Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2015 | |
Document Information [Line Items] | ||
Entity Registrant Name | BRANDYWINE REALTY TRUST | |
Entity Central Index Key | 790816 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 179,868,365 | |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||
Document Information [Line Items] | ||
Entity Registrant Name | BRANDYWINE OPERATING PARTNERSHIP, L.P. | |
Entity Central Index Key | 1060386 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Real estate investments: | ||
Operating properties | $4,477,857 | $4,603,692 |
Accumulated depreciation | -1,057,140 | -1,067,829 |
Operating real estate investments, net | 3,420,717 | 3,535,863 |
Construction-in-progress | 231,224 | 201,360 |
Land inventory | 90,945 | 90,603 |
Total real estate investments, net | 3,742,886 | 3,827,826 |
Cash and cash equivalents | 309,083 | 257,502 |
Accounts receivable, net | 18,566 | 18,757 |
Accrued rent receivable, net | 134,885 | 134,051 |
Assets held for sale, net | 111,971 | 18,295 |
Investment in Real Estate Ventures, at equity | 233,478 | 225,004 |
Deferred costs, net | 123,482 | 125,224 |
Intangible assets, net | 93,269 | 99,403 |
Mortgage note receivable | 0 | 88,000 |
Other assets | 78,036 | 65,111 |
Total assets | 4,845,656 | 4,859,173 |
LIABILITIES AND BENEFICIARIES’ EQUITY | ||
Mortgage notes payable | 650,545 | 654,590 |
Unsecured term loans | 200,000 | 200,000 |
Unsecured senior notes, net of discounts | 1,596,992 | 1,596,718 |
Accounts payable and accrued expenses | 109,865 | 96,046 |
Distributions payable | 29,038 | 28,871 |
Deferred income, gains and rent | 55,618 | 59,452 |
Below Market Lease, Net | 24,513 | 26,010 |
Other liabilities | 39,578 | 37,558 |
Liabilities related to assets held for sale | 931 | 602 |
Total liabilities | 2,707,080 | 2,699,847 |
Commitments and contingencies | ||
Brandywine Operating Partnership, L.P.’s equity: | ||
6.90% Series E Preferred Shares, $0.01 par value; issued and outstanding- 4,000,000 in 2015 and 2014 | 40 | 40 |
Common Shares of Brandywine Realty Trust’s beneficial interest, $0.01 par value; shares authorized 400,000,000; 179,745,598 and 179,293,160 issued and outstanding in 2015 and 2014, respectively | 1,798 | 1,793 |
Additional paid-in capital | 3,317,137 | 3,314,693 |
Deferred compensation payable in common shares | 11,194 | 6,219 |
Common shares in grantor trust, 694,691 in 2015 and 384,536 in 2014 | -11,194 | -6,219 |
Cumulative earnings | 538,023 | 529,487 |
Accumulated other comprehensive loss | -7,190 | -4,607 |
Cumulative distributions | -1,729,517 | -1,700,579 |
Total Brandywine Realty Trust’s equity | 2,120,291 | 2,140,827 |
Non-controlling interests | 18,285 | 18,499 |
Total beneficiaries' equity | 2,138,576 | 2,159,326 |
Total liabilities and beneficiaries' equity | 4,845,656 | 4,859,173 |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||
Real estate investments: | ||
Operating properties | 4,477,857 | 4,603,692 |
Accumulated depreciation | -1,057,140 | -1,067,829 |
Operating real estate investments, net | 3,420,717 | 3,535,863 |
Construction-in-progress | 231,224 | 201,360 |
Land inventory | 90,945 | 90,603 |
Total real estate investments, net | 3,742,886 | 3,827,826 |
Cash and cash equivalents | 309,083 | 257,502 |
Accounts receivable, net | 18,566 | 18,757 |
Accrued rent receivable, net | 134,885 | 134,051 |
Assets held for sale, net | 111,971 | 18,295 |
Investment in Real Estate Ventures, at equity | 233,478 | 225,004 |
Deferred costs, net | 123,482 | 125,224 |
Intangible assets, net | 93,269 | 99,403 |
Mortgage note receivable | 0 | 88,000 |
Other assets | 78,036 | 65,111 |
Total assets | 4,845,656 | 4,859,173 |
LIABILITIES AND BENEFICIARIES’ EQUITY | ||
Mortgage notes payable | 650,545 | 654,590 |
Unsecured term loans | 200,000 | 200,000 |
Unsecured senior notes, net of discounts | 1,596,992 | 1,596,718 |
Accounts payable and accrued expenses | 109,865 | 96,046 |
Distributions payable | 29,038 | 28,871 |
Deferred income, gains and rent | 55,618 | 59,452 |
Below Market Lease, Net | 24,513 | 26,010 |
Other liabilities | 39,578 | 37,558 |
Liabilities related to assets held for sale | 931 | 602 |
Total liabilities | 2,707,080 | 2,699,847 |
Commitments and contingencies | ||
Redeemable limited partnership units at redemption value; 1,535,102 issued and outstanding in 2015 and 2014 | 24,574 | 24,571 |
Brandywine Operating Partnership, L.P.’s equity: | ||
6.90% Series E Preferred Shares, $0.01 par value; issued and outstanding- 4,000,000 in 2015 and 2014 | 96,850 | 96,850 |
General Partnership Capital, 179,745,598 and 179,293,160 units issued and outstanding in 2015 and 2014, respectively | 2,023,754 | 2,041,902 |
Accumulated other comprehensive loss | -7,612 | -5,007 |
Total Brandywine Realty Trust’s equity | 2,112,992 | 2,133,745 |
Non-controlling interests | 1,010 | 1,010 |
Total beneficiaries' equity | 2,114,002 | 2,134,755 |
Total liabilities and beneficiaries' equity | $4,845,656 | $4,859,173 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Dividend Rate, Percentage | 6.90% | 6.90% |
Preferred Stock, Shares Issued | 4,000,000 | 4,000,000 |
Preferred Stock, Shares Outstanding | 4,000,000 | 4,000,000 |
Preferred Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 |
Common Stock, Shares, Issued | 179,745,598 | 179,293,160 |
Common Stock, Shares, Outstanding | 179,745,598 | 179,293,160 |
Common shares in grantor trust | 694,691 | 384,536 |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||
Preferred Stock, Dividend Rate, Percentage | 6.90% | 6.90% |
Preferred Stock, Shares Issued | 4,000,000 | 4,000,000 |
Preferred Stock, Shares Outstanding | 4,000,000 | 4,000,000 |
Redeemable Limited Partnership Units Issued | 1,535,102 | 1,535,102 |
Redeemable Limited Partnership Units Outstanding | 1,535,102 | 1,535,102 |
General Partners' Capital Account, Units Issued | 179,745,598 | 179,293,160 |
General Partners' Capital Account, Units Outstanding | 179,745,598 | 179,293,160 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue: | ||
Rents | $120,410 | $121,671 |
Tenant reimbursements | 22,654 | 23,460 |
Termination fees | 636 | 2,203 |
Third party management fees, labor reimbursement and leasing | 3,872 | 4,150 |
Other Income | 2,834 | 630 |
Total revenue | 150,406 | 152,114 |
Operating expenses: | ||
Property operating expenses | 46,577 | 46,801 |
Real estate taxes | 12,545 | 13,457 |
Third party management expenses | 1,576 | 1,716 |
Depreciation and amortization | 51,111 | 52,570 |
General and administrative expenses | 8,636 | 8,181 |
Total operating expenses | 120,445 | 122,725 |
Operating income | 29,961 | 29,389 |
Other income (expense): | ||
Interest income | 750 | 385 |
Interest expense | -28,176 | -31,844 |
Interest expense — amortization of deferred financing costs | -1,079 | -1,189 |
Interest expense — financing obligation | -286 | -272 |
Equity in income of Real Estate Ventures | 131 | 242 |
Net gain on disposition of real estate | 9,019 | 0 |
Gain on sale of undepreciated real estate | 0 | 1,187 |
Loss on real estate venture transactions | 0 | -135 |
Provision for impairment on assets held for sale | -1,726 | 0 |
Income (Loss) from continuing operations | 8,594 | -2,237 |
Discontinued operations: | ||
Loss from discontinued operations | 0 | -8 |
Total discontinued operations | 0 | -8 |
Net income (loss) | 8,594 | -2,245 |
Net loss attributable to non-controlling interest — partners' share of consolidated real estate ventures | 0 | -12 |
Net (income) loss attributable to non-controlling interests — LP units | -58 | 44 |
Net (income) loss attributable to non-controlling interests | -58 | 32 |
Net income (loss) attributable to Brandywine Realty Trust | 8,536 | -2,213 |
Distribution to Preferred Shares | -1,725 | -1,725 |
Nonforfeitable dividends allocated to unvested restricted shareholders | -101 | -103 |
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust | 6,710 | -4,041 |
Basic income (loss) per Common Share: | ||
Continuing operations | $0.04 | ($0.03) |
Discontinued operations | $0 | $0 |
Net income (loss) attributable to common shareholders/unitholders, Basic | $0.04 | ($0.03) |
Diluted income (loss) per Common Share: | ||
Continuing operations | $0.04 | ($0.03) |
Discontinued operations | $0 | $0 |
Net income attributable to common shareholders/unitholders, Diluted | $0.04 | ($0.03) |
Basic weighted average shares outstanding | 179,562,930 | 156,794,019 |
Diluted weighted average shares outstanding | 180,655,272 | 156,794,019 |
Net income attributable to Brandywine Realty Trust | ||
Total continuing operations | 8,536 | -2,205 |
Total discontinued operations | 0 | -8 |
Net income (loss) | 8,594 | -2,245 |
Net income (loss) | 8,536 | -2,213 |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||
Revenue: | ||
Rents | 120,410 | 121,671 |
Tenant reimbursements | 22,654 | 23,460 |
Termination fees | 636 | 2,203 |
Third party management fees, labor reimbursement and leasing | 3,872 | 4,150 |
Other Income | 2,834 | 630 |
Total revenue | 150,406 | 152,114 |
Operating expenses: | ||
Property operating expenses | 46,577 | 46,801 |
Real estate taxes | 12,545 | 13,457 |
Third party management expenses | 1,576 | 1,716 |
Depreciation and amortization | 51,111 | 52,570 |
General and administrative expenses | 8,636 | 8,181 |
Total operating expenses | 120,445 | 122,725 |
Operating income | 29,961 | 29,389 |
Other income (expense): | ||
Interest income | 750 | 385 |
Interest expense | -28,176 | -31,844 |
Interest expense — amortization of deferred financing costs | -1,079 | -1,189 |
Interest expense — financing obligation | -286 | -272 |
Equity in income of Real Estate Ventures | 131 | 242 |
Net gain on disposition of real estate | 9,019 | 0 |
Gain on sale of undepreciated real estate | 0 | 1,187 |
Loss on real estate venture transactions | 0 | -135 |
Provision for impairment on assets held for sale | -1,726 | 0 |
Income (Loss) from continuing operations | 8,594 | -2,237 |
Discontinued operations: | ||
Loss from discontinued operations | 0 | -8 |
Total discontinued operations | 0 | -8 |
Net income (loss) | 8,594 | -2,245 |
Net loss attributable to non-controlling interest — partners' share of consolidated real estate ventures | 0 | -12 |
Net income (loss) attributable to Brandywine Realty Trust | 8,594 | -2,257 |
Distribution to Preferred Shares | -1,725 | -1,725 |
Nonforfeitable dividends allocated to unvested restricted shareholders | -101 | -103 |
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust | 6,768 | -4,085 |
Basic income (loss) per Common Share: | ||
Continuing operations | $0.04 | ($0.03) |
Discontinued operations | $0 | $0 |
Net income (loss) attributable to common shareholders/unitholders, Basic | $0.04 | ($0.03) |
Diluted income (loss) per Common Share: | ||
Continuing operations | $0.04 | ($0.03) |
Discontinued operations | $0 | $0 |
Net income attributable to common shareholders/unitholders, Diluted | $0.04 | ($0.03) |
Basic weighted average shares outstanding | 181,098,032 | 158,557,758 |
Diluted weighted average shares outstanding | 182,190,374 | 158,557,758 |
Net income attributable to Brandywine Realty Trust | ||
Total continuing operations | 8,594 | -2,249 |
Total discontinued operations | 0 | -8 |
Net income (loss) | 8,594 | -2,245 |
Net income (loss) | $8,594 | ($2,257) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income Statement (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Net income (loss) | $8,594 | ($2,245) | ||
Other comprehensive income (loss): | ||||
Unrealized (loss) on derivative financial instruments | -2,663 | -980 | ||
Reclassification of realized (gains)/losses on derivative financial instruments to operations, net | 58 | [1] | 60 | [1] |
Total other comprehensive (loss) | -2,605 | -920 | ||
Comprehensive Income | 5,989 | -3,165 | ||
Comprehensive (income) loss attributable to non-controlling interest | -36 | 42 | ||
Comprehensive income (loss) attributable to Brandywine Realty Trust | 5,953 | -3,123 | ||
BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||||
Net income (loss) | 8,594 | -2,245 | ||
Other comprehensive income (loss): | ||||
Unrealized (loss) on derivative financial instruments | -2,663 | -980 | ||
Reclassification of realized (gains)/losses on derivative financial instruments to operations, net | 58 | [1] | 60 | [1] |
Total other comprehensive (loss) | -2,605 | -920 | ||
Comprehensive Income | $5,989 | ($3,165) | ||
[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. |
Consolidated_Statements_of_Ben
Consolidated Statements of Beneficiaries' Equity (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Deferred Compensation, Share-based Payments [Member] | Common Stock In Grantor Trust [Member] | Cumulative Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Cumulative Distributions [Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data | ||||||||||
Beginning Balance at Dec. 31, 2013 | $1,921,435 | $40 | $1,566 | $2,971,596 | $5,407 | ($5,407) | $522,528 | ($2,995) | ($1,592,515) | $21,215 |
Beginning Balance, Shares at Dec. 31, 2013 | 4,000,000 | 156,731,993 | 312,279 | |||||||
Net income (loss) | -2,245 | -2,213 | -32 | |||||||
Other comprehensive loss | -920 | -910 | -10 | |||||||
Equity Issuance Costs | -52 | -52 | ||||||||
Share Based Compensation Activity, Shares | 108,347 | |||||||||
Share Based Compensation Activity, Value | 2,651 | 1 | 2,643 | 7 | ||||||
Share Issuance from/to Deferred Compensation Plan, Shares | 76,561 | 72,292 | ||||||||
Share issuance from/to Deferred Compensation Plan, Value | -89 | -89 | 860 | -860 | ||||||
Adjustments to Non-controlling Interest | 0 | -4 | 4 | |||||||
Preferred Share distributions | -1,725 | -1,725 | ||||||||
Distributions declared ($0.45 per share) | -23,903 | -23,638 | -265 | |||||||
Ending Balance at Mar. 31, 2014 | 1,895,152 | 40 | 1,567 | 2,974,094 | 6,267 | -6,267 | 520,322 | -3,905 | -1,617,878 | 20,912 |
Ending Balance, Shares at Mar. 31, 2014 | 4,000,000 | 156,916,901 | 384,571 | |||||||
Beginning Balance at Dec. 31, 2014 | 2,159,326 | 40 | 1,793 | 3,314,693 | 6,219 | -6,219 | 529,487 | -4,607 | -1,700,579 | 18,499 |
Beginning Balance, Shares at Dec. 31, 2014 | 4,000,000 | 179,293,160 | 384,536 | |||||||
Net income (loss) | 8,594 | 8,536 | 58 | |||||||
Other comprehensive loss | -2,605 | -2,583 | -22 | |||||||
Bonus Share Issuance, Shares | 8,447 | |||||||||
Bonus Share Issuance, Value | 125 | 125 | ||||||||
Equity Issuance Costs | -48 | -48 | ||||||||
Share Based Compensation Activity, Shares | 410,506 | 280,011 | ||||||||
Share Based Compensation Activity, Value | 2,352 | 5 | 2,347 | |||||||
Share Issuance from/to Deferred Compensation Plan, Shares | 33,485 | 30,144 | ||||||||
Share issuance from/to Deferred Compensation Plan, Value | 0 | 4,975 | -4,975 | |||||||
Adjustments to Non-controlling Interest | 0 | 20 | -20 | |||||||
Preferred Share distributions | -1,725 | -1,725 | ||||||||
Distributions declared ($0.45 per share) | -27,443 | -27,213 | -230 | |||||||
Ending Balance at Mar. 31, 2015 | $2,138,576 | $40 | $1,798 | $3,317,137 | $11,194 | ($11,194) | $538,023 | ($7,190) | ($1,729,517) | $18,285 |
Ending Balance, Shares at Mar. 31, 2015 | 4,000,000 | 179,745,598 | 694,691 |
Consolidated_Statements_of_Ben1
Consolidated Statements of Beneficiaries' Equity (Parantheticals) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cumulative Distributions [Member] | ||
Common Stock, Dividends, Per Share, Declared | $0.15 | $0.15 |
Noncontrolling Interest [Member] | ||
Common Stock, Dividends, Per Share, Declared | $0.15 | $0.15 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net income (loss) | $8,594 | ($2,245) |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Depreciation and amortization | 51,111 | 52,570 |
Amortization of deferred financing costs | 1,079 | 1,189 |
Amortization of debt discount/(premium), net | -158 | -162 |
Amortization of stock compensation costs | 2,756 | 3,048 |
Shares used for employee taxes upon vesting of share awards | -1,359 | -531 |
Straight-line rent income | -6,339 | -3,592 |
Amortization of acquired above (below) market leases, net | -1,290 | -1,957 |
Straight-line ground rent expense | 22 | 22 |
Provision for doubtful accounts | 380 | 897 |
Loss on real estate venture transactions | 0 | 135 |
Net gain on sale of interests in real estate | -9,019 | -1,187 |
Provision for impairment on assets held for sale | 1,726 | 0 |
Real Estate Venture (income) loss and cash distributions | 163 | -123 |
Deferred financing obligation | -287 | -272 |
Changes in assets and liabilities: | ||
Accounts receivable | -170 | -5,759 |
Other assets | -9,322 | -7,508 |
Accounts payable and accrued expenses | 11,131 | 14,400 |
Deferred income, gains and rent | -3,267 | 1,714 |
Other liabilities | -140 | -199 |
Net cash from operating activities | 45,611 | 50,440 |
Cash flows from investing activities: | ||
Acquisition of properties | 0 | -13,972 |
Sales of properties, net | 26,778 | 3,350 |
Proceeds from repayment of mortgage notes receivable | 88,000 | 1,200 |
Capital expenditures for tenant improvements | -14,515 | -36,222 |
Capital expenditures for redevelopments | -5,984 | -1,031 |
Capital expenditures for developments | -37,867 | -1,851 |
Advances for purchase of tenant assets, net of repayments | -138 | 94 |
Investment in unconsolidated Real Estate Ventures | -11,028 | -808 |
Deposits for real estate | -5,995 | 0 |
Escrowed cash | 2,868 | 1,636 |
Cash distributions from unconsolidated Real Estate Ventures in excess of cumulative equity income | 2,563 | 2,828 |
Leasing costs | -6,371 | -3,589 |
Net cash from (used in) investing activities | 38,311 | -48,365 |
Cash flows from financing activities: | ||
Repayments of mortgage notes payable | -3,546 | -3,349 |
Debt financing costs | 0 | -35 |
Exercise of stock options | 127 | 0 |
Distributions paid to shareholders | -28,692 | -25,330 |
Distributions to noncontrolling interest | -230 | -277 |
Net cash used in financing activities | -32,341 | -28,991 |
Increase (Decrease) in cash and cash equivalents | 51,581 | -26,916 |
Cash and cash equivalents at beginning of period | 257,502 | 263,207 |
Cash and cash equivalents at end of period | 309,083 | 236,291 |
Supplemental disclosure: | ||
Cash paid for interest, net of capitalized interest during the three months ended March 31, 2015 and 2014 of $2,703 and $1,230, respectively | 18,080 | 19,213 |
Supplemental disclosure of non-cash activity: | ||
Change in capital expenditures financed through accounts payable at period end | -440 | 8,228 |
Change in capital expenditures financed through retention payable at period end | 2,200 | 538 |
Change in unfunded tenant allowance | 0 | -43 |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||
Net income (loss) | 8,594 | -2,245 |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Depreciation and amortization | 51,111 | 52,570 |
Amortization of deferred financing costs | 1,079 | 1,189 |
Amortization of debt discount/(premium), net | -158 | -162 |
Amortization of stock compensation costs | 2,756 | 3,048 |
Shares used for employee taxes upon vesting of share awards | -1,359 | -531 |
Straight-line rent income | -6,339 | -3,592 |
Amortization of acquired above (below) market leases, net | -1,290 | -1,957 |
Straight-line ground rent expense | 22 | 22 |
Provision for doubtful accounts | 380 | 897 |
Loss on real estate venture transactions | 0 | 135 |
Net gain on sale of interests in real estate | -9,019 | -1,187 |
Provision for impairment on assets held for sale | 1,726 | 0 |
Real Estate Venture (income) loss and cash distributions | 163 | -123 |
Deferred financing obligation | -287 | -272 |
Changes in assets and liabilities: | ||
Accounts receivable | -170 | -5,759 |
Other assets | -9,322 | -7,508 |
Accounts payable and accrued expenses | 11,131 | 14,400 |
Deferred income, gains and rent | -3,267 | 1,714 |
Other liabilities | -140 | -199 |
Net cash from operating activities | 45,611 | 50,440 |
Cash flows from investing activities: | ||
Acquisition of properties | 0 | -13,972 |
Sales of properties, net | 26,778 | 3,350 |
Proceeds from repayment of mortgage notes receivable | 88,000 | 1,200 |
Capital expenditures for tenant improvements | -14,515 | -36,222 |
Capital expenditures for redevelopments | -5,984 | -1,031 |
Capital expenditures for developments | -37,867 | -1,851 |
Advances for purchase of tenant assets, net of repayments | -138 | 94 |
Investment in unconsolidated Real Estate Ventures | -11,028 | -808 |
Deposits for real estate | -5,995 | |
Escrowed cash | 2,868 | 1,636 |
Cash distributions from unconsolidated Real Estate Ventures in excess of cumulative equity income | 2,563 | 2,828 |
Leasing costs | -6,371 | -3,589 |
Net cash from (used in) investing activities | 38,311 | -48,365 |
Cash flows from financing activities: | ||
Repayments of mortgage notes payable | -3,546 | -3,349 |
Debt financing costs | 0 | -35 |
Exercise of stock options | 127 | 0 |
Distributions paid to shareholders | -28,922 | -25,607 |
Net cash used in financing activities | -32,341 | -28,991 |
Increase (Decrease) in cash and cash equivalents | 51,581 | -26,916 |
Cash and cash equivalents at beginning of period | 257,502 | 263,207 |
Cash and cash equivalents at end of period | 309,083 | 236,291 |
Supplemental disclosure: | ||
Cash paid for interest, net of capitalized interest during the three months ended March 31, 2015 and 2014 of $2,703 and $1,230, respectively | 18,080 | 19,213 |
Supplemental disclosure of non-cash activity: | ||
Change in capital expenditures financed through accounts payable at period end | -440 | 8,228 |
Change in capital expenditures financed through retention payable at period end | 2,200 | 538 |
Change in unfunded tenant allowance | $0 | ($43) |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Supplemental Cash Flow Information [Abstract] | ||
Capitalized interest | $2,703 | $1,230 |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||
Supplemental Cash Flow Information [Abstract] | ||
Capitalized interest | $2,703 | $1,230 |
Organization_of_the_Parent_Com
Organization of the Parent Company and The Operating Partnership | 3 Months Ended |
Mar. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP | ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP |
The Parent Company is a self-administered and self-managed real estate investment trust (“REIT”) that provides leasing, property management, development, redevelopment, acquisition and other tenant-related services for a portfolio of office, industrial, retail and mixed-use properties. The Parent Company owns its assets and conducts its operations through the Operating Partnership and subsidiaries of the Operating Partnership. The Parent Company is the sole general partner of the Operating Partnership and, as of March 31, 2015, owned a 99.1% interest in the Operating Partnership. The Parent Company’s common shares of beneficial interest are publicly traded on the New York Stock Exchange under the ticker symbol “BDN”. | |
As of March 31, 2015, the Company owned 198 properties, consisting of 161 office properties, 20 industrial facilities, five mixed-use properties, one retail property (187 core properties), six properties classified as held for sale, three development properties, one redevelopment property and one re-entitlement property (collectively, the “Properties”) containing an aggregate of approximately 24.9 million net rentable square feet. In addition, as of March 31, 2015, the Company owned economic interests in 17 unconsolidated real estate ventures that own properties containing an aggregate of approximately 6.7 million net rentable square feet (collectively, the “Real Estate Ventures”). As of March 31, 2015, the Company also owned 415 acres of undeveloped land, and held options to purchase approximately 63 additional acres of undeveloped land. As of March 31, 2015, the total potential development that these land parcels could support, under current zoning, entitlements or combination thereof, amounted to an estimated 6.0 million square feet of development, inclusive of options to purchase approximately 63 additional acres of undeveloped land. The Properties and the properties owned by the Real Estate Ventures are located in or near Philadelphia, Pennsylvania; Metropolitan Washington, D.C.; Southern New Jersey; Richmond, Virginia; Wilmington, Delaware; Austin, Texas; and Oakland, Concord and Carlsbad, California. | |
The Company conducts its third-party real estate management services business primarily through wholly-owned management company subsidiaries. As of March 31, 2015, the management company subsidiaries were managing properties containing an aggregate of approximately 33.7 million net rentable square feet, of which approximately 24.8 million net rentable square feet related to Properties owned by the Company and approximately 8.9 million net rentable square feet related to properties owned by third parties and Real Estate Ventures. | |
Unless otherwise indicated, all references in this Form 10-Q to square feet represent net rentable area. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION |
Basis of Presentation | |
The consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments (consisting solely of normal recurring matters) for a fair statement of the financial position of the Company as of March 31, 2015, the results of its operations for the three-month periods ended March 31, 2015 and 2014 and its cash flows for the three-month periods ended March 31, 2015 and 2014 have been included. The results of operations for such interim periods are not necessarily indicative of the results for a full year. These consolidated financial statements should be read in conjunction with the Parent Company’s and the Operating Partnership’s consolidated financial statements and footnotes included in their combined 2014 Annual Report on Form 10-K filed with the SEC on February 19, 2015. | |
The Company's Annual Report on Form 10-K for the year ended December 31, 2014 contains a discussion of our significant accounting policies under Note 2, "Summary of Significant Accounting Policies". There have been no significant changes in our significant accounting policies since December 31, 2014. Management discusses our significant accounting policies and management’s judgments and estimates with the Company's Audit Committee. | |
Recent Accounting Pronouncements | |
In April 2015, the Financial Accounting Standards Board ("FASB") issued guidance simplifying the presentation of debt issuance costs. The guidance requires that all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the debt. The amortization of these costs will remain under the interest method and will continue to be reported as interest expense. The guidance is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis. The Company has not yet determined the impact, if any, that the adoption of this guidance will have on its consolidated financial statements. | |
In February 2015, the FASB issued guidance modifying the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The guidance does not change the general order in which the consolidation models are applied. A reporting entity that holds an economic interest in, or is otherwise involved with, another legal entity first determines if the variable interest entity model applies, and if so, whether it holds a controlling financial interest under that model. If the entity being evaluated for consolidation is not a variable interest entity, then the voting model should be applied to determine whether the entity should be consolidated by the reporting entity. Key changes to the guidance include, though are not limited to; (i.) limiting the extent to which related party interests are included in the other economic interest criterion to the decision maker’s effective interest holding, (ii.) requiring limited partners of a limited partnership, or the members of a limited liability company that is similar to a limited partnership, to have, at minimum, kick-out or participating rights to demonstrate that the partnership is a voting entity, (iii.) changing the evaluation of whether the equity holders at risk lack decision making rights when decision making is outsourced and (iv.) changing how the economics test is performed. The guidance does not amend the existing disclosure requirements for variable interest entities or voting model entities. The guidance is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company has not yet determined the impact, if any, that the adoption of this guidance will have on its consolidated financial statements. |
Real_Estate_Investments
Real Estate Investments | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Real Estate [Abstract] | ||||||||
REAL ESTATE INVESTMENTS | REAL ESTATE INVESTMENTS | |||||||
As of March 31, 2015 and December 31, 2014, the gross carrying value of the Company’s Properties was as follows (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Land | $ | 646,132 | $ | 669,635 | ||||
Building and improvements | 3,313,807 | 3,409,303 | ||||||
Tenant improvements | 517,918 | 524,754 | ||||||
4,477,857 | 4,603,692 | |||||||
Assets held for sale - real estate investments (a) | 136,802 | 27,436 | ||||||
Total | $ | 4,614,659 | $ | 4,631,128 | ||||
(a) | Real estate investments related to assets held for sale above represents gross real estate assets and does not include accumulated depreciation or other assets on the balance sheets of the properties held for sale. | |||||||
Dispositions | ||||||||
On January 8, 2015, the Company sold two office properties known as Atrium I, which includes 99,668 square feet of rentable space located in Mt. Laurel, New Jersey, and Libertyview, which includes 121,737 square feet of rentable space located in Cherry Hill, New Jersey, for a total sales price of $28.3 million resulting in a gain on sale of $9.0 million after closing and other transaction related costs. | ||||||||
Held for Sale | ||||||||
On April 9, 2015, the Company sold the Lake Merritt Tower, consisting of 204,336 rentable square feet, located in Oakland, California for a sale price of $65.0 million. See Note 14, "Subsequent Events," for further information regarding this disposition. As of March 31, 2015, the Company categorized this property as held for sale in accordance with applicable accounting standards for long lived assets. At such date, the carrying value of the property exceeds the fair value less the costs of sale. As a result, the Company recognized an impairment loss totaling approximately $1.7 million, which approximates the cost of sale, during the three months ended March 31, 2015. | ||||||||
As of March 31, 2015, the Company classified two properties totaling 200,275 rentable square feet known as Delaware Corporate Center I and II in Wilmington, Delaware and three properties totaling 284,907 rentable square feet known as Christiana Corporate Center in Newark, Delaware as held for sale in accordance with applicable accounting standards for long lived assets. | ||||||||
The disposal of the properties referenced above do not represent a strategic shift that has a major effect on the Company's operations and financial results. Accordingly, the impairment loss on the Lake Merritt Tower and operating results of these properties remain classified within continuing operations for all periods presented. |
Investment_in_Unconsolidated_V
Investment in Unconsolidated Ventures | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||
INVESTMENT IN UNCONSOLIDATED VENTURES | INVESTMENT IN UNCONSOLIDATED VENTURES | |||||||
As of March 31, 2015, the Company held ownership interests in 17 unconsolidated Real Estate Ventures for an aggregate investment balance of $232.3 million, of which $233.5 million is included in assets and $1.2 million is included in other liabilities relating to the negative investment balance of one real estate venture. The Company formed or acquired interests in these ventures with unaffiliated third parties to develop or manage office properties or to acquire land in anticipation of possible development of office or residential properties. As of March 31, 2015, 11 of the real estate ventures owned 65 office buildings that contain an aggregate of approximately 6.7 million net rentable square feet; one real estate venture owned three acres of undeveloped parcels of land; three real estate ventures owned 22.6 acres of land under development; one real estate venture owned a residential tower that contains 345 apartment units and one real estate venture owned a hotel property that contains 137 rooms in Conshohocken, PA. | ||||||||
The Company accounts for its unconsolidated interests in its Real Estate Ventures using the equity method. The Company’s unconsolidated interests range from 20% to 65%, subject to specified priority allocations of distributable cash in certain of the Real Estate Ventures. | ||||||||
The amounts reflected in the following tables (except for the Company’s share of equity and income) are based on the historical financial information of the individual Real Estate Ventures. The Company does not record operating losses of a Real Estate Venture in excess of its investment balance unless the Company is liable for the obligations of the Real Estate Venture or is otherwise committed to provide financial support to the Real Estate Venture. | ||||||||
The following is a summary of the financial position of the Real Estate Ventures as of March 31, 2015 and December 31, 2014 (in thousands): | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Net property | $ | 1,294,503 | $ | 1,281,282 | ||||
Other assets | 180,803 | 195,121 | ||||||
Other liabilities | 59,829 | 68,481 | ||||||
Debt | 969,322 | 965,077 | ||||||
Equity | 446,155 | 442,845 | ||||||
Company’s share of equity (Company’s basis) (a) (b) | 233,478 | 225,004 | ||||||
(a) | This amount includes the effect of the basis difference between the Company's historical cost basis and the basis recorded at the Real Estate Venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from the impairment of investments, purchases of third party interests in existing Real Estate Ventures and upon the transfer of assets that were previously owned by the Company into a Real Estate Venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the Real Estate Venture level. | |||||||
(b) | Does not include the negative investment balance of one real estate venture totaling $1.2 million as of March 31, 2015 and December 31, 2014, respectively, which is included in other liabilities. | |||||||
The Company held interests in 17 Real Estate Ventures containing an aggregate of approximately 6.7 million net rentable square feet as of the three-month periods ended March 31, 2015 and 17 Real Estate Ventures containing an aggregate of approximately 5.7 million net rentable square feet as of the three-month period ended March 31, 2014. The following is a summary of results of operations of the Real Estate Ventures in which the Company had interests during these periods (in thousands): | ||||||||
Three-month periods ended March 31, | ||||||||
2015 | 2014 | |||||||
Revenue | $ | 46,109 | $ | 34,385 | ||||
Operating expenses | (18,533 | ) | (13,982 | ) | ||||
Interest expense, net | (9,846 | ) | (8,100 | ) | ||||
Depreciation and amortization | (19,124 | ) | (13,598 | ) | ||||
Net loss | $ | (1,394 | ) | $ | (1,295 | ) | ||
Company’s share of income (Company’s basis) | $ | 131 | $ | 242 | ||||
DRA - PA Venture | ||||||||
On December 19, 2007, the Company formed G&I Interchange Office LLC, a real estate venture (the “Venture”) with G&I VI Investment Interchange Office LLC (“G&I VI”), an investment vehicle advised by DRA Advisors LLC. The Venture included interests in 29 office properties which were located in various counties in Pennsylvania, containing an aggregate of 1,611,961 net rentable square feet. In connection with the formation, the Company retained a 20.0% ownership interest in the Venture and transferred an 80.0% interest in the Venture to G&I IV. | ||||||||
On February 27, 2015, the Venture entered into a forbearance agreement with an unaffiliated third party lender because it will not repay the $174.2 million outstanding nonrecourse mortgage balance that matured on January 1, 2015. The forbearance agreement extended the maturity date of the mortgage loan to July 31, 2015 and contains, at the lender’s option, a 60-day extension option. The lender has the exclusive right to sell the properties to a third-party purchaser during the forbearance period. The net proceeds received from the sale of the properties will be provided to the lender. If the properties are not sold during the forbearance period the Venture’s assets will be foreclosed on by the lender. | ||||||||
As of the date of the forbearance agreement, the Company does not have an investment basis in the venture because of a basis adjustment recorded at formation. The Company is not obligated to fund any of the losses incurred by the Venture and, as a result, has not recognized losses in excess of its invested capital balance. | ||||||||
Austin Venture | ||||||||
On January 30, 2015, the Austin Venture closed on a mortgage loan with a non-affiliated institutional lender, and the proceeds of this loan were applied to repay in full the Company's $88.0 million short-term loan related to the acquisition of River Place. For further information regarding this acquisition, see Note 4, "Investment In Unconsolidated Ventures," included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014. | ||||||||
Guarantees | ||||||||
As of March 31, 2015, the Company had provided guarantees on behalf of certain real estate ventures, consisting of (i) a $24.7 million payment guarantee on the construction loan for the project being undertaken by evo at Cira; (ii) a $3.2 million payment guarantee on the construction loan for the development project being undertaken by TB-BDN Plymouth Apartments; and (iii) a $0.5 million payment guarantee on a loan provided to PJP VII. In addition, during construction undertaken by real estate ventures, the Company has provided and expects to continue to provide cost overrun and completion guarantees, with rights of contribution among partners in the real estate ventures, as well as customary environmental indemnities and guarantees of customary exceptions to nonrecourse provisions in loan agreements. For additional information regarding these real estate ventures, see Note 4, "Investments in Unconsolidated Ventures," in notes to the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014. |
Intangible_Assets_and_Liabilit
Intangible Assets and Liabilities | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
INTANGIBLE ASSETS AND LIABILITIES | INTANGIBLE ASSETS AND LIABILITIES | |||||||||||
As of March 31, 2015 and December 31, 2014, the Company’s intangible assets/liabilities were comprised of the following (in thousands): | ||||||||||||
March 31, 2015 | ||||||||||||
Total Cost | Accumulated | Intangible assets/liabilities, net | ||||||||||
Amortization | ||||||||||||
Intangible assets, net: | ||||||||||||
In-place lease value | $ | 126,573 | $ | (43,942 | ) | $ | 82,631 | |||||
Tenant relationship value | 31,390 | (24,777 | ) | 6,613 | ||||||||
Above market leases acquired | 5,641 | (1,616 | ) | 4,025 | ||||||||
Total intangible assets, net | $ | 163,604 | $ | (70,335 | ) | $ | 93,269 | |||||
Acquired lease intangibles, net: | ||||||||||||
Below market leases acquired | $ | 52,414 | $ | (27,901 | ) | $ | 24,513 | |||||
December 31, 2014 | ||||||||||||
Total Cost | Accumulated | Intangible assets/liabilities, net | ||||||||||
Amortization | ||||||||||||
Intangible assets, net: | ||||||||||||
In-place lease value | $ | 129,411 | $ | (42,068 | ) | $ | 87,343 | |||||
Tenant relationship value | 34,172 | (26,344 | ) | 7,828 | ||||||||
Above market leases acquired | 5,641 | (1,409 | ) | 4,232 | ||||||||
Total intangible assets, net | $ | 169,224 | $ | (69,821 | ) | $ | 99,403 | |||||
Acquired lease intangibles, net: | ||||||||||||
Below market leases acquired | $ | 53,049 | $ | (27,039 | ) | $ | 26,010 | |||||
As of March 31, 2015, the Company’s annual amortization for its intangible assets/liabilities were as follows (in thousands, and assuming no prospective early lease terminations): | ||||||||||||
Assets | Liabilities | |||||||||||
2015 (nine months remaining) | $ | 15,681 | $ | 3,822 | ||||||||
2016 | 16,800 | 3,230 | ||||||||||
2017 | 15,030 | 2,641 | ||||||||||
2018 | 11,303 | 2,217 | ||||||||||
2019 | 9,990 | 1,885 | ||||||||||
Thereafter | 24,465 | 10,718 | ||||||||||
Total | $ | 93,269 | $ | 24,513 | ||||||||
Debt_Obligations
Debt Obligations | 3 Months Ended | |||||||||
Mar. 31, 2015 | ||||||||||
Debt Disclosure [Abstract] | ||||||||||
DEBT OBLIGATIONS | DEBT OBLIGATIONS | |||||||||
During the three months ended March 31, 2015, the Company repaid $3.6 million of principal payments on its mortgage debt in the ordinary course of business and there were no changes to our outstanding unsecured debt. | ||||||||||
The Credit Facility and term loan contain financial and operating covenants and restrictions. For further information on these obligations, see the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014. As of March 31, 2015, the Company was in compliance with all such restrictions and financial covenants. In the event of a default related to the financing and operating covenants, the Company's dividend distributions are limited to the greater of 95% of funds from operations or the minimum amount necessary for the Company to maintain its status as a REIT. | ||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
FAIR VALUE OF FINANICAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||
The Company determined the fair values disclosed below using available market information and discounted cash flow analyses as of March 31, 2015 and December 31, 2014, respectively. The discount rate used in calculating fair value is the sum of the current risk free rate and the risk premium on the date of measurement of the instruments or obligations. Considerable judgment is necessary to interpret market data and to develop the related estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that the Company could realize upon disposition. The use of different estimates and valuation methodologies may have a material effect on the fair value amounts shown. The Company believes that the carrying amounts reflected in the consolidated balance sheets at March 31, 2015 and December 31, 2014 approximate the fair values for cash and cash equivalents, accounts receivable, other assets, accounts payable and accrued expenses. | ||||||||||||||||
The following are financial instruments for which the Company’s estimates of fair value differ from the carrying amounts (in thousands): | ||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Unsecured notes payable | $ | 1,518,382 | $ | 1,584,451 | $ | 1,518,108 | $ | 1,593,212 | ||||||||
Variable rate debt | $ | 278,610 | $ | 257,512 | $ | 278,610 | $ | 257,188 | ||||||||
Mortgage notes payable | $ | 650,545 | $ | 695,228 | $ | 654,590 | $ | 707,241 | ||||||||
Mortgage note receivable (a) | $ | — | $ | — | $ | 88,000 | $ | 87,692 | ||||||||
(a) | On January 30, 2015 the mortgage note was repaid. For further information regarding the mortgage note, see Note 2, "Summary of Significant Accounting Policies," included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014. | |||||||||||||||
The fair value of the Company's unsecured notes payable are categorized as Level 2 (as provided by the accounting standard for Fair Value Measurements and Disclosures). This is because the Company valued these instruments using quoted market prices as of March 31, 2015 and December 31, 2014. For the fair value of the Company's unsecured notes, the Company uses a discount rate based on the indicative new issue pricing provided by lenders. | ||||||||||||||||
The fair value of the Company's mortgage notes payable, variable rate debt and mortgage note receivable are all categorized at a Level 3 basis (as provided by the accounting standard for Fair Value Measurements and Disclosures). The fair value of the variable rate debt was estimated using a discounted cash flow analysis valuation on the borrowing rates currently available to the Company for loans with similar terms and maturities, as applicable. The fair value of the mortgage debt was determined by discounting the future contractual interest and principal payments by a blended market rate for loans with similar terms, maturities and loan-to-value. The fair value of the mortgage note receivable was determined by using the expected cash flows of the notes receivable, and discounting those cash flows using the market rate of interest for mortgage notes with a comparable level of risk. These financial instruments have been categorized as Level 3 because the Company considers the rates used in the valuation techniques to be unobservable inputs. | ||||||||||||||||
For the Company's mortgage loans, the Company uses an estimate based on its knowledge of the mortgage market. The weighted average discount rate for the combined variable rate debt and mortgage loans used to calculate fair value as of March 31, 2015 was 4.7%. An increase in the discount rate used in the discounted cash flow model would result in a decrease to the fair value of the Company's long-term debt. Conversely, a decrease in the discount rate used in the discounted cash flow model would result in an increase to the fair value of the Company's long-term debt. | ||||||||||||||||
Disclosure about the fair value of financial instruments is based upon pertinent information available to management as of March 31, 2015 and December 31, 2014. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since March 31, 2015, and current estimates of fair value may differ from the amounts presented herein. |
Limited_Partners_NonControllin
Limited Partners' Non-Controlling Interests in the Parent Company | 3 Months Ended |
Mar. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
LIMITED PARTNERS' NON-CONTROLLING INTERESTS IN THE PARENT COMPANY | LIMITED PARTNERS' NON-CONTROLLING INTERESTS IN THE PARENT COMPANY |
Non-controlling interests in the Parent Company’s financial statements relate to redeemable common limited partnership interests in the Operating Partnership held by parties other than the Parent Company and properties which are consolidated but not wholly owned. | |
Operating Partnership | |
The aggregate book value of the non-controlling interests associated with the redeemable common limited partnership interests in the accompanying consolidated balance sheet of the Parent Company as of March 31, 2015 and December 31, 2014 was $17.3 million and $17.5 million, respectively. Under the applicable accounting guidance, the redemption value of limited partnership units are carried at, on a limited partner basis, the greater of historical cost adjusted for the allocation of income and distributions or fair value. The Parent Company believes that the aggregate settlement value of these interests (based on the number of units outstanding and the closing price of the common shares on the balance sheet dates) was approximately $24.5 million as of March 31, 2015 and December 31, 2014. |
Beneficiaries_Equity_of_the_Pa
Beneficiaries Equity of the Parent Company | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
BENEFICIARIES' EQUITY OF THE PARENT COMPANY | BENEFICIARIES’ EQUITY OF THE PARENT COMPANY | |||||||||||||||
Earnings per Share (EPS) | ||||||||||||||||
The following tables detail the number of shares and net income used to calculate basic and diluted earnings per share (in thousands, except share and per share amounts; results may not add due to rounding): | ||||||||||||||||
Three-month periods ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||
Numerator | ||||||||||||||||
Income (Loss) from continuing operations | $ | 8,594 | $ | 8,594 | $ | (2,237 | ) | $ | (2,237 | ) | ||||||
Net (income) loss from continuing operations attributable to non-controlling interests - LP units | (58 | ) | (58 | ) | 44 | 44 | ||||||||||
Net loss attributable to non-controlling interest — partners' share of consolidated real estate ventures | — | — | (12 | ) | (12 | ) | ||||||||||
Nonforfeitable dividends allocated to unvested restricted shareholders | (101 | ) | (101 | ) | (103 | ) | (103 | ) | ||||||||
Preferred share dividends | (1,725 | ) | (1,725 | ) | (1,725 | ) | (1,725 | ) | ||||||||
Income (Loss) from continuing operations available to common shareholders | 6,710 | 6,710 | (4,033 | ) | (4,033 | ) | ||||||||||
Loss from discontinued operations | — | — | (8 | ) | (8 | ) | ||||||||||
Discontinued operations attributable to common shareholders | — | — | (8 | ) | (8 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | 6,710 | $ | 6,710 | $ | (4,041 | ) | $ | (4,041 | ) | ||||||
Denominator | ||||||||||||||||
Weighted-average shares outstanding | 179,562,930 | 179,562,930 | 156,794,019 | 156,794,019 | ||||||||||||
Contingent securities/Share based compensation | — | 1,092,342 | — | — | ||||||||||||
Weighted-average shares outstanding | 179,562,930 | 180,655,272 | 156,794,019 | 156,794,019 | ||||||||||||
Earnings per Common Share: | ||||||||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ | 0.04 | $ | 0.04 | $ | (0.03 | ) | $ | (0.03 | ) | ||||||
Discontinued operations attributable to common shareholders | — | — | — | — | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 0.04 | $ | 0.04 | $ | (0.03 | ) | $ | (0.03 | ) | ||||||
Redeemable common limited partnership units totaling 1,535,102 and 1,763,739 as of March 31, 2015 and 2014, respectively, were excluded from the diluted earnings per share computations because they are not dilutive. | ||||||||||||||||
Unvested restricted shares are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For the three-month periods ended March 31, 2015 and 2014, earnings representing nonforfeitable dividends as noted in the table above were allocated to the unvested restricted shares issued to the Company’s executives and other employees under the Company's shareholder-approved long-term incentive plan. | ||||||||||||||||
Common and Preferred Shares | ||||||||||||||||
On March 11, 2015, the Parent Company declared a distribution of $0.15 per common share, totaling $27.3 million, which was paid on April 20, 2015 to shareholders of record as of April 6, 2015. In addition, the Parent Company declared distributions on its Series E Preferred Shares to holders of record as of March 30, 2015. These shares are entitled to a preferential return of 6.90% per annum on the $25.00 per share liquidation preference. Distributions paid on April 15, 2015 to holders of Series E Preferred Shares totaled $1.7 million. | ||||||||||||||||
On November 5, 2013, the Parent Company commenced a continuous equity offering program (the “Offering Program”), under which it may sell, in at-the-market offerings, up to an aggregate amount of 16,000,000 common shares until November 5, 2016. The Parent Company may sell common shares in amounts and at times to be determined by the Parent Company. Actual sales will depend on a variety of factors to be determined by the Parent Company, including, among others, market conditions, the trading price of the Company’s common shares and determinations by the Parent Company of the appropriate sources of funding. Sales agents engaged by the Parent Company under the Offering Program are entitled to receive, as compensation and in aggregate, up to 2% of the gross sales price per share sold under the Offering Program. From inception of the Offering Program through March 31, 2015, the Parent Company had not sold any shares under the program, leaving 16,000,000 remaining shares available for sale. |
Partners_Equity_of_the_Operati
Partners Equity of the Operating Partnership | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
PARTNERS' EQUITY OF THE OPERATING PARTNERSHIP | PARTNERS’ EQUITY OF THE OPERATING PARTNERSHIP | |||||||||||||||
Earnings per Common Partnership Unit | ||||||||||||||||
The following tables detail the number of units and net income used to calculate basic and diluted earnings per common partnership unit (in thousands, except unit and per unit amounts; results may not add due to rounding): | ||||||||||||||||
Three-month periods ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||
Numerator | ||||||||||||||||
Income (Loss) from continuing operations | $ | 8,594 | $ | 8,594 | $ | (2,237 | ) | $ | (2,237 | ) | ||||||
Nonforfeitable dividends allocated to unvested restricted unitholders | (101 | ) | (101 | ) | (103 | ) | (103 | ) | ||||||||
Preferred unit dividends | (1,725 | ) | (1,725 | ) | (1,725 | ) | (1,725 | ) | ||||||||
Net income attributable to non-controlling interests | — | — | (12 | ) | (12 | ) | ||||||||||
Income (Loss) from continuing operations available to common unitholders | 6,768 | 6,768 | (4,077 | ) | (4,077 | ) | ||||||||||
Discontinued operations attributable to common unitholders | — | — | (8 | ) | (8 | ) | ||||||||||
Net income (loss) attributable to common unitholders | $ | 6,768 | $ | 6,768 | $ | (4,085 | ) | $ | (4,085 | ) | ||||||
Denominator | ||||||||||||||||
Weighted-average units outstanding | 181,098,032 | 181,098,032 | 158,557,758 | 158,557,758 | ||||||||||||
Contingent securities/Share based compensation | — | 1,092,342 | — | — | ||||||||||||
Total weighted-average units outstanding | 181,098,032 | 182,190,374 | 158,557,758 | 158,557,758 | ||||||||||||
Earnings per Common Partnership Unit: | ||||||||||||||||
Income (loss) from continuing operations attributable to common unitholders | $ | 0.04 | $ | 0.04 | $ | (0.03 | ) | $ | (0.03 | ) | ||||||
Discontinued operations attributable to common unitholders | — | — | — | — | ||||||||||||
Net income (loss) attributable to common unitholders | $ | 0.04 | $ | 0.04 | $ | (0.03 | ) | $ | (0.03 | ) | ||||||
Unvested restricted units are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For the three-month periods ended March 31, 2015 and 2014, earnings representing nonforfeitable dividends as noted in the table above were allocated to the unvested restricted units issued to the Parent Company’s executives and other employees under the Parent Company's shareholder-approved long-term incentive plan. | ||||||||||||||||
Common Partnership Units and Preferred Mirror Units | ||||||||||||||||
On March 11, 2015, the Operating Partnership declared a distribution of $0.15 per common partnership unit, totaling $27.3 million, which was paid on April 20, 2015 to unitholders of record as of April 6, 2015. On March 11, 2015, the Operating Partnership declared distributions on its Series E-Linked Preferred Mirror Units to holders of record as of April 6, 2015. These units are entitled to a preferential return of 6.90% per annum on the $25.00 per unit liquidation preference. Distributions paid on April 15, 2015 to holders of Series E-Linked Preferred Mirror Units totaled $1.7 million. |
Share_Based_Compensation
Share Based Compensation | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||
SHARE BASED COMPENSATION | SHARE BASED COMPENSATION | |||||||||||||||||||
Restricted Share Awards | ||||||||||||||||||||
As of March 31, 2015, 670,912 restricted shares were outstanding under the Parent Company's shareholder approved equity incentive plan and vest over three years from the initial grant dates. The remaining compensation expense to be recognized at March 31, 2015 was approximately $3.5 million, and is expected to be recognized over a weighted average remaining vesting period of 1.8 years. During the three-month periods ended March 31, 2015 and 2014, the Company recognized compensation expense related to outstanding restricted shares of $1.3 million and $1.4 million, respectively, of which $0.3 million and $0.2 million, respectively, were capitalized as part of the Company’s review of employee salaries eligible for capitalization. | ||||||||||||||||||||
The following table summarizes the Company’s restricted share activity for the three months ended March 31, 2015: | ||||||||||||||||||||
Shares | Weighted | |||||||||||||||||||
Average Grant | ||||||||||||||||||||
Date Fair value | ||||||||||||||||||||
Non-vested at January 1, 2015 | 540,066 | $ | 12.21 | |||||||||||||||||
Granted | 152,785 | 15.95 | ||||||||||||||||||
Vested | (21,939 | ) | 13.3 | |||||||||||||||||
Non-vested at March 31, 2015 | 670,912 | $ | 13.65 | |||||||||||||||||
On February 23, 2015 and March 10, 2015, the Compensation Committee of the Parent Company’s Board of Trustees awarded restricted shares, of which 119,136 cliff vest after three years from the grant date and 33,649 vest ratably over two years. Restricted shares that cliff vest are subject to acceleration upon a change in control or if the recipient of the award were to die, become disabled or, in certain cases, retire in a qualifying retirement. Qualifying retirement generally means the recipient’s voluntary termination of employment after reaching at least age 57 and accumulating at least 15 years of service with the Company. In accordance with the accounting standard for stock-based compensation, the Company amortizes stock-based compensation costs through the qualifying retirement dates for those executives who meet the conditions for qualifying retirement during the scheduled vesting period. | ||||||||||||||||||||
Restricted Performance Share Units Plan | ||||||||||||||||||||
The Compensation Committee of the Parent Company’s Board of Trustees has granted performance share-based awards (referred to as Restricted Performance Share Units, or RPSUs) to officers of the Parent Company. The RPSUs are settled in common shares, with the number of common shares issuable at settlement determined based on the Company’s total shareholder return over specified measurement periods compared to total shareholder returns of comparative groups over the measurement periods. The table below presents certain information as to RPSU awards. | ||||||||||||||||||||
RPSU Grant | ||||||||||||||||||||
2/25/13 | 3/11/14 | 3/12/14 | 2/23/15 | Total | ||||||||||||||||
(Amounts below in shares, unless otherwise noted) | ||||||||||||||||||||
Non-vested at January 1, 2015 | 199,577 | 130,717 | 61,720 | — | 392,014 | |||||||||||||||
Units Granted | — | — | — | 186,395 | 186,395 | |||||||||||||||
Units Accelerated for Qualifying Retirement | (8,255 | ) | (7,562 | ) | — | (7,003 | ) | (22,820 | ) | |||||||||||
Non-vested at March 31, 2015 | 191,322 | 123,155 | 61,720 | 179,392 | 555,589 | |||||||||||||||
Measurement Period Commencement Date | 1/1/13 | 1/1/14 | 1/1/14 | 1/1/15 | ||||||||||||||||
Measurement Period End Date | 12/31/15 | 12/31/16 | 12/31/16 | 12/31/17 | ||||||||||||||||
Units Granted | 231,093 | 134,284 | 61,720 | 186,395 | ||||||||||||||||
Fair Value of Units on Grant Date (in thousands) | $ | 4,137 | $ | 2,624 | $ | 1,225 | $ | 3,933 | ||||||||||||
The Company values each RPSU on its grant date using a Monte Carlo simulation. The fair values of each award are being amortized over the three year cliff vesting period. The vesting of RPSUs is subject to acceleration upon a change in control or if the recipient of the award were to die, become disabled or retire in a qualifying retirement prior to the vesting date. In accordance with the accounting standard for stock-based compensation, the Company amortizes stock-based compensation costs through the qualifying retirement date for those executives who meet the conditions for qualifying retirement during the scheduled vesting period. | ||||||||||||||||||||
For the three-month period ended March 31, 2015, the Company recognized total compensation expense for the 2015, 2014 and 2013 RPSU awards of $2.4 million, of which $0.5 million, was capitalized consistent with the Company’s policies for capitalizing eligible portions of employee compensation. For the three-month period ended March 31, 2014, the Company recognized total compensation expense for the 2014, 2013 and 2012 RPSU awards of $1.7 million, of which $0.4 million was capitalized consistent with the Company’s policies for capitalizing eligible portions of employee compensation. | ||||||||||||||||||||
The remaining compensation expense to be recognized at March 31, 2015 was approximately $3.8 million, and is expected to be recognized over a weighted average remaining vesting period of 1.7 years. | ||||||||||||||||||||
In settlement of RPSUs that had been awarded on March 1, 2012 (with a three-year measurement period ended December 31, 2014), 468,056 share units vested on February 1, 2015. Holders of these RPSUs also received a cash dividend of $0.15 per share unit on February 6, 2015. |
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION | |||||||||||||||||||||||
During the quarter ended March 31, 2015, the Company was managing its portfolio within seven segments: (1) Pennsylvania Suburbs, (2) Philadelphia Central Business District (CBD), (3) Metropolitan Washington, D.C., (4) New Jersey/Delaware, (5) Richmond, Virginia, (6) Austin, Texas and (7) California. The Pennsylvania Suburbs segment includes properties in Chester, Delaware, and Montgomery counties in the Philadelphia suburbs. The Philadelphia CBD segment includes properties located in the City of Philadelphia in Pennsylvania. The Metropolitan Washington, D.C. segment includes properties in Northern Virginia and southern Maryland. The New Jersey/Delaware segment includes properties in Burlington and Camden counties in New Jersey and in New Castle county in the state of Delaware. The Richmond, Virginia segment includes properties primarily in Albemarle, Chesterfield, Goochland and Henrico counties and one property in Durham, North Carolina. The Austin, Texas segment includes properties in the City of Austin, Texas. The California segment includes properties in Oakland, Concord and Carlsbad. The corporate group is responsible for cash and investment management, development of certain real estate properties during the construction period, and certain other general support functions. | ||||||||||||||||||||||||
The following tables provide selected asset information and results of operations of the Company's reportable segments (in thousands): | ||||||||||||||||||||||||
Real estate investments, at cost: | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Philadelphia CBD | $ | 1,346,858 | $ | 1,338,655 | ||||||||||||||||||||
Pennsylvania Suburbs | 1,178,408 | 1,178,470 | ||||||||||||||||||||||
Metropolitan Washington, D.C. | 1,189,601 | 1,183,652 | ||||||||||||||||||||||
New Jersey/Delaware (a) | 326,297 | 392,581 | ||||||||||||||||||||||
Richmond, Virginia | 317,422 | 317,076 | ||||||||||||||||||||||
California (a) | 119,271 | 193,258 | ||||||||||||||||||||||
$ | 4,477,857 | $ | 4,603,692 | |||||||||||||||||||||
Less: Assets held for sale (a) | 136,802 | 27,436 | ||||||||||||||||||||||
Operating Properties | $ | 4,614,659 | $ | 4,631,128 | ||||||||||||||||||||
Corporate | ||||||||||||||||||||||||
Construction-in-progress | $ | 231,224 | $ | 201,360 | ||||||||||||||||||||
Land inventory | $ | 90,945 | $ | 90,603 | ||||||||||||||||||||
(a) | On December 31, 2014, the Company was actively marketing for sale its Atrium I and Libertyview properties, comprised of two office properties located in the New Jersey/Delaware segment. As of December 31, 2014 the properties were classified as held for sale on the consolidated balance sheet. The properties were sold on January 8, 2015. See Note 3, "Real Estate Investments," for further information. The sale is not classified as a significant disposition under the accounting guidance for discontinued operations. | |||||||||||||||||||||||
See Note 3, "Real Estate Investments," for further description of the five properties held for sale in the New Jersey/Delaware segment and one property held for sale in the California segment. | ||||||||||||||||||||||||
Net operating income: | ||||||||||||||||||||||||
Three-month periods ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Total revenue | Operating expenses (a) | Net operating income | Total revenue | Operating expenses (a) | Net operating income (loss) | |||||||||||||||||||
Philadelphia CBD | $ | 52,973 | $ | (18,390 | ) | $ | 34,583 | $ | 49,414 | $ | (18,443 | ) | $ | 30,971 | ||||||||||
Pennsylvania Suburbs | 39,890 | (14,585 | ) | 25,305 | 40,574 | (14,687 | ) | 25,887 | ||||||||||||||||
Metropolitan Washington, D.C. | 27,406 | (11,860 | ) | 15,546 | 30,690 | (11,957 | ) | 18,733 | ||||||||||||||||
New Jersey/Delaware | 13,500 | (7,868 | ) | 5,632 | 15,625 | (8,692 | ) | 6,933 | ||||||||||||||||
Richmond, Virginia | 9,296 | (4,272 | ) | 5,024 | 8,867 | (4,340 | ) | 4,527 | ||||||||||||||||
California | 4,985 | (2,438 | ) | 2,547 | 4,602 | (2,409 | ) | 2,193 | ||||||||||||||||
Austin, Texas (b) | 934 | (870 | ) | 64 | 2,081 | (1,176 | ) | 905 | ||||||||||||||||
Corporate | 1,422 | (415 | ) | 1,007 | 261 | (270 | ) | (9 | ) | |||||||||||||||
Operating Properties | $ | 150,406 | $ | (60,698 | ) | $ | 89,708 | $ | 152,114 | $ | (61,974 | ) | $ | 90,140 | ||||||||||
(a) | Includes property operating expense, real estate taxes and third party management expense. | |||||||||||||||||||||||
(b) | On April 3, 2014, the Company contributed Four Points Centre to an unconsolidated real estate venture. Following the contribution of this property, there are no wholly owned properties in the Austin, Texas segment. Activity subsequent to the contribution is related to management fees and related expenses provided by the Company to the Austin Venture. | |||||||||||||||||||||||
Unconsolidated real estate ventures: | ||||||||||||||||||||||||
Investment in real estate ventures, at equity | Equity in income (loss) of real estate ventures | |||||||||||||||||||||||
As of | Three-month periods ended March 31, | |||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 2015 | 2014 | |||||||||||||||||||||
Philadelphia CBD | $ | 29,164 | $ | 27,137 | $ | (300 | ) | $ | (21 | ) | ||||||||||||||
Pennsylvania Suburbs | 17,273 | 17,385 | (6 | ) | 32 | |||||||||||||||||||
Metropolitan Washington, D.C. | 78,069 | 73,127 | (50 | ) | 67 | |||||||||||||||||||
New Jersey/Delaware | — | — | 48 | 18 | ||||||||||||||||||||
Richmond, Virginia | 1,410 | 1,574 | 86 | (45 | ) | |||||||||||||||||||
Austin, Texas (a) | 107,562 | 105,781 | 353 | 191 | ||||||||||||||||||||
Total | $ | 233,478 | $ | 225,004 | $ | 131 | $ | 242 | ||||||||||||||||
(a) | Investment in real estate ventures does not include the $1.2 million negative investment balance in one real estate venture as of March 31, 2015 and December 31, 2014, which is included in other liabilities. | |||||||||||||||||||||||
Net operating income (“NOI”) is defined as total revenue less property operating expenses, real estate taxes and third party management expenses. Segment NOI includes revenue, real estate taxes and property operating expenses directly related to operation and management of the properties owned and managed within the respective geographical region. Segment NOI excludes property level depreciation and amortization, revenue and expenses directly associated with third party real estate management services, expenses associated with corporate administrative support services, and inter-company eliminations. NOI also does not reflect general and administrative expenses, interest expenses, real estate impairment losses, depreciation and amortization costs, capital expenditures and leasing costs. Trends in development and construction activities that could materially impact the Company’s results from operations are also not reflected in NOI. All companies may not calculate NOI in the same manner. NOI is the measure that is used by the Company to evaluate the operating performance of its real estate assets by segment. The Company also believes that NOI provides useful information to investors regarding its financial condition and results of operations because it reflects only those income and expenses recorded at the property level. The Company believes that net income, as defined by GAAP, is the most appropriate earnings measure. The following is a reconciliation of consolidated NOI to consolidated net income (loss), as defined by GAAP: | ||||||||||||||||||||||||
Three-month periods ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(unaudited, amounts in thousands) | ||||||||||||||||||||||||
Consolidated net operating income | $ | 89,708 | $ | 90,140 | ||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Depreciation and amortization | (51,111 | ) | (52,570 | ) | ||||||||||||||||||||
General and administrative expenses | (8,636 | ) | (8,181 | ) | ||||||||||||||||||||
Interest income | 750 | 385 | ||||||||||||||||||||||
Interest expense | (28,176 | ) | (31,844 | ) | ||||||||||||||||||||
Interest expense - amortization of deferred financing costs | (1,079 | ) | (1,189 | ) | ||||||||||||||||||||
Interest expense - financing obligation | (286 | ) | (272 | ) | ||||||||||||||||||||
Equity in income of real estate ventures | 131 | 242 | ||||||||||||||||||||||
Net gain on disposition of real estate | 9,019 | — | ||||||||||||||||||||||
Gain on sale of undepreciated real estate | — | 1,187 | ||||||||||||||||||||||
Loss on real estate venture transactions | — | (135 | ) | |||||||||||||||||||||
Provision for impairment on assets held for sale | (1,726 | ) | — | |||||||||||||||||||||
Income (loss) from continuing operations | 8,594 | (2,237 | ) | |||||||||||||||||||||
Loss from discontinued operations | — | (8 | ) | |||||||||||||||||||||
Net income (loss) | $ | 8,594 | $ | (2,245 | ) | |||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES | |||
Legal Proceedings | ||||
The Company is involved from time to time in litigation on various matters, including disputes with tenants and disputes arising out of agreements to purchase or sell properties. Given the nature of the Company’s business activities, these lawsuits are considered routine to the conduct of its business. The result of any particular lawsuit cannot be predicted, because of the very nature of litigation, the litigation process and its adversarial nature, and the jury system. The Company will establish reserves for specific legal proceedings when it determines that the likelihood of an unfavorable outcome is probable and when the amount of loss is reasonably estimable. The Company does not expect that the liabilities, if any, may ultimately result from any current legal actions will have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows. | ||||
Environmental | ||||
As an owner of real estate, the Company is subject to various environmental laws of federal, state, and local governments. The Company’s compliance with existing laws has not had a material adverse effect on its financial condition and results of operations, and the Company does not believe it will have a material adverse effect in the future. However, the Company cannot predict the impact of unforeseen environmental contingencies or new or changed laws or regulations on its current Properties or on properties that the Company may acquire. | ||||
Ground Rent | ||||
Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee are expensed on a straight-line basis regardless of when payments are due. The Company’s ground leases have remaining lease terms ranging from 7 to 75 years. Minimum future rental payments on non-cancelable leases at March 31, 2015 are as follows (in thousands): | ||||
2015 (nine months remaining) | $ | 1,163 | ||
2016 | 1,550 | |||
2017 | 1,550 | |||
2018 | 1,550 | |||
2019 | 1,550 | |||
Thereafter | 60,529 | |||
Total | $ | 67,892 | ||
The Company obtained ground tenancy rights related to two properties in Philadelphia, Pennsylvania, which provide for contingent rent participation by the lessor in certain capital transactions and net operating cash flows of the properties after certain returns are achieved by the Company. Such amounts, if any, will be reflected as contingent rent when incurred. The leases also provide for payment by the Company of certain operating costs relating to the land, primarily real estate taxes. The above schedule of future minimum rental payments does not include any contingent rent amounts or any reimbursed expenses. Reference is made in our Annual Report on Form 10-K for the year ended December 31, 2014 for further detail regarding commitments and contingencies. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS |
Delaware Dispositions | |
On April 24, 2015, the Company sold two properties totaling 200,275 rentable square feet known as Delaware Corporate Center I and II in Wilmington, Delaware and three properties totaling 284,907 rentable square feet known as Christiana Corporate Center in Newark, Delaware for a total sales price of $50.1 million resulting in an estimated gain on sale of $1.7 million after closing and other related transaction costs. In order to comply with Article 11 of Regulation S-X under the Securities and Exchange Commission guidelines the Company has prepared unaudited pro forma consolidated financial statements. See Item 5., "Other Information." | |
Lake Merritt Tower Disposition | |
On April 9, 2015 the Company sold the Lake Merritt Tower for a sale price of $65.0 million (See Note 3, "Real Estate Investments," for discussion of impairment). The loss on sale, including closing costs, approximated the impairment loss recorded as of March 31, 2015. | |
25 M Street Acquisition | |
On April 6, 2015, the Company acquired a 0.8 acre parcel of land at 25 M Street in Washington, D.C. for $20.0 million. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments (consisting solely of normal recurring matters) for a fair statement of the financial position of the Company as of March 31, 2015, the results of its operations for the three-month periods ended March 31, 2015 and 2014 and its cash flows for the three-month periods ended March 31, 2015 and 2014 have been included. The results of operations for such interim periods are not necessarily indicative of the results for a full year. These consolidated financial statements should be read in conjunction with the Parent Company’s and the Operating Partnership’s consolidated financial statements and footnotes included in their combined 2014 Annual Report on Form 10-K filed with the SEC on February 19, 2015. | |
The Company's Annual Report on Form 10-K for the year ended December 31, 2014 contains a discussion of our significant accounting policies under Note 2, "Summary of Significant Accounting Policies". There have been no significant changes in our significant accounting policies since December 31, 2014. Management discusses our significant accounting policies and management’s judgments and estimates with the Company's Audit Committee. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In April 2015, the Financial Accounting Standards Board ("FASB") issued guidance simplifying the presentation of debt issuance costs. The guidance requires that all costs incurred to issue debt be presented in the balance sheet as a direct deduction from the carrying value of the debt. The amortization of these costs will remain under the interest method and will continue to be reported as interest expense. The guidance is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The new guidance will be applied on a retrospective basis. The Company has not yet determined the impact, if any, that the adoption of this guidance will have on its consolidated financial statements. | |
In February 2015, the FASB issued guidance modifying the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The guidance does not change the general order in which the consolidation models are applied. A reporting entity that holds an economic interest in, or is otherwise involved with, another legal entity first determines if the variable interest entity model applies, and if so, whether it holds a controlling financial interest under that model. If the entity being evaluated for consolidation is not a variable interest entity, then the voting model should be applied to determine whether the entity should be consolidated by the reporting entity. Key changes to the guidance include, though are not limited to; (i.) limiting the extent to which related party interests are included in the other economic interest criterion to the decision maker’s effective interest holding, (ii.) requiring limited partners of a limited partnership, or the members of a limited liability company that is similar to a limited partnership, to have, at minimum, kick-out or participating rights to demonstrate that the partnership is a voting entity, (iii.) changing the evaluation of whether the equity holders at risk lack decision making rights when decision making is outsourced and (iv.) changing how the economics test is performed. The guidance does not amend the existing disclosure requirements for variable interest entities or voting model entities. The guidance is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company has not yet determined the impact, if any, that the adoption of this guidance will have on its consolidated financial statements. |
Real_Estate_Investments_Tables
Real Estate Investments (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Real Estate [Abstract] | ||||||||
Gross Carrying Value Of Company's Properties | As of March 31, 2015 and December 31, 2014, the gross carrying value of the Company’s Properties was as follows (in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Land | $ | 646,132 | $ | 669,635 | ||||
Building and improvements | 3,313,807 | 3,409,303 | ||||||
Tenant improvements | 517,918 | 524,754 | ||||||
4,477,857 | 4,603,692 | |||||||
Assets held for sale - real estate investments (a) | 136,802 | 27,436 | ||||||
Total | $ | 4,614,659 | $ | 4,631,128 | ||||
(a) | Real estate investments related to assets held for sale above represents gross real estate assets and does not include accumulated depreciation or other assets on the balance sheets of the properties held for sale. |
Investment_in_Unconsolidated_V1
Investment in Unconsolidated Ventures (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||||
Summary of Real Estate Ventures | The following is a summary of the financial position of the Real Estate Ventures as of March 31, 2015 and December 31, 2014 (in thousands): | |||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
Net property | $ | 1,294,503 | $ | 1,281,282 | ||||
Other assets | 180,803 | 195,121 | ||||||
Other liabilities | 59,829 | 68,481 | ||||||
Debt | 969,322 | 965,077 | ||||||
Equity | 446,155 | 442,845 | ||||||
Company’s share of equity (Company’s basis) (a) (b) | 233,478 | 225,004 | ||||||
(a) | This amount includes the effect of the basis difference between the Company's historical cost basis and the basis recorded at the Real Estate Venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from the impairment of investments, purchases of third party interests in existing Real Estate Ventures and upon the transfer of assets that were previously owned by the Company into a Real Estate Venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the Real Estate Venture level. | |||||||
(b) | Does not include the negative investment balance of one real estate venture totaling $1.2 million as of March 31, 2015 and December 31, 2014, respectively, which is included in other liabilities. | |||||||
Summary of results of operations of unconsolidated Real Estate Venture | The following is a summary of results of operations of the Real Estate Ventures in which the Company had interests during these periods (in thousands): | |||||||
Three-month periods ended March 31, | ||||||||
2015 | 2014 | |||||||
Revenue | $ | 46,109 | $ | 34,385 | ||||
Operating expenses | (18,533 | ) | (13,982 | ) | ||||
Interest expense, net | (9,846 | ) | (8,100 | ) | ||||
Depreciation and amortization | (19,124 | ) | (13,598 | ) | ||||
Net loss | $ | (1,394 | ) | $ | (1,295 | ) | ||
Company’s share of income (Company’s basis) | $ | 131 | $ | 242 | ||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||
Summary of Intangible Assets and Liabilities | As of March 31, 2015 and December 31, 2014, the Company’s intangible assets/liabilities were comprised of the following (in thousands): | |||||||||||
March 31, 2015 | ||||||||||||
Total Cost | Accumulated | Intangible assets/liabilities, net | ||||||||||
Amortization | ||||||||||||
Intangible assets, net: | ||||||||||||
In-place lease value | $ | 126,573 | $ | (43,942 | ) | $ | 82,631 | |||||
Tenant relationship value | 31,390 | (24,777 | ) | 6,613 | ||||||||
Above market leases acquired | 5,641 | (1,616 | ) | 4,025 | ||||||||
Total intangible assets, net | $ | 163,604 | $ | (70,335 | ) | $ | 93,269 | |||||
Acquired lease intangibles, net: | ||||||||||||
Below market leases acquired | $ | 52,414 | $ | (27,901 | ) | $ | 24,513 | |||||
December 31, 2014 | ||||||||||||
Total Cost | Accumulated | Intangible assets/liabilities, net | ||||||||||
Amortization | ||||||||||||
Intangible assets, net: | ||||||||||||
In-place lease value | $ | 129,411 | $ | (42,068 | ) | $ | 87,343 | |||||
Tenant relationship value | 34,172 | (26,344 | ) | 7,828 | ||||||||
Above market leases acquired | 5,641 | (1,409 | ) | 4,232 | ||||||||
Total intangible assets, net | $ | 169,224 | $ | (69,821 | ) | $ | 99,403 | |||||
Acquired lease intangibles, net: | ||||||||||||
Below market leases acquired | $ | 53,049 | $ | (27,039 | ) | $ | 26,010 | |||||
Summary of Amortization for Intangible Assets and Liabilities | As of March 31, 2015, the Company’s annual amortization for its intangible assets/liabilities were as follows (in thousands, and assuming no prospective early lease terminations): | |||||||||||
Assets | Liabilities | |||||||||||
2015 (nine months remaining) | $ | 15,681 | $ | 3,822 | ||||||||
2016 | 16,800 | 3,230 | ||||||||||
2017 | 15,030 | 2,641 | ||||||||||
2018 | 11,303 | 2,217 | ||||||||||
2019 | 9,990 | 1,885 | ||||||||||
Thereafter | 24,465 | 10,718 | ||||||||||
Total | $ | 93,269 | $ | 24,513 | ||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Schedule of Financial Instruments With Fair Values Different From Their Carrying Amount | The following are financial instruments for which the Company’s estimates of fair value differ from the carrying amounts (in thousands): | |||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Unsecured notes payable | $ | 1,518,382 | $ | 1,584,451 | $ | 1,518,108 | $ | 1,593,212 | ||||||||
Variable rate debt | $ | 278,610 | $ | 257,512 | $ | 278,610 | $ | 257,188 | ||||||||
Mortgage notes payable | $ | 650,545 | $ | 695,228 | $ | 654,590 | $ | 707,241 | ||||||||
Mortgage note receivable (a) | $ | — | $ | — | $ | 88,000 | $ | 87,692 | ||||||||
(a) | On January 30, 2015 the mortgage note was repaid. For further information regarding the mortgage note, see Note 2, "Summary of Significant Accounting Policies," included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014. |
Beneficiaries_Equity_of_the_Pa1
Beneficiaries Equity of the Parent Company (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Earnings Per Share (EPS), Basic and Diluted | The following tables detail the number of shares and net income used to calculate basic and diluted earnings per share (in thousands, except share and per share amounts; results may not add due to rounding): | |||||||||||||||
Three-month periods ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||
Numerator | ||||||||||||||||
Income (Loss) from continuing operations | $ | 8,594 | $ | 8,594 | $ | (2,237 | ) | $ | (2,237 | ) | ||||||
Net (income) loss from continuing operations attributable to non-controlling interests - LP units | (58 | ) | (58 | ) | 44 | 44 | ||||||||||
Net loss attributable to non-controlling interest — partners' share of consolidated real estate ventures | — | — | (12 | ) | (12 | ) | ||||||||||
Nonforfeitable dividends allocated to unvested restricted shareholders | (101 | ) | (101 | ) | (103 | ) | (103 | ) | ||||||||
Preferred share dividends | (1,725 | ) | (1,725 | ) | (1,725 | ) | (1,725 | ) | ||||||||
Income (Loss) from continuing operations available to common shareholders | 6,710 | 6,710 | (4,033 | ) | (4,033 | ) | ||||||||||
Loss from discontinued operations | — | — | (8 | ) | (8 | ) | ||||||||||
Discontinued operations attributable to common shareholders | — | — | (8 | ) | (8 | ) | ||||||||||
Net income (loss) attributable to common shareholders | $ | 6,710 | $ | 6,710 | $ | (4,041 | ) | $ | (4,041 | ) | ||||||
Denominator | ||||||||||||||||
Weighted-average shares outstanding | 179,562,930 | 179,562,930 | 156,794,019 | 156,794,019 | ||||||||||||
Contingent securities/Share based compensation | — | 1,092,342 | — | — | ||||||||||||
Weighted-average shares outstanding | 179,562,930 | 180,655,272 | 156,794,019 | 156,794,019 | ||||||||||||
Earnings per Common Share: | ||||||||||||||||
Income (loss) from continuing operations attributable to common shareholders | $ | 0.04 | $ | 0.04 | $ | (0.03 | ) | $ | (0.03 | ) | ||||||
Discontinued operations attributable to common shareholders | — | — | — | — | ||||||||||||
Net income (loss) attributable to common shareholders | $ | 0.04 | $ | 0.04 | $ | (0.03 | ) | $ | (0.03 | ) | ||||||
Partners_Equity_of_the_Operati1
Partners Equity of the Operating Partnership (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Earnings Per Common Partnership Unit | The following tables detail the number of units and net income used to calculate basic and diluted earnings per common partnership unit (in thousands, except unit and per unit amounts; results may not add due to rounding): | |||||||||||||||
Three-month periods ended March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Basic | Diluted | Basic | Diluted | |||||||||||||
Numerator | ||||||||||||||||
Income (Loss) from continuing operations | $ | 8,594 | $ | 8,594 | $ | (2,237 | ) | $ | (2,237 | ) | ||||||
Nonforfeitable dividends allocated to unvested restricted unitholders | (101 | ) | (101 | ) | (103 | ) | (103 | ) | ||||||||
Preferred unit dividends | (1,725 | ) | (1,725 | ) | (1,725 | ) | (1,725 | ) | ||||||||
Net income attributable to non-controlling interests | — | — | (12 | ) | (12 | ) | ||||||||||
Income (Loss) from continuing operations available to common unitholders | 6,768 | 6,768 | (4,077 | ) | (4,077 | ) | ||||||||||
Discontinued operations attributable to common unitholders | — | — | (8 | ) | (8 | ) | ||||||||||
Net income (loss) attributable to common unitholders | $ | 6,768 | $ | 6,768 | $ | (4,085 | ) | $ | (4,085 | ) | ||||||
Denominator | ||||||||||||||||
Weighted-average units outstanding | 181,098,032 | 181,098,032 | 158,557,758 | 158,557,758 | ||||||||||||
Contingent securities/Share based compensation | — | 1,092,342 | — | — | ||||||||||||
Total weighted-average units outstanding | 181,098,032 | 182,190,374 | 158,557,758 | 158,557,758 | ||||||||||||
Earnings per Common Partnership Unit: | ||||||||||||||||
Income (loss) from continuing operations attributable to common unitholders | $ | 0.04 | $ | 0.04 | $ | (0.03 | ) | $ | (0.03 | ) | ||||||
Discontinued operations attributable to common unitholders | — | — | — | — | ||||||||||||
Net income (loss) attributable to common unitholders | $ | 0.04 | $ | 0.04 | $ | (0.03 | ) | $ | (0.03 | ) | ||||||
Share_Based_and_Deferred_Compe
Share Based and Deferred Compensation (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||
Company's Restricted Share Activity | The following table summarizes the Company’s restricted share activity for the three months ended March 31, 2015: | |||||||||||||||||||
Shares | Weighted | |||||||||||||||||||
Average Grant | ||||||||||||||||||||
Date Fair value | ||||||||||||||||||||
Non-vested at January 1, 2015 | 540,066 | $ | 12.21 | |||||||||||||||||
Granted | 152,785 | 15.95 | ||||||||||||||||||
Vested | (21,939 | ) | 13.3 | |||||||||||||||||
Non-vested at March 31, 2015 | 670,912 | $ | 13.65 | |||||||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The table below presents certain information as to RPSU awards. | |||||||||||||||||||
RPSU Grant | ||||||||||||||||||||
2/25/13 | 3/11/14 | 3/12/14 | 2/23/15 | Total | ||||||||||||||||
(Amounts below in shares, unless otherwise noted) | ||||||||||||||||||||
Non-vested at January 1, 2015 | 199,577 | 130,717 | 61,720 | — | 392,014 | |||||||||||||||
Units Granted | — | — | — | 186,395 | 186,395 | |||||||||||||||
Units Accelerated for Qualifying Retirement | (8,255 | ) | (7,562 | ) | — | (7,003 | ) | (22,820 | ) | |||||||||||
Non-vested at March 31, 2015 | 191,322 | 123,155 | 61,720 | 179,392 | 555,589 | |||||||||||||||
Measurement Period Commencement Date | 1/1/13 | 1/1/14 | 1/1/14 | 1/1/15 | ||||||||||||||||
Measurement Period End Date | 12/31/15 | 12/31/16 | 12/31/16 | 12/31/17 | ||||||||||||||||
Units Granted | 231,093 | 134,284 | 61,720 | 186,395 | ||||||||||||||||
Fair Value of Units on Grant Date (in thousands) | $ | 4,137 | $ | 2,624 | $ | 1,225 | $ | 3,933 | ||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Schedule of Reportable Segments | The following tables provide selected asset information and results of operations of the Company's reportable segments (in thousands): | |||||||||||||||||||||||
Real estate investments, at cost: | ||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Philadelphia CBD | $ | 1,346,858 | $ | 1,338,655 | ||||||||||||||||||||
Pennsylvania Suburbs | 1,178,408 | 1,178,470 | ||||||||||||||||||||||
Metropolitan Washington, D.C. | 1,189,601 | 1,183,652 | ||||||||||||||||||||||
New Jersey/Delaware (a) | 326,297 | 392,581 | ||||||||||||||||||||||
Richmond, Virginia | 317,422 | 317,076 | ||||||||||||||||||||||
California (a) | 119,271 | 193,258 | ||||||||||||||||||||||
$ | 4,477,857 | $ | 4,603,692 | |||||||||||||||||||||
Less: Assets held for sale (a) | 136,802 | 27,436 | ||||||||||||||||||||||
Operating Properties | $ | 4,614,659 | $ | 4,631,128 | ||||||||||||||||||||
Corporate | ||||||||||||||||||||||||
Construction-in-progress | $ | 231,224 | $ | 201,360 | ||||||||||||||||||||
Land inventory | $ | 90,945 | $ | 90,603 | ||||||||||||||||||||
(a) | On December 31, 2014, the Company was actively marketing for sale its Atrium I and Libertyview properties, comprised of two office properties located in the New Jersey/Delaware segment. As of December 31, 2014 the properties were classified as held for sale on the consolidated balance sheet. The properties were sold on January 8, 2015. See Note 3, "Real Estate Investments," for further information. The sale is not classified as a significant disposition under the accounting guidance for discontinued operations. | |||||||||||||||||||||||
See Note 3, "Real Estate Investments," for further description of the five properties held for sale in the New Jersey/Delaware segment and one property held for sale in the California segment. | ||||||||||||||||||||||||
Schedule of Segment Net Operating Income, by Segment | ||||||||||||||||||||||||
Net operating income: | ||||||||||||||||||||||||
Three-month periods ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
Total revenue | Operating expenses (a) | Net operating income | Total revenue | Operating expenses (a) | Net operating income (loss) | |||||||||||||||||||
Philadelphia CBD | $ | 52,973 | $ | (18,390 | ) | $ | 34,583 | $ | 49,414 | $ | (18,443 | ) | $ | 30,971 | ||||||||||
Pennsylvania Suburbs | 39,890 | (14,585 | ) | 25,305 | 40,574 | (14,687 | ) | 25,887 | ||||||||||||||||
Metropolitan Washington, D.C. | 27,406 | (11,860 | ) | 15,546 | 30,690 | (11,957 | ) | 18,733 | ||||||||||||||||
New Jersey/Delaware | 13,500 | (7,868 | ) | 5,632 | 15,625 | (8,692 | ) | 6,933 | ||||||||||||||||
Richmond, Virginia | 9,296 | (4,272 | ) | 5,024 | 8,867 | (4,340 | ) | 4,527 | ||||||||||||||||
California | 4,985 | (2,438 | ) | 2,547 | 4,602 | (2,409 | ) | 2,193 | ||||||||||||||||
Austin, Texas (b) | 934 | (870 | ) | 64 | 2,081 | (1,176 | ) | 905 | ||||||||||||||||
Corporate | 1,422 | (415 | ) | 1,007 | 261 | (270 | ) | (9 | ) | |||||||||||||||
Operating Properties | $ | 150,406 | $ | (60,698 | ) | $ | 89,708 | $ | 152,114 | $ | (61,974 | ) | $ | 90,140 | ||||||||||
(a) | Includes property operating expense, real estate taxes and third party management expense. | |||||||||||||||||||||||
(b) | On April 3, 2014, the Company contributed Four Points Centre to an unconsolidated real estate venture. Following the contribution of this property, there are no wholly owned properties in the Austin, Texas segment. Activity subsequent to the contribution is related to management fees and related expenses provided by the Company to the Austin Venture. | |||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | ||||||||||||||||||||||||
Unconsolidated real estate ventures: | ||||||||||||||||||||||||
Investment in real estate ventures, at equity | Equity in income (loss) of real estate ventures | |||||||||||||||||||||||
As of | Three-month periods ended March 31, | |||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | 2015 | 2014 | |||||||||||||||||||||
Philadelphia CBD | $ | 29,164 | $ | 27,137 | $ | (300 | ) | $ | (21 | ) | ||||||||||||||
Pennsylvania Suburbs | 17,273 | 17,385 | (6 | ) | 32 | |||||||||||||||||||
Metropolitan Washington, D.C. | 78,069 | 73,127 | (50 | ) | 67 | |||||||||||||||||||
New Jersey/Delaware | — | — | 48 | 18 | ||||||||||||||||||||
Richmond, Virginia | 1,410 | 1,574 | 86 | (45 | ) | |||||||||||||||||||
Austin, Texas (a) | 107,562 | 105,781 | 353 | 191 | ||||||||||||||||||||
Total | $ | 233,478 | $ | 225,004 | $ | 131 | $ | 242 | ||||||||||||||||
(a) | Investment in real estate ventures does not include the $1.2 million negative investment balance in one real estate venture as of March 31, 2015 and December 31, 2014, which is included in other liabilities. | |||||||||||||||||||||||
Reconciliation of Consolidated Net Operating Income | The following is a reconciliation of consolidated NOI to consolidated net income (loss), as defined by GAAP: | |||||||||||||||||||||||
Three-month periods ended March 31, | ||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||
(unaudited, amounts in thousands) | ||||||||||||||||||||||||
Consolidated net operating income | $ | 89,708 | $ | 90,140 | ||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||
Depreciation and amortization | (51,111 | ) | (52,570 | ) | ||||||||||||||||||||
General and administrative expenses | (8,636 | ) | (8,181 | ) | ||||||||||||||||||||
Interest income | 750 | 385 | ||||||||||||||||||||||
Interest expense | (28,176 | ) | (31,844 | ) | ||||||||||||||||||||
Interest expense - amortization of deferred financing costs | (1,079 | ) | (1,189 | ) | ||||||||||||||||||||
Interest expense - financing obligation | (286 | ) | (272 | ) | ||||||||||||||||||||
Equity in income of real estate ventures | 131 | 242 | ||||||||||||||||||||||
Net gain on disposition of real estate | 9,019 | — | ||||||||||||||||||||||
Gain on sale of undepreciated real estate | — | 1,187 | ||||||||||||||||||||||
Loss on real estate venture transactions | — | (135 | ) | |||||||||||||||||||||
Provision for impairment on assets held for sale | (1,726 | ) | — | |||||||||||||||||||||
Income (loss) from continuing operations | 8,594 | (2,237 | ) | |||||||||||||||||||||
Loss from discontinued operations | — | (8 | ) | |||||||||||||||||||||
Net income (loss) | $ | 8,594 | $ | (2,245 | ) | |||||||||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating Leases Future Minimum Payments Due [Table Text Block] | Minimum future rental payments on non-cancelable leases at March 31, 2015 are as follows (in thousands): | |||
2015 (nine months remaining) | $ | 1,163 | ||
2016 | 1,550 | |||
2017 | 1,550 | |||
2018 | 1,550 | |||
2019 | 1,550 | |||
Thereafter | 60,529 | |||
Total | $ | 67,892 | ||
Organization_of_the_Parent_Com1
Organization of the Parent Company and The Operating Partnership (Details) | Mar. 31, 2015 | Mar. 31, 2014 |
sqft | sqft | |
real_estate_investment | ||
Parent Company [Member] | ||
Organization of The Parent Company and The Operating Partnership [Line Items] | ||
Ownership in the Operating Partnership | 99.10% | |
Net rentable square feet | 24,900,000 | |
Area Owned by Company of Undeveloped Parcels Of Land | 415 | |
Area Of Additional Undeveloped Parcels Of Land With Option to Purchase | 63 | |
Total potential development capacity | 6,000,000 | |
Unconsolidated Real Estate Ventures [Member] | ||
Organization of The Parent Company and The Operating Partnership [Line Items] | ||
Net rentable square feet | 6,700,000 | 5,700,000 |
Number Of Unconsolidated Real Estate Ventures | 17 | |
Wholly-owned Management Company Subsidiaries [Member] | ||
Organization of The Parent Company and The Operating Partnership [Line Items] | ||
Net rentable square feet | 33,700,000 | |
Third Parties and Real Estate Ventures [Member] | ||
Organization of The Parent Company and The Operating Partnership [Line Items] | ||
Net rentable square feet | 8,900,000 | |
Total Properties [Member] | ||
Organization of The Parent Company and The Operating Partnership [Line Items] | ||
Number of Real Estate Properties | 198 | |
Office Properties [Member] | ||
Organization of The Parent Company and The Operating Partnership [Line Items] | ||
Number of Real Estate Properties | 161 | |
Industrial Facilities [Member] | ||
Organization of The Parent Company and The Operating Partnership [Line Items] | ||
Number of Real Estate Properties | 20 | |
Mixed Use Properties [Member] | ||
Organization of The Parent Company and The Operating Partnership [Line Items] | ||
Number of Real Estate Properties | 5 | |
Retail Properties [Member] | ||
Organization of The Parent Company and The Operating Partnership [Line Items] | ||
Number of Real Estate Properties | 1 | |
Core Properties [Member] | ||
Organization of The Parent Company and The Operating Partnership [Line Items] | ||
Number of Real Estate Properties | 187 | |
Assets Held-for-sale [Member] | ||
Organization of The Parent Company and The Operating Partnership [Line Items] | ||
Number of Real Estate Properties | 6 | |
Development Property [Member] | ||
Organization of The Parent Company and The Operating Partnership [Line Items] | ||
Number of Real Estate Properties | 3 | |
Redevelopment Property [Member] | ||
Organization of The Parent Company and The Operating Partnership [Line Items] | ||
Number of Real Estate Properties | 1 | |
Re-entitlement Property [Member] | ||
Organization of The Parent Company and The Operating Partnership [Line Items] | ||
Number of Real Estate Properties | 1 | |
Wholly Owned Properties [Member] | Parent Company [Member] | ||
Organization of The Parent Company and The Operating Partnership [Line Items] | ||
Net rentable square feet | 24,800,000 |
Real_Estate_Investments_Gross_
Real Estate Investments Gross Carrying Value of Company's Properties (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Property, Plant and Equipment, Gross [Abstract] | ||||
Land | $646,132 | $669,635 | ||
Building and improvements | 3,313,807 | 3,409,303 | ||
Tenant improvements | 517,918 | 524,754 | ||
Real Estate Investments | 4,477,857 | 4,603,692 | ||
Assets held for sale - real estate investments | 136,802 | [1] | 27,436 | [1] |
Total | $4,614,659 | $4,631,128 | ||
[1] | Real estate investments related to assets held for sale above represents gross real estate assets and does not include accumulated depreciation or other assets on the balance sheets of the properties held for sale. |
Real_Estate_Investments_Acquis
Real Estate Investments Acquisitions and Dispositions (Details) (USD $) | 3 Months Ended | ||||
Mar. 31, 2015 | Mar. 31, 2014 | Jan. 08, 2015 | Apr. 09, 2015 | Apr. 24, 2015 | |
property | sqft | sqft | |||
property | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Net gain on disposition of real estate | $9,019,000 | $0 | |||
Provision for impairment on assets held for sale | 1,726,000 | 0 | |||
1000 Atrium Way and Libertyview [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Number of Real Estate Properties | 2 | ||||
Sale Consideration Of Sold Property | 28,300,000 | ||||
Net gain on disposition of real estate | 9,000,000 | ||||
1000 Atrium Way [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Net Rentable Space Sold | 99,668 | ||||
Libertyview [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Net Rentable Space Sold | 121,737 | ||||
Lake Merritt Tower [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Provision for impairment on assets held for sale | 1,700,000 | ||||
Delaware Corporate Center I & II [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Number of Real Estate Properties | 2 | ||||
Net Rentable Area | 200,275 | ||||
Christiana Corporate Center [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Number of Real Estate Properties | 3 | ||||
Net Rentable Area | 284,907 | ||||
Subsequent Event [Member] | Lake Merritt Tower [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Net Rentable Area | 204,336 | ||||
Sales of Real Estate | $65,000,000 | ||||
Subsequent Event [Member] | Delaware Corporate Center I & II [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Number of Real Estate Properties | 2 | ||||
Net Rentable Area | 200,275 | ||||
Subsequent Event [Member] | Christiana Corporate Center [Member] | |||||
Significant Acquisitions and Disposals [Line Items] | |||||
Number of Real Estate Properties | 3 | ||||
Net Rentable Area | 284,907 |
Investment_in_Unconsolidated_V2
Investment in Unconsolidated Ventures (Narrative) (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||||
Mar. 31, 2015 | Jan. 30, 2015 | Feb. 27, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 19, 2007 | |
apartment_unit | real_estate_venture | sqft | ||||
Room | ||||||
sqft | ||||||
acre | ||||||
real_estate_venture | ||||||
building | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of unconsolidated investments in Real Estate Ventures | 17 | 17 | ||||
Equity Method Investments including net liabilities | $232,300,000 | |||||
Company's share of equity (Company's basis) | 233,478,000 | 225,004,000 | ||||
Number of negative investment real estate ventures | 1 | |||||
Number of real estate ventures that owns buildings | 11 | |||||
Number of office buildings in Real Estate Ventures | 65 | |||||
Aggregate Approximate Area Of Office Buildings | 6,700,000 | |||||
Number of real estate ventures that owns undeveloped land | 1 | |||||
Area Owned By Real Estate Venture Of Undeveloped Parcels Of Land | 3 | |||||
Number of real estate ventures that owns land under development | 3 | |||||
Area Owned By Real Estate Venture in Parcels Of Land Under Development | 22.6 | |||||
Number of Real Estate Investments in residential towers | 1 | |||||
Number of apartment units in a Real Estate Venture | 345 | |||||
Number of real estate ventures developed hotel property | 1 | |||||
Number Of Rooms Contain In One Real Estate Venture Developed As Hotel Property | 137 | |||||
Minimum Percentage Of Unconsolidated Equity Method Investment Ownership | 20.00% | |||||
Maximum Percentage Of Unconsolidated Equity Method Investment Ownership | 65.00% | |||||
River Place [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from Collection of Notes Receivable | 88,000,000 | |||||
Coppell Associates [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Company's share of equity (Company's basis) | -1,200,000 | -1,200,000 | ||||
GI Interchange Office LLC (DRA — N. PA) [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Real Estate Properties | 29 | |||||
Net Rentable Area | 1,611,961 | |||||
Forbearance Agreement, Lender Extension Term | 60 days | |||||
Non-Recourse Debt | 174,200,000 | |||||
TB-BDN Plymouth Apartments [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Guarantor Obligations, Current Carrying Value | 3,200,000 | |||||
Unconsolidated Real Estate Ventures [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Net rentable square feet | 6,700,000 | 5,700,000 | ||||
The Grove at Cira Centre South [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Guarantor Obligations, Current Carrying Value | 24,700,000 | |||||
PJP VII [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Guarantor Obligations, Current Carrying Value | $500,000 | |||||
DRA Advisors LLC [Member] | GI Interchange Office LLC (DRA — N. PA) [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 80.00% | |||||
Brandywine Realty Trust [Member] | GI Interchange Office LLC (DRA — N. PA) [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment, Ownership Percentage | 20.00% |
Investment_in_Unconsolidated_V3
Investment in Unconsolidated Ventures (Financial Position of Unconsolidated Real Estate Ventures) (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Company's share of equity (Company's basis) | $233,478 | $225,004 | ||
Unconsolidated Real Estate Ventures [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net property | 1,294,503 | 1,281,282 | ||
Other assets | 180,803 | 195,121 | ||
Other liabilities | 59,829 | 68,481 | ||
Debt | 969,322 | 965,077 | ||
Equity | 446,155 | 442,845 | ||
Company's share of equity (Company's basis) | $233,478 | [1],[2] | $225,004 | [1],[2] |
[1] | This amount includes the effect of the basis difference between the Company's historical cost basis and the basis recorded at the Real Estate Venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from the impairment of investments, purchases of third party interests in existing Real Estate Ventures and upon the transfer of assets that were previously owned by the Company into a Real Estate Venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the Real Estate Venture level. | |||
[2] | Does not include the negative investment balance of one real estate venture totaling $1.2 million as of March 31, 2015 and December 31, 2014, respectively, which is included in other liabilities. |
Investment_in_Unconsolidated_V4
Investment in Unconsolidated Ventures (Summary of Results of Operations of Unconsolidated Ventures) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Company’s share of income (Company’s basis) | $131 | $242 |
Unconsolidated Real Estate Ventures [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Revenue | 46,109 | 34,385 |
Operating expenses | -18,533 | -13,982 |
Interest expense, net | -9,846 | -8,100 |
Depreciation and amortization | -19,124 | -13,598 |
Net loss | -1,394 | -1,295 |
Company’s share of income (Company’s basis) | $131 | $242 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Intangible Assets [Line Items] | ||
Total Cost | $163,604 | $169,224 |
Accumulated Amortization | -70,335 | -69,821 |
Intangible Assets, net | 93,269 | 99,403 |
Below Market Lease, Gross | 52,414 | 53,049 |
Below Market Lease, Accumulated Amortization | 27,901 | 27,039 |
Below Market Lease, Net | 24,513 | 26,010 |
In-place lease value | ||
Intangible Assets [Line Items] | ||
Total Cost | 126,573 | 129,411 |
Accumulated Amortization | -43,942 | -42,068 |
Intangible Assets, net | 82,631 | 87,343 |
Tenant relationship value | ||
Intangible Assets [Line Items] | ||
Total Cost | 31,390 | 34,172 |
Accumulated Amortization | -24,777 | -26,344 |
Intangible Assets, net | 6,613 | 7,828 |
Above market leases acquired | ||
Intangible Assets [Line Items] | ||
Total Cost | 5,641 | 5,641 |
Accumulated Amortization | -1,616 | -1,409 |
Intangible Assets, net | $4,025 | $4,232 |
Intangible_Assets_and_Liabilit1
Intangible Assets and Liabilities Annual Amortization of Intangible Assets (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Annual amortization of intangible assets and liabilities | ||
Intangible Assets, net | $93,269 | $99,403 |
Below Market Lease, Net | 24,513 | 26,010 |
Assets [Member] | ||
Annual amortization of intangible assets and liabilities | ||
2015 (nine months remaining) | 15,681 | |
2016 | 16,800 | |
2017 | 15,030 | |
2018 | 11,303 | |
2019 | 9,990 | |
Thereafter | 24,465 | |
Intangible Assets, net | 93,269 | |
Liabilities [Member] | ||
Annual amortization of intangible assets and liabilities | ||
Below Market Lease, Amortization Income, Next Twelve Months | 3,822 | |
Below Market Lease, Amortization Income, Year Two | 3,230 | |
Below Market Lease, Amortization Income, Year Three | 2,641 | |
Below Market Lease, Amortization Income, Year Four | 2,217 | |
Below Market Lease, Amortization Income, Year Five | 1,885 | |
Below Market Lease, Amortization Income, after Year Five | 10,718 | |
Below Market Lease, Net | $24,513 |
Debt_Obligations_Details
Debt Obligations (Details) (Secured Debt [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Secured Debt [Member] | |
Debt Instrument [Line Items] | |
Mortgage debt principal payment | $3.60 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Company's estimates of fair value differ from the carrying amounts | ||||
Unsecured Notes Payable, Carrying Amount | $1,518,382 | $1,518,108 | ||
Variable Rate Debt, Carrying Amount | 278,610 | 278,610 | ||
Mortgage notes payable, Carrying Amount | 650,545 | 654,590 | ||
Notes Receivable, Carrying Amount | 0 | [1] | 88,000 | [1] |
Unsecured Notes Payable, Fair Value | 1,584,451 | 1,593,212 | ||
Variable Rate Debt, Fair Value | 257,512 | 257,188 | ||
Mortgage notes payable, Fair Value | 695,228 | 707,241 | ||
Notes Receivable, Fair Value | $0 | [1] | $87,692 | [1] |
[1] | On January 30, 2015 the mortgage note was repaid. For further information regarding the mortgage note, see Note 2, "Summary of Significant Accounting Policies," included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details Textuals) (Details) (Variable rate and mortgage debt [Member]) | 3 Months Ended |
Mar. 31, 2015 | |
Variable rate and mortgage debt [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Weighted average discount rate | 4.70% |
Limited_Partners_NonControllin1
Limited Partners' Non-Controlling Interests in the Parent Company (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Noncontrolling Interest [Abstract] | ||
Aggregate amount related to non-controlling interests classified within equity | $17.30 | $17.50 |
Settlement Value Of Non Controlling Interest In Operating Partnership | $24.50 | $24.50 |
Beneficiaries_Equity_of_the_Pa2
Beneficiaries Equity of the Parent Company (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator | ||
Income (Loss) from continuing operations, Basic | $8,594 | ($2,237) |
Income (Loss) from continuing operations, Diluted | 8,594 | -2,237 |
Net (income) loss from continuing operations attributable to non-controlling interests - LP units | -58 | 44 |
Net loss attributable to non-controlling interest — partners' share of consolidated real estate ventures | 0 | -12 |
Net loss attributable to non-controlling interest — partners' share of consolidated real estate ventures, Diluted | 0 | -12 |
Nonforfeitable dividends allocated to unvested restricted shareholders, Basic | -101 | -103 |
Nonforfeitable dividends allocated to unvested restricted shareholders, Diluted | -101 | -103 |
Preferred share/unit dividends, Basic | -1,725 | -1,725 |
Preferred share/unit dividends, Diluted | -1,725 | -1,725 |
Income (Loss) from continuing operations available to common unitholders, Basic | 6,710 | -4,033 |
Income (Loss) from continuing operations available to common unitholders, Diluted | 6,710 | -4,033 |
Loss from discontinued operations, Basic | 0 | -8 |
Loss from discontinued operations, Diluted | 0 | -8 |
Discontinued operations attributable to common shareholders, Basic | 0 | -8 |
Discontinued operations attributable to common shareholders, Diluted | 0 | -8 |
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust | 6,710 | -4,041 |
Net Income (Loss) Available to Common Shareholders/unitholders, Diluted | $6,710 | ($4,041) |
Denominator | ||
Basic weighted average shares outstanding | 179,562,930 | 156,794,019 |
Contingent securities/Share based compensation | 1,092,342 | 0 |
Diluted weighted-average shares outstanding | 180,655,272 | 156,794,019 |
Earnings per common share from continuing operations Abstract | ||
Income (loss) from continuing operations attributable to common shareholders, Basic (USD per share) | $0.04 | ($0.03) |
Discontinued operations attributable to common shareholders, Basic (USD per share) | $0 | $0 |
Net income (loss) attributable to common shareholders, Basic (USD per share) | $0.04 | ($0.03) |
Income (loss) from continuing operations attributable to common shareholders, Dilued (USD per share) | $0.04 | ($0.03) |
Discontinued operations attributable to common shareholders, Diluted (USD per share) | $0 | $0 |
Net income (loss) attributable to common shareholders, Diluted (USD per share) | $0.04 | ($0.03) |
Beneficiaries_Equity_of_the_Pa3
Beneficiaries Equity of the Parent Company (Details Textuals) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Apr. 15, 2015 | Nov. 05, 2013 | Apr. 06, 2015 | Mar. 11, 2015 |
Class of Stock [Line Items] | |||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,535,102 | 1,763,739 | |||||
Distributions payable | $29,038 | $28,871 | |||||
Preferred Stock, Dividend Rate, Percentage | 6.90% | 6.90% | |||||
Dividends, Preferred Stock, Cash | 1,725 | 1,725 | |||||
Series E Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred Stock, Dividend Rate, Percentage | 6.90% | ||||||
Preferred Stock, Liquidation Preference Per Share | $25 | ||||||
Offering Program [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares Authorized For Equity Offering Program | 16,000,000 | ||||||
Remaining Shares Available For Sales | 16,000,000 | ||||||
BRANDYWINE OPERATING PARTNERSHIP, L.P. | |||||||
Class of Stock [Line Items] | |||||||
Distributions payable | 29,038 | 28,871 | |||||
Preferred Stock, Dividend Rate, Percentage | 6.90% | 6.90% | |||||
Dividend Paid [Member] | Subsequent Event [Member] | |||||||
Class of Stock [Line Items] | |||||||
Distributions payable | 27,300 | ||||||
Dividend Paid [Member] | Subsequent Event [Member] | Series E Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Dividends, Preferred Stock, Cash | 1,700 | ||||||
Dividend Paid [Member] | BRANDYWINE OPERATING PARTNERSHIP, L.P. | Subsequent Event [Member] | |||||||
Class of Stock [Line Items] | |||||||
Distributions payable | $27,300 | ||||||
Dividend Declared [Member] | BRANDYWINE OPERATING PARTNERSHIP, L.P. | |||||||
Class of Stock [Line Items] | |||||||
Dividends Payable, Amount Per Share | $0.15 | ||||||
Maximum [Member] | |||||||
Class of Stock [Line Items] | |||||||
Fees and Commissions Percentage | 2.00% |
Partners_Equity_of_the_Operati2
Partners Equity of the Operating Partnership (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator | ||
Income (Loss) from continuing operations, Basic | $8,594 | ($2,237) |
Nonforfeitable dividends allocated to unvested restricted shareholders, Basic | -101 | -103 |
Preferred share/unit dividends, Basic | -1,725 | -1,725 |
Net loss attributable to non-controlling interest — partners' share of consolidated real estate ventures | 0 | -12 |
Income (Loss) from continuing operations available to common unitholders, Basic | 6,710 | -4,033 |
Loss from discontinued operations, Basic | 0 | -8 |
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust | 6,710 | -4,041 |
Income (Loss) from continuing operations, Diluted | 8,594 | -2,237 |
Nonforfeitable dividends allocated to unvested restricted shareholders, Diluted | -101 | -103 |
Preferred share/unit dividends, Diluted | -1,725 | -1,725 |
Net loss attributable to non-controlling interest — partners' share of consolidated real estate ventures, Diluted | 0 | -12 |
Income (Loss) from continuing operations available to common unitholders, Diluted | 6,710 | -4,033 |
Net Income (Loss) Available to Common Shareholders/unitholders, Diluted | 6,710 | -4,041 |
Denominator | ||
Weighted-average units outstanding, Basic | 179,562,930 | 156,794,019 |
Contingent securities/Share based compensation | 1,092,342 | 0 |
Diluted weighted average shares outstanding | 180,655,272 | 156,794,019 |
Earnings per Common Partnership Unit [Abstract] | ||
Income (loss) from continuing operations attributable to common shareholders, Basic (USD per share) | $0.04 | ($0.03) |
Income (loss) from continuing operations attributable to common shareholders, Dilued (USD per share) | $0.04 | ($0.03) |
Discontinued operations attributable to common shareholders, Basic (USD per share) | $0 | $0 |
Discontinued operations attributable to common shareholders, Diluted (USD per share) | $0 | $0 |
Net income (loss) attributable to common shareholders, Basic (USD per share) | $0.04 | ($0.03) |
Net income (loss) attributable to common shareholders, Diluted (USD per share) | $0.04 | ($0.03) |
BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||
Numerator | ||
Income (Loss) from continuing operations, Basic | 8,594 | -2,237 |
Nonforfeitable dividends allocated to unvested restricted shareholders, Basic | -101 | -103 |
Preferred share/unit dividends, Basic | -1,725 | -1,725 |
Net loss attributable to non-controlling interest — partners' share of consolidated real estate ventures | 0 | -12 |
Income (Loss) from continuing operations available to common unitholders, Basic | 6,768 | -4,077 |
Loss from discontinued operations, Basic | 0 | -8 |
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust | 6,768 | -4,085 |
Income (Loss) from continuing operations, Diluted | 8,594 | -2,237 |
Nonforfeitable dividends allocated to unvested restricted shareholders, Diluted | -101 | -103 |
Preferred share/unit dividends, Diluted | -1,725 | -1,725 |
Net loss attributable to non-controlling interest — partners' share of consolidated real estate ventures, Diluted | 0 | -12 |
Income (Loss) from continuing operations available to common unitholders, Diluted | 6,768 | -4,077 |
Income (Loss) From Discontinued Operations, Diluted | 0 | -8 |
Net Income (Loss) Available to Common Shareholders/unitholders, Diluted | $6,768 | ($4,085) |
Denominator | ||
Weighted-average units outstanding, Basic | 181,098,032 | 158,557,758 |
Contingent securities/Share based compensation | 1,092,342 | 0 |
Diluted weighted average shares outstanding | 182,190,374 | 158,557,758 |
Earnings per Common Partnership Unit [Abstract] | ||
Income (loss) from continuing operations attributable to common shareholders, Basic (USD per share) | $0.04 | ($0.03) |
Income (loss) from continuing operations attributable to common shareholders, Dilued (USD per share) | $0.04 | ($0.03) |
Discontinued operations attributable to common shareholders, Basic (USD per share) | $0 | $0 |
Discontinued operations attributable to common shareholders, Diluted (USD per share) | $0 | $0 |
Net income (loss) attributable to common shareholders, Basic (USD per share) | $0.04 | ($0.03) |
Net income (loss) attributable to common shareholders, Diluted (USD per share) | $0.04 | ($0.03) |
Partners_Equity_of_the_Operati3
Partners Equity of the Operating Partnership Partners Equity of the Operating Partnership (Details Textuals) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Apr. 15, 2015 | Apr. 06, 2015 | Mar. 11, 2015 |
Earnings per Common Partnership Unit [Line Items] | ||||||
Distributions payable | $29,038 | $28,871 | ||||
Preferred Stock, Dividend Rate, Percentage | 6.90% | 6.90% | ||||
Dividends, Preferred Stock, Cash | 1,725 | 1,725 | ||||
BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||||||
Earnings per Common Partnership Unit [Line Items] | ||||||
Distributions payable | 29,038 | 28,871 | ||||
Preferred Stock, Dividend Rate, Percentage | 6.90% | 6.90% | ||||
6.90% Series E-linked Preferred Units [Member] | BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||||||
Earnings per Common Partnership Unit [Line Items] | ||||||
Preferred Stock, Dividend Rate, Percentage | 6.90% | |||||
Preferred Stock, Liquidation Preference Per Share | $25 | |||||
Dividend Paid [Member] | Subsequent Event [Member] | ||||||
Earnings per Common Partnership Unit [Line Items] | ||||||
Distributions payable | 27,300 | |||||
Dividend Paid [Member] | Subsequent Event [Member] | BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||||||
Earnings per Common Partnership Unit [Line Items] | ||||||
Distributions payable | 27,300 | |||||
Dividend Paid [Member] | Subsequent Event [Member] | 6.90% Series E-linked Preferred Units [Member] | BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||||||
Earnings per Common Partnership Unit [Line Items] | ||||||
Dividends, Preferred Stock, Cash | $1,700 | |||||
Dividend Declared [Member] | BRANDYWINE OPERATING PARTNERSHIP, L.P. | ||||||
Earnings per Common Partnership Unit [Line Items] | ||||||
Dividends Payable, Amount Per Share | $0.15 |
Share_Based_and_Deferred_Compe1
Share Based and Deferred Compensation (Restricted Share Activity) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Mar. 10, 2015 | Mar. 11, 2014 | Mar. 12, 2014 | Mar. 31, 2015 | Feb. 25, 2014 | Feb. 23, 2015 | Feb. 25, 2013 |
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Non-vested, shares | 540,066 | ||||||
Granted, shares | 152,785 | ||||||
Vested, shares | -21,939 | ||||||
Non-vested, shares | 670,912 | ||||||
Non-vested, Weighted Average Grant Date Fair Value | 12.21 | ||||||
Granted, Weighted Average Grant Date Fair Value | 15.95 | ||||||
Non-vested, Weighted Average Grant Date Fair Value | 13.65 | ||||||
Vested, Weighted Average Grant Date Fair Value | 13.3 | ||||||
Executive Officer [Member] | Restricted Performance Share Units Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Non-vested, shares | 392,014 | ||||||
Granted, shares | 186,395 | ||||||
Non-vested, shares | 555,589 | ||||||
Units Accelerated for Qualifying Retirement | -22,820 | ||||||
Units Granted | 134,284 | 61,720 | 186,395 | 231,093 | |||
Fair Value of Units on Grant Date (in thousands) | $3,933 | $2,624 | $1,225 | $4,137 | |||
February 25, 2013 RSPU Grant [Member] | Executive Officer [Member] | Restricted Performance Share Units Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Non-vested, shares | 199,577 | ||||||
Granted, shares | 0 | ||||||
Non-vested, shares | 191,322 | ||||||
Units Accelerated for Qualifying Retirement | -8,255 | ||||||
March 11, 2014 RSPU Grant [Member] | Executive Officer [Member] | Restricted Performance Share Units Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Non-vested, shares | 130,717 | ||||||
Granted, shares | 0 | ||||||
Non-vested, shares | 123,155 | ||||||
Units Accelerated for Qualifying Retirement | -7,562 | ||||||
March 12, 2014 RSPU Grant [Member] | Executive Officer [Member] | Restricted Performance Share Units Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Non-vested, shares | 61,720 | ||||||
Granted, shares | 0 | ||||||
Non-vested, shares | 61,720 | ||||||
Units Accelerated for Qualifying Retirement | 0 | ||||||
February 23, 2015 RPSU Grant [Member] | Executive Officer [Member] | Restricted Performance Share Units Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Non-vested, shares | 0 | ||||||
Granted, shares | 186,395 | ||||||
Non-vested, shares | 179,392 | ||||||
Units Accelerated for Qualifying Retirement | -7,003 |
Share_Based_and_Deferred_Compe2
Share Based and Deferred Compensation (Details Textuals) (Details) (USD $) | 0 Months Ended | 3 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 10, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Voluntary Termination Of Employment Terms | after reaching age 57 and accumulating at least 15 years of service with the Company | |||
Accumulated Service Period For Voluntary Termination | 15 years | |||
Granted, shares | 152,785 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 670,912 | 540,066 | ||
Share Based Compensation Arrangement By Share Based Payment Award VestingPeriod1 | three years from the initial grant dates | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $3.50 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 9 months 18 days | |||
Allocated Share-based Compensation Expense | 1.3 | 1.4 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | 0.3 | 0.2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | 3 years | ||
Restricted Stock [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Restricted Stock [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 7 years | |||
Restricted Performance Share Units Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Voluntary Termination Of Employment Terms | after reaching age 57 and accumulating at least 15 years of service with the Company | |||
Accumulated Service Period For Voluntary Termination | 15 years | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 3.8 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | |||
Allocated Share-based Compensation Expense | 2.4 | 1.7 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | $0.50 | $0.40 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Executive Officer [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Voluntary Termination of Employment Age Limit | 57 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 15 years | |||
Executive Officer [Member] | Restricted Performance Share Units Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, shares | 186,395 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 555,589 | 392,014 | ||
Cliff Vesting [Member] | Executive Officer [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, shares | 119,136 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | after three years from the grant date | |||
Ratable Vesting [Member] | Executive Officer [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, shares | 33,649 |
Share_Based_Compensation_Restr
Share Based Compensation Restricted Performance Share Units (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Feb. 01, 2015 | Feb. 06, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Restricted Performance Share Units Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Allocated Share-based Compensation Expense | 2.4 | $1.70 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | 0.5 | 0.4 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 3.8 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 8 months 12 days | |||
Dividends Payable, Amount Per Share | $0.15 | |||
March 1, 2012 RSPU Grant [Member] | Restricted Performance Share Units Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested, shares | 468,056 |
Segment_Information_Segment_In
Segment Information Segment Information Textual (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
segment | ||
Segment Reporting Information [Line Items] | ||
Number of Reportable Segments | 7 | |
Investment in Real Estate Ventures, at equity | $233,478 | $225,004 |
Coppell Associates [Member] | ||
Segment Reporting Information [Line Items] | ||
Investment in Real Estate Ventures, at equity | ($1,200) | ($1,200) |
Durham, NC [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of Real Estate Properties | 1 | |
1000 Atrium Way and Libertyview [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of Real Estate Properties | 2 | |
New Jersey/ Delaware [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of Real Estate Properties | 5 | |
CALIFORNIA | ||
Segment Reporting Information [Line Items] | ||
Number of Real Estate Properties | 1 |
Segment_Information_Summary_of
Segment Information Summary of Real Estate Investments (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Segment Reporting Information [Line Items] | ||||
Operating properties | $4,477,857 | $4,603,692 | ||
Less: Assets held for sale | 136,802 | [1] | 27,436 | [1] |
Construction-in-progress | 231,224 | 201,360 | ||
Land inventory | 90,945 | 90,603 | ||
Philadelphia CBD [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating properties | 1,346,858 | 1,338,655 | ||
Metropolitan Dc [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating properties | 1,189,601 | 1,183,652 | ||
New Jersey/ Delaware [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating properties | 326,297 | [2] | 392,581 | [2] |
Richmond, Virginia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating properties | 317,422 | 317,076 | ||
Pennsylvania [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating properties | 1,178,408 | 1,178,470 | ||
CALIFORNIA | ||||
Segment Reporting Information [Line Items] | ||||
Operating properties | 119,271 | [2] | 193,258 | [2] |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating properties | 4,614,659 | 4,631,128 | ||
Assets Held-for-sale [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Less: Assets held for sale | 136,802 | [2] | 27,436 | [2] |
Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Construction-in-progress | 231,224 | 201,360 | ||
Land inventory | $90,945 | $90,603 | ||
[1] | Real estate investments related to assets held for sale above represents gross real estate assets and does not include accumulated depreciation or other assets on the balance sheets of the properties held for sale. | |||
[2] | On December 31, 2014, the Company was actively marketing for sale its Atrium I and Libertyview properties, comprised of two office properties located in the New Jersey/Delaware segment. As of December 31, 2014 the properties were classified as held for sale on the consolidated balance sheet. The properties were sold on January 8, 2015. See Note 3, "Real Estate Investments," for further information. The sale is not classified as a significant disposition under the accounting guidance for discontinued operations. See Note 3, "Real Estate Investments," for further description of the five properties held for sale in the New Jersey/Delaware segment and one property held for sale in the California segment. |
Segment_Information_Summary_of1
Segment Information Summary of Net Operating Income (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | ||
Segment Reporting Information [Line Items] | ||||
Total revenue | $150,406 | $152,114 | ||
Operating expenses | -60,698 | -61,974 | [1] | |
Net operating income | 89,708 | 90,140 | ||
Philadelphia CBD [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 52,973 | 49,414 | ||
Operating expenses | -18,390 | -18,443 | [1] | |
Net operating income | 34,583 | 30,971 | ||
Pennsylvania [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 39,890 | 40,574 | ||
Operating expenses | -14,585 | -14,687 | [1] | |
Net operating income | 25,305 | 25,887 | ||
Metropolitan Dc [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 27,406 | 30,690 | ||
Operating expenses | -11,860 | -11,957 | [1] | |
Net operating income | 15,546 | 18,733 | ||
New Jersey/ Delaware [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 13,500 | 15,625 | ||
Operating expenses | -7,868 | -8,692 | [1] | |
Net operating income | 5,632 | 6,933 | ||
Richmond, Virginia [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 9,296 | 8,867 | ||
Operating expenses | -4,272 | -4,340 | [1] | |
Net operating income | 5,024 | 4,527 | ||
CALIFORNIA | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 4,985 | 4,602 | ||
Operating expenses | -2,438 | -2,409 | [1] | |
Net operating income | 2,547 | 2,193 | ||
Austin, Texas [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 934 | [2] | 2,081 | [2] |
Operating expenses | -870 | [2] | -1,176 | [1],[2] |
Net operating income | 64 | [2] | 905 | [2] |
Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,422 | 261 | ||
Operating expenses | -415 | -270 | [1] | |
Net operating income | $1,007 | ($9) | ||
[1] | Includes property operating expense, real estate taxes and third party management expense. | |||
[2] | On April 3, 2014, the Company contributed Four Points Centre to an unconsolidated real estate venture. Following the contribution of this property, there are no wholly owned properties in the Austin, Texas segment. Activity subsequent to the contribution is related to management fees and related expenses provided by the Company to the Austin Venture. |
Segment_Information_Summary_of2
Segment Information Summary of Unconsolidated Real Estate Ventures (Details) (USD $) | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |||
Segment Reporting Information [Line Items] | ||||||
Investment in Real Estate Ventures, at equity | $233,478 | $225,004 | ||||
Equity in income of Real Estate Ventures | 131 | 242 | ||||
Philadelphia CBD [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Investment in Real Estate Ventures, at equity | 29,164 | 27,137 | ||||
Equity in income of Real Estate Ventures | -300 | -21 | ||||
Pennsylvania [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Investment in Real Estate Ventures, at equity | 17,273 | 17,385 | ||||
Equity in income of Real Estate Ventures | -6 | 32 | ||||
Metropolitan Dc [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Investment in Real Estate Ventures, at equity | 78,069 | 73,127 | ||||
Equity in income of Real Estate Ventures | -50 | 67 | ||||
New Jersey/ Delaware [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Investment in Real Estate Ventures, at equity | 0 | 0 | ||||
Equity in income of Real Estate Ventures | 48 | 18 | ||||
Richmond, Virginia [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Investment in Real Estate Ventures, at equity | 1,410 | 1,574 | ||||
Equity in income of Real Estate Ventures | 86 | -45 | ||||
Austin, Texas [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Investment in Real Estate Ventures, at equity | 107,562 | [1] | 105,781 | [1] | ||
Equity in income of Real Estate Ventures | $353 | [1] | $191 | [1] | ||
[1] | Investment in real estate ventures does not include the $1.2 million negative investment balance in one real estate venture as of March 31, 2015 and December 31, 2014, which is included in other liabilities. |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Consolidated Net Operating Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Consolidated net operating income | $89,708 | $90,140 |
Other income (expense): | ||
Depreciation and amortization | -51,111 | -52,570 |
General and administrative expenses | -8,636 | -8,181 |
Interest income | 750 | 385 |
Interest expense | -28,176 | -31,844 |
Interest expense — amortization of deferred financing costs | -1,079 | -1,189 |
Interest expense — financing obligation | -286 | -272 |
Equity in income of Real Estate Ventures | 131 | 242 |
Net gain on disposition of real estate | 9,019 | 0 |
Gain on sale of undepreciated real estate | 0 | 1,187 |
Loss on real estate venture transactions | 0 | -135 |
Provision for impairment on assets held for sale | -1,726 | 0 |
Income (Loss) from continuing operations | 8,594 | -2,237 |
Total discontinued operations | 0 | -8 |
Net income | $8,594 | ($2,245) |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Minimum [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Lease terms | 7 years |
Maximum [Member] | |
Property Subject to or Available for Operating Lease [Line Items] | |
Lease terms | 75 years |
Commitments_and_Contingencies_2
Commitments and Contingencies (Ground Rent) (Details) (Ground Rent [Member], USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Ground Rent [Member] | |
Long-term Purchase Commitment [Line Items] | |
2015 (nine months remaining) | $1,163 |
2016 | 1,550 |
2017 | 1,550 |
2018 | 1,550 |
2019 | 1,550 |
Thereafter | 60,529 |
Total | $67,892 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 0 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Apr. 06, 2015 | Apr. 24, 2015 | Apr. 09, 2015 | |
sqft | |||||
Subsequent Event [Line Items] | |||||
Net gain on disposition of real estate | $9,019,000 | $0 | |||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Area Owned by Company of Undeveloped Parcels Of Land | 0.8 | ||||
Payments to acquire land | 20,000,000 | ||||
Delaware Corporate Center I and II and Christiana Corporate Center [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Sales of Real Estate | 50,100,000 | ||||
Net gain on disposition of real estate | 1,700,000 | ||||
Lake Merritt Tower [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Sales of Real Estate | $65,000,000 | ||||
Net Rentable Area | 204,336 | ||||
Delaware Corporate Center I & II [Member] | |||||
Subsequent Event [Line Items] | |||||
Net Rentable Area | 200,275 | ||||
Number of Real Estate Properties | 2 | ||||
Delaware Corporate Center I & II [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Net Rentable Area | 200,275 | ||||
Number of Real Estate Properties | 2 | ||||
Christiana Corporate Center [Member] | |||||
Subsequent Event [Line Items] | |||||
Net Rentable Area | 284,907 | ||||
Number of Real Estate Properties | 3 | ||||
Christiana Corporate Center [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Net Rentable Area | 284,907 | ||||
Number of Real Estate Properties | 3 |