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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_____________________________________________________________________________________________
FORM 10-Q
_____________________________________________________________________________________________
(Mark One)
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2021
or
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     
_____________________________________________________________________________________________
Brandywine Realty Trust
Brandywine Operating Partnership, L.P.
(Exact name of registrant as specified in its charter)
_____________________________________________________________________________________________
Registrant’s telephone number, including area code (610) 325-5600
_____________________________________________________________________________________________
Maryland
(Brandywine Realty Trust)
001-9106
23-2413352
Delaware
(Brandywine Operating Partnership, L.P.)
000-24407
23-2862640
(State or Other Jurisdiction of Incorporation
or Organization)
(Commission file number)
(I.R.S. Employer Identification Number)
2929 Walnut Street
Suite 1700
Philadelphia, PA 19104

(Address of principal executive offices) (Zip Code)
(610) 325-5600
(Registrant’s telephone number, including area code)
Securities registered pursuant to section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares of Beneficial InterestBDNNYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Brandywine Realty TrustYes
  No 
Brandywine Operating Partnership, L.P.Yes
  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Brandywine Realty TrustYes
  No 
Brandywine Operating Partnership, L.P.Yes
  No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Brandywine Realty Trust:
Large accelerated filer
Accelerated filer 
Non-accelerated filer 
Smaller reporting companyEmerging growth company 
Brandywine Operating Partnership, L.P.:
Large accelerated filer 
Accelerated filer 
Non-accelerated filer
 
Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Brandywine Realty TrustYes   
 No
Brandywine Operating Partnership, L.P.Yes   
 No
A total of 170,899,757 Common Shares of Beneficial Interest, par value $0.01 per share of Brandywine Realty Trust, were outstanding as of July 26, 2021.


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EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2021 of Brandywine Realty Trust (the “Parent Company”) and Brandywine Operating Partnership L.P. (the “Operating Partnership”). The Parent Company is a Maryland real estate investment trust, or REIT, that owns its assets and conducts its operations through the Operating Partnership, a Delaware limited partnership, and subsidiaries of the Operating Partnership. The Parent Company, the Operating Partnership and their consolidated subsidiaries are collectively referred to in this report as the “Company”. In addition, as used in this report, terms such as “we”, “us”, and “our” may refer to the Company, the Parent Company, or the Operating Partnership.
The Parent Company is the sole general partner of the Operating Partnership and, as of June 30, 2021, owned a 99.5% interest in the Operating Partnership. The remaining 0.5% interest consists of common units of limited partnership interest issued by the Operating Partnership to third parties in exchange for contributions of properties to the Operating Partnership. As the sole general partner of the Operating Partnership, the Parent Company has full and complete authority over the Operating Partnership’s day-to-day operations and management.
Management operates the Parent Company and the Operating Partnership as one enterprise. The management of the Parent Company consists of the same members as the management of the Operating Partnership.
As general partner with control of the Operating Partnership, the Parent Company consolidates the Operating Partnership for financial reporting purposes, and the Parent Company does not have significant assets other than its investment in the Operating Partnership. Therefore, the assets and liabilities of the Parent Company and the Operating Partnership are the same on their respective financial statements. The separate discussions of the Parent Company and the Operating Partnership in this report should be read in conjunction with each other to understand the results of the Company's operations on a consolidated basis and how management operates the Company.
The Company believes that combining the quarterly reports on Form 10-Q of the Parent Company and the Operating Partnership into a single report will:
facilitate a better understanding by the investors of the Parent Company and the Operating Partnership by enabling them to view the business as a whole in the same manner as management views and operates the business;
remove duplicative disclosures and provide a more straightforward presentation in light of the fact that a substantial portion of the disclosure applies to both the Parent Company and the Operating Partnership; and
create time and cost efficiencies through the preparation of one combined report instead of two separate reports.
There are few differences between the Parent Company and the Operating Partnership, which are reflected in the footnote disclosures in this report. The Company believes it is important to understand the differences between the Parent Company and the Operating Partnership in the context of how these entities operate as an interrelated consolidated company. The Parent Company is a REIT, whose only material asset is its ownership of partnership interests of the Operating Partnership. As a result, the Parent Company does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing equity from time to time (and contributing the net proceeds of such issuances to the Operating Partnership) and guaranteeing the debt obligations of the Operating Partnership. The Operating Partnership holds substantially all the assets of the Company, including the Company's ownership interests in the real estate ventures described below. The Operating Partnership conducts the operations of the Company’s business and is structured as a partnership with no publicly traded equity. Except for net proceeds from equity issuances by the Parent Company, which are contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generates the capital required by the Company’s business through the Operating Partnership’s operations, by the Operating Partnership’s incurrence of indebtedness (directly and through subsidiaries) and through the issuance of partnership units of the Operating Partnership or equity interests in subsidiaries of the Operating Partnership.
The equity and non-controlling interests in the Parent Company and the Operating Partnership’s equity are the main areas of difference between the consolidated financial statements of the Parent Company and the Operating Partnership. The common units of limited partnership interest in the Operating Partnership are accounted for as partners’ equity in the Operating Partnership’s financial statements while the common units of limited partnership interests held by parties other than the Parent Company are presented as non-controlling interests in the Parent Company’s financial statements. The differences between the Parent Company and the Operating Partnership’s equity relate to the differences in the equity issued at the Parent Company and Operating Partnership levels.
To help investors understand the significant differences between the Parent Company and the Operating Partnership, this report presents the following as separate notes or sections for each of the Parent Company and the Operating Partnership:
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Consolidated Financial Statements; and
Notes to the Parent Company’s and Operating Partnership’s Equity.
This report also includes separate Item 4. (Controls and Procedures) disclosures and separate Exhibit 31 and 32 certifications for each of the Parent Company and the Operating Partnership in order to establish that the Chief Executive Officer and the Chief Financial Officer of each entity have made the requisite certifications and that the Parent Company and Operating Partnership are compliant with Rule 13a-15 or Rule 15d-15 of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. § 1350.
In order to highlight the differences between the Parent Company and the Operating Partnership, the separate sections in this report for the Parent Company and the Operating Partnership specifically refer to the Parent Company and the Operating Partnership. In the sections that combine disclosures of the Parent Company and the Operating Partnership, this report refers to such disclosures as those of the Company. Although the Operating Partnership is generally the entity that directly or indirectly enters into contracts and real estate ventures and holds assets and incurs debt, reference to the Company is appropriate because the business is one enterprise and the Parent Company operates the business through the Operating Partnership.
3

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TABLE OF CONTENTS
Page
Filing Format
This combined Form 10-Q is being filed separately by Brandywine Realty Trust and Brandywine Operating Partnership, L.P.
4

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PART I - FINANCIAL INFORMATION
Item 1. — Financial Statements


BRANDYWINE REALTY TRUST
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share and per share information)
June 30,
2021
December 31,
2020
ASSETS
Real estate investments:
Operating properties$3,392,734 $3,474,109 
Accumulated depreciation(928,245)(896,561)
Right of use asset - operating leases, net20,643 20,977 
Operating real estate investments, net2,485,132 2,598,525 
Construction-in-progress286,208 210,311 
Land held for development118,181 117,984 
Prepaid leasehold interests in land held for development, net27,762 39,185 
Total real estate investments, net2,917,283 2,966,005 
Assets held for sale, net7,349 7,349 
Cash and cash equivalents47,730 46,344 
Accounts receivable10,667 13,536 
Accrued rent receivable, net of allowance of $5,033 and $5,086 as of June 30, 2021 and December 31, 2020, respectively
162,479 155,372 
Investment in unconsolidated real estate ventures441,464 401,327 
Deferred costs, net83,957 84,856 
Intangible assets, net39,726 48,570 
Other assets178,903 176,747 
Total assets$3,889,558 $3,900,106 
LIABILITIES AND BENEFICIARIES' EQUITY
Unsecured credit facility$58,000 $ 
Unsecured term loan, net249,346 249,084 
Unsecured senior notes, net1,581,245 1,581,511 
Accounts payable and accrued expenses109,639 121,982 
Distributions payable32,727 32,706 
Deferred income, gains and rent22,917 21,396 
Intangible liabilities, net15,829 18,448 
Lease liability - operating leases22,860 22,758 
Other liabilities45,942 47,573 
Total liabilities$2,138,505 $2,095,458 
Commitments and contingencies (See Note 15)
Brandywine Realty Trust's Equity:
Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 170,900,491 and 170,572,964 issued and outstanding as of June 30, 2021 and December 31, 2020, respectively1,709 1,707 
Additional paid-in-capital3,140,575 3,138,152 
Deferred compensation payable in common shares18,491 17,516 
Common shares in grantor trust, 1,175,343 and 1,160,494 issued and outstanding as of June 30, 2021 and December 31, 2020, respectively(18,491)(17,516)
Cumulative earnings1,116,837 1,110,083 
Accumulated other comprehensive loss(5,427)(7,561)
Cumulative distributions(2,513,373)(2,448,238)
Total Brandywine Realty Trust's equity1,740,321 1,794,143 
Noncontrolling interests10,732 10,505 
Total beneficiaries' equity$1,751,053 $1,804,648 
Total liabilities and beneficiaries' equity$3,889,558 $3,900,106 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except share and per share information)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenue
Rents$111,235 $132,180 $224,719 $271,384 
Third party management fees, labor reimbursement and leasing6,627 4,061 13,278 9,015 
Other2,240 596 2,874 1,526 
Total revenue120,102 136,837 240,871 281,925 
Operating expenses
Property operating expenses29,264 33,292 58,199 70,753 
Real estate taxes14,602 16,815 29,363 33,602 
Third party management expenses3,561 2,375 6,539 5,037 
Depreciation and amortization42,785 49,743 83,128 101,781 
General and administrative expenses8,356 8,343 14,940 16,904 
Total operating expenses98,568 110,568 192,169 228,077 
Gain on sale of real estate
Net gain on disposition of real estate68  142 2,586 
Net gain on sale of undepreciated real estate 201 1,993 201 
Total gain on sale of real estate68 201 2,135 2,787 
Operating income21,602 26,470 50,837 56,635 
Other income (expense):
Interest and investment income1,677 445 3,351 1,020 
Interest expense(15,490)(20,191)(31,783)(40,200)
Interest expense - amortization of deferred financing costs(709)(731)(1,418)(1,480)
Equity in loss of unconsolidated real estate ventures(7,240)(2,203)(14,164)(4,094)
Net income (loss) before income taxes(160)3,790 6,823 11,881 
Income tax (provision) benefit(15)230 (34)226 
Net income (loss)(175)4,020 6,789 12,107 
Net (income) loss attributable to noncontrolling interests8 (24)(35)(89)
Net income (loss) attributable to Brandywine Realty Trust(167)3,996 6,754 12,018 
Nonforfeitable dividends allocated to unvested restricted shareholders(94)(93)(240)(224)
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust$(261)$3,903 $6,514 $11,794 
Basic income per Common Share$ $0.02 $0.04 $0.07 
Diluted income per Common Share$ $0.02 $0.04 $0.07 
Basic weighted average shares outstanding170,848,894 170,518,095 170,737,437 173,294,031 
Diluted weighted average shares outstanding170,848,894 170,770,078 171,996,119 173,605,948 
 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited, in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Net income (loss)$(175)$4,020 $6,789 $12,107 
Comprehensive income (loss):
Unrealized gain (loss) on derivative financial instruments860 38 1,770 (8,019)
Amortization of interest rate contracts (1)188 188 376 376 
Total comprehensive income (loss)1,048 226 2,146 (7,643)
Comprehensive income873 4,246 8,935 4,464 
Comprehensive (income) loss attributable to noncontrolling interest2 (25)(47)(46)
Comprehensive income attributable to Brandywine Realty Trust$875 $4,221 $8,888 $4,418 
(1)Amounts reclassified from comprehensive income to interest expense within the Consolidated Statements of Operations.
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF BENEFICIARIES’ EQUITY
(unaudited, in thousands, except number of shares)
Number of Common SharesNumber of Rabbi
Trust/Deferred
Compensation Shares
Common Shares of
Brandywine Realty
Trust's beneficial
interest
Additional Paid-in
Capital
Deferred Compensation
 Payable
in Common
 Shares
Common Shares in
 Grantor Trust
Cumulative EarningsAccumulated Other
Comprehensive Income (Loss)
Cumulative DistributionsNoncontrolling InterestsTotal
BALANCE, beginning of period170,572,964 1,160,494 $1,707 $3,138,152 $17,516 $(17,516)$1,110,083 $(7,561)$(2,448,238)$10,505 $1,804,648 
Net income6,921 43 6,964 
Other comprehensive income1,092 6 1,098 
Share-based compensation activity108,345 12,719 2,502 2,502 
Share Issuance from/(to) Deferred Compensation Plan(18,058)(61,436)(198)142 (142)(198)
Distributions declared ($0.19 per share)
(32,573)(187)(32,760)
BALANCE, March 31, 2021170,663,251 1,111,777 $1,707 $3,140,456 $17,658 $(17,658)$1,117,004 $(6,469)$(2,480,811)$10,367 $1,782,254 
Net loss(167)(8)(175)
Other comprehensive income1,042 6 1,048 
Issuance of partnership interest in consolidated real estate ventures2,289 2,289 
Redemption of LP Units(2,334)(2,334)
Share-based compensation activity237,240 63,566 2 688 690 
Share Issuance from/(to) Deferred Compensation Plan833 (833) 
Reallocation of Noncontrolling interest(569)569  
Distributions declared ($0.19 per share)
(32,562)(157)(32,719)
BALANCE, June 30, 2021170,900,491 1,175,343 $1,709 $3,140,575 $18,491 $(18,491)$1,116,837 $(5,427)$(2,513,373)$10,732 $1,751,053 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENT OF BENEFICIARIES’ EQUITY
(unaudited, in thousands, except number of shares)
Number of Common SharesNumber of Rabbi
Trust/Deferred
 Compensation Shares
Common Shares of
 Brandywine Realty
Trust's beneficial interest
Additional Paid-in
Capital
Deferred Compensation
 Payable in Common
 Shares
Common Shares in
 Grantor Trust
Cumulative EarningsAccumulated Other
Comprehensive Income (Loss)
Cumulative DistributionsNoncontrolling InterestsTotal
BALANCE, beginning of period176,480,095 1,105,542 $1,766 $3,192,158 $16,216 $(16,216)$804,556 $(2,370)$(2,318,233)$10,426 $1,688,303 
Net income8,022 65 8,087 
Other comprehensive loss(7,825)(44)(7,869)
Repurchase and retirement of Common Shares of Beneficial Interest(5,644,200)(57)(53,801)(53,858)
Share-based compensation activity142,468 50,967 1 2,030 2,031 
Share Issuance from/(to) Deferred Compensation Plan(12,376)(38,726)(193)796 (796)(193)
Distributions declared $0.19 per share)
(32,500)(187)(32,687)
BALANCE, March 31, 2020170,965,987 1,117,783 $1,710 $3,140,194 $17,012 $(17,012)$812,578 $(10,195)$(2,350,733)$10,260 $1,603,814 
Net income3,996 24 4,020 
Other comprehensive income225 1 226 
Repurchase and retirement of Common Shares of Beneficial Interest(604,283)(5)(6,136)(6,141)
Share-based compensation activity166,628 2 1,666 1,668 
Share Issuance from/(to) Deferred Compensation Plan44,827 42,906 (11)504 (504)(11)
Reallocation of Noncontrolling interest(123)123  
Distributions declared ($0.19 per share)
(32,540)(187)(32,727)
BALANCE, June 30, 2020170,573,159 1,160,689 $1,707 $3,135,590 $17,516 $(17,516)$816,574 $(9,970)$(2,383,273)$10,221 $1,570,849 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE REALTY TRUST
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands) 
Six Months Ended June 30,
20212020
Cash flows from operating activities:
Net income$6,789 $12,107 
Adjustments to reconcile net income to net cash from operating activities:
Depreciation and amortization83,128 101,781 
Amortization of deferred financing costs1,418 1,480 
Amortization of debt discount/(premium), net(975)(788)
Amortization of stock compensation costs4,324 4,462 
Straight-line rent income(7,472)(4,416)
Amortization of acquired above (below) market leases, net(2,573)(2,617)
Ground rent expense505 729 
Provision for doubtful accounts67 345 
Net gain on sale of interests in real estate(2,135)(2,787)
Loss from unconsolidated real estate ventures, net of distributions14,164 4,092 
Income tax provision (benefit)34 (226)
Changes in assets and liabilities:
Accounts receivable2,513 (4,349)
Other assets(2,405)(3,315)
Accounts payable and accrued expenses(12,431)(4,215)
Deferred income, gains and rent1,887 (5,418)
Other liabilities(7,712)3,455 
Net cash provided by operating activities79,126 100,320 
Cash flows from investing activities:
Acquisition of properties (11,432)
Proceeds from the sale of properties79 21,250 
Proceeds from insurance1,250  
Capital expenditures for tenant improvements(20,573)(27,834)
Capital expenditures for redevelopments(10,005)(14,686)
Capital expenditures for developments(18,746)(33,566)
Advances for the purchase of tenant assets, net of repayments290 1,563 
Investment in unconsolidated real estate ventures(16,662)(199)
Capital distributions from unconsolidated real estate ventures5,151 3,575 
Leasing costs paid(9,187)(13,998)
Net cash used in investing activities(68,403)(75,327)
Cash flows from financing activities:
Repayments of mortgage notes payable (3,909)
Proceeds from credit facility borrowings96,000 132,500 
Repayments of credit facility borrowings(38,000)(71,500)
Exercise of stock options, net(63)47 
Shares used for employee taxes upon vesting of share awards(1,823)(1,346)
Partner contributions to consolidated real estate venture2,289  
Repurchase and retirement of common shares (60,000)
Redemption of limited partnership units(2,234) 
Distributions paid to shareholders(65,074)(66,107)
Distributions to noncontrolling interest(383)(374)
Net cash used in financing activities(9,288)(70,689)
Increase/(Decrease) in cash and cash equivalents and restricted cash1,435 (45,696)
Cash and cash equivalents and restricted cash at beginning of period47,077 91,170 
Cash and cash equivalents and restricted cash at end of period$48,512 $45,474 
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents, beginning of period$46,344 $90,499 
Restricted cash, beginning of period733 671 
Cash and cash equivalents and restricted cash, beginning of period$47,077 $91,170 
Cash and cash equivalents, end of period$47,730 $44,819 
Restricted cash, end of period782 655 
Cash and cash equivalents and restricted cash, end of period$48,512 $45,474 
Supplemental disclosure:
Cash paid for interest, net of capitalized interest during the six months ended June 30, 2021 and 2020 of $3,734 and $2,341, respectively
$36,961 $42,994 
Cash paid for income taxes21 483 
Supplemental disclosure of non-cash activity:
Dividends and distributions declared but not paid32,727 32,747 
Change in investment in real estate ventures as a result of deconsolidation32,761  
Change in operating real estate from deconsolidation of operating properties(30,073) 
Change in other assets as a result of deconsolidation of operating properties(2,688) 
Change in capital expenditures financed through accounts payable at period end(653)5,955 
Change in capital expenditures financed through retention payable at period end(2,339)222 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE OPERATING PARTNERSHIP, L.P.
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except unit and per unit information)
June 30,
2021
December 31,
2020
ASSETS
Real estate investments:
Operating properties$3,392,734 $3,474,109 
Accumulated depreciation(928,245)(896,561)
Right of use asset - operating leases, net20,643 20,977 
Operating real estate investments, net2,485,132 2,598,525 
Construction-in-progress286,208 210,311 
Land held for development118,181 117,984 
Prepaid leasehold interests in land held for development, net27,762 39,185 
Total real estate investments, net2,917,283 2,966,005 
Assets held for sale, net7,349 7,349 
Cash and cash equivalents47,730 46,344 
Accounts receivable10,667 13,536 
Accrued rent receivable, net of allowance of $5,033 and $5,086 as of June 30, 2021 and December 31, 2020, respectively
162,479 155,372 
Investment in unconsolidated real estate ventures441,464 401,327 
Deferred costs, net83,957 84,856 
Intangible assets, net39,726 48,570 
Other assets178,903 176,747 
Total assets$3,889,558 $3,900,106 
LIABILITIES AND PARTNERS' EQUITY
Unsecured credit facility$58,000 $ 
Unsecured term loan, net249,346 249,084 
Unsecured senior notes, net1,581,245 1,581,511 
Accounts payable and accrued expenses109,639 121,982 
Distributions payable32,727 32,706 
Deferred income, gains and rent22,917 21,396 
Intangible liabilities, net15,829 18,448 
Lease liability - operating leases22,860 22,758 
Other liabilities45,942 $47,573 
Total liabilities$2,138,505 2,095,458 
Commitments and contingencies (See Note 15)
Redeemable limited partnership units at redemption value; 823,983 and 981,634 issued and outstanding as of June 30, 2021 and December 31, 2020, respectively11,450 11,566 
Brandywine Operating Partnership, L.P.'s equity:
General Partnership Capital; 170,900,491 and 170,572,964 units issued and outstanding as of June 30, 2021 and December 31, 2020, respectively1,745,322 1,800,945 
Accumulated other comprehensive loss(5,789)(7,935)
Total Brandywine Operating Partnership, L.P.'s equity1,739,533 1,793,010 
Noncontrolling interest - consolidated real estate ventures70 72 
Total partners' equity$1,739,603 $1,793,082 
Total liabilities and partners' equity$3,889,558 $3,900,106 
The accompanying notes are an integral part of these consolidated financial statements.
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BRANDYWINE OPERATING PARTNERSHIP, L.P.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except unit and per unit information)
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenue
Rents$111,235 $132,180 $224,719 $271,384 
Third party management fees, labor reimbursement and leasing6,627 4,061 13,278 9,015 
Other2,240 596 2,874 1,526