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Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenue        
Rents $ 102,557 $ 104,537 $ 307,446 $ 318,324
Tenant reimbursements 17,239 17,324 53,812 53,315
Termination fees 200 611 2,013 1,459
Third party management fees, labor reimbursement and leasing 6,918 6,248 20,483 17,691
Other 1,524 974 3,395 2,588
Total revenue 128,438 129,694 387,149 393,377
Operating expenses        
Property operating expenses 36,847 37,250 110,947 114,208
Real estate taxes 11,235 11,566 34,062 34,933
Third party management expenses 2,619 2,501 7,391 7,172
Depreciation and amortization 42,429 46,956 132,584 142,736
General and administrative expenses 5,813 5,515 21,797 20,711
Provision for impairment 0 0 3,057 13,069
Total operating expenses 98,943 103,788 309,838 332,829
Operating income 29,495 25,906 77,311 60,548
Other income (expense)        
Interest income 79 291 635 970
Interest expense (19,732) (20,814) (61,473) (64,334)
Interest expense - amortization of deferred financing costs (577) (645) (1,807) (2,063)
Interest expense - financing obligation 0 (156) 0 (679)
Equity in loss of Real Estate Ventures (5,723) (7,254) (5,387) (9,323)
Net gain (loss) on disposition of real estate 0 (104) 8,411 114,625
Net gain on sale of undepreciated real estate 953 188 953 188
Net gain on Real Estate Venture transactions 13,758 10,472 28,340 19,529
Loss on early extinguishment of debt 0 0 0 (66,590)
Net income before income taxes 18,253 7,884 46,983 52,871
Income tax benefit 793 0 1,032 0
Net income 19,046 7,884 48,015 52,871
Net income from continuing operations attributable to non-controlling interests - consolidated real estate ventures (170) (58) (384) (425)
Net income attributable to non-controlling interests (170) (58) (384) (425)
Net income attributable to Brandywine Realty Trust 18,876 7,826 47,631 52,446
Distribution to preferred shareholders 0 (1,725) (2,032) (5,175)
Preferred share redemption charge 0 0 (3,181) 0
Nonforfeitable dividends allocated to unvested restricted shareholders (73) (79) (245) (263)
Net income attributable to Common Shareholders of Brandywine Realty Trust $ 18,803 $ 6,022 $ 42,173 $ 47,008
Basic income per Common Share $ 0.11 $ 0.03 $ 0.24 $ 0.27
Diluted income per Common Share $ 0.11 $ 0.03 $ 0.24 $ 0.27
Basic weighted average shares outstanding 175,433,657 175,127,110 175,315,581 174,976,998
Diluted weighted average shares outstanding 176,835,022 176,364,615 176,599,332 176,009,822
Distributions declared per Common Share $ 0.16 $ 0.16 $ 0.48 $ 0.47
BRANDYWINE OPERATING PARTNERSHIP, L.P.        
Revenue        
Rents $ 102,557 $ 104,537 $ 307,446 $ 318,324
Tenant reimbursements 17,239 17,324 53,812 53,315
Termination fees 200 611 2,013 1,459
Third party management fees, labor reimbursement and leasing 6,918 6,248 20,483 17,691
Other 1,524 974 3,395 2,588
Total revenue 128,438 129,694 387,149 393,377
Operating expenses        
Property operating expenses 36,847 37,250 110,947 114,208
Real estate taxes 11,235 11,566 34,062 34,933
Third party management expenses 2,619 2,501 7,391 7,172
Depreciation and amortization 42,429 46,956 132,584 142,736
General and administrative expenses 5,813 5,515 21,797 20,711
Provision for impairment 0 0 3,057 13,069
Total operating expenses 98,943 103,788 309,838 332,829
Operating income 29,495 25,906 77,311 60,548
Other income (expense)        
Interest income 79 291 635 970
Interest expense (19,732) (20,814) (61,473) (64,334)
Interest expense - amortization of deferred financing costs (577) (645) (1,807) (2,063)
Interest expense - financing obligation 0 (156) 0 (679)
Equity in loss of Real Estate Ventures (5,723) (7,254) (5,387) (9,323)
Net gain (loss) on disposition of real estate 0 (104) 8,411 114,625
Net gain on sale of undepreciated real estate 953 188 953 188
Net gain on Real Estate Venture transactions 13,758 10,472 28,340 19,529
Loss on early extinguishment of debt 0 0 0 (66,590)
Net income before income taxes 18,253 7,884 46,983 52,871
Income tax benefit 793 0 1,032 0
Net income 19,046 7,884 48,015 52,871
Net income from continuing operations attributable to non-controlling interests - consolidated real estate ventures (12) (6) (25) (12)
Net income attributable to Brandywine Realty Trust 19,034 7,878 47,990 52,859
Distribution to preferred shareholders 0 (1,725) (2,032) (5,175)
Preferred share redemption charge 0 0 (3,181) 0
Nonforfeitable dividends allocated to unvested restricted shareholders (73) (79) (245) (263)
Net income attributable to Common Shareholders of Brandywine Realty Trust $ 18,961 $ 6,074 $ 42,532 $ 47,421
Basic income per Common Share $ 0.11 $ 0.03 $ 0.24 $ 0.27
Diluted income per Common Share $ 0.11 $ 0.03 $ 0.24 $ 0.27
Basic weighted average shares outstanding 176,913,456 176,606,909 176,795,380 176,491,311
Diluted weighted average shares outstanding 178,314,821 177,844,414 178,079,131 177,524,135
Distributions declared per Common Share $ 0.16 $ 0.16 $ 0.48 $ 0.47