0000790816-20-000019 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	Apr. 24, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity Registrant Name	Brandywine Realty Trust
Entity Incorporation, State or Country Code	MD
Entity File Number	001-9106
Entity Tax Identification Number	23-2413352
Entity Address, Address Line One	2929 Walnut Street
Entity Address, Address Line Two	Suite 1700
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19104
City Area Code	610
Local Phone Number	325-5600
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	BDN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		170,495,608
Entity Central Index Key	0000790816
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Document Information [Line Items]
Entity Registrant Name	Brandywine Operating Partnership, L.P.
Entity Incorporation, State or Country Code	DE
Entity File Number	000-24407
Entity Tax Identification Number	23-2862640
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001060386

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate investments:
Operating properties	$ 4,004,118	$ 4,006,459
Accumulated depreciation	(992,997)	(973,318)
Right of use asset - operating leases, net	21,485	21,656
Operating real estate investments, net	3,032,606	3,054,797
Construction-in-progress	193,160	180,718
Land held for development	108,213	96,124
Prepaid leasehold interests in land held for development, net	39,490	39,592
Total real estate investments, net	3,373,469	3,371,231
Assets held for sale, net	10,698	7,349
Cash and cash equivalents	52,702	90,499
Accounts receivable, net of allowance of $284 as of both March 31, 2020 and December 31, 2019	16,928	16,363
Accrued rent receivable, net of allowance of $7,484 and $7,691 as of March 31, 2020 and December 31, 2019, respectively	175,277	174,144
Investment in Real Estate Ventures	119,998	120,294
Deferred costs, net	94,336	95,560
Intangible assets, net	75,670	84,851
Other assets	126,264	115,678
Total assets	4,045,342	4,075,969
LIABILITIES AND EQUITY
Mortgage notes payable, net	312,001	313,812
Unsecured credit facility	50,000	0
Unsecured term loan, net	248,692	248,561
Unsecured senior notes, net	1,581,907	1,582,045
Accounts payable and accrued expenses	109,755	113,347
Distributions payable	32,692	33,815
Deferred income, gains and rent	34,673	35,284
Intangible liabilities, net	20,605	22,263
Lease liability - operating leases	22,606	22,554
Other liabilities	28,597	15,985
Total liabilities	2,441,528	2,387,666
Commitments and contingencies (See Note 15)
Equity:
Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 170,965,987 and 176,480,095 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	1,710	1,766
Additional paid-in-capital	3,140,194	3,192,158
Deferred compensation payable in common shares	17,012	16,216
Common shares in grantor trust, 1,117,783 and 1,105,542 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	(17,012)	(16,216)
Cumulative earnings	812,578	804,556
Accumulated other comprehensive loss	(10,195)	(2,370)
Cumulative distributions	(2,350,733)	(2,318,233)
Total Brandywine Realty Trust's equity	1,593,554	1,677,877
Noncontrolling interests	10,260	10,426
Total beneficiaries' equity	1,603,814	1,688,303
Total liabilities and beneficiaries' equity	4,045,342	4,075,969
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Real estate investments:
Operating properties	4,004,118	4,006,459
Accumulated depreciation	(992,997)	(973,318)
Right of use asset - operating leases, net	21,485	21,656
Operating real estate investments, net	3,032,606	3,054,797
Construction-in-progress	193,160	180,718
Land held for development	108,213	96,124
Prepaid leasehold interests in land held for development, net	39,490	39,592
Total real estate investments, net	3,373,469	3,371,231
Assets held for sale, net	10,698	7,349
Cash and cash equivalents	52,702	90,499
Accounts receivable, net of allowance of $284 as of both March 31, 2020 and December 31, 2019	16,928	16,363
Accrued rent receivable, net of allowance of $7,484 and $7,691 as of March 31, 2020 and December 31, 2019, respectively	175,277	174,144
Investment in Real Estate Ventures	119,998	120,294
Deferred costs, net	94,336	95,560
Intangible assets, net	75,670	84,851
Other assets	126,264	115,678
Total assets	4,045,342	4,075,969
LIABILITIES AND EQUITY
Mortgage notes payable, net	312,001	313,812
Unsecured credit facility	50,000	0
Unsecured term loan, net	248,692	248,561
Unsecured senior notes, net	1,581,907	1,582,045
Accounts payable and accrued expenses	109,755	113,347
Distributions payable	32,692	33,815
Deferred income, gains and rent	34,673	35,284
Intangible liabilities, net	20,605	22,263
Lease liability - operating leases	22,606	22,554
Other liabilities	28,597	15,985
Total liabilities	2,441,528	2,387,666
Commitments and contingencies (See Note 15)
Redeemable limited partnership units at redemption value; 981,634 issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	9,981	15,388
Equity:
General Partnership Capital; 170,965,987 and 176,480,095 units issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	1,603,314	1,674,539
Accumulated other comprehensive loss	(10,584)	(2,715)
Total Brandywine Operating Partnership, L.P.'s equity	1,592,730	1,671,824
Noncontrolling interest - consolidated real estate ventures	1,103	1,091
Total partners' equity	1,593,833	1,672,915
Total liabilities and beneficiaries' equity	$ 4,045,342	$ 4,075,969

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accounts receivable, allowance	$ 284	$ 284
Accrued rent receivable, allowance	$ 7,484	$ 7,691
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	170,965,987	176,480,095
Common stock, shares outstanding (in shares)	170,965,987	176,480,095
Common shares in grantor trust, issued and outstanding (in shares)	1,117,783	1,105,542
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Accounts receivable, allowance	$ 284	$ 284
Accrued rent receivable, allowance	$ 7,484	$ 7,691
Redeemable limited partnership units issued (in units)	981,634	981,634
Redeemable limited partnership units outstanding (in units)	981,634	981,634
General partners' capital account, units issued (in units)	170,965,987	176,480,095
General partners' capital account, units outstanding (in units)	170,965,987	176,480,095

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue
Revenue	$ 145,088	$ 143,896
Operating expenses
Property operating expenses	37,461	39,500
Real estate taxes	16,787	15,783
Third party management expenses	2,662	2,117
Depreciation and amortization	52,038	51,444
General and administrative expenses	8,561	9,844
Total operating expenses	117,509	118,688
Gain on sale of real estate
Net gain on disposition of real estate	2,586	0
Net gain on sale of undepreciated real estate	0	1,001
Total gain on sale of real estate	2,586	1,001
Operating income	30,165	26,209
Other income (expense):
Interest income	575	525
Interest expense	20,009	20,357
Interest expense - amortization of deferred financing costs	(749)	(666)
Equity in loss of Real Estate Ventures	(1,891)	(1,358)
Net gain on real estate venture transactions	0	259
Net income before income taxes	8,091	4,612
Income tax provision	(4)	(29)
Net income	8,087	4,583
Net income attributable to noncontrolling interests	(65)	(60)
Net income attributable to Brandywine Realty Trust	8,022	4,523
Nonforfeitable dividends allocated to unvested restricted shareholders	(131)	(119)
Net income attributable to Common Shareholders of Brandywine Realty Trust	$ 7,891	$ 4,404
Basic income per Common Share (in dollars per share)	$ 0.04	$ 0.03
Diluted income per Common Share (in dollars per share)	$ 0.04	$ 0.02
Basic weighted average shares outstanding (in shares)	176,069,968	175,857,358
Diluted weighted average shares outstanding (in shares)	176,653,459	176,464,218
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Revenue	$ 145,088	$ 143,896
Operating expenses
Property operating expenses	37,461	39,500
Real estate taxes	16,787	15,783
Third party management expenses	2,662	2,117
Depreciation and amortization	52,038	51,444
General and administrative expenses	8,561	9,844
Total operating expenses	117,509	118,688
Gain on sale of real estate
Net gain on disposition of real estate	2,586	0
Net gain on sale of undepreciated real estate	0	1,001
Total gain on sale of real estate	2,586	1,001
Operating income	30,165	26,209
Other income (expense):
Interest income	575	525
Interest expense	20,009	20,357
Interest expense - amortization of deferred financing costs	(749)	(666)
Equity in loss of Real Estate Ventures	(1,891)	(1,358)
Net gain on real estate venture transactions	0	259
Net income before income taxes	8,091	4,612
Income tax provision	(4)	(29)
Net income	8,087	4,583
Net income attributable to noncontrolling interests - consolidated real estate ventures	(12)	(34)
Net income attributable to Brandywine Operating Partnership	8,075	4,549
Nonforfeitable dividends allocated to unvested restricted shareholders	(131)	(119)
Net income attributable to Common Shareholders of Brandywine Realty Trust	$ 7,944	$ 4,430
Basic income per Common Share (in dollars per share)	$ 0.04	$ 0.03
Diluted income per Common Share (in dollars per share)	$ 0.04	$ 0.02
Basic weighted average shares outstanding (in shares)	177,051,602	176,840,229
Diluted weighted average shares outstanding (in shares)	177,635,093	177,447,089
Rents
Revenue
Revenue	$ 139,204	$ 138,098
Rents \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Revenue	139,204	138,098
Third party management fees, labor reimbursement and leasing
Revenue
Service and other revenue	4,954	3,955
Third party management fees, labor reimbursement and leasing \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Service and other revenue	4,954	3,955
Other
Revenue
Service and other revenue	930	1,843
Other \| BRANDYWINE OPERATING PARTNERSHIP, L.P.
Revenue
Service and other revenue	$ 930	$ 1,843

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

3 Months Ended

Mar. 31, 2020

Mar. 31, 2019

Net income

$ 8,087

$ 4,583

Comprehensive loss:

Unrealized loss on derivative financial instruments

(8,057)

(2,689)

Amortization of interest rate contracts

^[1]

(188)

(206)

Total comprehensive loss

(7,869)

(2,483)

Comprehensive income

218

2,100

Comprehensive income attributable to noncontrolling interest

(21)

(44)

Comprehensive income attributable to Brandywine Realty Trust

197

2,056

BRANDYWINE OPERATING PARTNERSHIP, L.P.

Net income

8,087

4,583

Comprehensive loss:

Unrealized loss on derivative financial instruments

(8,057)

(2,689)

Amortization of interest rate contracts

^[1]

(188)

(206)

Total comprehensive loss

(7,869)

(2,483)

Comprehensive income

218

2,100

Comprehensive income attributable to noncontrolling interest

(12)

(34)

Comprehensive income attributable to Brandywine Realty Trust

$ 206

$ 2,066

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

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

+ Details

Consolidated Statements of Beneficiaries' Equity - USD ($) $ in Thousands	Total	Common Stock	Number of Rabbi Trust/Deferred Compensation Shares	Additional Paid-in Capital	Common Shares in Grantor Trust	Cumulative Earnings	Accumulated Other Comprehensive Income (Loss)	Cumulative Distributions	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2018		176,873,324	977,120
Beginning balance at Dec. 31, 2018	$ 1,811,028	$ 1,770	$ 14,021	$ 3,200,312	$ (14,021)	$ 775,625	$ 5,029	$ (2,183,909)	$ 12,201
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,583					4,523			60
Other comprehensive income (loss)	$ (2,483)						(2,469)		(14)
Repurchase and retirement of Common Shares of Beneficial Interest (in shares)	(1,337,169)	(1,337,169)
Repurchase and retirement of Common Shares of Beneficial Interest	$ (17,281)	$ (13)		(17,268)
Share-based compensation activity (in shares)		465,883	41,342
Share-based compensation activity	3,677	$ 4		3,673
Share Issuance from/(to) Deferred Compensation Plan (in shares)		(458)	(5,920)
Share Issuance from/(to) Deferred Compensation Plan	0		$ 619		(619)
Reallocation of Noncontrolling interest	0			57					(57)
Issuance of partnership interest in consolidated real estate ventures	22								22
Distributions declared	(33,747)							(33,560)	(187)
Ending balance (in shares) at Mar. 31, 2019		176,001,580	1,012,542
Ending balance at Mar. 31, 2019	1,760,463	$ 1,761	$ 14,640	3,186,774	(14,640)	774,812	2,560	(2,217,469)	12,025
Beginning balance (in shares) at Dec. 31, 2019		176,480,095	1,105,542
Beginning balance at Dec. 31, 2019	1,688,303	$ 1,766	$ 16,216	3,192,158	(16,216)	804,556	(2,370)	(2,318,233)	10,426
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,087					8,022			65
Other comprehensive income (loss)	$ (7,869)						(7,825)		(44)
Repurchase and retirement of Common Shares of Beneficial Interest (in shares)	(5,644,200)	(5,644,200)
Repurchase and retirement of Common Shares of Beneficial Interest	$ (53,858)	$ (57)		(53,801)
Share-based compensation activity (in shares)		142,468	50,967
Share-based compensation activity	2,031	$ 1		2,030
Share Issuance from/(to) Deferred Compensation Plan (in shares)		(12,376)	(38,726)
Share Issuance from/(to) Deferred Compensation Plan	(193)		$ 796	(193)	(796)
Distributions declared	(32,687)							(32,500)	(187)
Ending balance (in shares) at Mar. 31, 2020		170,965,987	1,117,783
Ending balance at Mar. 31, 2020	$ 1,603,814	$ 1,710	$ 17,012	$ 3,140,194	$ (17,012)	$ 812,578	$ (10,195)	$ (2,350,733)	$ 10,260

Consolidated Statements of Beneficiaries' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Distributions declared (in dollars per share)	$ 0.19	$ 0.19

Consolidated Statements of Partners' Equity - USD ($) $ in Thousands	Total	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	BRANDYWINE OPERATING PARTNERSHIP, L.P.	BRANDYWINE OPERATING PARTNERSHIP, L.P. Accumulated Other Comprehensive Income (Loss)	BRANDYWINE OPERATING PARTNERSHIP, L.P. Noncontrolling Interests	BRANDYWINE OPERATING PARTNERSHIP, L.P. General Partner Capital
Beginning balance (in shares) at Dec. 31, 2018							176,873,324
Beginning Balance at Dec. 31, 2018				$ 1,798,508	$ 4,725	$ 2,192	$ 1,791,591
Net income	$ 4,583		$ 60	4,583		34	$ 4,549
Other comprehensive income (loss)	(2,483)	$ (2,469)	(14)	(2,483)	(2,483)
Share Issuance from/(to) Deferred Compensation Plan (in shares)							458
Share Issuance from/(to) Deferred Compensation Plan	0			0
Partners' Capital Account, Units, Sold in Public Offering							(1,337,169)
Partners Capital Account Repurchased And Retired				(17,281)			$ (17,281)
Issuance of partnership interest in consolidated real estate ventures	22		22	22		22
Share-based compensation activity (in shares)							465,883
Share-based compensation activity	3,677			3,677			$ 3,677
Adjustment of redeemable partnership units to liquidation value at period end				(3,088)			(3,088)
Distributions declared to general partnership unitholders				33,560			$ 33,560
Ending balance (in shares) at Mar. 31, 2019							176,001,580
Ending Balance at Mar. 31, 2019				1,745,042	2,242	2,248	$ 1,740,552
Beginning balance (in shares) at Dec. 31, 2019							176,480,095
Beginning Balance at Dec. 31, 2019				1,672,915	(2,715)	1,091	$ 1,674,539
Net income	8,087		65	8,087		12	$ 8,075
Other comprehensive income (loss)	(7,869)	$ (7,825)	$ (44)	(7,869)	(7,869)
Share Issuance from/(to) Deferred Compensation Plan (in shares)							12,376
Share Issuance from/(to) Deferred Compensation Plan	(193)			(193)			$ (193)
Partners' Capital Account, Units, Sold in Public Offering							(5,644,200)
Partners Capital Account Repurchased And Retired							$ (53,858)
Share-based compensation activity (in shares)							142,468
Share-based compensation activity	$ 2,031			2,031			$ 2,031
Adjustment of redeemable partnership units to liquidation value at period end				5,220			5,220
Distributions declared to general partnership unitholders				(32,500)			$ (32,500)
Ending balance (in shares) at Mar. 31, 2020							170,965,987
Ending Balance at Mar. 31, 2020				$ 1,593,833	$ (10,584)	$ 1,103	$ 1,603,314

Consolidated Statements of Partners' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
BRANDYWINE OPERATING PARTNERSHIP, L.P. \| General Partner Capital
Distributions to general partnership unitholders (USD per share)	$ 0.19	$ 0.19

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income	$ 8,087	$ 4,583
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	52,038	51,444
Amortization of deferred financing costs	749	666
Amortization of debt discount/(premium), net	(395)	175
Amortization of stock compensation costs	2,349	3,449
Straight-line rent income	(2,183)	(4,165)
Amortization of acquired above (below) market leases, net	(1,495)	(1,805)
Ground rent expense	366	370
Provision for doubtful accounts	213	0
Net gain on sale of interests in real estate	(2,586)	(1,001)
Loss from Real Estate Ventures, net of distributions	1,890	1,159
Income tax provision	4	29
Changes in assets and liabilities:
Accounts receivable	(1,348)	(3,539)
Other assets	(14,548)	(39,088)
Accounts payable and accrued expenses	(1,213)	(10,822)
Deferred income, gains and rent	(230)	(3,148)
Other liabilities	3,360	19,459
Net cash provided by operating activities	45,058	17,766
Cash flows from investing activities:
Acquisition of properties	(11,432)	0
Proceeds from the sale of properties	17,711	5,273
Proceeds from real estate venture sales	0	259
Proceeds from repayment of mortgage notes receivable	0	15
Capital expenditures for tenant improvements	(13,707)	(14,978)
Capital expenditures for redevelopments	(9,973)	(10,777)
Capital expenditures for developments	(19,426)	(18,645)
Advances for the purchase of tenant assets, net of repayments	(585)	1,615
Investment in unconsolidated Real Estate Ventures	0	(182)
Deposits for real estate	(1,011)	3,152
Capital distributions from Real Estate Ventures	0	1,851
Leasing costs paid	(5,315)	(5,696)
Net cash used in investing activities	(42,568)	(41,343)
Cash flows from financing activities:
Repayments of mortgage notes payable	(1,945)	(1,871)
Proceeds from credit facility borrowings	66,000	198,000
Repayments of credit facility borrowings	(16,000)	(130,000)
Proceeds from the exercise of stock options	47	800
Shares used for employee taxes upon vesting of share awards	(722)	(1,230)
Partner contributions to consolidated real estate venture	0	23
Repurchase and retirement of common shares	(53,857)	(17,282)
Distributions paid to shareholders	(33,622)	(33,084)
Distributions to noncontrolling interest	(187)	(187)
Net cash provided by (used in) financing activities	(40,286)	15,169
Decrease in cash and cash equivalents and restricted cash	(37,796)	(8,408)
Cash and cash equivalents and restricted cash at beginning of year	91,170	23,211
Cash and cash equivalents and restricted cash at end of period	53,374	14,803
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	90,499	22,842
Restricted cash, beginning of period	671	369
Cash and cash equivalents and restricted cash at beginning of year	91,170	23,211
Cash and cash equivalents, end of period	52,702	14,449
Restricted cash, end of period	672	354
Cash and cash equivalents and restricted cash at end of period	53,374	14,803
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the three months ended March 31, 2020 and 2019 of $1,201 and $728, respectively	12,961	14,251
Cash paid for income taxes	1	0
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid	32,692	34,107
Change in capital expenditures financed through accounts payable at period end	(2,745)	1,080
Change in capital expenditures financed through retention payable at period end	(23)	4,503
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Cash flows from operating activities:
Net income	8,087	4,583
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization	52,038	51,444
Amortization of deferred financing costs	749	666
Amortization of debt discount/(premium), net	(395)	175
Amortization of stock compensation costs	2,349	3,449
Straight-line rent income	(2,183)	(4,165)
Amortization of acquired above (below) market leases, net	(1,495)	(1,805)
Ground rent expense	366	370
Provision for doubtful accounts	213	0
Net gain on sale of interests in real estate	(2,586)	(1,001)
Loss from Real Estate Ventures, net of distributions	1,890	1,159
Income tax provision	4	29
Changes in assets and liabilities:
Accounts receivable	(1,348)	(3,539)
Other assets	(14,548)	(39,088)
Accounts payable and accrued expenses	(1,213)	(10,822)
Deferred income, gains and rent	(230)	(3,148)
Other liabilities	3,360	19,459
Net cash provided by operating activities	45,058	17,766
Cash flows from investing activities:
Acquisition of properties	(11,432)	0
Proceeds from the sale of properties	17,711	5,273
Proceeds from real estate venture sales	0	259
Proceeds from repayment of mortgage notes receivable	0	15
Capital expenditures for tenant improvements	(13,707)	(14,978)
Capital expenditures for redevelopments	(9,973)	(10,777)
Capital expenditures for developments	(19,426)	(18,645)
Advances for the purchase of tenant assets, net of repayments	(585)	1,615
Investment in unconsolidated Real Estate Ventures	0	(182)
Deposits for real estate	(1,011)	3,152
Capital distributions from Real Estate Ventures	0	1,851
Leasing costs paid	(5,315)	(5,696)
Net cash used in investing activities	(42,568)	(41,343)
Cash flows from financing activities:
Repayments of mortgage notes payable	(1,945)	(1,871)
Proceeds from credit facility borrowings	66,000	198,000
Repayments of credit facility borrowings	(16,000)	(130,000)
Proceeds from the exercise of stock options	47	800
Shares used for employee taxes upon vesting of share awards	(722)	(1,230)
Partner contributions to consolidated real estate venture	0	23
Repurchase and retirement of common shares	(53,857)	(17,282)
Distributions paid to shareholders	(33,809)	(33,271)
Net cash provided by (used in) financing activities	(40,286)	15,169
Decrease in cash and cash equivalents and restricted cash	(37,796)	(8,408)
Cash and cash equivalents and restricted cash at beginning of year	91,170	23,211
Cash and cash equivalents and restricted cash at end of period	53,374	14,803
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period	90,499	22,842
Restricted cash, beginning of period	671	369
Cash and cash equivalents and restricted cash at beginning of year	91,170	23,211
Cash and cash equivalents, end of period	52,702	14,449
Restricted cash, end of period	672	354
Cash and cash equivalents and restricted cash at end of period	53,374	14,803
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the three months ended March 31, 2020 and 2019 of $1,201 and $728, respectively	12,961	14,251
Cash paid for income taxes	1	0
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid	32,692	34,107
Change in capital expenditures financed through accounts payable at period end	(2,745)	1,080
Change in capital expenditures financed through retention payable at period end	$ (23)	$ 4,503

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Capitalized interest	$ 1,201	$ 728
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Capitalized interest	$ 1,201	$ 728

Organization of the Parent Company and The Operating Partnership

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP

1. ORGANIZATION OF THE PARENT COMPANY AND THE OPERATING PARTNERSHIP

Brandywine Realty Trust (the "Parent Company") is a self-administered and self-managed real estate investment trust (“REIT”) engaged in the acquisition, development, redevelopment, ownership, management, and operation of a portfolio of office and mixed-use properties. The Parent Company owns its assets and conducts its operations through Brandywine Operating Partnership, L.P. (the "Operating Partnership") and subsidiaries of the Operating Partnership. The Parent Company is the sole general partner of the Operating Partnership and, as of March 31, 2020, owned a 99.4% 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”. The Parent Company, the Operating Partnership, and their consolidated subsidiaries are collectively referred to as the "Company".

As of March 31, 2020, the Company owned 94 properties that contained an aggregate of approximately 16.6 million net rentable square feet (collectively, the “Properties”). The Company’s core portfolio of operating properties excludes development properties, redevelopment properties, and properties held for sale (the “Core Properties”). The Properties were comprised of the following as of March 31, 2020:



	Number of Properties	Rentable Square Feet
Office properties	85	15,319,340
Mixed-use properties	4	659,625
Core Properties	89	15,978,965
Development property	1	204,108
Redevelopment properties	4	397,237
The Properties	94	16,580,310

In addition to the Properties, as of March 31, 2020, the Company owned 242.5 acres of land held for development, of which 49.2 acres were held for sale. The Company also held leasehold interests in two land parcels totaling 1.8 acres, each acquired through prepaid 99-year ground leases, and held options to purchase approximately 55.5 additional acres of undeveloped land. As of March 31, 2020, the total potential development that this inventory of land could support under current zoning and entitlements, including the parcels under option, amounted to an estimated 14.4 million square feet, of which 0.3 million square feet relates to 49.2 acres held for sale. As of March 31, 2020, the Company also owned economic interests in seven unconsolidated real estate ventures (collectively, the “Real Estate Ventures”) (see Note 4, ''Investment in Unconsolidated Real Estate Ventures”) for further information). The Properties and the properties owned by the Real Estate Ventures are located in or near Philadelphia, Pennsylvania; Austin, Texas; Metropolitan Washington, D.C.; Southern New Jersey; and Wilmington, Delaware.

The Company conducts its third-party real estate management services business primarily through wholly-owned management company subsidiaries. As of March 31, 2020, the management company subsidiaries were managing properties containing an aggregate of approximately 24.1 million net rentable square feet, of which approximately 16.6 million net rentable square feet related to Properties owned by the Company and approximately 7.5 million net rentable square feet related to properties owned by third parties and Real Estate Ventures.

Unless otherwise indicated, all references in this Form 10-Q to square feet represent net rentable area.

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2020
Accounting Policies [Abstract]
BASIS OF PRESENTATION	2. 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 annual 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 consist solely of normal recurring matters, and result in a fair statement of the financial position of the Company as of March 31, 2020, the results of its operations for the three months ended March 31, 2020 and 2019 and its cash flows for the three months ended March 31, 2020 and 2019. 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 2019 Annual Report on Form 10-K filed with the SEC on March 2, 2020. The Company's Annual Report on Form 10-K for the year ended December 31, 2019 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, 2019. Adoption of New Accounting Guidance In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments Credit Losses (Topic 326), which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current incurred loss model with an expected loss approach, resulting in more timely recognition of such losses. In November 2018, the FASB released ASU 2018-19, Codification Improvements to Topic 326, Financial Instrument - Credit Losses, which clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. The guidance was effective for the Company as of January 1, 2020. The Company adopted ASU 2016-13 effective January 1, 2020 and it did not have a material impact on the consolidated financial statements.

Real Estate Investments

3 Months Ended

Mar. 31, 2020

Real Estate [Abstract]

REAL ESTATE INVESTMENTS

3. REAL ESTATE INVESTMENTS

As of March 31, 2020 and December 31, 2019, the gross carrying value of the operating properties was as follows (in thousands):



	March 31, 2020		December 31, 2019
Land	$	485,420	$	489,702
Building and improvements	3,044,461		3,049,395
Tenant improvements	474,237		467,362
Total	$	4,004,118	$	4,006,459

Acquisitions

The following table summarizes the property acquisitions during the three months ended March 31, 2020 (dollars in thousands):

Property/Portfolio Name

Acquisition Date

Location

Property Type

Rentable Square Feet/Acres

Purchase Price

145 King of Prussia Road

February 27, 2020

Radnor, PA

Land

7.75 acres

11,250

Dispositions

The following table summarizes the property dispositions during the three months ended March 31, 2020 (dollars in thousands):

Property/Portfolio Name

Disposition Date

Location

Property Type

Rentable Square Feet/Acres

Sales Price

Gain/(Loss) on Sale (a)

52 East Swedesford Road

March 19, 2020

Malvern, PA

Office

131,077

18,000

2,336


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

Held for Sale

As of March 31, 2020, the Company determined that the sale of one parcel of land within the Pennsylvania Suburbs segment and two parcels of land within the Other segment totaling 49.2 acres was probable and classified these properties as held for sale. As such, $10.7 million was classified as "Assets held for sale, net" on the consolidated balance sheets. As of March 31, 2020, the fair value less the anticipated costs of sale of the properties exceeded the carrying values. The fair value of the properties is based on the pricing in the purchase and sale agreement.

As of December 31, 2019, the Company determined that the sale of two parcels of land within the Other segment totaling 35.2 acres was probable and classified these properties as held for sale. As such, $7.3 million was classified as “Assets held for sale, net” on the consolidated balance sheets.

Investment in Unconsolidated Real Estate Ventures

3 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

4. INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES

As of March 31, 2020, the Company held ownership interests in seven unconsolidated real estate ventures for an aggregate investment balance of $118.4 million, which includes a negative investment balance in one unconsolidated real estate venture, reflected within 'Other liabilities' in the consolidated balance sheets. As of March 31, 2020, three of the real estate ventures owned properties that contained an aggregate of approximately 5.4 million net rentable square feet of office space; two real estate ventures

owned 1.4 acres of land held for development; one real estate venture owned 1.3 acres of land in active development; and one real estate venture owned a residential tower that contained 321 apartment units.

The Company accounts for its interests in the Real Estate Ventures, which range from 15% to 70%, using the equity method. Certain of the Real Estate Ventures are subject to specified priority allocations of distributable cash.

The Company earned management fees from its Real Estate Ventures of $1.1 million for each of the three months ended March 31, 2020 and 2019.

The Company earned leasing commission income from its Real Estate Ventures of $0.4 million and $0.2 million for the three months ended March 31, 2020 and 2019, respectively.

The Company had outstanding accounts receivable balances from its Real Estate Ventures of $0.9 million and $0.8 million as of March 31, 2020 and December 31, 2019, respectively.

The amounts reflected in the following tables (except for the Company’s share of equity in income) are based on the financial information of the individual Real Estate Ventures.

The following is a summary of the financial position of the Real Estate Ventures in which the Company held interests as of March 31, 2020 and December 31, 2019 (in thousands):



	March 31, 2020
	MAP Venture			Other		Total
Net property	$	189,953		$	650,323	$	840,276
Other assets	256,904			87,201		344,105
Other liabilities	266,798			21,188		287,986
Debt, net	181,768			419,352		601,120
Equity (a)	(1,709		)	296,984		295,275



	December 31, 2019
	MAP Venture		Other		Total
Net property	$	192,582	$	641,785	$	834,367
Other assets	256,453		85,549		342,002
Other liabilities	266,200		23,871		290,071
Debt, net	181,525		403,543		585,068
Equity (a)	1,310		299,920		301,230

(a)

This amount does not include 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.

The following is a summary of results of operations of the Real Estate Ventures in which the Company held interests during the three-month periods ended March 31, 2020 and 2019 (in thousands):



	Three Months Ended March 31, 2020
	MAP Venture			Other			Total
Revenue	$	17,313		$	13,838		$	31,151
Operating expenses	(12,228		)	(5,733		)	(17,961		)
Interest expense, net	(2,047		)	(2,942		)	(4,989		)
Depreciation and amortization	(6,058		)	(6,465		)	(12,523		)
Net loss	$	(3,020	)	$	(1,302	)	$	(4,322	)
Ownership interest %	50		%	Various			Various
Company's share of net loss	$	(1,510	)	$	(352	)	$	(1,862	)
Basis adjustments and other	(10		)	(19		)	(29		)
Equity in loss of Real Estate Ventures	$	(1,520	)	$	(371	)	$	(1,891	)



	Three Months Ended March 31, 2019
	MAP Venture			Other			Total
Revenue	$	18,288		$	16,771		$	35,059
Operating expenses	(12,155		)	(6,563		)	(18,718		)
Interest expense, net	(2,536		)	(1,384		)	(3,920		)
Depreciation and amortization	(6,349		)	(7,363		)	(13,712		)
Net income (loss)	$	(2,752	)	$	1,461		$	(1,291	)
Ownership interest %	50		%	Various			Various
Company's share of net income (loss)	$	(1,376	)	$	64		$	(1,312	)
Basis adjustments and other	(56		)	10			(46		)
Equity in income (loss) of Real Estate Ventures	$	(1,432	)	$	74		$	(1,358	)

Intangible Assets and Liabilities

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES

6. INTANGIBLE ASSETS AND LIABILITIES

As of March 31, 2020 and December 31, 2019, the Company’s intangible assets/liabilities were comprised of the following (in thousands):



	March 31, 2020
	Total Cost		Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	153,328	$	(79,024	)	$	74,304
Tenant relationship value	5,142		(4,775		)	367
Above market leases acquired	4,866		(3,867		)	999
Total intangible assets, net	$	163,336	$	(87,666	)	$	75,670

	Total Cost		Accumulated Amortization			Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	43,302	$	(22,697	)	$	20,605



	December 31, 2019
	Total Cost		Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	167,357	$	(84,123	)	$	83,234
Tenant relationship value	5,268		(4,815		)	453
Above market leases acquired	4,956		(3,792		)	1,164
Total intangible assets, net	$	177,581	$	(92,730	)	$	84,851

	Total Cost		Accumulated Amortization			Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	44,757	$	(22,494	)	$	22,263

As of March 31, 2020, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):



	Assets		Liabilities
2020 (nine months remaining)	$	18,801	$	3,665
2021	17,854		3,838
2022	12,043		2,257
2023	9,213		1,716
2024	6,294		1,428
Thereafter	11,465		7,701
Total	$	75,670	$	20,605

Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

LEASES

5. LEASES

Lessor Accounting

The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the three months ended March 31, 2020 and 2019 (in thousands):



	Three Months Ended March 31,		Three Months Ended March 31,
Lease Revenue	2020		2019
Fixed contractual payments	$	104,401	$	104,649
Variable lease payments	30,639		28,731
Total	$	135,040	$	133,380

Debt Obligations

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

DEBT OBLIGATIONS

7. DEBT OBLIGATIONS

The following table sets forth information regarding the Company’s consolidated debt obligations outstanding at March 31, 2020 and December 31, 2019 (in thousands):



	March 31, 2020			December 31, 2019			Effective Interest Rate	Maturity Date
MORTGAGE DEBT:
Two Logan Square	$	80,667		$	81,103		3.98%	August 2020
Four Tower Bridge	9,230			9,291			4.50%	February 2021
One Commerce Square	115,647			116,571			3.64%	April 2023
Two Commerce Square	107,948			108,472			4.51%	April 2023
Principal balance outstanding	313,492			315,437
Plus: fair market value premium (discount), net	(1,289		)	(1,383		)
Less: deferred financing costs	(202		)	(242		)
Mortgage indebtedness	$	312,001		$	313,812

UNSECURED DEBT
$600 million Unsecured Credit Facility	$	50,000		$	—		LIBOR + 1.10%	July 2022
Seven-Year Term Loan - Swapped to fixed	250,000			250,000			2.87%	October 2022
$350.0M 3.95% Guaranteed Notes due 2023	350,000			350,000			3.87%	February 2023
$350.0M 4.10% Guaranteed Notes due 2024	350,000			350,000			3.78%	October 2024
$450.0M 3.95% Guaranteed Notes due 2027	450,000			450,000			4.03%	November 2027
$350.0M 4.55% Guaranteed Notes due 2029	350,000			350,000			4.30%	October 2029
Indenture IA (Preferred Trust I)	27,062			27,062			LIBOR + 1.25%	March 2035
Indenture IB (Preferred Trust I) - Swapped to fixed	25,774			25,774			3.30%	April 2035
Indenture II (Preferred Trust II)	25,774			25,774			LIBOR + 1.25%	July 2035
Principal balance outstanding	1,878,610			1,828,610
Plus: original issue premium (discount), net	11,601			12,090
Less: deferred financing costs	(9,612		)	(10,094		)
Total unsecured indebtedness	$	1,880,599		$	1,830,606
Total Debt Obligations	$	2,192,600		$	2,144,418

In addition to the debt described above, the Company utilizes borrowings under its unsecured revolving credit facility (the “Unsecured Credit Facility”) for general business purposes, including to fund costs of acquisitions, developments and redevelopments of properties, fund share repurchases and repay other debt. The Unsecured Credit Facility provides for borrowings of up to $600.0 million and the per annum variable interest rate on borrowings is LIBOR plus 1.10%. The interest rate and facility fee are subject to adjustment upon a change in the Company’s unsecured debt ratings. During the three months ended March 31, 2020, the weighted-average interest rate on Unsecured Credit Facility borrowings was 2.1% resulting in a nominal amount of interest expense. As of March 31, 2020, the effective interest rate on Credit Facility borrowings was 2.1%.

The Parent Company unconditionally guarantees the unsecured debt obligations of the Operating Partnership (or is a co-borrower with the Operating Partnership) but does not by itself incur unsecured indebtedness. The Parent Company has no material assets other than its investment in the Operating Partnership.

The Company was in compliance with all financial covenants as of March 31, 2020. Certain of the covenants restrict the Company’s ability to obtain alternative sources of capital.

As of March 31, 2020, the Company’s aggregate scheduled principal payments of debt obligations are as follows (in thousands):



2020 (nine months remaining)	$	85,281
2021	15,143
2022	306,332
2023	556,736
2024	350,000
Thereafter	878,610
Total principal payments	2,192,102
Net unamortized premiums/(discounts)	10,312
Net deferred financing costs	(9,814		)
Outstanding indebtedness	$	2,192,600

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

8. FAIR VALUE OF FINANCIAL INSTRUMENTS

Financial assets and liabilities recorded on the consolidated balance sheets are categorized based on the inputs to the valuation techniques as follows:


•	Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access;

•

Level 2 inputs are inputs, other than quoted prices included in Level 1, which are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals; and


•	Level 3 inputs are unobservable inputs for the asset or liability, which is typically based on an entity’s own assumptions, as there is little, if any, related market activity or information.

The Company determined the fair values disclosed below using available market information and discounted cash flow analyses as of March 31, 2020 and December 31, 2019, respectively. The discount rate used in calculating fair value is the sum of the current risk free rate and the risk premium on the date of measurement of the instruments or obligations. Considerable judgment is necessary to interpret market data and to develop the related estimates of fair value. Accordingly, the estimates presented are not necessarily indicative of the amounts that the Company could realize upon disposition. The use of different estimates and valuation methodologies may have a material effect on the fair value amounts shown. The Company believes that the carrying amounts reflected in the consolidated balance sheets at March 31, 2020 and December 31, 2019 approximate the fair values for cash and cash equivalents, accounts receivable, other assets and liabilities, accounts payable and accrued expenses because they are short-term in duration. The following are financial instruments for which the Company’s estimates of fair value differ from the carrying amounts (in thousands):



	March 31, 2020				December 31, 2019
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
Unsecured notes payable	$	1,503,297	$	1,511,215	$	1,503,435	$	1,591,830
Variable rate debt	$	377,302	$	359,532	$	327,171	$	309,947
Mortgage notes payable	$	312,001	$	331,341	$	313,812	$	317,031
Notes receivable	$	44,430	$	46,640	$	44,430	$	43,322


(a)	Net of deferred financing costs of $8.3 million and $8.7 million for unsecured notes payable, $1.3 million and $1.4 million for variable rate debt and $0.2 million for mortgage notes payable as of both March 31, 2020 and December 31, 2019.

On June 26, 2018, the Company provided a $44.4 million mortgage loan to Brandywine 1919 Ventures, an unconsolidated real estate venture in which the Company holds a 50% ownership interest, and recorded a related party note receivable of $44.4 million within 'Other assets' on the consolidated balance sheets. Refer to Note 4, ''Investment in Unconsolidated Real Estate Ventures" to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 for further detail regarding this financing.

The Company used quoted market prices as of March 31, 2020 and December 31, 2019 to value the unsecured notes payable and, as such, categorized them as Level 2.

The inputs utilized to determine the fair value of the Company’s mortgage notes payable and variable rate debt are categorized as Level 3. The fair value of the variable rate debt was determined using a discounted cash flow model that considered borrowing

rates available to the Company for loans with similar terms and characteristics. The fair value of the mortgage notes payable was determined using a discounted cash flow model that considered the contractual interest and principal payments discounted at a blended market rate for loans with similar terms, maturities and loan-to-value. These inputs have been categorized as Level 3 because the Company considers the rates used in the valuation techniques to be unobservable.

The inputs utilized to determine fair value of the Company's notes receivable are unobservable and, as such, were categorized as Level 3. Fair value was determined using a discounted cash flow model that considered the contractual interest and principal payments discounted at a blended interest rate of the notes receivable.

For the Company’s level 3 financial instruments for which fair value is disclosed, an increase in the discount rate used to determine fair value would result in a decrease to the fair value. Conversely, a decrease in the discount rate would result in an increase to the fair value.

Disclosure about the fair value of financial instruments is based upon pertinent information available to management as of March 31, 2020 and December 31, 2019. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts were not comprehensively revalued for purposes of these financial statements since March 31, 2020. Current estimates of fair value may differ from the amounts presented herein.

- Definition

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	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interest [Abstract]
LIMITED PARTNERS' NON-CONTROLLING INTERESTS IN THE PARENT COMPANY	10. LIMITED PARTNERS' NONCONTROLLING 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 by the Operating Partnership. 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 was $9.2 million and $9.3 million as of March 31, 2020 and December 31, 2019, 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 date) was approximately $10.3 million and $15.5 million as of March 31, 2020 and December 31, 2019, respectively.

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

9. DERIVATIVE FINANCIAL INSTRUMENTS

The following table summarizes the terms and fair values of the Company’s derivative financial instruments as of March 31, 2020 and December 31, 2019. The notional amounts provide an indication of the extent of the Company’s involvement in these instruments at that time, but do not represent exposure to credit, interest rate or market risks (amounts presented in thousands).



Hedge Product	Hedge Type	Designation		Notional Amount				Strike		Trade Date	Maturity Date	Fair value
				3/31/2020		12/31/2019						3/31/2020			12/31/2019
Liabilities
Swap	Interest Rate	Cash Flow	(a)	$	250,000	$	250,000	2.868	%	October 8, 2015	October 8, 2022	$	(8,423	)	$	(562	)
Swap	Interest Rate	Cash Flow	(a)	$	25,774	$	25,774	3.300	%	December 22, 2011	January 30, 2021	(293		)	(94		)
				$	275,774	$	275,774


(a)	Hedging unsecured variable rate debt.

The Company measures its derivative instruments at fair value and records them in “Other assets” and (“Other liabilities”) on the Company’s consolidated balance sheets.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that the inputs utilized to determine the fair value of derivative instruments are classified in Level 2 of the fair value hierarchy.

Disclosure about the fair value of derivative instruments is based upon pertinent information available to management as of March 31, 2020 and December 31, 2019. Although management is not aware of any factors that would significantly affect the fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since March 31, 2020. Current estimates of fair value may differ from the amounts presented herein.

Beneficiaries Equity of the Parent Company

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

BENEFICIARIES' EQUITY OF THE PARENT COMPANY

11. BENEFICIARIES' EQUITY OF THE PARENT COMPANY

Earnings per Share (EPS)

The following table details 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 Months Ended March 31,
	2020						2019
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	8,087		$	8,087		$	4,583		$	4,583
Net income attributable to noncontrolling interests	(65		)	(65		)	(60		)	(60		)
Nonforfeitable dividends allocated to unvested restricted shareholders	(131		)	(131		)	(119		)	(119		)
Net income attributable to common shareholders	$	7,891		$	7,891		$	4,404		$	4,404
Denominator
Weighted-average shares outstanding	176,069,968			176,069,968			175,857,358			175,857,358
Contingent securities/Share based compensation	—			583,491			—			606,860
Weighted-average shares outstanding	176,069,968			176,653,459			175,857,358			176,464,218
Earnings per Common Share:
Net income attributable to common shareholders	$	0.04		$	0.04		$	0.03		$	0.02

Redeemable common limited partnership units totaling 981,634 at March 31, 2020 and 982,871 at March 31, 2019, 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 months ended March 31, 2020 and 2019, 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 Shares

On February 27, 2020 the Parent Company declared a distribution of $0.19 per common share, totaling $32.7 million, which was paid on April 21, 2020 to shareholders of record as of April 7, 2020.

The Parent Company maintains a common share repurchase program under which the Board of Trustees has authorized the Parent Company to repurchase common shares. On January 3, 2019, the Board of Trustees authorized the repurchase of up to $150.0 million common shares from and after January 3, 2019. During the three months ended March 31, 2020, the Company repurchased and retired 5,644,200 common shares at an average price of $9.54 per share, totaling $53.9 million. During the three months ended March 31, 2019, the Company repurchased and retired 1,337,169 common shares at an average price of $12.92 per share, totaling $17.3 million.

Partners Equity of The Operating Partnership

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

PARTNERS' EQUITY OF THE OPERATING PARTNERSHIP

12. PARTNERS' EQUITY OF THE PARENT COMPANY

Earnings per Common Partnership Unit

The following table details 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 Months Ended March 31,
	2020						2019
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	8,087		$	8,087		$	4,583		$	4,583
Net income attributable to noncontrolling interests	(12		)	(12		)	(34		)	(34		)
Nonforfeitable dividends allocated to unvested restricted unitholders	(131		)	(131		)	(119		)	(119		)
Net income attributable to common unitholders	$	7,944		$	7,944		$	4,430		$	4,430
Denominator
Weighted-average units outstanding	177,051,602			177,051,602			176,840,229			176,840,229
Contingent securities/Share based compensation	—			583,491			—			606,860
Total weighted-average units outstanding	177,051,602			177,635,093			176,840,229			177,447,089
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	0.04			0.04			0.03			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 months ended March 31, 2020 and 2019, earnings representing nonforfeitable dividends 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

On February 27, 2020 the Operating Partnership declared a distribution of $0.19 per common partnership unit, totaling $32.7 million, which was paid on April 21, 2020 to unitholders of record as of April 7, 2020.

In connection with the Parent Company’s common share repurchase program, one common unit of the Operating Partnership is retired for each common share repurchased. During the three months ended March 31, 2020, the Company retired 5,644,200 common partnership units at an average price of $9.54 per unit, totaling $53.9 million, in connection with an equal number of common share repurchases. During the three months ended March 31, 2019, the Company retired 1,337,169 common partnership units at an average price of $12.92 per unit, totaling $17.3 million, in connection with an equal number of share repurchases.

Share Based Compensation

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

SHARE BASED COMPENSATION

13. SHARE BASED COMPENSATION

Restricted Share Rights Awards

As of March 31, 2020, 689,184 restricted share rights ("Restricted Share Rights") were outstanding under the Company's long term equity incentive plan. These Restricted Share Rights vest over one to three years from the initial grant dates. The remaining compensation expense to be recognized with respect to these awards at March 31, 2020 was $3.5 million and is expected to be recognized over a weighted average remaining vesting period of 1.40 years. During the three months ended March 31, 2020 and 2019, the amortization related to outstanding Restricted Share Rights was $1.9 million (of which $0.3 million was capitalized) and $1.6 million (of which $0.2 million was capitalized), respectively. Compensation expense related to outstanding Restricted Share Rights is included in general and administrative expense.

The following table summarizes the Company’s Restricted Share Rights activity during the three months ended March 31, 2020:



	Shares		Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)
Non-vested at January 1, 2020	479,144		$	15.90	$	44.7
Granted	224,678		$	14.66	$	—
Vested	(12,718	)	$	15.60	$	—
Forfeited	(1,920	)	$	15.63	$	—
Non-vested at March 31, 2020	689,184		$	15.50	$	—

On March 5, 2020, the Compensation Committee of the Parent Company’s Board of Trustees awarded to officers of the Company an aggregate of 183,758 Restricted Share Rights, which vest over three years from the grant date. Each Restricted Share Right

entitles the holder to one common share upon settlement. The Parent Company pays dividend equivalents on the Restricted Share Rights prior to the settlement date. Vesting and/or settlement would accelerate if the recipient of the award were to die, become disabled or, in the case of certain of such Restricted Share Rights, retire in a qualifying retirement prior to the vesting or settlement date. Qualifying retirement generally means the recipient’s voluntary termination of employment after reaching at least age 57 and accumulating at least 15 years of service with the Company. In addition, vesting would also accelerate if the Parent Company were to undergo a change of control and, on or before the first anniversary of the change of control, the recipient’s employment were to cease due to a termination without cause or resignation with good reason.

The Restricted Share Rights granted in 2020 to certain senior executives include an “outperformance feature” whereby additional shares may be earned, up to 200% of the shares subject to the basic award, based on the Company’s achievement of targets for same-store net operating cash income growth and investment activity provided certain operating and balance sheet metrics are also achieved during the three-year period ending December 31, 2022. Half of any additional shares earned will vest based on continued service through each of January 1, 2023 and January 1, 2024, respectively, provided that this additional service requirement will be waived in the event of a death, disability or qualifying retirement. In addition to the basic award, up to 316,306 shares may be awarded under the outperformance feature. As of March 31, 2020, the Company has not recognized any compensation expense for the outperformance feature of these awards as it has been determined that it is not probable that the performance metrics will be achieved. The Company will evaluate progression towards achievement of the performance metrics on a quarterly basis and recognize compensation expense for the outperformance feature of these awards should it be determined that achievement of these metrics is probable.

In addition, on March 5, 2020, the Compensation Committee awarded non-officer employees an aggregate of 40,920 Restricted Share Rights that generally vest in three equal installments on April 15, 2021, 2022, and 2023. Vesting of these awards is subject to acceleration upon death, disability or termination without cause within one year following a change of control.

In accordance with the accounting standard for share-based compensation, the Company amortizes share-based compensation costs through the qualifying retirement dates for those executives who meet the conditions for qualifying retirement during the scheduled vesting period and whose award agreements provide for vesting upon a qualifying retirement.

Restricted Performance Share Units Plan

The Compensation Committee of the Parent Company’s Board of Trustees has granted performance share-based awards (referred to as Restricted Performance Share Units, or RPSUs) to officers of the Parent Company. The RPSUs are settled in common shares, with the number of common shares issuable in settlement determined based on the Company’s total shareholder return over specified measurement periods compared to total shareholder returns of comparative groups over the measurement periods. The table below presents certain information as to unvested RPSU awards.



	RPSU Grant
	2/28/2018		2/21/2019		3/5/2020		Total
(Amounts below in shares, unless otherwise noted)
Non-vested at January 1, 2020	190,296		206,069		—		396,365
Units Granted	—		—		319,600		319,600
Non-vested at March 31, 2020	190,296		206,069		319,600		715,965
Measurement Period Commencement Date	1/1/2018		1/1/2019		1/1/2020
Measurement Period End Date	12/31/2020		12/31/2021		12/31/2022
Units Granted	209,193		213,728		319,600
Fair Value of Units on Grant Date (in thousands)	$	4,276	$	4,627	$	5,389

The Company values each RPSU on its grant date using a Monte Carlo simulation. The fair values of each award are being amortized over the three year performance period. During the performance period, dividend equivalents are credited as additional RPSU's, subject to the same terms and conditions as the original RPSU's. The performance period will be abbreviated and the determination and delivery of earned shares will be accelerated in the event of a change in control or if the recipient of the award were to die, become disabled or retire in a qualifying retirement prior to the end of the otherwise applicable three year performance period; provided that, in the case of qualifying retirement for the March 5, 2020 grant, the number of shares deliverable will be pro-rated based on the portion of the performance period actually worked before retirement. In accordance with the February 2019 and 2018 grants, the Company amortizes stock-based compensation costs through the qualifying retirement date for those executives who meet the conditions for qualifying retirement during the scheduled vesting period.

For the three months ended March 31, 2020, the Company recognized amortization of the 2020, 2019 and 2018 RPSU awards of $0.6 million, of which $0.1 million was capitalized consistent with the Company’s policies for capitalizing eligible portions of employee compensation. For the three months ended March 31, 2019, amortization for the 2019, 2018 and 2017 RPSU awards was $2.7 million, of which $0.4 million was capitalized consistent with the Company’s policies for capitalizing eligible portions of employee compensation.

The remaining compensation expense to be recognized with respect to the non-vested RPSU's at March 31, 2020 was approximately $6.9 million and is expected to be recognized over a weighted average remaining vesting period of 2.37 years.

The Company issued 121,897 common shares on February 1, 2020 in settlement of RPSUs that had been awarded on March 1, 2017 (with a three-year measurement period ended December 31, 2019). Holders of these RPSUs also received a cash dividend of $0.19 per share for these common shares on January 22, 2020.

Segment Information

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

SEGMENT INFORMATION

14. SEGMENT INFORMATION

As of March 31, 2020, the Company owns and manages properties within five segments: (1) Philadelphia Central Business District ("Philadelphia CBD"), (2) Pennsylvania Suburbs, (3) Austin, Texas (4) Metropolitan Washington, D.C. and (5) Other. The Philadelphia CBD segment includes properties located in the City of Philadelphia, Pennsylvania. The Pennsylvania Suburbs segment includes properties in Chester, Delaware, and Montgomery counties in the Philadelphia suburbs. The Austin, Texas segment includes properties in the City of Austin, Texas. The Metropolitan Washington, D.C. segment includes properties in the District of Columbia, Northern Virginia and Southern Maryland. The Other segment includes properties located in Camden County, New Jersey and New Castle County, Delaware. In addition to the five segments, 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. Land held for development and construction in progress is transferred to operating properties by region upon completion of the associated construction or project.

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



Real estate investments, at cost:
	March 31, 2020		December 31, 2019
Philadelphia CBD	$	1,733,987	$	1,726,299
Pennsylvania Suburbs	991,788		1,003,890
Austin, Texas	722,873		721,255
Metropolitan Washington, D.C.	468,416		468,035
Other	87,054		86,980
Operating Properties	$	4,004,118	$	4,006,459

Right of use asset - operating leases, net	$	21,485	$	21,656

Corporate
Construction-in-progress	$	193,160	$	180,718
Land held for development (a)	$	108,213	$	96,124
Prepaid leasehold interests in land held for development, net (b)	$	39,490	$	39,592


(a)	Does not include 49.2 acres and 35.2 acres of land classified as held for sale as of March 31, 2020 and December 31, 2019, respectively.


(b)	Includes leasehold interests in prepaid 99-year ground leases at 3025 and 3001-3003 JFK Boulevard, in Philadelphia, Pennsylvania as of March 31, 2020 and December 31, 2019.

Net operating income:



	Three Months Ended March 31,
	2020								2019
	Total revenue		Operating expenses (a)			Net operating income (loss)			Total revenue		Operating expenses (a)			Net operating income (loss)
Philadelphia CBD	$	65,915	$	(24,198	)	$	41,717		$	65,798	$	(25,185	)	$	40,613
Pennsylvania Suburbs	37,237		(12,678		)	24,559			35,627		(12,991		)	22,636
Austin, Texas	26,581		(10,145		)	16,436			24,766		(9,076		)	15,690
Metropolitan Washington, D.C.	10,754		(5,512		)	5,242			13,520		(6,204		)	7,316
Other	3,652		(2,693		)	959			3,182		(2,145		)	1,037
Corporate	949		(1,684		)	(735		)	1,003		(1,799		)	(796		)
Operating properties	$	145,088	$	(56,910	)	$	88,178		$	143,896	$	(57,400	)	$	86,496


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



Unconsolidated real estate ventures:
	Investment in real estate ventures						Equity in income (loss) of real estate venture
	As of						Three Months Ended March 31,
	March 31, 2020			December 31, 2019			2020			2019
Philadelphia CBD	$	17,602		$	17,524		$	78		$	78
Metropolitan Washington, D.C.	102,396			102,840			(449		)	(175		)
MAP Venture (a)	(1,590		)	(70		)	(1,520		)	(1,367		)
Other	—			—			—			106
Total	$	118,408		$	120,294		$	(1,891	)	$	(1,358	)


(a)	Included in Other liabilities on the consolidated balance sheets.

Net operating income (“NOI”) is a non-GAAP financial measure, which we define as total revenue less property operating expenses, real estate taxes and third party management expenses. Property operating expenses that are included in determining NOI consist of costs that are necessary and allocable to our operating properties such as utilities, property-level salaries, repairs and maintenance, property insurance and management fees. General and administrative expenses that are not reflected in NOI primarily consist of corporate-level salaries, amortization of share awards and professional fees that are incurred as part of corporate office management. NOI presented by the Company may not be comparable to NOI reported by other companies that define NOI differently. NOI is the measure that is used by the Company’s management to evaluate the operating performance of the Company’s real estate assets by segment. The Company believes NOI provides useful information to investors regarding the financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level. While NOI is a relevant and widely used measure of operating performance of real estate investment trusts, it does not represent cash flow from operations or net income as defined by GAAP and should not be considered as an alternative to those measures in evaluating our liquidity or operating performance. NOI does not reflect interest expenses, real estate impairment losses, depreciation and amortization costs, capital expenditures and leasing costs. The Company believes that net income (loss), as defined by GAAP, is the most appropriate earnings measure. The following is a reconciliation of consolidated net income, as defined by GAAP, to consolidated NOI, (in thousands):



	Three Months Ended March 31,
	2020			2019
Net income	$	8,087		$	4,583
Plus:
Interest expense	20,009			20,357
Interest expense - amortization of deferred financing costs	749			666
Depreciation and amortization	52,038			51,444
General and administrative expenses	8,561			9,844
Equity in loss of Real Estate Ventures	1,891			1,358
Less:
Interest income	575			525
Income tax provision	(4		)	(29		)
Net gain on disposition of real estate	2,586			—
Net gain on sale of undepreciated real estate	—			1,001
Net gain on real estate venture transactions	—			259
Consolidated net operating income	$	88,178		$	86,496

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is involved from time to time in litigation on various matters, including disputes with tenants, vendors 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, that may ultimately result from such legal actions will have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company. Letters-of-Credit Under certain mortgages, the Company has funded required leasing and capital reserve accounts for the benefit of the mortgage lenders with letters-of-credit. There were no letters-of-credit for a mortgage lender as of March 31, 2020. Certain of the tenant rents at properties that secure these mortgage loans are deposited into the loan servicer’s depository accounts, which are used to fund debt service, operating expenses, capital expenditures and the escrow and reserve accounts, as necessary. Any excess cash is included in cash and cash equivalents. 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. Debt Guarantees As of March 31, 2020, the Company’s Real Estate Ventures had aggregate indebtedness of $611.6 million. These loans are generally mortgage or construction loans, most of which are nonrecourse to the Company, except for customary recourse carve-outs. As of March 31, 2020, the $150.0 million construction loan obtained by 4040 Wilson, located in Arlington, Virginia, for which the Company has a payment guarantee up to $41.3 million, is recourse to the Company. In addition, during construction undertaken by the Real Estate Ventures, including 4040 Wilson, the Company has provided, and expects to continue to provide, cost overrun and completion guarantees, with rights of contribution among partners or members in the real estate ventures, as well as customary environmental indemnities and guarantees of customary exceptions to nonrecourse provisions in loan agreements. Other Commitments or Contingencies In connection with the Schuylkill Yards Project, the Company entered into a neighborhood engagement program and, as of March 31, 2020, had $8.4 million of future fixed contractual obligations. The Company is also committed to make additional contributions under the program. As of March 31, 2020, the Company estimates that these additional contributions, which are not fixed under the terms of agreement, will be $2.7 million. As of March 31, 2020, the Company was under contract to acquire an office property containing approximately 170,000 rentable square feet located in Radnor, Pennsylvania for a purchase price of $20.3 million. The Company has paid $1.0 million towards the purchase price in the form of a non-refundable deposit and the transaction is expected to close during 2020. The Company invests in its properties and regularly incurs capital expenditures in the ordinary course of business to maintain the properties. The Company believes that such expenditures enhance its competitiveness. The Company also enters into construction, utility and service contracts in the ordinary course of business which may extend beyond one year. These contracts typically provide for cancellation with insignificant or no cancellation penalties.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	16. SUBSEQUENT EVENTS On April 2, 2020, we settled the purchase of 604,283 common shares, which had a trade date of March 31, 2020, for an aggregate of $6.1 million. The recent outbreak of COVID-19 across many countries around the globe, including the U.S., has significantly slowed global economic activity, caused significant volatility in financial markets, and resulted in unprecedented job losses causing many to fear an imminent global recession. The global impact of the outbreak has been rapidly evolving the responses of many countries, including the U.S., have included quarantines, restrictions on business activities, including construction activities, restrictions on group gatherings, and restrictions on travel. These actions are creating disruption in the global economy and supply chains and adversely impacting many industries, including owners and developers of office and mixed-use buildings. Moreover, there is significant uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the U.S. economy and consumer confidence. Demand for space at our properties is dependent on a variety of macroeconomic factors, such as employment levels, interest rates, changes in stock market valuations, rent levels and availability of competing space. These factors can be significantly adversely affected by a variety of factors beyond our control. The extent to which COVID-19 impacts our results will depend on future developments, many of which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of COVID-19 and the actions taken to contain it or treat its impact. If the outbreak continues, there will likely be continued negative economic impacts, market volatility, and business disruption which could negatively impact our tenants’ ability to pay rent, our ability to lease vacant space, and our ability to complete development and redevelopment projects, and these consequences, in turn, could materially impact our results of operations. On April 10, 2020, the Financial Accounting Standards Board (the "FASB") issued a Staff Q&A to respond to some frequently asked questions about accounting for lease concessions related to the effects of the COVID-19 pandemic. Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance to those contracts. Entities may make the elections for any lessor-provided concessions related to the effects of the COVID-19 pandemic (e.g., deferrals of lease payments, cash payments made to the lessee, reduced future lease payments) as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. The Company is currently working with tenants impacted by the COVID-19 pandemic to determine appropriate lease concessions. To date, the impact of lease concessions granted has not had a material effect on the financial statements. The Company will continue to evaluate the impact of lease concessions and the appropriate accounting for those concessions.

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2020
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 annual 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 consist solely of normal recurring matters, and result in a fair statement of the financial position of the Company as of March 31, 2020, the results of its operations for the three months ended March 31, 2020 and 2019 and its cash flows for the three months ended March 31, 2020 and 2019. 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 2019 Annual Report on Form 10-K filed with the SEC on March 2, 2020. The Company's Annual Report on Form 10-K for the year ended December 31, 2019 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, 2019.
New Accounting Pronouncements Issued but not yet Adopted	Adoption of New Accounting Guidance In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments Credit Losses (Topic 326), which changes how entities measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance replaces the current incurred loss model with an expected loss approach, resulting in more timely recognition of such losses. In November 2018, the FASB released ASU 2018-19, Codification Improvements to Topic 326, Financial Instrument - Credit Losses, which clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. The guidance was effective for the Company as of January 1, 2020. The Company adopted ASU 2016-13 effective January 1, 2020 and it did not have a material impact on the consolidated financial statements.

Organization of the Parent Company and The Operating Partnership (Tables)

3 Months Ended

Mar. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Core Portfolio of Operating Properties and Excludes Development, Redevelopment and Held for Sale

The Company’s core portfolio of operating properties excludes development properties, redevelopment properties, and properties held for sale (the “Core Properties”). The Properties were comprised of the following as of March 31, 2020:



	Number of Properties	Rentable Square Feet
Office properties	85	15,319,340
Mixed-use properties	4	659,625
Core Properties	89	15,978,965
Development property	1	204,108
Redevelopment properties	4	397,237
The Properties	94	16,580,310

Real Estate Investments (Tables)

3 Months Ended

Mar. 31, 2020

Real Estate [Abstract]

Gross Carrying Value of Operating Properties

As of March 31, 2020 and December 31, 2019, the gross carrying value of the operating properties was as follows (in thousands):



	March 31, 2020		December 31, 2019
Land	$	485,420	$	489,702
Building and improvements	3,044,461		3,049,395
Tenant improvements	474,237		467,362
Total	$	4,004,118	$	4,006,459

Summary of Properties Acquired

The following table summarizes the property acquisitions during the three months ended March 31, 2020 (dollars in thousands):

Property/Portfolio Name

Acquisition Date

Location

Property Type

Rentable Square Feet/Acres

Purchase Price

145 King of Prussia Road

February 27, 2020

Radnor, PA

Land

7.75 acres

11,250

Summary of Properties Sold

The following table summarizes the property dispositions during the three months ended March 31, 2020 (dollars in thousands):

Property/Portfolio Name

Disposition Date

Location

Property Type

Rentable Square Feet/Acres

Sales Price

Gain/(Loss) on Sale (a)

52 East Swedesford Road

March 19, 2020

Malvern, PA

Office

131,077

18,000

2,336

(a)

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

- Definition

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

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+ Details

Investment in Unconsolidated Real Estate Ventures (Tables)

3 Months Ended

Mar. 31, 2020

Equity Method Investments and Joint Ventures [Abstract]

Summary of Financial Position of Real Estate Ventures

The following is a summary of the financial position of the Real Estate Ventures in which the Company held interests as of March 31, 2020 and December 31, 2019 (in thousands):



	March 31, 2020
	MAP Venture			Other		Total
Net property	$	189,953		$	650,323	$	840,276
Other assets	256,904			87,201		344,105
Other liabilities	266,798			21,188		287,986
Debt, net	181,768			419,352		601,120
Equity (a)	(1,709		)	296,984		295,275



	December 31, 2019
	MAP Venture		Other		Total
Net property	$	192,582	$	641,785	$	834,367
Other assets	256,453		85,549		342,002
Other liabilities	266,200		23,871		290,071
Debt, net	181,525		403,543		585,068
Equity (a)	1,310		299,920		301,230

(a)

Investment in Real Estate Ventures and Share of Real Estate Ventures' Income (Loss)

The following is a summary of results of operations of the Real Estate Ventures in which the Company held interests during the three-month periods ended March 31, 2020 and 2019 (in thousands):



	Three Months Ended March 31, 2020
	MAP Venture			Other			Total
Revenue	$	17,313		$	13,838		$	31,151
Operating expenses	(12,228		)	(5,733		)	(17,961		)
Interest expense, net	(2,047		)	(2,942		)	(4,989		)
Depreciation and amortization	(6,058		)	(6,465		)	(12,523		)
Net loss	$	(3,020	)	$	(1,302	)	$	(4,322	)
Ownership interest %	50		%	Various			Various
Company's share of net loss	$	(1,510	)	$	(352	)	$	(1,862	)
Basis adjustments and other	(10		)	(19		)	(29		)
Equity in loss of Real Estate Ventures	$	(1,520	)	$	(371	)	$	(1,891	)



	Three Months Ended March 31, 2019
	MAP Venture			Other			Total
Revenue	$	18,288		$	16,771		$	35,059
Operating expenses	(12,155		)	(6,563		)	(18,718		)
Interest expense, net	(2,536		)	(1,384		)	(3,920		)
Depreciation and amortization	(6,349		)	(7,363		)	(13,712		)
Net income (loss)	$	(2,752	)	$	1,461		$	(1,291	)
Ownership interest %	50		%	Various			Various
Company's share of net income (loss)	$	(1,376	)	$	64		$	(1,312	)
Basis adjustments and other	(56		)	10			(46		)
Equity in income (loss) of Real Estate Ventures	$	(1,432	)	$	74		$	(1,358	)

Intangible Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets and Liabilities

As of March 31, 2020 and December 31, 2019, the Company’s intangible assets/liabilities were comprised of the following (in thousands):



	March 31, 2020
	Total Cost		Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	153,328	$	(79,024	)	$	74,304
Tenant relationship value	5,142		(4,775		)	367
Above market leases acquired	4,866		(3,867		)	999
Total intangible assets, net	$	163,336	$	(87,666	)	$	75,670

	Total Cost		Accumulated Amortization			Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	43,302	$	(22,697	)	$	20,605



	December 31, 2019
	Total Cost		Accumulated Amortization			Intangible Assets, net
Intangible assets, net:
In-place lease value	$	167,357	$	(84,123	)	$	83,234
Tenant relationship value	5,268		(4,815		)	453
Above market leases acquired	4,956		(3,792		)	1,164
Total intangible assets, net	$	177,581	$	(92,730	)	$	84,851

	Total Cost		Accumulated Amortization			Intangible Liabilities, net
Intangible liabilities, net:
Below market leases acquired	$	44,757	$	(22,494	)	$	22,263

Summary of Amortization for Intangible Assets and Liabilities

As of March 31, 2020, the Company’s annual amortization for its intangible assets/liabilities, assuming no prospective early lease terminations, was as follows (dollars in thousands):



	Assets		Liabilities
2020 (nine months remaining)	$	18,801	$	3,665
2021	17,854		3,838
2022	12,043		2,257
2023	9,213		1,716
2024	6,294		1,428
Thereafter	11,465		7,701
Total	$	75,670	$	20,605

Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Schedule of Lease Income

The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the three months ended March 31, 2020 and 2019 (in thousands):



	Three Months Ended March 31,		Three Months Ended March 31,
Lease Revenue	2020		2019
Fixed contractual payments	$	104,401	$	104,649
Variable lease payments	30,639		28,731
Total	$	135,040	$	133,380

Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Consolidated debt obligations

The following table sets forth information regarding the Company’s consolidated debt obligations outstanding at March 31, 2020 and December 31, 2019 (in thousands):



	March 31, 2020			December 31, 2019			Effective Interest Rate	Maturity Date
MORTGAGE DEBT:
Two Logan Square	$	80,667		$	81,103		3.98%	August 2020
Four Tower Bridge	9,230			9,291			4.50%	February 2021
One Commerce Square	115,647			116,571			3.64%	April 2023
Two Commerce Square	107,948			108,472			4.51%	April 2023
Principal balance outstanding	313,492			315,437
Plus: fair market value premium (discount), net	(1,289		)	(1,383		)
Less: deferred financing costs	(202		)	(242		)
Mortgage indebtedness	$	312,001		$	313,812

UNSECURED DEBT
$600 million Unsecured Credit Facility	$	50,000		$	—		LIBOR + 1.10%	July 2022
Seven-Year Term Loan - Swapped to fixed	250,000			250,000			2.87%	October 2022
$350.0M 3.95% Guaranteed Notes due 2023	350,000			350,000			3.87%	February 2023
$350.0M 4.10% Guaranteed Notes due 2024	350,000			350,000			3.78%	October 2024
$450.0M 3.95% Guaranteed Notes due 2027	450,000			450,000			4.03%	November 2027
$350.0M 4.55% Guaranteed Notes due 2029	350,000			350,000			4.30%	October 2029
Indenture IA (Preferred Trust I)	27,062			27,062			LIBOR + 1.25%	March 2035
Indenture IB (Preferred Trust I) - Swapped to fixed	25,774			25,774			3.30%	April 2035
Indenture II (Preferred Trust II)	25,774			25,774			LIBOR + 1.25%	July 2035
Principal balance outstanding	1,878,610			1,828,610
Plus: original issue premium (discount), net	11,601			12,090
Less: deferred financing costs	(9,612		)	(10,094		)
Total unsecured indebtedness	$	1,880,599		$	1,830,606
Total Debt Obligations	$	2,192,600		$	2,144,418

Schedule of maturities of long-term debt

As of March 31, 2020, the Company’s aggregate scheduled principal payments of debt obligations are as follows (in thousands):



2020 (nine months remaining)	$	85,281
2021	15,143
2022	306,332
2023	556,736
2024	350,000
Thereafter	878,610
Total principal payments	2,192,102
Net unamortized premiums/(discounts)	10,312
Net deferred financing costs	(9,814		)
Outstanding indebtedness	$	2,192,600

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

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

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



	March 31, 2020				December 31, 2019
	Carrying Amount (a)		Fair Value		Carrying Amount (a)		Fair Value
Unsecured notes payable	$	1,503,297	$	1,511,215	$	1,503,435	$	1,591,830
Variable rate debt	$	377,302	$	359,532	$	327,171	$	309,947
Mortgage notes payable	$	312,001	$	331,341	$	313,812	$	317,031
Notes receivable	$	44,430	$	46,640	$	44,430	$	43,322


(a)	Net of deferred financing costs of $8.3 million and $8.7 million for unsecured notes payable, $1.3 million and $1.4 million for variable rate debt and $0.2 million for mortgage notes payable as of both March 31, 2020 and December 31, 2019.

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value



Hedge Product	Hedge Type	Designation		Notional Amount				Strike		Trade Date	Maturity Date	Fair value
				3/31/2020		12/31/2019						3/31/2020			12/31/2019
Liabilities
Swap	Interest Rate	Cash Flow	(a)	$	250,000	$	250,000	2.868	%	October 8, 2015	October 8, 2022	$	(8,423	)	$	(562	)
Swap	Interest Rate	Cash Flow	(a)	$	25,774	$	25,774	3.300	%	December 22, 2011	January 30, 2021	(293		)	(94		)
				$	275,774	$	275,774

(a)

Hedging unsecured variable rate debt.

Beneficiaries Equity of the Parent Company (Tables)

3 Months Ended

Mar. 31, 2020

Equity [Abstract]

Earnings Per Share (EPS), Basic and Diluted



	Three Months Ended March 31,
	2020						2019
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	8,087		$	8,087		$	4,583		$	4,583
Net income attributable to noncontrolling interests	(65		)	(65		)	(60		)	(60		)
Nonforfeitable dividends allocated to unvested restricted shareholders	(131		)	(131		)	(119		)	(119		)
Net income attributable to common shareholders	$	7,891		$	7,891		$	4,404		$	4,404
Denominator
Weighted-average shares outstanding	176,069,968			176,069,968			175,857,358			175,857,358
Contingent securities/Share based compensation	—			583,491			—			606,860
Weighted-average shares outstanding	176,069,968			176,653,459			175,857,358			176,464,218
Earnings per Common Share:
Net income attributable to common shareholders	$	0.04		$	0.04		$	0.03		$	0.02

Partners Equity of the Operating Partnership (Tables)

3 Months Ended

Mar. 31, 2020

Earnings Per Share (EPS), Basic and Diluted



	Three Months Ended March 31,
	2020						2019
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	8,087		$	8,087		$	4,583		$	4,583
Net income attributable to noncontrolling interests	(65		)	(65		)	(60		)	(60		)
Nonforfeitable dividends allocated to unvested restricted shareholders	(131		)	(131		)	(119		)	(119		)
Net income attributable to common shareholders	$	7,891		$	7,891		$	4,404		$	4,404
Denominator
Weighted-average shares outstanding	176,069,968			176,069,968			175,857,358			175,857,358
Contingent securities/Share based compensation	—			583,491			—			606,860
Weighted-average shares outstanding	176,069,968			176,653,459			175,857,358			176,464,218
Earnings per Common Share:
Net income attributable to common shareholders	$	0.04		$	0.04		$	0.03		$	0.02

BRANDYWINE OPERATING PARTNERSHIP, L.P.

Earnings Per Share (EPS), Basic and Diluted



	Three Months Ended March 31,
	2020						2019
	Basic			Diluted			Basic			Diluted
Numerator
Net income	$	8,087		$	8,087		$	4,583		$	4,583
Net income attributable to noncontrolling interests	(12		)	(12		)	(34		)	(34		)
Nonforfeitable dividends allocated to unvested restricted unitholders	(131		)	(131		)	(119		)	(119		)
Net income attributable to common unitholders	$	7,944		$	7,944		$	4,430		$	4,430
Denominator
Weighted-average units outstanding	177,051,602			177,051,602			176,840,229			176,840,229
Contingent securities/Share based compensation	—			583,491			—			606,860
Total weighted-average units outstanding	177,051,602			177,635,093			176,840,229			177,447,089
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	0.04			0.04			0.03			0.02

Share Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Company's Restricted Share Activity

The following table summarizes the Company’s Restricted Share Rights activity during the three months ended March 31, 2020:



	Shares		Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)
Non-vested at January 1, 2020	479,144		$	15.90	$	44.7
Granted	224,678		$	14.66	$	—
Vested	(12,718	)	$	15.60	$	—
Forfeited	(1,920	)	$	15.63	$	—
Non-vested at March 31, 2020	689,184		$	15.50	$	—

Schedule of Restricted Performance Share Units Plan

The table below presents certain information as to unvested RPSU awards.



	RPSU Grant
	2/28/2018		2/21/2019		3/5/2020		Total
(Amounts below in shares, unless otherwise noted)
Non-vested at January 1, 2020	190,296		206,069		—		396,365
Units Granted	—		—		319,600		319,600
Non-vested at March 31, 2020	190,296		206,069		319,600		715,965
Measurement Period Commencement Date	1/1/2018		1/1/2019		1/1/2020
Measurement Period End Date	12/31/2020		12/31/2021		12/31/2022
Units Granted	209,193		213,728		319,600
Fair Value of Units on Grant Date (in thousands)	$	4,276	$	4,627	$	5,389

Segment Information (Tables)

3 Months Ended

Mar. 31, 2020

Segment Reporting [Abstract]

Real Estate Investments, Net Operating Income and Unconsolidated Real Estate Ventures 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:
	March 31, 2020		December 31, 2019
Philadelphia CBD	$	1,733,987	$	1,726,299
Pennsylvania Suburbs	991,788		1,003,890
Austin, Texas	722,873		721,255
Metropolitan Washington, D.C.	468,416		468,035
Other	87,054		86,980
Operating Properties	$	4,004,118	$	4,006,459

Right of use asset - operating leases, net	$	21,485	$	21,656

Corporate
Construction-in-progress	$	193,160	$	180,718
Land held for development (a)	$	108,213	$	96,124
Prepaid leasehold interests in land held for development, net (b)	$	39,490	$	39,592


(a)	Does not include 49.2 acres and 35.2 acres of land classified as held for sale as of March 31, 2020 and December 31, 2019, respectively.


(b)	Includes leasehold interests in prepaid 99-year ground leases at 3025 and 3001-3003 JFK Boulevard, in Philadelphia, Pennsylvania as of March 31, 2020 and December 31, 2019.

Net operating income:



	Three Months Ended March 31,
	2020								2019
	Total revenue		Operating expenses (a)			Net operating income (loss)			Total revenue		Operating expenses (a)			Net operating income (loss)
Philadelphia CBD	$	65,915	$	(24,198	)	$	41,717		$	65,798	$	(25,185	)	$	40,613
Pennsylvania Suburbs	37,237		(12,678		)	24,559			35,627		(12,991		)	22,636
Austin, Texas	26,581		(10,145		)	16,436			24,766		(9,076		)	15,690
Metropolitan Washington, D.C.	10,754		(5,512		)	5,242			13,520		(6,204		)	7,316
Other	3,652		(2,693		)	959			3,182		(2,145		)	1,037
Corporate	949		(1,684		)	(735		)	1,003		(1,799		)	(796		)
Operating properties	$	145,088	$	(56,910	)	$	88,178		$	143,896	$	(57,400	)	$	86,496


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



Unconsolidated real estate ventures:
	Investment in real estate ventures						Equity in income (loss) of real estate venture
	As of						Three Months Ended March 31,
	March 31, 2020			December 31, 2019			2020			2019
Philadelphia CBD	$	17,602		$	17,524		$	78		$	78
Metropolitan Washington, D.C.	102,396			102,840			(449		)	(175		)
MAP Venture (a)	(1,590		)	(70		)	(1,520		)	(1,367		)
Other	—			—			—			106
Total	$	118,408		$	120,294		$	(1,891	)	$	(1,358	)

Reconciliation of Consolidated Net Income to Consolidated NOI

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



	Three Months Ended March 31,
	2020			2019
Net income	$	8,087		$	4,583
Plus:
Interest expense	20,009			20,357
Interest expense - amortization of deferred financing costs	749			666
Depreciation and amortization	52,038			51,444
General and administrative expenses	8,561			9,844
Equity in loss of Real Estate Ventures	1,891			1,358
Less:
Interest income	575			525
Income tax provision	(4		)	(29		)
Net gain on disposition of real estate	2,586			—
Net gain on sale of undepreciated real estate	—			1,001
Net gain on real estate venture transactions	—			259
Consolidated net operating income	$	88,178		$	86,496

Organization of The Parent Company and The Operating Partnership (Textual) (Details)	3 Months Ended
	Mar. 31, 2020 a ft² parcel property
Organization of The Parent Company and The Operating Partnership [Line Items]
Number of properties \| property	94
Net rentable area (in square feet)	16,580,310
Parent Company
Organization of The Parent Company and The Operating Partnership [Line Items]
Areas of land held for development (in acres) \| a	242.5
Area of land held for sale (in acres) \| a	49.2
Area of additional undeveloped parcels of land with option to purchase (in acres) \| a	55.5
Total potential development capacity (in square feet)	14,400,000
Parent Company \| Land Parcel One
Organization of The Parent Company and The Operating Partnership [Line Items]
Lease agreement term	99 years
Parent Company \| Land Parcel Two
Organization of The Parent Company and The Operating Partnership [Line Items]
Lease agreement term	99 years
Parent Company \| Assets Held-for-sale
Organization of The Parent Company and The Operating Partnership [Line Items]
Total potential development capacity (in square feet)	300,000
Parent Company \| Leashold Interest Land
Organization of The Parent Company and The Operating Partnership [Line Items]
Areas of land held for development (in acres) \| a	1.8
Number of parcels of land \| parcel	2
Wholly-owned Management Company Subsidiaries
Organization of The Parent Company and The Operating Partnership [Line Items]
Net rentable area (in square feet)	24,100,000
Wholly-owned Management Company Subsidiaries \| Wholly Owned Properties
Organization of The Parent Company and The Operating Partnership [Line Items]
Net rentable area (in square feet)	16,600,000
Wholly-owned Management Company Subsidiaries \| Partially Owned Properties
Organization of The Parent Company and The Operating Partnership [Line Items]
Net rentable area (in square feet)	7,500,000
Brandywine Operating Partnership LP
Organization of The Parent Company and The Operating Partnership [Line Items]
Ownership in the operating partnership	99.40%

Organization of The Parent Company and The Operating Partnership - Summary of Core Portfolio of Operating Properties and Excludes Development, Redevelopment and Held for Sale (Details)	Mar. 31, 2020 ft² property
Real Estate Properties [Line Items]
Number of properties \| property	94
Net rentable area (in square feet) \| ft²	16,580,310
Office properties
Real Estate Properties [Line Items]
Number of properties \| property	85
Net rentable area (in square feet) \| ft²	15,319,340
Mixed-use properties
Real Estate Properties [Line Items]
Number of properties \| property	4
Net rentable area (in square feet) \| ft²	659,625
Core Properties
Real Estate Properties [Line Items]
Number of properties \| property	89
Net rentable area (in square feet) \| ft²	15,978,965
Development property
Real Estate Properties [Line Items]
Number of properties \| property	1
Net rentable area (in square feet) \| ft²	204,108
Redevelopment properties
Real Estate Properties [Line Items]
Number of properties \| property	4
Net rentable area (in square feet) \| ft²	397,237

Real Estate Investments - Gross Carrying Value of Operating Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 485,420	$ 489,702
Building and improvements	3,044,461	3,049,395
Tenant improvements	474,237	467,362
Total	$ 4,004,118	$ 4,006,459

Real Estate Investments Real Estate Investments - Summary of Properties Acquired (Details) $ in Thousands		3 Months Ended
	Feb. 27, 2020 USD ($) a	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)
Real Estate [Line Items]
Purchase price		$ 11,432	$ 0
Land \| 145 King of Prussia Road
Real Estate [Line Items]
Area of land (in acres) \| a	7.75
Purchase price	$ 11,250

Real Estate Investments - Summary of Properties Sold (Details) $ in Thousands		3 Months Ended
	Mar. 19, 2020 USD ($) ft²	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from the sale of properties		$ 17,711	$ 5,273
Gain (loss) on sale		$ 2,586	$ 0
Office properties \| 52 East Swedesford Road
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable area (in square feet) \| ft²	131,077
Proceeds from the sale of properties	$ 18,000
Gain (loss) on sale	$ 2,336

Real Estate Investments (Textual) (Details) $ in Thousands	3 Months Ended
Real Estate Investments (Textual) (Details) $ in Thousands	Mar. 31, 2020 USD ($) a parcel	Dec. 31, 2019 USD ($) a
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net	$ 10,698	$ 7,349
Assets Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net	$ 10,700
Assets Held-for-sale \| Other
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of parcels of land \| parcel	2
Area of land (in acres) \| a	49.2
Land Held For Development \| Assets Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Area of land (in acres) \| a		35.2
Assets held for sale, net		$ 7,300

Investment in Unconsolidated Real Estate Ventures (Textual) (Details) $ in Thousands, ft² in Millions	3 Months Ended
	Mar. 31, 2020 USD ($) a ft² property apartment investment	Mar. 31, 2019 USD ($)	Dec. 31, 2019 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of properties \| property	94
Investment in Real Estate Ventures	$ 119,998		$ 120,294
Accounts receivable	$ 16,928		16,363
Minimum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	15.00%
Maximum
Schedule of Equity Method Investments [Line Items]
Ownership percentage	70.00%
Real Estate Venture
Schedule of Equity Method Investments [Line Items]
Accounts receivable	$ 900		$ 800
Real Estate Venture \| Management Fees
Schedule of Equity Method Investments [Line Items]
Service and other revenue	1,100	$ 1,100
Real Estate Venture \| Leasing Commission Income
Schedule of Equity Method Investments [Line Items]
Service and other revenue	400	$ 200
Unconsolidated Real Estate Ventures
Schedule of Equity Method Investments [Line Items]
Investment in Real Estate Ventures	$ 118,400
Unconsolidated Real Estate Ventures \| Office properties
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated investments in Real Estate Ventures \| investment	3
Rentable area (in square feet) \| ft²	5.4
Unconsolidated Real Estate Ventures \| Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Number of properties \| property	7
Unconsolidated Real Estate Ventures \| Land Held For Development
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated investments in Real Estate Ventures \| investment	2
Area of land (in acres) \| a	1.4
Unconsolidated Real Estate Ventures \| Land Under Active Development
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated investments in Real Estate Ventures \| investment	1
Area of land (in acres) \| a	1.3
Unconsolidated Real Estate Ventures \| Residential Tower
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated investments in Real Estate Ventures \| investment	1
Number of apartment units (in units) \| apartment	321

Investment in Unconsolidated Real Estate Ventures - Summary of Financial Position of Real Estate Ventures (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Net property	$ 840,276	$ 834,367
Other assets	344,105	342,002
Other liabilities	287,986	290,071
Debt, net	601,120	585,068
Equity	295,275	301,230
MAP Venture
Schedule of Equity Method Investments [Line Items]
Net property	189,953	192,582
Other assets	256,904	256,453
Other liabilities	266,798	266,200
Debt, net	181,768	181,525
Equity	(1,709)	1,310
Other
Schedule of Equity Method Investments [Line Items]
Net property	650,323	641,785
Other assets	87,201	85,549
Other liabilities	21,188	23,871
Debt, net	419,352	403,543
Equity	$ 296,984	$ 299,920

Investment in Unconsolidated Real Estate Ventures - Summary of Results of Operations of Real Estate Ventures with Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Schedule of Equity Method Investments [Line Items]
Revenue	$ 31,151	$ 35,059
Operating expenses	(17,961)	(18,718)
Interest expense, net	(4,989)	(3,920)
Depreciation and amortization	(12,523)	(13,712)
Net loss	(4,322)	(1,291)
Company's share of net loss	(1,862)	(1,312)
Basis adjustments and other	(29)	(46)
Equity in loss of Real Estate Ventures	(1,891)	(1,358)
MAP Venture
Schedule of Equity Method Investments [Line Items]
Revenue	17,313	18,288
Operating expenses	(12,228)	(12,155)
Interest expense, net	(2,047)	(2,536)
Depreciation and amortization	(6,058)	(6,349)
Net loss	$ (3,020)	$ (2,752)
Ownership interest %	50.00%	50.00%
Company's share of net loss	$ (1,510)	$ (1,376)
Basis adjustments and other	(10)	(56)
Equity in loss of Real Estate Ventures	(1,520)	(1,432)
Other
Schedule of Equity Method Investments [Line Items]
Revenue	13,838	16,771
Operating expenses	(5,733)	(6,563)
Interest expense, net	(2,942)	(1,384)
Depreciation and amortization	(6,465)	(7,363)
Net loss	(1,302)	1,461
Company's share of net loss	(352)	64
Basis adjustments and other	(19)	10
Equity in loss of Real Estate Ventures	$ (371)	$ 74

Intangible Assets and Liabilities - Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Intangible Assets [Line Items]
Intangible assets, total cost	$ 163,336	$ 177,581
Intangible assets, accumulated amortization	(87,666)	(92,730)
Intangible assets, net	75,670	84,851
Acquired lease intangibles, net	20,605	22,263
In-place lease value
Intangible Assets [Line Items]
Intangible assets, total cost	153,328	167,357
Intangible assets, accumulated amortization	(79,024)	(84,123)
Intangible assets, net	74,304	83,234
Tenant relationship value
Intangible Assets [Line Items]
Intangible assets, total cost	5,142	5,268
Intangible assets, accumulated amortization	(4,775)	(4,815)
Intangible assets, net	367	453
Above market leases acquired
Intangible Assets [Line Items]
Intangible assets, total cost	4,866	4,956
Intangible assets, accumulated amortization	(3,867)	(3,792)
Intangible assets, net	999	1,164
Below market leases acquired
Intangible Assets [Line Items]
Acquired lease intangibles, gross	43,302	44,757
Acquired lease intangibles, accumulated amortization	(22,697)	(22,494)
Acquired lease intangibles, net	$ 20,605	$ 22,263

Leases Leases - Components of Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Fixed contractual payments	$ 104,401	$ 104,649
Variable lease payments	30,639	28,731
Total	$ 135,040	$ 133,380

Intangible Assets and Liabilities - Annual Amortization of Intangible Assets, Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
2020 (nine months remaining)	$ 18,801
2021	17,854
2022	12,043
2023	9,213
2024	6,294
Thereafter	11,465
Intangible assets, net	75,670	$ 84,851
Liabilities
2020 (nine months remaining)	3,665
2021	3,838
2022	2,257
2023	1,716
2024	1,428
Thereafter	7,701
Acquired lease intangibles, net	$ 20,605	$ 22,263

Debt Obligations - Consolidated Debt Obligations Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Consolidated debt obligations
Plus: premiums/(discounts), net	$ 10,312
Less: deferred financing costs	(9,814)
Outstanding indebtedness	2,192,600	$ 2,144,418
Secured Debt
Consolidated debt obligations
Long-term debt, gross	313,492	315,437
Plus: premiums/(discounts), net	(1,289)	(1,383)
Less: deferred financing costs	(202)	(242)
Total mortgage indebtedness	312,001	313,812
Unsecured Debt
Consolidated debt obligations
Long-term debt, gross	1,878,610	1,828,610
Plus: premiums/(discounts), net	11,601	12,090
Less: deferred financing costs	(9,612)	(10,094)
Total unsecured indebtedness	1,880,599	1,830,606
Unsecured Debt \| $600 million Unsecured Credit Facility
Consolidated debt obligations
Long-term debt, gross	50,000	0
Unsecured Debt \| Seven-Year Term Loan - Swapped to fixed
Consolidated debt obligations
Long-term debt, gross	$ 250,000	250,000
Effective interest rate	2.87%
Unsecured Debt \| $350.0M 3.95% Guaranteed Notes due 2023
Consolidated debt obligations
Long-term debt, gross	$ 350,000	350,000
Effective interest rate	3.87%
Unsecured Debt \| $350.0M 4.10% Guaranteed Notes due 2024
Consolidated debt obligations
Long-term debt, gross	$ 350,000	350,000
Effective interest rate	3.78%
Unsecured Debt \| $450.0M 3.95% Guaranteed Notes due 2027
Consolidated debt obligations
Long-term debt, gross	$ 450,000	450,000
Effective interest rate	4.03%
Unsecured Debt \| $350.0M 4.55% Guaranteed Notes due 2029
Consolidated debt obligations
Long-term debt, gross	$ 350,000	350,000
Effective interest rate	4.30%
Unsecured Debt \| Indenture IA (Preferred Trust I)
Consolidated debt obligations
Long-term debt, gross	$ 27,062	27,062
Unsecured Debt \| Indenture IB (Preferred Trust I) - Swapped to fixed
Consolidated debt obligations
Long-term debt, gross	$ 25,774	25,774
Effective interest rate	3.30%
Unsecured Debt \| Indenture II (Preferred Trust II)
Consolidated debt obligations
Long-term debt, gross	$ 25,774	25,774
LIBOR \| Unsecured Debt \| $600 million Unsecured Credit Facility
Consolidated debt obligations
Spread on variable rate	1.10%
LIBOR \| Unsecured Debt \| Indenture IA (Preferred Trust I)
Consolidated debt obligations
Spread on variable rate	1.25%
LIBOR \| Unsecured Debt \| Indenture II (Preferred Trust II)
Consolidated debt obligations
Spread on variable rate	1.25%
Two Commerce Square \| Secured Debt
Consolidated debt obligations
Long-term debt, gross	$ 107,948	108,472
Effective interest rate	4.51%
One Commerce Square \| Secured Debt
Consolidated debt obligations
Long-term debt, gross	$ 115,647	116,571
Effective interest rate	3.64%
Four Tower Bridge \| Secured Debt
Consolidated debt obligations
Long-term debt, gross	$ 9,230	9,291
Effective interest rate	4.50%
Two Logan Square \| Secured Debt
Consolidated debt obligations
Long-term debt, gross	$ 80,667	$ 81,103
Effective interest rate	3.98%

Debt Obligations - Textual (Details) - Revolving Credit Facility	3 Months Ended
	Mar. 31, 2020 USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 600,000,000.0
Weighted average interest rate	2.10%
Effective interest rate on credit facility	2.10%
LIBOR
Debt Instrument [Line Items]
Spread on variable rate	1.10%

Debt Obligations - Aggregate Scheduled Principal Payments of Debt Obligation, Excluding Amortization of Discounts and Premiums (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2020 (nine months remaining)	$ 85,281
2021	15,143
2022	306,332
2023	556,736
2024	350,000
Thereafter	878,610
Total principal payments	2,192,102
Net unamortized premiums/(discounts)	10,312
Net deferred financing costs	(9,814)
Outstanding indebtedness	$ 2,192,600	$ 2,144,418

Fair Value of Financial Instruments - Financial Instruments for which Estimates of Fair Value Differ from Carrying Amounts (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	$ 312,001	$ 313,812
Deferred financing costs, net	9,814
Unsecured notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Deferred financing costs, net	9,612	10,094
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable	44,430	44,430
Carrying Amount \| Unsecured notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable	1,503,297	1,503,435
Deferred financing costs, net	8,300	8,700
Carrying Amount \| Variable rate debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Variable rate debt	377,302	327,171
Deferred financing costs, net	1,300	1,400
Carrying Amount \| Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	312,001	313,812
Deferred financing costs, net	200	200
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note receivable, fair value	46,640	43,322
Fair Value \| Unsecured notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	1,511,215	1,591,830
Fair Value \| Variable rate debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	359,532	309,947
Fair Value \| Mortgage notes payable
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value	$ 331,341	$ 317,031

Fair Value of Financial Instruments (Textual) (Details) - Brandywine 1919 Ventures $ in Millions	Jun. 26, 2018 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage loan	$ 44.4
Equity method investment, ownership percentage	50.00%
Other Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Note receivable	$ 44.4

Limited Partners' Non-Controlling Interests in the Parent Company (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Noncontrolling Interest [Abstract]
Aggregate amount related to non-controlling interests classified within equity	$ 9.2	$ 9.3
Settlement value of non controlling interest in operating partnership	$ 10.3	$ 15.5

Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Derivative, notional amount	$ 275,774	$ 275,774
2.868% Interest Rate Swap Maturing October 8, 2022 \| Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Derivative liability, notional amount	$ 250,000	250,000
Derivative, fixed interest rate	2.868%
Derivative liability, fair value, gross liability	$ (8,423)	(562)
3.300% Interest Rate Swap Maturing January 30, 2021 \| Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Derivative liability, notional amount	$ 25,774	25,774
Derivative, fixed interest rate	3.30%
Derivative liability, fair value, gross liability	$ (293)	$ (94)

Beneficiaries Equity of the Parent Company - Number of Shares and Net Income Used to Calculate Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator
Net income	$ 8,087	$ 4,583
Net income attributable to noncontrolling interests, Basic	(65)	(60)
Nonforfeitable dividends allocated to unvested restricted shareholders, Basic	(131)	(119)
Net income attributable to noncontrolling interests, Diluted	(65)	(60)
Nonforfeitable dividends allocated to unvested restricted shareholders, Diluted	(131)	(119)
Net income attributable to common shareholders, Diluted	$ 7,891	$ 4,404
Denominator
Basic weighted average shares outstanding (in shares)	176,069,968	175,857,358
Contingent securities/Share based compensation (in shares)	583,491	606,860
Diluted weighted average shares outstanding (in shares)	176,653,459	176,464,218
Earnings per Common Share:
Net income attributable to common shareholders, Basic (USD per share)	$ 0.04	$ 0.03
Net income attributable to common shareholders, Diluted (USD per share)	$ 0.04	$ 0.02

Beneficiaries Equity of the Parent Company - Textual (Details) - USD ($)		3 Months Ended
	Feb. 27, 2020	Mar. 31, 2020	Mar. 31, 2019	Jan. 03, 2019
Class of Stock [Line Items]
Dividends, common stock	$ 32,700,000
Shares repurchased and retired (in shares)		5,644,200	1,337,169
Share price (in dollars per share)		$ 9.54	$ 12.92
Value of stock repurchased and retired		$ 53,858,000	$ 17,281,000
Maximum
Class of Stock [Line Items]
Share repurchase, authorized amount				$ 150,000,000.0
Dividend declared
Class of Stock [Line Items]
Dividends payable (in dollars per share)	$ 0.19
Redeemable Common Limited Partnership Units
Class of Stock [Line Items]
Redeemable common limited partnership units (in shares)		981,634	982,871

Partners Equity of the Operating Partnership - Number of Units and Net Income Used to Calculate Basic and Diluted Earnings Per Common Partnership Unit (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator
Net income	$ 8,087	$ 4,583
Nonforfeitable dividends allocated to unvested restricted shareholders, Basic	(131)	(119)
Nonforfeitable dividends allocated to unvested restricted shareholders, Diluted	$ (131)	$ (119)
Denominator
Basic weighted average shares outstanding (in shares)	176,069,968	175,857,358
Contingent securities/Share based compensation (in shares)	583,491	606,860
Diluted weighted average shares outstanding (in shares)	176,653,459	176,464,218
Earnings per Common Partnership Unit:
Net income attributable to common shareholders, Basic (USD per share)	$ 0.04	$ 0.03
Net income attributable to common shareholders, Diluted (USD per share)	$ 0.04	$ 0.02
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Numerator
Net income	$ 8,087	$ 4,583
Net income attributable to noncontrolling interests	(12)	(34)
Nonforfeitable dividends allocated to unvested restricted shareholders, Basic	(131)	(119)
Net income attributable to common unitholders, Basic	7,944	4,430
Nonforfeitable dividends allocated to unvested restricted shareholders, Diluted	(131)	(119)
Net income attributable to common unitholders, Diluted	$ 7,944	$ 4,430
Denominator
Basic weighted average shares outstanding (in shares)	177,051,602	176,840,229
Contingent securities/Share based compensation (in shares)	583,491	606,860
Diluted weighted average shares outstanding (in shares)	177,635,093	177,447,089
Earnings per Common Partnership Unit:
Net income attributable to common shareholders, Basic (USD per share)	$ 0.04	$ 0.03
Net income attributable to common shareholders, Diluted (USD per share)	$ 0.04	$ 0.02

Partners Equity of the Operating Partnership (Textual) (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Feb. 27, 2020	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Common Partnership Unit [Line Items]
Dividends, common stock	$ 32,700
Shares repurchased and retired (in shares)		5,644,200	1,337,169
Share price (in dollars per share)		$ 9.54	$ 12.92
Value of stock repurchased and retired		$ 53,858	$ 17,281
Dividend declared
Earnings Per Common Partnership Unit [Line Items]
Dividends payable (in dollars per share)	$ 0.19
BRANDYWINE OPERATING PARTNERSHIP, L.P.
Earnings Per Common Partnership Unit [Line Items]
Dividends, common stock	$ 32,700
Repurchase program, number of mirror unit of operating partnership retired for each common share repurchased		1
BRANDYWINE OPERATING PARTNERSHIP, L.P. \| Dividend declared
Earnings Per Common Partnership Unit [Line Items]
Dividends payable (in dollars per share)	$ 0.19

Share Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions				3 Months Ended
	Mar. 05, 2020 USD ($) installment $ / shares shares	Feb. 01, 2020 shares	Mar. 01, 2017	Mar. 31, 2020 USD ($) $ / shares shares	Mar. 31, 2019 USD ($)	Jan. 22, 2020 $ / shares	Dec. 31, 2019 $ / shares shares
Restricted Share Rights Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expenses \| $				$ 3.5
Weighted average period over which options will be recognized				1 year 4 months 24 days
Share-based compensation expense \| $				$ 1.9	$ 1.6
Share-based compensation expense, capitalized \| $				$ 0.3	0.2
Granted (in shares)				224,678
Restricted share rights outstanding (in shares)				689,184			479,144
Weighted average grant date fair value (in dollars per shares) \| $ / shares				$ 15.50			$ 15.90
Restricted Share Rights Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year
Restricted Share Rights Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Restricted Performance Share Units Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years	3 years
Unrecognized compensation expenses \| $				$ 6.9
Weighted average period over which options will be recognized				2 years 4 months 13 days
Share-based compensation expense \| $				$ 0.6	2.7
Share-based compensation expense, capitalized \| $				$ 0.1	$ 0.4
Common shares issued for share based compensation (in shares)		121,897
Dividends payable (in dollars per share) \| $ / shares						$ 0.19
Executive Officer \| Restricted Share Rights Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	183,758
Number of restricted share right will get settled for common share (in shares)	1
Voluntary termination of employment age limit	57
Accumulated service period for voluntary termination	15 years
Performance earning potential	200.00%
Restricted share rights outstanding (in shares)	316,306
Intrinsic value of awards \| $	$ 4.6
Weighted average grant date fair value (in dollars per shares) \| $ / shares	$ 14.66
Executive Officer \| Restricted Share Rights Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Executive Officer \| Restricted Performance Share Units Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)				319,600
Restricted share rights outstanding (in shares)				715,965			396,365
Non Officer Employees \| Restricted Share Rights Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	40,920
Number of vesting installments \| installment	3
Vesting acceleration period	1 year

Share Based Compensation - Restricted Share Activity (Details) - Restricted Share Rights Awards	3 Months Ended
	Mar. 31, 2020 USD ($) $ / shares shares
Shares
Beginning balance (in shares) \| shares	479,144
Granted (in shares) \| shares	224,678
Vested (in shares) \| shares	(12,718)
Forfeited (in shares) \| shares	(1,920)
Ending balance (in shares) \| shares	689,184
Weighted Average Grant Date Fair Value
Non-vested at beginning of year, Weighted Average Grant Date Fair Value (in dollars per shares) \| $ / shares	$ 15.90
Granted, Weighted Average Grant Date Fair Value (in dollars per shares) \| $ / shares	14.66
Vested, Weighted Average Grant Date Fair Value (in dollars per shares) \| $ / shares	15.60
Forfeited, Weighted Average Grant Date Fair Value (in dollars per shares) \| $ / shares	15.63
Non-vested at end of year, Weighted Average Grant Date Fair Value (in dollars per shares) \| $ / shares	$ 15.50
Non-vested at beginning of year, Aggregate Intrinsic Value \| $	$ 44,700
Granted, Aggregate Intrinsic Value \| $	0
Vested, Aggregate Intrinsic Value \| $	0
Forfeited, Aggregate Intrinsic Value \| $	0
Non-vested at end of year, Aggregate Intrinsic Value \| $	$ 0

Share Based Compensation - Restricted Performance Share Units (Details) - Executive Officer - Restricted Performance Share Units Plan - USD ($) $ in Thousands				3 Months Ended
	Feb. 21, 2020	Feb. 21, 2019	Feb. 28, 2018	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)				396,365
Granted (in shares)				319,600
Ending balance (in shares)				715,965
February 28, 2018 RSPU Grant
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)				190,296
Granted (in shares)				0
Ending balance (in shares)				190,296
Units granted (in shares)			209,193
Fair value of units on grant date			$ 4,276
February 21, 2019 RSPU Grant
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)				206,069
Granted (in shares)				0
Ending balance (in shares)				206,069
Units granted (in shares)		213,728
Fair value of units on grant date		$ 4,627
February 21, 2020 RSPU Grant
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)				0
Granted (in shares)				319,600
Ending balance (in shares)				319,600
Units granted (in shares)	319,600
Fair value of units on grant date	$ 5,389

Segment Information (Textual) (Details)	3 Months Ended
Segment Information (Textual) (Details)	Mar. 31, 2020 segment
Segment Reporting [Abstract]
Number of Reportable Segments	5

Segment Information - Real Estate Investments, at Cost of Company's Reportable Segments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Operating properties	$ 4,004,118	$ 4,006,459
Right of use asset - operating leases, net	21,485	21,656
Construction-in-progress	193,160	180,718
Land held for development	108,213	96,124
Prepaid leasehold interests in land held for development, net	39,490	39,592
Philadelphia CBD
Segment Reporting Information [Line Items]
Operating properties	1,733,987	1,726,299
Pennsylvania Suburbs
Segment Reporting Information [Line Items]
Operating properties	991,788	1,003,890
Austin, Texas
Segment Reporting Information [Line Items]
Operating properties	722,873	721,255
Metropolitan Washington, D.C.
Segment Reporting Information [Line Items]
Operating properties	468,416	468,035
Other
Segment Reporting Information [Line Items]
Operating properties	$ 87,054	$ 86,980

Segment Information - Real Estate Investments, at Cost of Company's Reportable Segments (Additional Information) (Details) - a	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
3001-3003 and 3025 JFK Boulevard
Segment Reporting Information [Line Items]
Lease agreement term	99 years	99 years
Other \| Assets Held-for-sale
Segment Reporting Information [Line Items]
Area of land (in acres)	49.2
Other \| Assets Held-for-sale \| Land Held For Development
Segment Reporting Information [Line Items]
Area of land (in acres)	49.2	35.2

Segment Information - Net Operating Income of Company's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Total revenue	$ 145,088	$ 143,896
Operating expenses	(56,910)	(57,400)
Net operating income (loss)	88,178	86,496
Operating Segments \| Philadelphia CBD
Segment Reporting Information [Line Items]
Total revenue	65,915	65,798
Operating expenses	(24,198)	(25,185)
Net operating income (loss)	41,717	40,613
Operating Segments \| Pennsylvania Suburbs
Segment Reporting Information [Line Items]
Total revenue	37,237	35,627
Operating expenses	(12,678)	(12,991)
Net operating income (loss)	24,559	22,636
Operating Segments \| Austin, Texas
Segment Reporting Information [Line Items]
Total revenue	26,581	24,766
Operating expenses	(10,145)	(9,076)
Net operating income (loss)	16,436	15,690
Operating Segments \| Metropolitan Washington, D.C.
Segment Reporting Information [Line Items]
Total revenue	10,754	13,520
Operating expenses	(5,512)	(6,204)
Net operating income (loss)	5,242	7,316
Operating Segments \| Other
Segment Reporting Information [Line Items]
Total revenue	3,652	3,182
Operating expenses	(2,693)	(2,145)
Net operating income (loss)	959	1,037
Corporate
Segment Reporting Information [Line Items]
Total revenue	949	1,003
Operating expenses	(1,684)	(1,799)
Net operating income (loss)	$ (735)	$ (796)

Segment Information - Unconsolidated Real Estate Ventures of Company's Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Investment in real estate ventures	$ 118,408		$ 120,294
Equity in loss of real estate ventures	(1,891)	$ (1,358)
Philadelphia CBD
Segment Reporting Information [Line Items]
Investment in real estate ventures	17,602		17,524
Equity in loss of real estate ventures	78	78
Metropolitan Washington, D.C.
Segment Reporting Information [Line Items]
Investment in real estate ventures	102,396		102,840
Equity in loss of real estate ventures	(449)	(175)
MAP Venture
Segment Reporting Information [Line Items]
Investment in real estate ventures	(1,590)		(70)
Equity in loss of real estate ventures	(1,520)	(1,367)
Other
Segment Reporting Information [Line Items]
Investment in real estate ventures	0		$ 0
Equity in loss of real estate ventures	$ 0	$ 106

Segment Information - Reconciliation of Consolidated Net Income to Consolidated NOI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting [Abstract]
Net income	$ 8,087	$ 4,583
Plus:
Interest expense	20,009	20,357
Interest expense - amortization of deferred financing costs	749	666
Depreciation and amortization	52,038	51,444
General and administrative expenses	8,561	9,844
Equity in loss of Real Estate Ventures	1,891	1,358
Less:
Interest income	575	525
Income tax provision	(4)	(29)
Net gain on disposition of real estate	2,586	0
Net gain on sale of undepreciated real estate	0	1,001
Net gain on real estate venture transactions	0	259
Consolidated net operating income	$ 88,178	$ 86,496

Commitments and Contingencies (Textual) (Details) ft² in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($) ft²	Dec. 31, 2019 USD ($)
Property Subject to or Available for Operating Lease [Line Items]
Loan outstanding principal balance	$ 2,192,600,000	$ 2,144,418,000
4040 Wilson Venture
Property Subject to or Available for Operating Lease [Line Items]
Loan outstanding principal balance	150,000,000.0
Unconsolidated Real Estate Ventures
Property Subject to or Available for Operating Lease [Line Items]
Real estate ventures aggregate indebtedness	$ 611,600,000
Radnor PA Property
Property Subject to or Available for Operating Lease [Line Items]
Rentable area (in square feet) \| ft²	170
Payments to acquire buildings	$ 20,300,000
Payments for deposits on real estate acquisitions	1,000,000.0
Drexel Square
Property Subject to or Available for Operating Lease [Line Items]
Required spending in capital improvements to property	8,400,000
Estimated potential additional contribution obligation	2,700,000
Maximum \| 4040 Wilson Venture
Property Subject to or Available for Operating Lease [Line Items]
Guarantees, maximum exposure amount	41,300,000
Mortgage Lenders
Property Subject to or Available for Operating Lease [Line Items]
Associated letter of credit	$ 0

Subsequent Events (Details) - Subsequent Event $ in Millions	Apr. 02, 2020 USD ($) shares
Subsequent Event [Line Items]
Stock repurchased (in shares) \| shares	604,283
Stock repurchased, value \| $	$ 6.1

Label	Element	Value
Cumulative Effect on Retained Earnings, Net of Tax	us-gaap_CumulativeEffectOnRetainedEarningsNetOfTax1	$ (5,336,000)
Retained Earnings [Member]
Cumulative Effect on Retained Earnings, Net of Tax	us-gaap_CumulativeEffectOnRetainedEarningsNetOfTax1	(5,336,000)
Subsidiaries [Member]
Cumulative Effect on Retained Earnings, Net of Tax	us-gaap_CumulativeEffectOnRetainedEarningsNetOfTax1	(5,336,000)
Subsidiaries [Member] \| General Partner [Member]
Cumulative Effect on Retained Earnings, Net of Tax	us-gaap_CumulativeEffectOnRetainedEarningsNetOfTax1	$ (5,336,000)