v3.26.3
CONSOLIDATED STATEMENTS OF OPERATIONS - BRANDYWINE OPERATING PARTNERSHIP, L.P. - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Revenue        
Total revenue $ 125,638 $ 121,417 $ 381,562 $ 363,504
Operating expenses        
Property operating expenses 39,232 31,412 116,326 96,303
Real estate taxes 10,982 11,647 33,988 34,586
Third party management expenses 1,884 2,350 6,317 7,467
Depreciation and amortization 45,088 43,005 142,068 131,120
General and administrative expenses 7,954 7,841 29,552 34,636
Provision for impairment 29,057 0 40,966 63,369
Total operating expenses 134,197 96,255 369,217 367,481
Gain on sale of real estate        
Net gain on disposition of real estate 55,689 35 55,752 3,008
Total gain on sale of real estate 55,689 35 55,752 3,008
Operating income (loss) 47,130 25,197 68,097 (969)
Other income (expense):        
Interest and investment income 702 1,238 2,436 3,274
Interest expense (39,035) (32,914) (121,855) (97,104)
Interest expense - amortization of deferred financing costs (1,322) (1,336) (4,054) (3,763)
Equity in loss of unconsolidated real estate ventures (14,157) (18,183) (31,597) (43,526)
Net gain on real estate venture transactions 0 0 0 183
Loss on early extinguishment of debt (15,417) 0 (15,441) 0
Net loss before income taxes (22,099) (25,998) (102,414) (141,905)
Income tax provision (43) 0 (67) (85)
Net loss (22,142) (25,998) (102,481) (141,990)
Nonforfeitable dividends allocated to unvested restricted unitholders (228) (313) (794) (1,064)
Net loss attributable to Common Partnership Unitholders of Brandywine Operating Partnership, L.P. $ (22,262) $ (26,232) $ (102,829) $ (142,627)
Basic loss per Common Partnership Unit (in dollars per share) $ (0.13) $ (0.15) $ (0.59) $ (0.82)
Diluted loss per Common Share (in dollars per share) $ (0.13) $ (0.15) $ (0.59) $ (0.82)
Basic weighted average common partnership units outstanding (in shares) 172,010,229 173,699,312 173,377,458 173,385,330
Diluted weighted average common partnership units outstanding (in shares) 172,010,229 173,699,312 173,377,458 173,385,330
Brandywine Operating Partnership, L.P.        
Revenue        
Total revenue $ 125,638 $ 121,417 $ 381,562 $ 363,504
Operating expenses        
Property operating expenses 39,232 31,412 116,326 96,303
Real estate taxes 10,982 11,647 33,988 34,586
Third party management expenses 1,884 2,350 6,317 7,467
Depreciation and amortization 45,088 43,005 142,068 131,120
General and administrative expenses 7,954 7,841 29,552 34,636
Provision for impairment 29,057 0 40,966 63,369
Total operating expenses 134,197 96,255 369,217 367,481
Gain on sale of real estate        
Net gain on disposition of real estate 55,689 35 55,752 3,008
Total gain on sale of real estate 55,689 35 55,752 3,008
Operating income (loss) 47,130 25,197 68,097 (969)
Other income (expense):        
Interest and investment income 702 1,238 2,436 3,274
Interest expense (39,035) (32,914) (121,855) (97,104)
Interest expense - amortization of deferred financing costs (1,322) (1,336) (4,054) (3,763)
Equity in loss of unconsolidated real estate ventures (14,157) (18,183) (31,597) (43,526)
Net gain on real estate venture transactions 0 0 0 183
Loss on early extinguishment of debt (15,417) 0 (15,441) 0
Net loss before income taxes (22,099) (25,998) (102,414) (141,905)
Income tax provision (43) 0 (67) (85)
Net loss (22,142) (25,998) (102,481) (141,990)
Net loss attributable to noncontrolling interests - consolidated real estate ventures 35 1 132 1
Net loss attributable to Brandywine Operating Partnership, L.P. (22,107) (25,997) (102,349) (141,989)
Nonforfeitable dividends allocated to unvested restricted unitholders (228) (313) (794) (1,064)
Net loss attributable to Common Partnership Unitholders of Brandywine Operating Partnership, L.P. $ (22,335) $ (26,310) $ (103,143) $ (143,053)
Basic loss per Common Partnership Unit (in dollars per share) $ (0.13) $ (0.15) $ (0.59) $ (0.82)
Diluted loss per Common Share (in dollars per share) $ (0.13) $ (0.15) $ (0.59) $ (0.82)
Basic weighted average common partnership units outstanding (in shares) 172,525,823 174,214,907 173,893,052 173,900,925
Diluted weighted average common partnership units outstanding (in shares) 172,525,823 174,214,907 173,893,052 173,900,925
Rents        
Revenue        
Total revenue $ 118,661 $ 114,742 $ 362,016 $ 343,366
Rents | Brandywine Operating Partnership, L.P.        
Revenue        
Total revenue 118,661 114,742 362,016 343,366
Third party management fees, labor reimbursement and leasing        
Revenue        
Total revenue 3,975 4,540 12,763 15,242
Third party management fees, labor reimbursement and leasing | Brandywine Operating Partnership, L.P.        
Revenue        
Total revenue 3,975 4,540 12,763 15,242
Other        
Revenue        
Total revenue 3,002 2,135 6,783 4,896
Other | Brandywine Operating Partnership, L.P.        
Revenue        
Total revenue $ 3,002 $ 2,135 $ 6,783 $ 4,896