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Section 1: 8-K (8-K)

bdn-8k_20170202.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant To Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 2, 2017

 

Brandywine Realty Trust

Brandywine Operating Partnership, L.P.

(Exact name of registrant as specified in charter)

 

 

Maryland

(Brandywine Realty Trust)

 

001-9106

 

23-2413352

 

 

 

 

 

Delaware

 

000-24407

 

23-2862640

(Brandywine Operating

Partnership, L.P.)

 

(Commission

file number)

 

(I.R.S. Employer

Identification Number)

(State or Other Jurisdiction of

Incorporation or Organization)

 

 

 

 

555 East Lancaster Avenue, Suite 100

Radnor, PA 19087

(Address of principal executive offices)

(610) 325-5600

(Registrant's telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

 


 

Item 2.01 Completion of Acquisition or Disposition of Assets.

Brandywine Realty Trust (the "Parent Company") is the sole general partner of Brandywine Operating Partnership, L.P. (the "Operating Partnership") and owns its assets and conducts its operations through the Operating 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.”

On February 2, 2017, the Company sold two properties containing an aggregate of 350,256 square feet (the "Concord Properties") located in Concord, California for a gross sales price of $33.1 million.  The Concord Properties were 100.0% occupied at closing and were built in 1984.  The disposition of the Concord Properties was structured as a tax deferred like-kind exchange under Section 1031 of the Internal Revenue Code of 1986.  The Company has deposited with a qualified intermediary the proceeds from the sale, totaling $32.0 million after closing costs and prorations, to be held pending reinvestment in qualifying replacement property under Section 1031.  The Company is not affiliated with the buyer, and the terms of the transaction were determined through arm's-length negotiations.  The individual listing of the Properties is shown below:

Property

 

No. of Buildings

 

 

Square Feet

 

1200 Concord Avenue

 

 

1

 

 

 

175,103

 

1220 Concord Avenue

 

 

1

 

 

 

175,153

 

Total

 

 

2

 

 

 

350,256

 

Item 9.01 Financial Statements and Exhibits.

(a) Pro Forma Financial Information

The unaudited pro forma consolidated balance sheets of each of Brandywine Realty Trust and Brandywine Operating Partnership, L.P. as of September 30, 2016 and unaudited pro forma consolidated statements of operations of each of Brandywine Realty Trust and Brandywine Operating Partnership, L.P. for the nine months ended September 30, 2016 and for the year ended December 31, 2015, including notes thereto, are filed as Exhibit 99.1 hereto and incorporated herein by reference.

(b) Exhibit 99.1 Description

Exhibit 99.1 Unaudited pro forma consolidated balance sheets of each of Brandywine Realty Trust and Brandywine Operating Partnership, L.P. as of September 30, 2016 and the unaudited pro forma consolidated statements of operations of each of Brandywine Realty Trust and Brandywine Operating Partnership L.P., for the nine months ended September 30, 2016 and for the year ended December 31, 2015, including notes thereto.

2


 

Signatures

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned, hereunto duly authorized.

 

 

Brandywine Realty Trust

 

 

 

 

 

By:

  

/s/ Thomas E. Wirth

 

 

 

Thomas E. Wirth

 

 

 

Executive Vice President and Chief Financial Officer

 

 

Brandywine Operating Partnership L.P.,

 

 

 

 

 

By:

  

Brandywine Realty Trust, its sole General Partner

 

 

 

 

 

By:

 

/s/ Thomas E. Wirth

 

 

 

Thomas E. Wirth

 

 

 

Executive Vice President and Chief Financial Officer

Date:  February 7, 2017

 

3

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Section 2: EX-99.1 (EX-99.1)

bdn-ex991_7.htm

Exhibit 99.1

Exhibit Index

 

Exhibit

No.

 

 

 

 

 

 

 

 

 

 

 

99.1

 

Unaudited pro forma consolidated balance sheets of Brandywine Realty Trust and Brandywine Operating Partnership, L.P. as of September 30, 2016 and unaudited pro forma consolidated statements of operations of Brandywine Realty Trust and Brandywine Operating Partnership, L.P. for the nine months ended September 30, 2016 and for the year ended December 31, 2015, including the notes thereto.

 

 

 

 

 

 

 

 

 


BRANDYWINE REALTY TRUST AND BRANDYWINE OPERATING PARTNERSHIP, L.P.

UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

Brandywine Realty Trust (the "Parent Company") is the sole general partner of Brandywine Operating Partnership, L.P. (the "Operating Partnership") and owns its assets and conducts its operations through the Operating 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.”

Concord Airport Plaza Sale

On February 2, 2017, the Company sold two properties containing an aggregate of 350,256 square feet (the "Concord Properties") located in Concord, California for a gross sales price of $33.1 million.  The Concord Properties were 100.0% occupied at closing and were built in 1984.  The disposition of the Concord Properties was structured as a tax deferred like-kind exchange under Section 1031 of the Internal Revenue Code of 1986.  The Company has deposited with a qualified intermediary the proceeds from the sale, totaling $32.0 million after closing costs and prorations, to be held pending reinvestment in qualifying replacement property under Section 1031.  The Company is not affiliated with the buyer, and the terms of the transaction were determined through arm's-length negotiations.  The individual listing of the Properties is shown below:

Property

 

No. of Buildings

 

 

Square Feet

 

1200 Concord Avenue

 

 

1

 

 

 

175,103

 

1220 Concord Avenue

 

 

1

 

 

 

175,153

 

Total

 

 

2

 

 

 

350,256

 

The following unaudited pro forma consolidated financial statements of each of the Parent Company and the Operating Partnership have been prepared to reflect the effect of the transaction as described in Item 2.01 of the Current Report on Form 8-K with which this Exhibit 99.1 is filed. The following unaudited pro forma consolidated financial statements of the Company are presented to comply with Article 11 of Regulation S-X and follow guidelines of the Securities and Exchange Commission (“SEC”). The unaudited pro forma consolidated statements of operations for the nine months ended September 30, 2016 and the for the year ended December 31, 2015 are based on the historical consolidated statements of operations of each of the Parent Company and the Operating Partnership, and give effect to the sale as if it had occurred on January 1, 2015. The unaudited pro forma consolidated balance sheet as of September 30, 2016 is based on the balance sheet on that date of each of the Parent Company and Operating Partnership, and gives effect to the sale as if it occurred on September 30, 2016.

The unaudited pro forma consolidated financial statements presented below are based on assumptions and adjustments set forth in the notes thereto. The unaudited pro forma adjustments made in the compilation of the unaudited pro forma consolidated financial statements were directly attributable to the sale, are factually supportable, are based upon available information and assumptions that the Company considers reasonable, and have been made solely for purposes of developing such unaudited pro forma financial information for illustrative purposes in compliance with the disclosure requirements of the SEC. The unaudited pro forma consolidated financial information is presented for informational purposes only and should not be considered indicative of actual results that would have been achieved had the sale actually been consummated on the dates indicated and does not purport to be indicative of the financial condition as of any future date or results of operation for any future period.

The unaudited pro forma consolidated financial information, and the accompanying notes, should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 29, 2016 and the Quarterly Report on Form 10-Q for the period ended September 30, 2016 filed on October 24, 2016.

 

 

1


Brandywine Realty Trust

Unaudited Pro Forma Consolidated Balance Sheet

As of September 30, 2016

(in thousands, except per share data) 

As Reported (A)

 

 

Concord Impairment (B)

 

 

Concord Properties (C)

 

 

Reported as Pro Forma

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating properties

$

3,686,339

 

 

$

(12,535

)

 

$

(50,818

)

 

$

3,622,986

 

Accumulated depreciation

 

(869,836

)

 

 

-

 

 

 

19,813

 

 

 

(850,023

)

Operating real estate investments, net

 

2,816,503

 

 

 

(12,535

)

 

 

(31,005

)

 

 

2,772,963

 

Construction-in-progress

 

249,183

 

 

 

-

 

 

 

(35

)

 

 

249,148

 

Land held for development

 

155,297

 

 

 

-

 

 

 

-

 

 

 

155,297

 

Total real estate investments, net

 

3,220,983

 

 

 

(12,535

)

 

 

(31,040

)

 

 

3,177,408

 

Assets held for sale, net

 

12,604

 

 

 

-

 

 

 

-

 

 

 

12,604

 

Cash and cash equivalents

 

219,059

 

 

 

-

 

 

 

-

 

 

 

219,059

 

Accounts receivable, net of allowance of $2,304 and $1,736 in 2016 and 2015, respectively

 

9,925

 

 

 

-

 

 

 

-

 

 

 

9,925

 

Accrued rent receivable, net of allowance of $13,009 and $14,442 in 2016 and 2015, respectively

 

145,816

 

 

 

-

 

 

 

(569

)

 

 

145,247

 

Investment in real estate ventures, equity method

 

282,162

 

 

 

-

 

 

 

-

 

 

 

282,162

 

Deferred costs, net of accumulated amortization of $58,769 and $67,899, respectively

 

92,054

 

 

 

-

 

 

 

(278

)

 

 

91,776

 

Intangible assets, net

 

81,207

 

 

 

-

 

 

 

-

 

 

 

81,207

 

Other assets

 

79,108

 

 

 

-

 

 

 

31,887

 

(C1)

 

110,995

 

Total assets

$

4,142,918

 

 

$

(12,535

)

 

$

-

 

 

$

4,130,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND BENEFICIARIES' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage notes payable, net

$

322,623

 

 

$

-

 

 

$

-

 

 

$

322,623

 

Unsecured term loans, net

 

248,016

 

 

 

-

 

 

 

-

 

 

 

248,016

 

Unsecured senior notes, net

 

1,442,922

 

 

 

-

 

 

 

-

 

 

 

1,442,922

 

Accounts payable and accrued expenses

 

106,546

 

 

 

-

 

 

 

-

 

 

 

106,546

 

Distributions payable

 

30,036

 

 

 

-

 

 

 

-

 

 

 

30,036

 

Deferred income, gains and rent

 

30,022

 

 

 

-

 

 

 

-

 

 

 

30,022

 

Acquired lease intangibles, net

 

19,731

 

 

 

-

 

 

 

-

 

 

 

19,731

 

Liabilities related to assets held for sale

 

49

 

 

 

-

 

 

 

-

 

 

 

49

 

Other liabilities

 

31,399

 

 

 

-

 

 

 

-

 

 

 

31,399

 

Total liabilities

$

2,231,344

 

 

$

-

 

 

$

-

 

 

$

2,231,344

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Brandywine Realty Trust's equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred shares (shares authorized - 20,000,000):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.90% Series E preferred shares, $0.01 par value; issued and outstanding- 4,000,000

 

40

 

 

 

-

 

 

 

-

 

 

 

40

 

Common shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 175,140,760 issued and outstanding

 

1,752

 

 

 

-

 

 

 

-

 

 

 

1,752

 

Additional paid-in capital

 

3,258,049

 

 

 

-

 

 

 

-

 

 

 

3,258,049

 

Deferred compensation payable in common shares

 

13,684

 

 

 

-

 

 

 

-

 

 

 

13,684

 

Common shares in grantor trust

 

(13,684

)

 

 

-

 

 

 

-

 

 

 

(13,684

)

Cumulative earnings

 

551,572

 

 

 

(12,430

)

 

 

-

 

 

 

539,142

 

Accumulated other comprehensive loss

 

(15,052

)

 

 

-

 

 

 

-

 

 

 

(15,052

)

Cumulative distributions

 

(1,902,076

)

 

 

-

 

 

 

-

 

 

 

(1,902,076

)

Total Brandywine Realty Trust's equity

 

1,894,285

 

 

 

(12,430

)

 

 

-

 

 

 

1,881,855

 

Non-controlling interests

 

17,289

 

 

 

(105

)

 

 

-

 

 

 

17,184

 

Total beneficiaries' equity

 

1,911,574

 

 

 

(12,535

)

 

 

-

 

 

 

1,899,039

 

Total liabilities and beneficiaries' equity

$

4,142,918

 

 

$

(12,535

)

 

$

-

 

 

$

4,130,383

 

The accompanying notes are an integral part of the unaudited pro forma consolidated financial statements.

2


Brandywine Realty Trust

Unaudited Pro Forma Consolidated Income Statement

For the nine months ended September 30, 2016

(in thousands, except per share data) 

 

 

 

 

 

 

As Reported

(D)

 

 

Concord Properties

(E)

 

 

Other

(F)

 

 

Pro Forma

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rents

$

318,324

 

 

$

(6,410

)

 

$

(6,921

)

 

$

304,993

 

Tenant reimbursements

 

53,315

 

 

 

(635

)

 

 

(1,769

)

 

 

50,911

 

Termination fees

 

1,459

 

 

 

-

 

 

 

(13

)

 

 

1,446

 

Third party management fees, labor reimbursement and leasing

 

17,691

 

 

 

-

 

 

 

444

 

 

 

18,135

 

Other

 

2,588

 

 

 

(26

)

 

 

(32

)

 

 

2,530

 

Total revenue

 

393,377

 

 

 

(7,071

)

 

 

(8,291

)

 

 

378,015

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

114,208

 

 

 

(3,532

)

 

 

(3,276

)

 

 

107,400

 

Real estate taxes

 

34,933

 

 

 

(443

)

 

 

(512

)

 

 

33,978

 

Third party management expenses

 

7,172

 

 

 

-

 

 

 

-

 

 

 

7,172

 

Depreciation and amortization

 

142,736

 

 

 

(2,296

)

 

 

(11

)

 

 

140,429

 

General and administrative expenses

 

20,711

 

 

 

-

 

 

 

-

 

 

 

20,711

 

Provision for impairment

 

13,069

 

 

 

-

 

 

 

-

 

 

 

13,069

 

Total operating expenses

 

332,829

 

 

 

(6,271

)

 

 

(3,799

)

 

 

322,759

 

Operating income

 

60,548

 

 

 

(800

)

 

 

(4,492

)

 

 

55,256

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

970

 

 

 

-

 

 

 

-

 

 

 

970

 

Tax credit transaction income

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Interest expense

 

(64,334

)

 

 

-

 

 

 

(380

)

 

 

(64,714

)

Interest expense - amortization of deferred financing costs

 

(2,063

)

 

 

-

 

 

 

(91

)

 

 

(2,154

)

Interest expense - financing obligation

 

(679

)

 

 

-

 

 

 

-

 

 

 

(679

)

Equity in loss of real estate ventures

 

(9,323

)

 

 

-

 

 

 

(2,005

)

 

 

(11,328

)

Net gain on disposition of real estate

 

114,625

 

 

 

-

 

 

 

-

 

 

 

114,625

 

Net gain on sale of undepreciated real estate

 

188

 

 

 

-

 

 

 

-

 

 

 

188

 

Net gain on real estate venture transactions

 

19,529

 

 

 

-

 

 

 

-

 

 

 

19,529

 

Loss on early extinguishment of debt

 

(66,590

)

 

 

-

 

 

 

-

 

 

 

(66,590

)

Net income

 

52,871

 

 

 

(800

)

 

 

(6,968

)

 

 

45,103

 

Net income attributable to non-controlling interests

 

(425

)

 

 

7

 

 

 

59

 

 

 

(359

)

Net income attributable to Brandywine Realty Trust

 

52,446

 

 

 

(793

)

 

 

(6,909

)

 

 

44,744

 

Distribution to preferred shareholders

 

(5,175

)

 

 

-

 

 

 

-

 

 

 

(5,175

)

Nonforfeitable dividends allocated to unvested restricted

   shareholders

 

(263

)

 

 

-

 

 

 

-

 

 

 

(263

)

Net income attributable to common shareholders of

   Brandywine Realty Trust

$

47,008

 

 

$

(793

)

 

$

(6,909

)

 

$

39,306

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

0.27

 

 

 

 

 

 

 

 

 

 

$

0.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

0.27

 

 

 

 

 

 

 

 

 

 

$

0.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

174,976,998

 

 

 

 

 

 

 

 

 

 

 

174,976,998

 

Diluted weighted average shares outstanding

 

176,009,822

 

 

 

 

 

 

 

 

 

 

 

176,009,822

 

 

The accompanying notes are an integral part of the unaudited pro forma consolidated financial statements.

 

 

3


Brandywine Realty Trust

Unaudited Pro Forma Consolidated Income Statement

For the twelve months ended December 31, 2015

(in thousands, except per share data)

 

As Reported

(D)

 

 

Concord Properties

(E)

 

 

Other

(F)

 

 

Pro Forma

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rents

$

486,731

 

 

$

(8,541

)

 

$

(85,851

)

 

$

392,339

 

Tenant reimbursements

 

85,722

 

 

 

(681

)

 

 

(21,972

)

 

 

63,069

 

Termination fees

 

4,797

 

 

 

-

 

 

 

(377

)

 

 

4,420

 

Third party management fees, labor reimbursement and leasing

 

18,764

 

 

 

-

 

 

 

4,739

 

 

 

23,503

 

Other

 

6,617

 

 

 

(43

)

 

 

(420

)

 

 

6,154

 

Total revenue

 

602,631

 

 

 

(9,265

)

 

 

(103,881

)

 

 

489,485

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

181,170

 

 

 

(4,560

)

 

 

(35,229

)

 

 

141,381

 

Real estate taxes

 

50,623

 

 

 

(549

)

 

 

(7,422

)

 

 

42,652

 

Third party management expenses

 

6,294

 

 

 

-

 

 

 

-

 

 

 

6,294

 

Depreciation and amortization

 

219,029

 

 

 

(3,189

)

 

 

(35,964

)

 

 

179,876

 

General and administrative expenses

 

29,406

 

 

 

-

 

 

 

-

 

 

 

29,406

 

Provision for impairment

 

82,208

 

 

 

-

 

 

 

-

 

 

 

82,208

 

Total operating expenses

 

568,730

 

 

 

(8,298

)

 

 

(78,615

)

 

 

481,817

 

Operating income

 

33,901

 

 

 

(967

)

 

 

(25,266

)

 

 

7,668

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

1,224

 

 

 

-

 

 

 

-

 

 

 

1,224

 

Tax credit transaction income

 

19,955

 

 

 

-

 

 

 

(11,853

)

 

 

8,102

 

Interest expense

 

(110,717

)

 

 

-

 

 

 

10,746

 

 

 

(99,971

)

Interest expense - amortization of deferred financing costs

 

(4,557

)

 

 

-

 

 

 

1,097

 

 

 

(3,460

)

Interest expense - financing obligation

 

(1,237

)

 

 

-

 

 

 

-

 

 

 

(1,237

)

Equity in loss of real estate ventures

 

(811

)

 

 

-

 

 

 

(5,029

)

 

 

(5,840

)

Net gain on disposition of real estate

 

20,496

 

 

 

-

 

 

 

-

 

 

 

20,496

 

Net gain on sale of undepreciated real estate

 

3,019

 

 

 

-

 

 

 

-

 

 

 

3,019

 

Net gain from remeasurement of investments in real estate ventures

 

758

 

 

 

-

 

 

 

-

 

 

 

758

 

Net loss on real estate venture transactions

 

7,229

 

 

 

-

 

 

 

-

 

 

 

7,229

 

Net loss

 

(30,740

)

 

 

(967

)

 

 

(30,305

)

 

 

(62,012

)

Net loss attributable to non-controlling interests

 

339

 

 

 

8

 

 

 

264

 

 

 

611

 

Net loss attributable to Brandywine Realty Trust

 

(30,401

)

 

 

(959

)

 

 

(30,041

)

 

 

(61,401

)

Distribution to preferred shareholders

 

(6,900

)

 

 

-

 

 

 

-

 

 

 

(6,900

)

Nonforfeitable dividends allocated to unvested restricted shareholders

 

(329

)

 

 

-

 

 

 

-

 

 

 

(329

)

Net loss attributable to Common Shareholders of

   Brandywine Realty Trust

$

(37,630

)

 

$

(959

)

 

$

(30,041

)

 

$

(68,630

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

(0.21

)

 

 

 

 

 

 

 

 

 

$

(0.39

)

Diluted loss per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

(0.21

)

 

 

 

 

 

 

 

 

 

$

(0.39

)

Basic weighted average shares outstanding

 

178,162,160

 

 

 

 

 

 

 

 

 

 

 

178,162,160

 

Diluted weighted average shares outstanding

 

178,162,160

 

 

 

 

 

 

 

 

 

 

 

178,162,160

 

 

The accompanying notes are an integral part of the unaudited pro forma consolidated financial statements.

 

 

4


Brandywine Operating Partnership, L.P.

Unaudited Pro Forma Consolidated Balance Sheet

As of September 30, 2016

(in thousands, except per share data)

 

As Reported (A)

 

 

Concord Impairment (B)

 

 

Concord Properties (C)

 

 

Reported as Pro Forma

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating properties

$

3,686,339

 

 

$

(12,535

)

 

$

(50,818

)

 

$

3,622,986

 

Accumulated depreciation

 

(869,836

)

 

 

-

 

 

 

19,813

 

 

 

(850,023

)

Operating real estate investments, net

 

2,816,503

 

 

 

(12,535

)

 

 

(31,005

)

 

 

2,772,963

 

Construction-in-progress

 

249,183

 

 

 

-

 

 

 

(35

)

 

 

249,148

 

Land held for development

 

155,297

 

 

 

-

 

 

 

-

 

 

 

155,297

 

Total real estate investments, net

 

3,220,983

 

 

 

(12,535

)

 

 

(31,040

)

 

 

3,177,408

 

Assets held for sale, net

 

12,604

 

 

 

-

 

 

 

-

 

 

 

12,604

 

Cash and cash equivalents

 

219,059

 

 

 

-

 

 

 

-

 

 

 

219,059

 

Accounts receivable, net of allowance of $2,304 and $1,736 in 2016 and 2015, respectively

 

9,925

 

 

 

-

 

 

 

-

 

 

 

9,925

 

Accrued rent receivable, net of allowance of $13,009 and $14,442 in 2016 and 2015, respectively

 

145,816

 

 

 

-

 

 

 

(569

)

 

 

145,247

 

Investment in real estate ventures, equity method

 

282,162

 

 

 

-

 

 

 

-

 

 

 

282,162

 

Deferred costs, net of accumulated amortization of $58,769 and $67,899, respectively

 

92,054

 

 

 

-

 

 

 

(278

)

 

 

91,776

 

Intangible assets, net

 

81,207

 

 

 

-

 

 

 

-

 

 

 

81,207

 

Other assets

 

79,108

 

 

 

-

 

 

 

31,887

 

(C1)

 

110,995

 

Total assets

$

4,142,918

 

 

$

(12,535

)

 

$

-

 

 

$

4,130,383

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND BENEFICIARIES' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage notes payable, net

$

322,623

 

 

$

-