $ (0.51) $ 0.17 $ (0.67) $ 0.08
Basic weighted average common partnership units outstanding (in shares) 174,048,178 173,078,731 173,741,332 172,900,681
Diluted weighted average common partnership units outstanding (in shares) 174,048,178 175,211,246 173,741,332 174,857,745
Rents        
Revenue        
Total revenue $ 114,196 $ 118,009 $ 228,624 $ 237,017
Rents | Brandywine Operating Partnership, L.P.        
Revenue        
Total revenue 114,196 118,009 228,624 237,017
Third party management fees, labor reimbursement and leasing        
Revenue        
Total revenue 4,873 5,698 10,702 11,592
Third party management fees, labor reimbursement and leasing | Brandywine Operating Partnership, L.P.        
Revenue        
Total revenue 4,873 5,698 10,702 11,592
Other        
Revenue        
Total revenue 1,502 1,639 2,761 3,221
Other | Brandywine Operating Partnership, L.P.        
Revenue        
Total revenue $ 1,502 $ 1,639 $ 2,761 $ 3,221