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Operating real estate investments, net

$ 4,629,223

$ 4,603,692

Accumulated depreciation

(1,064,804)

(1,067,829)

3,564,419

3,535,863

242,246

201,360

Total real estate investments, net

135,917

90,603

3,942,582

3,827,826

Cash and cash equivalents

50,632

257,502

Accounts receivable, net

19,221

18,757

Accrued rent receivable, net

139,738

134,051

Assets held for sale, net

53,042

18,295

LIABILITIES AND BENEFICIARIES’ EQUITY

211,771

225,004

Deferred costs, net

124,472

125,224

Intangible assets, net

127,088

99,403

Mortgage note receivable

^[1]

88,000

Other assets

73,075

65,111

Total assets

4,741,621

4,859,173

Unsecured senior notes, net of discounts

642,396

654,590

Unsecured term loans

200,000

1,597,541

1,596,718

Accounts payable and accrued expenses

115,636

96,046

Distributions payable

28,318

28,871

Deferred income, gains and rent

41,133

59,452

Acquired lease intangibles, net

28,541

26,010

Commitments and contingencies

41,630

37,558

1,269

602

Total liabilities

2,696,464

2,699,847

Brandywine Operating Partnership, L.P.’s equity:

6.90% Series E Preferred Shares, $0.01 par value; issued and outstanding- 4,000,000 in 2015 and 2014

Common Shares of Brandywine Realty Trust’s beneficial interest, $0.01 par value; shares authorized 400,000,000; 175,196,703 and 179,293,160 issued and outstanding in 2015 and 2014, respectively

1,752

1,793

Additional paid-in capital

3,258,075

3,314,693

Deferred compensation payable in common shares

11,918

6,219

Common shares in grantor trust, 745,686 in 2015 and 384,536 in 2014

(11,918)

(6,219)

Cumulative earnings

561,227

529,487

Accumulated other comprehensive loss

(8,490)

(4,607)

Cumulative distributions

(1,786,374)

(1,700,579)

Total Brandywine Realty Trust’s equity

2,026,230

2,140,827

Non-controlling interests

18,927

18,499

Total beneficiaries' equity

2,045,157

2,159,326

Total liabilities and beneficiaries' equity

4,741,621

4,859,173

BRANDYWINE OPERATING PARTNERSHIP, L.P.

Real estate investments:

Operating real estate investments, net

4,629,223

4,603,692

Accumulated depreciation

(1,064,804)

(1,067,829)

3,564,419

3,535,863

242,246

201,360

Total real estate investments, net

135,917

90,603

3,942,582

3,827,826

Cash and cash equivalents

50,632

257,502

Accounts receivable, net

19,221

18,757

Accrued rent receivable, net

139,738

134,051

Assets held for sale, net

53,042

18,295

LIABILITIES AND BENEFICIARIES’ EQUITY

211,771

225,004

Deferred costs, net

124,472

125,224

Intangible assets, net

127,088

99,403

Mortgage note receivable

88,000

Other assets

73,075

65,111

Total assets

4,741,621

4,859,173

Unsecured senior notes, net of discounts

642,396

654,590

Unsecured term loans

200,000

1,597,541

1,596,718

Accounts payable and accrued expenses

115,636

96,046

Distributions payable

28,318

28,871

Deferred income, gains and rent

41,133

59,452

Acquired lease intangibles, net

28,541

26,010

Commitments and contingencies

41,630

37,558

1,269

602

Total liabilities

2,696,464

2,699,847

Redeemable limited partnership units at redemption value; 1,535,102 issued and outstanding in 2015 and 2014

22,247

24,571

Brandywine Operating Partnership, L.P.’s equity:

6.90% Series E Preferred Shares, $0.01 par value; issued and outstanding- 4,000,000 in 2015 and 2014

96,850

General Partnership Capital, 175,196,703 and 179,293,160 units issued and outstanding in 2015 and 2014, respectively

1,932,953

2,041,902

Accumulated other comprehensive loss

(8,924)

(5,007)

Total Brandywine Realty Trust’s equity

2,020,879

2,133,745

Non-controlling interests

2,031

1,010

Total beneficiaries' equity

2,022,910

2,134,755

Total liabilities and beneficiaries' equity

$ 4,741,621

$ 4,859,173

[1]	On January 30, 2015 the mortgage note was repaid. For further information regarding the mortgage note, see Note 2, "Summary of Significant Accounting Policies," included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014

Consolidated Balance Sheets (Parentheticals) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Preferred Stock, Dividend Rate, Percentage	6.90%	6.90%
Preferred Stock, Par or Stated Value Per Share (USD per share)	$ 0.01	$ 0.01
Preferred Stock, Shares Issued	4,000,000	4,000,000
Preferred Stock, Shares Outstanding	4,000,000	4,000,000
Common Stock, Par or Stated Value Per Share (USD per share)	$ 0.01	$ 0.01
Common Stock, Shares Authorized	400,000,000	400,000,000
Common Stock, Shares, Issued	175,196,703	179,293,160
Common Stock, Shares, Outstanding	175,196,703	179,293,160
Common Shares in Grantor Trust	745,686	384,536
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Preferred Stock, Dividend Rate, Percentage	6.90%	6.90%
Preferred Stock, Shares Issued	4,000,000	4,000,000
Preferred Stock, Shares Outstanding	4,000,000	4,000,000
Redeemable Limited Partnership Units Issued	1,535,102	1,535,102
Redeemable Limited Partnership Units Outstanding	1,535,102	1,535,102
General Partners' Capital Account, Units Issued	175,196,703	179,293,160
General Partners' Capital Account, Units Outstanding	175,196,703	179,293,160

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue:
Rents	$ 124,263	$ 120,288	$ 363,800	$ 363,581
Tenant reimbursements	21,553	20,095	64,006	64,057
Termination fees	1,097	1,418	2,561	6,970
Third party management fees, labor reimbursement and leasing	4,274	3,932	12,805	12,269
Other	1,398	825	5,467	2,295
Total revenue	152,585	146,558	448,639	449,172
Operating expenses:
Property operating expenses	43,894	42,675	133,175	132,612
Real estate taxes	13,119	12,869	37,632	39,167
Third party management expenses	1,605	1,687	4,858	5,133
Depreciation and amortization	58,314	52,616	160,355	157,773
General and administrative expenses	6,127	5,900	21,554	20,086
Total operating expenses	123,059	115,747	357,574	354,771
Operating income	29,526	30,811	91,065	94,401
Other income (expense):
Interest income	126	528	1,189	1,298
Tax credit transaction income	11,853	11,853	11,853	11,853
Interest expense	(27,900)	(31,481)	(83,971)	(94,837)
Interest expense — amortization of deferred financing costs	(1,010)	(1,566)	(3,377)	(3,952)
Interest expense — financing obligation	(296)	(273)	(906)	(861)
Recognized hedge activity	0	(828)	0	(828)
Equity in loss of Real Estate Ventures	(1,093)	(486)	(1,835)	(733)
Net gain on disposition of real estate	6,083	4,698	16,673	4,698
Net gain on sale of undepreciated real estate	3,019	0	3,019	1,184
Net gain from remeasurement of investment in real estate ventures	0	0	758	458
Loss on real estate venture transactions	0	0	0	(417)
Loss on early extinguishment of debt	0	(2,606)	0	(2,606)
Provision for impairment on assets held for sale/sold	0	(1,765)	(2,508)	(1,765)
Income from continuing operations	20,308	8,885	31,960	7,893
Discontinued operations:
Income from discontinued operations	0	0	0	18
Net gain (loss) on disposition of discontinued operations	0	(3)	0	900
Total discontinued operations	0	(3)	0	918
Net income	20,308	8,882	31,960	8,811
Net income from discontinued operations attributable to non-controlling interests	0	0	0	(10)
Net income from continuing operations attributable to non-controlling interests	(161)	(108)	(221)	(47)
Net income attributable to non-controlling interests	(161)	(108)	(221)	(57)
Net income attributable to Brandywine Realty Trust	20,147	8,774	31,739	8,754
Distribution to preferred shareholders	(1,725)	(1,725)	(5,175)	(5,175)
Nonforfeitable dividends allocated to unvested restricted shareholders	(76)	(82)	(253)	(268)
Net income attributable to Common Shareholders of Brandywine Realty Trust	$ 18,346	$ 6,967	$ 26,311	$ 3,311
Basic income per Common Share:
Continuing operations (USD per share)	$ 0.10	$ 0.04	$ 0.15	$ 0.01
Discontinued operations (USD per share)	0.00	0.00	0.00	0.01
Net income (loss) attributable to common shareholders, Basic (USD per share)	0.10	0.04	0.15	0.02
Diluted income per Common Share:
Continuing operations (USD per share)	0.10	0.04	0.15	0.01
Discontinued operations (USD per share)	0.00	0.00	0.00	0.01
Net income (loss) attributable to common shareholders, Diluted (USD per share)	$ 0.10	$ 0.04	$ 0.15	$ 0.02
Basic weighted average shares outstanding (in shares)	178,188,037	171,606,722	179,198,714	161,866,955
Diluted weighted average shares outstanding (in shares)	178,776,684	173,193,870	179,988,492	163,353,970
Net income attributable to Brandywine Realty Trust
Total continuing operations	$ 20,147	$ 8,777	$ 31,739	$ 7,846
Total discontinued operations	0	(3)	0	908
Net income	20,308	8,882	31,960	8,811
Net income	$ 20,147	$ 8,774	$ 31,739	$ 8,754
Distributions declared per Common Share (USD per share)	$ 0.15	$ 0.15	$ 0.45	$ 0.45
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue:
Rents	$ 124,263	$ 120,288	$ 363,800	$ 363,581
Tenant reimbursements	21,553	20,095	64,006	64,057
Termination fees	1,097	1,418	2,561	6,970
Third party management fees, labor reimbursement and leasing	4,274	3,932	12,805	12,269
Other	1,398	825	5,467	2,295
Total revenue	152,585	146,558	448,639	449,172
Operating expenses:
Property operating expenses	43,894	42,675	133,175	132,612
Real estate taxes	13,119	12,869	37,632	39,167
Third party management expenses	1,605	1,687	4,858	5,133
Depreciation and amortization	58,314	52,616	160,355	157,773
General and administrative expenses	6,127	5,900	21,554	20,086
Total operating expenses	123,059	115,747	357,574	354,771
Operating income	29,526	30,811	91,065	94,401
Other income (expense):
Interest income	126	528	1,189	1,298
Tax credit transaction income	11,853	11,853	11,853	11,853
Interest expense	(27,900)	(31,481)	(83,971)	(94,837)
Interest expense — amortization of deferred financing costs	(1,010)	(1,566)	(3,377)	(3,952)
Interest expense — financing obligation	(296)	(273)	(906)	(861)
Recognized hedge activity	0	(828)	0	(828)
Equity in loss of Real Estate Ventures	(1,093)	(486)	(1,835)	(733)
Net gain on disposition of real estate	6,083	4,698	16,673	4,698
Net gain on sale of undepreciated real estate	3,019	0	3,019	1,184
Net gain from remeasurement of investment in real estate ventures	0	0	758	458
Loss on real estate venture transactions	0	0	0	(417)
Loss on early extinguishment of debt	0	(2,606)	0	(2,606)
Provision for impairment on assets held for sale/sold	0	(1,765)	(2,508)	(1,765)
Income from continuing operations	20,308	8,885	31,960	7,893
Discontinued operations:
Income from discontinued operations	0	0	0	18
Net gain (loss) on disposition of discontinued operations	0	(3)	0	900
Total discontinued operations	0	(3)	0	918
Net income	20,308	8,882	31,960	8,811
Net (income) loss attributable to non-controlling interests	(1)	(24)	4	(12)
Net income attributable to Brandywine Realty Trust	20,307	8,858	31,964	8,799
Distribution to preferred shareholders	(1,725)	(1,725)	(5,175)	(5,175)
Nonforfeitable dividends allocated to unvested restricted shareholders	(76)	(82)	(253)	(268)
Net income attributable to Common Shareholders of Brandywine Realty Trust	$ 18,506	$ 7,051	$ 26,536	$ 3,356
Basic income per Common Share:
Continuing operations (USD per share)	$ 0.10	$ 0.04	$ 0.15	$ 0.01
Discontinued operations (USD per share)	0.00	0.00	0.00	0.01
Net income (loss) attributable to common shareholders, Basic (USD per share)	0.10	0.04	0.15	0.02
Diluted income per Common Share:
Continuing operations (USD per share)	0.10	0.04	0.15	0.01
Discontinued operations (USD per share)	0.00	0.00	0.00	0.01
Net income (loss) attributable to common shareholders, Diluted (USD per share)	$ 0.10	$ 0.04	$ 0.15	$ 0.02
Basic weighted average shares outstanding (in shares)	179,723,139	173,341,782	180,733,816	163,620,963
Diluted weighted average shares outstanding (in shares)	180,311,786	174,928,930	181,523,594	165,107,978
Net income attributable to Brandywine Realty Trust
Total continuing operations	$ 20,307	$ 8,861	$ 31,964	$ 7,881
Total discontinued operations	0	(3)	0	918
Net income	20,308	8,882	31,960	8,811
Net income	$ 20,307	$ 8,858	$ 31,964	$ 8,799
Distributions declared per Common Share (USD per share)	$ 0.15	$ 0.15	$ 0.45	$ 0.45

Consolidated Statements of Comprehensive Income Statement - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Net income

$ 20,308

$ 8,882

$ 31,960

$ 8,811

Other comprehensive income (loss):

Unrealized gain (loss) on derivative financial instruments

(2,922)

4,232

(4,091)

967

Loss on settlement of interest rate swaps

(828)

Reclassification of realized losses on derivative financial instruments to operations, net

^[1]

174

196

Total other comprehensive income (loss)

(2,864)

3,480

(3,917)

335

Comprehensive income

17,444

12,362

28,043

9,146

Comprehensive income attributable to non-controlling interest

(136)

(141)

(187)

(55)

Comprehensive income attributable to Brandywine Realty Trust

17,308

12,221

27,856

9,091

BRANDYWINE OPERATING PARTNERSHIP, L.P.

Net income

20,308

8,882

31,960

8,811

Other comprehensive income (loss):

Unrealized gain (loss) on derivative financial instruments

(2,922)

4,232

(4,091)

967

Loss on settlement of interest rate swaps

(828)

Reclassification of realized losses on derivative financial instruments to operations, net

^[1]

174

196

Total other comprehensive income (loss)

(2,864)

3,480

(3,917)

335

Comprehensive income

$ 17,444

$ 12,362

$ 28,043

$ 9,146

[1]	Amounts reclassified from comprehensive income to interest expense within the Consolidated Statements of Operations.

Consolidated Statements of Beneficiaries' Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Deferred Compensation, Share-based Payments [Member]	Common Stock In Grantor Trust [Member]	Cumulative Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Cumulative Distributions [Member]	Noncontrolling Interest [Member]
Beginning Balance, Shares at Dec. 31, 2013		4,000,000	156,731,993		312,280
Beginning Balance at Dec. 31, 2013	$ 1,921,435	$ 40	$ 1,566	$ 2,971,596	$ 5,407	$ (5,407)	$ 522,528	$ (2,995)	$ (1,592,515)	$ 21,215
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,811						8,754			57
Other comprehensive loss	335							337		(2)
Issuance of Common Shares of Beneficial Interest, Shares			21,850,000
Issuance of Common Shares of Beneficial Interest	335,398		$ 219	335,179
Conversion of LP Units to Common Shares, Shares			41,734
Conversion of LP Units to Common Shares	0			655						(655)
Equity Issuance Costs	(452)			(452)
Share-based compensation activity, Shares			279,913
Share-based compensation activity	4,614		$ 5	4,597			12
Share Issuance from/to Deferred Compensation Plan, Shares			78,729		72,256
Share issuance from/to Deferred Compensation Plan	(90)			(90)	$ 812	(812)
Adjustment to non-controlling interest	0			(1,172)						1,172
Preferred Share distributions	(5,175)								(5,175)
Distributions declared	(74,986)								(74,198)	(788)
Ending Balance, Shares at Sep. 30, 2014		4,000,000	178,982,369		384,536
Ending Balance at Sep. 30, 2014	2,189,890	$ 40	$ 1,790	3,310,313	$ 6,219	(6,219)	531,294	(2,658)	(1,671,888)	20,999
Beginning Balance, Shares at Dec. 31, 2014		4,000,000	179,293,160		384,536
Beginning Balance at Dec. 31, 2014	2,159,326	$ 40	$ 1,793	3,314,693	$ 6,219	(6,219)	529,487	(4,607)	(1,700,579)	18,499
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	31,960						31,739			221
Other comprehensive loss	$ (3,917)							(3,883)		(34)
Repurchase and retirement of Common Shares of Beneficial Interest, Shares	(4,701,302)		(4,701,302)
Repurchase and retirement of Common Shares of Beneficial Interest	$ (60,817)		$ (47)	(60,770)
Issuance of partnership interest in joint venture	1,025									1,025
Bonus share issuance, Shares			8,447
Bonus share issuance	125			125
Equity Issuance Costs	(100)			(100)
Share-based compensation activity, Shares			509,675		280,011
Share-based compensation activity	4,043		$ 6	4,036			1
Share Issuance from/to Deferred Compensation Plan, Shares			86,723		81,139
Share issuance from/to Deferred Compensation Plan	(2)			(2)	$ 5,699	(5,699)
Adjustment to non-controlling interest	0			93						(93)
Preferred Share distributions	(5,175)								(5,175)
Distributions declared	(81,311)								(80,620)	(691)
Ending Balance, Shares at Sep. 30, 2015		4,000,000	175,196,703		745,686
Ending Balance at Sep. 30, 2015	$ 2,045,157	$ 40	$ 1,752	$ 3,258,075	$ 11,918	$ (11,918)	$ 561,227	$ (8,490)	$ (1,786,374)	$ 18,927

Consolidated Statements of Beneficiaries' Equity (Parantheticals) - $ / shares	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015
Dividends declared (USD per share)	$ 0.45	$ 0.45
Cumulative Distributions [Member]
Dividends declared (USD per share)	0.45	0.45
Noncontrolling Interest [Member]
Dividends declared (USD per share)	$ 0.45	$ 0.45

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Net income	$ 31,960	$ 8,811
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	160,355	157,773
Amortization of deferred financing costs	3,377	3,952
Amortization of debt discount/(premium), net	(507)	(455)
Amortization of stock compensation costs	4,312	3,622
Shares used for employee taxes upon vesting of share awards	(2,056)	(1,263)
Recognized hedge activity	0	828
Straight-line rent income	(17,579)	(11,416)
Amortization of acquired above (below) market leases, net	(5,473)	(5,206)
Straight-line ground rent expense	66	66
Provision for doubtful accounts	1,276	1,687
Loss on real estate venture transactions	0	417
Net gain on sale of interests in real estate	(19,692)	(5,882)
Net gain from remeasurement of investment in a real estate venture	(758)	(458)
Loss on early extinguishment of debt	0	2,606
Provision for impairment on assets held for sale/sold	2,508	1,765
Tax credit transaction income	(11,853)	(11,853)
Real Estate Venture loss in excess of distributions	2,579	659
Deferred financing obligation	(906)	(864)
Changes in assets and liabilities:
Accounts receivable	(1,008)	(4,586)
Other assets	(9,511)	(10,317)
Accounts payable and accrued expenses	13,819	9,304
Deferred income, gains and rent	(3,491)	(4,430)
Other liabilities	(2,458)	(1,760)
Net cash provided by operating activities	144,960	133,000
Cash flows from investing activities:
Acquisition of properties	(141,303)	(12,405)
Acquisition of property - 1031 exchange funds applied	(62,812)	0
Proceeds from the sale of properties	152,243	81,625
Sale of property - 1031 exchange funds held in escrow	62,800	0
Proceeds from repayment of mortgage notes receivable	88,000	5,125
Capital expenditures for tenant improvements	(56,095)	(85,698)
Capital expenditures for redevelopments	(38,925)	(10,195)
Capital expenditures for developments	(122,380)	(48,057)
Advances for purchase of tenant assets, net of repayments	290	(212)
Investment in unconsolidated Real Estate Ventures	(62,868)	(16,330)
Deposits for real estate	(451)	0
Escrowed cash	1,004	1,076
Cash distributions from unconsolidated Real Estate Ventures in excess of cumulative equity income	7,401	7,341
Leasing costs paid	(18,295)	(17,018)
Net cash used in investing activities	(191,391)	(94,748)
Cash flows from financing activities:
Repayments of mortgage notes payable	(10,598)	(9,994)
Repayments of unsecured term loans	0	(250,828)
Proceeds from unsecured notes	0	496,459
Net proceeds from issuance of common shares	0	335,016
Repayments of unsecured notes	0	(120,361)
Debt financing costs paid	(3,229)	(3,630)
Proceeds from the exercise of stock options	127	709
Partner contribution to consolidated real estate venture	1,025	0
Repurchase and retirement of common shares	(60,817)	0
Distributions paid to shareholders	(86,255)	(76,081)
Distributions to noncontrolling interest	(692)	(806)
Net cash used in financing activities	(160,439)	370,484
Decrease in cash and cash equivalents	(206,870)	408,736
Cash and cash equivalents at beginning of period	257,502	263,207
Cash and cash equivalents at end of period	50,632	671,943
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2015 and 2014 of $8,764 and $4,466, respectively	80,720	92,196
Supplemental disclosure of non-cash activity:
Change in investments in joint venture related to non-cash disposition of property	0	(5,897)
Change in real estate investments related to non-cash property acquisition	(67,261)	0
Change in investments in joint venture related to non-cash property acquisition	67,261	0
Change in receivable from settlement of acquisitions	0	619
Change in other liabilities from contingent consideration related to a business combination	1,585	0
Change in operating real estate from contingent consideration related to a business combination	(1,585)	0
Change in other liabilities from a deferred payment related to an asset acquisition	2,000	0
Change in operating real estate from a deferred payment related to an asset acquisition	(2,000)	0
Change in capital expenditures financed through accounts payable at period end	(2,472)	4,415
Change in capital expenditures financed through retention payable at period end	6,873	3,479
Change in unfunded tenant allowance	0	(327)
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Net income	31,960	8,811
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	160,355	157,773
Amortization of deferred financing costs	3,377	3,952
Amortization of debt discount/(premium), net	(507)	(455)
Amortization of stock compensation costs	4,312	3,622
Shares used for employee taxes upon vesting of share awards	(2,056)	(1,263)
Recognized hedge activity	0	828
Straight-line rent income	(17,579)	(11,416)
Amortization of acquired above (below) market leases, net	(5,473)	(5,206)
Straight-line ground rent expense	66	66
Provision for doubtful accounts	1,276	1,687
Loss on real estate venture transactions	0	417
Net gain on sale of interests in real estate	(19,692)	(5,882)
Net gain from remeasurement of investment in a real estate venture	(758)	(458)
Loss on early extinguishment of debt	0	2,606
Provision for impairment on assets held for sale/sold	2,508	1,765
Tax credit transaction income	(11,853)	(11,853)
Real Estate Venture loss in excess of distributions	2,579	659
Deferred financing obligation	(906)	(864)
Changes in assets and liabilities:
Accounts receivable	(1,008)	(4,586)
Other assets	(9,511)	(10,317)
Accounts payable and accrued expenses	13,819	9,304
Deferred income, gains and rent	(3,491)	(4,430)
Other liabilities	(2,458)	(1,760)
Net cash provided by operating activities	144,960	133,000
Cash flows from investing activities:
Acquisition of properties	(141,303)	(12,405)
Acquisition of property - 1031 exchange funds applied	(62,812)	0
Proceeds from the sale of properties	152,243	81,625
Sale of property - 1031 exchange funds held in escrow	62,800	0
Proceeds from repayment of mortgage notes receivable	88,000	5,125
Capital expenditures for tenant improvements	(56,095)	(85,698)
Capital expenditures for redevelopments	(38,925)	(10,195)
Capital expenditures for developments	(122,380)	(48,057)
Advances for purchase of tenant assets, net of repayments	290	(212)
Investment in unconsolidated Real Estate Ventures	(62,868)	(16,330)
Deposits for real estate	(451)
Escrowed cash	1,004	1,076
Cash distributions from unconsolidated Real Estate Ventures in excess of cumulative equity income	7,401	7,341
Leasing costs paid	(18,295)	(17,018)
Net cash used in investing activities	(191,391)	(94,748)
Cash flows from financing activities:
Repayments of mortgage notes payable	(10,598)	(9,994)
Repayments of unsecured term loans	0	(250,828)
Proceeds from unsecured notes	0	496,459
Net proceeds from issuance of common shares	0	335,016
Repayments of unsecured notes	0	(120,361)
Debt financing costs paid	(3,229)	(3,630)
Proceeds from the exercise of stock options	127	709
Partner contribution to consolidated real estate venture	1,025	0
Repurchase and retirement of common shares	(60,817)	0
Distributions paid to shareholders	(86,947)	(76,887)
Net cash used in financing activities	(160,439)	370,484
Decrease in cash and cash equivalents	(206,870)	408,736
Cash and cash equivalents at beginning of period	257,502	263,207
Cash and cash equivalents at end of period	50,632	671,943
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2015 and 2014 of $8,764 and $4,466, respectively	80,720	92,196
Supplemental disclosure of non-cash activity:
Change in investments in joint venture related to non-cash disposition of property	0	(5,897)
Change in real estate investments related to non-cash property acquisition	(67,261)	0
Change in investments in joint venture related to non-cash property acquisition	67,261	0
Change in receivable from settlement of acquisitions	0	619
Change in other liabilities from contingent consideration related to a business combination	1,585	0
Change in operating real estate from contingent consideration related to a business combination	(1,585)	0
Change in other liabilities from a deferred payment related to an asset acquisition	2,000	0
Change in operating real estate from a deferred payment related to an asset acquisition	(2,000)	0
Change in capital expenditures financed through accounts payable at period end	(2,472)	4,415
Change in capital expenditures financed through retention payable at period end	6,873	3,479
Change in unfunded tenant allowance	$ 0	$ (327)

Consolidated Statement of Cash Flows (Parentheticals) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental Cash Flow Information [Abstract]
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2015 and 2014 of $8,764 and $4,466, respectively	$ 8,764	$ 4,466
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Supplemental Cash Flow Information [Abstract]
Cash paid for interest, net of capitalized interest during the nine months ended September 30, 2015 and 2014 of $8,764 and $4,466, respectively	$ 8,764	$ 4,466

Organization of the Parent Company and The Operating Partnership	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP	ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP The Parent Company is a self-administered and self-managed real estate investment trust (“REIT”) that provides leasing, property management, development, redevelopment, acquisition and other tenant-related services for a portfolio of office, industrial, retail and mixed-use properties. The Parent Company owns its assets and conducts its operations through the Operating Partnership and subsidiaries of the Operating Partnership. The Parent Company is the sole general partner of the Operating Partnership and, as of September 30, 2015, owned a 99.1% interest in the Operating Partnership. The Parent Company’s common shares of beneficial interest are publicly traded on the New York Stock Exchange under the ticker symbol “BDN”. As of September 30, 2015, the Company owned 192 properties, consisting of 155 office properties, 20 industrial facilities, four mixed-use properties, one retail property (180 core properties), six properties classified as held for sale, four development properties, one redevelopment property and one re-entitlement property (collectively, the “Properties”) containing an aggregate of approximately 24.8 million net rentable square feet. In addition, as of September 30, 2015, the Company owned economic interests in 17 unconsolidated real estate ventures that own properties containing an aggregate of approximately 4.0 million net rentable square feet, 4.4 acres of undeveloped parcels of land and 22.5 acres of land under development (collectively, the “Real Estate Ventures”). As of September 30, 2015, the Company also owned 413 acres of undeveloped land, and held options to purchase approximately 63 additional acres of undeveloped land. As of September 30, 2015, the total potential development that these land parcels could support, under current zoning, entitlements or combination thereof, amounted to an estimated 7.8 million square feet of development, inclusive of the options to purchase approximately 63 additional acres of undeveloped land. The Properties and the properties owned by the Real Estate Ventures are located in or near Philadelphia, Pennsylvania; Metropolitan Washington, D.C.; Southern New Jersey; Richmond, Virginia; Wilmington, Delaware; Austin, Texas; and Oakland, Concord and Carlsbad, California. The Company conducts its third-party real estate management services business primarily through wholly-owned management company subsidiaries. As of September 30, 2015, the management company subsidiaries were managing properties containing an aggregate of approximately 30.9 million net rentable square feet, of which approximately 24.7 million net rentable square feet related to Properties owned by the Company and approximately 6.2 million net rentable square feet related to properties owned by third parties and the Real Estate Ventures. Unless otherwise indicated, all references in this Form 10-Q to square feet represent net rentable area.

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2015
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Basis of Presentation The consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments (consisting solely of normal recurring matters) for a fair statement of the financial position of the Company as of September 30, 2015, the results of its operations for the three and nine-month periods ended September 30, 2015 and 2014 and its cash flows for the nine-month periods ended September 30, 2015 and 2014 have been included. The results of operations for such interim periods are not necessarily indicative of the results for a full year. These consolidated financial statements should be read in conjunction with the Parent Company’s and the Operating Partnership’s consolidated financial statements and footnotes included in their combined 2014 Annual Report on Form 10-K filed with the SEC on February 19, 2015. The Company's Annual Report on Form 10-K for the year ended December 31, 2014 contains a discussion of our significant accounting policies under Note 2, "Summary of Significant Accounting Policies". There have been no significant changes in our significant accounting policies since December 31, 2014. Management discusses our significant accounting policies and management’s judgments and estimates with the Company's Audit Committee. Recent Accounting Pronouncements In September 2015, the Financial Accounting Standards Board ("FASB") issued guidance pertaining to entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and during the measurement period have an adjustment to provisional amounts recognized. The guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Any adjustments should be calculated as if the accounting had been completed at the acquisition date. The guidance is effective for public companies for fiscal years beginning after December 15, 2016, with early adoption permitted. Application of the guidance is prospective. The Company has not determined when it will adopt this guidance, nor what impact the adoption may have on its consolidated financial statements. On July 9, 2015, the FASB elected to defer the effective date of the revenue recognition standard issued in May 2014 by one year. Reporting entities may choose to adopt the standard as of the original effective date or for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Calendar year-end public entities are therefore required to apply the new revenue guidance beginning in their 2018 interim and annual financial statements. The Company has not yet determined the impact, if any, that the adoption of this guidance will have on its consolidated financial statements. See Note 2, "Summary of Significant Accounting Policies," included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 for the Company's initial disclosure of this standard. In April 2015, the FASB issued guidance requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this update. Debt issuance costs related to revolving lines of credit are not within the scope of this new guidance. Additionally, in August 2015 the FASB issued guidance expanding the April 2015 update. It states that, given the absence of authoritative guidance within the update, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset for revolving lines of credit and subsequently amortizing the deferred debt issuance costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on the line of credit. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. Full retrospective application is required. Early adoption is permitted. The adoption of this guidance will not have a material impact on its consolidated financial position or results of operations as the update relates only to changes in financial statement presentation. In February 2015, the FASB issued guidance modifying the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The guidance does not change the general order in which the consolidation models are applied. A reporting entity that holds an economic interest in, or is otherwise involved with, another legal entity must first determine if the variable interest entity model applies, and if so, whether it holds a controlling financial interest under that model. If the entity being evaluated for consolidation is not a variable interest entity, then the voting interest model should be applied to determine whether the entity should be consolidated by the reporting entity. Key changes to the guidance include, but are not limited to: (i.) limiting the extent to which related party interests are included to determine the decision maker’s effective financial interest in the entity, (ii.) requiring that the limited partners in the limited partnership (or the members of a limited liability company that is similar to a limited partnership) have either substantive kick-out rights or substantive participating rights over the general partner to demonstrate that the limited partnership is a voting interest entity, (iii.) changing the evaluation of whether the equity holders at risk lack decision making rights when decision making is outsourced and (iv.) changing how the economics test is performed. The guidance does not amend the existing disclosure requirements for variable interest entities or voting interest model entities. The guidance is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. A reporting entity may elect to either apply the amendments using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or apply the amendments retrospectively. The Company has not yet determined the impact, if any, that the adoption of this guidance will have on its consolidated financial statements.

Real Estate Investments

9 Months Ended

Sep. 30, 2015

Real Estate [Abstract]

REAL ESTATE INVESTMENTS

As of September 30, 2015 and December 31, 2014, the gross carrying value of the Company’s Properties was as follows (in thousands):



	September 30, 2015		December 31, 2014
Land	$	658,280	$	669,635
Building and improvements	3,438,563		3,409,303
Tenant improvements	532,380		524,754
	4,629,223		4,603,692
Assets held for sale - real estate investments (a)	74,706		27,436
Total	$	4,703,929	$	4,631,128


(a)	Real estate investments related to assets held for sale above represents gross real estate assets and does not include accumulated depreciation or other assets on the balance sheets of the properties held for sale.

Acquisitions

On August 11, 2015, the Company acquired a 2.7 acre parcel of land containing a vacant office building, located at 9 Presidential Boulevard, Bala Cynwyd, Pennsylvania, for $4.1 million with available corporate funds. The Company intends to demolish the vacant building and develop the property but has not yet determined the timing and cost of construction for the project as of September 30, 2015. The Company accounted for this transaction as an asset acquisition.

On July 7, 2015, the Company acquired a 0.8 acre parcel of land located at 2100 Market Street in Philadelphia, Pennsylvania for $18.8 million. The Company funded $16.8 million of the purchase price with available corporate funds and the remaining $2.0 million of the purchase price was deferred until the earlier of the commencement of development or 24 months from settlement. The Company accounted for this transaction as an asset acquisition and capitalized a nominal amount of acquisition related costs and other costs as part of land inventory on its consolidated balance sheet. In connection with the purchase agreement, if certain land parcels adjacent to 2100 Market Street are acquired from unaffiliated third parties, the Company may be required to pay additional consideration to the seller of 2100 Market Street. The unaffiliated third parties are not party to this transaction and any land parcels acquired will be acquired in arms length transactions. The amount of additional consideration, if any, is contingent on the purchase price of the adjacent land parcels and cannot be determined at this time. The Company has not yet determined the timing and cost of construction for the project as of September 30, 2015.

On June 22, 2015, through a series of transactions with International Business Machines ("IBM"), the Company acquired the remaining 50.0% interest in Broadmoor Austin Associates, consisting of seven office buildings and the 66.0 acre underlying land parcel located in Austin, Texas, for an aggregate purchase price of $211.4 million. The office buildings contain 1,112,236 net rentable square feet of office space and were 100.0% occupied as of June 30, 2015. The Company funded the cost of the acquisition with an aggregate cash payment of $143.8 million, consisting of $81.0 million from available corporate funds and $62.8 million previously held in escrow related to a Section 1031 like-kind exchange. Part of the cash payment was used at closing to repay, at no repayment penalty, the remaining $51.2 million of secured debt. The Company incurred $0.2 million of acquisition related costs that are classified within general and administrative expenses.

The Company previously accounted for its 50.0% non-controlling interest in Broadmoor Austin Associates under the equity method of accounting. As a result of acquiring IBM's remaining 50.0% common interest in Broadmoor Austin Associates, the Company obtained control of Broadmoor Austin Associates and the Company's existing investment balance was remeasured based on fair value of the underlying properties acquired and the existing distribution provisions under the relevant partnership agreement. As a result, the Company recorded a $0.8 million gain on remeasurement.

The Company has treated its acquisition of the 50.0% ownership interest in Broadmoor Austin Associates as a business combination and allocated the purchase price to the tangible and intangible assets and liabilities. The Company utilized a number of sources in making estimates of fair values for purposes of allocating the purchase price to tangible and intangibles assets acquired and intangible liabilities assumed. The purchase price has been allocated as follows (in thousands):



	June 22, 2015
Building, land and improvements	$	163,271
Land inventory	6,045
Intangible assets acquired (a)	50,637
Below market lease liabilities assumed (b)	(8,600		)
	$	211,353

Return of existing equity method investment	(67,261		)
Net working capital assumed	(271		)
Total cash payment at settlement	$	143,821


(a)	Weighted average amortization period of 4.0 years.


(b)	Weighted average amortization period of 1.5 years.

The unaudited pro forma information below summarizes the Company’s combined results of operations for the three and nine-month periods ended September 30, 2015 and 2014, respectively, as though the acquisition of Broadmoor Austin Associates was completed on January 1, 2014. The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods (in thousands except for per share amounts).



	Three-month periods ended				Nine-month periods ended
	September 30,				September 30,
	2015		2014		2015		2014
Pro forma revenue	$	152,585	$	149,951	$	455,141	$	459,722
Pro forma income from continuing operations	20,308		11,525		35,954		15,914
Pro forma net income available to common shareholders	18,346		9,607		30,305		11,332

Earnings per common share from continuing operations:
Basic -- as reported	$	0.11	$	0.05	$	0.18	$	0.05
Basic -- as pro forma	$	0.11	$	0.07	$	0.20	$	0.10

Diluted -- as reported	$	0.11	$	0.05	$	0.18	$	0.05
Diluted -- as pro forma	$	0.11	$	0.07	$	0.20	$	0.10

Earnings per common share:
Basic -- as reported	$	0.10	$	0.04	$	0.15	$	0.02
Basic -- as pro forma	$	0.10	$	0.06	$	0.17	$	0.07

Diluted -- as reported	$	0.10	$	0.04	$	0.15	$	0.02
Diluted -- as pro forma	$	0.10	$	0.06	$	0.17	$	0.07

The Company wholly owned the Broadmoor Austin properties at September 30, 2015, and as such, no pro forma adjustments were necessary during three-month period ended September 30, 2015. For the three-month periods ended September 30, 2015 and 2014, there were no acquisition related costs related to the transaction. For the nine-month period ended September 30, 2014, $0.2 million of acquisition related costs are included as if the transaction occurred January 1, 2014.

On April 9, 2015, the Company acquired the leasehold interest in a 0.4 acre land parcel at 405 Colorado Street located in the central business district of Austin, Texas for $2.6 million. The property is currently being operated as a surface parking lot with the intent to develop the site into an office property. The Company has not yet determined the timing and cost of construction for the project as of September 30, 2015. The Company accounted for this transaction as an asset acquisition.

On April 6, 2015, the Company acquired a 0.8 acre parcel of land, located at 25 M Street Southeast, Washington, D.C. for $20.3 million. The Company funded the cost of this acquisition with available corporate funds. The Company capitalized $0.3 million of acquisition related costs and these costs are included as part of land inventory on the Company's consolidated balance sheet. On May 12, 2015, the Company subsequently contributed the land parcel into a newly formed real estate venture known as 25 M Street Holdings, LLC (“25 M Street”), a joint venture between the Company and Jaco 25 M Investors, LLC (“Akridge”), an unaffiliated third party, with the intent to construct a 271,000 square foot Class A office property. The Company holds a 95.0% ownership interest in 25 M Street and Akridge contributed $1.0 million in cash for its 5.0% ownership interest in 25 M Street. The $1.0 million contribution from Akridge was distributed to the Company. 25 M Street is consolidated within the Company's financial statements. See Note 4, "Investment in Unconsolidated Real Estate Ventures," for further information. The partners of the venture have not determined the timing and cost of construction for the project as of September 30, 2015.

On April 2, 2015, the Company acquired, from an unaffiliated third party, a property comprised of a parking garage with 330 parking spaces and mixed-use space totaling 14,404 rentable square feet located at 618 Market Street in Philadelphia, Pennsylvania for an aggregate fair value of $19.4 million. The property is currently fully operational. The purchase price includes contingent consideration, recorded at fair value and payable to the seller upon commencement of development, totaling $1.6 million, and cash of $17.8 million.

The Company has treated the acquisition of 618 Market Street as a business combination and allocated the purchase price to the tangible and intangible assets. The Company utilized a number of sources in making estimates of fair values for purposes of allocating the purchase price to tangible and intangibles assets acquired. The Company allocated $19.2 million to building, land and improvements and $0.2 million to intangible assets.

The fair value of contingent consideration was determined using a probability weighted discounted cash flow model. The significant inputs to the discounted cash flow model was the discount rate and weighted probability scenarios. As the inputs are unobservable, the Company determined the inputs used to value this liability falls within Level 3 for fair value reporting. As of September 30, 2015, there was no significant changes to the inputs and the liability remains within Level 3 for fair value reporting.

Dispositions

The Company sold the following office properties during the nine-month period ended September 30, 2015 (dollars in thousands).



Disposition Date	Property/Portfolio Name	Location	Number of Properties	Rentable Square Feet	Sale Price		Gain/(Loss) On Sale (a)
September 29, 2015	1000 Howard Boulevard	Mt. Laurel, NJ	1	105,312	$	16,500	$	4,823
August 13, 2015	Bay Colony	Wayne, PA	4	247,294	37,500		288
August 11, 2015	741 First Avenue	King of Prussia, PA	1	77,184	4,900		372
June 10, 2015	100 Gateway Centre Parkway	Richmond, VA	1	74,991	4,100		—		(b)
April 24, 2015	Christina / Delaware Corporate Centers	Newark, DE / Wilmington, DE	5	485,182	50,125		1,797
April 9, 2015	Lake Merritt Tower	Oakland, CA	1	204,336	65,000		—		(c)
January 8, 2015	Atrium I / Libertyview	Mt. Laurel, NJ / Cherry Hill, NJ	2	221,405	28,300		9,040
Total Dispositions			15	1,415,704	$	206,425	$	16,320	(d)


(a)	Gain/(Loss) on Sale is net of closing and other transaction related costs.


(b)	The Company recorded an impairment loss of $0.8 million for 100 Gateway Centre Parkway during the second quarter of 2015. As such, there was no gain/(loss) at disposition for this property.


(c)	The Company recorded an impairment loss of $1.7 million for Lake Merritt Tower at March 31, 2015. As such, there was no gain/(loss) at disposition for this property. Sales proceeds were deposited in escrow under Section 1031 of the Internal Revenue Code and applied to purchase the Broadmoor Austin portfolio. Refer to Broadmoor Austin Associates acquisition summary, above, for further details.


(d)	Total gain/(loss) on sale does not include a deferred gain of $0.5 million related to a prior sale and $0.1 million in losses associated with prior sales.

The Company sold the following land parcels during the nine-month period ended September 30, 2015 (dollars in thousands).



Disposition Date	Property/Portfolio Name	Location	Number of Parcels	Acres	Sale Price		Gain/(Loss) on Sale
September 1, 2015	7000 Midlantic	Mt. Laurel, NJ	1	3.5	$	2,200	$	(169	)
August 31, 2015	Four Points	Austin, TX	1	8.6	2,500		71
August 25, 2015	Two Kaiser Plaza	Oakland, CA	1	1.0	11,100		3,117
Total Dispositions			3	13.1	$	15,800	$	3,019

The sales of properties referenced above do not represent a strategic shift that has a major effect on the Company's operations and financial results. The operating results of these properties remain classified within continuing operations for all periods presented.

As a result of selling $206.4 million of real estate as of September 30, 2015, the Company increased its current year business plan disposition target to $400.0 million. The Company is exploring the disposition of several properties, individually or as a portfolio, during the remainder of 2015 in alignment with its business plan. As of September 30, 2015, the Company has not entered into agreements, other than the six properties categorized as held for sale, to sell additional properties nor can we provide assurance as to any/or which properties for which a sale might be realized. Accordingly, the Company has prepared undiscounted cash flow analyses for the relevant properties based upon several reasonably possible scenarios and the estimated likelihood of each scenario occurring. These estimated probability weighted undiscounted cash flows exceed the carrying values for the properties, and, therefore, no impairment charge has been recorded at September 30, 2015. Significant estimates were made in the determination of the future undiscounted cash flows, including expected future rents and operating expenses, holding periods, cash proceeds at the end of the estimated holding period and the probability of the various reasonably possible scenarios. Changes to estimates made by management for certain properties, including those related to holding periods, may result in the recognition of impairment losses, and such amounts could be material to the Company’s results of operations.

Impairments Measured at Fair Value on a Non-recurring Basis

During the nine-month period ended September 30, 2015, the Company recognized $2.5 million in impairment charges on properties sold to reduce the carrying value of the properties to their sales price in connection with the anticipated disposition. The fair value measurement related to these impairment charges was determined by the respective sales agreement. As the sales price is unobservable, the Company determined that the significant input used to value these real estate investments falls within Level 3 for fair value reporting.

Held for Sale

As of September 30, 2015, the Company entered into an agreement of sale for six suburban New Jersey properties containing 560,147 rentable square feet for an anticipated sales price of $56.5 million. The properties have been designated as held for sale in accordance with applicable accounting standards for long lived assets. At such date, the fair value less the costs of sale exceed carrying value of the property and, as a result, no impairment loss was recognized. The fair value measurement was based on the sales agreement. As the sales price is unobservable, the Company determined that the significant inputs used to value these real estate investments falls within Level 3 for fair value reporting.

The disposal of the properties referenced above do not represent a strategic shift that has a major effect on the Company's operations and financial results. Accordingly, the operating results of these properties remain classified within continuing operations for all periods presented.

Investment in Unconsolidated Ventures

9 Months Ended

Sep. 30, 2015

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED VENTURES

As of September 30, 2015, the Company held ownership interests in 17 unconsolidated Real Estate Ventures for an aggregate investment balance of $210.7 million, of which $211.8 million is included in assets and $1.1 million is included in other liabilities relating to the negative investment balance of one real estate venture. The Company formed or acquired interests in these ventures with unaffiliated third parties to develop or manage office, residential, and/or mixed-use properties or to acquire land in anticipation of possible development of office, residential and/or mixed-use properties. As of September 30, 2015, nine of the real estate ventures owned 29 office buildings that contain an aggregate of approximately 4.0 million net rentable square feet; three real estate ventures owned 4.4 acres of undeveloped parcels of land; three real estate ventures owned 22.5 acres of land under development; one real estate venture owned a residential tower that contains 345 apartment units and one real estate venture owned a hotel property that contains 137 rooms in Conshohocken, PA.

The Company accounts for its unconsolidated interests in its Real Estate Ventures using the equity method. The Company’s unconsolidated interests range from 20% to 70%, subject to specified priority allocations of distributable cash in certain of the Real Estate Ventures.

The amounts reflected in the following tables (except for the Company’s share of equity and income) are based on the historical financial information of the individual Real Estate Ventures. The Company does not record operating losses of a Real Estate Venture in excess of its investment balance unless the Company is liable for the obligations of the Real Estate Venture or is otherwise committed to provide financial support to the Real Estate Venture.

The following is a summary of the financial position of the Real Estate Ventures as of September 30, 2015 and December 31, 2014 (in thousands):



	September 30, 2015		December 31, 2014
Net property	$	1,165,941	$	1,281,282
Other assets	144,415		195,121
Other liabilities	65,290		68,481
Debt	761,067		965,077
Equity	484,000		442,845

Company’s share of equity (Company’s basis) (a) (b)	$	211,771	$	225,004

(a)

This amount includes the effect of the basis difference between the Company's historical cost basis and the basis recorded at the Real Estate Venture level, which is typically amortized over the life of the related assets and liabilities. Basis differentials occur from the impairment of investments, purchases of third party interests in existing Real Estate Ventures and upon the transfer of assets that were previously owned by the Company into a Real Estate Venture. In addition, certain acquisition, transaction and other costs may not be reflected in the net assets at the Real Estate Venture level.


(b)	Does not include the negative investment balance of one real estate venture totaling $1.1 million as of September 30, 2015 and $1.2 million as of December 31, 2014, which is included in other liabilities.

The Company held interests in 17 Real Estate Ventures containing an aggregate of approximately 4.0 million net rentable square feet as of the three and nine-month periods ended September 30, 2015 and 17 Real Estate Ventures containing an aggregate of approximately 5.9 million net rentable square feet as of the three and nine-month periods ended September 30, 2014. The following is a summary of results of operations of the Real Estate Ventures in which the Company had interests during these periods (in thousands):



	Three-month periods ended September 30,						Nine-month periods ended September 30,
	2015			2014			2015			2014
Revenue	$	37,076		$	37,446		$	126,424		$	106,905
Operating expenses	(16,917		)	(15,433		)	(54,581		)	(44,257		)
Interest expense, net	(7,936		)	(9,245		)	(27,918		)	(26,234		)
Depreciation and amortization	(15,681		)	(13,552		)	(52,218		)	(40,423		)
Net loss	$	(3,458	)	$	(784	)	$	(8,293	)	$	(4,009	)

Company’s share of loss (Company’s basis)	$	(1,093	)	$	(486	)	$	(1,835	)	$	(733	)

JBG - Ventures

On May 29, 2015, the Company and an unaffiliated third party, JBG/DC Manager, LLC ("JBG"), formed 51 N 50 Patterson, Holdings, LLC Venture ("51 N Street") and 1250 First Street Office, LLC Venture ("1250 First Street"), as real estate ventures, with the Company owning a 70.0% interest and JBG owning a 30.0% interest in each of the two ventures. At formation, the Company and JBG made cash contributions of $15.2 million and $6.5 million, respectively, to 51 N Street, which was used to purchase 0.9 acres of undeveloped land. At formation, the Company and JBG made cash capital contributions of $13.2 million and $5.7 million, respectively, to 1250 First Street, which was used to purchase 0.5 acres of undeveloped land.

Based upon the facts and circumstances at formation of each of the two ventures with JBG, the Company determined that each venture is a VIE in accordance with the accounting standard for the consolidation of VIEs. As a result, the Company used the variable interest model under the accounting standard for consolidation in order to determine whether to consolidate the JBG Ventures. JBG is the managing member of the ventures, and pursuant to the operating and related agreements, major decisions require the approval of both members. Based upon each member's shared power over the activities of each of the two ventures, which most significantly impact the economics of the ventures, neither venture is consolidated by the Company. Each venture is accounted for under the equity method of accounting.

Broadmoor Austin Associates

On June 22, 2015, the Company became the sole owner of Broadmoor Austin Associates upon the Company's acquisition from an unaffiliated third party of the remaining 50.0% ownership interest in Broadmoor Austin Associates. Broadmoor Austin Associates owns seven office buildings in Austin, Texas. See Note 3, "Real Estate Investments," for further information.

25 M Street (Akridge)

On May 12, 2015, the Company contributed the parcel of land purchased on April 9, 2015 into a newly formed real estate venture known as 25 M Street, a joint venture between the Company and Akridge, an unaffiliated third party. See Note 3, "Real Estate Investments," for further information.

Based on the facts and circumstances at formation of 25 M Street, the Company determined that 25 M Street is a variable interest entity (VIE) in accordance with the accounting standard for consolidation of VIEs. Accordingly, the Company used the variable interest model under the accounting standard for consolidation in order to determine whether to consolidate 25 M Street. Under the operating and related agreements the Company has the power to control substantially all of the activities which most significantly impact the economics of 25 M Street, and accordingly, 25 M Street is consolidated within the Company’s financial statements. As of September 30, 2015, the carrying value of the assets of 25 M Street was $20.5 million.

DRA - PA Venture

On December 19, 2007, the Company formed G&I Interchange Office LLC, a real estate venture (the “Interchange Venture”), with an unaffiliated third party, G&I VI Investment Interchange Office LLC (“G&I VI”), an investment vehicle advised by DRA Advisors LLC. The Interchange Venture owns 29 office properties containing an aggregate of 1,611,961 net rentable square feet located in Montgomery, Lehigh and Bucks counties, Pennsylvania. The Company contributed these 29 properties to the Interchange Venture upon the Interchange Venture's formation and in exchange for the contribution received a cash distribution from the Venture and a 20.0% ownership interest in the Interchange Venture.

On February 27, 2015, the Interchange Venture entered into a forbearance agreement with an unaffiliated lender that holds a nonrecourse mortgage on the Venture's assets. The loan matured on January 1, 2015. On August 12, 2015, the lender sold the properties to an unaffiliated third-party purchaser under the forbearance agreement and assumed the proceeds. Commensurate with the sale, the Interchange Venture was dissolved.

The Company has no obligation to fund any amounts to the lender under the loan or mortgage. The Company has not had any investment basis in the Interchange Venture since formation of the Interchange Venture in 2007. The Company is not obligated to fund any of the losses incurred by the Interchange Venture and, as a result, has not recognized losses in excess of its invested capital balance.

Austin Venture

On January 30, 2015, the Austin Venture closed on a mortgage loan with a non-affiliated institutional lender, and used the proceeds of the loan to repay in full an $88.0 million short-term secured loan made by the Company to fund costs of the Austin Venture's acquisition of River Place. For further information regarding this acquisition, see Note 4, "Investment In Unconsolidated Ventures," included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014.

Guarantees

As of September 30, 2015, the Company had provided guarantees on behalf of certain real estate ventures, consisting of (i) a $24.7 million payment guarantee on the construction loan for the project being undertaken by evo at Cira; (ii) a $3.2 million payment guarantee on the construction loan for the development project being undertaken by TB-BDN Plymouth Apartments; (iii) a several cost overrun guaranty on the $88.9 million construction loan for the development project being undertaken by 1919 Market Street LP; and (iv) a $0.5 million payment guarantee on a loan provided to PJP VII. In addition, during construction undertaken by real estate ventures, the Company has provided and expects to continue to provide cost overrun and completion guarantees, with rights of contribution among partners in the real estate ventures, as well as customary environmental indemnities and guarantees of customary exceptions to nonrecourse provisions in loan agreements. For additional information regarding these real estate ventures, see Note 4, "Investments in Unconsolidated Ventures," in notes to the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014.

Intangible Assets and Liabilities

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

As of September 30, 2015 and December 31, 2014, the Company’s intangible assets/liabilities were comprised of the following (in thousands):



	September 30, 2015
	Total Cost		Accumulated Amortization			Intangible assets/liabilities, net
Intangible assets, net:
In-place lease value	$	170,925	$	(52,638	)	$	118,287
Tenant relationship value	23,772		(18,608		)	5,164
Above market leases acquired	5,444		(1,807		)	3,637
Total intangible assets, net	$	200,141	$	(73,053	)	$	127,088

Acquired lease intangibles, net:
Below market leases acquired	$	53,531	$	(24,990	)	$	28,541



	December 31, 2014
	Total Cost		Accumulated Amortization			Intangible assets/liabilities, net
Intangible assets, net:
In-place lease value	$	129,411	$	(42,068	)	$	87,343
Tenant relationship value	34,172		(26,344		)	7,828
Above market leases acquired	5,641		(1,409		)	4,232
Total intangible assets, net	$	169,224	$	(69,821	)	$	99,403

Acquired lease intangibles, net:
Below market leases acquired	$	53,049	$	(27,039	)	$	26,010

As of September 30, 2015, the Company’s annual amortization for its intangible assets/liabilities were as follows (in thousands, and assuming no prospective early lease terminations):



	Assets		Liabilities
2015 (three months remaining)	$	12,262	$	2,669
2016	36,901		7,595
2017	20,080		3,461
2018	12,852		2,217
2019	11,553		1,885
Thereafter	33,440		10,714
Total	$	127,088	$	28,541

Debt Obligations

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

DEBT OBLIGATIONS

During the three and nine-month periods ended September 30, 2015, the Company repaid $3.7 million and $10.9 million, respectively, of principal on its mortgage debt in the ordinary course of business. Except as indicated below with respect to the Company's revolving credit facility and unsecured Term Loan C, during these periods there were no changes to the outstanding balances of the Company's unsecured debt.

On August 19, 2015, the Company entered into a forbearance agreement to extend the maturity date of the mortgage note payable collateralized by two of its properties located at 8260 Greensboro Drive and 1676 International Drive in Mclean, Virginia (referred to as "Tysons Corner" in Note 7 "Debt Obligations" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014) until October 9, 2015. At September 30, 2015, the outstanding balance was $88.0 million. See Note 14, "Subsequent Events," for further information regarding the repayment of the note.

On May 15, 2015, the Company closed on a new four-year unsecured revolving credit facility (the "New Credit Facility") that provides for borrowings of up to $600.0 million. The Company expects to use advances under the New Credit Facility for general business purposes, including to fund costs of acquisitions, developments and redevelopments of properties, fund share repurchases and to repay from time to time other debt. On terms and conditions specified in the credit agreement, the Company may enter into unsecured term loans and/or increase the initial amount of the credit facility by up to, in the aggregate for all such term loans and increases, an additional $400.0 million. The New Credit Facility includes a $65.0 million sub-limit for the issuance of letters of credit and a $60.0 million sub-limit for swing-loans. The New Credit Facility has a scheduled maturity date of May 15, 2019, and is subject to two six-month extensions on terms and conditions specified in the credit agreement.

At the Company's option, loans outstanding under the New Credit Facility will bear interest at a rate per annum equal to (1) LIBOR plus between 0.875% and 1.55% based on the Company's credit rating or (2) a base rate equal to the greatest of (a) the Administrative Agent's prime rate, (b) the Federal Funds rate plus 0.5% or (c) LIBOR for a one month period plus 1.00%, in each case, plus a margin ranging from 0.0% to 0.55% based on the Company's credit rating. The New Credit Facility also contains a competitive bid option that allows banks that are part of the lender consortium to bid to make loan advances to the Company at a reduced interest rate. In addition, the Company is also obligated to pay (1) in quarterly installments a facility fee on the total commitment at a rate per annum ranging from 0.125% to 0.30% based on the Company's credit rating and (2) an annual fee on the undrawn amount of each letter or credit equal to the LIBOR Margin. Based on the Company's current credit rating, the LIBOR margin is 1.20% and the facility fee is 0.25%. The Company had no borrowings under the New Credit Facility as of September 30, 2015.

The terms of the New Credit Facility require that the Company maintain customary financial and other covenants, including: (i) a fixed charge coverage ratio greater than or equal to 1.5 to 1.00; (ii) a minimum net worth; (iii) a leverage ratio less than or equal to 0.60 to 1.00, subject to specified exceptions; (iv) a ratio of unsecured indebtedness to unencumbered asset value less than or equal to 0.60 to 1.00, subject to specified exceptions; (v) a ratio of secured indebtedness to total asset value less than or equal to 0.40 to 1.00; and (vi) a ratio of unencumbered cash flow to interest expense on unsecured debt greater than 1.75 to 1.00. In addition, the New Credit Facility restricts payments of dividends and distributions on shares in excess of 95% of the Company's funds from operations (FFO) except to the extent necessary to enable the Company to continue to qualify as a REIT for Federal income tax purposes. At September 30, 2015, the Company was in compliance with all covenants in the New Credit Facility.

Concurrently with its entry into the New Credit Facility, the Company terminated its then existing unsecured revolving credit facility, which had a scheduled maturity date of February 1, 2016.

On June 1, 2015, the Company amended its Term Loan C Agreement dated December 15, 2011 to align the above aforementioned financial and operating covenants and restrictions of the New Credit Facility with that of Term Loan C. The amendment was filed as part of the Quarterly Report on Form 10-Q for the period ended June 30, 2015. See Item 6.,"Exhibits."

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANICAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company determined the fair values disclosed below using available market information and discounted cash flow analyses as of September 30, 2015 and December 31, 2014, respectively. The discount rate used in calculating fair value is the sum of the current risk free rate and the risk premium on the date of measurement of the instruments or obligations. Considerable judgment is necessary to interpret market data and to develop the related estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that the Company could realize upon disposition. The use of different estimates and valuation methodologies may have a material effect on the fair value amounts shown. The Company believes that the carrying amounts reflected in the consolidated balance sheets at September 30, 2015 and December 31, 2014 approximate the fair values for cash and cash equivalents, accounts receivable, other assets, accounts payable and accrued expenses. The following are financial instruments for which the Company’s estimates of fair value differ from the carrying amounts (in thousands):



	September 30, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Unsecured notes payable	$	1,518,931	$	1,552,682	$	1,518,108	$	1,593,212
Variable rate debt	$	278,610	$	254,405	$	278,610	$	257,188
Mortgage notes payable	$	642,396	$	673,959	$	654,590	$	707,241
Mortgage note receivable (a)	$	—	$	—	$	88,000	$	87,692


(a)	On January 30, 2015 the mortgage note was repaid. For further information regarding the mortgage note, see Note 2, "Summary of Significant Accounting Policies," included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014.

The fair value of the Company's unsecured notes payable are categorized as Level 2 (as provided by the accounting standard for Fair Value Measurements and Disclosures). This is because the Company valued these instruments using quoted market prices as of September 30, 2015 and December 31, 2014. For the fair value of the Company's variable rate debt, the Company uses a discount rate based on the indicative new issue pricing provided by lenders.

The fair value of the Company's mortgage notes payable, variable rate debt and mortgage note receivable are all categorized at a Level 3 basis (as provided by the accounting standard for Fair Value Measurements and Disclosures). The fair value of the variable rate debt was estimated using a discounted cash flow analysis valuation on the borrowing rates currently available to the Company for loans with similar terms and maturities, as applicable. The fair value of the mortgage debt was determined by discounting the future contractual interest and principal payments by a blended market rate for loans with similar terms, maturities and loan-to-value. The fair value of the mortgage note receivable was determined by using the expected cash flows of the notes receivable, and discounting those cash flows using the market rate of interest for mortgage notes with a comparable level of risk. These financial instruments have been categorized as Level 3 because the Company considers the rates used in the valuation techniques to be unobservable inputs.

For the Company's mortgage loans, the Company uses an estimate based on its knowledge of the mortgage market. The weighted average discount rate for the combined variable rate debt and mortgage loans used to calculate fair value as of September 30, 2015 was 4.5%. An increase in the discount rate used in the discounted cash flow model would result in a decrease to the fair value of the Company's long-term debt. Conversely, a decrease in the discount rate used in the discounted cash flow model would result in an increase to the fair value of the Company's long-term debt.

Disclosure about the fair value of financial instruments is based upon pertinent information available to management as of September 30, 2015 and December 31, 2014. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since September 30, 2015, and current estimates of fair value may differ from the amounts presented herein.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Limited Partners' Non-Controlling Interests in the Parent Company	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
LIMITED PARTNERS' NON-CONTROLLING INTERESTS IN THE PARENT COMPANY	LIMITED PARTNERS' NON-CONTROLLING INTERESTS IN THE PARENT COMPANY Non-controlling interests in the Parent Company’s financial statements relate to redeemable common limited partnership interests in the Operating Partnership held by parties other than the Parent Company and properties which are consolidated but not wholly owned. Operating Partnership The aggregate book value of the non-controlling interests associated with the redeemable common limited partnership interests in the accompanying consolidated balance sheet of the Parent Company as of September 30, 2015 and December 31, 2014 was $16.9 million and $17.5 million, respectively. Under the applicable accounting guidance, the redemption value of limited partnership units are carried at, on a limited partner basis, the greater of historical cost adjusted for the allocation of income and distributions or fair value. The Parent Company believes that the aggregate settlement value of these interests (based on the number of units outstanding and the closing price of the common shares on the balance sheet dates as of September 30, 2015 and December 31, 2014, respectively, was approximately $18.9 million and $24.5 million.

Beneficiaries Equity of the Parent Company

9 Months Ended

Sep. 30, 2015

BENEFICIARIES' EQUITY OF THE PARENT COMPANY

BENEFICIARIES’ EQUITY OF THE PARENT COMPANY

Earnings per Share (EPS)

The following tables detail the number of shares and net income used to calculate basic and diluted earnings per share (in thousands, except share and per share amounts; results may not add due to rounding):



	Three-month periods ended September 30,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	20,308		$	20,308		$	8,885		$	8,885
Net income from continuing operations attributable to non-controlling interests	(161		)	(161		)	(108		)	(108		)
Nonforfeitable dividends allocated to unvested restricted shareholders	(76		)	(76		)	(82		)	(82		)
Preferred share dividends	(1,725		)	(1,725		)	(1,725		)	(1,725		)
Income from continuing operations available to common shareholders	18,346			18,346			6,970			6,970
Loss from discontinued operations	—			—			(3		)	(3		)
Net income attributable to common shareholders	$	18,346		$	18,346		$	6,967		$	6,967
Denominator
Weighted-average shares outstanding	178,188,037			178,188,037			171,606,722			171,606,722
Contingent securities/Share based compensation	—			588,647			—			1,587,148
Weighted-average shares outstanding	178,188,037			178,776,684			171,606,722			173,193,870
Earnings per Common Share:
Income from continuing operations attributable to common shareholders	$	0.10		$	0.10		$	0.04		$	0.04
Discontinued operations attributable to common shareholders	—			—			—			—
Net income attributable to common shareholders	$	0.10		$	0.10		$	0.04		$	0.04




	Nine-month periods ended September 30,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	31,960		$	31,960		$	7,893		$	7,893
Net income from continuing operations attributable to non-controlling interests	(221		)	(221		)	(47		)	(47		)
Nonforfeitable dividends allocated to unvested restricted shareholders	(253		)	(253		)	(268		)	(268		)
Preferred share dividends	(5,175		)	(5,175		)	(5,175		)	(5,175		)
Income from continuing operations available to common shareholders	26,311			26,311			2,403			2,403
Income from discontinued operations	—			—			918			918
Discontinued operations attributable to non-controlling interests	—			—			(10		)	(10		)
Discontinued operations attributable to common shareholders	—			—			908			908
Net income attributable to common shareholders	$	26,311		$	26,311		$	3,311		$	3,311
Denominator
Weighted-average shares outstanding	179,198,714			179,198,714			161,866,955			161,866,955
Contingent securities/Share based compensation	—			789,778			—			1,487,015
Weighted-average shares outstanding	179,198,714			179,988,492			161,866,955			163,353,970
Earnings per Common Share:
Income from continuing operations attributable to common shareholders	$	0.15		$	0.15		$	0.01		$	0.01
Discontinued operations attributable to common shareholders	—			—			0.01			0.01
Net income attributable to common shareholders	$	0.15		$	0.15		$	0.02		$	0.02

Redeemable common limited partnership units totaling 1,535,102 and 1,721,905 as of September 30, 2015 and 2014, respectively, were excluded from the diluted earnings per share computations because they are not dilutive.

Unvested restricted shares are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For the three and nine-month periods ended September 30, 2015 and 2014, earnings representing nonforfeitable dividends as noted in the table above were allocated to the unvested restricted shares issued to the Company’s executives and other employees under the Company's shareholder-approved long-term incentive plan.

Common and Preferred Shares

On September 15, 2015, the Parent Company declared a distribution of $0.15 per common share, totaling $26.6 million, payable on October 19, 2015 to shareholders of record as of October 5, 2015. In addition, the Parent Company declared distributions on its Series E Preferred Shares to holders of record as of September 30, 2015. These shares are entitled to a preferential return of 6.90% per annum on the $25.00 per share liquidation preference. Distributions to be paid on October 15, 2015 to holders of Series E Preferred Shares will total $1.7 million.

On July 22, 2015, the Company's Board of Trustees authorized share repurchases of up to $100.0 million of its common shares with no expiration date. Prior to the authorization 539,200 common shares were available for repurchase under the preexisting share repurchase program. The Company expects to fund the share repurchases with a combination of available cash balances and availability under its line of credit. As of September 30, 2015, 4,701,302 common shares have been repurchased and retired by the Company at an average purchase price of $12.92 per share and totaling $60.8 million. The timing and amounts of any purchases will depend on a variety of factors, including market conditions, regulatory requirements, share prices, capital availability and other factors as determined by the Company's management team. The repurchase program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time without notice.

On November 5, 2013, the Parent Company commenced a continuous equity offering program (the “Offering Program”), under which it may sell, in at-the-market offerings, up to an aggregate amount of 16,000,000 common shares until November 5, 2016. The Parent Company may sell common shares in amounts and at times to be determined by the Parent Company. Actual sales will depend on a variety of factors to be determined by the Parent Company, including, among others, market conditions, the trading price of the Company’s common shares and determinations by the Parent Company of the appropriate sources of funding. Sales agents engaged by the Parent Company under the Offering Program are entitled to receive, as compensation and in aggregate, up to 2% of the gross sales price per share sold under the Offering Program. From inception of the Offering Program through September 30, 2015, the Parent Company had not sold any shares under the program, leaving 16,000,000 remaining shares available for sale.

Partners Equity of the Operating Partnership

9 Months Ended

Sep. 30, 2015

PARTNERS' EQUITY OF THE OPERATING PARTNERSHIP

PARTNERS’ EQUITY OF THE OPERATING PARTNERSHIP

Earnings per Common Partnership Unit

The following tables detail the number of units and net income used to calculate basic and diluted earnings per common partnership unit (in thousands, except unit and per unit amounts; results may not add due to rounding):



	Three-month periods ended September 30,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	20,308		$	20,308		$	8,885		$	8,885
Nonforfeitable dividends allocated to unvested restricted unitholders	(76		)	(76		)	(82		)	(82		)
Preferred unit dividends	(1,725		)	(1,725		)	(1,725		)	(1,725		)
Net loss attributable to non-controlling interests	(1		)	(1		)	(24		)	(24		)
Net income from continuing operations available to common unitholders	18,506			18,506			7,054			7,054
Discontinued operations attributable to common unitholders	—			—			(3		)	(3		)
Net income attributable to common unitholders	$	18,506		$	18,506		$	7,051		$	7,051
Denominator
Weighted-average units outstanding	179,723,139			179,723,139			173,341,782			173,341,782
Contingent securities/Share based compensation	—			588,647			—			1,587,148
Total weighted-average units outstanding	179,723,139			180,311,786			173,341,782			174,928,930
Earnings per Common Partnership Unit:
Income from continuing operations attributable to common unitholders	$	0.10		$	0.10		$	0.04		$	0.04
Discontinued operations attributable to common unitholders	—			—			—			—
Net income attributable to common unitholders	$	0.10		$	0.10		$	0.04		$	0.04




	Nine-month periods ended September 30,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	31,960		$	31,960		$	7,893		$	7,893
Amount allocable to unvested restricted unitholders	(253		)	(253		)	(268		)	(268		)
Preferred unit dividends	(5,175		)	(5,175		)	(5,175		)	(5,175		)
Net income attributable to non-controlling interests	4			4			(12		)	(12		)
Income from continuing operations available to common unitholders	26,536			26,536			2,438			2,438
Discontinued operations attributable to common unitholders	—			—			918			918
Net income attributable to common unitholders	$	26,536		$	26,536		$	3,356		$	3,356
Denominator
Weighted-average units outstanding	180,733,816			180,733,816			163,620,963			163,620,963
Contingent securities/Share based compensation	—			789,778			—			1,487,015
Total weighted-average units outstanding	180,733,816			181,523,594			163,620,963			165,107,978
Earnings per Common Partnership Unit:
Income from continuing operations attributable to common unitholders	$	0.15		$	0.15		$	0.01		$	0.01
Discontinued operations attributable to common unitholders	—			—			0.01			0.01
Net income attributable to common unitholders	$	0.15		$	0.15		$	0.02		$	0.02

Unvested restricted units are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For the three and nine-month periods ended September 30, 2015 and 2014, earnings representing nonforfeitable dividends as noted in the table above were allocated to the unvested restricted units issued to the Parent Company’s executives and other employees under the Parent Company's shareholder-approved long-term incentive plan.

Common Partnership Units and Preferred Mirror Units

On September 15, 2015, the Operating Partnership declared a distribution of $0.15 per common partnership unit, totaling $26.6 million, payable on October 19, 2015 to unitholders of record as of October 5, 2015. In addition, the Operating Partnership declared distributions on its Series E-Linked Preferred Mirror Units to holders of record as of October 5, 2015. These units are entitled to a preferential return of 6.90% per annum on the $25.00 per unit liquidation preference. Distributions to be paid on October 15, 2015 to holders of Series E-Linked Preferred Mirror Units will total $1.7 million.

Segment Information

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

SEGMENT INFORMATION

During the quarter ended September 30, 2015, the Company was managing its portfolio within seven segments: (1) Pennsylvania Suburbs, (2) Philadelphia Central Business District (CBD), (3) Metropolitan Washington, D.C., (4) New Jersey/Delaware, (5) Richmond, Virginia, (6) Austin, Texas and (7) California. The Pennsylvania Suburbs segment includes properties in Chester, Delaware, and Montgomery counties in the Philadelphia suburbs. The Philadelphia CBD segment includes properties located in the City of Philadelphia in Pennsylvania. The Metropolitan Washington, D.C. segment includes properties in Northern Virginia, Washington, D.C. and southern Maryland. The New Jersey/Delaware segment includes properties in Burlington and Camden counties in New Jersey and in New Castle county in the state of Delaware. The Richmond, Virginia segment includes properties primarily in Albemarle, Chesterfield, Goochland and Henrico counties and one property in Durham, North Carolina. The Austin, Texas segment includes properties in the City of Austin, Texas. The California segment includes properties in Oakland, Concord and Carlsbad. The corporate group is responsible for cash and investment management, development of certain real estate properties during the construction period, and certain other general support functions.

The following tables provide selected asset information and results of operations of the Company's reportable segments (in thousands):



Real estate investments, at cost:
	September 30, 2015		December 31, 2014
Philadelphia CBD	$	1,394,267	$	1,338,655
Pennsylvania Suburbs	1,126,611		1,178,470
Metropolitan Washington, D.C.	1,216,161		1,183,652
New Jersey/Delaware (a)	239,235		392,581
Richmond, Virginia	311,642		317,076
California	111,587		193,258
Austin, Texas (c)	229,720		—
	$	4,629,223	$	4,603,692
Less: Assets held for sale (a) (b)	74,706		27,436
Operating Properties	$	4,703,929	$	4,631,128

Corporate
Construction-in-progress	$	242,246	$	201,360
Land inventory	$	135,917	$	90,603


(a)	As of September 30, 2015, the Company categorized six properties in the New Jersey/Delaware segment as held for sale in accordance with applicable accounting standards for long lived assets. The sale is not classified as a significant disposition under the accounting guidance for discontinued operations.

(b)

On December 31, 2014, the Company was actively marketing for sale its Atrium I and Libertyview properties, comprised of two office properties located in the New Jersey/Delaware segment. As of December 31, 2014 the properties were classified as held for sale on the consolidated balance sheet. The properties were sold on January 8, 2015. See Note 3, "Real Estate Investments," for further information. The sale is not classified as a significant disposition under the accounting guidance for discontinued operations.


(c)	On June 22, 2015 the Company acquired the remaining 50.0% of the common interest in Broadmoor Austin Associates. As such, the Company has seven wholly owned properties in its Austin, Texas business segment at September 30, 2015. See Note 3, "Real Estate Investments," for further information regarding this transaction.



Net operating income:
	Three-month periods ended
	September 30,
	2015							2014
	Total revenue		Operating expenses (a)			Net operating income		Total revenue		Operating expenses (a)			Net operating income (loss)
Philadelphia CBD	$	52,203	$	(18,750	)	$	33,453	$	49,469	$	(18,168	)	$	31,301
Pennsylvania Suburbs	39,507		(14,004		)	25,503		39,996		(13,409		)	26,587
Metropolitan Washington, D.C.	27,587		(10,792		)	16,795		27,764		(10,672		)	17,092
New Jersey/Delaware	11,922		(6,594		)	5,328		14,975		(7,506		)	7,469
Richmond, Virginia	9,130		(3,700		)	5,430		8,354		(3,724		)	4,630
Austin, Texas (b)	8,533		(2,625		)	5,908		843		(569		)	274
California	3,223		(1,767		)	1,456		4,902		(2,711		)	2,191
Corporate	480		(386		)	94		255		(472		)	(217		)
Operating Properties	$	152,585	$	(58,618	)	$	93,967	$	146,558	$	(57,231	)	$	89,327

	Nine-month periods ended
	September 30,
	2015							2014
	Total revenue		Operating expenses (a)			Net operating income		Total revenue		Operating expenses (a)			Net operating income (loss)
Philadelphia CBD	$	157,595	$	(56,587	)	$	101,008	$	150,303	$	(55,399	)	$	94,904
Pennsylvania Suburbs	118,407		(41,286		)	77,121		121,313		(41,542		)	79,771
Metropolitan Washington, D.C.	81,947		(33,197		)	48,750		87,403		(33,134		)	54,269
New Jersey/Delaware	37,149		(20,857		)	16,292		45,440		(23,728		)	21,712
Richmond, Virginia	27,381		(11,603		)	15,778		25,543		(11,629		)	13,914
Austin, Texas (b)	11,999		(4,993		)	7,006		3,900		(2,362		)	1,538
California	11,599		(5,778		)	5,821		14,399		(7,634		)	6,765
Corporate	2,562		(1,364		)	1,198		871		(1,484		)	(613		)
Operating Properties	$	448,639	$	(175,665	)	$	272,974	$	449,172	$	(176,912	)	$	272,260


(a)	Includes property operating expense, real estate taxes and third party management expense.

(b)

On June 22, 2015 the Company acquired the remaining 50.0% of the common interest in Broadmoor Austin Associates. See Note 3, "Real Estate Investments," for further information regarding this transaction. On April 3, 2014, the Company contributed Four Points Centre to an unconsolidated real estate venture. See Note 3, "Real Estate Investments," in notes to the audited financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014.



Unconsolidated real estate ventures (in thousands):
	Investment in real estate ventures, at equity				Equity in income (loss) of real estate ventures
	As of				Three-month periods ended September 30,						Nine-month periods ended September 30,
	September 30, 2015		December 31, 2014		2015			2014			2015			2014
Philadelphia CBD (a)	$	43,236	$	27,137	$	(186	)	$	32		$	(636	)	$	13
Pennsylvania Suburbs	16,796		17,385		(120		)	(578		)	(142		)	(937		)
Metropolitan Washington, D.C. (b)	113,222		73,127		(343		)	(142		)	(572		)	(117		)
New Jersey/Delaware	—		—		67			82			231			204
Richmond, Virginia	1,512		1,574		106			184			438			253
Austin, Texas (c) (d)	37,005		105,781		(617		)	(64		)	(1,154		)	(149		)
Total	$	211,771	$	225,004	$	(1,093	)	$	(486	)	$	(1,835	)	$	(733	)


(a)	evo at Cira was placed into service during the third quarter ended September 30, 2014.


(b)	Investment in real estate ventures as of September 30, 2015 includes the JBG Ventures, which were formed on May 29, 2015.


(c)	Investment in real estate ventures does not include the $1.1 million and $1.2 million negative investment balance in one real estate venture as of September 30, 2015 and December 31, 2014, respectively, which is included in other liabilities.


(d)	On June 22, 2015 the Company acquired the remaining 50.0% of the common interest in Broadmoor Austin Associates. As such, equity method investment at June 30, 2015 related to the Austin Venture only. See Note 3, "Real Estate Investments," for further information regarding the purchase of Broadmoor Austin Associates.

Net operating income (“NOI”) is a non-GAAP financial measure defined as total revenue less property operating expenses, real estate taxes and third party management expenses. Segment NOI includes revenue, real estate taxes and property operating expenses directly related to operation and management of the properties owned and managed within the respective geographical region. Segment NOI excludes property level depreciation and amortization, revenue and expenses directly associated with third party real estate management services, expenses associated with corporate administrative support services, and inter-company eliminations. NOI also does not reflect general and administrative expenses, interest expenses, real estate impairment losses, depreciation and amortization costs, capital expenditures and leasing costs. Trends in development and construction activities that could materially impact the Company’s results from operations are also not reflected in NOI. All companies may not calculate NOI in the same manner. NOI is the measure that is used by the Company to evaluate the operating performance of its real estate assets by segment. The Company also believes that NOI provides useful information to investors regarding its financial condition and results of operations because it reflects only those income and expenses recorded at the property level. The Company believes that net income, as defined by GAAP, is the most appropriate earnings measure. The following is a reconciliation of consolidated NOI to consolidated net income (loss), as defined by GAAP:



	Three-month periods ended September 30,						Nine-month periods ended September 30,
	2015			2014			2015			2014
	(amounts in thousands)
Consolidated net operating income	$	93,967		$	89,327		$	272,974		$	272,260
Other income (expense):
Depreciation and amortization	(58,314		)	(52,616		)	(160,355		)	(157,773		)
General and administrative expenses	(6,127		)	(5,900		)	(21,554		)	(20,086		)
Interest income	126			528			1,189			1,298
Interest expense	(27,900		)	(31,481		)	(83,971		)	(94,837		)
Recognized hedge activity	—			(828		)	—			(828		)
Interest expense - amortization of deferred financing costs	(1,010		)	(1,566		)	(3,377		)	(3,952		)
Interest expense - financing obligation	(296		)	(273		)	(906		)	(861		)
Equity in loss of Real Estate Ventures	(1,093		)	(486		)	(1,835		)	(733		)
Net gain on disposition of real estate	6,083			4,698			16,673			4,698
Net gain on sale of undepreciated real estate	3,019			—			3,019			1,184
Net gain from remeasurement of investment in a real estate venture	—			—			758			458
Loss on real estate venture transactions	—			—			—			(417		)
Loss on early extinguishment of debt	—			(2,606		)	—			(2,606		)
Provision for impairment on assets held for sale/sold	—			(1,765		)	(2,508		)	(1,765		)
Tax credit transaction income	11,853			11,853			11,853			11,853
Income from continuing operations	20,308			8,885			31,960			7,893
Income from discontinued operations	—			(3		)	—			918
Net income	$	20,308		$	8,882		$	31,960		$	8,811

Commitments and Contingencies Disclosure [Abstract]

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2015

COMMITMENTS AND CONTINGENCIES

Legal Proceedings

The Company is involved from time to time in litigation on various matters, including disputes with tenants and disputes arising out of agreements to purchase or sell properties. Given the nature of the Company’s business activities, these lawsuits are considered routine to the conduct of its business. The result of any particular lawsuit cannot be predicted, because of the very nature of litigation, the litigation process and its adversarial nature, and the jury system. The Company will establish reserves for specific legal proceedings when it determines that the likelihood of an unfavorable outcome is probable and when the amount of loss is reasonably estimable. The Company does not expect that the liabilities, if any, which may ultimately result from any current legal actions will have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows.

Environmental

As an owner of real estate, the Company is subject to various environmental laws of federal, state, and local governments. The Company’s compliance with existing laws has not had a material adverse effect on its financial condition and results of operations, and the Company does not believe it will have a material adverse effect in the future. However, the Company cannot predict the impact of unforeseen environmental contingencies or new or changed laws or regulations on its current Properties or on properties that the Company may acquire.

Ground Rent

Future minimum rental payments under the terms of all non-cancelable ground leases under which the Company is the lessee are expensed on a straight-line basis regardless of when payments are due. The Company’s ground leases have remaining lease terms ranging from 6 to 74 years. Minimum future rental payments on non-cancelable leases at September 30, 2015 are as follows (in thousands):



2015 (three months remaining)	$	461
2016	1,385
2017	1,385
2018	1,385
2019	1,385
Thereafter	68,499
Total	$	74,500

The Company obtained ground tenancy rights related to certain properties in Philadelphia, Pennsylvania, which provide for contingent rent participation by the lessor in certain capital transactions and net operating cash flows of the properties after certain returns are achieved by the Company. Such amounts, if any, will be reflected as contingent rent when incurred. The leases also provide for payment by the Company of certain operating costs relating to the land, primarily real estate taxes. The above schedule of future minimum rental payments does not include any contingent rent amounts or any reimbursed expenses. Reference is made in our Annual Report on Form 10-K for the year ended December 31, 2014 for further detail regarding commitments and contingencies.

Put Option

On May 4, 2015, the Company entered into a put agreement in the ordinary course of business that grants an unaffiliated third party the unilateral option to require the Company to purchase a property, at a predetermined price, until May 4, 2018. In addition to the $35.0 million purchase price, the Company would be responsible for transaction and closing costs. There can be no assurance that the counterparty will exercise the option.

Historic Tax Credit	9 Months Ended
Historic Tax Credit	Sep. 30, 2015
Income Tax Disclosure [Abstract]
HISTORIC TAX CREDIT	HISTORIC TAX CREDIT On November 17, 2008, the Company closed a transaction with US Bancorp (“USB”) related to the historic rehabilitation of the IRS Philadelphia Campus, a 862,692 square foot office building that is 100% leased to the IRS. On August 27, 2010, the Company completed the development of the IRS Philadelphia Campus and the IRS lease commenced. In connection with this completed development project, USB contributed to the Company $64.1 million of total project costs. In exchange for its contributions to the development of the IRS Philadelphia Campus, USB is entitled to substantially all of the benefits derived from the tax rehabilitation credits available under section 47 of the Internal Revenue Code. USB does not have a material interest in the underlying economics of the property. This transaction includes a put/call provision whereby the Company may be obligated or entitled to repurchase USB’s interest in the IRS Philadelphia Campus. The put option was exercised on September 30, 2015 and USB's interest in the IRS Philadelphia Campus was assigned to the Company. A purchase price of $3.2 million was attributed to that puttable non-controlling interest obligation, which was funded with available corporate funds. Upon exercise of the put option, the Company funded USB's final 2% preferred return of $1.0 million. Amounts included in interest expense related to the accretion of the non-controlling interest liability and the 2% return expected to be paid to USB on its non-controlling interest aggregates to $1.1 million for the nine-month periods ended September 30, 2015 and 2014, respectively. Based on the contractual arrangements that obligate the Company to deliver tax benefits and provide other guarantees to USB and that entitle the Company through fee arrangements to receive substantially all available cash flow from the IRS Philadelphia Campus, the Company concluded that the IRS Philadelphia Campus should be consolidated. The Company also concluded that capital contributions received from USB, in substance, are consideration that the Company receives in exchange for its obligation to deliver tax credits and other tax benefits to USB. These receipts other than the amounts allocated to the put obligation will be recognized as revenue in the consolidated financial statements beginning when the obligation to USB is relieved which occurs upon delivery of the expected tax benefits net of any associated costs. The tax credit is subject to 20% recapture per year beginning one year after the completion of the IRS Philadelphia Campus. Beginning September 2011 to September 2015, the Company recognized the cash received as revenue net of allocated expenses over the five year credit recapture period as defined in the Internal Revenue Code within other income (expense) in its consolidated statement of operations. The fifth and final recapture period ended September 30, 2015 and the Company recognized $11.9 million of cash received as revenue, net of $0.5 million of allocated expenses within other income (expense) it its consolidated statement of operations. The total USB contributions presented in the Company's balance sheet were $0.0 million and $15.1 million as of September 30, 2015 and December 31, 2014. The contributions were recorded net of the amounts allocated to non-controlling interest for 2014, as described above of $3.0 million at year end December 31, 2014, with the remaining balance presented within deferred income. Direct and incremental costs incurred in structuring the transaction are deferred and will be recognized as expense in the consolidated financial statements upon the recognition of the related revenue as discussed above. The deferred costs at September 30, 2015 and December 31, 2014 are $0.0 million and $0.5 million, respectively, and are included in other assets in the Company’s consolidated balance sheet.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Repayment of Mortgage Note Payable - Tysons Corner On October 9, 2015, the Company funded $88.4 million, including $0.4 million of accrued interest, in repayment of the Tysons Corner mortgage note with funds from the additional borrowings under the seven-year term loan referenced below. Additional Borrowings under Seven-Year Term Loan On October 8, 2015, the Company amended its $200.0 million seven-year term loan maturing February 1, 2019. Pursuant to the terms of the amendment, the Company increased the term loan by an additional $50.0 million, lengthened the maturity date to October 8, 2022, and exercised the option to increase the aggregate amount by up to $150.0 million. The loan will bear interest at LIBOR plus 1.80%. Through a series of interest rate swaps, the $250.0 million outstanding balance of the term loan will have a fixed interest rate of 3.72%.

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, all adjustments (consisting solely of normal recurring matters) for a fair statement of the financial position of the Company as of September 30, 2015, the results of its operations for the three and nine-month periods ended September 30, 2015 and 2014 and its cash flows for the nine-month periods ended September 30, 2015 and 2014 have been included. The results of operations for such interim periods are not necessarily indicative of the results for a full year. These consolidated financial statements should be read in conjunction with the Parent Company’s and the Operating Partnership’s consolidated financial statements and footnotes included in their combined 2014 Annual Report on Form 10-K filed with the SEC on February 19, 2015. The Company's Annual Report on Form 10-K for the year ended December 31, 2014 contains a discussion of our significant accounting policies under Note 2, "Summary of Significant Accounting Policies". There have been no significant changes in our significant accounting policies since December 31, 2014. Management discusses our significant accounting policies and management’s judgments and estimates with the Company's Audit Committee.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In September 2015, the Financial Accounting Standards Board ("FASB") issued guidance pertaining to entities that have reported provisional amounts for items in a business combination for which the accounting is incomplete by the end of the reporting period in which the combination occurs and during the measurement period have an adjustment to provisional amounts recognized. The guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Any adjustments should be calculated as if the accounting had been completed at the acquisition date. The guidance is effective for public companies for fiscal years beginning after December 15, 2016, with early adoption permitted. Application of the guidance is prospective. The Company has not determined when it will adopt this guidance, nor what impact the adoption may have on its consolidated financial statements. On July 9, 2015, the FASB elected to defer the effective date of the revenue recognition standard issued in May 2014 by one year. Reporting entities may choose to adopt the standard as of the original effective date or for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Calendar year-end public entities are therefore required to apply the new revenue guidance beginning in their 2018 interim and annual financial statements. The Company has not yet determined the impact, if any, that the adoption of this guidance will have on its consolidated financial statements. See Note 2, "Summary of Significant Accounting Policies," included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 for the Company's initial disclosure of this standard. In April 2015, the FASB issued guidance requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by this update. Debt issuance costs related to revolving lines of credit are not within the scope of this new guidance. Additionally, in August 2015 the FASB issued guidance expanding the April 2015 update. It states that, given the absence of authoritative guidance within the update, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset for revolving lines of credit and subsequently amortizing the deferred debt issuance costs ratably over the term of the arrangement, regardless of whether there are any outstanding borrowings on the line of credit. This guidance is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted for financial statements that have not been previously issued. Full retrospective application is required. Early adoption is permitted. The adoption of this guidance will not have a material impact on its consolidated financial position or results of operations as the update relates only to changes in financial statement presentation. In February 2015, the FASB issued guidance modifying the analysis a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The guidance does not change the general order in which the consolidation models are applied. A reporting entity that holds an economic interest in, or is otherwise involved with, another legal entity must first determine if the variable interest entity model applies, and if so, whether it holds a controlling financial interest under that model. If the entity being evaluated for consolidation is not a variable interest entity, then the voting interest model should be applied to determine whether the entity should be consolidated by the reporting entity. Key changes to the guidance include, but are not limited to: (i.) limiting the extent to which related party interests are included to determine the decision maker’s effective financial interest in the entity, (ii.) requiring that the limited partners in the limited partnership (or the members of a limited liability company that is similar to a limited partnership) have either substantive kick-out rights or substantive participating rights over the general partner to demonstrate that the limited partnership is a voting interest entity, (iii.) changing the evaluation of whether the equity holders at risk lack decision making rights when decision making is outsourced and (iv.) changing how the economics test is performed. The guidance does not amend the existing disclosure requirements for variable interest entities or voting interest model entities. The guidance is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. A reporting entity may elect to either apply the amendments using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or apply the amendments retrospectively. The Company has not yet determined the impact, if any, that the adoption of this guidance will have on its consolidated financial statements.

Real Estate Investments (Tables)

9 Months Ended

Sep. 30, 2015

Real Estate [Abstract]

Gross Carrying Value Of Company's Properties

As of September 30, 2015 and December 31, 2014, the gross carrying value of the Company’s Properties was as follows (in thousands):



	September 30, 2015		December 31, 2014
Land	$	658,280	$	669,635
Building and improvements	3,438,563		3,409,303
Tenant improvements	532,380		524,754
	4,629,223		4,603,692
Assets held for sale - real estate investments (a)	74,706		27,436
Total	$	4,703,929	$	4,631,128


(a)	Real estate investments related to assets held for sale above represents gross real estate assets and does not include accumulated depreciation or other assets on the balance sheets of the properties held for sale.

Schedule of Purchase Price Allocation

The purchase price has been allocated as follows (in thousands):



	June 22, 2015
Building, land and improvements	$	163,271
Land inventory	6,045
Intangible assets acquired (a)	50,637
Below market lease liabilities assumed (b)	(8,600		)
	$	211,353

Return of existing equity method investment	(67,261		)
Net working capital assumed	(271		)
Total cash payment at settlement	$	143,821


(a)	Weighted average amortization period of 4.0 years.


(b)	Weighted average amortization period of 1.5 years.

Schedule of Pro Forma Information

The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods (in thousands except for per share amounts).



	Three-month periods ended				Nine-month periods ended
	September 30,				September 30,
	2015		2014		2015		2014
Pro forma revenue	$	152,585	$	149,951	$	455,141	$	459,722
Pro forma income from continuing operations	20,308		11,525		35,954		15,914
Pro forma net income available to common shareholders	18,346		9,607		30,305		11,332

Earnings per common share from continuing operations:
Basic -- as reported	$	0.11	$	0.05	$	0.18	$	0.05
Basic -- as pro forma	$	0.11	$	0.07	$	0.20	$	0.10

Diluted -- as reported	$	0.11	$	0.05	$	0.18	$	0.05
Diluted -- as pro forma	$	0.11	$	0.07	$	0.20	$	0.10

Earnings per common share:
Basic -- as reported	$	0.10	$	0.04	$	0.15	$	0.02
Basic -- as pro forma	$	0.10	$	0.06	$	0.17	$	0.07

Diluted -- as reported	$	0.10	$	0.04	$	0.15	$	0.02
Diluted -- as pro forma	$	0.10	$	0.06	$	0.17	$	0.07

Dispositions

The Company sold the following office properties during the nine-month period ended September 30, 2015 (dollars in thousands).



Disposition Date	Property/Portfolio Name	Location	Number of Properties	Rentable Square Feet	Sale Price		Gain/(Loss) On Sale (a)
September 29, 2015	1000 Howard Boulevard	Mt. Laurel, NJ	1	105,312	$	16,500	$	4,823
August 13, 2015	Bay Colony	Wayne, PA	4	247,294	37,500		288
August 11, 2015	741 First Avenue	King of Prussia, PA	1	77,184	4,900		372
June 10, 2015	100 Gateway Centre Parkway	Richmond, VA	1	74,991	4,100		—		(b)
April 24, 2015	Christina / Delaware Corporate Centers	Newark, DE / Wilmington, DE	5	485,182	50,125		1,797
April 9, 2015	Lake Merritt Tower	Oakland, CA	1	204,336	65,000		—		(c)
January 8, 2015	Atrium I / Libertyview	Mt. Laurel, NJ / Cherry Hill, NJ	2	221,405	28,300		9,040
Total Dispositions			15	1,415,704	$	206,425	$	16,320	(d)


(a)	Gain/(Loss) on Sale is net of closing and other transaction related costs.


(b)	The Company recorded an impairment loss of $0.8 million for 100 Gateway Centre Parkway during the second quarter of 2015. As such, there was no gain/(loss) at disposition for this property.


(c)	The Company recorded an impairment loss of $1.7 million for Lake Merritt Tower at March 31, 2015. As such, there was no gain/(loss) at disposition for this property. Sales proceeds were deposited in escrow under Section 1031 of the Internal Revenue Code and applied to purchase the Broadmoor Austin portfolio. Refer to Broadmoor Austin Associates acquisition summary, above, for further details.


(d)	Total gain/(loss) on sale does not include a deferred gain of $0.5 million related to a prior sale and $0.1 million in losses associated with prior sales.

The Company sold the following land parcels during the nine-month period ended September 30, 2015 (dollars in thousands).



Disposition Date	Property/Portfolio Name	Location	Number of Parcels	Acres	Sale Price		Gain/(Loss) on Sale
September 1, 2015	7000 Midlantic	Mt. Laurel, NJ	1	3.5	$	2,200	$	(169	)
August 31, 2015	Four Points	Austin, TX	1	8.6	2,500		71
August 25, 2015	Two Kaiser Plaza	Oakland, CA	1	1.0	11,100		3,117
Total Dispositions			3	13.1	$	15,800	$	3,019

Equity Method Investments and Joint Ventures [Abstract]

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760

+ Details

Investment in Unconsolidated Ventures (Tables)

9 Months Ended

Sep. 30, 2015

Summary of Real Estate Ventures

The following is a summary of the financial position of the Real Estate Ventures as of September 30, 2015 and December 31, 2014 (in thousands):



	September 30, 2015		December 31, 2014
Net property	$	1,165,941	$	1,281,282
Other assets	144,415		195,121
Other liabilities	65,290		68,481
Debt	761,067		965,077
Equity	484,000		442,845

Company’s share of equity (Company’s basis) (a) (b)	$	211,771	$	225,004

(a)


(b)	Does not include the negative investment balance of one real estate venture totaling $1.1 million as of September 30, 2015 and $1.2 million as of December 31, 2014, which is included in other liabilities.

Summary of results of operations of unconsolidated Real Estate Venture

The following is a summary of results of operations of the Real Estate Ventures in which the Company had interests during these periods (in thousands):



	Three-month periods ended September 30,						Nine-month periods ended September 30,
	2015			2014			2015			2014
Revenue	$	37,076		$	37,446		$	126,424		$	106,905
Operating expenses	(16,917		)	(15,433		)	(54,581		)	(44,257		)
Interest expense, net	(7,936		)	(9,245		)	(27,918		)	(26,234		)
Depreciation and amortization	(15,681		)	(13,552		)	(52,218		)	(40,423		)
Net loss	$	(3,458	)	$	(784	)	$	(8,293	)	$	(4,009	)

Company’s share of loss (Company’s basis)	$	(1,093	)	$	(486	)	$	(1,835	)	$	(733	)

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets and Liabilities

As of September 30, 2015 and December 31, 2014, the Company’s intangible assets/liabilities were comprised of the following (in thousands):



	September 30, 2015
	Total Cost		Accumulated Amortization			Intangible assets/liabilities, net
Intangible assets, net:
In-place lease value	$	170,925	$	(52,638	)	$	118,287
Tenant relationship value	23,772		(18,608		)	5,164
Above market leases acquired	5,444		(1,807		)	3,637
Total intangible assets, net	$	200,141	$	(73,053	)	$	127,088

Acquired lease intangibles, net:
Below market leases acquired	$	53,531	$	(24,990	)	$	28,541



	December 31, 2014
	Total Cost		Accumulated Amortization			Intangible assets/liabilities, net
Intangible assets, net:
In-place lease value	$	129,411	$	(42,068	)	$	87,343
Tenant relationship value	34,172		(26,344		)	7,828
Above market leases acquired	5,641		(1,409		)	4,232
Total intangible assets, net	$	169,224	$	(69,821	)	$	99,403

Acquired lease intangibles, net:
Below market leases acquired	$	53,049	$	(27,039	)	$	26,010

Summary of Amortization for Intangible Assets and Liabilities

As of September 30, 2015, the Company’s annual amortization for its intangible assets/liabilities were as follows (in thousands, and assuming no prospective early lease terminations):



	Assets		Liabilities
2015 (three months remaining)	$	12,262	$	2,669
2016	36,901		7,595
2017	20,080		3,461
2018	12,852		2,217
2019	11,553		1,885
Thereafter	33,440		10,714
Total	$	127,088	$	28,541

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2015

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments With Fair Values Different From Their Carrying Amount

The following are financial instruments for which the Company’s estimates of fair value differ from the carrying amounts (in thousands):



	September 30, 2015				December 31, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Unsecured notes payable	$	1,518,931	$	1,552,682	$	1,518,108	$	1,593,212
Variable rate debt	$	278,610	$	254,405	$	278,610	$	257,188
Mortgage notes payable	$	642,396	$	673,959	$	654,590	$	707,241
Mortgage note receivable (a)	$	—	$	—	$	88,000	$	87,692


(a)	On January 30, 2015 the mortgage note was repaid. For further information regarding the mortgage note, see Note 2, "Summary of Significant Accounting Policies," included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014.

Beneficiaries Equity of the Parent Company (Tables)

9 Months Ended

Sep. 30, 2015

Earnings Per Share (EPS), Basic and Diluted



	Three-month periods ended September 30,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	20,308		$	20,308		$	8,885		$	8,885
Net income from continuing operations attributable to non-controlling interests	(161		)	(161		)	(108		)	(108		)
Nonforfeitable dividends allocated to unvested restricted shareholders	(76		)	(76		)	(82		)	(82		)
Preferred share dividends	(1,725		)	(1,725		)	(1,725		)	(1,725		)
Income from continuing operations available to common shareholders	18,346			18,346			6,970			6,970
Loss from discontinued operations	—			—			(3		)	(3		)
Net income attributable to common shareholders	$	18,346		$	18,346		$	6,967		$	6,967
Denominator
Weighted-average shares outstanding	178,188,037			178,188,037			171,606,722			171,606,722
Contingent securities/Share based compensation	—			588,647			—			1,587,148
Weighted-average shares outstanding	178,188,037			178,776,684			171,606,722			173,193,870
Earnings per Common Share:
Income from continuing operations attributable to common shareholders	$	0.10		$	0.10		$	0.04		$	0.04
Discontinued operations attributable to common shareholders	—			—			—			—
Net income attributable to common shareholders	$	0.10		$	0.10		$	0.04		$	0.04




	Nine-month periods ended September 30,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	31,960		$	31,960		$	7,893		$	7,893
Net income from continuing operations attributable to non-controlling interests	(221		)	(221		)	(47		)	(47		)
Nonforfeitable dividends allocated to unvested restricted shareholders	(253		)	(253		)	(268		)	(268		)
Preferred share dividends	(5,175		)	(5,175		)	(5,175		)	(5,175		)
Income from continuing operations available to common shareholders	26,311			26,311			2,403			2,403
Income from discontinued operations	—			—			918			918
Discontinued operations attributable to non-controlling interests	—			—			(10		)	(10		)
Discontinued operations attributable to common shareholders	—			—			908			908
Net income attributable to common shareholders	$	26,311		$	26,311		$	3,311		$	3,311
Denominator
Weighted-average shares outstanding	179,198,714			179,198,714			161,866,955			161,866,955
Contingent securities/Share based compensation	—			789,778			—			1,487,015
Weighted-average shares outstanding	179,198,714			179,988,492			161,866,955			163,353,970
Earnings per Common Share:
Income from continuing operations attributable to common shareholders	$	0.15		$	0.15		$	0.01		$	0.01
Discontinued operations attributable to common shareholders	—			—			0.01			0.01
Net income attributable to common shareholders	$	0.15		$	0.15		$	0.02		$	0.02

Partners Equity of the Operating Partnership (Tables)

9 Months Ended

Sep. 30, 2015

Earnings Per Common Partnership Unit



	Three-month periods ended September 30,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	20,308		$	20,308		$	8,885		$	8,885
Nonforfeitable dividends allocated to unvested restricted unitholders	(76		)	(76		)	(82		)	(82		)
Preferred unit dividends	(1,725		)	(1,725		)	(1,725		)	(1,725		)
Net loss attributable to non-controlling interests	(1		)	(1		)	(24		)	(24		)
Net income from continuing operations available to common unitholders	18,506			18,506			7,054			7,054
Discontinued operations attributable to common unitholders	—			—			(3		)	(3		)
Net income attributable to common unitholders	$	18,506		$	18,506		$	7,051		$	7,051
Denominator
Weighted-average units outstanding	179,723,139			179,723,139			173,341,782			173,341,782
Contingent securities/Share based compensation	—			588,647			—			1,587,148
Total weighted-average units outstanding	179,723,139			180,311,786			173,341,782			174,928,930
Earnings per Common Partnership Unit:
Income from continuing operations attributable to common unitholders	$	0.10		$	0.10		$	0.04		$	0.04
Discontinued operations attributable to common unitholders	—			—			—			—
Net income attributable to common unitholders	$	0.10		$	0.10		$	0.04		$	0.04




	Nine-month periods ended September 30,
	2015						2014
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	31,960		$	31,960		$	7,893		$	7,893
Amount allocable to unvested restricted unitholders	(253		)	(253		)	(268		)	(268		)
Preferred unit dividends	(5,175		)	(5,175		)	(5,175		)	(5,175		)
Net income attributable to non-controlling interests	4			4			(12		)	(12		)
Income from continuing operations available to common unitholders	26,536			26,536			2,438			2,438
Discontinued operations attributable to common unitholders	—			—			918			918
Net income attributable to common unitholders	$	26,536		$	26,536		$	3,356		$	3,356
Denominator
Weighted-average units outstanding	180,733,816			180,733,816			163,620,963			163,620,963
Contingent securities/Share based compensation	—			789,778			—			1,487,015
Total weighted-average units outstanding	180,733,816			181,523,594			163,620,963			165,107,978
Earnings per Common Partnership Unit:
Income from continuing operations attributable to common unitholders	$	0.15		$	0.15		$	0.01		$	0.01
Discontinued operations attributable to common unitholders	—			—			0.01			0.01
Net income attributable to common unitholders	$	0.15		$	0.15		$	0.02		$	0.02

Segment Information (Tables)

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Schedule of Reportable Segments

The following tables provide selected asset information and results of operations of the Company's reportable segments (in thousands):



Real estate investments, at cost:
	September 30, 2015		December 31, 2014
Philadelphia CBD	$	1,394,267	$	1,338,655
Pennsylvania Suburbs	1,126,611		1,178,470
Metropolitan Washington, D.C.	1,216,161		1,183,652
New Jersey/Delaware (a)	239,235		392,581
Richmond, Virginia	311,642		317,076
California	111,587		193,258
Austin, Texas (c)	229,720		—
	$	4,629,223	$	4,603,692
Less: Assets held for sale (a) (b)	74,706		27,436
Operating Properties	$	4,703,929	$	4,631,128

Corporate
Construction-in-progress	$	242,246	$	201,360
Land inventory	$	135,917	$	90,603


(a)	As of September 30, 2015, the Company categorized six properties in the New Jersey/Delaware segment as held for sale in accordance with applicable accounting standards for long lived assets. The sale is not classified as a significant disposition under the accounting guidance for discontinued operations.

(b)


(c)	On June 22, 2015 the Company acquired the remaining 50.0% of the common interest in Broadmoor Austin Associates. As such, the Company has seven wholly owned properties in its Austin, Texas business segment at September 30, 2015. See Note 3, "Real Estate Investments," for further information regarding this transaction.

Schedule of Segment Net Operating Income, by Segment



Net operating income:
	Three-month periods ended
	September 30,
	2015							2014
	Total revenue		Operating expenses (a)			Net operating income		Total revenue		Operating expenses (a)			Net operating income (loss)
Philadelphia CBD	$	52,203	$	(18,750	)	$	33,453	$	49,469	$	(18,168	)	$	31,301
Pennsylvania Suburbs	39,507		(14,004		)	25,503		39,996		(13,409		)	26,587
Metropolitan Washington, D.C.	27,587		(10,792		)	16,795		27,764		(10,672		)	17,092
New Jersey/Delaware	11,922		(6,594		)	5,328		14,975		(7,506		)	7,469
Richmond, Virginia	9,130		(3,700		)	5,430		8,354		(3,724		)	4,630
Austin, Texas (b)	8,533		(2,625		)	5,908		843		(569		)	274
California	3,223		(1,767		)	1,456		4,902		(2,711		)	2,191
Corporate	480		(386		)	94		255		(472		)	(217		)
Operating Properties	$	152,585	$	(58,618	)	$	93,967	$	146,558	$	(57,231	)	$	89,327

	Nine-month periods ended
	September 30,
	2015							2014
	Total revenue		Operating expenses (a)			Net operating income		Total revenue		Operating expenses (a)			Net operating income (loss)
Philadelphia CBD	$	157,595	$	(56,587	)	$	101,008	$	150,303	$	(55,399	)	$	94,904
Pennsylvania Suburbs	118,407		(41,286		)	77,121		121,313		(41,542		)	79,771
Metropolitan Washington, D.C.	81,947		(33,197		)	48,750		87,403		(33,134		)	54,269
New Jersey/Delaware	37,149		(20,857		)	16,292		45,440		(23,728		)	21,712
Richmond, Virginia	27,381		(11,603		)	15,778		25,543		(11,629		)	13,914
Austin, Texas (b)	11,999		(4,993		)	7,006		3,900		(2,362		)	1,538
California	11,599		(5,778		)	5,821		14,399		(7,634		)	6,765
Corporate	2,562		(1,364		)	1,198		871		(1,484		)	(613		)
Operating Properties	$	448,639	$	(175,665	)	$	272,974	$	449,172	$	(176,912	)	$	272,260


(a)	Includes property operating expense, real estate taxes and third party management expense.

(b)

Schedule of Segment Reporting Information, by Segment



Unconsolidated real estate ventures (in thousands):
	Investment in real estate ventures, at equity				Equity in income (loss) of real estate ventures
	As of				Three-month periods ended September 30,						Nine-month periods ended September 30,
	September 30, 2015		December 31, 2014		2015			2014			2015			2014
Philadelphia CBD (a)	$	43,236	$	27,137	$	(186	)	$	32		$	(636	)	$	13
Pennsylvania Suburbs	16,796		17,385		(120		)	(578		)	(142		)	(937		)
Metropolitan Washington, D.C. (b)	113,222		73,127		(343		)	(142		)	(572		)	(117		)
New Jersey/Delaware	—		—		67			82			231			204
Richmond, Virginia	1,512		1,574		106			184			438			253
Austin, Texas (c) (d)	37,005		105,781		(617		)	(64		)	(1,154		)	(149		)
Total	$	211,771	$	225,004	$	(1,093	)	$	(486	)	$	(1,835	)	$	(733	)


(a)	evo at Cira was placed into service during the third quarter ended September 30, 2014.


(b)	Investment in real estate ventures as of September 30, 2015 includes the JBG Ventures, which were formed on May 29, 2015.


(c)	Investment in real estate ventures does not include the $1.1 million and $1.2 million negative investment balance in one real estate venture as of September 30, 2015 and December 31, 2014, respectively, which is included in other liabilities.


(d)	On June 22, 2015 the Company acquired the remaining 50.0% of the common interest in Broadmoor Austin Associates. As such, equity method investment at June 30, 2015 related to the Austin Venture only. See Note 3, "Real Estate Investments," for further information regarding the purchase of Broadmoor Austin Associates.

Reconciliation of Consolidated Net Operating Income

The following is a reconciliation of consolidated NOI to consolidated net income (loss), as defined by GAAP:



	Three-month periods ended September 30,						Nine-month periods ended September 30,
	2015			2014			2015			2014
	(amounts in thousands)
Consolidated net operating income	$	93,967		$	89,327		$	272,974		$	272,260
Other income (expense):
Depreciation and amortization	(58,314		)	(52,616		)	(160,355		)	(157,773		)
General and administrative expenses	(6,127		)	(5,900		)	(21,554		)	(20,086		)
Interest income	126			528			1,189			1,298
Interest expense	(27,900		)	(31,481		)	(83,971		)	(94,837		)
Recognized hedge activity	—			(828		)	—			(828		)
Interest expense - amortization of deferred financing costs	(1,010		)	(1,566		)	(3,377		)	(3,952		)
Interest expense - financing obligation	(296		)	(273		)	(906		)	(861		)
Equity in loss of Real Estate Ventures	(1,093		)	(486		)	(1,835		)	(733		)
Net gain on disposition of real estate	6,083			4,698			16,673			4,698
Net gain on sale of undepreciated real estate	3,019			—			3,019			1,184
Net gain from remeasurement of investment in a real estate venture	—			—			758			458
Loss on real estate venture transactions	—			—			—			(417		)
Loss on early extinguishment of debt	—			(2,606		)	—			(2,606		)
Provision for impairment on assets held for sale/sold	—			(1,765		)	(2,508		)	(1,765		)
Tax credit transaction income	11,853			11,853			11,853			11,853
Income from continuing operations	20,308			8,885			31,960			7,893
Income from discontinued operations	—			(3		)	—			918
Net income	$	20,308		$	8,882		$	31,960		$	8,811

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Operating Leases Future Minimum Payments Due

Minimum future rental payments on non-cancelable leases at September 30, 2015 are as follows (in thousands):



2015 (three months remaining)	$	461
2016	1,385
2017	1,385
2018	1,385
2019	1,385
Thereafter	68,499
Total	$	74,500

Organization of the Parent Company and The Operating Partnership (Details) ft² in Millions	Sep. 30, 2015 a ft² property real_estate_investment	Sep. 30, 2014 ft²
Organization of The Parent Company and The Operating Partnership [Line Items]
Area owned by real estate venture of undeveloped parcels of land \| a	4.4
Area owned by real estate venture in parcels of land under development \| a	22.5
Parent Company [Member]
Organization of The Parent Company and The Operating Partnership [Line Items]
Ownership in the Operating Partnership	99.10%
Net Rentable Square Feet \| ft²	24.8
Area Owned by Company of Undeveloped Parcels Of Land \| a	413
Area Of Additional Undeveloped Parcels Of Land With Option to Purchase \| a	63
Total Potential Development Capacity \| ft²	7.8
Unconsolidated Real Estate Ventures [Member]
Organization of The Parent Company and The Operating Partnership [Line Items]
Net Rentable Square Feet \| ft²	4.0	5.9
Number of Unconsolidated Real Estate Ventures \| real_estate_investment	17
Wholly-owned Management Company Subsidiaries [Member]
Organization of The Parent Company and The Operating Partnership [Line Items]
Net Rentable Square Feet \| ft²	30.9
Third Parties and Real Estate Ventures [Member]
Organization of The Parent Company and The Operating Partnership [Line Items]
Net Rentable Square Feet \| ft²	6.2
Total Properties [Member]
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of Properties	192
Office Properties [Member]
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of Properties	155
Industrial Facilities [Member]
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of Properties	20
Mixed Use Properties [Member]
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of Properties	4
Retail Properties [Member]
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of Properties	1
Core Properties [Member]
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of Properties	180
Assets Held-for-sale [Member]
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of Properties	6
Development Property [Member]
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of Properties	4
Redevelopment Property [Member]
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of Properties	1
Re-entitlement Property [Member]
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of Properties	1
Wholly Owned Properties [Member] \| Parent Company [Member]
Organization of The Parent Company and The Operating Partnership [Line Items]
Net Rentable Square Feet \| ft²	24.7

Real Estate Investments Gross Carrying Value of Company's Properties (Details) - USD ($)
$ in Thousands

Sep. 30, 2015

Dec. 31, 2014

Property, Plant and Equipment, Gross [Abstract]

Land

$ 658,280

$ 669,635

Building and improvements

3,438,563

3,409,303

Tenant improvements

532,380

524,754

Real Estate Investments

4,629,223

4,603,692

Assets held for sale - real estate investments

^[1]

74,706

27,436

Total

$ 4,703,929

$ 4,631,128

[1]	Real estate investments related to assets held for sale above represents gross real estate assets and does not include accumulated depreciation or other assets on the balance sheets of the properties held for sale.

Real Estate Investments Acquisitions (Details)
$ in Thousands

3 Months Ended

9 Months Ended

Aug. 11, 2015

USD ($)

Jul. 07, 2015

USD ($)

Jun. 22, 2015

USD ($)

ft²

property

May 12, 2015

USD ($)

ft²

Apr. 09, 2015

USD ($)

Apr. 06, 2015

USD ($)

Apr. 02, 2015

USD ($)

ft²

parking_space

Sep. 30, 2015

USD ($)

ft²

Sep. 30, 2014

USD ($)

Sep. 30, 2015

USD ($)

ft²

Sep. 30, 2014

USD ($)

Net gain from remeasurement of investment in real estate ventures

$ 0

$ 758

$ 458

Net Rentable Space | parking_space

330

Broadmoor Austin Associates [Member]

Area Owned by Company of Undeveloped Parcels Of Land | a

66.0

Amount funded by corporate funds

$ 143,800

$ 81,000

Percentage of ownership interests

50.00%

Purchase Price of Assets

$ 211,400

Lease Percentage of Acquired Property

1,112,236

100.00%

Funds Held in Escrow

$ 62,800

Mortgage Debt Paid at Closing

$ 51,200

Ownership percentage

50.00%

Net gain from remeasurement of investment in real estate ventures

$ 800

Building, land and improvements

163,271

Broadmoor Austin Associates [Member] | General and Administrative Expense [Member]

618 Market Street [Member]

Acquisition Costs

$ 200

Total Potential Development Capacity | ft²

$ 19,400

14,404

Fair Value of Contingent Consideration

$ 1,600

Consideration, Cash

17,800

Building, land and improvements

19,200

Intangible Assets

$ 200

Office Building [Member]

Office Building [Member] | Broadmoor Austin Associates [Member]

^[1]

1,415,704

Number of Units in Real Estate Property | property

9 Presidential Boulevard [Member]

Area Owned by Company of Undeveloped Parcels Of Land | a

2.7

2100 Market Street [Member]

$ 4,100

Area Owned by Company of Undeveloped Parcels Of Land | a

0.8

Amount funded by corporate funds

$ 18,800

16,800

Amount Deferred

$ 2,000

Settlement Period

24 months

405 Colorado Drive [Member]

Area Owned by Company of Undeveloped Parcels Of Land | a

0.4

$ 2,600

25 M Street [Member]

Area Owned by Company of Undeveloped Parcels Of Land | a

0.8

Total Potential Development Capacity | ft²

$ 20,300

Acquisition Costs

$ 300

271,000

25 M Street [Member] | Brandywine 25 M Street [Member]

Percent of Acquired Entity

95.00%

25 M Street [Member] | Akridge [Member]

Asset Acquisition Ownership Percent

$ 1,000

5.00%

[1]	Total gain/(loss) on sale does not include a deferred gain of $0.5 million related to a prior sale and $0.1 million in losses associated with prior sales.

Real Estate Investments Purchase Price Allocation (Details) - Broadmoor Austin Associates [Member]
$ in Thousands

Jun. 22, 2015

USD ($)

Building, land and improvements

$ 163,271

Intangible assets acquired

6,045

50,637

^[1]

Below market lease liabilities assumed

(8,600)

^[2]

Total purchase price

211,353

Return of existing equity method investment

(67,261)

Net working capital assumed

(271)

Total cash payment at settlement

$ 143,821

Weighted average amortization period

4 years

Below Market Lease [Member]

Weighted average amortization period

1 year 6 months

[1]	Weighted average amortization period of 4.0 years.
[2]	Weighted average amortization period of 1.5 years.

Real Estate Investments Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Jun. 22, 2015
Earnings per common share from continuing operations:
Income (loss) from continuing operations attributable to common shareholders, Basic (USD per share)	$ 0.10	$ 0.04	$ 0.15	$ 0.01
Income (loss) from continuing operations attributable to common shareholders, Dilued (USD per share)	0.10	0.04	0.15	0.01
Earnings per common share:
Basic -- as reported (USD per share)	0.10	0.04	0.15	0.02
Diluted -- as reported (USD per share)	$ 0.10	$ 0.04	$ 0.15	$ 0.02
Pro Forma Properties [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Pro forma revenue	$ 152,585	$ 149,951	$ 455,141	$ 459,722
Pro forma income from continuing operations	20,308	11,525	35,954	15,914
Pro forma net income available to common shareholders	$ 18,346	$ 9,607	$ 30,305	$ 11,332
Earnings per common share from continuing operations:
Income (loss) from continuing operations attributable to common shareholders, Basic (USD per share)	$ 0.11	$ 0.05	$ 0.18	$ 0.05
Basic -- as pro forma (USD per share)	0.11	0.07	0.20	0.10
Income (loss) from continuing operations attributable to common shareholders, Dilued (USD per share)	0.11	0.05	0.18	0.05
Diluted -- as pro forma (USD per share)	0.11	0.07	0.20	0.10
Earnings per common share:
Basic -- as reported (USD per share)	0.10	0.04	0.15	0.02
Basic -- as pro forma (USD per share)	0.10	0.06	0.17	0.07
Diluted -- as reported (USD per share)	0.10	0.04	0.15	0.02
Diluted -- as pro forma (USD per share)	$ 0.10	$ 0.06	$ 0.17	$ 0.07
Broadmoor Austin Associates [Member] \| General and Administrative Expense [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Acquisition Costs					$ 200

Real Estate Investments Dispositions (Details)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2015

USD ($)

ft²

property

parcel

Sep. 30, 2014

USD ($)

Sep. 30, 2015

USD ($)

ft²

property

parcel

Sep. 30, 2014

USD ($)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Provision for impairment on assets held for sale

$ 6,083

$ 4,698

$ 16,673

$ 4,698

$ 1,765

2,508

1,765

Gain (loss) on sale of properties

(19,692)

$ (5,882)

Sold Property

206,400

Disposition Target

400,000

Land [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 15,800

15,800

$ 3,019

Area Owned by Company of Undeveloped Parcels Of Land | a

13.1

Land [Member] | 7000 Midlantic [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 2,200

$ (169)

Area Owned by Company of Undeveloped Parcels Of Land | a

3.5

Land [Member] | Four Points Centre [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 2,500

$ 71

Area Owned by Company of Undeveloped Parcels Of Land | a

8.6

Land [Member] | Two Kaiser Plaza [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

$ 11,100

$ 3,117

Area Owned by Company of Undeveloped Parcels Of Land | a

1.0

Office Building [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

^[1]

^[1]

1,415,704

^[1]

$ 206,425

Gain (loss) on sale of properties

^[1],[2]

16,320

Deferred gain

$ 500

500

$ 100

Office Building [Member] | 1000 Howard Boulevard [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

105,312

$ 16,500

Office Building [Member] | Bay Colony [Member]

^[2]

$ 4,823

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

247,294

$ 37,500

Office Building [Member] | 741 First Avenue [Member]

^[2]

$ 288

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

77,184

$ 4,900

Office Building [Member] | 100 Gateway Centre Parkway [Member]

^[2]

$ 372

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

^[3]

^[3]

74,991

^[3]

$ 4,100

Provision for impairment on assets held for sale

^[2],[3]

$ 800

Office Building [Member] | Christina / Delaware Corporate Centers [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

485,182

$ 50,125

Office Building [Member] | Lake Merritt Tower [Member]

^[2]

$ 1,797

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

^[4]

^[4]

204,336

^[4]

$ 65,000

Provision for impairment on assets held for sale

^[2],[4]

$ 1,700

Office Building [Member] | Atrium I / Libertyview [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

221,405

$ 28,300

Assets Held-for-sale [Member]

^[2]

$ 9,040

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule of Equity Method Investments [Line Items]

560,147

Contractual Sales Price

$ 56,500

[1]	Total gain/(loss) on sale does not include a deferred gain of $0.5 million related to a prior sale and $0.1 million in losses associated with prior sales.
[2]	Gain/(Loss) on Sale is net of closing and other transaction related costs.
[3]	The Company recorded an impairment loss of $0.8 million for 100 Gateway Centre Parkway during the second quarter of 2015. As such, there was no gain/(loss) at disposition for this property.
[4]	The Company recorded an impairment loss of $1.7 million for Lake Merritt Tower at March 31, 2015. As such, there was no gain/(loss) at disposition for this property. Sales proceeds were deposited in escrow under Section 1031 of the Internal Revenue Code and applied to purchase the Broadmoor Austin portfolio. Refer to Broadmoor Austin Associates acquisition summary, above, for further details.

Investment in Unconsolidated Ventures (Narrative) (Details) $ in Thousands				9 Months Ended
	Jun. 22, 2015 USD ($) ft²	May 29, 2015 USD ($) a	Jan. 30, 2015 USD ($)	Sep. 30, 2015 USD ($) a ft² apartment_unit real_estate_venture Room building	Dec. 31, 2014 USD ($)	Sep. 30, 2014 ft² real_estate_venture	Dec. 19, 2007 ft² property
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated investments in Real Estate Ventures \| real_estate_venture				17		17
Equity method Investments including net liabilities				$ 210,700
Company's share of equity (Company's basis)				211,771	$ 225,004
Other liabilities				$ 41,630	37,558
Number of negative investment real estate ventures \| real_estate_venture				1
Number of real estate ventures that owns buildings \| real_estate_venture				9
Number of office buildings in Real Estate Ventures \| building				29
Aggregate approximate area of office buildings \| ft²				4,000,000
Number of real estate ventures that owns undeveloped land \| real_estate_venture				3
Area owned by real estate venture of undeveloped parcels of land \| a				4.4
Number of real estate ventures that owns land under development \| real_estate_venture				3
Area owned by real estate venture in parcels of land under development \| a				22.5
Number of real estate Investments in residential towers \| real_estate_venture				1
Number of apartment units in a real estate Venture \| apartment_unit				345
Number of real estate ventures developed hotel property \| real_estate_venture				1
Number of rooms contain in one real estate venture developed as hotel property \| Room				137
Minimum percentage of unconsolidated equity method investment ownership				20.00%
Maximum percentage of unconsolidated equity method investment ownership				70.00%
River Place [Member]
Schedule of Equity Method Investments [Line Items]
Proceeds from collection of notes receivable			$ 88,000
Coppell Associates [Member]
Schedule of Equity Method Investments [Line Items]
Other liabilities				$ 1,100	$ 1,200
51 N 50 Patterson [Member]
Schedule of Equity Method Investments [Line Items]
Area owned by real estate venture of undeveloped parcels of land \| a		0.9
Ownership percentage		70.00%
Payments to acquire land		$ 15,200
1250 First Street Office [Member]
Schedule of Equity Method Investments [Line Items]
Area owned by real estate venture of undeveloped parcels of land \| a		0.5
Ownership percentage		70.00%
Payments to acquire land		$ 13,200
25 M Street [Member]
Schedule of Equity Method Investments [Line Items]
Carrying value of assets				$ 20,500
GI Interchange Office LLC (DRA — N. PA) [Member]
Schedule of Equity Method Investments [Line Items]
Number of Properties \| property							29
Rentable Square Feet \| ft²							1,611,961
Unconsolidated Real Estate Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Net rentable square feet \| ft²				4,000,000		5,900,000
The Grove at Cira Centre South [Member]
Schedule of Equity Method Investments [Line Items]
Guarantor obligations, current carrying value				$ 24,700
TB-BDN Plymouth Apartments [Member]
Schedule of Equity Method Investments [Line Items]
Guarantor obligations, current carrying value				3,200
1919 Venture [Member]
Schedule of Equity Method Investments [Line Items]
Guarantor obligations, current carrying value				88,900
PJP VII [Member]
Schedule of Equity Method Investments [Line Items]
Guarantor obligations, current carrying value				$ 500
JBG [Member] \| 51 N 50 Patterson [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage		30.00%
Payments to acquire land		$ 6,500
JBG [Member] \| 1250 First Street Office [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage		30.00%
Payments to acquire land		$ 5,700
Brandywine Realty Trust [Member] \| GI Interchange Office LLC (DRA — N. PA) [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage							20.00%
Broadmoor Austin Associates [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%
Payments to acquire land	$ 143,800
Rentable Square Feet \| ft²	1,112,236

Investment in Unconsolidated Ventures (Financial Position of Unconsolidated Real Estate Ventures) (Details) - USD ($)
$ in Thousands

Sep. 30, 2015

Dec. 31, 2014

Company's share of equity (Company's basis)

$ 211,771

$ 225,004

Coppell Associates [Member]

41,630

37,558

Schedule of Equity Method Investments [Line Items]

Unconsolidated Real Estate Ventures [Member]

1,100

1,200

Schedule of Equity Method Investments [Line Items]

Net property

1,165,941

1,281,282

Other assets

144,415

195,121

Company's share of equity (Company's basis)

65,290

68,481

Debt

761,067

965,077

Equity

484,000

442,845

^[1],[2]

$ 211,771

$ 225,004

[1]

Does not include the negative investment balance of one real estate venture totaling $1.1 million as of September 30, 2015 and $1.2 million as of December 31, 2014, which is included in other liabilities.

[2]

Investment in Unconsolidated Ventures (Summary of Results of Operations of Unconsolidated Ventures) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Equity Method Investments [Line Items]
Company’s share of loss (Company’s basis)	$ (1,093)	$ (486)	$ (1,835)	$ (733)
Unconsolidated Real Estate Ventures [Member]
Schedule of Equity Method Investments [Line Items]
Revenue	37,076	37,446	126,424	106,905
Operating expenses	(16,917)	(15,433)	(54,581)	(44,257)
Interest expense, net	(7,936)	(9,245)	(27,918)	(26,234)
Depreciation and amortization	(15,681)	(13,552)	(52,218)	(40,423)
Net loss	(3,458)	(784)	(8,293)	(4,009)
Company’s share of loss (Company’s basis)	$ (1,093)	$ (486)	$ (1,835)	$ (733)

The amount of net income (loss) reported by an equity method investment of the entity.

+ References + Details

Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Intangible Assets [Line Items]
Total Cost	$ 200,141	$ 169,224
Accumulated Amortization	(73,053)	(69,821)
Intangible Assets, net	127,088	99,403
Below Market Lease, Gross	53,531	53,049
Below Market Lease, Accumulated Amortization	(24,990)	(27,039)
Below Market Lease, Net	28,541	26,010
In-place lease value [Member]
Intangible Assets [Line Items]
Total Cost	170,925	129,411
Accumulated Amortization	(52,638)	(42,068)
Intangible Assets, net	118,287	87,343
Tenant relationship value [Member]
Intangible Assets [Line Items]
Total Cost	23,772	34,172
Accumulated Amortization	(18,608)	(26,344)
Intangible Assets, net	5,164	7,828
Above market leases acquired [Member]
Intangible Assets [Line Items]
Total Cost	5,444	5,641
Accumulated Amortization	(1,807)	(1,409)
Intangible Assets, net	$ 3,637	$ 4,232

Intangible Assets and Liabilities Annual Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Assets
Intangible Assets, net	$ 127,088	$ 99,403
Liabilities
Below Market Lease, Net	28,541	$ 26,010
Assets [Member]
Assets
2015 (three months remaining)	12,262
2016	36,901
2017	20,080
2018	12,852
2019	11,553
Thereafter	33,440
Intangible Assets, net	127,088
Liabilities [Member]
Liabilities
2015 (three months remaining)	2,669
2016	7,595
2017	3,461
2018	2,217
2019	1,885
Thereafter	10,714
Below Market Lease, Net	$ 28,541

Debt Obligations (Details)		3 Months Ended	9 Months Ended
Debt Obligations (Details)	May 15, 2015 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2015 USD ($)
Secured Debt [Member]
Debt Instrument [Line Items]
Mortgage debt principal payment		$ 3,700,000	$ 10,900,000
New Credit Facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt term	4 years
Maximum borrowing capacity	$ 600,000,000
Increase in limit	$ 400,000,000
Effective percentage rate, minimum	0.00%
Effective percentage rate, maximum	0.55%
Commitment fee percentage	0.25%
Minimum fixed charge coverage ratio	1.5
Maximum leverage ratio	0.60
Maximum unsecured indebtedness to unencumbered asset value ratio	0.60
Maximum secured indebtedness to total asset value ratio	0.40
Minimum unencumbered cash flow to interest expense on unsecured debt ratio	1.75
Maximum percent of payments of dividends and distributions	95.00%
New Credit Facility [Member] \| Revolving Credit Facility [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Commitment fee percentage	0.125%
New Credit Facility [Member] \| Revolving Credit Facility [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Commitment fee percentage	0.30%
New Credit Facility [Member] \| Revolving Credit Facility [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%
Basis spread on variable rate	1.00%
New Credit Facility [Member] \| Revolving Credit Facility [Member] \| LIBOR [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.875%
New Credit Facility [Member] \| Revolving Credit Facility [Member] \| LIBOR [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.55%
New Credit Facility [Member] \| Revolving Credit Facility [Member] \| Federal Funds Rate [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
New Credit Facility [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 65,000,000
New Credit Facility [Member] \| Swing-Loans [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 60,000,000
Tysons Corner [Member] \| Mortgages [Member]
Debt Instrument [Line Items]
Debt outstanding		$ 88,000,000	$ 88,000,000

Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands

Sep. 30, 2015

Dec. 31, 2014

Carrying Amount

Unsecured notes payable

$ 1,518,931

$ 1,518,108

Variable rate debt

278,610

642,396

654,590

Fair Value

Unsecured notes payable

1,552,682

1,593,212

Variable rate debt

254,405

257,188

Financing Receivable, Net

673,959

707,241

^[1]

88,000

Mortgage note receivable

^[1]

$ 0

$ 87,692

[1]	On January 30, 2015 the mortgage note was repaid. For further information regarding the mortgage note, see Note 2, "Summary of Significant Accounting Policies," included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014

Fair Value of Financial Instruments (Details Textuals) (Details)	9 Months Ended
	Sep. 30, 2015
Variable rate and mortgage debt [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Weighted average discount rate	4.50%

Limited Partners' Non-Controlling Interests in the Parent Company (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Noncontrolling Interest [Abstract]
Aggregate amount related to non-controlling interests classified within equity	$ 16.9	$ 17.5
Settlement value of non controlling interest in operating partnership	$ 18.9	$ 24.5

Beneficiaries Equity of the Parent Company (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator
Income (Loss) from continuing operations, Basic	$ 20,308	$ 8,885	$ 31,960	$ 7,893
Income (Loss) from continuing operations, Diluted	20,308	8,885	31,960	7,893
Net income from continuing operations attributable to non-controlling interests, Basic	(161)	(108)	(221)	(47)
Net income from continuing operations attributable to non-controlling interests, Diluted	(161)	(108)	(221)	(47)
Nonforfeitable dividends allocated to unvested restricted shareholders, Basic	(76)	(82)	(253)	(268)
Nonforfeitable dividends allocated to unvested restricted shareholders, Diluted	(76)	(82)	(253)	(268)
Preferred share/unit dividends, Basic	(1,725)	(1,725)	(5,175)	(5,175)
Preferred share/unit dividends, Diluted	(1,725)	(1,725)	(5,175)	(5,175)
Income (Loss) from continuing operations available to common unitholders, Basic	18,346	6,970	26,311	2,403
Income (Loss) from continuing operations available to common unitholders, Diluted	18,346	6,970	26,311	2,403
Income (loss) from discontinued operations, Basic	0	(3)	0	918
Income (loss) from discontinued operations, Diluted	0	(3)	0	918
Discontinued operations attributable to non-controlling interests, basic	0	0	0	(10)
Discontinued operations attributable to common shareholders, diluted			0	(10)
Discontinued operations attributable to common shareholders, Basic			0	908
Discontinued operations attributable to common shareholders, Diluted			0	908
Net income attributable to Common Shareholders of Brandywine Realty Trust	18,346	6,967	26,311	3,311
Net income attributable to common shareholders, diluted	$ 18,346	$ 6,967	$ 26,311	$ 3,311
Denominator
Basic weighted average shares outstanding (in shares)	178,188,037	171,606,722	179,198,714	161,866,955
Contingent securities/Share based compensation (in shares)	588,647	1,587,148	789,778	1,487,015
Diluted weighted average shares outstanding (in shares)	178,776,684	173,193,870	179,988,492	163,353,970
Earnings per common share from continuing operations Abstract
Income (loss) from continuing operations attributable to common shareholders, Basic (USD per share)	$ 0.10	$ 0.04	$ 0.15	$ 0.01
Income (loss) from continuing operations attributable to common shareholders, Dilued (USD per share)	0.10	0.04	0.15	0.01
Discontinued operations attributable to common shareholders, Basic (USD per share)	0.00	0.00	0.00	0.01
Discontinued operations attributable to common shareholders, Diluted (USD per share)	0.00	0.00	0.00	0.01
Net income (loss) attributable to common shareholders, Basic (USD per share)	0.10	0.04	0.15	0.02
Net income (loss) attributable to common shareholders, Diluted (USD per share)	$ 0.10	$ 0.04	$ 0.15	$ 0.02

Beneficiaries Equity of the Parent Company (Details Textuals) (Details) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 15, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Oct. 19, 2015	Sep. 15, 2015	Jul. 22, 2015	Nov. 05, 2013
Class of Stock [Line Items]
Net income from continuing operations attributable to non-controlling interests		$ 161,000	$ 108,000	$ 221,000	$ 47,000
Antidilutive Securities Excluded from Computation of Earnings Per Share				1,535,102	1,721,905
Distributions Payable		$ 28,318,000		$ 28,318,000		$ 28,871,000
Preferred Stock, Dividend Rate, Percentage				6.90%		6.90%
Dividends, Preferred Stock, Cash				$ 5,175,000	$ 5,175,000
Authorized Amount									$ 100,000,000.0
Number of Shares Authorized to be Repurchased		539,200		539,200
Repurchased and Retired, Shares				4,701,302
Share Price				$ 12.92
Repurchased and Retired, Value				$ 60,817,000
Series E Preferred Stock [Member]
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage				6.90%
Preferred Stock, Liquidation Preference Per Share		$ 25.00		$ 25.00
Offering Program [Member]
Class of Stock [Line Items]
Shares Authorized For Equity Offering Program										16,000,000
Remaining Shares Available For Sales		16,000,000		16,000,000
Dividend Declared [Member]
Class of Stock [Line Items]
Dividends Payable, Amount Per Share								$ 0.15
Dividend Paid [Member] \| Subsequent Event [Member]
Class of Stock [Line Items]
Distributions Payable							$ 26,600,000
Dividend Paid [Member] \| Subsequent Event [Member] \| Series E Preferred Stock [Member]
Class of Stock [Line Items]
Dividends, Preferred Stock, Cash	$ 1,700,000
Maximum [Member] \| Offering Program [Member]
Class of Stock [Line Items]
Fees and Commissions Percentage				2.00%

Partners Equity of the Operating Partnership (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator
Income (Loss) from continuing operations, Basic	$ 20,308	$ 8,885	$ 31,960	$ 7,893
Income (Loss) from continuing operations, Diluted	20,308	8,885	31,960	7,893
Nonforfeitable dividends allocated to unvested restricted shareholders, Basic	(76)	(82)	(253)	(268)
Nonforfeitable dividends allocated to unvested restricted shareholders, Diluted	(76)	(82)	(253)	(268)
Preferred share/unit dividends, Basic	(1,725)	(1,725)	(5,175)	(5,175)
Preferred share/unit dividends, Diluted	(1,725)	(1,725)	(5,175)	(5,175)
Income (loss) from discontinued operations, Basic	$ 0	$ (3)	$ 0	$ 918
Denominator
Weighted-average units outstanding, Basic (in shares)	178,188,037	171,606,722	179,198,714	161,866,955
Contingent securities/Share based compensation (in shares)	588,647	1,587,148	789,778	1,487,015
Diluted weighted average shares outstanding (in shares)	178,776,684	173,193,870	179,988,492	163,353,970
Earnings per Common Partnership Unit:
Income (loss) from continuing operations attributable to common shareholders, Basic (USD per share)	$ 0.10	$ 0.04	$ 0.15	$ 0.01
Income (loss) from continuing operations attributable to common shareholders, Dilued (USD per share)	0.10	0.04	0.15	0.01
Discontinued operations attributable to common shareholders, Basic (USD per share)	0.00	0.00	0.00	0.01
Discontinued operations attributable to common shareholders, Diluted (USD per share)	0.00	0.00	0.00	0.01
Net income (loss) attributable to common shareholders, Basic (USD per share)	0.10	0.04	0.15	0.02
Net income (loss) attributable to common shareholders, Diluted (USD per share)	$ 0.10	$ 0.04	$ 0.15	$ 0.02
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Numerator
Income (Loss) from continuing operations, Basic	$ 20,308	$ 8,885	$ 31,960	$ 7,893
Income (Loss) from continuing operations, Diluted	20,308	8,885	31,960	7,893
Nonforfeitable dividends allocated to unvested restricted shareholders, Basic	(76)	(82)	(253)	(268)
Nonforfeitable dividends allocated to unvested restricted shareholders, Diluted	(76)	(82)	(253)	(268)
Preferred share/unit dividends, Basic	(1,725)	(1,725)	(5,175)	(5,175)
Preferred share/unit dividends, Diluted	(1,725)	(1,725)	(5,175)	(5,175)
Net loss attributable to non-controlling interests, Basic	(1)	(24)	4	(12)
Net loss attributable to non-controlling interests, Diluted	(1)	(24)	4	(12)
Net income from continuing operations available to common unitholders, Basic	18,506	7,054	26,536	2,438
Net income from continuing operations available to common unitholders, Diluted	18,506	7,054	26,536	2,438
Income (loss) from discontinued operations, Basic	0	(3)	0	918
Income (loss) from discontinued operations, diluted	0	(3)	0	918
Net income attributable to common unitholders, Basic	18,506	7,051	26,536	3,356
Net income attributable to common unitholders, Diluted	$ 18,506	$ 7,051	$ 26,536	$ 3,356
Denominator
Weighted-average units outstanding, Basic (in shares)	179,723,139	173,341,782	180,733,816	163,620,963
Contingent securities/Share based compensation (in shares)	588,647	1,587,148	789,778	1,487,015
Diluted weighted average shares outstanding (in shares)	180,311,786	174,928,930	181,523,594	165,107,978
Earnings per Common Partnership Unit:
Income (loss) from continuing operations attributable to common shareholders, Basic (USD per share)	$ 0.10	$ 0.04	$ 0.15	$ 0.01
Income (loss) from continuing operations attributable to common shareholders, Dilued (USD per share)	0.10	0.04	0.15	0.01
Discontinued operations attributable to common shareholders, Basic (USD per share)	0.00	0.00	0.00	0.01
Discontinued operations attributable to common shareholders, Diluted (USD per share)	0.00	0.00	0.00	0.01
Net income (loss) attributable to common shareholders, Basic (USD per share)	0.10	0.04	0.15	0.02
Net income (loss) attributable to common shareholders, Diluted (USD per share)	$ 0.10	$ 0.04	$ 0.15	$ 0.02

Partners Equity of the Operating Partnership Partners Equity of the Operating Partnership (Details Textuals) (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended		12 Months Ended
	Oct. 15, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Oct. 19, 2015	Sep. 15, 2015
Earnings per Common Partnership Unit [Line Items]
Distributions Payable		$ 28,318		$ 28,871
Preferred Stock, Dividend Rate, Percentage		6.90%		6.90%
Dividends, Preferred Stock, Cash		$ 5,175	$ 5,175
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Earnings per Common Partnership Unit [Line Items]
Distributions Payable		$ 28,318		$ 28,871
Preferred Stock, Dividend Rate, Percentage		6.90%		6.90%
6.90% Series E-linked Preferred Units [Member] \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Earnings per Common Partnership Unit [Line Items]
Preferred Stock, Dividend Rate, Percentage		6.90%
Preferred Stock, Liquidation Preference Per Share		$ 25.00
Dividend Paid [Member] \| Subsequent Event [Member]
Earnings per Common Partnership Unit [Line Items]
Distributions Payable					$ 26,600
Dividend Paid [Member] \| Subsequent Event [Member] \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Earnings per Common Partnership Unit [Line Items]
Distributions Payable					$ 26,600
Dividend Paid [Member] \| Subsequent Event [Member] \| 6.90% Series E-linked Preferred Units [Member] \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Earnings per Common Partnership Unit [Line Items]
Dividends, Preferred Stock, Cash	$ 1,700
Dividend Declared [Member]
Earnings per Common Partnership Unit [Line Items]
Dividends Payable, Amount Per Share						$ 0.15
Dividend Declared [Member] \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Earnings per Common Partnership Unit [Line Items]
Dividends Payable, Amount Per Share						$ 0.15

Segment Information Segment Information Textual (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015 USD ($) property segment	Jun. 22, 2015	Dec. 31, 2014 USD ($) property
Segment Reporting Information [Line Items]
Number of Reportable Segments \| segment	7
Other Liabilities \| $	$ 41,630		$ 37,558
Coppell Associates [Member]
Segment Reporting Information [Line Items]
Other Liabilities \| $	$ 1,100		$ 1,200
Durham, NC [Member]
Segment Reporting Information [Line Items]
Number of Properties	1
Assets Held-for-sale [Member]
Segment Reporting Information [Line Items]
Number of Properties	6
1000 Atrium Way and Libertyview [Member]
Segment Reporting Information [Line Items]
Number of Properties			2
Broadmoor Austin Associates [Member]
Segment Reporting Information [Line Items]
Percentage of ownership interests		50.00%

Segment Information Summary of Real Estate Investments (Details) - USD ($)
$ in Thousands

Sep. 30, 2015

Dec. 31, 2014

Less: Assets held for sale

$ 4,629,223

$ 4,603,692

^[1]

74,706

27,436

242,246

201,360

Operating Segments [Member]

135,917

90,603

Operating Segments [Member] | Philadelphia CBD [Member]

4,629,223

4,603,692

Operating Segments [Member] | Pennsylvania [Member]

1,394,267

1,338,655

Operating Segments [Member] | Metropolitan Dc [Member]

1,126,611

1,178,470

Operating Segments [Member] | New Jersey/ Delaware [Member]

1,216,161

1,183,652

Operating Segments [Member] | Richmond, Virginia [Member]

^[2]

239,235

392,581

Operating Segments [Member] | California

311,642

317,076

Operating Segments [Member] | Austin, Texas [Member]

111,587

193,258

Operating Segments [Member] | Assets Held-for-sale [Member]

^[3]

229,720

Less: Assets held for sale

^[2],[4]

74,706

27,436

Operating Segments [Member] | Operating Segments [Member]

Operating Segments [Member] | Corporate Segment [Member]

4,703,929

4,631,128

242,246

201,360

$ 135,917

$ 90,603

[1]	Real estate investments related to assets held for sale above represents gross real estate assets and does not include accumulated depreciation or other assets on the balance sheets of the properties held for sale.
[2]	As of September 30, 2015, the Company categorized six properties in the New Jersey/Delaware segment as held for sale in accordance with applicable accounting standards for long lived assets. The sale is not classified as a significant disposition under the accounting guidance for discontinued operations.
[3]	On June 22, 2015 the Company acquired the remaining 50.0% of the common interest in Broadmoor Austin Associates. As such, the Company has seven wholly owned properties in its Austin, Texas business segment at September 30, 2015. See Note 3, "Real Estate Investments," for further information regarding this transaction.
[4]	On December 31, 2014, the Company was actively marketing for sale its Atrium I and Libertyview properties, comprised of two office properties located in the New Jersey/Delaware segment. As of December 31, 2014 the properties were classified as held for sale on the consolidated balance sheet. The properties were sold on January 8, 2015. See Note 3, "Real Estate Investments," for further information. The sale is not classified as a significant disposition under the accounting guidance for discontinued operations.

Segment Information Summary of Net Operating Income (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Operating Segments [Member]

$ 152,585

$ 146,558

$ 448,639

$ 449,172

152,585

146,558

448,639

449,172

^[1]

(58,618)

(57,231)

(175,665)

(176,912)

Operating Segments [Member] | Philadelphia CBD [Member]

93,967

89,327

272,974

272,260

52,203

49,469

157,595

150,303

^[1]

(18,750)

(18,168)

(56,587)

(55,399)

Operating Segments [Member] | Pennsylvania [Member]

33,453

31,301

101,008

94,904

39,507

39,996

118,407

121,313

^[1]

(14,004)

(13,409)

(41,286)

(41,542)

Operating Segments [Member] | Metropolitan Dc [Member]

25,503

26,587

77,121

79,771

27,587

27,764

81,947

87,403

^[1]

(10,792)

(10,672)

(33,197)

(33,134)

Operating Segments [Member] | New Jersey/ Delaware [Member]

16,795

17,092

48,750

54,269

11,922

14,975

37,149

45,440

^[1]

(6,594)

(7,506)

(20,857)

(23,728)

Operating Segments [Member] | Richmond, Virginia [Member]

5,328

7,469

16,292

21,712

9,130

8,354

27,381

25,543

^[1]

(3,700)

(3,724)

(11,603)

(11,629)

Operating Segments [Member] | Austin, Texas [Member]

5,430

4,630

15,778

13,914

^[2]

8,533

843

11,999

3,900

^[1],[2]

(2,625)

(569)

(4,993)

(2,362)

Operating Segments [Member] | California

^[2]

5,908

274

7,006

1,538

3,223

4,902

11,599

14,399

^[1]

(1,767)

(2,711)

(5,778)

(7,634)

Operating Segments [Member] | Corporate Segment [Member]

1,456

2,191

5,821

6,765

480

255

2,562

871

^[1]

(386)

(472)

(1,364)

(1,484)

$ 94

$ (217)

$ 1,198

$ (613)

[1]

Includes property operating expense, real estate taxes and third party management expense.

[2]

Segment Information Summary of Unconsolidated Real Estate Ventures (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2014

$ 211,771

$ 225,004

Operating Segments [Member]

(1,093)

$ (486)

(1,835)

$ (733)

211,771

225,004

Operating Segments [Member] | Philadelphia CBD [Member]

(1,093)

(486)

(1,835)

(733)

^[1]

43,236

27,137

Operating Segments [Member] | Pennsylvania [Member]

^[1]

(186)

(636)

16,796

17,385

Operating Segments [Member] | Metropolitan Dc [Member]

(120)

(578)

(142)

(937)

^[2]

113,222

73,127

Operating Segments [Member] | New Jersey/ Delaware [Member]

^[2]

(343)

(142)

(572)

(117)

Operating Segments [Member] | Richmond, Virginia [Member]

231

204

1,512

1,574

Operating Segments [Member] | Austin, Texas [Member]

106

184

438

253

^[3],[4]

37,005

$ 105,781