Consolidated Statements of Cash Flows (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Net income (loss) | ($71) | $11,099 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ' | ' |
Depreciation and amortization | 105,157 | 100,459 |
Amortization of deferred financing costs | 2,386 | 2,344 |
Amortization of debt discount/(premium), net | -324 | 748 |
Amortization of stock compensation costs | 3,752 | 4,048 |
Shares used for employee taxes upon vesting of share awards | -1,266 | -1,061 |
Straight-line rent income | -7,183 | -11,250 |
Amortization of acquired above (below) market leases, net | -3,698 | -3,556 |
Straight-line ground rent expense | 44 | 894 |
Provision for doubtful accounts | 1,272 | 997 |
Net Gain (Loss) On Real Estate Venture Transactions, including real estate venture formation | -417 | 3,683 |
Net gain on sale of interests in real estate | -2,087 | -3,044 |
Gain from remeasurement of investment in a real estate venture | -458 | -7,847 |
Loss on early extinguishment of debt | 0 | 1,116 |
Real estate venture income in excess of distributions | 558 | -2,031 |
Deferred financing obligation | -590 | -896 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -6,328 | 2,035 |
Other assets | 1,462 | 6,031 |
Accounts payable and accrued expenses | -2,815 | -1,252 |
Deferred income, gains and rent | -116 | 608 |
Other liabilities | 129 | 474 |
Net cash from operating activities | 90,241 | 96,233 |
Cash flows from investing activities: | ' | ' |
Acquisition of properties | -12,405 | -20,758 |
Sales of properties, net | 40,149 | 145,931 |
Distribution of sales proceeds from real estate venture | 0 | 16,963 |
Proceeds from repayment of mortgage notes receivable | 2,800 | 200 |
Capital expenditures for tenant improvements | -58,035 | -46,828 |
Capital expenditures for redevelopments | -4,773 | -4,676 |
Capital expenditures for developments | -19,270 | -72 |
Reimbursement from real estate venture for pre-formation development costs | 0 | 1,976 |
Advances for purchase of tenant assets, net of repayments | 16 | -693 |
Investment in unconsolidated Real Estate Ventures | -3,095 | -12,568 |
Escrowed cash | 1,758 | 558 |
Cash distributions from unconsolidated Real Estate Ventures in excess of cumulative equity income | 5,329 | 3,445 |
Leasing costs | -13,862 | -14,313 |
Net cash from (used in) investing activities | -61,388 | 69,165 |
Cash flows from financing activities: | ' | ' |
Proceeds from Credit Facility borrowings | 0 | 186,000 |
Repayments of Credit Facility borrowings | 0 | -255,000 |
Repayments of mortgage notes payable | -6,647 | -5,537 |
Deferred financing obligation interest expense | 0 | 466 |
Net proceeds from issuance of common shares | 0 | 181,527 |
Repayments of unsecured notes | 0 | -12,912 |
Debt financing costs | -35 | -6 |
Exercise of stock options | 709 | 1,762 |
Distributions paid to shareholders | -50,710 | -46,745 |
Distributions to noncontrolling interest | -541 | -554 |
Net cash from (used in) financing activities | -57,224 | 49,001 |
Increase (Decrease) in cash and cash equivalents | -28,371 | 214,399 |
Cash and cash equivalents at beginning of period | 263,207 | 1,549 |
Cash and cash equivalents at end of period | 234,836 | 215,948 |
Supplemental disclosure: | ' | ' |
Cash paid for interest, net of capitalized interest during the six months ended June 30, 2014 and 2013 of $2,726 and $1,305, respectively | 66,869 | 67,844 |
Supplemental disclosure of non-cash activity: | ' | ' |
Change in operating real estate related to a non-cash acquisition of an operating property | 0 | -21,649 |
Change in intangible assets, net related to non-cash acquisition of an operating property | 0 | -3,517 |
Change in acquired lease intangibles, net related to non-cash acquisition of an operating property | 0 | 462 |
Change in investments in joint venture related to non-cash disposition of property | -5,897 | 0 |
Change in investments in joint venture related to non-cash acquisition of property | 0 | 13,040 |
Change in operating real estate related to non-cash adjustment to land | 0 | -4,386 |
Change in receivable from settlement of acquisitions | 619 | 0 |
Change in investments in real estate ventures related to a contribution of land | 0 | -6,058 |
Change in capital expenditures financed through accounts payable at period end | -639 | -1,227 |
Change in capital expenditures financed through retention payable at period end | 1,188 | -348 |
Change in unfunded tenant allowance | -193 | -244 |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | ' | ' |
Net income (loss) | -71 | 11,099 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ' | ' |
Depreciation and amortization | 105,157 | 100,459 |
Amortization of deferred financing costs | 2,386 | 2,344 |
Amortization of debt discount/(premium), net | -324 | 748 |
Amortization of stock compensation costs | 3,752 | 4,048 |
Shares used for employee taxes upon vesting of share awards | -1,266 | -1,061 |
Straight-line rent income | -7,183 | -11,250 |
Amortization of acquired above (below) market leases, net | -3,698 | -3,556 |
Straight-line ground rent expense | 44 | 894 |
Provision for doubtful accounts | 1,272 | 997 |
Net Gain (Loss) On Real Estate Venture Transactions, including real estate venture formation | -417 | 3,683 |
Net gain on sale of interests in real estate | -2,087 | -3,044 |
Gain from remeasurement of investment in a real estate venture | -458 | -7,847 |
Loss on early extinguishment of debt | 0 | 1,116 |
Real estate venture income in excess of distributions | 558 | -2,031 |
Deferred financing obligation | -590 | -896 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -6,328 | 2,035 |
Other assets | 1,462 | 6,031 |
Accounts payable and accrued expenses | -2,815 | -1,252 |
Deferred income, gains and rent | -116 | 608 |
Other liabilities | 129 | 474 |
Net cash from operating activities | 90,241 | 96,233 |
Cash flows from investing activities: | ' | ' |
Acquisition of properties | -12,405 | -20,758 |
Sales of properties, net | 40,149 | 145,931 |
Distribution of sales proceeds from real estate venture | 0 | 16,963 |
Proceeds from repayment of mortgage notes receivable | 2,800 | 200 |
Capital expenditures for tenant improvements | -58,035 | -46,828 |
Capital expenditures for redevelopments | -4,773 | -4,676 |
Capital expenditures for developments | -19,270 | -72 |
Reimbursement from real estate venture for pre-formation development costs | 0 | 1,976 |
Advances for purchase of tenant assets, net of repayments | 16 | -693 |
Investment in unconsolidated Real Estate Ventures | -3,095 | -12,568 |
Escrowed cash | 1,758 | 558 |
Cash distributions from unconsolidated Real Estate Ventures in excess of cumulative equity income | 5,329 | 3,445 |
Leasing costs | -13,862 | -14,313 |
Net cash from (used in) investing activities | -61,388 | 69,165 |
Cash flows from financing activities: | ' | ' |
Proceeds from Credit Facility borrowings | 0 | 186,000 |
Repayments of Credit Facility borrowings | 0 | -255,000 |
Repayments of mortgage notes payable | -6,647 | -5,537 |
Deferred financing obligation interest expense | 0 | 466 |
Net proceeds from issuance of common shares | 0 | 181,527 |
Repayments of unsecured notes | 0 | -12,912 |
Debt financing costs | -35 | -6 |
Exercise of stock options | 709 | 1,762 |
Distributions paid to shareholders | -51,251 | -47,299 |
Net cash from (used in) financing activities | -57,224 | 49,001 |
Increase (Decrease) in cash and cash equivalents | -28,371 | 214,399 |
Cash and cash equivalents at beginning of period | 263,207 | 1,549 |
Cash and cash equivalents at end of period | 234,836 | 215,948 |
Supplemental disclosure: | ' | ' |
Cash paid for interest, net of capitalized interest during the six months ended June 30, 2014 and 2013 of $2,726 and $1,305, respectively | 66,869 | 67,844 |
Supplemental disclosure of non-cash activity: | ' | ' |
Change in operating real estate related to a non-cash acquisition of an operating property | 0 | -21,649 |
Change in intangible assets, net related to non-cash acquisition of an operating property | 0 | -3,517 |
Change in acquired lease intangibles, net related to non-cash acquisition of an operating property | 0 | 462 |
Change in investments in joint venture related to non-cash disposition of property | -5,897 | 0 |
Change in investments in joint venture related to non-cash acquisition of property | 0 | 13,040 |
Change in operating real estate related to non-cash adjustment to land | 0 | -4,386 |
Change in receivable from settlement of acquisitions | 619 | 0 |
Change in investments in real estate ventures related to a contribution of land | 0 | -6,058 |
Change in capital expenditures financed through accounts payable at period end | -639 | -1,227 |
Change in capital expenditures financed through retention payable at period end | 1,188 | -348 |
Change in unfunded tenant allowance | ($193) | ($244) |