XML 36 R8.htm IDEA: XBRL DOCUMENT v3.3.1.900
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net income (loss) $ (30,740) $ 6,942 $ 43,189
Adjustments to reconcile net (loss) income to net cash from operating activities:      
Depreciation and amortization 219,029 208,569 198,731
Amortization of deferred financing costs 4,557 5,148 4,676
Amortization of debt discount/(premium), net (755) (531) 2,480
Amortization of stock compensation costs 5,065 4,137 6,998
Shares used for employee taxes upon vesting of share awards (2,055) (1,177) (1,062)
Recognized hedge activity 0 828 0
Settlement of hedge transaction (5,266) 0 0
Straight-line rent income (23,668) (16,046) (20,136)
Amortization of acquired above (below) market leases, net (7,960) (6,377) (7,170)
Straight-line ground rent expense 88 89 1,509
Provision for doubtful accounts 2,489 1,763 2,467
Net (gain) loss on real estate venture transactions (7,418) 417 (3,683)
Net gain on sale of interests in real estate (23,515) (6,085) (29,166)
Preacquisition cost write-off 1,299 0 0
Net gain from remeasurement of investment in a real estate venture (758) (458) (6,866)
Loss on early extinguishment of debt 0 7,594 2,119
Provision for impairment 82,208 1,765 0
Tax credit transaction income (19,955) (11,853) (11,853)
Real Estate Venture (income) loss in excess of distributions 2,034 1,954 (2,014)
Deferred financing obligation (1,237) (1,147) (974)
Changes in assets and liabilities      
Accounts receivable (848) (2,869) (4,048)
Other assets 837 (4,111) 5,440
Accounts payable and accrued expenses 4,083 962 (526)
Deferred income, gains and rent (521) 2,436 3,758
Other liabilities (1,894) (2,951) (385)
Net cash provided by operating activities 195,099 188,999 183,484
Cash flows from investing activities:      
Acquisition of properties (150,472) (18,443) (161,604)
Acquisition of property - 1031 exchange funds applied (62,812) 0 0
Proceeds from the sale of properties 247,228 118,855 423,480
Sale of property - 1031 exchange funds held in escrow 62,800 0 0
Net proceeds from the contribution of properties to an unconsolidated real estate venture 50,158 0 0
Net proceeds from the contribution of land to an unconsolidated real estate venture 0 8,212 0
Distribution of sales proceeds from a real estate venture 6,100 0 16,963
Loan provided to an unconsolidated real estate venture 0 (88,000) 0
Proceeds from repayment of mortgage notes receivable 88,000 7,026 200
Capital expenditures for tenant improvements (97,851) (131,077) (109,357)
Capital expenditures for redevelopments (48,367) (19,245) (6,265)
Capital expenditures for developments (179,927) (86,608) (5,490)
Reimbursement from real estate venture for pre-formation development costs 0 0 1,976
Advances for the purchase of tenant assets, net of repayments 308 (540) (127)
Investment in unconsolidated Real Estate Ventures (68,549) (46,098) (33,069)
Deposits for real estate (878) 0 0
Escrowed cash 516 283 1,902
Cash distribution from unconsolidated Real Estate Ventures in excess of cumulative equity income 8,557 9,767 7,496
Leasing costs paid (21,263) (24,917) (31,397)
Net cash (used in) from investing activities (166,452) (270,785) 104,708
Cash flows from financing activities:      
Repayments of mortgage notes payable (222,836) (13,441) (11,268)
Repayments of unsecured term loan 0 (250,828) 0
Proceeds from credit facility borrowings 89,000 0 186,000
Repayments of credit facility borrowings (89,000) 0 (255,000)
Proceeds from term loan borrowings 50,000 0 0
Proceeds from mortgage notes payable 130,000 0 0
Net proceeds from unsecured notes 0 496,459 0
Net proceeds from issuance of common shares\units 0 335,016 181,527
Repayments of unsecured notes 0 (383,768) (31,369)
Debt financing costs paid (5,202) (3,705) (355)
Proceeds from the exercise of stock options 127 2,143 2,381
Partner contribution to consolidated real estate venture 1,025 0 0
Repurchase and retirement of common shares (67,320) 0 0
Distributions paid to shareholders (114,328) (104,731) (97,367)
Distributions to non-controlling interest (921) (1,064) (1,083)
Net cash (used in) from financing activities (229,455) 76,081 (26,534)
(Decrease) Increase in cash and cash equivalents (200,808) (5,705) 261,658
Cash and cash equivalents at beginning of year 257,502 263,207 1,549
Cash and cash equivalents at end of year 56,694 257,502 263,207
Supplemental disclosure:      
Cash paid for interest, net of capitalized interest during the years ended December 31, 2015, 2014 and 2013 of $12,150, $6,802 and $3,137, respectively 124,953 129,160 118,714
Supplemental disclosure of non-cash activity:      
Change in real estate investments related to a non-cash acquisition of an operating property 0 0 (21,649)
Change in operating real estate due to non-cash adjustment to land 0 0 7,752
Change in intangible assets, net related to non-cash acquisition of an operating property 0 0 (3,517)
Change in acquired lease intangibles, net related to non-cash acquisition of an operating property 0 0 462
Change in investments in joint venture related to non-cash disposition of property (25,127) (5,897) (17,628)
Change in operating real estate related to non-cash property disposition 25,127 0 0
Change in real estate investments related to non-cash property acquisition (66,324) 0 0
Change in investments in joint venture related to non-cash acquisition of property 66,324 0 0
Change in investments in joint venture related to a contribution of land at period end 0 (1,182) (6,058)
Change in mortgage notes payable related to acquisition of an operating property 0 0 238,082
Change in receivable from settlement of acquisitions 0 619 0
Change in other liabilities from contingent consideration related to a business combination 1,585 0 0
Change in operating real estate from contingent consideration related to a business combination (1,585) 0 0
Change in other liabilities from deferred payment related to a asset acquisition 2,000 0 0
Change in operating real estate from deferred payment related to an asset acquisition (2,000) 0 0
Change in capital expenditures financed through accounts payable at period end (7,654) 7,336 11,703
Change in capital expenditures financed through retention payable at period end 6,104 6,164 (204)
Change in unfunded tenant allowance (273) (955) (969)
BRANDYWINE OPERATING PARTNERSHIP, L.P.      
Cash flows from operating activities:      
Net income (loss) (30,740) 6,942 43,189
Adjustments to reconcile net (loss) income to net cash from operating activities:      
Depreciation and amortization 219,029 208,569 198,731
Amortization of deferred financing costs 4,557 5,148 4,676
Amortization of debt discount/(premium), net (755) (531) 2,480
Amortization of stock compensation costs 5,065 4,137 6,998
Shares used for employee taxes upon vesting of share awards (2,055) (1,177) (1,062)
Recognized hedge activity 0 828 0
Settlement of hedge transaction (5,266) 0 0
Straight-line rent income (23,668) (16,046) (20,136)
Amortization of acquired above (below) market leases, net (7,960) (6,377) (7,170)
Straight-line ground rent expense 88 89 1,509
Provision for doubtful accounts 2,489 1,763 2,467
Net (gain) loss on real estate venture transactions (7,418) 417 (3,683)
Net gain on sale of interests in real estate (23,515) (6,085) (29,166)
Preacquisition cost write-off 1,299 0 0
Net gain from remeasurement of investment in a real estate venture (758) (458) (6,866)
Loss on early extinguishment of debt 0 7,594 2,119
Provision for impairment 82,208 1,765 0
Tax credit transaction income (19,955) (11,853) (11,853)
Real Estate Venture (income) loss in excess of distributions 2,034 1,954 (2,014)
Deferred financing obligation (1,237) (1,147) (974)
Changes in assets and liabilities      
Accounts receivable (848) (2,869) (4,048)
Other assets 837 (4,111) 5,440
Accounts payable and accrued expenses 4,083 962 (526)
Deferred income, gains and rent (521) 2,436 3,758
Other liabilities (1,894) (2,951) (385)
Net cash provided by operating activities 195,099 188,999 183,484
Cash flows from investing activities:      
Acquisition of properties (150,472) (18,443) (161,604)
Acquisition of property - 1031 exchange funds applied (62,812) 0 0
Proceeds from the sale of properties 247,228 118,855 423,480
Sale of property - 1031 exchange funds held in escrow 62,800 0 0
Net proceeds from the contribution of properties to an unconsolidated real estate venture 50,158 0 0
Net proceeds from the contribution of land to an unconsolidated real estate venture 0 8,212 0
Distribution of sales proceeds from a real estate venture 6,100 0 16,963
Loan provided to an unconsolidated real estate venture 0 (88,000) 0
Proceeds from repayment of mortgage notes receivable 88,000 7,026 200
Capital expenditures for tenant improvements (97,851) (131,077) (109,357)
Capital expenditures for redevelopments (48,367) (19,245) (6,265)
Capital expenditures for developments (179,927) (86,608) (5,490)
Reimbursement from real estate venture for pre-formation development costs 0 0 1,976
Advances for the purchase of tenant assets, net of repayments 308 (540) (127)
Investment in unconsolidated Real Estate Ventures (68,549) (46,098) (33,069)
Deposits for real estate (878) 0 0
Escrowed cash 516 283 1,902
Cash distribution from unconsolidated Real Estate Ventures in excess of cumulative equity income 8,557 9,767 7,496
Leasing costs paid (21,263) (24,917) (31,397)
Net cash (used in) from investing activities (166,452) (270,785) 104,708
Cash flows from financing activities:      
Repayments of mortgage notes payable (222,836) (13,441) (11,268)
Repayments of unsecured term loan 0 (250,828) 0
Proceeds from credit facility borrowings 89,000 0 186,000
Repayments of credit facility borrowings (89,000) 0 (255,000)
Proceeds from term loan borrowings 50,000 0 0
Proceeds from mortgage notes payable 130,000 0 0
Net proceeds from unsecured notes 0 496,459 0
Net proceeds from issuance of common shares\units 0 335,016 181,527
Repayments of unsecured notes 0 (383,768) (31,369)
Debt financing costs paid (5,202) (3,705) (355)
Proceeds from the exercise of stock options 127 2,143 2,381
Partner contribution to consolidated real estate venture 1,025 0 0
Repurchase and retirement of common shares (67,320) 0 0
Distributions paid to shareholders (115,249) (105,795) (98,450)
Net cash (used in) from financing activities (229,455) 76,081 (26,534)
(Decrease) Increase in cash and cash equivalents (200,808) (5,705) 261,658
Cash and cash equivalents at beginning of year 257,502 263,207 1,549
Cash and cash equivalents at end of year 56,694 257,502 263,207
Supplemental disclosure:      
Cash paid for interest, net of capitalized interest during the years ended December 31, 2015, 2014 and 2013 of $12,150, $6,802 and $3,137, respectively 124,953 129,160 118,714
Supplemental disclosure of non-cash activity:      
Change in real estate investments related to a non-cash acquisition of an operating property 0 0 (21,649)
Change in operating real estate due to non-cash adjustment to land 0 0 7,752
Change in intangible assets, net related to non-cash acquisition of an operating property 0 0 (3,517)
Change in acquired lease intangibles, net related to non-cash acquisition of an operating property 0 0 462
Change in investments in joint venture related to non-cash disposition of property (25,127) (5,897) (17,628)
Change in operating real estate related to non-cash property disposition 25,127 0 0
Change in real estate investments related to non-cash property acquisition (66,324) 0 0
Change in investments in joint venture related to non-cash acquisition of property 66,324 0 0
Change in investments in joint venture related to a contribution of land at period end 0 (1,182) (6,058)
Change in mortgage notes payable related to acquisition of an operating property 0 0 238,082
Change in receivable from settlement of acquisitions 0 619 0
Change in other liabilities from contingent consideration related to a business combination 1,585 0 0
Change in operating real estate from contingent consideration related to a business combination (1,585) 0 0
Change in other liabilities from deferred payment related to a asset acquisition 2,000 0 0
Change in operating real estate from deferred payment related to an asset acquisition (2,000) 0 0
Change in capital expenditures financed through accounts payable at period end (7,654) 7,336 11,703
Change in capital expenditures financed through retention payable at period end 6,104 6,164 (204)
Change in unfunded tenant allowance $ (273) $ (955) $ (969)