☒ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Maryland | ||||||||||||||||||||||||||
(Brandywine Realty Trust) | 001-9106 | 23-2413352 | ||||||||||||||||||||||||
Delaware | ||||||||||||||||||||||||||
(Brandywine Operating Partnership, L.P.) | 000-24407 | 23-2862640 | ||||||||||||||||||||||||
(State or Other Jurisdiction of Incorporation or Organization) | (Commission file number) | (I.R.S. Employer Identification Number) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Shares of Beneficial Interest | BDN | NYSE |
Brandywine Realty Trust | Yes | ☒ No ☐ | |||||||||
Brandywine Operating Partnership, L.P. | Yes | ☒ No ☐ |
Brandywine Realty Trust | Yes | ☒ No ☐ | |||||||||
Brandywine Operating Partnership, L.P. | Yes | ☒ No ☐ |
Large accelerated filer | ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | ||||||||
Smaller reporting company | ☐ | Emerging growth company | ☐ |
Large accelerated filer ☐ | Accelerated filer ☐ | Non-accelerated filer | ☒ | ||||||||
Smaller reporting company ☐ | Emerging growth company | ☐ |
Brandywine Realty Trust | Yes | ☐ | No ☒ | ||||||||
Brandywine Operating Partnership, L.P. | Yes | ☐ | No ☒ |
Page | |||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Real estate investments: | Real estate investments: | Real estate investments: | ||||||||||||||||||||
Operating properties | Operating properties | $ | 3,597,211 | $ | 3,617,240 | Operating properties | $ | 3,694,633 | $ | 3,617,240 | ||||||||||||
Accumulated depreciation | Accumulated depreciation | (1,125,145) | (1,063,060) | Accumulated depreciation | (1,153,030) | (1,063,060) | ||||||||||||||||
Right of use asset - operating leases, net | Right of use asset - operating leases, net | 19,346 | 19,664 | Right of use asset - operating leases, net | 19,188 | 19,664 | ||||||||||||||||
Operating real estate investments, net | Operating real estate investments, net | 2,491,412 | 2,573,844 | Operating real estate investments, net | 2,560,791 | 2,573,844 | ||||||||||||||||
Construction-in-progress | Construction-in-progress | 245,677 | 218,869 | Construction-in-progress | 143,929 | 218,869 | ||||||||||||||||
Land held for development | Land held for development | 71,493 | 76,499 | Land held for development | 76,058 | 76,499 | ||||||||||||||||
Prepaid leasehold interests in land held for development, net | Prepaid leasehold interests in land held for development, net | 27,762 | 35,576 | Prepaid leasehold interests in land held for development, net | 27,762 | 35,576 | ||||||||||||||||
Total real estate investments, net | Total real estate investments, net | 2,836,344 | 2,904,788 | Total real estate investments, net | 2,808,540 | 2,904,788 | ||||||||||||||||
Assets held for sale, net | 52,664 | — | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 32,111 | 17,551 | Cash and cash equivalents | 47,872 | 17,551 | ||||||||||||||||
Restricted cash and escrows | Restricted cash and escrows | 10,876 | — | Restricted cash and escrows | 10,745 | — | ||||||||||||||||
Accounts receivable | Accounts receivable | 11,654 | 11,003 | Accounts receivable | 23,130 | 11,003 | ||||||||||||||||
Accrued rent receivable, net of allowance of $3,778 and $3,947 as of June 30, 2023 and December 31, 2022, respectively | 183,191 | 179,771 | ||||||||||||||||||||
Accrued rent receivable, net of allowance of $3,158 and $3,947 as of September 30, 2023 and December 31, 2022, respectively | Accrued rent receivable, net of allowance of $3,158 and $3,947 as of September 30, 2023 and December 31, 2022, respectively | 185,135 | 179,771 | |||||||||||||||||||
Investment in unconsolidated real estate ventures | Investment in unconsolidated real estate ventures | 630,505 | 567,635 | Investment in unconsolidated real estate ventures | 638,096 | 567,635 | ||||||||||||||||
Deferred costs, net | Deferred costs, net | 95,102 | 96,639 | Deferred costs, net | 98,049 | 96,639 | ||||||||||||||||
Intangible assets, net | Intangible assets, net | 11,676 | 18,451 | Intangible assets, net | 8,539 | 18,451 | ||||||||||||||||
Other assets | Other assets | 90,362 | 78,667 | Other assets | 102,557 | 78,667 | ||||||||||||||||
Total assets | Total assets | $ | 3,954,485 | $ | 3,874,505 | Total assets | $ | 3,922,663 | $ | 3,874,505 | ||||||||||||
LIABILITIES AND BENEFICIARIES' EQUITY | LIABILITIES AND BENEFICIARIES' EQUITY | LIABILITIES AND BENEFICIARIES' EQUITY | ||||||||||||||||||||
Secured term loan, net | Secured term loan, net | $ | 241,383 | $ | — | Secured term loan, net | $ | 241,654 | $ | — | ||||||||||||
Unsecured credit facility | Unsecured credit facility | — | 88,500 | Unsecured credit facility | — | 88,500 | ||||||||||||||||
Unsecured term loan, net | Unsecured term loan, net | 318,065 | 248,168 | Unsecured term loan, net | 318,282 | 248,168 | ||||||||||||||||
Unsecured senior notes, net | Unsecured senior notes, net | 1,574,373 | 1,628,370 | Unsecured senior notes, net | 1,574,524 | 1,628,370 | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 116,913 | 132,440 | Accounts payable and accrued expenses | 132,731 | 132,440 | ||||||||||||||||
Distributions payable | Distributions payable | 32,957 | 32,792 | Distributions payable | 26,018 | 32,792 | ||||||||||||||||
Deferred income, gains and rent | Deferred income, gains and rent | 24,786 | 25,082 | Deferred income, gains and rent | 23,222 | 25,082 | ||||||||||||||||
Intangible liabilities, net | Intangible liabilities, net | 8,811 | 10,322 | Intangible liabilities, net | 8,536 | 10,322 | ||||||||||||||||
Liabilities related to assets held for sale, net | 1,041 | — | ||||||||||||||||||||
Lease liability - operating leases | Lease liability - operating leases | 23,268 | 23,166 | Lease liability - operating leases | 23,318 | 23,166 | ||||||||||||||||
Other liabilities | Other liabilities | 56,228 | 52,331 | Other liabilities | 60,010 | 52,331 | ||||||||||||||||
Total liabilities | Total liabilities | $ | 2,397,825 | $ | 2,241,171 | Total liabilities | $ | 2,408,295 | $ | 2,241,171 | ||||||||||||
Commitments and contingencies (See Note 14) | Commitments and contingencies (See Note 14) | Commitments and contingencies (See Note 14) | ||||||||||||||||||||
Brandywine Realty Trust's Equity: | Brandywine Realty Trust's Equity: | Brandywine Realty Trust's Equity: | ||||||||||||||||||||
Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 172,101,929 and 171,569,807 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 1,719 | 1,716 | ||||||||||||||||||||
Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 172,097,661 and 171,569,807 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 172,097,661 and 171,569,807 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 1,719 | 1,716 | |||||||||||||||||||
Additional paid-in-capital | Additional paid-in-capital | 3,159,276 | 3,153,229 | Additional paid-in-capital | 3,161,568 | 3,153,229 | ||||||||||||||||
Deferred compensation payable in common shares | Deferred compensation payable in common shares | 19,965 | 19,601 | Deferred compensation payable in common shares | 19,965 | 19,601 | ||||||||||||||||
Common shares in grantor trust, 1,207,415 and 1,179,643 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | (19,965) | (19,601) | ||||||||||||||||||||
Common shares in grantor trust, 1,194,127 and 1,179,643 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | Common shares in grantor trust, 1,194,127 and 1,179,643 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | (19,965) | (19,601) | |||||||||||||||||||
Cumulative earnings | Cumulative earnings | 1,158,240 | 1,176,195 | Cumulative earnings | 1,136,686 | 1,176,195 | ||||||||||||||||
Accumulated other comprehensive income | Accumulated other comprehensive income | 5,216 | 3,897 | Accumulated other comprehensive income | 8,125 | 3,897 | ||||||||||||||||
Cumulative distributions | Cumulative distributions | (2,775,124) | (2,709,405) | Cumulative distributions | (2,801,074) | (2,709,405) | ||||||||||||||||
Total Brandywine Realty Trust's equity | Total Brandywine Realty Trust's equity | 1,549,327 | 1,625,632 | Total Brandywine Realty Trust's equity | 1,507,024 | 1,625,632 | ||||||||||||||||
Noncontrolling interests | Noncontrolling interests | 7,333 | 7,702 | Noncontrolling interests | 7,344 | 7,702 | ||||||||||||||||
Total beneficiaries' equity | Total beneficiaries' equity | $ | 1,556,660 | $ | 1,633,334 | Total beneficiaries' equity | $ | 1,514,368 | $ | 1,633,334 | ||||||||||||
Total liabilities and beneficiaries' equity | Total liabilities and beneficiaries' equity | $ | 3,954,485 | $ | 3,874,505 | Total liabilities and beneficiaries' equity | $ | 3,922,663 | $ | 3,874,505 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Revenue | Revenue | Revenue | ||||||||||||||||||||||||||||||||||||||||||||
Rents | Rents | $ | 118,133 | $ | 116,897 | $ | 238,981 | $ | 232,798 | Rents | $ | 121,661 | $ | 117,481 | $ | 360,642 | $ | 350,279 | ||||||||||||||||||||||||||||
Third party management fees, labor reimbursement and leasing | Third party management fees, labor reimbursement and leasing | 6,227 | 5,924 | 12,229 | 11,032 | Third party management fees, labor reimbursement and leasing | 6,553 | 6,872 | 18,782 | 17,904 | ||||||||||||||||||||||||||||||||||||
Other | Other | 1,522 | 1,221 | 3,899 | 7,717 | Other | 1,158 | 1,216 | 5,057 | 8,933 | ||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 125,882 | 124,042 | 255,109 | 251,547 | Total revenue | 129,372 | 125,569 | 384,481 | 377,116 | ||||||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | Operating expenses | ||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | 31,891 | 33,111 | 65,485 | 64,659 | Property operating expenses | 31,123 | 32,624 | 96,608 | 97,283 | ||||||||||||||||||||||||||||||||||||
Real estate taxes | Real estate taxes | 11,571 | 13,746 | 26,173 | 27,559 | Real estate taxes | 12,808 | 12,313 | 38,981 | 39,872 | ||||||||||||||||||||||||||||||||||||
Third party management expenses | Third party management expenses | 2,557 | 2,792 | 5,196 | 5,349 | Third party management expenses | 2,468 | 2,549 | 7,664 | 7,898 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 47,079 | 43,959 | 92,679 | 87,741 | Depreciation and amortization | 48,966 | 45,134 | 141,645 | 132,875 | ||||||||||||||||||||||||||||||||||||
General and administrative expenses | General and administrative expenses | 9,360 | 8,328 | 18,842 | 18,328 | General and administrative expenses | 8,069 | 7,564 | 26,911 | 25,892 | ||||||||||||||||||||||||||||||||||||
Provision for impairment | Provision for impairment | 4,468 | — | 4,468 | — | Provision for impairment | 11,666 | — | 16,134 | — | ||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 106,926 | 101,936 | 212,843 | 203,636 | Total operating expenses | 115,100 | 100,184 | 327,943 | 303,820 | ||||||||||||||||||||||||||||||||||||
Gain on sale of real estate | Gain on sale of real estate | Gain on sale of real estate | ||||||||||||||||||||||||||||||||||||||||||||
Net gain on disposition of real estate | Net gain on disposition of real estate | — | 144 | — | 144 | Net gain on disposition of real estate | — | 8,669 | — | 8,813 | ||||||||||||||||||||||||||||||||||||
Net gain on sale of undepreciated real estate | Net gain on sale of undepreciated real estate | — | 4,127 | 781 | 5,024 | Net gain on sale of undepreciated real estate | — | 2,983 | 781 | 8,007 | ||||||||||||||||||||||||||||||||||||
Total gain on sale of real estate | Total gain on sale of real estate | — | 4,271 | 781 | 5,168 | Total gain on sale of real estate | — | 11,652 | 781 | 16,820 | ||||||||||||||||||||||||||||||||||||
Operating income | Operating income | 18,956 | 26,377 | 43,047 | 53,079 | Operating income | 14,272 | 37,037 | 57,319 | 90,116 | ||||||||||||||||||||||||||||||||||||
Other income (expense): | Other income (expense): | Other income (expense): | ||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 520 | 449 | 1,025 | 889 | Interest income | 293 | 498 | 1,318 | 1,387 | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (23,669) | (16,341) | (46,322) | (32,083) | Interest expense | (24,355) | (17,061) | (70,677) | (49,144) | ||||||||||||||||||||||||||||||||||||
Interest expense - amortization of deferred financing costs | Interest expense - amortization of deferred financing costs | (1,114) | (805) | (2,141) | (1,514) | Interest expense - amortization of deferred financing costs | (1,110) | (745) | (3,251) | (2,259) | ||||||||||||||||||||||||||||||||||||
Equity in loss of unconsolidated real estate ventures | Equity in loss of unconsolidated real estate ventures | (7,598) | (4,981) | (13,765) | (9,544) | Equity in loss of unconsolidated real estate ventures | (10,739) | (6,260) | (24,504) | (15,804) | ||||||||||||||||||||||||||||||||||||
Net gain on real estate venture transactions | Net gain on real estate venture transactions | 181 | — | 181 | — | Net gain on real estate venture transactions | — | — | 181 | — | ||||||||||||||||||||||||||||||||||||
Net income (loss) before income taxes | Net income (loss) before income taxes | (12,724) | 4,699 | (17,975) | 10,827 | Net income (loss) before income taxes | (21,639) | 13,469 | (39,614) | 24,296 | ||||||||||||||||||||||||||||||||||||
Income tax provision | (13) | (48) | (38) | (75) | ||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (provision) | Income tax benefit (provision) | 3 | 9 | (35) | (66) | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | (12,737) | 4,651 | (18,013) | 10,752 | Net income (loss) | (21,636) | 13,478 | (39,649) | 24,230 | ||||||||||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | Net (income) loss attributable to noncontrolling interests | 41 | (14) | 58 | (22) | Net (income) loss attributable to noncontrolling interests | 82 | (37) | 140 | (59) | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Brandywine Realty Trust | Net income (loss) attributable to Brandywine Realty Trust | (12,696) | 4,637 | (17,955) | 10,730 | Net income (loss) attributable to Brandywine Realty Trust | (21,554) | 13,441 | (39,509) | 24,171 | ||||||||||||||||||||||||||||||||||||
Nonforfeitable dividends allocated to unvested restricted shareholders | Nonforfeitable dividends allocated to unvested restricted shareholders | (204) | (98) | (274) | (246) | Nonforfeitable dividends allocated to unvested restricted shareholders | (159) | (105) | (433) | (351) | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust | Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust | $ | (12,900) | $ | 4,539 | $ | (18,229) | $ | 10,484 | Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust | $ | (21,713) | $ | 13,336 | $ | (39,942) | $ | 23,820 | ||||||||||||||||||||||||||||
Basic income (loss) per Common Share | Basic income (loss) per Common Share | $ | (0.08) | $ | 0.03 | $ | (0.11) | $ | 0.06 | Basic income (loss) per Common Share | $ | (0.13) | $ | 0.08 | $ | (0.23) | $ | 0.14 | ||||||||||||||||||||||||||||
Diluted income (loss) per Common Share | Diluted income (loss) per Common Share | $ | (0.08) | $ | 0.03 | $ | (0.11) | $ | 0.06 | Diluted income (loss) per Common Share | $ | (0.13) | $ | 0.08 | $ | (0.23) | $ | 0.14 | ||||||||||||||||||||||||||||
Basic weighted average shares outstanding | Basic weighted average shares outstanding | 171,962,162 | 171,527,031 | 171,818,463 | 171,411,631 | Basic weighted average shares outstanding | 172,097,661 | 171,569,807 | 171,912,552 | 171,464,936 | ||||||||||||||||||||||||||||||||||||
Diluted weighted average shares outstanding | Diluted weighted average shares outstanding | 171,962,162 | 172,260,429 | 171,818,463 | 172,575,408 | Diluted weighted average shares outstanding | 172,097,661 | 172,152,256 | 171,912,552 | 172,435,153 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (12,737) | $ | 4,651 | $ | (18,013) | $ | 10,752 | Net income (loss) | $ | (21,636) | $ | 13,478 | $ | (39,649) | $ | 24,230 | ||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative financial instruments | Unrealized gain on derivative financial instruments | 6,646 | 1,747 | 1,355 | 5,511 | Unrealized gain on derivative financial instruments | 2,885 | 490 | 4,240 | 6,001 | ||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts (1) | Amortization of interest rate contracts (1) | — | 188 | — | 376 | Amortization of interest rate contracts (1) | — | 188 | — | 564 | ||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 6,646 | 1,935 | 1,355 | 5,887 | Total comprehensive income | 2,885 | 678 | 4,240 | 6,565 | ||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | (6,091) | 6,586 | (16,658) | 16,639 | Comprehensive income (loss) | (18,751) | 14,156 | (35,409) | 30,795 | ||||||||||||||||||||||||||||||||||||
Comprehensive (income) loss attributable to noncontrolling interest | Comprehensive (income) loss attributable to noncontrolling interest | 21 | (20) | 22 | (40) | Comprehensive (income) loss attributable to noncontrolling interest | 106 | (39) | 128 | (79) | ||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Brandywine Realty Trust | Comprehensive income (loss) attributable to Brandywine Realty Trust | $ | (6,070) | $ | 6,566 | $ | (16,636) | $ | 16,599 | Comprehensive income (loss) attributable to Brandywine Realty Trust | $ | (18,645) | $ | 14,117 | $ | (35,281) | $ | 30,716 |
Number of Common Shares | Number of Rabbi Trust/Deferred Compensation Shares | Common Shares of Brandywine Realty Trust's beneficial interest | Additional Paid-in Capital | Deferred Compensation Payable in Common Shares | Common Shares in Grantor Trust | Cumulative Earnings | Accumulated Other Comprehensive Income (Loss) | Cumulative Distributions | Noncontrolling Interests | Total | Number of Common Shares | Number of Rabbi Trust/Deferred Compensation Shares | Common Shares of Brandywine Realty Trust's beneficial interest | Additional Paid-in Capital | Deferred Compensation Payable in Common Shares | Common Shares in Grantor Trust | Cumulative Earnings | Accumulated Other Comprehensive Income (Loss) | Cumulative Distributions | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2022 | BALANCE, December 31, 2022 | 171,569,807 | 1,179,643 | $ | 1,716 | $ | 3,153,229 | $ | 19,601 | $ | (19,601) | $ | 1,176,195 | $ | 3,897 | $ | (2,709,405) | $ | 7,702 | $ | 1,633,334 | BALANCE, December 31, 2022 | 171,569,807 | 1,179,643 | $ | 1,716 | $ | 3,153,229 | $ | 19,601 | $ | (19,601) | $ | 1,176,195 | $ | 3,897 | $ | (2,709,405) | $ | 7,702 | $ | 1,633,334 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | (5,259) | (17) | (5,276) | Net loss | (5,259) | (17) | (5,276) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | (5,307) | 16 | (5,291) | Other comprehensive income (loss) | (5,307) | 16 | (5,291) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation activity | Share-based compensation activity | 171,318 | 22,449 | 1 | 3,370 | 3,371 | Share-based compensation activity | 171,318 | 22,449 | 1 | 3,370 | 3,371 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Issuance from/(to) Deferred Compensation Plan | Share Issuance from/(to) Deferred Compensation Plan | (13,422) | (48,733) | (88) | 145 | (145) | (88) | Share Issuance from/(to) Deferred Compensation Plan | (13,422) | (48,733) | (88) | 145 | (145) | (88) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of Noncontrolling interest | Reallocation of Noncontrolling interest | (4) | 4 | — | Reallocation of Noncontrolling interest | (4) | 4 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared $0.19 per share) | Distributions declared $0.19 per share) | (32,734) | (98) | (32,832) | Distributions declared $0.19 per share) | (32,734) | (98) | (32,832) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, March 31, 2023 | BALANCE, March 31, 2023 | 171,727,703 | 1,153,359 | $ | 1,717 | $ | 3,156,507 | $ | 19,746 | $ | (19,746) | $ | 1,170,936 | $ | (1,410) | $ | (2,742,139) | $ | 7,607 | $ | 1,593,218 | BALANCE, March 31, 2023 | 171,727,703 | 1,153,359 | $ | 1,717 | $ | 3,156,507 | $ | 19,746 | $ | (19,746) | $ | 1,170,936 | $ | (1,410) | $ | (2,742,139) | $ | 7,607 | $ | 1,593,218 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | (12,696) | (41) | (12,737) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | (12,696) | (41) | (12,737) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 6,626 | 20 | 6,646 | Other comprehensive income | 6,626 | 20 | 6,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation activity | Share-based compensation activity | 374,226 | 54,056 | 2 | 2,614 | 2,616 | Share-based compensation activity | 374,226 | 54,056 | 2 | 2,614 | 2,616 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Issuance from/(to) Deferred Compensation Plan | Share Issuance from/(to) Deferred Compensation Plan | 219 | (219) | — | Share Issuance from/(to) Deferred Compensation Plan | 219 | (219) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of Noncontrolling interest | Reallocation of Noncontrolling interest | 155 | (155) | — | Reallocation of Noncontrolling interest | 155 | (155) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared $0.19 per share) | Distributions declared $0.19 per share) | (32,985) | (98) | (33,083) | Distributions declared $0.19 per share) | (32,985) | (98) | (33,083) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, June 30, 2023 | BALANCE, June 30, 2023 | 172,101,929 | 1,207,415 | $ | 1,719 | $ | 3,159,276 | $ | 19,965 | $ | (19,965) | $ | 1,158,240 | $ | 5,216 | $ | (2,775,124) | $ | 7,333 | $ | 1,556,660 | BALANCE, June 30, 2023 | 172,101,929 | 1,207,415 | $ | 1,719 | $ | 3,159,276 | $ | 19,965 | $ | (19,965) | $ | 1,158,240 | $ | 5,216 | $ | (2,775,124) | $ | 7,333 | $ | 1,556,660 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | (21,554) | (82) | (21,636) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 2,909 | (24) | 2,885 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation activity | Share-based compensation activity | 2,506 | 2,506 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Issuance from/(to) Deferred Compensation Plan | Share Issuance from/(to) Deferred Compensation Plan | (4,268) | (13,288) | (20) | (20) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of Noncontrolling interest | Reallocation of Noncontrolling interest | (194) | 194 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared $0.15 per share) | Distributions declared $0.15 per share) | (25,950) | (77) | (26,027) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, September 30, 2023 | BALANCE, September 30, 2023 | 172,097,661 | 1,194,127 | 1,719 | 3,161,568 | 19,965 | (19,965) | 1,136,686 | 8,125 | (2,801,074) | 7,344 | 1,514,368 |
Number of Common Shares | Number of Rabbi Trust/Deferred Compensation Shares | Common Shares of Brandywine Realty Trust's beneficial interest | Additional Paid-in Capital | Deferred Compensation Payable in Common Shares | Common Shares in Grantor Trust | Cumulative Earnings | Accumulated Other Comprehensive Income (Loss) | Cumulative Distributions | Noncontrolling Interests | Total | Number of Common Shares | Number of Rabbi Trust/Deferred Compensation Shares | Common Shares of Brandywine Realty Trust's beneficial interest | Additional Paid-in Capital | Deferred Compensation Payable in Common Shares | Common Shares in Grantor Trust | Cumulative Earnings | Accumulated Other Comprehensive Income (Loss) | Cumulative Distributions | Noncontrolling Interests | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2021 | BALANCE, December 31, 2021 | 171,126,257 | 1,169,703 | $ | 1,712 | $ | 3,146,786 | $ | 18,491 | $ | (18,491) | $ | 1,122,372 | $ | (2,020) | $ | (2,578,583) | $ | 10,952 | $ | 1,701,219 | BALANCE, December 31, 2021 | 171,126,257 | 1,169,703 | $ | 1,712 | $ | 3,146,786 | $ | 18,491 | $ | (18,491) | $ | 1,122,372 | $ | (2,020) | $ | (2,578,583) | $ | 10,952 | $ | 1,701,219 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 6,093 | 8 | 6,101 | Net income | 6,093 | 8 | 6,101 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 3,940 | 12 | 3,952 | Other comprehensive income | 3,940 | 12 | 3,952 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of LP Units | Redemption of LP Units | (4,006) | (4,006) | Redemption of LP Units | (4,006) | (4,006) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation activity | Share-based compensation activity | 277,061 | 68,540 | 2 | 1,653 | 1,655 | Share-based compensation activity | 277,061 | 68,540 | 2 | 1,653 | 1,655 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Issuance from/(to) Deferred Compensation Plan | Share Issuance from/(to) Deferred Compensation Plan | (19,406) | (52,702) | (249) | 895 | (895) | (249) | Share Issuance from/(to) Deferred Compensation Plan | (19,406) | (52,702) | (249) | 895 | (895) | (249) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reallocation of Noncontrolling interest | Reallocation of Noncontrolling interest | (959) | 959 | — | Reallocation of Noncontrolling interest | (959) | 959 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared ($0.38 per share) | (32,711) | (98) | (32,809) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared ($0.19 per share) | Distributions declared ($0.19 per share) | (32,711) | (98) | (32,809) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, March 31, 2022 | BALANCE, March 31, 2022 | 171,383,912 | 1,185,541 | $ | 1,714 | $ | 3,147,231 | $ | 19,386 | $ | (19,386) | $ | 1,128,465 | $ | 1,920 | $ | (2,611,294) | $ | 7,827 | $ | 1,675,863 | BALANCE, March 31, 2022 | 171,383,912 | 1,185,541 | $ | 1,714 | $ | 3,147,231 | $ | 19,386 | $ | (19,386) | $ | 1,128,465 | $ | 1,920 | $ | (2,611,294) | $ | 7,827 | $ | 1,675,863 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | 4,637 | 14 | 4,651 | Net loss | 4,637 | 14 | 4,651 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 1,929 | 6 | 1,935 | Other comprehensive income | 1,929 | 6 | 1,935 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation activity | Share-based compensation activity | 191,368 | 16,844 | 2 | 1,915 | 1,917 | Share-based compensation activity | 191,368 | 16,844 | 2 | 1,915 | 1,917 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Issuance from/(to) Deferred Compensation Plan | Share Issuance from/(to) Deferred Compensation Plan | 215 | (215) | — | Share Issuance from/(to) Deferred Compensation Plan | 215 | (215) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared ($0.19 per share) | Distributions declared ($0.19 per share) | (32,705) | (98) | (32,803) | Distributions declared ($0.19 per share) | (32,705) | (98) | (32,803) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, June 30, 2022 | BALANCE, June 30, 2022 | 171,575,280 | 1,202,385 | $ | 1,716 | $ | 3,149,146 | $ | 19,601 | $ | (19,601) | $ | 1,133,102 | $ | 3,849 | $ | (2,643,999) | $ | 7,749 | $ | 1,651,563 | BALANCE, June 30, 2022 | 171,575,280 | 1,202,385 | $ | 1,716 | $ | 3,149,146 | $ | 19,601 | $ | (19,601) | $ | 1,133,102 | $ | 3,849 | $ | (2,643,999) | $ | 7,749 | $ | 1,651,563 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 13,441 | 37 | 13,478 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 676 | 2 | 678 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation activity | Share-based compensation activity | 1,100 | 2,094 | 2,094 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Issuance from/(to) Deferred Compensation Plan | Share Issuance from/(to) Deferred Compensation Plan | (6,573) | (22,742) | (63) | (63) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared ($0.19 per share) | Distributions declared ($0.19 per share) | (32,703) | (98) | (32,801) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, September 30, 2022 | BALANCE, September 30, 2022 | 171,569,807 | 1,179,643 | 1,716 | 3,151,177 | 19,601 | (19,601) | 1,146,543 | 4,525 | (2,676,702) | 7,690 | 1,634,949 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (18,013) | $ | 10,752 | Net income (loss) | $ | (39,649) | $ | 24,230 | ||||||||||||
Adjustments to reconcile net income to net cash from operating activities: | Adjustments to reconcile net income to net cash from operating activities: | Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 92,679 | 87,741 | Depreciation and amortization | 141,645 | 132,875 | ||||||||||||||||
Amortization of deferred financing costs | Amortization of deferred financing costs | 2,141 | 1,514 | Amortization of deferred financing costs | 3,251 | 2,259 | ||||||||||||||||
Amortization of debt discount/(premium), net | Amortization of debt discount/(premium), net | (516) | (975) | Amortization of debt discount/(premium), net | (774) | (1,463) | ||||||||||||||||
Amortization of stock compensation costs | Amortization of stock compensation costs | 6,073 | 5,419 | Amortization of stock compensation costs | 8,305 | 7,232 | ||||||||||||||||
Straight-line rent income | Straight-line rent income | (4,600) | (5,042) | Straight-line rent income | (6,612) | (8,958) | ||||||||||||||||
Amortization of acquired above (below) market leases, net | Amortization of acquired above (below) market leases, net | (760) | (1,664) | Amortization of acquired above (below) market leases, net | (993) | (2,189) | ||||||||||||||||
Ground rent expense | Ground rent expense | 401 | 408 | Ground rent expense | 601 | 611 | ||||||||||||||||
Net gain on real estate venture transactions | Net gain on real estate venture transactions | (181) | — | Net gain on real estate venture transactions | (181) | — | ||||||||||||||||
Total gain on sale of real estate | Total gain on sale of real estate | (781) | (5,168) | Total gain on sale of real estate | (781) | (16,820) | ||||||||||||||||
Provision for impairment | Provision for impairment | 4,468 | — | Provision for impairment | 16,134 | — | ||||||||||||||||
Loss from unconsolidated real estate ventures, including income distributions | Loss from unconsolidated real estate ventures, including income distributions | 13,765 | 9,544 | Loss from unconsolidated real estate ventures, including income distributions | 24,504 | 15,049 | ||||||||||||||||
Income tax provision | Income tax provision | 38 | 75 | Income tax provision | 35 | 66 | ||||||||||||||||
Changes in assets and liabilities: | Changes in assets and liabilities: | Changes in assets and liabilities: | ||||||||||||||||||||
Accounts receivable | Accounts receivable | (469) | (1,254) | Accounts receivable | (2,362) | 933 | ||||||||||||||||
Other assets | Other assets | (12,604) | (2,711) | Other assets | (24,619) | (9,949) | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | (21,271) | (19,484) | Accounts payable and accrued expenses | (8,992) | 3,240 | ||||||||||||||||
Deferred income, gains and rent | Deferred income, gains and rent | 285 | (2,487) | Deferred income, gains and rent | (1,196) | (666) | ||||||||||||||||
Other liabilities | Other liabilities | 649 | 1,826 | Other liabilities | 3,089 | 1,712 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 61,304 | 78,494 | Net cash provided by operating activities | 111,405 | 148,162 | ||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||
Acquisition of properties | Acquisition of properties | — | (3,446) | Acquisition of properties | — | (3,446) | ||||||||||||||||
Proceeds from the sale of properties | Proceeds from the sale of properties | — | 34,146 | Proceeds from the sale of properties | 51,285 | 35,462 | ||||||||||||||||
Capital expenditures for tenant improvements | Capital expenditures for tenant improvements | (24,431) | (35,545) | Capital expenditures for tenant improvements | (34,219) | (67,782) | ||||||||||||||||
Capital expenditures for redevelopments | Capital expenditures for redevelopments | (34,827) | (56,472) | Capital expenditures for redevelopments | (42,592) | (74,383) | ||||||||||||||||
Capital expenditures for developments | Capital expenditures for developments | (18,341) | (82,252) | Capital expenditures for developments | (30,149) | (82,507) | ||||||||||||||||
Advances for the purchase of tenant assets, net of repayments | Advances for the purchase of tenant assets, net of repayments | (26) | (447) | Advances for the purchase of tenant assets, net of repayments | (9,292) | (447) | ||||||||||||||||
Investment in unconsolidated real estate ventures | Investment in unconsolidated real estate ventures | (60,290) | (27,807) | Investment in unconsolidated real estate ventures | (72,715) | (43,681) | ||||||||||||||||
Deposits for real estate | Deposits for real estate | 3,500 | (7,550) | Deposits for real estate | 3,500 | (7,450) | ||||||||||||||||
Capital distributions from unconsolidated real estate ventures | Capital distributions from unconsolidated real estate ventures | 2,250 | 5,720 | Capital distributions from unconsolidated real estate ventures | 2,700 | 8,930 | ||||||||||||||||
Leasing costs paid | Leasing costs paid | (5,697) | (15,209) | Leasing costs paid | (7,969) | (20,096) | ||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (137,862) | (188,862) | Net cash used in investing activities | (139,451) | (255,400) | ||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from credit facility borrowings | Proceeds from credit facility borrowings | 136,000 | 196,000 | Proceeds from credit facility borrowings | 172,000 | 260,000 | ||||||||||||||||
Repayments of credit facility borrowings | Repayments of credit facility borrowings | (224,500) | (5,000) | Repayments of credit facility borrowings | (260,500) | (37,000) | ||||||||||||||||
Repayments of unsecured notes | Repayments of unsecured notes | (54,301) | — | Repayments of unsecured notes | (54,301) | — | ||||||||||||||||
Proceeds from unsecured term loan | Proceeds from unsecured term loan | 70,000 | — | Proceeds from unsecured term loan | 70,000 | — | ||||||||||||||||
Proceeds from secured term loan | Proceeds from secured term loan | 245,000 | — | Proceeds from secured term loan | 245,000 | — | ||||||||||||||||
Debt financing costs paid | Debt financing costs paid | (4,455) | (6,641) | Debt financing costs paid | (4,371) | (6,641) | ||||||||||||||||
Shares used for employee taxes upon vesting of share awards | Shares used for employee taxes upon vesting of share awards | (952) | (2,935) | Shares used for employee taxes upon vesting of share awards | (952) | (2,941) | ||||||||||||||||
Redemption of limited partnership units | Redemption of limited partnership units | — | (4,006) | Redemption of limited partnership units | — | (4,006) | ||||||||||||||||
Distributions paid to shareholders | Distributions paid to shareholders | (65,438) | (65,315) | Distributions paid to shareholders | (98,306) | (98,020) | ||||||||||||||||
Distributions to noncontrolling interest | Distributions to noncontrolling interest | (196) | (255) | Distributions to noncontrolling interest | (294) | (353) | ||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 101,158 | 111,848 | Net cash provided by financing activities | 68,276 | 111,039 | ||||||||||||||||
Increase in cash and cash equivalents and restricted cash | Increase in cash and cash equivalents and restricted cash | 24,600 | 1,480 | Increase in cash and cash equivalents and restricted cash | 40,230 | 3,801 | ||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | Cash and cash equivalents and restricted cash at beginning of period | 18,387 | 28,300 | Cash and cash equivalents and restricted cash at beginning of period | 18,387 | 28,300 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 42,987 | $ | 29,780 | Cash and cash equivalents and restricted cash at end of period | $ | 58,617 | $ | 32,101 | ||||||||||||
Reconciliation of cash and cash equivalents and restricted cash: | Reconciliation of cash and cash equivalents and restricted cash: | Reconciliation of cash and cash equivalents and restricted cash: | ||||||||||||||||||||
Cash and cash equivalents, beginning of period | Cash and cash equivalents, beginning of period | $ | 17,551 | $ | 27,463 | Cash and cash equivalents, beginning of period | $ | 17,551 | $ | 27,463 | ||||||||||||
Restricted cash, beginning of period | Restricted cash, beginning of period | 836 | 837 | Restricted cash, beginning of period | 836 | 837 | ||||||||||||||||
Cash and cash equivalents and restricted cash, beginning of period | Cash and cash equivalents and restricted cash, beginning of period | $ | 18,387 | $ | 28,300 | Cash and cash equivalents and restricted cash, beginning of period | $ | 18,387 | $ | 28,300 | ||||||||||||
Cash and cash equivalents, end of period | Cash and cash equivalents, end of period | $ | 32,111 | $ | 28,849 | Cash and cash equivalents, end of period | $ | 47,872 | $ | 31,198 | ||||||||||||
Restricted cash, end of period | Restricted cash, end of period | 10,876 | 931 | Restricted cash, end of period | 10,745 | 903 | ||||||||||||||||
Cash and cash equivalents and restricted cash, end of period | Cash and cash equivalents and restricted cash, end of period | $ | 42,987 | $ | 29,780 | Cash and cash equivalents and restricted cash, end of period | $ | 58,617 | $ | 32,101 | ||||||||||||
Supplemental disclosure: | Supplemental disclosure: | Supplemental disclosure: | ||||||||||||||||||||
Cash paid for interest, net of capitalized interest during the six months ended June 30, 2023 and 2022 of $8,587 and $4,442, respectively | $ | 50,480 | $ | 37,961 | ||||||||||||||||||
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2023 and 2022 of $12,602 and $7,274, respectively | Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2023 and 2022 of $12,602 and $7,274, respectively | $ | 73,217 | $ | 47,711 | |||||||||||||||||
Cash paid for income taxes | Cash paid for income taxes | 550 | 902 | Cash paid for income taxes | 550 | 902 | ||||||||||||||||
Supplemental disclosure of non-cash activity: | Supplemental disclosure of non-cash activity: | Supplemental disclosure of non-cash activity: | ||||||||||||||||||||
Dividends and distributions declared but not paid | Dividends and distributions declared but not paid | 32,957 | 32,800 | Dividends and distributions declared but not paid | 26,027 | 32,805 | ||||||||||||||||
Change in investment in real estate ventures as a result of deconsolidation | Change in investment in real estate ventures as a result of deconsolidation | 8,595 | — | Change in investment in real estate ventures as a result of deconsolidation | 8,595 | 107,057 | ||||||||||||||||
Change in operating real estate from deconsolidation of operating properties | Change in operating real estate from deconsolidation of operating properties | (7,814) | — | Change in operating real estate from deconsolidation of operating properties | (7,814) | (105,405) | ||||||||||||||||
Change in other assets as a result of deconsolidation of operating properties | Change in other assets as a result of deconsolidation of operating properties | — | (1,652) | |||||||||||||||||||
Change in other assets as a result of investing activities | Change in other assets as a result of investing activities | — | 13,396 | Change in other assets as a result of investing activities | — | 13,396 | ||||||||||||||||
Change in capital expenditures financed through accounts payable at period end | Change in capital expenditures financed through accounts payable at period end | 1,292 | 10,283 | Change in capital expenditures financed through accounts payable at period end | 4,276 | (11,020) | ||||||||||||||||
Change in capital expenditures financed through retention payable at period end | Change in capital expenditures financed through retention payable at period end | 2,039 | (1,097) | Change in capital expenditures financed through retention payable at period end | 2,587 | (4,609) |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Real estate investments: | Real estate investments: | Real estate investments: | ||||||||||||||||||||
Operating properties | Operating properties | $ | 3,597,211 | $ | 3,617,240 | Operating properties | $ | 3,694,633 | $ | 3,617,240 | ||||||||||||
Accumulated depreciation | Accumulated depreciation | (1,125,145) | (1,063,060) | Accumulated depreciation | (1,153,030) | (1,063,060) | ||||||||||||||||
Right of use asset - operating leases, net | Right of use asset - operating leases, net | 19,346 | 19,664 | Right of use asset - operating leases, net | 19,188 | 19,664 | ||||||||||||||||
Operating real estate investments, net | Operating real estate investments, net | 2,491,412 | 2,573,844 | Operating real estate investments, net | 2,560,791 | 2,573,844 | ||||||||||||||||
Construction-in-progress | Construction-in-progress | 245,677 | 218,869 | Construction-in-progress | 143,929 | 218,869 | ||||||||||||||||
Land held for development | Land held for development | 71,493 | 76,499 | Land held for development | 76,058 | 76,499 | ||||||||||||||||
Prepaid leasehold interests in land held for development, net | Prepaid leasehold interests in land held for development, net | 27,762 | 35,576 | Prepaid leasehold interests in land held for development, net | 27,762 | 35,576 | ||||||||||||||||
Total real estate investments, net | Total real estate investments, net | 2,836,344 | 2,904,788 | Total real estate investments, net | 2,808,540 | 2,904,788 | ||||||||||||||||
Assets held for sale, net | 52,664 | — | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 32,111 | 17,551 | Cash and cash equivalents | 47,872 | 17,551 | ||||||||||||||||
Restricted cash and escrows | Restricted cash and escrows | 10,876 | — | Restricted cash and escrows | 10,745 | — | ||||||||||||||||
Accounts receivable | Accounts receivable | 11,654 | 11,003 | Accounts receivable | 23,130 | 11,003 | ||||||||||||||||
Accrued rent receivable, net of allowance of $3,778 and $3,947 as of June 30, 2023 and December 31, 2022, respectively | 183,191 | 179,771 | ||||||||||||||||||||
Accrued rent receivable, net of allowance of $3,158 and $3,947 as of September 30, 2023 and December 31, 2022, respectively | Accrued rent receivable, net of allowance of $3,158 and $3,947 as of September 30, 2023 and December 31, 2022, respectively | 185,135 | 179,771 | |||||||||||||||||||
Investment in unconsolidated real estate ventures | Investment in unconsolidated real estate ventures | 630,505 | 567,635 | Investment in unconsolidated real estate ventures | 638,096 | 567,635 | ||||||||||||||||
Deferred costs, net | Deferred costs, net | 95,102 | 96,639 | Deferred costs, net | 98,049 | 96,639 | ||||||||||||||||
Intangible assets, net | Intangible assets, net | 11,676 | 18,451 | Intangible assets, net | 8,539 | 18,451 | ||||||||||||||||
Other assets | Other assets | 90,362 | 78,667 | Other assets | 102,557 | 78,667 | ||||||||||||||||
Total assets | Total assets | $ | 3,954,485 | $ | 3,874,505 | Total assets | $ | 3,922,663 | $ | 3,874,505 | ||||||||||||
LIABILITIES AND PARTNERS' EQUITY | LIABILITIES AND PARTNERS' EQUITY | LIABILITIES AND PARTNERS' EQUITY | ||||||||||||||||||||
Mortgage notes payable, net | Mortgage notes payable, net | $ | 241,383 | $ | — | Mortgage notes payable, net | $ | 241,654 | $ | — | ||||||||||||
Unsecured credit facility | Unsecured credit facility | — | 88,500 | Unsecured credit facility | — | 88,500 | ||||||||||||||||
Unsecured term loan, net | Unsecured term loan, net | 318,065 | 248,168 | Unsecured term loan, net | 318,282 | 248,168 | ||||||||||||||||
Unsecured senior notes, net | Unsecured senior notes, net | 1,574,373 | 1,628,370 | Unsecured senior notes, net | 1,574,524 | 1,628,370 | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | 116,913 | 132,440 | Accounts payable and accrued expenses | 132,731 | 132,440 | ||||||||||||||||
Distributions payable | Distributions payable | 32,957 | 32,792 | Distributions payable | 26,018 | 32,792 | ||||||||||||||||
Deferred income, gains and rent | Deferred income, gains and rent | 24,786 | 25,082 | Deferred income, gains and rent | 23,222 | 25,082 | ||||||||||||||||
Intangible liabilities, net | Intangible liabilities, net | 8,811 | 10,322 | Intangible liabilities, net | 8,536 | 10,322 | ||||||||||||||||
Liabilities related to assets held for sale, net | 1,041 | — | ||||||||||||||||||||
Lease liability - operating leases | Lease liability - operating leases | 23,268 | 23,166 | Lease liability - operating leases | 23,318 | 23,166 | ||||||||||||||||
Other liabilities | Other liabilities | 56,228 | 52,331 | Other liabilities | 60,010 | 52,331 | ||||||||||||||||
Total liabilities | Total liabilities | $ | 2,397,825 | $ | 2,241,171 | Total liabilities | $ | 2,408,295 | $ | 2,241,171 | ||||||||||||
Commitments and contingencies (See Note 14) | Commitments and contingencies (See Note 14) | Commitments and contingencies (See Note 14) | ||||||||||||||||||||
Redeemable limited partnership units at redemption value; 516,467 and 516,467 issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 2,318 | 3,195 | ||||||||||||||||||||
Redeemable limited partnership units at redemption value; 516,467 and 516,467 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | Redeemable limited partnership units at redemption value; 516,467 and 516,467 issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 2,282 | 3,195 | |||||||||||||||||||
Brandywine Operating Partnership, L.P.'s equity: | Brandywine Operating Partnership, L.P.'s equity: | Brandywine Operating Partnership, L.P.'s equity: | ||||||||||||||||||||
General Partnership Capital; $172,101,929 and 171,569,807 units issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 1,546,587 | 1,623,738 | ||||||||||||||||||||
General Partnership Capital; $172,097,661 and 171,569,807 units issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | General Partnership Capital; $172,097,661 and 171,569,807 units issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 1,501,466 | 1,623,738 | |||||||||||||||||||
Accumulated other comprehensive income | Accumulated other comprehensive income | 4,924 | 3,569 | Accumulated other comprehensive income | 7,809 | 3,569 | ||||||||||||||||
Total Brandywine Operating Partnership, L.P.'s equity | Total Brandywine Operating Partnership, L.P.'s equity | 1,551,511 | 1,627,307 | Total Brandywine Operating Partnership, L.P.'s equity | 1,509,275 | 1,627,307 | ||||||||||||||||
Noncontrolling interest - consolidated real estate ventures | Noncontrolling interest - consolidated real estate ventures | 2,831 | 2,832 | Noncontrolling interest - consolidated real estate ventures | 2,811 | 2,832 | ||||||||||||||||
Total partners' equity | Total partners' equity | $ | 1,554,342 | $ | 1,630,139 | Total partners' equity | $ | 1,512,086 | $ | 1,630,139 | ||||||||||||
Total liabilities and partners' equity | Total liabilities and partners' equity | $ | 3,954,485 | $ | 3,874,505 | Total liabilities and partners' equity | $ | 3,922,663 | $ | 3,874,505 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Revenue | Revenue | Revenue | ||||||||||||||||||||||||||||||||||||||||||||
Rents | Rents | $ | 118,133 | $ | 116,897 | $ | 238,981 | $ | 232,798 | Rents | $ | 121,661 | $ | 117,481 | $ | 360,642 | $ | 350,279 | ||||||||||||||||||||||||||||
Third party management fees, labor reimbursement and leasing | Third party management fees, labor reimbursement and leasing | 6,227 | 5,924 | 12,229 | 11,032 | Third party management fees, labor reimbursement and leasing | 6,553 | 6,872 | 18,782 | 17,904 | ||||||||||||||||||||||||||||||||||||
Other | Other | 1,522 | 1,221 | 3,899 | 7,717 | Other | 1,158 | 1,216 | 5,057 | 8,933 | ||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 125,882 | 124,042 | 255,109 | 251,547 | Total revenue | 129,372 | 125,569 | 384,481 | 377,116 | ||||||||||||||||||||||||||||||||||||
Operating expenses | Operating expenses | Operating expenses | ||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | 31,891 | 33,111 | 65,485 | 64,659 | Property operating expenses | 31,123 | 32,624 | 96,608 | 97,283 | ||||||||||||||||||||||||||||||||||||
Real estate taxes | Real estate taxes | 11,571 | 13,746 | 26,173 | 27,559 | Real estate taxes | 12,808 | 12,313 | 38,981 | 39,872 | ||||||||||||||||||||||||||||||||||||
Third party management expenses | Third party management expenses | 2,557 | 2,792 | 5,196 | 5,349 | Third party management expenses | 2,468 | 2,549 | 7,664 | 7,898 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 47,079 | 43,959 | 92,679 | 87,741 | Depreciation and amortization | 48,966 | 45,134 | 141,645 | 132,875 | ||||||||||||||||||||||||||||||||||||
General and administrative expenses | General and administrative expenses | 9,360 | 8,328 | 18,842 | 18,328 | General and administrative expenses | 8,069 | 7,564 | 26,911 | 25,892 | ||||||||||||||||||||||||||||||||||||
Provision for impairment | Provision for impairment | 4,468 | — | 4,468 | — | Provision for impairment | 11,666 | — | 16,134 | — | ||||||||||||||||||||||||||||||||||||
Total operating expenses | Total operating expenses | 106,926 | 101,936 | 212,843 | 203,636 | Total operating expenses | 115,100 | 100,184 | 327,943 | 303,820 | ||||||||||||||||||||||||||||||||||||
Gain on sale of real estate | Gain on sale of real estate | Gain on sale of real estate | ||||||||||||||||||||||||||||||||||||||||||||
Net gain on disposition of real estate | Net gain on disposition of real estate | — | 144 | — | 144 | Net gain on disposition of real estate | — | 8,669 | — | 8,813 | ||||||||||||||||||||||||||||||||||||
Net gain on sale of undepreciated real estate | Net gain on sale of undepreciated real estate | — | 4,127 | 781 | 5,024 | Net gain on sale of undepreciated real estate | — | 2,983 | 781 | 8,007 | ||||||||||||||||||||||||||||||||||||
Total gain on sale of real estate | Total gain on sale of real estate | — | 4,271 | 781 | 5,168 | Total gain on sale of real estate | — | 11,652 | 781 | 16,820 | ||||||||||||||||||||||||||||||||||||
Operating income | Operating income | 18,956 | 26,377 | 43,047 | 53,079 | Operating income | 14,272 | 37,037 | 57,319 | 90,116 | ||||||||||||||||||||||||||||||||||||
Other income (expense): | Other income (expense): | Other income (expense): | ||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 520 | 449 | 1,025 | 889 | Interest income | 293 | 498 | 1,318 | 1,387 | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (23,669) | (16,341) | (46,322) | (32,083) | Interest expense | (24,355) | (17,061) | (70,677) | (49,144) | ||||||||||||||||||||||||||||||||||||
Interest expense - amortization of deferred financing costs | Interest expense - amortization of deferred financing costs | (1,114) | (805) | (2,141) | (1,514) | Interest expense - amortization of deferred financing costs | (1,110) | (745) | (3,251) | (2,259) | ||||||||||||||||||||||||||||||||||||
Equity in loss of unconsolidated real estate ventures | Equity in loss of unconsolidated real estate ventures | (7,598) | (4,981) | (13,765) | (9,544) | Equity in loss of unconsolidated real estate ventures | (10,739) | (6,260) | (24,504) | (15,804) | ||||||||||||||||||||||||||||||||||||
Net gain on real estate venture transactions | Net gain on real estate venture transactions | 181 | — | 181 | — | Net gain on real estate venture transactions | — | — | 181 | — | ||||||||||||||||||||||||||||||||||||
Net income (loss) before income taxes | Net income (loss) before income taxes | (12,724) | 4,699 | (17,975) | 10,827 | Net income (loss) before income taxes | (21,639) | 13,469 | (39,614) | 24,296 | ||||||||||||||||||||||||||||||||||||
Income tax provision | (13) | (48) | (38) | (75) | ||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (provision) | Income tax benefit (provision) | 3 | 9 | (35) | (66) | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | (12,737) | 4,651 | (18,013) | 10,752 | Net income (loss) | (21,636) | 13,478 | (39,649) | 24,230 | ||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests - consolidated real estate ventures | Net loss attributable to noncontrolling interests - consolidated real estate ventures | — | 2 | 1 | 4 | Net loss attributable to noncontrolling interests - consolidated real estate ventures | 20 | 1 | 21 | 5 | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Brandywine Operating Partnership | Net income (loss) attributable to Brandywine Operating Partnership | (12,737) | 4,653 | (18,012) | 10,756 | Net income (loss) attributable to Brandywine Operating Partnership | (21,616) | 13,479 | (39,628) | 24,235 | ||||||||||||||||||||||||||||||||||||
Nonforfeitable dividends allocated to unvested restricted unitholders | Nonforfeitable dividends allocated to unvested restricted unitholders | (204) | (98) | (274) | (246) | Nonforfeitable dividends allocated to unvested restricted unitholders | (159) | (105) | (433) | (351) | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Common Partnership Unitholders of Brandywine Operating Partnership, L.P. | Net income (loss) attributable to Common Partnership Unitholders of Brandywine Operating Partnership, L.P. | $ | (12,941) | $ | 4,555 | $ | (18,286) | $ | 10,510 | Net income (loss) attributable to Common Partnership Unitholders of Brandywine Operating Partnership, L.P. | $ | (21,775) | $ | 13,374 | $ | (40,061) | $ | 23,884 | ||||||||||||||||||||||||||||
Basic income (loss) per Common Partnership Unit | Basic income (loss) per Common Partnership Unit | $ | (0.08) | $ | 0.03 | $ | (0.11) | $ | 0.06 | Basic income (loss) per Common Partnership Unit | $ | (0.13) | $ | 0.08 | $ | (0.23) | $ | 0.14 | ||||||||||||||||||||||||||||
Diluted income (loss) per Common Partnership Unit | Diluted income (loss) per Common Partnership Unit | $ | (0.08) | $ | 0.03 | $ | (0.11) | $ | 0.06 | Diluted income (loss) per Common Partnership Unit | $ | (0.13) | $ | 0.08 | $ | (0.23) | $ | 0.14 | ||||||||||||||||||||||||||||
Basic weighted average common partnership units outstanding | Basic weighted average common partnership units outstanding | 172,478,629 | 172,043,498 | 172,334,930 | 171,985,863 | Basic weighted average common partnership units outstanding | 172,614,128 | 172,086,274 | 172,429,019 | 172,019,701 | ||||||||||||||||||||||||||||||||||||
Diluted weighted average common partnership units outstanding | Diluted weighted average common partnership units outstanding | 172,478,629 | 172,776,896 | 172,334,930 | 173,149,640 | Diluted weighted average common partnership units outstanding | 172,614,128 | 172,668,723 | 172,429,019 | 172,989,918 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (12,737) | $ | 4,651 | $ | (18,013) | $ | 10,752 | Net income (loss) | $ | (21,636) | $ | 13,478 | $ | (39,649) | $ | 24,230 | ||||||||||||||||||||||||||||
Comprehensive income: | Comprehensive income: | Comprehensive income: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on derivative financial instruments | Unrealized gain on derivative financial instruments | 6,646 | 1,747 | 1,355 | 5,511 | Unrealized gain on derivative financial instruments | 2,885 | 490 | 4,240 | 6,001 | ||||||||||||||||||||||||||||||||||||
Amortization of interest rate contracts (1) | Amortization of interest rate contracts (1) | — | 188 | — | 376 | Amortization of interest rate contracts (1) | — | 188 | — | 564 | ||||||||||||||||||||||||||||||||||||
Total comprehensive income | Total comprehensive income | 6,646 | 1,935 | 1,355 | 5,887 | Total comprehensive income | 2,885 | 678 | 4,240 | 6,565 | ||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | (6,091) | 6,586 | (16,658) | 16,639 | Comprehensive income (loss) | (18,751) | 14,156 | (35,409) | 30,795 | ||||||||||||||||||||||||||||||||||||
Comprehensive loss attributable to noncontrolling interest - consolidated real estate ventures | Comprehensive loss attributable to noncontrolling interest - consolidated real estate ventures | — | 2 | 1 | 4 | Comprehensive loss attributable to noncontrolling interest - consolidated real estate ventures | 20 | 1 | 21 | 5 | ||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Brandywine Operating Partnership | Comprehensive income (loss) attributable to Brandywine Operating Partnership | $ | (6,091) | $ | 6,588 | $ | (16,657) | $ | 16,643 | Comprehensive income (loss) attributable to Brandywine Operating Partnership | $ | (18,731) | $ | 14,157 | $ | (35,388) | $ | 30,800 |
General Partner Capital | General Partner Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Accumulated Other Comprehensive Income | Noncontrolling Interest - Consolidated Real Estate Ventures | Total Partners' Equity | Units | Amount | Accumulated Other Comprehensive Income | Noncontrolling Interest - Consolidated Real Estate Ventures | Total Partners' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2022 | BALANCE, December 31, 2022 | 171,569,807 | $ | 1,623,738 | $ | 3,569 | $ | 2,832 | $ | 1,630,139 | BALANCE, December 31, 2022 | 171,569,807 | $ | 1,623,738 | $ | 3,569 | $ | 2,832 | $ | 1,630,139 | ||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | (5,275) | (1) | (5,276) | Net loss | (5,275) | (1) | (5,276) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | (5,291) | (5,291) | Other comprehensive loss | (5,291) | (5,291) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | Deferred compensation obligation | (13,422) | (88) | (88) | Deferred compensation obligation | (13,422) | (88) | (88) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation activity | Share-based compensation activity | 171,318 | 3,371 | 3,371 | Share-based compensation activity | 171,318 | 3,371 | 3,371 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable partnership units to liquidation value at period end | Adjustment of redeemable partnership units to liquidation value at period end | 779 | 779 | Adjustment of redeemable partnership units to liquidation value at period end | 779 | 779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared to general partnership unitholders ($0.19 per unit) | Distributions declared to general partnership unitholders ($0.19 per unit) | (32,734) | (32,734) | Distributions declared to general partnership unitholders ($0.19 per unit) | (32,734) | (32,734) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, March 31, 2023 | BALANCE, March 31, 2023 | 171,727,703 | $ | 1,589,791 | $ | (1,722) | $ | 2,831 | $ | 1,590,900 | BALANCE, March 31, 2023 | 171,727,703 | $ | 1,589,791 | $ | (1,722) | $ | 2,831 | $ | 1,590,900 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | (12,737) | — | (12,737) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | (12,737) | (12,737) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 6,646 | 6,646 | Other comprehensive income | 6,646 | 6,646 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation activity | Share-based compensation activity | 374,226 | 2,616 | 2,616 | Share-based compensation activity | 374,226 | 2,616 | 2,616 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable partnership units to liquidation value at period end | Adjustment of redeemable partnership units to liquidation value at period end | (98) | (98) | Adjustment of redeemable partnership units to liquidation value at period end | (98) | (98) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared to general partnership unitholders ($0.19 per unit) | Distributions declared to general partnership unitholders ($0.19 per unit) | (32,985) | (32,985) | Distributions declared to general partnership unitholders ($0.19 per unit) | (32,985) | (32,985) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, June 30, 2023 | BALANCE, June 30, 2023 | 172,101,929 | $ | 1,546,587 | $ | 4,924 | $ | 2,831 | $ | 1,554,342 | BALANCE, June 30, 2023 | 172,101,929 | $ | 1,546,587 | $ | 4,924 | $ | 2,831 | $ | 1,554,342 | ||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | (21,616) | (20) | (21,636) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 2,885 | 2,885 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | Deferred compensation obligation | (4,268) | (20) | (20) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation activity | Share-based compensation activity | 2,506 | 2,506 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable partnership units to liquidation value at period end | Adjustment of redeemable partnership units to liquidation value at period end | (41) | (41) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared to general partnership unitholders ($0.15 per unit) | Distributions declared to general partnership unitholders ($0.15 per unit) | (25,950) | (25,950) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, September 30, 2023 | BALANCE, September 30, 2023 | 172,097,661 | $ | 1,501,466 | $ | 7,809 | $ | 2,811 | $ | 1,512,086 |
General Partner Capital | General Partner Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Units | Amount | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest - Consolidated Real Estate Ventures | Total Partners' Equity | Units | Amount | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest - Consolidated Real Estate Ventures | Total Partners' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, December 31, 2021 | BALANCE, December 31, 2021 | 171,126,257 | $ | 1,689,611 | $ | (2,366) | $ | 2,834 | $ | 1,690,079 | BALANCE, December 31, 2021 | 171,126,257 | $ | 1,689,611 | $ | (2,366) | $ | 2,834 | $ | 1,690,079 | ||||||||||||||||||||||||||||||||||||||
Net income | 6,103 | (2) | 6,101 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 6,103 | (2) | 6,101 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | Other comprehensive loss | 3,952 | 3,952 | Other comprehensive loss | 3,952 | 3,952 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | Deferred compensation obligation | (19,406) | (249) | (249) | Deferred compensation obligation | (19,406) | (249) | (249) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase and retirement of LP units | Repurchase and retirement of LP units | (4,006) | (4,006) | Repurchase and retirement of LP units | (4,006) | (4,006) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation activity | Share-based compensation activity | 277,061 | 1,655 | 1,655 | Share-based compensation activity | 277,061 | 1,655 | 1,655 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable partnership units to liquidation value at period end | Adjustment of redeemable partnership units to liquidation value at period end | 3,704 | 3,704 | Adjustment of redeemable partnership units to liquidation value at period end | 3,704 | 3,704 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared to general partnership unitholders ($0.19 per unit) | Distributions declared to general partnership unitholders ($0.19 per unit) | (32,711) | (32,711) | Distributions declared to general partnership unitholders ($0.19 per unit) | (32,711) | (32,711) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, March 31, 2022 | BALANCE, March 31, 2022 | 171,383,912 | $ | 1,664,107 | $ | 1,586 | $ | 2,832 | $ | 1,668,525 | BALANCE, March 31, 2022 | 171,383,912 | $ | 1,664,107 | $ | 1,586 | $ | 2,832 | $ | 1,668,525 | ||||||||||||||||||||||||||||||||||||||
Net loss | 4,653 | (2) | 4,651 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 4,653 | (2) | 4,651 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 1,935 | 1,935 | Other comprehensive income | 1,935 | 1,935 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of partnership interest in consolidated real estate ventures | 191,368 | 1,917 | 1,917 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation activity | Share-based compensation activity | 2,181 | 2,181 | Share-based compensation activity | 191,368 | 1,917 | 1,917 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable partnership units to liquidation value at period end | Adjustment of redeemable partnership units to liquidation value at period end | (32,705) | (32,705) | Adjustment of redeemable partnership units to liquidation value at period end | 2,181 | 2,181 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared to general partnership unitholders ($0.19 per unit) | Distributions declared to general partnership unitholders ($0.19 per unit) | — | Distributions declared to general partnership unitholders ($0.19 per unit) | (32,705) | (32,705) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, June 30, 2022 | BALANCE, June 30, 2022 | 171,575,280 | $ | 1,640,153 | $ | 3,521 | $ | 2,830 | $ | 1,646,504 | BALANCE, June 30, 2022 | 171,575,280 | $ | 1,640,153 | $ | 3,521 | $ | 2,830 | $ | 1,646,504 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 13,479 | (1) | 13,478 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | Other comprehensive income | 678 | 678 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred compensation obligation | Deferred compensation obligation | (6,573) | (63) | (63) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation activity | Share-based compensation activity | 1,100 | 2,094 | 2,094 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment of redeemable partnership units to liquidation value at period end | Adjustment of redeemable partnership units to liquidation value at period end | 1,428 | 1,428 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions declared to general partnership unitholders ($0.19 per unit) | Distributions declared to general partnership unitholders ($0.19 per unit) | (32,703) | (32,703) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE, September 30, 2022 | BALANCE, September 30, 2022 | 171,569,807 | $ | 1,624,388 | $ | 4,199 | $ | 2,829 | $ | 1,631,416 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Cash flows from operating activities: | Cash flows from operating activities: | Cash flows from operating activities: | ||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (18,013) | $ | 10,752 | Net income (loss) | $ | (39,649) | $ | 24,230 | ||||||||||||
Adjustments to reconcile net income to net cash from operating activities: | Adjustments to reconcile net income to net cash from operating activities: | Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 92,679 | 87,741 | Depreciation and amortization | 141,645 | 132,875 | ||||||||||||||||
Amortization of deferred financing costs | Amortization of deferred financing costs | 2,141 | 1,514 | Amortization of deferred financing costs | 3,251 | 2,259 | ||||||||||||||||
Amortization of debt discount/(premium), net | Amortization of debt discount/(premium), net | (516) | (975) | Amortization of debt discount/(premium), net | (774) | (1,463) | ||||||||||||||||
Amortization of stock compensation costs | Amortization of stock compensation costs | 6,073 | 5,419 | Amortization of stock compensation costs | 8,305 | 7,232 | ||||||||||||||||
Straight-line rent income | Straight-line rent income | (4,600) | (5,042) | Straight-line rent income | (6,612) | (8,958) | ||||||||||||||||
Amortization of acquired above (below) market leases, net | Amortization of acquired above (below) market leases, net | (760) | (1,664) | Amortization of acquired above (below) market leases, net | (993) | (2,189) | ||||||||||||||||
Ground rent expense | Ground rent expense | 401 | 408 | Ground rent expense | 601 | 611 | ||||||||||||||||
Net gain on real estate venture transactions | Net gain on real estate venture transactions | (181) | — | Net gain on real estate venture transactions | (181) | — | ||||||||||||||||
Total gain on sale of real estate | Total gain on sale of real estate | (781) | (5,168) | Total gain on sale of real estate | (781) | (16,820) | ||||||||||||||||
Provision for impairment | Provision for impairment | 4,468 | — | Provision for impairment | 16,134 | — | ||||||||||||||||
Loss from unconsolidated real estate ventures, including income distributions | Loss from unconsolidated real estate ventures, including income distributions | 13,765 | 9,544 | Loss from unconsolidated real estate ventures, including income distributions | 24,504 | 15,049 | ||||||||||||||||
Income tax provision | Income tax provision | 38 | 75 | Income tax provision | 35 | 66 | ||||||||||||||||
Changes in assets and liabilities: | Changes in assets and liabilities: | Changes in assets and liabilities: | ||||||||||||||||||||
Accounts receivable | Accounts receivable | (469) | (1,254) | Accounts receivable | (2,362) | 933 | ||||||||||||||||
Other assets | Other assets | (12,604) | (2,711) | Other assets | (24,619) | (9,949) | ||||||||||||||||
Accounts payable and accrued expenses | Accounts payable and accrued expenses | (21,271) | (19,484) | Accounts payable and accrued expenses | (8,992) | 3,240 | ||||||||||||||||
Deferred income, gains and rent | Deferred income, gains and rent | 285 | (2,487) | Deferred income, gains and rent | (1,196) | (666) | ||||||||||||||||
Other liabilities | Other liabilities | 649 | 1,826 | Other liabilities | 3,089 | 1,712 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 61,304 | 78,494 | Net cash provided by operating activities | 111,405 | 148,162 | ||||||||||||||||
Cash flows from investing activities: | Cash flows from investing activities: | Cash flows from investing activities: | ||||||||||||||||||||
Acquisition of properties | Acquisition of properties | — | (3,446) | Acquisition of properties | — | (3,446) | ||||||||||||||||
Proceeds from the sale of properties | Proceeds from the sale of properties | — | 34,146 | Proceeds from the sale of properties | 51,285 | 35,462 | ||||||||||||||||
Capital expenditures for tenant improvements | Capital expenditures for tenant improvements | (24,431) | (35,545) | Capital expenditures for tenant improvements | (34,219) | (67,782) | ||||||||||||||||
Capital expenditures for redevelopments | Capital expenditures for redevelopments | (34,827) | (56,472) | Capital expenditures for redevelopments | (42,592) | (74,383) | ||||||||||||||||
Capital expenditures for developments | Capital expenditures for developments | (18,341) | (82,252) | Capital expenditures for developments | (30,149) | (82,507) | ||||||||||||||||
Advances for the purchase of tenant assets, net of repayments | Advances for the purchase of tenant assets, net of repayments | (26) | (447) | Advances for the purchase of tenant assets, net of repayments | (9,292) | (447) | ||||||||||||||||
Investment in unconsolidated real estate ventures | Investment in unconsolidated real estate ventures | (60,290) | (27,807) | Investment in unconsolidated real estate ventures | (72,715) | (43,681) | ||||||||||||||||
Deposits for real estate | Deposits for real estate | 3,500 | (7,550) | Deposits for real estate | 3,500 | (7,450) | ||||||||||||||||
Capital distributions from unconsolidated real estate ventures | Capital distributions from unconsolidated real estate ventures | 2,250 | 5,720 | Capital distributions from unconsolidated real estate ventures | 2,700 | 8,930 | ||||||||||||||||
Leasing costs paid | Leasing costs paid | (5,697) | (15,209) | Leasing costs paid | (7,969) | (20,096) | ||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (137,862) | (188,862) | Net cash used in investing activities | (139,451) | (255,400) | ||||||||||||||||
Cash flows from financing activities: | Cash flows from financing activities: | Cash flows from financing activities: | ||||||||||||||||||||
Proceeds from credit facility borrowings | Proceeds from credit facility borrowings | 136,000 | 196,000 | Proceeds from credit facility borrowings | 172,000 | 260,000 | ||||||||||||||||
Repayments of credit facility borrowings | Repayments of credit facility borrowings | (224,500) | (5,000) | Repayments of credit facility borrowings | (260,500) | (37,000) | ||||||||||||||||
Repayments of unsecured notes | Repayments of unsecured notes | (54,301) | — | Repayments of unsecured notes | (54,301) | — | ||||||||||||||||
Proceeds from unsecured term loan | Proceeds from unsecured term loan | 70,000 | — | Proceeds from unsecured term loan | 70,000 | — | ||||||||||||||||
Proceeds from secured term loan | Proceeds from secured term loan | 245,000 | — | Proceeds from secured term loan | 245,000 | — | ||||||||||||||||
Debt financing costs paid | Debt financing costs paid | (4,455) | (6,641) | Debt financing costs paid | (4,371) | (6,641) | ||||||||||||||||
Shares used for employee taxes upon vesting of share awards | Shares used for employee taxes upon vesting of share awards | (952) | (2,935) | Shares used for employee taxes upon vesting of share awards | (952) | (2,941) | ||||||||||||||||
Redemption of limited partnership units | Redemption of limited partnership units | — | (4,006) | Redemption of limited partnership units | — | (4,006) | ||||||||||||||||
Distributions paid to preferred and common partnership units | Distributions paid to preferred and common partnership units | (65,634) | (65,570) | Distributions paid to preferred and common partnership units | (98,600) | (98,373) | ||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 101,158 | 111,848 | Net cash provided by financing activities | 68,276 | 111,039 | ||||||||||||||||
Increase in cash and cash equivalents and restricted cash | Increase in cash and cash equivalents and restricted cash | 24,600 | 1,480 | Increase in cash and cash equivalents and restricted cash | 40,230 | 3,801 | ||||||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | Cash and cash equivalents and restricted cash at beginning of period | 18,387 | 28,300 | Cash and cash equivalents and restricted cash at beginning of period | 18,387 | 28,300 | ||||||||||||||||
Cash and cash equivalents and restricted cash at end of period | Cash and cash equivalents and restricted cash at end of period | $ | 42,987 | $ | 29,780 | Cash and cash equivalents and restricted cash at end of period | $ | 58,617 | $ | 32,101 | ||||||||||||
Reconciliation of cash and cash equivalents and restricted cash: | Reconciliation of cash and cash equivalents and restricted cash: | Reconciliation of cash and cash equivalents and restricted cash: | ||||||||||||||||||||
Cash and cash equivalents, beginning of period | Cash and cash equivalents, beginning of period | $ | 17,551 | $ | 27,463 | Cash and cash equivalents, beginning of period | $ | 17,551 | $ | 27,463 | ||||||||||||
Restricted cash, beginning of period | Restricted cash, beginning of period | 836 | 837 | Restricted cash, beginning of period | 836 | 837 | ||||||||||||||||
Cash and cash equivalents and restricted cash, beginning of period | Cash and cash equivalents and restricted cash, beginning of period | $ | 18,387 | $ | 28,300 | Cash and cash equivalents and restricted cash, beginning of period | $ | 18,387 | $ | 28,300 | ||||||||||||
Cash and cash equivalents, end of period | Cash and cash equivalents, end of period | $ | 32,111 | $ | 28,849 | Cash and cash equivalents, end of period | $ | 47,872 | $ | 31,198 | ||||||||||||
Restricted cash, end of period | Restricted cash, end of period | 10,876 | 931 | Restricted cash, end of period | 10,745 | 903 | ||||||||||||||||
Cash and cash equivalents and restricted cash, end of period | Cash and cash equivalents and restricted cash, end of period | $ | 42,987 | $ | 29,780 | Cash and cash equivalents and restricted cash, end of period | $ | 58,617 | $ | 32,101 | ||||||||||||
Supplemental disclosure: | Supplemental disclosure: | Supplemental disclosure: | ||||||||||||||||||||
Cash paid for interest, net of capitalized interest during the six months ended June 30, 2023 and 2022 of $8,587 and $4,442, respectively | $ | 50,480 | $ | 37,961 | ||||||||||||||||||
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2023 and 2022 of $12,602 and $7,274, respectively | Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2023 and 2022 of $12,602 and $7,274, respectively | $ | 73,217 | $ | 47,711 | |||||||||||||||||
Cash paid for income taxes | Cash paid for income taxes | 550 | 902 | Cash paid for income taxes | 550 | 902 | ||||||||||||||||
Supplemental disclosure of non-cash activity: | Supplemental disclosure of non-cash activity: | Supplemental disclosure of non-cash activity: | ||||||||||||||||||||
Dividends and distributions declared but not paid | Dividends and distributions declared but not paid | 32,957 | 32,800 | Dividends and distributions declared but not paid | 26,027 | 32,805 | ||||||||||||||||
Change in investment in real estate ventures as a result of deconsolidation | Change in investment in real estate ventures as a result of deconsolidation | 8,595 | — | Change in investment in real estate ventures as a result of deconsolidation | 8,595 | 107,057 | ||||||||||||||||
Change in operating real estate from deconsolidation of operating properties | Change in operating real estate from deconsolidation of operating properties | (7,814) | — | Change in operating real estate from deconsolidation of operating properties | (7,814) | (105,405) | ||||||||||||||||
Change in other assets as a result of deconsolidation of operating properties | Change in other assets as a result of deconsolidation of operating properties | — | (1,652) | |||||||||||||||||||
Change in other assets as a result of investing activities | Change in other assets as a result of investing activities | — | 13,396 | Change in other assets as a result of investing activities | — | 13,396 | ||||||||||||||||
Change in capital expenditures financed through accounts payable at period end | Change in capital expenditures financed through accounts payable at period end | 1,292 | 10,283 | Change in capital expenditures financed through accounts payable at period end | 4,276 | (11,020) | ||||||||||||||||
Change in capital expenditures financed through retention payable at period end | Change in capital expenditures financed through retention payable at period end | 2,039 | (1,097) | Change in capital expenditures financed through retention payable at period end | 2,587 | (4,609) |
Number of Properties | Rentable Square Feet | Number of Properties | Rentable Square Feet | |||||||||||||||||||
Office properties | Office properties | 67 | 11,881,208 | Office properties | 65 | 11,656,197 | ||||||||||||||||
Mixed-use properties | Mixed-use properties | 5 | 942,334 | Mixed-use properties | 5 | 942,334 | ||||||||||||||||
Core Properties | Core Properties | 72 | 12,823,542 | Core Properties | 70 | 12,598,531 | ||||||||||||||||
Development property | Development property | 2 | 350,488 | Development property | 1 | 144,685 | ||||||||||||||||
Redevelopment properties | Redevelopment properties | 2 | 230,856 | Redevelopment properties | 2 | 268,365 | ||||||||||||||||
Recently completed - not stabilized property | Recently completed - not stabilized property | 1 | 168,294 | |||||||||||||||||||
The Properties | The Properties | 76 | 13,404,886 | The Properties | 74 | 13,179,875 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Land | Land | $ | 398,536 | $ | 403,998 | Land | $ | 414,179 | $ | 403,998 | ||||||||||||
Building and improvements | Building and improvements | 2,725,168 | 2,760,357 | Building and improvements | 2,783,304 | 2,760,357 | ||||||||||||||||
Tenant improvements | Tenant improvements | 473,507 | 452,885 | Tenant improvements | 498,583 | 452,885 | ||||||||||||||||
Operating properties | $ | 3,597,211 | $ | 3,617,240 | ||||||||||||||||||
Assets held for sale - real estate investments | 52,664 | — | ||||||||||||||||||||
Total | Total | $ | 3,649,875 | $ | 3,617,240 | Total | $ | 3,696,066 | $ | 3,617,240 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Net property | Net property | $ | 2,262,891 | $ | 2,117,226 | Net property | $ | 2,317,405 | $ | 2,117,226 | ||||||||||||||||||
Other assets | Other assets | 540,399 | 506,213 | Other assets | 533,540 | 506,213 | ||||||||||||||||||||||
Other liabilities | Other liabilities | 448,432 | 446,101 | Other liabilities | 444,052 | 446,101 | ||||||||||||||||||||||
Debt, net | Debt, net | 1,335,323 | 1,198,213 | Debt, net | 1,378,347 | 1,198,213 | ||||||||||||||||||||||
Equity (a) | Equity (a) | 1,019,535 | 979,125 | Equity (a) | 1,028,546 | 979,125 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Revenue | Revenue | $ | 59,067 | $ | 64,957 | $ | 116,953 | $ | 118,173 | Revenue | $ | 58,986 | $ | 63,800 | $ | 175,939 | $ | 181,973 | ||||||||||||||||||||||||||||
Operating expenses | Operating expenses | (30,039) | (31,671) | (58,890) | (60,263) | Operating expenses | (31,641) | (32,735) | (90,531) | (92,998) | ||||||||||||||||||||||||||||||||||||
Interest expense, net | Interest expense, net | (18,287) | (11,663) | (34,178) | (19,132) | Interest expense, net | (21,591) | (14,012) | (55,769) | (33,144) | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | (24,827) | (27,927) | (49,001) | (49,210) | Depreciation and amortization | (24,635) | (28,064) | (73,636) | (77,274) | ||||||||||||||||||||||||||||||||||||
Net loss | Net loss | $ | (14,086) | $ | (6,304) | $ | (25,116) | $ | (10,432) | Net loss | $ | (18,881) | $ | (11,011) | $ | (43,997) | $ | (21,443) | ||||||||||||||||||||||||||||
Ownership interest % | Ownership interest % | Various | Various | Various | Various | Ownership interest % | Various | Various | Various | Various | ||||||||||||||||||||||||||||||||||||
Company's share of net loss | Company's share of net loss | $ | (7,528) | $ | (4,822) | $ | (13,652) | $ | (9,439) | Company's share of net loss | $ | (10,130) | $ | (6,092) | $ | (23,782) | $ | (15,531) | ||||||||||||||||||||||||||||
Basis adjustments and other | Basis adjustments and other | (70) | (159) | (113) | (105) | Basis adjustments and other | (609) | (168) | (722) | (273) | ||||||||||||||||||||||||||||||||||||
Equity in loss of unconsolidated real estate ventures | Equity in loss of unconsolidated real estate ventures | $ | (7,598) | $ | (4,981) | $ | (13,765) | $ | (9,544) | Equity in loss of unconsolidated real estate ventures | $ | (10,739) | $ | (6,260) | $ | (24,504) | $ | (15,804) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
Lease Revenue | Lease Revenue | 2023 | 2022 | 2023 | 2022 | Lease Revenue | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||
Fixed contractual payments | Fixed contractual payments | $ | 92,969 | $ | 88,672 | $ | 184,651 | $ | 177,435 | Fixed contractual payments | $ | 94,478 | $ | 90,632 | $ | 279,129 | $ | 268,067 | ||||||||||||||||||||||||||||||||||
Variable lease payments | Variable lease payments | 22,335 | 25,234 | 48,850 | 49,565 | Variable lease payments | 23,851 | 24,078 | 72,754 | 73,643 | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 115,304 | $ | 113,906 | $ | 233,501 | $ | 227,000 | Total | $ | 118,329 | $ | 114,710 | $ | 351,883 | $ | 341,710 |
June 30, 2023 | September 30, 2023 | |||||||||||||||||||||||||||||||||
Total Cost | Accumulated Amortization | Intangible Assets, net | Total Cost | Accumulated Amortization | Intangible Assets, net | |||||||||||||||||||||||||||||
Intangible assets, net: | Intangible assets, net: | Intangible assets, net: | ||||||||||||||||||||||||||||||||
In-place lease value | In-place lease value | $ | 44,325 | $ | (32,746) | $ | 11,579 | In-place lease value | $ | 27,003 | $ | (18,553) | $ | 8,450 | ||||||||||||||||||||
Tenant relationship value | Tenant relationship value | 110 | (50) | 60 | Tenant relationship value | 110 | (51) | 59 | ||||||||||||||||||||||||||
Above market leases acquired | Above market leases acquired | 178 | (141) | 37 | Above market leases acquired | 178 | (148) | 30 | ||||||||||||||||||||||||||
Total intangible assets, net | Total intangible assets, net | $ | 44,613 | $ | (32,937) | $ | 11,676 | Total intangible assets, net | $ | 27,291 | $ | (18,752) | $ | 8,539 | ||||||||||||||||||||
Total Cost | Accumulated Amortization | Intangible Liabilities, net | Total Cost | Accumulated Amortization | Intangible Liabilities, net | |||||||||||||||||||||||||||||
Intangible liabilities, net: | Intangible liabilities, net: | Intangible liabilities, net: | ||||||||||||||||||||||||||||||||
Below market leases acquired | Below market leases acquired | $ | 18,230 | $ | (9,419) | $ | 8,811 | Below market leases acquired | $ | 17,783 | $ | (9,247) | $ | 8,536 |
December 31, 2022 | |||||||||||||||||
Total Cost | Accumulated Amortization | Intangible Assets, net | |||||||||||||||
Intangible assets, net: | |||||||||||||||||
In-place lease value | $ | 55,715 | $ | (37,437) | $ | 18,278 | |||||||||||
Tenant relationship value | 167 | (104) | 63 | ||||||||||||||
Above market leases acquired | 331 | (221) | 110 | ||||||||||||||
Total intangible assets, net | $ | 56,213 | $ | (37,762) | $ | 18,451 | |||||||||||
Total Cost | Accumulated Amortization | Intangible Liabilities, net | |||||||||||||||
Intangible liabilities, net: | |||||||||||||||||
Below market leases acquired | $ | 20,985 | $ | (10,663) | $ | 10,322 |
Assets | Liabilities | ||||||||||
2023 (three months remaining) | $ | 845 | $ | 266 | |||||||
2024 | 1,818 | 929 | |||||||||
2025 | 1,485 | 869 | |||||||||
2026 | 1,093 | 739 | |||||||||
2027 | 808 | 623 | |||||||||
Thereafter | 2,490 | 5,110 | |||||||||
Total | $ | 8,539 | $ | 8,536 |
Assets | Liabilities | ||||||||||
2023 (six months remaining) | $ | 4,496 | $ | 730 | |||||||
2024 | 2,786 | 1,299 | |||||||||
2025 | 1,905 | 1,023 | |||||||||
2026 | 1,093 | 739 | |||||||||
2027 | 808 | 623 | |||||||||
Thereafter | 588 | 4,397 | |||||||||
Total | $ | 11,676 | $ | 8,811 |
June 30, 2023 | December 31, 2022 | Effective Interest Rate | Maturity Date | September 30, 2023 | December 31, 2022 | Effective Interest Rate | Maturity Date | |||||||||||||||||||||||||||||||||||||||||||||
SECURED DEBT: | SECURED DEBT: | SECURED DEBT: | ||||||||||||||||||||||||||||||||||||||||||||||||||
$245.0M 5.88% Secured Term Loan due 2028 | $245.0M 5.88% Secured Term Loan due 2028 | $ | 245,000 | — | 5.88% | February 2028 | $245.0M 5.88% Secured Term Loan due 2028 | $ | 245,000 | — | 5.88% | February 2028 | ||||||||||||||||||||||||||||||||||||||||
$50.0M Construction Loan due 2026 | $50.0M Construction Loan due 2026 | — | — | SOFR + 2.50% | August 2026 | |||||||||||||||||||||||||||||||||||||||||||||||
Principal balance outstanding | Principal balance outstanding | 245,000 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Less: deferred financing costs | Less: deferred financing costs | (3,617) | — | Less: deferred financing costs | (3,346) | — | ||||||||||||||||||||||||||||||||||||||||||||||
Total Secured indebtedness | Total Secured indebtedness | $ | 241,383 | $ | — | Total Secured indebtedness | $ | 241,654 | $ | — | ||||||||||||||||||||||||||||||||||||||||||
UNSECURED DEBT | UNSECURED DEBT | UNSECURED DEBT | ||||||||||||||||||||||||||||||||||||||||||||||||||
$600 million Unsecured Credit Facility | $600 million Unsecured Credit Facility | $ | — | $ | 88,500 | SOFR + 1.15% | June 2026 | (a) | $600 million Unsecured Credit Facility | $ | — | $ | 88,500 | SOFR + 1.15% | June 2026 | (a) | ||||||||||||||||||||||||||||||||||||
Term Loan - Swapped to fixed | Term Loan - Swapped to fixed | 250,000 | 250,000 | SOFR + 1.30% | June 2027 | (b) | Term Loan - Swapped to fixed | 250,000 | 250,000 | SOFR + 1.30% | June 2027 | (b) | ||||||||||||||||||||||||||||||||||||||||
$70.0 million Term Loan | $70.0 million Term Loan | 70,000 | — | SOFR + 1.85% | February 2024 | (a)(c) | $70.0 million Term Loan | 70,000 | — | SOFR + 1.85% | February 2024 | (a)(c) | ||||||||||||||||||||||||||||||||||||||||
$350.0M 3.95% Guaranteed Notes due 2023 | $350.0M 3.95% Guaranteed Notes due 2023 | — | 54,301 | 3.87% | February 2023 | (d) | $350.0M 3.95% Guaranteed Notes due 2023 | — | 54,301 | 3.87% | February 2023 | (d) | ||||||||||||||||||||||||||||||||||||||||
$350.0M 4.10% Guaranteed Notes due 2024 | $350.0M 4.10% Guaranteed Notes due 2024 | 350,000 | 350,000 | 3.78% | October 2024 | $350.0M 4.10% Guaranteed Notes due 2024 | 350,000 | 350,000 | 3.78% | October 2024 | ||||||||||||||||||||||||||||||||||||||||||
$450.0M 3.95% Guaranteed Notes due 2027 | $450.0M 3.95% Guaranteed Notes due 2027 | 450,000 | 450,000 | 4.03% | November 2027 | $450.0M 3.95% Guaranteed Notes due 2027 | 450,000 | 450,000 | 4.03% | November 2027 | ||||||||||||||||||||||||||||||||||||||||||
$350.0M 7.55% Guaranteed Notes due 2028 | $350.0M 7.55% Guaranteed Notes due 2028 | 350,000 | 350,000 | 7.73% | March 2028 | $350.0M 7.55% Guaranteed Notes due 2028 | 350,000 | 350,000 | 7.73% | (f) | March 2028 | |||||||||||||||||||||||||||||||||||||||||
$350.0M 4.55% Guaranteed Notes due 2029 | $350.0M 4.55% Guaranteed Notes due 2029 | 350,000 | 350,000 | 4.30% | October 2029 | $350.0M 4.55% Guaranteed Notes due 2029 | 350,000 | 350,000 | 4.30% | October 2029 | ||||||||||||||||||||||||||||||||||||||||||
Indenture IA (Preferred Trust I) | Indenture IA (Preferred Trust I) | 27,062 | 27,062 | LIBOR + 1.25% | (e) | March 2035 | Indenture IA (Preferred Trust I) | 27,062 | 27,062 | SOFR + 1.51 | (e) | March 2035 | ||||||||||||||||||||||||||||||||||||||||
Indenture IB (Preferred Trust I) | Indenture IB (Preferred Trust I) | 25,774 | 25,774 | LIBOR + 1.25% | (e) | April 2035 | Indenture IB (Preferred Trust I) | 25,774 | 25,774 | SOFR + 1.51 | (e) | April 2035 | ||||||||||||||||||||||||||||||||||||||||
Indenture II (Preferred Trust II) | Indenture II (Preferred Trust II) | 25,774 | 25,774 | LIBOR + 1.25% | (e) | July 2035 | Indenture II (Preferred Trust II) | 25,774 | 25,774 | SOFR + 1.51 | (e) | July 2035 | ||||||||||||||||||||||||||||||||||||||||
Principal balance outstanding | Principal balance outstanding | 1,898,610 | 1,971,411 | Principal balance outstanding | 1,898,610 | 1,971,411 | ||||||||||||||||||||||||||||||||||||||||||||||
Plus: original issue premium (discount), net | Plus: original issue premium (discount), net | 2,417 | 2,934 | Plus: original issue premium (discount), net | 2,159 | 2,934 | ||||||||||||||||||||||||||||||||||||||||||||||
Less: deferred financing costs | Less: deferred financing costs | (8,589) | (9,307) | Less: deferred financing costs | (7,963) | (9,307) | ||||||||||||||||||||||||||||||||||||||||||||||
Total unsecured indebtedness | Total unsecured indebtedness | $ | 1,892,438 | $ | 1,965,038 | Total unsecured indebtedness | $ | 1,892,806 | $ | 1,965,038 | ||||||||||||||||||||||||||||||||||||||||||
Total Debt Obligations | Total Debt Obligations | $ | 2,133,821 | $ | 1,965,038 | Total Debt Obligations | $ | 2,134,460 | $ | 1,965,038 |
2023 (six months remaining) | $ | — | ||||||||
2023 (three months remaining) | 2023 (three months remaining) | $ | — | |||||||
2024 | 2024 | 350,000 | 2024 | 350,000 | ||||||
2025 | 2025 | 70,000 | 2025 | 70,000 | ||||||
2026 | 2026 | — | 2026 | — | ||||||
2027 | 2027 | 700,000 | 2027 | 700,000 | ||||||
Thereafter | Thereafter | 1,023,610 | Thereafter | 1,023,610 | ||||||
Total principal payments | Total principal payments | 2,143,610 | Total principal payments | 2,143,610 | ||||||
Net unamortized premiums/(discounts) | Net unamortized premiums/(discounts) | 2,417 | Net unamortized premiums/(discounts) | 2,159 | ||||||
Net deferred financing costs | Net deferred financing costs | (12,206) | Net deferred financing costs | (11,309) | ||||||
Outstanding indebtedness | Outstanding indebtedness | $ | 2,133,821 | Outstanding indebtedness | $ | 2,134,460 |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Carrying Amount (a) | Fair Value | Carrying Amount (a) | Fair Value | Carrying Amount (a) | Fair Value | Carrying Amount (a) | Fair Value | |||||||||||||||||||||||||||||||||||||||
Unsecured notes payable | Unsecured notes payable | $ | 1,495,763 | $ | 1,269,445 | $ | 1,549,760 | $ | 1,411,351 | Unsecured notes payable | $ | 1,495,914 | $ | 1,314,195 | $ | 1,549,760 | $ | 1,411,351 | ||||||||||||||||||||||||||||
Variable rate debt | Variable rate debt | $ | 396,675 | $ | 354,862 | $ | 415,278 | $ | 386,988 | Variable rate debt | $ | 396,892 | $ | 355,102 | $ | 415,278 | $ | 386,988 | ||||||||||||||||||||||||||||
Secured fixed rate debt | Secured fixed rate debt | $ | 241,383 | $ | 234,244 | $ | — | $ | — | Secured fixed rate debt | $ | 241,654 | $ | 230,693 | $ | — | $ | — |
Hedge Product | Hedge Product | Hedge Type | Designation | Notional Amount | Strike | Trade Date | Maturity Date | Fair value | Hedge Product | Hedge Type | Designation | Notional Amount | Strike | Trade Date | Maturity Date | Fair value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6/30/2023 | 12/31/2022 | 6/30/2023 | 12/31/2022 | 9/30/2023 | 12/31/2022 | 9/30/2023 | 12/31/2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets/(Liabilities) | Assets/(Liabilities) | Assets/(Liabilities) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Swap | Swap | Interest Rate | Cash Flow | (a) | $ | 250,000 | $ | 250,000 | 3.729 | % | November 23, 2022 | June 30, 2027 | $ | 2,897 | $ | 255 | Swap | Interest Rate | Cash Flow | (a) | $ | 250,000 | $ | 250,000 | 3.729 | % | November 23, 2022 | June 30, 2027 | $ | 6,065 | $ | 255 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 250,000 | $ | 250,000 | $ | 250,000 | $ | 250,000 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||||||||||||||||||||||||||||
Numerator | Numerator | Numerator | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (12,737) | $ | (12,737) | $ | 4,651 | $ | 4,651 | Net income (loss) | $ | (21,636) | $ | (21,636) | $ | 13,478 | $ | 13,478 | ||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | Net (income) loss attributable to noncontrolling interests | 41 | 41 | (14) | (14) | Net (income) loss attributable to noncontrolling interests | 82 | 82 | (37) | (37) | ||||||||||||||||||||||||||||||||||||
Nonforfeitable dividends allocated to unvested restricted shareholders | Nonforfeitable dividends allocated to unvested restricted shareholders | (204) | (204) | (98) | (98) | Nonforfeitable dividends allocated to unvested restricted shareholders | (159) | (159) | (105) | (105) | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | Net income (loss) attributable to common shareholders | $ | (12,900) | $ | (12,900) | $ | 4,539 | $ | 4,539 | Net income (loss) attributable to common shareholders | $ | (21,713) | $ | (21,713) | $ | 13,336 | $ | 13,336 | ||||||||||||||||||||||||||||
Denominator | Denominator | Denominator | ||||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares outstanding | Weighted-average shares outstanding | 171,962,162 | 171,962,162 | 171,527,031 | 171,527,031 | Weighted-average shares outstanding | 172,097,661 | 172,097,661 | 171,569,807 | 171,569,807 | ||||||||||||||||||||||||||||||||||||
Contingent securities/Share based compensation | Contingent securities/Share based compensation | — | — | — | 733,398 | Contingent securities/Share based compensation | — | — | — | 582,449 | ||||||||||||||||||||||||||||||||||||
Weighted-average shares outstanding | Weighted-average shares outstanding | 171,962,162 | 171,962,162 | 171,527,031 | 172,260,429 | Weighted-average shares outstanding | 172,097,661 | 172,097,661 | 171,569,807 | 172,152,256 | ||||||||||||||||||||||||||||||||||||
Earnings (loss) per Common Share: | Earnings (loss) per Common Share: | Earnings (loss) per Common Share: | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | Net income (loss) attributable to common shareholders | $ | (0.08) | $ | (0.08) | $ | 0.03 | $ | 0.03 | Net income (loss) attributable to common shareholders | $ | (0.13) | $ | (0.13) | $ | 0.08 | $ | 0.08 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||||||||||||||||||||||||||||
Numerator | Numerator | Numerator | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (18,013) | $ | (18,013) | $ | 10,752 | $ | 10,752 | Net income (loss) | $ | (39,649) | $ | (39,649) | $ | 24,230 | $ | 24,230 | ||||||||||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | Net (income) loss attributable to noncontrolling interests | 58 | 58 | (22) | (22) | Net (income) loss attributable to noncontrolling interests | 140 | 140 | (59) | (59) | ||||||||||||||||||||||||||||||||||||
Nonforfeitable dividends allocated to unvested restricted shareholders | Nonforfeitable dividends allocated to unvested restricted shareholders | (274) | (274) | (246) | (246) | Nonforfeitable dividends allocated to unvested restricted shareholders | (433) | (433) | (351) | (351) | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | Net income (loss) attributable to common shareholders | $ | (18,229) | $ | (18,229) | $ | 10,484 | $ | 10,484 | Net income (loss) attributable to common shareholders | $ | (39,942) | $ | (39,942) | $ | 23,820 | $ | 23,820 | ||||||||||||||||||||||||||||
Denominator | Denominator | Denominator | ||||||||||||||||||||||||||||||||||||||||||||
Weighted-average shares outstanding | Weighted-average shares outstanding | 171,818,463 | 171,818,463 | 171,411,631 | 171,411,631 | Weighted-average shares outstanding | 171,912,552 | 171,912,552 | 171,464,936 | 171,464,936 | ||||||||||||||||||||||||||||||||||||
Contingent securities/Share based compensation | Contingent securities/Share based compensation | — | — | — | 1,163,777 | Contingent securities/Share based compensation | — | — | — | 970,217 | ||||||||||||||||||||||||||||||||||||
Weighted-average shares outstanding | Weighted-average shares outstanding | 171,818,463 | 171,818,463 | 171,411,631 | 172,575,408 | Weighted-average shares outstanding | 171,912,552 | 171,912,552 | 171,464,936 | 172,435,153 | ||||||||||||||||||||||||||||||||||||
Earnings (loss) per Common Share: | Earnings (loss) per Common Share: | Earnings (loss) per Common Share: | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common shareholders | Net income (loss) attributable to common shareholders | $ | (0.11) | $ | (0.11) | $ | 0.06 | $ | 0.06 | Net income (loss) attributable to common shareholders | $ | (0.23) | $ | (0.23) | $ | 0.14 | $ | 0.14 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||||||||||||||||||||||||||||
Numerator | Numerator | Numerator | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (12,737) | $ | (12,737) | $ | 4,651 | $ | 4,651 | Net income (loss) | $ | (21,636) | $ | (21,636) | $ | 13,478 | $ | 13,478 | ||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | Net loss attributable to noncontrolling interests | — | — | 2 | 2 | Net loss attributable to noncontrolling interests | 20 | 20 | 1 | 1 | ||||||||||||||||||||||||||||||||||||
Nonforfeitable dividends allocated to unvested restricted unitholders | Nonforfeitable dividends allocated to unvested restricted unitholders | (204) | (204) | (98) | (98) | Nonforfeitable dividends allocated to unvested restricted unitholders | (159) | (159) | (105) | (105) | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common unitholders | Net income (loss) attributable to common unitholders | $ | (12,941) | $ | (12,941) | $ | 4,555 | $ | 4,555 | Net income (loss) attributable to common unitholders | $ | (21,775) | $ | (21,775) | $ | 13,374 | $ | 13,374 | ||||||||||||||||||||||||||||
Denominator | Denominator | Denominator | ||||||||||||||||||||||||||||||||||||||||||||
Weighted-average units outstanding | Weighted-average units outstanding | 172,478,629 | 172,478,629 | 172,043,498 | 172,043,498 | Weighted-average units outstanding | 172,614,128 | 172,614,128 | 172,086,274 | 172,086,274 | ||||||||||||||||||||||||||||||||||||
Contingent securities/Share based compensation | Contingent securities/Share based compensation | — | — | — | 733,398 | Contingent securities/Share based compensation | — | — | — | 582,449 | ||||||||||||||||||||||||||||||||||||
Total weighted-average units outstanding | Total weighted-average units outstanding | 172,478,629 | 172,478,629 | 172,043,498 | 172,776,896 | Total weighted-average units outstanding | 172,614,128 | 172,614,128 | 172,086,274 | 172,668,723 | ||||||||||||||||||||||||||||||||||||
Earnings (loss) per Common Partnership Unit: | Earnings (loss) per Common Partnership Unit: | Earnings (loss) per Common Partnership Unit: | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common unitholders | Net income (loss) attributable to common unitholders | $ | (0.08) | $ | (0.08) | $ | 0.03 | $ | 0.03 | Net income (loss) attributable to common unitholders | $ | (0.13) | $ | (0.13) | $ | 0.08 | $ | 0.08 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Basic | Diluted | Basic | Diluted | Basic | Diluted | Basic | Diluted | |||||||||||||||||||||||||||||||||||||||
Numerator | Numerator | Numerator | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (18,013) | $ | (18,013) | $ | 10,752 | $ | 10,752 | Net income (loss) | $ | (39,649) | $ | (39,649) | $ | 24,230 | $ | 24,230 | ||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interests | Net loss attributable to noncontrolling interests | 1 | 1 | 4 | 4 | Net loss attributable to noncontrolling interests | 21 | 21 | 5 | 5 | ||||||||||||||||||||||||||||||||||||
Nonforfeitable dividends allocated to unvested restricted unitholders | Nonforfeitable dividends allocated to unvested restricted unitholders | (274) | (274) | (246) | (246) | Nonforfeitable dividends allocated to unvested restricted unitholders | (433) | (433) | (351) | (351) | ||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common unitholders | Net income (loss) attributable to common unitholders | $ | (18,286) | $ | (18,286) | $ | 10,510 | $ | 10,510 | Net income (loss) attributable to common unitholders | $ | (40,061) | $ | (40,061) | $ | 23,884 | $ | 23,884 | ||||||||||||||||||||||||||||
Denominator | Denominator | Denominator | ||||||||||||||||||||||||||||||||||||||||||||
Weighted-average units outstanding | Weighted-average units outstanding | 172,334,930 | 172,334,930 | 171,985,863 | 171,985,863 | Weighted-average units outstanding | 172,429,019 | 172,429,019 | 172,019,701 | 172,019,701 | ||||||||||||||||||||||||||||||||||||
Contingent securities/Share based compensation | Contingent securities/Share based compensation | — | — | — | 1,163,777 | Contingent securities/Share based compensation | — | — | — | 970,217 | ||||||||||||||||||||||||||||||||||||
Total weighted-average units outstanding | Total weighted-average units outstanding | 172,334,930 | 172,334,930 | 171,985,863 | 173,149,640 | Total weighted-average units outstanding | 172,429,019 | 172,429,019 | 172,019,701 | 172,989,918 | ||||||||||||||||||||||||||||||||||||
Earnings (loss) per Common Partnership Unit: | Earnings (loss) per Common Partnership Unit: | Earnings (loss) per Common Partnership Unit: | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common unitholders | Net income (loss) attributable to common unitholders | $ | (0.11) | $ | (0.11) | $ | 0.06 | $ | 0.06 | Net income (loss) attributable to common unitholders | $ | (0.23) | $ | (0.23) | $ | 0.14 | $ | 0.14 |
Real estate investments, at cost: | Real estate investments, at cost: | Real estate investments, at cost: | ||||||||||||||||||||
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
Philadelphia CBD | Philadelphia CBD | $ | 1,519,616 | $ | 1,517,801 | Philadelphia CBD | $ | 1,521,723 | $ | 1,517,801 | ||||||||||||
Pennsylvania Suburbs | Pennsylvania Suburbs | 906,584 | 878,546 | Pennsylvania Suburbs | 915,659 | 878,546 | ||||||||||||||||
Austin, Texas | Austin, Texas | 798,229 | 851,835 | Austin, Texas | 798,141 | 851,835 | ||||||||||||||||
Total Core Segments | Total Core Segments | 3,224,429 | 3,248,182 | Total Core Segments | 3,235,523 | 3,248,182 | ||||||||||||||||
Other | Other | 372,782 | 369,058 | Other | 460,543 | 369,058 | ||||||||||||||||
$ | 3,597,211 | $ | 3,617,240 | |||||||||||||||||||
Assets held for sale (a) | 52,664 | — | ||||||||||||||||||||
Operating Properties | $ | 3,649,875 | $ | 3,617,240 | ||||||||||||||||||
Operating properties | Operating properties | $ | 3,696,066 | $ | 3,617,240 | |||||||||||||||||
Corporate | Corporate | Corporate | ||||||||||||||||||||
Right of use asset - operating leases, net | Right of use asset - operating leases, net | $ | 19,346 | $ | 19,664 | Right of use asset - operating leases, net | $ | 19,188 | $ | 19,664 | ||||||||||||
Construction-in-progress | Construction-in-progress | $ | 245,677 | $ | 218,869 | Construction-in-progress | $ | 143,929 | $ | 218,869 | ||||||||||||
Land held for development | Land held for development | $ | 71,493 | $ | 76,499 | Land held for development | $ | 76,058 | $ | 76,499 | ||||||||||||
Prepaid leasehold interests in land held for development, net | Prepaid leasehold interests in land held for development, net | $ | 27,762 | $ | 35,576 | Prepaid leasehold interests in land held for development, net | $ | 27,762 | $ | 35,576 |
Three Months Ended June 30, | Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | Operating expenses (a) | Net operating income | Total revenue | Operating expenses (a) | Net operating income | Total revenue | Operating expenses (a) | Net operating income | Total revenue | Operating expenses (a) | Net operating income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Philadelphia CBD | Philadelphia CBD | $ | 56,671 | $ | (20,257) | $ | 36,414 | $ | 55,426 | $ | (20,538) | $ | 34,888 | Philadelphia CBD | $ | 56,367 | $ | (18,609) | $ | 37,758 | $ | 56,105 | $ | (20,080) | $ | 36,025 | ||||||||||||||||||||||||||||||||||||||||||||
Pennsylvania Suburbs | Pennsylvania Suburbs | 32,102 | (10,084) | 22,018 | 31,333 | (10,258) | 21,075 | Pennsylvania Suburbs | 32,611 | (9,770) | 22,841 | 32,709 | (11,022) | 21,687 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Austin, Texas | Austin, Texas | 23,781 | (8,683) | 15,098 | 23,921 | (10,438) | 13,483 | Austin, Texas | 24,457 | (10,044) | 14,413 | 22,509 | (8,597) | 13,912 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 8,888 | (4,850) | 4,038 | 9,405 | (5,458) | 3,947 | Other | 10,295 | (5,526) | 4,769 | 8,874 | (5,089) | 3,785 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Corporate | 4,440 | (2,145) | 2,295 | 3,957 | (2,957) | 1,000 | Corporate | 5,642 | (2,450) | 3,192 | 5,372 | (2,698) | 2,674 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating properties | Operating properties | $ | 125,882 | $ | (46,019) | $ | 79,863 | $ | 124,042 | $ | (49,649) | $ | 74,393 | Operating properties | $ | 129,372 | $ | (46,399) | $ | 82,973 | $ | 125,569 | $ | (47,486) | $ | 78,083 |
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | Operating expenses (a) | Net operating income | Total revenue | Operating expenses (a) | Net operating income | Total revenue | Operating expenses (a) | Net operating income | Total revenue | Operating expenses (a) | Net operating income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Philadelphia CBD | Philadelphia CBD | $ | 112,898 | $ | (40,843) | $ | 72,055 | $ | 108,897 | $ | (40,281) | $ | 68,616 | Philadelphia CBD | $ | 169,265 | $ | (59,452) | $ | 109,813 | $ | 165,002 | $ | (60,361) | $ | 104,641 | ||||||||||||||||||||||||||||||||||||||||||||
Pennsylvania Suburbs | Pennsylvania Suburbs | 64,873 | (19,863) | 45,010 | 63,140 | (20,416) | 42,724 | Pennsylvania Suburbs | 97,484 | (29,633) | 67,851 | 95,849 | (31,438) | 64,411 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Austin, Texas | Austin, Texas | 49,018 | (19,977) | 29,041 | 48,836 | (20,731) | 28,105 | Austin, Texas | 73,475 | (30,021) | 43,454 | 71,345 | (29,328) | 42,017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 18,277 | (10,262) | 8,015 | 18,204 | (10,896) | 7,308 | Other | 28,572 | (15,788) | 12,784 | 27,078 | (15,985) | 11,093 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Corporate | 10,043 | (5,909) | 4,134 | 12,470 | (5,243) | 7,227 | Corporate | 15,685 | (8,359) | 7,326 | 17,842 | (7,941) | 9,901 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating properties | Operating properties | $ | 255,109 | $ | (96,854) | $ | 158,255 | $ | 251,547 | $ | (97,567) | $ | 153,980 | Operating properties | $ | 384,481 | $ | (143,253) | $ | 241,228 | $ | 377,116 | $ | (145,053) | $ | 232,063 |
Unconsolidated real estate ventures: | Unconsolidated real estate ventures: | Unconsolidated real estate ventures: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in real estate ventures | Equity in income (loss) of real estate venture | Investment in real estate ventures | Equity in income (loss) of real estate venture | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of | Three Months Ended June 30, | As of | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | December 31, 2022 | 2023 | 2022 | September 30, 2023 | December 31, 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Philadelphia CBD | Philadelphia CBD | $ | 452,365 | $ | 387,301 | $ | (4,412) | $ | (2,574) | Philadelphia CBD | $ | 453,917 | $ | 387,301 | $ | (6,537) | $ | (3,452) | $ | (14,208) | $ | (8,798) | ||||||||||||||||||||||||||||||||||||||||||||||||
Metropolitan Washington, D.C. | Metropolitan Washington, D.C. | 82,603 | 83,903 | (1,414) | (381) | Metropolitan Washington, D.C. | 82,350 | 83,903 | (1,306) | (706) | (3,896) | (1,273) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mid-Atlantic Office JV | Mid-Atlantic Office JV | 28,791 | 31,005 | 223 | (101) | Mid-Atlantic Office JV | 28,335 | 31,005 | 182 | (83) | 595 | 234 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MAP Venture | MAP Venture | (41,310) | (35,411) | (1,995) | (1,925) | MAP Venture | (45,148) | (35,411) | (3,078) | (2,019) | (6,995) | (5,967) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Austin, Texas | Austin, Texas | 66,746 | 65,426 | — | — | Austin, Texas | 73,494 | 65,426 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 589,195 | $ | 532,224 | $ | (7,598) | $ | (4,981) | Total | $ | 592,948 | $ | 532,224 | $ | (10,739) | $ | (6,260) | $ | (24,504) | $ | (15,804) |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (12,737) | $ | 4,651 | $ | (18,013) | $ | 10,752 | Net income (loss) | $ | (21,636) | $ | 13,478 | $ | (39,649) | $ | 24,230 | ||||||||||||||||||||||||||||
Plus: | Plus: | Plus: | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 23,669 | 16,341 | 46,322 | 32,083 | Interest expense | 24,355 | 17,061 | 70,677 | 49,144 | ||||||||||||||||||||||||||||||||||||
Interest expense - amortization of deferred financing costs | Interest expense - amortization of deferred financing costs | 1,114 | 805 | 2,141 | 1,514 | Interest expense - amortization of deferred financing costs | 1,110 | 745 | 3,251 | 2,259 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 47,079 | 43,959 | 92,679 | 87,741 | Depreciation and amortization | 48,966 | 45,134 | 141,645 | 132,875 | ||||||||||||||||||||||||||||||||||||
General and administrative expenses | General and administrative expenses | 9,360 | 8,328 | 18,842 | 18,328 | General and administrative expenses | 8,069 | 7,564 | 26,911 | 25,892 | ||||||||||||||||||||||||||||||||||||
Equity in loss of unconsolidated real estate ventures | Equity in loss of unconsolidated real estate ventures | 7,598 | 4,981 | 13,765 | 9,544 | Equity in loss of unconsolidated real estate ventures | 10,739 | 6,260 | 24,504 | 15,804 | ||||||||||||||||||||||||||||||||||||
Provision for impairment | Provision for impairment | 4,468 | — | 4,468 | — | Provision for impairment | 11,666 | — | 16,134 | — | ||||||||||||||||||||||||||||||||||||
Less: | Less: | Less: | ||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 520 | 449 | 1,025 | 889 | Interest income | 293 | 498 | 1,318 | 1,387 | ||||||||||||||||||||||||||||||||||||
Income tax provision | (13) | (48) | (38) | (75) | ||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (provision) | Income tax benefit (provision) | 3 | 9 | (35) | (66) | |||||||||||||||||||||||||||||||||||||||||
Net gain on disposition of real estate | Net gain on disposition of real estate | — | 144 | — | 144 | Net gain on disposition of real estate | — | 8,669 | — | 8,813 | ||||||||||||||||||||||||||||||||||||
Net gain on sale of undepreciated real estate | Net gain on sale of undepreciated real estate | — | 4,127 | 781 | 5,024 | Net gain on sale of undepreciated real estate | — | 2,983 | 781 | 8,007 | ||||||||||||||||||||||||||||||||||||
Net gain on real estate venture transactions | Net gain on real estate venture transactions | 181 | — | 181 | — | Net gain on real estate venture transactions | — | — | 181 | — | ||||||||||||||||||||||||||||||||||||
Consolidated net operating income | Consolidated net operating income | $ | 79,863 | $ | 74,393 | $ | 158,255 | $ | 153,980 | Consolidated net operating income | $ | 82,973 | $ | 78,083 | $ | 241,228 | $ | 232,063 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
Leasing Activity | Leasing Activity | Leasing Activity | ||||||||||||||||||||||||||||||||||||||||||||
Core Properties (1): | Core Properties (1): | Core Properties (1): | ||||||||||||||||||||||||||||||||||||||||||||
Total net rentable square feet owned | Total net rentable square feet owned | 12,823,542 | 12,996,825 | 12,823,542 | 12,996,825 | Total net rentable square feet owned | 12,598,531 | 12,791,041 | 12,598,531 | 12,791,041 | ||||||||||||||||||||||||||||||||||||
Occupancy percentage (end of period) | Occupancy percentage (end of period) | 89.4 | % | 89.6 | % | 89.4 | % | 89.6 | % | Occupancy percentage (end of period) | 88.3 | % | 90.8 | % | 88.3 | % | 90.8 | % | ||||||||||||||||||||||||||||
Average occupancy percentage | Average occupancy percentage | 89.0 | % | 88.9 | % | 89.2 | % | 89.4 | % | Average occupancy percentage | 88.8 | % | 90.7 | % | 89.1 | % | 89.7 | % | ||||||||||||||||||||||||||||
Total Portfolio, less properties in development/redevelopment (2): | Total Portfolio, less properties in development/redevelopment (2): | Total Portfolio, less properties in development/redevelopment (2): | ||||||||||||||||||||||||||||||||||||||||||||
Tenant retention rate (3) | Tenant retention rate (3) | 70.7 | % | 70.3 | % | 55.4 | % | 60.6 | % | Tenant retention rate (3) | 44.1 | % | 90.4 | % | 50.8 | % | 69.0 | % | ||||||||||||||||||||||||||||
New leases and expansions commenced (square feet) | New leases and expansions commenced (square feet) | 93,215 | 247,597 | 159,466 | 359,694 | New leases and expansions commenced (square feet) | 59,750 | 370,698 | 219,216 | 730,392 | ||||||||||||||||||||||||||||||||||||
Leases renewed (square feet) | Leases renewed (square feet) | 113,952 | 137,103 | 222,745 | 519,458 | Leases renewed (square feet) | 115,633 | 241,413 | 338,378 | 760,871 | ||||||||||||||||||||||||||||||||||||
Net (negative) absorption (square feet) | Net (negative) absorption (square feet) | 18,311 | 27,391 | (90,976) | (224,973) | Net (negative) absorption (square feet) | (145,408) | 176,497 | (236,384) | (48,476) | ||||||||||||||||||||||||||||||||||||
Percentage change in rental rates per square foot (4): | Percentage change in rental rates per square foot (4): | Percentage change in rental rates per square foot (4): | ||||||||||||||||||||||||||||||||||||||||||||
New and expansion rental rates | New and expansion rental rates | 30.1 | % | 26.2 | % | 21.1 | % | 23.9 | % | New and expansion rental rates | — | % | 26.3 | % | 21.0 | % | 25.1 | % | ||||||||||||||||||||||||||||
Renewal rental rates | Renewal rental rates | 13.0 | % | 8.3 | % | 14.4 | % | 17.9 | % | Renewal rental rates | 2.8 | % | 7.2 | % | 11.8 | % | 15.0 | % | ||||||||||||||||||||||||||||
Combined rental rates | Combined rental rates | 17.6 | % | 18.4 | % | 16.0 | % | 19.6 | % | Combined rental rates | 2.8 | % | 16.5 | % | 13.6 | % | 18.5 | % | ||||||||||||||||||||||||||||
Weighted average lease term for leases commenced (years) | Weighted average lease term for leases commenced (years) | 7.0 | 8.0 | 7.2 | 8.3 | Weighted average lease term for leases commenced (years) | 6.0 | 7.9 | 6.9 | 8.1 | ||||||||||||||||||||||||||||||||||||
Capital Costs Committed (5): | Capital Costs Committed (5): | Capital Costs Committed (5): | ||||||||||||||||||||||||||||||||||||||||||||
Leasing commissions (per square foot) | Leasing commissions (per square foot) | $ | 7.33 | $ | 10.45 | $ | 9.64 | $ | 11.95 | Leasing commissions (per square foot) | $ | 1.53 | $ | 5.90 | $ | 8.12 | $ | 9.89 | ||||||||||||||||||||||||||||
Tenant Improvements (per square foot) | Tenant Improvements (per square foot) | $ | 23.06 | $ | 39.59 | $ | 16.79 | $ | 35.81 | Tenant Improvements (per square foot) | $ | 6.02 | $ | 23.38 | $ | 14.77 | $ | 31.57 | ||||||||||||||||||||||||||||
Total capital per square foot per lease year | Total capital per square foot per lease year | $ | 3.72 | $ | 4.85 | $ | 3.26 | $ | 4.44 | Total capital per square foot per lease year | $ | 3.24 | $ | 3.86 | $ | 3.26 | $ | 4.25 |
Property/Portfolio Name | Property/Portfolio Name | Location | Expected Completion Date | Activity Type | Approximate Square Footage | Estimated Costs | Construction Loan Financing | Amount Funded | Property/Portfolio Name | Location | Expected Completion Date | Activity Type | Approximate Square Footage | Estimated Costs | Construction Loan Financing | Amount Funded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
250 King of Prussia Road (a) | Radnor, PA | Q3 2022 | Redevelopment | 168,294 | $ | 103,680 | $ | — | $ | 83,716 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2340 Dulles Corner Boulevard (b) | Herndon, VA | Q2 2023 | Redevelopment | 268,365 | $ | 117,974 | $ | — | $ | 95,243 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2340 Dulles Corner Boulevard (a) | 2340 Dulles Corner Boulevard (a) | Herndon, VA | Q2 2023 | Redevelopment | 268,365 | $ | 117,974 | $ | — | $ | 95,807 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
155 King of Prussia Road | 155 King of Prussia Road | Radnor, PA | Q4 2024 | Development | 144,685 | $ | 80,000 | (c) | $ | 23,649 | 155 King of Prussia Road | Radnor, PA | Q4 2024 | Development | 144,685 | $ | 80,000 | $ | 50,000 | $ | 30,000 |
Property/Portfolio Name | Location | Completion Date | Activity Type | Approximate Square Footage | Estimated Costs | Amount Funded | ||||||||||||||||||||||||||||||||||||||
250 King of Prussia Road (a) | Radnor, PA | Q3 2022 (b) | Redevelopment | 205,803 | $ | 103,680 | $ | 85,966 |
Property/Portfolio Name (a) | Property/Portfolio Name (a) | Location | Expected Completion Date | Approximate Square Footage | Estimated Costs | Amount Funded | Construction Loan Financing | Our Share Remaining to be Funded | Partner's Share Remaining to be Funded | Property/Portfolio Name (a) | Location | Expected Completion Date | Approximate Square Footage | Estimated Costs | Amount Funded | Construction Loan Financing | Our Share Remaining to be Funded | Partner's Share Remaining to be Funded | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3025 JFK Boulevard (55%) | Philadelphia, PA | Q4 2023 | (b) | $ | 300,000 | $ | 215,368 | $ | 186,727 | $ | 12,728 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3025 JFK Boulevard (58%) (d) | 3025 JFK Boulevard (58%) (d) | Philadelphia, PA | Q4 2023 | (b) | $ | 300,000 | $ | 246,802 | $ | 186,727 | $ | 5,808 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3151 Market Street (55%) | 3151 Market Street (55%) | Philadelphia, PA | Q2 2024 | 441,000 | $ | 316,909 | $ | 105,636 | (c) | (c) | $ | 36,973 | 3151 Market Street (55%) | Philadelphia, PA | Q2 2024 | 441,000 | $ | 316,909 | $ | 119,729 | (c) | (c) | $ | 22,880 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Uptown - Office (50%) | Austin, TX | Q4 2023 | 362,679 | $ | 201,616 | $ | 111,800 | $ | 121,650 | $ | 10,000 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Uptown - Office (54%) | One Uptown - Office (54%) | Austin, TX | Q4 2023 | 362,679 | $ | 201,616 | $ | 122,131 | $ | 121,650 | $ | 4,007 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Uptown - Multifamily (50%) | One Uptown - Multifamily (50%) | Austin, TX | Q3 2024 | 341 Units | $ | 144,029 | $ | 76,563 | $ | 85,000 | $ | — | $ | — | One Uptown - Multifamily (50%) | Austin, TX | Q3 2024 | 341 Units | $ | 144,029 | $ | 87,463 | $ | 85,000 | $ | — | $ | — |
Same Store Property Portfolio | Recently Completed/Acquired Properties | Development/Redevelopment Properties | Other (Eliminations) (a) | Total Portfolio | Same Store Property Portfolio | Recently Completed/Acquired Properties | Development/Redevelopment Properties | Other (Eliminations) (a) | Total Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars and square feet in millions except per share amounts) | (dollars and square feet in millions except per share amounts) | 2023 | 2022 | $ Change | % Change | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | $ Change | % Change | (dollars and square feet in millions except per share amounts) | 2023 | 2022 | $ Change | % Change | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | Revenue: | Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rents | Rents | $ | 108.2 | $ | 108.0 | $ | 0.2 | 0.2 | % | $3.5 | $ | 1.2 | $ | 1.2 | $ | 0.2 | $ | 5.3 | $ | 7.4 | $ | 118.2 | $ | 116.8 | $ | 1.4 | 1.2 | % | Rents | $ | 108.2 | $ | 108.6 | $ | (0.4) | (0.4) | % | $6.3 | $ | 1.5 | $ | 1.5 | $ | 0.1 | $ | 5.7 | $ | 7.3 | $ | 121.7 | $ | 117.5 | $ | 4.2 | 3.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third party management fees, labor reimbursement and leasing | Third party management fees, labor reimbursement and leasing | — | — | — | — | % | — | — | — | — | 6.2 | 5.9 | 6.2 | 5.9 | 0.3 | 5.1 | % | Third party management fees, labor reimbursement and leasing | — | — | — | — | % | — | — | — | — | 6.6 | 6.9 | 6.6 | 6.9 | (0.3) | (4.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 0.3 | 0.3 | — | — | % | — | — | — | — | 1.2 | 0.9 | 1.5 | 1.2 | 0.3 | 25.0 | % | Other | 0.2 | 0.2 | — | — | % | — | — | — | 0.1 | 1.0 | 0.9 | 1.2 | 1.2 | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | Total revenue | 108.5 | 108.3 | 0.2 | 0.2 | % | 3.5 | 1.2 | 1.2 | 0.2 | 12.7 | 14.2 | 125.9 | 123.9 | 2.0 | 1.6 | % | Total revenue | 108.4 | 108.8 | (0.4) | (0.4) | % | 6.3 | 1.5 | 1.5 | 0.2 | 13.3 | 15.1 | 129.5 | 125.6 | 3.9 | 3.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | Property operating expenses | 28.1 | 28.7 | (0.6) | (2.1) | % | 0.9 | 0.3 | 0.1 | — | 2.8 | 4.1 | 31.9 | 33.1 | (1.2) | (3.6) | % | Property operating expenses | 27.9 | 29.1 | (1.2) | (4.1) | % | 1.2 | 0.6 | 0.4 | — | 1.6 | 2.9 | 31.1 | 32.6 | (1.5) | (4.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | Real estate taxes | 10.4 | 12.6 | (2.2) | (17.5) | % | 0.6 | 0.2 | 0.2 | 0.1 | 0.4 | 0.8 | 11.6 | 13.7 | (2.1) | (15.3) | % | Real estate taxes | 11.6 | 10.9 | 0.7 | 6.4 | % | 0.5 | 0.6 | 0.2 | 0.1 | 0.5 | 0.7 | 12.8 | 12.3 | 0.5 | 4.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third party management expenses | Third party management expenses | — | — | — | — | % | — | — | — | — | 2.6 | 2.8 | 2.6 | 2.8 | (0.2) | (7.1) | % | Third party management expenses | — | — | — | — | % | — | — | — | — | 2.5 | 2.5 | 2.5 | 2.5 | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net operating income | Net operating income | 70.0 | 67.0 | 3.0 | 4.5 | % | 2.0 | 0.7 | 0.9 | 0.1 | 6.9 | 6.5 | 79.8 | 74.3 | 5.5 | 7.4 | % | Net operating income | 68.9 | 68.8 | 0.1 | 0.1 | % | 4.6 | 0.3 | 0.9 | 0.1 | 8.7 | 9.0 | 83.1 | 78.2 | 4.9 | 6.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 41.3 | 38.8 | 2.5 | 6.4 | % | 0.9 | 0.5 | 0.8 | 0.1 | 3.8 | 4.3 | 46.8 | 43.7 | 3.1 | 7.1 | % | Depreciation and amortization | 39.5 | 39.0 | 0.5 | 1.3 | % | 2.4 | 0.9 | 0.8 | — | 6.3 | 5.3 | 49.0 | 45.2 | 3.8 | 8.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General & administrative expenses | General & administrative expenses | — | — | — | — | % | — | — | — | — | 9.5 | 8.4 | 9.5 | 8.4 | 1.1 | 13.1 | % | General & administrative expenses | — | — | — | — | % | — | — | — | — | 8.1 | 7.6 | 8.1 | 7.6 | 0.5 | 6.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for impairment | Provision for impairment | — | — | — | — | % | — | — | — | — | 4.5 | — | 4.5 | — | 4.5 | — | % | Provision for impairment | — | — | — | — | % | — | — | — | — | 11.7 | — | 11.7 | — | 11.7 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain on disposition of real estate | Net gain on disposition of real estate | — | (0.1) | 0.1 | (100.0) | % | Net gain on disposition of real estate | — | (8.7) | 8.7 | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain on sale of undepreciated real estate | Net gain on sale of undepreciated real estate | — | (4.1) | 4.1 | (100.0) | % | Net gain on sale of undepreciated real estate | — | (3.0) | 3.0 | (100.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | Operating income (loss) | $ | 28.7 | $ | 28.2 | $ | 0.5 | 1.8 | % | $1.1 | $ | 0.2 | $ | 0.1 | $ | — | $ | (10.9) | $ | (6.2) | $ | 19.0 | $ | 26.4 | $ | (7.4) | (28.0) | % | Operating income (loss) | $ | 29.4 | $ | 29.8 | $ | (0.4) | (1.3) | % | $2.2 | $ | (0.6) | $ | 0.1 | $ | 0.1 | $ | (17.4) | $ | (3.9) | $ | 14.3 | $ | 37.1 | $ | (22.8) | (61.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties | Number of properties | 71 | 71 | 1 | 4 | 76 | Number of properties | 69 | 69 | 2 | 3 | 74 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | Square feet | 12.6 | 12.6 | 0.2 | 0.6 | 13.4 | Square feet | 12.4 | 12.4 | 0.4 | 0.4 | 13.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core Occupancy % (b) | Core Occupancy % (b) | 89.4 | % | 89.4 | % | 89.3 | % | Core Occupancy % (b) | 88.2 | % | 91.0 | % | 75.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expense): | Other Income (Expense): | Other Income (Expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | Interest income | 0.5 | 0.4 | 0.1 | 25.0 | % | Interest income | 0.3 | 0.5 | (0.2) | (40.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | (23.7) | (16.3) | (7.4) | 45.4 | % | Interest expense | (24.4) | (17.1) | (7.3) | 42.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense — Deferred financing costs | Interest expense — Deferred financing costs | (1.1) | (0.8) | (0.3) | 37.5 | % | Interest expense — Deferred financing costs | (1.1) | (0.7) | (0.4) | 57.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in loss of unconsolidated real estate ventures | Equity in loss of unconsolidated real estate ventures | (7.6) | (5.0) | (2.6) | 52.0 | % | Equity in loss of unconsolidated real estate ventures | (10.7) | (6.3) | (4.4) | 69.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain on real estate venture transactions | 0.2 | — | 0.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | $ | (12.7) | $ | 4.7 | $ | (17.4) | (370.2) | % | Net income (loss) | $ | (21.6) | $ | 13.5 | $ | (35.1) | (260.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust | Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust | $ | (0.08) | $ | 0.03 | $ | (0.11) | (366.7) | % | Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust | $ | (0.13) | $ | 0.08 | $ | (0.21) | (262.5) | % |
Same Store Property Portfolio | Recently Completed/Acquired Properties | Development/Redevelopment Properties | Other (Eliminations) (a) | Total Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars and square feet in millions except per share amounts) | 2023 | 2022 | $ Change | % Change | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rents | $ | 220.3 | $ | 216.4 | $ | 3.9 | 1.8 | % | $ | 6.2 | $ | 2.3 | $ | 2.1 | $ | 0.3 | $ | 10.4 | $ | 13.8 | $ | 239.0 | $ | 232.8 | $ | 6.2 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third party management fees, labor reimbursement and leasing | — | — | — | — | % | — | — | — | — | 12.2 | 11.0 | 12.2 | 11.0 | 1.2 | 10.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 0.5 | 0.6 | (0.1) | (16.7) | % | — | 0.1 | — | — | 3.4 | 7.1 | 3.9 | 7.8 | (3.9) | (50.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | 220.8 | 217.0 | 3.8 | 1.8 | % | 6.2 | 2.4 | 2.1 | 0.3 | 26.0 | 31.9 | 255.1 | 251.6 | 3.5 | 1.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | 58.4 | 56.9 | 1.5 | 2.6 | % | 1.6 | 0.5 | 0.2 | — | 5.3 | 7.3 | 65.5 | 64.7 | 0.8 | 1.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | 23.4 | 25.3 | (1.9) | (7.5) | % | 1.4 | 0.4 | 0.2 | 0.2 | 1.1 | 1.7 | 26.1 | 27.6 | (1.5) | (5.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third party management expenses | — | — | — | — | % | — | — | — | — | 5.2 | 5.3 | 5.2 | 5.3 | (0.1) | (1.9) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net operating income | 139.0 | 134.8 | 4.2 | 3.1 | % | 3.2 | 1.5 | 1.7 | 0.1 | 14.4 | 17.6 | 158.3 | 154.0 | 4.3 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 81.0 | 77.8 | 3.2 | 4.1 | % | 1.8 | 0.9 | 1.4 | 0.1 | 8.6 | 8.9 | 92.8 | 87.7 | 5.1 | 5.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General & administrative expenses | — | — | — | — | % | — | — | — | — | 18.8 | 18.3 | 18.8 | 18.3 | 0.5 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for impairment | — | — | — | — | % | — | — | — | — | 4.5 | — | 4.5 | — | 4.5 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain on disposition of real estate | — | (0.1) | 0.1 | (100.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain on sale of undepreciated real estate | (0.8) | (5.0) | 4.2 | (84.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 58.0 | $ | 57.0 | $ | 1.0 | 1.8 | % | $ | 1.4 | $ | 0.6 | $ | 0.3 | $ | — | $ | (17.5) | $ | (9.6) | $ | 43.0 | $ | 53.1 | $ | (10.1) | (19.0) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties | 71 | 71 | 1 | 4 | 76 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | 12.6 | 12.6 | 0.2 | 0.6 | 13.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core Occupancy % (b) | 89.4 | % | 88.7 | % | 89.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 1.0 | 0.9 | 0.1 | 11.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (46.3) | (32.1) | (14.2) | 44.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense — Deferred financing costs | (2.1) | (1.5) | (0.6) | 40.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in loss of unconsolidated real estate ventures | (13.8) | (9.5) | (4.3) | 45.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain on real estate venture transactions | 0.2 | — | 0.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax provision | — | (0.1) | 0.1 | (100.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (18.0) | $ | 10.8 | $ | (28.8) | (266.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust | $ | (0.11) | $ | 0.06 | $ | (0.17) | (283.3) | % |
Same Store Property Portfolio | Recently Completed/Acquired Properties | Development/Redevelopment Properties | Other (Eliminations) (a) | Total Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars and square feet in millions except per share amounts) | 2023 | 2022 | $ Change | % Change | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rents | $ | 326.5 | $ | 322.9 | $ | 3.6 | 1.1 | % | $ | 14.5 | $ | 4.0 | $ | 1.6 | $ | 0.2 | $ | 18.0 | $ | 23.2 | $ | 360.6 | $ | 350.3 | $ | 10.3 | 2.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third party management fees, labor reimbursement and leasing | — | — | — | — | % | — | — | — | — | 18.8 | 17.9 | 18.8 | 17.9 | 0.9 | 5.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 0.8 | 0.8 | — | — | % | — | 0.1 | — | 0.1 | 4.3 | 7.9 | 5.1 | 8.9 | (3.8) | (42.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | 327.3 | 323.7 | 3.6 | 1.1 | % | 14.5 | 4.1 | 1.6 | 0.3 | 41.1 | 49.0 | 384.5 | 377.1 | 7.4 | 2.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | 85.8 | 85.6 | 0.2 | 0.2 | % | 3.2 | 1.1 | 0.3 | — | 7.3 | 10.6 | 96.6 | 97.3 | (0.7) | (0.7) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | 34.6 | 35.7 | (1.1) | (3.1) | % | 2.1 | 1.0 | 0.2 | 0.3 | 2.1 | 2.9 | 39.0 | 39.9 | (0.9) | (2.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third party management expenses | — | — | — | — | % | — | — | — | — | 7.7 | 7.9 | 7.7 | 7.9 | (0.2) | (2.5) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net operating income | 206.9 | 202.4 | 4.5 | 2.2 | % | 9.2 | 2.0 | 1.1 | — | 24.0 | 27.6 | 241.2 | 232.0 | 9.2 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 117.8 | 115.1 | 2.7 | 2.3 | % | 5.6 | 1.9 | 0.8 | — | 17.4 | 15.8 | 141.6 | 132.8 | 8.8 | 6.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General & administrative expenses | — | — | — | — | % | — | — | — | — | 26.9 | 25.9 | 26.9 | 25.9 | 1.0 | 3.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for impairment (c) | — | — | — | — | % | — | — | — | — | 16.1 | — | 16.1 | — | 16.1 | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain on disposition of real estate | — | (8.8) | 8.8 | (100.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain on sale of undepreciated real estate | (0.8) | (8.0) | 7.2 | (90.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 89.1 | $ | 87.3 | $ | 1.8 | 2.1 | % | $ | 3.6 | $ | 0.1 | $ | 0.3 | $ | — | $ | (36.4) | $ | (14.1) | $ | 57.4 | $ | 90.1 | $ | (32.7) | (36.3) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of properties | 69 | 69 | 2 | 3 | 74 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Square feet | 12.4 | 12.4 | 0.4 | 0.4 | 13.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core Occupancy % (b) | 88.2 | % | 91.0 | % | 75.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income (Expense): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 1.3 | 1.4 | (0.1) | (7.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (70.7) | (49.1) | (21.6) | 44.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense — Deferred financing costs | (3.3) | (2.3) | (1.0) | 43.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in loss of unconsolidated real estate ventures | (24.5) | (15.8) | (8.7) | 55.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gain on real estate venture transactions | 0.2 | — | 0.2 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax provision | — | (0.1) | 0.1 | (100.0) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (39.6) | $ | 24.2 | $ | (63.8) | (263.6) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust | $ | (0.23) | $ | 0.14 | $ | (0.37) | (264.3) | % |
Moody's | S&P | ||||||||||||||||
Long-term debt | Ba1 | BBB- | |||||||||||||||
Outlook | Negative | Negative | |||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||
Activity | Activity | 2023 | 2022 | (Decrease) Increase | Activity | 2023 | 2022 | (Decrease) Increase | ||||||||||||||||||||||||||||||||
Operating | Operating | $ | 61,304 | $ | 78,494 | $ | (17,190) | Operating | $ | 111,405 | $ | 148,162 | $ | (36,757) | ||||||||||||||||||||||||||
Investing | Investing | (137,862) | (188,862) | 51,000 | Investing | (139,451) | (255,400) | 115,949 | ||||||||||||||||||||||||||||||||
Financing | Financing | 101,158 | 111,848 | (10,690) | Financing | 68,276 | 111,039 | (42,763) | ||||||||||||||||||||||||||||||||
Net cash flows | Net cash flows | $ | 24,600 | $ | 1,480 | $ | 23,120 | Net cash flows | $ | 40,230 | $ | 3,801 | $ | 36,429 |
(Decrease) Increase | ||||||||
Acquisitions of real estate | $ | 3,446 | ||||||
Capital expenditures and capitalized interest | ||||||||
Capital improvements/acquisition deposits/leasing costs | ||||||||
Joint venture investments | ||||||||
Proceeds from the sale of properties | ||||||||
Capital distributions from unconsolidated real estate ventures | ||||||||
Decrease in net cash used in investing activities | $ |
(Decrease) Increase | ||||||||
Proceeds from debt obligations | $ | |||||||
Repayments of debt obligations | ||||||||
Redemption of limited partnership units | 4,006 | |||||||
Dividends and distributions paid | ||||||||
Debt financing costs paid | ||||||||
Other financing activities | ||||||||
Decrease in net cash provided by financing activities | $ |
June 30, 2023 | December 31, 2022 | September 30, 2023 | December 31, 2022 | |||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||
Balance: (a) | Balance: (a) | Balance: (a) | ||||||||||||||||||||
Fixed rate | Fixed rate | $ | 1,995,000 | $ | 1,554,301 | Fixed rate | $ | 1,995,000 | $ | 1,554,301 | ||||||||||||
Variable rate - unhedged (b) | Variable rate - unhedged (b) | 148,610 | 417,110 | Variable rate - unhedged (b) | 148,610 | 417,110 | ||||||||||||||||
Total | Total | $ | 2,143,610 | $ | 1,971,411 | Total | $ | 2,143,610 | $ | 1,971,411 | ||||||||||||
Percent of Total Debt: | Percent of Total Debt: | Percent of Total Debt: | ||||||||||||||||||||
Fixed rate | Fixed rate | 93.1 | % | 78.8 | % | Fixed rate | 93.1 | % | 78.8 | % | ||||||||||||
Variable rate - unhedged | Variable rate - unhedged | 6.9 | % | 21.2 | % | Variable rate - unhedged | 6.9 | % | 21.2 | % | ||||||||||||
Total | Total | 100.0 | % | 100.0 | % | Total | 100.0 | % | 100.0 | % | ||||||||||||
Weighted-average interest rate at period end: | Weighted-average interest rate at period end: | Weighted-average interest rate at period end: | ||||||||||||||||||||
Fixed rate | Fixed rate | 5.0 | % | 4.9 | % | Fixed rate | 5.1 | % | 4.9 | % | ||||||||||||
Variable rate - unhedged | Variable rate - unhedged | 6.7 | % | 5.6 | % | Variable rate - unhedged | 7.0 | % | 5.6 | % | ||||||||||||
Total | Total | 5.1 | % | 5.0 | % | Total | 5.2 | % | 5.0 | % | ||||||||||||
Weighted-average maturity in years: | Weighted-average maturity in years: | Weighted-average maturity in years: | ||||||||||||||||||||
Fixed rate | Fixed rate | 4.3 | 4.6 | Fixed rate | 4.0 | 4.6 | ||||||||||||||||
Variable rate - unhedged | Variable rate - unhedged | 7.2 | 5.9 | Variable rate - unhedged | 6.9 | 5.9 | ||||||||||||||||
Total | Total | 4.5 | 4.8 | Total | 4.2 | 4.8 |
Period | Principal maturities | Weighted Average Interest Rate of Maturing Debt | ||||||||||||||||||||||||
2023 (six months remaining) | $ | — | — | % | ||||||||||||||||||||||
2024 | 350,000 | 3.78 | % | |||||||||||||||||||||||
2025 | 70,000 | 6.90 | % | |||||||||||||||||||||||
2026 | — | — | % | |||||||||||||||||||||||
2027 | 700,000 | 4.38 | % | |||||||||||||||||||||||
2028 | 595,000 | 6.97 | % | |||||||||||||||||||||||
2029 | 350,000 | 4.30 | % | |||||||||||||||||||||||
2030 | — | — | % | |||||||||||||||||||||||
2031 | — | — | % | |||||||||||||||||||||||
2032 | — | — | % | |||||||||||||||||||||||
Thereafter | 78,610 | 6.50 | % | |||||||||||||||||||||||
Totals | $ | 2,143,610 | 5.15 | % |
Period | Principal maturities | Weighted Average Interest Rate of Maturing Debt | ||||||||||||||||||||||||
2023 (three months remaining) | $ | — | — | % | ||||||||||||||||||||||
2024 | 350,000 | 3.8 | % | |||||||||||||||||||||||
2025 | 70,000 | 7.2 | % | |||||||||||||||||||||||
2026 | — | — | % | |||||||||||||||||||||||
2027 | 700,000 | 4.4 | % | |||||||||||||||||||||||
2028 | 595,000 | 7.1 | % | |||||||||||||||||||||||
2029 | 350,000 | 4.3 | % | |||||||||||||||||||||||
2030 | — | — | % | |||||||||||||||||||||||
2031 | — | — | % | |||||||||||||||||||||||
2032 | — | — | % | |||||||||||||||||||||||
Thereafter | 78,610 | 6.8 | % | |||||||||||||||||||||||
Totals | $ | 2,143,610 | 5.2 | % |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||
(amounts in thousands, except share information) | (amounts in thousands, except share information) | |||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to common unitholders | Net income (loss) attributable to common unitholders | $ | (12,941) | $ | 4,555 | $ | (18,286) | $ | 10,510 | Net income (loss) attributable to common unitholders | $ | (21,775) | $ | 13,374 | $ | (40,061) | $ | 23,884 | ||||||||||||||||||||||||||||
Add (deduct): | Add (deduct): | Add (deduct): | ||||||||||||||||||||||||||||||||||||||||||||
Amount allocated to unvested restricted unitholders | Amount allocated to unvested restricted unitholders | 204 | 98 | 274 | 246 | Amount allocated to unvested restricted unitholders | 159 | 105 | 433 | 351 | ||||||||||||||||||||||||||||||||||||
Net gain on real estate venture transactions | Net gain on real estate venture transactions | (181) | — | (181) | — | Net gain on real estate venture transactions | — | — | (181) | — | ||||||||||||||||||||||||||||||||||||
Net gain on disposition of real estate | Net gain on disposition of real estate | — | (144) | — | (144) | Net gain on disposition of real estate | — | (8,669) | — | (8,813) | ||||||||||||||||||||||||||||||||||||
Provision for impairment | Provision for impairment | 4,468 | — | 4,468 | — | Provision for impairment | 11,666 | — | 16,134 | — | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization: | Depreciation and amortization: | Depreciation and amortization: | ||||||||||||||||||||||||||||||||||||||||||||
Real property | Real property | 39,119 | 36,631 | 77,749 | 72,793 | Real property | 40,493 | 38,095 | 118,242 | 110,888 | ||||||||||||||||||||||||||||||||||||
Leasing costs including acquired intangibles | Leasing costs including acquired intangibles | 7,103 | 6,597 | 13,243 | 13,591 | Leasing costs including acquired intangibles | 7,594 | 6,244 | 20,837 | 19,835 | ||||||||||||||||||||||||||||||||||||
Company’s share of unconsolidated real estate ventures | Company’s share of unconsolidated real estate ventures | 12,145 | 12,903 | 23,709 | 24,198 | Company’s share of unconsolidated real estate ventures | 12,840 | 12,804 | 36,549 | 37,002 | ||||||||||||||||||||||||||||||||||||
Partners’ share of consolidated real estate ventures | Partners’ share of consolidated real estate ventures | (4) | (5) | (8) | (10) | Partners’ share of consolidated real estate ventures | (4) | (4) | (12) | (14) | ||||||||||||||||||||||||||||||||||||
Funds from operations | Funds from operations | $ | 49,913 | $ | 60,635 | $ | 100,968 | $ | 121,184 | Funds from operations | $ | 50,973 | $ | 61,949 | $ | 151,941 | $ | 183,133 | ||||||||||||||||||||||||||||
Funds from operations allocable to unvested restricted shareholders | Funds from operations allocable to unvested restricted shareholders | (309) | (154) | (533) | (392) | Funds from operations allocable to unvested restricted shareholders | (347) | (198) | (880) | (590) | ||||||||||||||||||||||||||||||||||||
Funds from operations available to common share and unit holders (FFO) | Funds from operations available to common share and unit holders (FFO) | $ | 49,604 | $ | 60,481 | $ | 100,435 | $ | 120,792 | Funds from operations available to common share and unit holders (FFO) | $ | 50,626 | $ | 61,751 | $ | 151,061 | $ | 182,543 | ||||||||||||||||||||||||||||
Weighted-average shares/units outstanding — basic (a) | Weighted-average shares/units outstanding — basic (a) | 172,478,629 | 172,043,498 | 172,334,930 | 171,985,863 | Weighted-average shares/units outstanding — basic (a) | 172,614,128 | 172,086,274 | 172,429,019 | 172,019,701 | ||||||||||||||||||||||||||||||||||||
Weighted-average shares/units outstanding — fully diluted (a) | Weighted-average shares/units outstanding — fully diluted (a) | 172,797,873 | 172,776,896 | 172,811,483 | 173,149,640 | Weighted-average shares/units outstanding — fully diluted (a) | 173,236,769 | 172,668,723 | 172,954,267 | 172,989,918 |
(a) | Exhibits | ||||||||||
Exhibits No. | Description | ||||||||||
31.1 | |||||||||||
31.2 | |||||||||||
31.3 | |||||||||||
31.4 | |||||||||||
32.1 | |||||||||||
32.2 | |||||||||||
32.3 | |||||||||||
32.4 | |||||||||||
101.1 | The following materials from the combined Quarterly Reports on Form 10-Q of Brandywine Realty Trust and Brandywine Operating Partnership, L.P. for the quarter ended | ||||||||||
104 | Cover Page Interactive Data File – the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
BRANDYWINE REALTY TRUST (Registrant) | ||||||||||||||
Date: | By: | /s/ Gerard H. Sweeney | ||||||||||||
Gerard H. Sweeney, President and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: | By: | /s/ Thomas E. Wirth | ||||||||||||
Thomas E. Wirth, Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) | ||||||||||||||
Date: | By: | /s/ Daniel Palazzo | ||||||||||||
Daniel Palazzo, Vice President and Chief Accounting Officer | ||||||||||||||
(Principal Accounting Officer) |
BRANDYWINE OPERATING PARTNERSHIP, L.P. (Registrant) BRANDYWINE REALTY TRUST, as general partner | ||||||||||||||
Date: | By: | /s/ Gerard H. Sweeney | ||||||||||||
Gerard H. Sweeney, President and Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: | By: | /s/ Thomas E. Wirth | ||||||||||||
Thomas E. Wirth, Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) | ||||||||||||||
Date: | By: | /s/ Daniel Palazzo | ||||||||||||
Daniel Palazzo, Vice President and Chief Accounting Officer | ||||||||||||||
(Principal Accounting Officer) |