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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________________________________________________________________________________
FORM 10-Q
_____________________________________________________________________________________________
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2021
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
_____________________________________________________________________________________________
Brandywine Realty Trust
Brandywine Operating Partnership, L.P.
(Exact name of registrant as specified in its charter)
_____________________________________________________________________________________________
Registrant’s telephone number, including area code (610) 325-5600
_____________________________________________________________________________________________
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)
2929 Walnut Street
Suite 1700
Philadelphia, PA 19104

(Address of principal executive offices) (Zip Code)
(610) 325-5600
(Registrant’s telephone number, including area code)
Securities registered pursuant to section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares of Beneficial InterestBDNNYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Brandywine Realty TrustYes
  No 
Brandywine Operating Partnership, L.P.Yes
  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Brandywine Realty TrustYes
  No 
Brandywine Operating Partnership, L.P.Yes
  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Brandywine Realty Trust:
Large accelerated filer
Accelerated filer 
Non-accelerated filer 
Smaller reporting companyEmerging growth company 
Brandywine Operating Partnership, L.P.:
Large accelerated filer 
Accelerated filer 
Non-accelerated filer
 
Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Brandywine Realty TrustYes   
 No
Brandywine Operating Partnership, L.P.Yes   
 No
A total of 170,858,857 Common Shares of Beneficial Interest, par value $0.01 per share of Brandywine Realty Trust, were outstanding as of April 28, 2021.


Table of Contents
EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended March 31, 2021 of Brandywine Realty Trust (the “Parent Company”) and Brandywine Operating Partnership L.P. (the “Operating Partnership”). The Parent Company is a Maryland real estate investment trust, or REIT, that owns its assets and conducts its operations through the Operating Partnership, a Delaware limited partnership, and subsidiaries of the Operating Partnership. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company”. In addition, as used in this report, terms such as “we”, “us”, and “our” may refer to the Company, the Parent Company, or the Operating Partnership.
The Parent Company is the sole general partner of the Operating Partnership and, as of March 31, 2021, owned a 99.4% interest in the Operating Partnership. The remaining 0.6% interest consists of common units of limited partnership interest issued by the Operating Partnership to third parties in exchange for contributions of properties to the Operating Partnership. As the sole general partner of the Operating Partnership, the Parent Company has full and complete authority over the Operating Partnership’s day-to-day operations and management.
Management operates the Parent Company and the Operating Partnership as one enterprise. The management of the Parent Company consists of the same members as the management of the Operating Partnership.
As general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements. The separate discussions of the Parent Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company's operations on a consolidated basis and how management operates the Company.
The Company believes that combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into a single report will:
facilitate a better understanding by the investors of the Parent Company and the Operating Partnership by enabling them to view the business as a whole in the same manner as management views and operates the business;
remove duplicative disclosures and provide a more straightforward presentation in light of the fact that a substantial portion of the disclosure applies to both the Parent Company and the Operating Partnership; and
create time and cost efficiencies through the preparation of one combined report instead of two separate reports.
There are few differences between the Parent Company and the Operating Partnership, which are reflected in the footnote disclosures in this report. The Company believes it is important to understand the differences between the Parent Company and the Operating Partnership in the context of how these entities operate as an interrelated consolidated company. The Parent Company is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time (and contributing the net proceeds of such issuances to the Operating Partnership) and guaranteeing the debt obligations of the Operating Partnership. The Operating Partnership holds substantially all the assets of the Company, including the Company's ownership interests in the real estate ventures described below. The Operating Partnership conducts the operations of the Company’s business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness (directly and through subsidiaries) and through the issuance of partnership units of the Operating Partnership or equity interests in subsidiaries of the Operating Partnership.
The equity and non-controlling interests in the Parent Company and the Operating Partnership’s equity are the main areas of difference between the consolidated financial statements of the Parent Company and the Operating Partnership. The common units of limited partnership interest in the Operating Partnership are accounted for as partners’ equity in the Operating Partnership’s financial statements while the common units of limited partnership interests held by parties other than the Parent Company are presented as non-controlling interests in the Parent Company’s financial statements. The differences between the Parent Company and the Operating Partnership’s equity relate to the differences in the equity issued at the Parent Company and Operating Partnership levels.
To help investors understand the significant differences between the Parent Company and the Operating Partnership, this report presents the following as separate notes or sections for each of the Parent Company and the Operating Partnership:
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Consolidated Financial Statements; and
Notes to the Parent Company’s and Operating Partnership’s Equity.
This report also includes separate Item 4. (Controls and Procedures) disclosures and separate Exhibit 31 and 32 certifications for each of the Parent Company and the Operating Partnership in order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that the Parent Company and Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. § 1350.
In order to highlight the differences between the Parent Company and the Operating Partnership, the separate sections in this report for the Parent Company and the Operating Partnership specifically refer to the Parent Company and the Operating Partnership. In the sections that combine disclosures of the Parent Company and the Operating Partnership, this report refers to such disclosures as those of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and real estate ventures and holds assets and incurs debt, reference to the Company is appropriate because the business is one enterprise and the Parent Company operates the business through the Operating Partnership.
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TABLE OF CONTENTS
Page
Filing Format
This combined Form 10-Q is being filed separately by Brandywine Realty Trust and Brandywine Operating Partnership, L.P.
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PART I - FINANCIAL INFORMATION
Item 1. — Financial Statements


BRANDYWINE REALTY TRUST
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share information)
March 31,
2021
December 31,
2020
ASSETS
Real estate investments:
Operating properties$3,386,559 $3,474,109 
Accumulated depreciation(900,167)(896,561)
Right of use asset - operating leases, net20,810 20,977 
Operating real estate investments, net2,507,202 2,598,525 
Construction-in-progress264,529 210,311 
Land held for development116,902 117,984 
Prepaid leasehold interests in land held for development, net27,762 39,185 
Total real estate investments, net2,916,395 2,966,005 
Assets held for sale, net7,349 7,349 
Cash and cash equivalents45,717 46,344 
Accounts receivable14,665 13,536 
Accrued rent receivable, net of allowance of $5,080 and $5,086 as of March 31, 2021 and December 31, 2020, respectively
159,175 155,372 
Investment in Real Estate Ventures433,046 401,327 
Deferred costs, net83,839 84,856 
Intangible assets, net43,883 48,570 
Other assets185,844 176,747 
Total assets$3,889,913 $3,900,106 
LIABILITIES AND BENEFICIARIES' EQUITY
Unsecured credit facility$13,000 $ 
Unsecured term loan, net249,215 249,084 
Unsecured senior notes, net1,581,378 1,581,511 
Accounts payable and accrued expenses119,208 121,982 
Distributions payable32,763 32,706 
Deferred income, gains and rent22,416 21,396 
Intangible liabilities, net17,073 18,448 
Lease liability - operating leases22,810 22,758 
Other liabilities49,796 47,573 
Total liabilities$2,107,659 $2,095,458 
Commitments and contingencies (See Note 14)
Brandywine Realty Trust's Equity:
Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 170,663,251 and 170,572,964 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively1,707 1,707 
Additional paid-in-capital3,140,456 3,138,152 
Deferred compensation payable in common shares17,658 17,516 
Common shares in grantor trust, 1,111,777 and 1,160,494 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively(17,658)(17,516)
Cumulative earnings1,117,004 1,110,083 
Accumulated other comprehensive loss(6,469)(7,561)
Cumulative distributions(2,480,811)(2,448,238)
Total Brandywine Realty Trust's equity1,771,887 1,794,143 
Noncontrolling interests10,367 10,505 
Total beneficiaries' equity$1,782,254 $1,804,648 
Total liabilities and beneficiaries' equity$3,889,913 $3,900,106 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except share and per share information)
Three Months Ended March 31,
20212020
Revenue
Rents$113,484 $139,204 
Third party management fees, labor reimbursement and leasing6,651 4,954 
Other634 930 
Total revenue120,769 145,088 
Operating expenses
Property operating expenses28,935 37,461 
Real estate taxes14,761 16,787 
Third party management expenses2,978 2,662 
Depreciation and amortization40,343 52,038 
General and administrative expenses6,584 8,561 
Total operating expenses93,601 117,509 
Gain on sale of real estate
Net gain on disposition of real estate74 2,586 
Net gain on sale of undepreciated real estate1,993  
Total gain on sale of real estate2,067 2,586 
Operating income29,235 30,165 
Other income (expense):
Interest and investment income1,674 575 
Interest expense(16,293)(20,009)
Interest expense - amortization of deferred financing costs(709)(749)
Equity in loss of Real Estate Ventures(6,924)(1,891)
Net income before income taxes6,983 8,091 
Income tax provision(19)(4)
Net income6,964 8,087 
Net income attributable to noncontrolling interests(43)(65)
Net income attributable to Brandywine Realty Trust6,921 8,022 
Nonforfeitable dividends allocated to unvested restricted shareholders(146)(131)
Net income attributable to Common Shareholders of Brandywine Realty Trust$6,775 $7,891 
Basic income per Common Share$0.04 $0.04 
Diluted income per Common Share$0.04 $0.04 
Basic weighted average shares outstanding170,624,741 176,069,968 
Diluted weighted average shares outstanding171,636,120 176,653,459 
 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)
Three Months Ended March 31,
20212020
Net income$6,964 $8,087 
Comprehensive income (loss):
Unrealized gain (loss) on derivative financial instruments910 (8,057)
Amortization of interest rate contracts (1)188 188 
Total comprehensive income (loss)1,098 (7,869)
Comprehensive income8,062 218 
Comprehensive income attributable to noncontrolling interest(49)(21)
Comprehensive income attributable to Brandywine Realty Trust$8,013 $197 
(1)Amounts reclassified from comprehensive income to interest expense within the Consolidated Statements of Operations.
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF BENEFICIARIES’ EQUITY
(unaudited, in thousands, except number of shares)
Number of Common SharesNumber 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 EarningsAccumulated Other
Comprehensive Income (Loss)
Cumulative DistributionsNoncontrolling InterestsTotal
BALANCE, beginning of period170,572,964 1,160,494 $1,707 $3,138,152 $17,516 $(17,516)$1,110,083 $(7,561)$(2,448,238)$10,505 $1,804,648 
Net income6,921 43 6,964 
Other comprehensive income1,092 6 1,098 
Share-based compensation activity108,345 12,719 2,502 2,502 
Share Issuance from/(to) Deferred Compensation Plan(18,058)(61,436)(198)142 (142)(198)
Distributions declared ($0.19 per share)
(32,573)(187)(32,760)
BALANCE, March 31, 2021170,663,251 1,111,777 $1,707 $3,140,456 $17,658 $(17,658)$1,117,004 $(6,469)$(2,480,811)$10,367 $1,782,254 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENT OF BENEFICIARIES’ EQUITY
(unaudited, in thousands, except number of shares)
Number of Common SharesNumber 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 EarningsAccumulated Other
Comprehensive Income (Loss)
Cumulative DistributionsNoncontrolling InterestsTotal
BALANCE, beginning of period176,480,095 1,105,542 $1,766 $3,192,158 $16,216 $(16,216)$804,556 $(2,370)$(2,318,233)$10,426 $1,688,303 
Net income8,022 65 8,087 
Other comprehensive loss(7,825)(44)(7,869)
Repurchase and retirement of Common Shares of Beneficial Interest(5,644,200)(57)(53,801)(53,858)
Share-based compensation activity142,468 50,967 1 2,030 2,031 
Share Issuance from/(to) Deferred Compensation Plan(12,376)(38,726)(193)796 (796)(193)
Distributions declared $0.19 per share)
(32,500)(187)(32,687)
BALANCE, March 31, 2020170,965,987 1,117,783 $1,710 $3,140,194 $17,012 $(17,012)$812,578 $(10,195)$(2,350,733)$10,260 $1,603,814 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands) 
Three Months Ended March 31,
20212020
Cash flows from operating activities:
Net income$6,964 $8,087 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization40,343 52,038 
Amortization of deferred financing costs709 749 
Amortization of debt discount/(premium), net(488)(395)
Amortization of stock compensation costs2,606 2,349 
Straight-line rent income(4,085)(2,183)
Amortization of acquired above (below) market leases, net(1,350)(1,495)
Ground rent expense297 366 
Provision for doubtful accounts253 213 
Net gain on sale of interests in real estate(2,067)(2,586)
Loss from Real Estate Ventures, net of distributions6,924 1,890 
Income tax provision19 4 
Changes in assets and liabilities:
Accounts receivable(939)(1,348)
Other assets(10,491)(14,548)
Accounts payable and accrued expenses4,991 (1,213)
Deferred income, gains and rent1,302 (230)
Other liabilities(3,812)3,360 
Net cash provided by operating activities41,176 45,058 
Cash flows from investing activities:
Acquisition of properties (11,432)
Proceeds from the sale of properties79 17,711 
Capital expenditures for tenant improvements(7,202)(13,707)
Capital expenditures for redevelopments(6,339)(9,973)
Capital expenditures for developments(6,681)(19,426)
Advances for the purchase of tenant assets, net of repayments(443)585 
Investment in unconsolidated Real Estate Ventures(1,884) 
Deposits for real estate (1,011)
Capital distributions from Real Estate Ventures3,934  
Leasing costs paid(2,713)(5,315)
Net cash used in investing activities(21,249)(42,568)
Cash flows from financing activities:
Repayments of mortgage notes payable (1,945)
Proceeds from credit facility borrowings33,000 66,000 
Repayments of credit facility borrowings(20,000)(16,000)
Proceeds from the exercise of stock options, net(63)47 
Shares used for employee taxes upon vesting of share awards(758)(722)
Repurchase and retirement of common shares (53,857)
Distributions paid to shareholders(32,516)(33,622)
Distributions to noncontrolling interest(187)(187)
Net cash used in financing activities(20,524)(40,286)
Decrease in cash and cash equivalents and restricted cash(597)(37,796)
Cash and cash equivalents and restricted cash at beginning of period47,077 91,170 
Cash and cash equivalents and restricted cash at end of period$46,480 $53,374 
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period$46,344 $90,499 
Restricted cash, beginning of period733 671 
Cash and cash equivalents and restricted cash, beginning of period$47,077 $91,170 
Cash and cash equivalents, end of period$45,717 $52,702 
Restricted cash, end of period763 672 
Cash and cash equivalents and restricted cash, end of period$46,480 $53,374 
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the three months ended March 31, 2021 and 2020 of $1,421 and $1,201, respectively
$10,106 $12,961 
Cash paid for income taxes1 1 
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid32,763 32,692 
Change in investment in real estate ventures as a result of deconsolidation32,761  
Change in operating real estate from deconsolidation of operating properties(30,073) 
Change in other assets as a result of deconsolidation of operating properties(2,688) 
Change in capital expenditures financed through accounts payable at period end(4,827)2,745 
Change in capital expenditures financed through retention payable at period end(3,752)23 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE OPERATING PARTNERSHIP, L.P.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except unit and per unit information)
March 31,
2021
December 31,
2020
ASSETS
Real estate investments:
Operating properties$3,386,559 $3,474,109 
Accumulated depreciation(900,167)(896,561)
Right of use asset - operating leases, net20,810 20,977 
Operating real estate investments, net2,507,202 2,598,525 
Construction-in-progress264,529 210,311 
Land held for development116,902 117,984 
Prepaid leasehold interests in land held for development, net27,762 39,185 
Total real estate investments, net2,916,395 2,966,005 
Assets held for sale, net7,349 7,349 
Cash and cash equivalents45,717 46,344 
Accounts receivable14,665 13,536 
Accrued rent receivable, net of allowance of $5,080 and $5,086 as of March 31, 2021 and December 31, 2020, respectively
159,175 155,372 
Investment in Real Estate Ventures433,046 401,327 
Deferred costs, net83,839 84,856 
Intangible assets, net43,883 48,570 
Other assets185,844 176,747 
Total assets$3,889,913 $3,900,106 
LIABILITIES AND PARTNERS' EQUITY
Unsecured credit facility$13,000 $ 
Unsecured term loan, net249,215 249,084 
Unsecured senior notes, net1,581,378 1,581,511 
Accounts payable and accrued expenses119,208 121,982 
Distributions payable32,763 32,706 
Deferred income, gains and rent22,416 21,396 
Intangible liabilities, net17,073 18,448 
Lease liability - operating leases22,810 22,758 
Other liabilities49,796 $47,573 
Total liabilities$2,107,659 2,095,458 
Commitments and contingencies (See Note 14)
Redeemable limited partnership units at redemption value; 981,634 issued and outstanding as of March 31, 2021 and December 31, 202012,673 11,566 
Brandywine Operating Partnership, L.P.'s equity:
General Partnership Capital; 170,663,251 and 170,572,964 units issued and outstanding as of March 31, 2021 and December 31, 2020, respectively1,776,347 1,800,945 
Accumulated other comprehensive loss(6,837)(7,935)
Total Brandywine Operating Partnership, L.P.'s equity1,769,510 1,793,010 
Noncontrolling interest - consolidated real estate ventures71 72 
Total partners' equity$1,769,581 $1,793,082 
Total liabilities and partners' equity$3,889,913 $3,900,106 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE OPERATING PARTNERSHIP, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except unit and per unit information)
Three Months Ended March 31,
20212020
Revenue
Rents$113,484 $139,204 
Third party management fees, labor reimbursement and leasing6,651 4,954 
Other634 930 
Total revenue120,769 145,088 
Operating expenses
Property operating expenses28,935 37,461 
Real estate taxes14,761 16,787 
Third party management expenses2,978 2,662 
Depreciation and amortization40,343 52,038 
General and administrative expenses6,584 8,561 
Total operating expenses93,601 117,509 
Gain on sale of real estate
Net gain on disposition of real estate74 2,586 
Net gain on sale of undepreciated real estate1,993  
Total gain on sale of real estate2,067 2,586 
Operating income29,235 30,165 
Other income (expense):
Interest and investment income1,674 575 
Interest expense(16,293)(20,009)
Interest expense - amortization of deferred financing costs(709)(749)
Equity in loss of Real Estate Ventures(6,924)(1,891)
Net income before income taxes6,983 8,091 
Income tax provision(19)(4)
Net income6,964 8,087 
Net (income) loss attributable to noncontrolling interests - consolidated real estate ventures1 (12)
Net income attributable to Brandywine Operating Partnership6,965 8,075 
Nonforfeitable dividends allocated to unvested restricted unitholders(146)(131)
Net income attributable to Common Partnership Unitholders of Brandywine Operating Partnership, L.P.$6,819 $7,944 
Basic income per Common Partnership Unit$0.04 $0.04 
Diluted income per Common Partnership Unit$0.04 $0.04 
Basic weighted average common partnership units outstanding171,606,375 177,051,602 
Diluted weighted average common partnership units outstanding172,617,754 177,635,093 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE OPERATING PARTNERSHIP, L.P.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)
Three Months Ended March 31,
20212020
Net income$6,964 $8,087 
Comprehensive income (loss):
Unrealized gain (loss) on derivative financial instruments910 (8,057)
Amortization of interest rate contracts (1)188 188 
Total comprehensive income (loss)1,098 (7,869)
Comprehensive income8,062 218 
Comprehensive (income) loss attributable to noncontrolling interest - consolidated real estate ventures1 (12)
Comprehensive income attributable to Brandywine Operating Partnership$8,063 $206 
(1)Amounts reclassified from comprehensive income to interest expense within the Consolidated Statements of Operations.
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE OPERATING PARTNERSHIP, L.P.
CONSOLIDATED STATEMENTS OF PARTNERS’ EQUITY
(unaudited, in thousands, except number of units)
General Partner Capital
UnitsAmountAccumulated Other Comprehensive Income (Loss)Noncontrolling Interest - Consolidated Real Estate VenturesTotal Partners' Equity
BALANCE, beginning of period170,572,964 $1,800,945 $(7,935)$72 $1,793,082 
Net income6,965 (1)6,964 
Other comprehensive income1,098 1,098 
Deferred compensation obligation(18,058)(198)(198)
Share-based compensation activity108,345 2,502 2,502 
Adjustment of redeemable partnership units to liquidation value at period end(1,294)(1,294)
Distributions declared to general partnership unitholders ($0.19 per unit)
(32,573)(32,573)
BALANCE, March 31, 2021170,663,251 $1,776,347 $(6,837)$71 $1,769,581 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE OPERATING PARTNERSHIP, L.P.
CONSOLIDATED STATEMENT OF PARTNERS’ EQUITY
(unaudited, in thousands, except number of units)
General Partner Capital
UnitsAmountAccumulated Other Comprehensive IncomeNoncontrolling Interest - Consolidated Real Estate VenturesTotal Partners' Equity
BALANCE, beginning of period176,480,095 $1,674,539 $(2,715)$1,091 $1,672,915 
Net income8,075 12 8,087 
Other comprehensive loss(7,869)(7,869)
Deferred compensation obligation(12,376)(193)(193)
Repurchase and retirement of LP units(5,644,200)(53,858)(53,858)
Share-based compensation activity142,468 2,031 2,031 
Adjustment of redeemable partnership units to liquidation value at period end5,220 5,220 
Distributions declared to general partnership unitholders ($0.19 per unit)
(32,500)(32,500)
BALANCE, March 31, 2020170,965,987 $1,603,314 $(10,584)$1,103 $1,593,833 


The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE OPERATING PARTNERSHIP L.P.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands) 
Three Months Ended March 31,
20212020
Cash flows from operating activities:
Net income$6,964 $8,087 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization40,343 52,038 
Amortization of deferred financing costs709 749 
Amortization of debt discount/(premium), net(488)(395)
Amortization of stock compensation costs2,606 2,349 
Straight-line rent income(4,085)(2,183)
Amortization of acquired above (below) market leases, net(1,350)(