BRANDYWINE REALTY TRUST BRANDYWINE OPERATING PARTNERSHIP, L.P. 0000790816 0001060386 --12-31 --12-31 Large Accelerated Filer Non-accelerated Filer 2019-06-30 Q2 Q2 false false MD DE P10Y P53Y1M6D 0.0110 0.0125 2020-05-31 2021-02-28 2023-04-30 2023-04-30 2022-07-31 2022-10-31 2023-02-28 2024-10-31 2027-11-30 2029-10-31 2035-03-31 2035-04-30 2035-07-31 0000790816 2019-01-01 2019-06-30 0000790816 srt:SubsidiariesMember 2019-01-01 2019-06-30 xbrli:shares 0000790816 2019-08-02 iso4217:USD 0000790816 2019-06-30 0000790816 2018-12-31 iso4217:USD xbrli:shares 0000790816 bdn:RentsMember 2019-04-01 2019-06-30 0000790816 bdn:RentsMember 2018-04-01 2018-06-30 0000790816 bdn:RentsMember 2019-01-01 2019-06-30 0000790816 bdn:RentsMember 2018-01-01 2018-06-30 0000790816 bdn:ThirdPartyManagementRevenueMember 2019-04-01 2019-06-30 0000790816 bdn:ThirdPartyManagementRevenueMember 2018-04-01 2018-06-30 0000790816 bdn:ThirdPartyManagementRevenueMember 2019-01-01 2019-06-30 0000790816 bdn:ThirdPartyManagementRevenueMember 2018-01-01 2018-06-30 0000790816 us-gaap:RealEstateOtherMember 2019-04-01 2019-06-30 0000790816 us-gaap:RealEstateOtherMember 2018-04-01 2018-06-30 0000790816 us-gaap:RealEstateOtherMember 2019-01-01 2019-06-30 0000790816 us-gaap:RealEstateOtherMember 2018-01-01 2018-06-30 0000790816 2019-04-01 2019-06-30 0000790816 2018-04-01 2018-06-30 0000790816 2018-01-01 2018-06-30 0000790816 us-gaap:CommonStockMember 2018-12-31 0000790816 us-gaap:DeferredCompensationShareBasedPaymentsMember 2018-12-31 0000790816 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000790816 bdn:CommonStockHeldInTrustMember 2018-12-31 0000790816 us-gaap:RetainedEarningsMember 2018-12-31 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0000790816 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-12-31 0000790816 us-gaap:NoncontrollingInterestMember 2018-12-31 0000790816 us-gaap:RetainedEarningsMember 2019-01-01 2019-03-31 0000790816 2019-01-01 2019-03-31 0000790816 us-gaap:NoncontrollingInterestMember 2019-01-01 2019-03-31 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-03-31 0000790816 us-gaap:CommonStockMember 2019-01-01 2019-03-31 0000790816 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-03-31 0000790816 us-gaap:DeferredCompensationShareBasedPaymentsMember 2019-01-01 2019-03-31 0000790816 bdn:CommonStockHeldInTrustMember 2019-01-01 2019-03-31 0000790816 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-01-01 2019-03-31 0000790816 us-gaap:CommonStockMember 2019-03-31 0000790816 us-gaap:DeferredCompensationShareBasedPaymentsMember 2019-03-31 0000790816 us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000790816 bdn:CommonStockHeldInTrustMember 2019-03-31 0000790816 us-gaap:RetainedEarningsMember 2019-03-31 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-03-31 0000790816 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-03-31 0000790816 us-gaap:NoncontrollingInterestMember 2019-03-31 0000790816 2019-03-31 0000790816 us-gaap:RetainedEarningsMember 2019-04-01 2019-06-30 0000790816 us-gaap:NoncontrollingInterestMember 2019-04-01 2019-06-30 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-04-01 2019-06-30 0000790816 us-gaap:CommonStockMember 2019-04-01 2019-06-30 0000790816 us-gaap:AdditionalPaidInCapitalMember 2019-04-01 2019-06-30 0000790816 us-gaap:DeferredCompensationShareBasedPaymentsMember 2019-04-01 2019-06-30 0000790816 bdn:CommonStockHeldInTrustMember 2019-04-01 2019-06-30 0000790816 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-04-01 2019-06-30 0000790816 us-gaap:CommonStockMember 2019-06-30 0000790816 us-gaap:DeferredCompensationShareBasedPaymentsMember 2019-06-30 0000790816 us-gaap:AdditionalPaidInCapitalMember 2019-06-30 0000790816 bdn:CommonStockHeldInTrustMember 2019-06-30 0000790816 us-gaap:RetainedEarningsMember 2019-06-30 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-06-30 0000790816 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2019-06-30 0000790816 us-gaap:NoncontrollingInterestMember 2019-06-30 0000790816 us-gaap:CommonStockMember 2017-12-31 0000790816 us-gaap:DeferredCompensationShareBasedPaymentsMember 2017-12-31 0000790816 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000790816 bdn:CommonStockHeldInTrustMember 2017-12-31 0000790816 us-gaap:RetainedEarningsMember 2017-12-31 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0000790816 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2017-12-31 0000790816 us-gaap:NoncontrollingInterestMember 2017-12-31 0000790816 2017-12-31 0000790816 us-gaap:RetainedEarningsMember 2018-01-01 2018-03-31 0000790816 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-03-31 0000790816 2018-01-01 2018-03-31 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-03-31 0000790816 us-gaap:CommonStockMember 2018-01-01 2018-03-31 0000790816 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-03-31 0000790816 us-gaap:DeferredCompensationShareBasedPaymentsMember 2018-01-01 2018-03-31 0000790816 bdn:CommonStockHeldInTrustMember 2018-01-01 2018-03-31 0000790816 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-01-01 2018-03-31 0000790816 us-gaap:CommonStockMember 2018-03-31 0000790816 us-gaap:DeferredCompensationShareBasedPaymentsMember 2018-03-31 0000790816 us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0000790816 bdn:CommonStockHeldInTrustMember 2018-03-31 0000790816 us-gaap:RetainedEarningsMember 2018-03-31 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0000790816 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-03-31 0000790816 us-gaap:NoncontrollingInterestMember 2018-03-31 0000790816 2018-03-31 0000790816 us-gaap:RetainedEarningsMember 2018-04-01 2018-06-30 0000790816 us-gaap:NoncontrollingInterestMember 2018-04-01 2018-06-30 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0000790816 us-gaap:CommonStockMember 2018-04-01 2018-06-30 0000790816 us-gaap:AdditionalPaidInCapitalMember 2018-04-01 2018-06-30 0000790816 us-gaap:DeferredCompensationShareBasedPaymentsMember 2018-04-01 2018-06-30 0000790816 bdn:CommonStockHeldInTrustMember 2018-04-01 2018-06-30 0000790816 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-04-01 2018-06-30 0000790816 us-gaap:CommonStockMember 2018-06-30 0000790816 us-gaap:DeferredCompensationShareBasedPaymentsMember 2018-06-30 0000790816 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000790816 bdn:CommonStockHeldInTrustMember 2018-06-30 0000790816 us-gaap:RetainedEarningsMember 2018-06-30 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0000790816 us-gaap:AccumulatedDistributionsInExcessOfNetIncomeMember 2018-06-30 0000790816 us-gaap:NoncontrollingInterestMember 2018-06-30 0000790816 2018-06-30 0000790816 srt:SubsidiariesMember 2019-06-30 0000790816 srt:SubsidiariesMember 2018-12-31 0000790816 srt:SubsidiariesMember bdn:RentsMember 2019-04-01 2019-06-30 0000790816 srt:SubsidiariesMember bdn:RentsMember 2018-04-01 2018-06-30 0000790816 srt:SubsidiariesMember bdn:RentsMember 2019-01-01 2019-06-30 0000790816 srt:SubsidiariesMember bdn:RentsMember 2018-01-01 2018-06-30 0000790816 srt:SubsidiariesMember bdn:ThirdPartyManagementRevenueMember 2019-04-01 2019-06-30 0000790816 srt:SubsidiariesMember bdn:ThirdPartyManagementRevenueMember 2018-04-01 2018-06-30 0000790816 srt:SubsidiariesMember bdn:ThirdPartyManagementRevenueMember 2019-01-01 2019-06-30 0000790816 srt:SubsidiariesMember bdn:ThirdPartyManagementRevenueMember 2018-01-01 2018-06-30 0000790816 srt:SubsidiariesMember us-gaap:RealEstateOtherMember 2019-04-01 2019-06-30 0000790816 srt:SubsidiariesMember us-gaap:RealEstateOtherMember 2018-04-01 2018-06-30 0000790816 srt:SubsidiariesMember us-gaap:RealEstateOtherMember 2019-01-01 2019-06-30 0000790816 srt:SubsidiariesMember us-gaap:RealEstateOtherMember 2018-01-01 2018-06-30 0000790816 srt:SubsidiariesMember 2019-04-01 2019-06-30 0000790816 srt:SubsidiariesMember 2018-04-01 2018-06-30 0000790816 srt:SubsidiariesMember 2018-01-01 2018-06-30 0000790816 us-gaap:GeneralPartnerMember srt:SubsidiariesMember 2018-12-31 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember srt:SubsidiariesMember 2018-12-31 0000790816 us-gaap:NoncontrollingInterestMember srt:SubsidiariesMember 2018-12-31 0000790816 us-gaap:GeneralPartnerMember srt:SubsidiariesMember 2019-01-01 2019-03-31 0000790816 srt:SubsidiariesMember 2019-01-01 2019-03-31 0000790816 us-gaap:NoncontrollingInterestMember srt:SubsidiariesMember 2019-01-01 2019-03-31 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember srt:SubsidiariesMember 2019-01-01 2019-03-31 0000790816 us-gaap:GeneralPartnerMember srt:SubsidiariesMember 2019-03-31 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember srt:SubsidiariesMember 2019-03-31 0000790816 us-gaap:NoncontrollingInterestMember srt:SubsidiariesMember 2019-03-31 0000790816 srt:SubsidiariesMember 2019-03-31 0000790816 us-gaap:GeneralPartnerMember srt:SubsidiariesMember 2019-04-01 2019-06-30 0000790816 us-gaap:NoncontrollingInterestMember srt:SubsidiariesMember 2019-04-01 2019-06-30 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember srt:SubsidiariesMember 2019-04-01 2019-06-30 0000790816 us-gaap:GeneralPartnerMember srt:SubsidiariesMember 2019-06-30 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember srt:SubsidiariesMember 2019-06-30 0000790816 us-gaap:NoncontrollingInterestMember srt:SubsidiariesMember 2019-06-30 0000790816 srt:SubsidiariesMember us-gaap:GeneralPartnerMember 2018-01-01 2018-03-31 0000790816 srt:SubsidiariesMember 2018-01-01 2018-03-31 0000790816 srt:SubsidiariesMember us-gaap:GeneralPartnerMember 2018-04-01 2018-06-30 0000790816 us-gaap:GeneralPartnerMember srt:SubsidiariesMember 2017-12-31 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember srt:SubsidiariesMember 2017-12-31 0000790816 us-gaap:NoncontrollingInterestMember srt:SubsidiariesMember 2017-12-31 0000790816 srt:SubsidiariesMember 2017-12-31 0000790816 us-gaap:NoncontrollingInterestMember srt:SubsidiariesMember 2018-01-01 2018-03-31 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember srt:SubsidiariesMember 2018-01-01 2018-03-31 0000790816 us-gaap:GeneralPartnerMember srt:SubsidiariesMember 2018-03-31 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember srt:SubsidiariesMember 2018-03-31 0000790816 us-gaap:NoncontrollingInterestMember srt:SubsidiariesMember 2018-03-31 0000790816 srt:SubsidiariesMember 2018-03-31 0000790816 us-gaap:NoncontrollingInterestMember srt:SubsidiariesMember 2018-04-01 2018-06-30 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember srt:SubsidiariesMember 2018-04-01 2018-06-30 0000790816 us-gaap:GeneralPartnerMember srt:SubsidiariesMember 2018-06-30 0000790816 us-gaap:AccumulatedOtherComprehensiveIncomeMember srt:SubsidiariesMember 2018-06-30 0000790816 us-gaap:NoncontrollingInterestMember srt:SubsidiariesMember 2018-06-30 0000790816 srt:SubsidiariesMember 2018-06-30 xbrli:pure 0000790816 bdn:BrandywineOperatingPartnershipLPMember 2019-06-30 bdn:property utr:sqft 0000790816 srt:OfficeBuildingMember 2019-06-30 0000790816 bdn:MixedUsePropertiesMember 2019-06-30 0000790816 srt:RetailSiteMember 2019-06-30 0000790816 bdn:CorePropertiesMember 2019-06-30 0000790816 bdn:DevelopmentProjectsMember 2019-06-30 0000790816 bdn:RedevelopmentProjectsMember 2019-06-30 utr:acre 0000790816 srt:ParentCompanyMember 2019-06-30 bdn:Parcel 0000790816 srt:ParentCompanyMember bdn:LeasholdInterestLandMember 2019-01-01 2019-06-30 0000790816 bdn:LandParcelOneMember srt:ParentCompanyMember 2019-01-01 2019-06-30 0000790816 bdn:LandParcelTwoMember srt:ParentCompanyMember 2019-01-01 2019-06-30 0000790816 srt:ParentCompanyMember bdn:LeasholdInterestLandMember 2019-06-30 0000790816 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember srt:ParentCompanyMember 2019-06-30 0000790816 bdn:ManagementCompanySubsidiariesMember 2019-06-30 0000790816 us-gaap:WhollyOwnedPropertiesMember bdn:ManagementCompanySubsidiariesMember 2019-06-30 0000790816 us-gaap:PartiallyOwnedPropertiesMember bdn:ManagementCompanySubsidiariesMember 2019-06-30 bdn:Acquisition 0000790816 srt:ScenarioPreviouslyReportedMember 2018-12-31 0000790816 srt:RestatementAdjustmentMember 2018-12-31 0000790816 srt:ScenarioPreviouslyReportedMember srt:SubsidiariesMember 2018-12-31 0000790816 srt:RestatementAdjustmentMember srt:SubsidiariesMember 2018-12-31 0000790816 srt:ScenarioPreviouslyReportedMember us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000790816 srt:RestatementAdjustmentMember us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0000790816 srt:ScenarioPreviouslyReportedMember us-gaap:RetainedEarningsMember 2017-12-31 0000790816 srt:RestatementAdjustmentMember us-gaap:RetainedEarningsMember 2017-12-31 0000790816 srt:ScenarioPreviouslyReportedMember us-gaap:NoncontrollingInterestMember 2017-12-31 0000790816 srt:RestatementAdjustmentMember us-gaap:NoncontrollingInterestMember 2017-12-31 0000790816 srt:ScenarioPreviouslyReportedMember us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0000790816 srt:RestatementAdjustmentMember us-gaap:AdditionalPaidInCapitalMember 2018-03-31 0000790816 srt:ScenarioPreviouslyReportedMember us-gaap:RetainedEarningsMember 2018-03-31 0000790816 srt:RestatementAdjustmentMember us-gaap:RetainedEarningsMember 2018-03-31 0000790816 srt:ScenarioPreviouslyReportedMember us-gaap:NoncontrollingInterestMember 2018-03-31 0000790816 srt:RestatementAdjustmentMember us-gaap:NoncontrollingInterestMember 2018-03-31 0000790816 srt:ScenarioPreviouslyReportedMember us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000790816 srt:RestatementAdjustmentMember us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0000790816 srt:ScenarioPreviouslyReportedMember us-gaap:RetainedEarningsMember 2018-06-30 0000790816 srt:RestatementAdjustmentMember us-gaap:RetainedEarningsMember 2018-06-30 0000790816 srt:ScenarioPreviouslyReportedMember us-gaap:NoncontrollingInterestMember 2018-06-30 0000790816 srt:RestatementAdjustmentMember us-gaap:NoncontrollingInterestMember 2018-06-30 0000790816 srt:ScenarioPreviouslyReportedMember srt:SubsidiariesMember us-gaap:GeneralPartnerMember 2017-12-31 0000790816 srt:RestatementAdjustmentMember srt:SubsidiariesMember us-gaap:GeneralPartnerMember 2017-12-31 0000790816 srt:ScenarioPreviouslyReportedMember srt:SubsidiariesMember us-gaap:GeneralPartnerMember 2018-03-31 0000790816 srt:RestatementAdjustmentMember srt:SubsidiariesMember us-gaap:GeneralPartnerMember 2018-03-31 0000790816 srt:ScenarioPreviouslyReportedMember srt:SubsidiariesMember us-gaap:GeneralPartnerMember 2018-06-30 0000790816 srt:RestatementAdjustmentMember srt:SubsidiariesMember us-gaap:GeneralPartnerMember 2018-06-30 0000790816 srt:ScenarioPreviouslyReportedMember us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000790816 srt:RestatementAdjustmentMember us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0000790816 srt:ScenarioPreviouslyReportedMember us-gaap:RetainedEarningsMember 2018-12-31 0000790816 srt:RestatementAdjustmentMember us-gaap:RetainedEarningsMember 2018-12-31 0000790816 srt:ScenarioPreviouslyReportedMember us-gaap:NoncontrollingInterestMember 2018-12-31 0000790816 srt:RestatementAdjustmentMember us-gaap:NoncontrollingInterestMember 2018-12-31 0000790816 srt:ScenarioPreviouslyReportedMember us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000790816 srt:RestatementAdjustmentMember us-gaap:AdditionalPaidInCapitalMember 2019-03-31 0000790816 srt:ScenarioPreviouslyReportedMember us-gaap:RetainedEarningsMember 2019-03-31 0000790816 srt:RestatementAdjustmentMember us-gaap:RetainedEarningsMember 2019-03-31 0000790816 srt:ScenarioPreviouslyReportedMember us-gaap:NoncontrollingInterestMember 2019-03-31 0000790816 srt:RestatementAdjustmentMember us-gaap:NoncontrollingInterestMember 2019-03-31 0000790816 srt:ScenarioPreviouslyReportedMember us-gaap:GeneralPartnerMember srt:SubsidiariesMember 2018-12-31 0000790816 srt:RestatementAdjustmentMember us-gaap:GeneralPartnerMember srt:SubsidiariesMember 2018-12-31 0000790816 srt:ScenarioPreviouslyReportedMember us-gaap:GeneralPartnerMember srt:SubsidiariesMember 2019-03-31 0000790816 srt:RestatementAdjustmentMember us-gaap:GeneralPartnerMember srt:SubsidiariesMember 2019-03-31 0000790816 bdn:ErrorCorrectionsAndPriorPeriodAdjustmentsMember 2018-04-01 2018-06-30 0000790816 bdn:ErrorCorrectionsAndPriorPeriodAdjustmentsMember 2018-01-01 2018-06-30 0000790816 bdn:ErrorCorrectionsAndPriorPeriodAdjustmentsMember 2019-01-01 2019-03-31 0000790816 bdn:ReversalOfOutOfPeriodAdjustmentMember 2019-01-01 2019-03-31 0000790816 bdn:ReversalOfOutOfPeriodAdjustmentOffsetMember 2019-01-01 2019-03-31 0000790816 bdn:UncollectibleLeasesMember 2019-01-01 2019-06-30 bdn:Ground 0000790816 2019-01-01 0000790816 us-gaap:OperatingExpenseMember 2019-04-01 2019-06-30 0000790816 us-gaap:OperatingExpenseMember 2019-01-01 2019-06-30 0000790816 us-gaap:OperatingExpenseMember 2019-06-30 0000790816 bdn:PhiladelphiaMarineCenterMarinePiersMember 2017-03-15 0000790816 bdn:PhiladelphiaMarineCenterMarinePiersMember 2017-03-14 2017-03-15 0000790816 bdn:PhiladelphiaMarineCenterMarinePiersMember 2024-01-15 0000790816 us-gaap:BuildingAndBuildingImprovementsMember 2019-06-30 0000790816 us-gaap:BuildingAndBuildingImprovementsMember 2018-12-31 0000790816 bdn:NinePresidentialBoulevardMember us-gaap:LandMember 2019-01-01 2019-06-30 0000790816 bdn:LibertyviewMember us-gaap:LandMember 2015-01-07 2015-01-08 0000790816 us-gaap:LandMember 2019-01-01 2019-06-30 0000790816 bdn:NinePresidentialBoulevardMember us-gaap:LandMember 2019-03-15 0000790816 bdn:LibertyviewMember us-gaap:LandMember 2015-01-08 0000790816 us-gaap:LandMember 2019-06-30 0000790816 bdn:NinePresidentialBoulevardMember us-gaap:LandMember 2019-03-14 2019-03-15 0000790816 bdn:LibertyviewMember us-gaap:LandMember 2019-01-01 2019-01-31 bdn:Installment 0000790816 bdn:LibertyviewMember us-gaap:LandMember 2019-01-01 2019-06-30 0000790816 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember us-gaap:AllOtherSegmentsMember 2019-01-01 2019-06-30 0000790816 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember us-gaap:AllOtherSegmentsMember 2019-06-30 0000790816 bdn:LandHeldForDevelopmentMember us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember 2019-06-30 bdn:Real_Estate_Investment 0000790816 bdn:UnconsolidatedRealEstateVenturesMember 2019-06-30 0000790816 bdn:UnconsolidatedRealEstateVenturesMember bdn:SixRealEstateVenturesMember srt:OfficeBuildingMember 2019-06-30 0000790816 bdn:UnconsolidatedRealEstateVenturesMember bdn:TwoRealEstateVenturesMember bdn:LandHeldForDevelopmentMember 2019-06-30 0000790816 bdn:UnconsolidatedRealEstateVenturesMember bdn:OneRealEstateVentureMember bdn:LandUnderActiveDevelopmentMember 2019-06-30 0000790816 bdn:UnconsolidatedRealEstateVenturesMember bdn:OneOtherRealEstateVenturesMember bdn:ResidentialTowerMember 2019-06-30 bdn:Apartment_unit 0000790816 bdn:UnconsolidatedRealEstateVenturesMember srt:MinimumMember 2019-06-30 0000790816 bdn:UnconsolidatedRealEstateVenturesMember srt:MaximumMember 2019-06-30 0000790816 bdn:RealEstateVentureMember bdn:ManagementFeesMember 2019-04-01 2019-06-30 0000790816 bdn:RealEstateVentureMember bdn:ManagementFeesMember 2019-01-01 2019-06-30 0000790816 bdn:RealEstateVentureMember bdn:ManagementFeesMember 2018-04-01 2018-06-30 0000790816 bdn:RealEstateVentureMember bdn:ManagementFeesMember 2018-01-01 2018-06-30 0000790816 bdn:RealEstateVentureMember bdn:LeaseCommissionIncomeMember 2019-04-01 2019-06-30 0000790816 bdn:RealEstateVentureMember bdn:LeaseCommissionIncomeMember 2019-01-01 2019-06-30 0000790816 bdn:RealEstateVentureMember bdn:LeaseCommissionIncomeMember 2018-04-01 2018-06-30 0000790816 bdn:RealEstateVentureMember bdn:LeaseCommissionIncomeMember 2018-01-01 2018-06-30 0000790816 bdn:RealEstateVentureMember 2019-06-30 0000790816 bdn:RealEstateVentureMember 2018-12-31 0000790816 bdn:MAPVentureMember 2019-01-01 0000790816 bdn:EvoAtCiraCentreSouthVentureMember 2019-04-01 2019-06-30 0000790816 bdn:MAPVentureMember 2019-04-01 2019-06-30 0000790816 bdn:OtherMember 2019-04-01 2019-06-30 0000790816 bdn:UnconsolidatedRealEstateVenturesMember 2019-04-01 2019-06-30 0000790816 bdn:EvoAtCiraCentreSouthVentureMember 2019-06-30 0000790816 bdn:MAPVentureMember 2019-06-30 0000790816 bdn:EvoAtCiraCentreSouthVentureMember 2018-04-01 2018-06-30 0000790816 bdn:MAPVentureMember 2018-04-01 2018-06-30 0000790816 bdn:OtherMember 2018-04-01 2018-06-30 0000790816 bdn:UnconsolidatedRealEstateVenturesMember 2018-04-01 2018-06-30 0000790816 bdn:EvoAtCiraCentreSouthVentureMember 2018-06-30 0000790816 bdn:MAPVentureMember 2018-06-30 0000790816 bdn:EvoAtCiraCentreSouthVentureMember 2019-01-01 2019-06-30 0000790816 bdn:MAPVentureMember 2019-01-01 2019-06-30 0000790816 bdn:OtherMember 2019-01-01 2019-06-30 0000790816 bdn:UnconsolidatedRealEstateVenturesMember 2019-01-01 2019-06-30 0000790816 bdn:EvoAtCiraCentreSouthVentureMember 2018-01-01 2018-06-30 0000790816 bdn:MAPVentureMember 2018-01-01 2018-06-30 0000790816 bdn:OtherMember 2018-01-01 2018-06-30 0000790816 bdn:UnconsolidatedRealEstateVenturesMember 2018-01-01 2018-06-30 0000790816 bdn:EvoAtCiraCentreSouthVentureMember 2018-03-31 0000790816 bdn:UnconsolidatedRealEstateVenturesMember srt:MinimumMember 2018-06-30 0000790816 bdn:UnconsolidatedRealEstateVenturesMember srt:MaximumMember 2018-06-30 0000790816 bdn:RightOfUseAssetMember 2019-01-01 2019-06-30 0000790816 bdn:HerndonInnovationCenterMetroPortfolioVentureLLCMember 2019-03-29 0000790816 bdn:HerndonInnovationCenterMetroPortfolioVentureLLCMember us-gaap:SecuredDebtMember 2019-03-29 0000790816 bdn:HerndonInnovationCenterMetroPortfolioVentureLLCMember us-gaap:SecuredDebtMember 2019-03-28 2019-03-29 0000790816 bdn:HerndonInnovationCenterMetroPortfolioVentureLLCMember us-gaap:SecuredDebtMember 2019-04-01 2019-04-01 0000790816 bdn:HerndonInnovationCenterMetroPortfolioVentureLLCMember us-gaap:SecuredDebtMember bdn:DistributionsFromLoanOneMember 2019-04-12 2019-04-12 0000790816 bdn:HerndonInnovationCenterMetroPortfolioVentureLLCMember us-gaap:SecuredDebtMember srt:MinimumMember 2019-03-29 0000790816 bdn:HerndonInnovationCenterMetroPortfolioVentureLLCMember us-gaap:SecuredDebtMember srt:MaximumMember 2019-03-29 0000790816 bdn:HerndonInnovationCenterMetroPortfolioVentureLLCMember us-gaap:SecuredDebtMember 2019-04-11 0000790816 bdn:HerndonInnovationCenterMetroPortfolioVentureLLCMember us-gaap:SecuredDebtMember 2019-04-11 2019-04-11 0000790816 bdn:HerndonInnovationCenterMetroPortfolioVentureLLCMember us-gaap:SecuredDebtMember srt:MaximumMember 2019-04-11 0000790816 bdn:HerndonInnovationCenterMetroPortfolioVentureLLCMember us-gaap:SecuredDebtMember bdn:DistributionsFromLoanTwoMember 2019-04-12 2019-04-12 0000790816 bdn:PJPVIIMember 2019-06-30 0000790816 bdn:A4040WilsonVentureMember 2019-06-30 0000790816 us-gaap:LeasesAcquiredInPlaceMember 2019-06-30 0000790816 us-gaap:CustomerRelationshipsMember 2019-06-30 0000790816 us-gaap:AboveMarketLeasesMember 2019-06-30 0000790816 bdn:BelowMarketLeasesAcquiredIncludingLiabilitiesOfAssetsHeldForSaleMember 2019-06-30 0000790816 us-gaap:LeasesAcquiredInPlaceMember 2018-12-31 0000790816 us-gaap:CustomerRelationshipsMember 2018-12-31 0000790816 us-gaap:AboveMarketLeasesMember 2018-12-31 0000790816 bdn:BelowMarketLeasesAcquiredIncludingLiabilitiesOfAssetsHeldForSaleMember 2018-12-31 0000790816 us-gaap:SecuredDebtMember bdn:TwoLoganSquareMember 2019-06-30 0000790816 us-gaap:SecuredDebtMember bdn:TwoLoganSquareMember 2018-12-31 0000790816 us-gaap:SecuredDebtMember bdn:FourTowerBridgeMember 2019-06-30 0000790816 us-gaap:SecuredDebtMember bdn:FourTowerBridgeMember 2018-12-31 0000790816 us-gaap:SecuredDebtMember bdn:OneCommerceSquareMember 2019-06-30 0000790816 us-gaap:SecuredDebtMember bdn:OneCommerceSquareMember 2018-12-31 0000790816 us-gaap:SecuredDebtMember bdn:TwoCommerceSquareMember 2019-06-30 0000790816 us-gaap:SecuredDebtMember bdn:TwoCommerceSquareMember 2018-12-31 0000790816 us-gaap:SecuredDebtMember 2019-06-30 0000790816 us-gaap:SecuredDebtMember 2018-12-31 0000790816 us-gaap:UnsecuredDebtMember bdn:UnsecuredCreditFacilityMember 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember bdn:UnsecuredCreditFacilityMember 2018-12-31 0000790816 us-gaap:UnsecuredDebtMember bdn:SevenYearTermLoanMember 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember bdn:SevenYearTermLoanMember 2018-12-31 0000790816 us-gaap:UnsecuredDebtMember bdn:Note2023Member 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember bdn:Note2023Member 2018-12-31 0000790816 us-gaap:UnsecuredDebtMember bdn:Note2024Member 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember bdn:Note2024Member 2018-12-31 0000790816 us-gaap:UnsecuredDebtMember bdn:Note2027Member 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember bdn:Note2027Member 2018-12-31 0000790816 us-gaap:UnsecuredDebtMember bdn:Note2029Member 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember bdn:Note2029Member 2018-12-31 0000790816 us-gaap:UnsecuredDebtMember bdn:IndentureIaPreferredTrustIMember 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember bdn:IndentureIaPreferredTrustIMember 2018-12-31 0000790816 us-gaap:UnsecuredDebtMember bdn:IndentureIbPreferredTrustIMember 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember bdn:IndentureIbPreferredTrustIMember 2018-12-31 0000790816 us-gaap:UnsecuredDebtMember bdn:IndentureIiPreferredTrustIiMember 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember bdn:IndentureIiPreferredTrustIiMember 2018-12-31 0000790816 us-gaap:UnsecuredDebtMember 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember 2018-12-31 0000790816 bdn:UnsecuredCreditFacilityMember us-gaap:UnsecuredDebtMember 2019-01-01 2019-06-30 0000790816 bdn:IndentureIaPreferredTrustIMember us-gaap:UnsecuredDebtMember 2019-01-01 2019-06-30 0000790816 us-gaap:SecuredDebtMember bdn:TwoLoganSquareMember 2019-01-01 2019-06-30 0000790816 us-gaap:SecuredDebtMember bdn:FourTowerBridgeMember 2019-01-01 2019-06-30 0000790816 us-gaap:SecuredDebtMember bdn:OneCommerceSquareMember 2019-01-01 2019-06-30 0000790816 us-gaap:SecuredDebtMember bdn:TwoCommerceSquareMember 2019-01-01 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember bdn:SevenYearTermLoanMember 2019-01-01 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember bdn:Note2023Member 2019-01-01 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember bdn:Note2024Member 2019-01-01 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember bdn:Note2027Member 2019-01-01 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember bdn:Note2029Member 2019-01-01 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember bdn:IndentureIbPreferredTrustIMember 2019-01-01 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember bdn:IndentureIiPreferredTrustIiMember 2019-01-01 2019-06-30 0000790816 us-gaap:UnsecuredDebtMember bdn:Note2023Member 2018-01-01 2018-12-31 0000790816 us-gaap:UnsecuredDebtMember bdn:Note2024Member 2018-01-01 2018-12-31 0000790816 us-gaap:UnsecuredDebtMember bdn:Note2027Member 2018-01-01 2018-12-31 0000790816 us-gaap:UnsecuredDebtMember bdn:Note2029Member 2018-01-01 2018-12-31 0000790816 us-gaap:RevolvingCreditFacilityMember bdn:NewCreditFacilityMember 2019-06-30 0000790816 us-gaap:RevolvingCreditFacilityMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-06-30 0000790816 us-gaap:RevolvingCreditFacilityMember 2018-06-30 0000790816 us-gaap:RevolvingCreditFacilityMember 2019-06-30 0000790816 us-gaap:RevolvingCreditFacilityMember 2019-01-01 2019-06-30 0000790816 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2019-06-30 0000790816 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2018-12-31 0000790816 us-gaap:CarryingReportedAmountFairValueDisclosureMember bdn:VariableRateDebtMember 2019-06-30 0000790816 us-gaap:CarryingReportedAmountFairValueDisclosureMember bdn:VariableRateDebtMember 2018-12-31 0000790816 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:MortgagesMember 2019-06-30 0000790816 us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:MortgagesMember 2018-12-31 0000790816 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-06-30 0000790816 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0000790816 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2019-06-30 0000790816 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:UnsecuredDebtMember 2018-12-31 0000790816 us-gaap:EstimateOfFairValueFairValueDisclosureMember bdn:VariableRateDebtMember 2019-06-30 0000790816 us-gaap:EstimateOfFairValueFairValueDisclosureMember bdn:VariableRateDebtMember 2018-12-31 0000790816 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:MortgagesMember 2019-06-30 0000790816 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:MortgagesMember 2018-12-31 0000790816 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-06-30 0000790816 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0000790816 bdn:BrandywineNineteenNineteenVenturesMember 2018-06-26 0000790816 bdn:BrandywineNineteenNineteenVenturesMember us-gaap:OtherAssetsMember 2018-06-26 0000790816 bdn:A3090InterestRateSwapMaturingOctober302019Member us-gaap:CashFlowHedgingMember 2019-06-30 0000790816 bdn:A3090InterestRateSwapMaturingOctober302019Member us-gaap:CashFlowHedgingMember 2018-12-31 0000790816 bdn:A2868InterestRateSwapMaturingOctober82022Member us-gaap:CashFlowHedgingMember 2019-06-30 0000790816 bdn:A3300InterestRateSwapMaturingJanuary302021Member us-gaap:CashFlowHedgingMember 2019-06-30 0000790816 bdn:A2868InterestRateSwapMaturingOctober82022Member us-gaap:CashFlowHedgingMember 2018-12-31 0000790816 bdn:A3300InterestRateSwapMaturingJanuary302021Member us-gaap:CashFlowHedgingMember 2018-12-31 0000790816 bdn:RedeemableCommonLimitedPartnershipUnitsMember 2019-01-01 2019-06-30 0000790816 bdn:RedeemableCommonLimitedPartnershipUnitsMember 2018-01-01 2018-06-30 0000790816 us-gaap:DividendDeclaredMember 2019-05-22 0000790816 2019-05-21 2019-05-22 0000790816 srt:MaximumMember 2019-01-03 0000790816 us-gaap:DividendDeclaredMember srt:SubsidiariesMember 2019-05-22 0000790816 srt:SubsidiariesMember 2019-05-21 2019-05-22 bdn:segment 0000790816 bdn:PhiladelphiaCBDMember 2019-06-30 0000790816 bdn:PhiladelphiaCBDMember 2018-12-31 0000790816 bdn:PennsylvaniaSuburbsMember 2019-06-30 0000790816 bdn:PennsylvaniaSuburbsMember 2018-12-31 0000790816 bdn:AustinTexasMember 2019-06-30 0000790816 bdn:AustinTexasMember 2018-12-31 0000790816 bdn:MetropolitanDCMember 2019-06-30 0000790816 bdn:MetropolitanDCMember 2018-12-31 0000790816 us-gaap:AllOtherSegmentsMember 2019-06-30 0000790816 us-gaap:AllOtherSegmentsMember 2018-12-31 0000790816 us-gaap:AllOtherSegmentsMember us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember bdn:LandHeldForDevelopmentMember 2019-06-30 0000790816 us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember bdn:LandHeldForDevelopmentMember 2018-12-31 0000790816 bdn:PennsylvaniaSuburbsMember us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember bdn:LandHeldForDevelopmentMember 2018-12-31 0000790816 us-gaap:AllOtherSegmentsMember us-gaap:DisposalGroupHeldforsaleNotDiscontinuedOperationsMember bdn:LandHeldForDevelopmentMember 2018-12-31 0000790816 bdn:ThreeThousandOneAndThreeThousandThreeAndThreeThousandTwentyFiveJFKBoulevardMember 2019-01-01 2019-06-30 0000790816 bdn:ThreeThousandOneAndThreeThousandThreeAndThreeThousandTwentyFiveJFKBoulevardMember 2018-01-01 2018-12-31 0000790816 bdn:PhiladelphiaCBDMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0000790816 bdn:PennsylvaniaSuburbsMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0000790816 bdn:AustinTexasMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0000790816 bdn:MetropolitanDCMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0000790816 us-gaap:AllOtherSegmentsMember us-gaap:OperatingSegmentsMember 2019-04-01 2019-06-30 0000790816 us-gaap:CorporateNonSegmentMember 2019-04-01 2019-06-30 0000790816 bdn:PhiladelphiaCBDMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-06-30 0000790816 bdn:PennsylvaniaSuburbsMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-06-30 0000790816 bdn:AustinTexasMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-06-30 0000790816 bdn:MetropolitanDCMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-06-30 0000790816 us-gaap:AllOtherSegmentsMember us-gaap:OperatingSegmentsMember 2018-04-01 2018-06-30 0000790816 us-gaap:CorporateNonSegmentMember 2018-04-01 2018-06-30 0000790816 bdn:PhiladelphiaCBDMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0000790816 bdn:PennsylvaniaSuburbsMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0000790816 bdn:AustinTexasMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0000790816 bdn:MetropolitanDCMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0000790816 us-gaap:AllOtherSegmentsMember us-gaap:OperatingSegmentsMember 2019-01-01 2019-06-30 0000790816 us-gaap:CorporateNonSegmentMember 2019-01-01 2019-06-30 0000790816 bdn:PhiladelphiaCBDMember us-gaap:OperatingSegmentsMember 2018-01-01 2018-06-30 0000790816 bdn:PennsylvaniaSuburbsMember us-gaap:OperatingSegmentsMember 2018-01-01 2018-06-30 0000790816 bdn:AustinTexasMember us-gaap:OperatingSegmentsMember 2018-01-01 2018-06-30 0000790816 bdn:MetropolitanDCMember us-gaap:OperatingSegmentsMember 2018-01-01 2018-06-30 0000790816 us-gaap:AllOtherSegmentsMember us-gaap:OperatingSegmentsMember 2018-01-01 2018-06-30 0000790816 us-gaap:CorporateNonSegmentMember 2018-01-01 2018-06-30 0000790816 bdn:DRAAustinVentureMember 2018-12-11 0000790816 bdn:HerndonInnovationCenterMetroPortfolioVentureLLCMember bdn:MetropolitanDCOfficeMember 2018-12-20 0000790816 bdn:HerndonInnovationCenterMetroPortfolioVentureLLCMember bdn:MetropolitanDCOfficeMember bdn:RockpointMember 2018-12-20 0000790816 bdn:MAPVentureMember 2019-06-30 0000790816 bdn:MAPVentureMember 2018-12-31 0000790816 bdn:PhiladelphiaCBDMember 2019-04-01 2019-06-30 0000790816 bdn:MetropolitanDCMember 2019-04-01 2019-06-30 0000790816 bdn:MAPVentureMember 2019-04-01 2019-06-30 0000790816 us-gaap:AllOtherSegmentsMember 2019-04-01 2019-06-30 0000790816 bdn:AustinTexasMember 2019-04-01 2019-06-30 0000790816 bdn:PhiladelphiaCBDMember 2018-04-01 2018-06-30 0000790816 bdn:MetropolitanDCMember 2018-04-01 2018-06-30 0000790816 bdn:MAPVentureMember 2018-04-01 2018-06-30 0000790816 us-gaap:AllOtherSegmentsMember 2018-04-01 2018-06-30 0000790816 bdn:AustinTexasMember 2018-04-01 2018-06-30 0000790816 bdn:PhiladelphiaCBDMember 2019-01-01 2019-06-30 0000790816 bdn:MetropolitanDCMember 2019-01-01 2019-06-30 0000790816 bdn:MAPVentureMember 2019-01-01 2019-06-30 0000790816 us-gaap:AllOtherSegmentsMember 2019-01-01 2019-06-30 0000790816 bdn:AustinTexasMember 2019-01-01 2019-06-30 0000790816 bdn:PhiladelphiaCBDMember 2018-01-01 2018-06-30 0000790816 bdn:MetropolitanDCMember 2018-01-01 2018-06-30 0000790816 bdn:MAPVentureMember 2018-01-01 2018-06-30 0000790816 us-gaap:AllOtherSegmentsMember 2018-01-01 2018-06-30 0000790816 bdn:AustinTexasMember 2018-01-01 2018-06-30 0000790816 us-gaap:MortgagesMember 2019-06-30 0000790816 srt:MinimumMember 2019-06-30 0000790816 srt:MaximumMember 2019-06-30 0000790816 us-gaap:AccountingStandardsUpdate201602Member 2019-06-30 0000790816 bdn:A618MarketStreetMember 2015-04-02 0000790816 bdn:A618MarketStreetMember 2015-04-01 2015-04-02 0000790816 bdn:A618MarketStreetMember 2019-06-30 0000790816 bdn:A4040WilsonVentureMember 2019-06-30 0000790816 bdn:TheBulletinBuildingMember srt:MinimumMember 2019-06-30 0000790816 bdn:TheBulletinBuildingMember 2019-01-01 2019-06-30 0000790816 bdn:TheBulletinBuildingMember 2019-06-30 0000790816 bdn:TheBulletinBuildingMember 2017-10-13 0000790816 bdn:DrexelSquareMember 2019-06-30

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2019

or

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from                      to                     

Commission file number

001-9106 (Brandywine Realty Trust)

000-24407 (Brandywine Operating Partnership, L.P.)

 

Brandywine Realty Trust

Brandywine Operating Partnership, L.P.

(Exact name of registrant as specified in its charter)

 

 

MARYLAND (Brandywine Realty Trust)

 

23-2413352

DELAWARE (Brandywine Operating Partnership L.P.)

 

23-2862640

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

 

2929 Walnut Street

Suite 1700

 

 

Philadelphia, Pennsylvania

 

19104

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code (610325-5600

 

Securities registered pursuant to section 12(b) of the Act:

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Shares of Beneficial Interest

 

BDN

 

NYSE

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Brandywine Realty Trust

 

Yes   No 

Brandywine Operating Partnership, L.P.

 

Yes   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Brandywine Realty Trust

 

Yes   No 

Brandywine Operating Partnership, L.P.

 

Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Brandywine Realty Trust:

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company 

 

 

Brandywine Operating Partnership, L.P.:

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging growth company 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Brandywine Realty Trust

 

Yes   No 

Brandywine Operating Partnership, L.P.

 

Yes   No 

A total of 176,195,236 Common Shares of Beneficial Interest, par value $0.01 per share of Brandywine Realty Trust, were outstanding as of August 2, 2019.

 

 

 


EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2019 of Brandywine Realty Trust (the “Parent Company”) and Brandywine Operating Partnership L.P. (the “Operating Partnership”). The Parent Company is a Maryland real estate investment trust, or REIT, that owns its assets and conducts its operations through the Operating Partnership, a Delaware limited partnership, and subsidiaries of the Operating Partnership. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company”. In addition, as used in this report, terms such as “we”, “us”, and “our” may refer to the Company, the Parent Company, or the Operating Partnership.

The Parent Company is the sole general partner of the Operating Partnership and, as of June 30, 2019, owned a 99.4% interest in the Operating Partnership. The remaining 0.6% interest consists of common units of limited partnership interest issued by the Operating Partnership to third parties in exchange for contributions of properties to the Operating Partnership. As the sole general partner of the Operating Partnership, the Parent Company has full and complete authority over the Operating Partnership’s day-to-day operations and management.

Management operates the Parent Company and the Operating Partnership as one enterprise. The management of the Parent Company consists of the same members as the management of the Operating Partnership.

As general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements. The separate discussions of the Parent Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company's operations on a consolidated basis and how management operates the Company.

The Company believes that combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into a single report will result in the following benefits:

 

facilitate a better understanding by the investors of the Parent Company and the Operating Partnership by enabling them to view the business as a whole in the same manner as management views and operates the business;

 

remove duplicative disclosures and provide a more straightforward presentation in light of the fact that a substantial portion of the disclosure applies to both the Parent Company and the Operating Partnership; and

 

create time and cost efficiencies through the preparation of one combined report instead of two separate reports.

There are few differences between the Parent Company and the Operating Partnership, which are reflected in the footnote disclosures in this report. The Company believes it is important to understand the differences between the Parent Company and the Operating Partnership in the context of how these entities operate as an interrelated consolidated company. The Parent Company is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time and guaranteeing the debt obligations of the Operating Partnership. The Operating Partnership holds substantially all the assets of the Company and directly or indirectly holds the ownership interests in the Company’s Real Estate Ventures. The Operating Partnership conducts the operations of the Company’s business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness (directly and through subsidiaries) and through the issuance of partnership units of the Operating Partnership or equity interests in subsidiaries of the Operating Partnership.

The equity and non-controlling interests in the Parent Company and the Operating Partnership’s equity are the main areas of difference between the consolidated financial statements of the Parent Company and the Operating Partnership. The common units of limited partnership interest in the Operating Partnership are accounted for as partners’ equity in the Operating Partnership’s financial statements while the common units of limited partnership interests held by parties other than the Parent Company are presented as non-controlling interests in the Parent Company’s financial statements. The differences between the Parent Company and the Operating Partnership’s equity relate to the differences in the equity issued at the Parent Company and Operating Partnership levels.

2


 

To help investors understand the significant differences between the Parent Company and the Operating Partnership, this report presents the following as separate notes or sections for each of the Parent Company and the Operating Partnership:

 

Consolidated Financial Statements; and

 

Notes to the Parent Company’s and Operating Partnership’s Equity.

This report also includes separate Item 4. (Controls and Procedures) disclosures and separate Exhibit 31 and 32 certifications for each of the Parent Company and the Operating Partnership in order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that the Parent Company and Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. § 1350.

In order to highlight the differences between the Parent Company and the Operating Partnership, the separate sections in this report for the Parent Company and the Operating Partnership specifically refer to the Parent Company and the Operating Partnership. In the sections that combine disclosures of the Parent Company and the Operating Partnership, this report refers to such disclosures as those of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and real estate ventures and holds assets and incurs debt, reference to the Company is appropriate because the business is one enterprise and the Parent Company operates the business through the Operating Partnership.

 

3


 

TABLE OF CONTENTS

 

 

 

Page

 

 

 

PART I — FINANCIAL INFORMATION

 

 

 

 

 

Item 1. Financial Statements

 

 

 

 

 

Brandywine Realty Trust

 

 

 

 

 

Financial Statements of Brandywine Realty Trust

 

5

 

 

 

Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018

 

5

 

 

 

Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018

 

6

 

 

 

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018

 

7

 

 

 

Consolidated Statements of Beneficiaries’ Equity for the three and six months ended June 30, 2019 and 2018

 

8

 

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018

 

10

 

 

 

Brandywine Operating Partnership, L.P.

 

 

 

 

 

Financial Statements of Brandywine Operating Partnership, L.P.

 

11

 

 

 

Consolidated Balance Sheets as of June 30, 2019 and December 31, 2018

 

11

 

 

 

Consolidated Statements of Operations for the three and six months ended June 30, 2019 and 2018

 

12

 

 

 

Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2019 and 2018

 

13

 

 

 

Consolidated Statements of Partners’ Equity for the three and six months ended June 30, 2019 and 2018

 

14

 

 

 

Consolidated Statements of Cash Flows for the six months ended June 30, 2019 and 2018

 

16

 

 

 

Notes to Unaudited Consolidated Financial Statements

 

17

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

38

 

 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

54

 

 

 

Item 4. Controls and Procedures

 

55

 

 

 

PART II — OTHER INFORMATION

 

57

 

 

 

Item 1. Legal Proceedings

 

57

 

 

 

Item 1A. Risk Factors

 

57

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

57

 

 

 

Item 3. Defaults Upon Senior Securities

 

57

 

 

 

Item 4. Mine Safety Disclosures

 

57

 

 

 

Item 5. Other Information

 

57

 

 

 

Item 6. Exhibits

 

58

 

 

 

Signatures

 

59

 

 

 

 

 

 

Filing Format

This combined Form 10-Q is being filed separately by Brandywine Realty Trust and Brandywine Operating Partnership, L.P.

 

4


 

PART I - FINANCIAL INFORMATION

Item 1. — Financial Statements

BRANDYWINE REALTY TRUST

CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands, except share and per share information)

 

 

 

June 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

ASSETS

 

 

 

 

 

 

 

 

Real estate investments:

 

 

 

 

 

 

 

 

Operating properties

 

$

4,030,605

 

 

$

3,951,719

 

Accumulated depreciation

 

 

(940,833

)

 

 

(885,407

)

Right of use asset - operating leases, net

 

 

22,001

 

 

 

-

 

Operating real estate investments, net

 

 

3,111,773

 

 

 

3,066,312

 

Construction-in-progress

 

 

120,785

 

 

 

150,263

 

Land held for development

 

 

89,219

 

 

 

86,401

 

Prepaid leasehold interests in land held for development, net

 

 

39,795

 

 

 

39,999

 

Total real estate investments, net

 

 

3,361,572

 

 

 

3,342,975

 

Assets held for sale, net

 

 

7,349

 

 

 

11,599

 

Cash and cash equivalents

 

 

31,573

 

 

 

22,842

 

Accounts receivable, net of allowance of $284 and $1,653 as of June 30, 2019 and December 31, 2018, respectively

 

 

18,181

 

 

 

16,394

 

Accrued rent receivable, net of allowance of $11,009 and $11,266 as of June 30, 2019 and December 31, 2018, respectively

 

 

170,420

 

 

 

165,243

 

Investment in Real Estate Ventures

 

 

128,189

 

 

 

169,100

 

Deferred costs, net

 

 

98,202

 

 

 

91,075

 

Intangible assets, net

 

 

109,365

 

 

 

131,348

 

Other assets

 

 

123,623

 

 

 

126,400

 

Total assets

 

$

4,048,474

 

 

$

4,076,976

 

LIABILITIES AND BENEFICIARIES' EQUITY

 

 

 

 

 

 

 

 

Mortgage notes payable, net

 

$

317,377

 

 

$

320,869

 

Unsecured credit facility

 

 

163,500

 

 

 

92,500

 

Unsecured term loan, net

 

 

248,299

 

 

 

248,042

 

Unsecured senior notes, net

 

 

1,367,360

 

 

 

1,366,635

 

Accounts payable and accrued expenses

 

 

98,552

 

 

 

125,696

 

Distributions payable

 

 

34,113

 

 

 

33,632

 

Deferred income, gains and rent

 

 

22,481

 

 

 

28,293

 

Acquired lease intangibles, net

 

 

27,958

 

 

 

31,783

 

Lease liability - operating leases

 

 

22,453

 

 

 

-

 

Other liabilities

 

 

16,716

 

 

 

18,498

 

Total liabilities

 

$

2,318,809

 

 

$

2,265,948

 

Commitments and contingencies (See Note 13)

 

 

 

 

 

 

 

 

Brandywine Realty Trust's Equity:

 

 

 

 

 

 

 

 

Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 176,197,883 and 176,873,324 issued and outstanding as of June 30, 2019 and December 31, 2018, respectively

 

 

1,763

 

 

 

1,770

 

Additional paid-in-capital

 

 

3,188,239

 

 

 

3,200,312

 

Deferred compensation payable in common shares

 

 

16,239

 

 

 

14,021

 

Common shares in grantor trust, 1,113,450 and 977,120 issued and outstanding as of June 30, 2019 and December 31, 2018, respectively

 

 

(16,239

)

 

 

(14,021

)

Cumulative earnings

 

 

781,017

 

 

 

775,625

 

Accumulated other comprehensive income

 

 

(2,160

)

 

 

5,029

 

Cumulative distributions

 

 

(2,251,040

)

 

 

(2,183,909

)

Total Brandywine Realty Trust's equity

 

 

1,717,819

 

 

 

1,798,827

 

Noncontrolling interests

 

 

11,846

 

 

 

12,201

 

Total beneficiaries' equity

 

$

1,729,665

 

 

$

1,811,028

 

Total liabilities and beneficiaries' equity

 

$

4,048,474

 

 

$

4,076,976

 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

5


 

BRANDYWINE REALTY TRUST

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited, in thousands, except share and per share information)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rents

$

137,787

 

 

$

126,927

 

 

$

275,885

 

 

$

253,686

 

Third party management fees, labor reimbursement and leasing

 

5,148

 

 

 

4,913

 

 

 

9,103

 

 

 

12,587

 

Other

 

1,216

 

 

 

1,946

 

 

 

3,059

 

 

 

3,871

 

Total revenue

 

144,151

 

 

 

133,786

 

 

 

288,047

 

 

 

270,144

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

38,684

 

 

 

37,906

 

 

 

78,184

 

 

 

77,257

 

Real estate taxes

 

16,089

 

 

 

12,417

 

 

 

31,872

 

 

 

24,839

 

Third party management expenses

 

2,449

 

 

 

2,243

 

 

 

4,566

 

 

 

6,993

 

Depreciation and amortization

 

51,667

 

 

 

43,958

 

 

 

103,111

 

 

 

87,490

 

General and administrative expenses

 

8,399

 

 

 

7,523

 

 

 

18,243

 

 

 

16,246

 

Total operating expenses

 

117,288

 

 

 

104,047

 

 

 

235,976

 

 

 

212,825

 

Gain on sale of real estate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss on disposition of real estate

 

-

 

 

 

(35

)

 

 

-

 

 

 

(35

)

Net gain on sale of undepreciated real estate

 

250

 

 

 

2,837

 

 

 

1,251

 

 

 

2,859

 

Total gain on sale of real estate

 

250

 

 

 

2,802

 

 

 

1,251

 

 

 

2,824

 

Operating income

 

27,113

 

 

 

32,541

 

 

 

53,322

 

 

 

60,143

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

553

 

 

 

641

 

 

 

1,078

 

 

 

1,344

 

Interest expense

 

(20,516

)

 

 

(19,301

)

 

 

(40,873

)

 

 

(38,834

)

Interest expense - amortization of deferred financing costs

 

(666

)

 

 

(627

)

 

 

(1,332

)

 

 

(1,254

)

Equity in loss of Real Estate Ventures

 

(1,491

)

 

 

(358

)

 

 

(2,849

)

 

 

(1,183

)

Net gain on real estate venture transactions

 

1,276

 

 

 

-

 

 

 

1,535

 

 

 

37,263

 

Net income before income taxes

 

6,269

 

 

 

12,896

 

 

 

10,881

 

 

 

57,479

 

Income tax provision

 

(17

)

 

 

(20

)

 

 

(46

)

 

 

(158

)

Net income

 

6,252

 

 

 

12,876

 

 

 

10,835

 

 

 

57,321

 

Net income attributable to noncontrolling interests

 

(47

)

 

 

(129

)

 

 

(107

)

 

 

(504

)

Net income attributable to Brandywine Realty Trust

 

6,205

 

 

 

12,747

 

 

 

10,728

 

 

 

56,817

 

Nonforfeitable dividends allocated to unvested restricted shareholders

 

(93

)

 

 

(86

)

 

 

(212

)

 

 

(200

)

Net income attributable to Common Shareholders of Brandywine Realty Trust

$

6,112

 

 

$

12,661

 

 

$

10,516

 

 

$

56,617

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income per Common Share

$

0.03

 

 

$

0.07

 

 

$

0.06

 

 

$

0.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income per Common Share

$

0.03

 

 

$

0.07

 

 

$

0.06

 

 

$

0.31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

176,143,206

 

 

 

178,547,555

 

 

 

176,001,071

 

 

 

178,471,960

 

Diluted weighted average shares outstanding

 

176,690,824

 

 

 

179,692,336

 

 

 

176,578,140

 

 

 

179,740,690

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

6


 

BRANDYWINE REALTY TRUST

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited, in thousands)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

$

6,252

 

 

$

12,876

 

 

$

10,835

 

 

$

57,321

 

Comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on derivative financial instruments

 

(4,934

)

 

 

1,578

 

 

 

(7,623

)

 

 

6,274

 

Amortization of interest rate contracts (1)

 

188

 

 

 

293

 

 

 

394

 

 

 

605

 

Comprehensive income (loss):

 

(4,746

)

 

 

1,871

 

 

 

(7,229

)

 

 

6,879

 

Comprehensive income

 

1,506

 

 

 

14,747

 

 

 

3,606

 

 

 

64,200

 

Comprehensive income attributable to noncontrolling interest

 

(21

)

 

 

(144

)

 

 

(67

)

 

 

(561

)

Comprehensive income attributable to Brandywine Realty Trust

$

1,485

 

 

$

14,603

 

 

$

3,539

 

 

$

63,639

 

 

(1)

Amounts reclassified from comprehensive income to interest expense within the Consolidated Statements of Operations.

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 

7


BRANDYWINE REALTY TRUST

CONSOLIDATED STATEMENTS OF BENEFICIARIES’ EQUITY

(unaudited, in thousands, except number of shares)

 

 

Number of Common Shares

 

 

Number of Rabbi Trust/Deferred Compensation Shares

 

 

Common Shares of Brandywine Realty Trust's beneficial interest

 

 

Additional Paid-in Capital

 

 

Deferred Compensation Payable in Common Shares

 

 

Common Shares in Grantor Trust

 

 

Cumulative Earnings

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Cumulative Distributions

 

 

Noncontrolling Interests

 

 

Total

 

BALANCE, beginning of period

 

176,873,324

 

 

 

977,120

 

 

$

1,770

 

 

$

3,200,312

 

 

$

14,021

 

 

$

(14,021

)

 

$

775,625

 

 

$

5,029

 

 

$

(2,183,909

)

 

$

12,201

 

 

$

1,811,028

 

Cumulative effect of accounting change

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,336

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,336

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,523

 

 

 

 

 

 

 

 

 

 

 

60

 

 

 

4,583

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,469

)

 

 

 

 

 

 

(14

)

 

 

(2,483

)

Repurchase and retirement of Common Shares of Beneficial Interest

 

(1,337,169

)

 

 

 

 

 

 

(13

)

 

 

(17,268

)