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Section 1: 8-K (8-K)

bdn-8k_20170330.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): March 30, 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 March 30, 2017, the Company sold three properties containing an aggregate of 215,465 square feet (the "Woodland Falls Properties") located in Cherry Hill, New Jersey for a gross sales price of $19.0 million.  The Woodland Falls Properties were 93.3% occupied at closing and were built between 1986 and 1989.  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 Woodland Falls Properties is shown below:

Property

 

No. of Buildings

 

 

Square Feet

 

200 Lake Drive East

 

 

1

 

 

 

76,352

 

210 Lake Drive East

 

 

1

 

 

 

60,604

 

220 Lake Drive East

 

 

1

 

 

 

78,509

 

Total

 

 

3

 

 

 

215,465

 

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 December 31, 2016 and unaudited pro forma consolidated statements of operations of each of Brandywine Realty Trust and Brandywine Operating Partnership, L.P. for the year ended December 31, 2016, 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 December 31, 2016 and the unaudited pro forma consolidated statements of operations of each of Brandywine Realty Trust and Brandywine Operating Partnership L.P., for the year ended December 31, 2016, 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:  April 5, 2017

 

3

(Back To Top)

Section 2: EX-99.1 (EX-99.1)

bdn-ex991_6.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 December 31, 2016 and unaudited pro forma consolidated statements of operations of Brandywine Realty Trust and Brandywine Operating Partnership, L.P. for the year ended December 31, 2016, 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.”

Woodland Falls Sale

On March 30, 2017, the Company sold three properties containing an aggregate of 215,465 square feet (the "Woodland Falls Properties") located in Cherry Hill, New Jersey for a gross sales price of $19.0 million.  The Woodland Falls Properties were 93.3% occupied at closing and were built between 1986 and 1989. 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 Woodland Falls Properties is shown below:

Property

 

No. of Buildings

 

 

Square Feet

 

200 Lake Drive East

 

 

1

 

 

 

76,352

 

210 Lake Drive East

 

 

1

 

 

 

60,604

 

220 Lake Drive East

 

 

1

 

 

 

78,509

 

Total

 

 

3

 

 

 

215,465

 

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 year ended December 31, 2016 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, 2016. The unaudited pro forma consolidated balance sheet as of December 31, 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 December 31, 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, 2016 filed with the SEC on March 1, 2017.

 

 

1


Brandywine Realty Trust

Unaudited Pro Forma Consolidated Balance Sheet

As of December 31, 2016

(in thousands, except per share data) 

As Reported (A)

 

 

Properties Held for Sale (B)

 

 

Concord Properties Sale (C)

 

 

Woodland Falls Properties Sale (D)

 

 

Reported as Pro Forma

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating properties

$

3,586,295

 

 

$

51,871

 

 

$

(51,871

)

 

$

(28,516

)

 

$

3,557,779

 

Accumulated depreciation

 

(852,476

)

 

 

(20,981

)

 

 

20,981

 

 

 

11,706

 

 

 

(840,770

)

Operating real estate investments, net

 

2,733,819

 

 

 

30,890

 

 

 

(30,890

)

 

 

(16,810

)

 

 

2,717,009

 

Construction-in-progress

 

297,462

 

 

 

-

 

 

 

-

 

 

 

(34

)

 

 

297,428

 

Land held for development

 

150,970

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

150,970

 

Total real estate investments, net

 

3,182,251

 

 

 

30,890

 

 

 

(30,890

)

 

 

(16,844

)

 

 

3,165,407

 

Assets held for sale, net

 

41,718

 

 

 

(30,890

)

 

 

-

 

 

 

-

 

 

 

10,828

 

Cash and cash equivalents

 

193,919

 

 

 

-

 

 

 

-

 

 

 

17,771

 

 

 

211,690

 

Accounts receivable, net

 

12,446

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12,446

 

Accrued rent receivable, net

 

149,624

 

 

 

-

 

 

 

(506

)

 

 

(742

)

 

 

148,376

 

Investment in real estate ventures, equity method

 

281,331

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

281,331

 

Deferred costs, net

 

91,342

 

 

 

-

 

 

 

(513

)

 

 

(891

)

 

 

89,938

 

Intangible assets, net

 

72,478

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

72,478

 

Other assets

 

74,104

 

 

 

-

 

 

 

31,919

 

 

 

(47

)

 

 

105,976

 

Total assets

$

4,099,213

 

 

$

-

 

 

$

10

 

 

$

(753

)

 

$

4,098,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND BENEFICIARIES' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage notes payable, net

$

321,549

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

321,549

 

Unsecured term loans, net

 

248,099

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

248,099

 

Unsecured senior notes, net

 

1,443,464

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,443,464

 

Accounts payable and accrued expenses

 

103,404

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

103,404

 

Distributions payable

 

30,032

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

30,032

 

Deferred income, gains and rent

 

31,620

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

31,620

 

Acquired lease intangibles, net

 

18,119

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

18,119

 

Liabilities related to assets held for sale

 

81

 

 

 

(8

)

 

 

-

 

 

 

-

 

 

 

73

 

Other liabilities

 

19,408

 

 

 

8

 

 

 

-

 

 

 

-

 

 

 

19,416

 

Total liabilities

$

2,215,776

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

2,215,776

 

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

 

3,258,870

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

3,258,870

 

Deferred compensation payable in common shares

 

13,684

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

13,684

 

Common shares in grantor trust

 

(13,684

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(13,684

)

Cumulative earnings

 

539,319

 

 

 

-

 

 

 

10

 

 

 

(747

)

 

 

538,582

 

Accumulated other comprehensive loss

 

(1,745

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,745

)

Cumulative distributions

 

(1,931,892

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,931,892

)

Total Brandywine Realty Trust's equity

 

1,866,344

 

 

 

-

 

 

 

10

 

 

 

(747

)

 

 

1,865,607

 

Non-controlling interests

 

17,093

 

 

 

-

 

 

 

-

 

 

 

(6

)

 

 

17,087

 

Total beneficiaries' equity

 

1,883,437

 

 

 

-

 

 

 

10

 

 

 

(753

)

 

 

1,882,694

 

Total liabilities and beneficiaries' equity

$

4,099,213

 

 

$

-

 

 

$

10

 

 

$

(753

)

 

$

4,098,470

 

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 year ended December 31, 2016

(in thousands, except per share data) 

 

 

 

 

 

 

As Reported

(E)

 

 

Woodland Falls Properties Sale

(F)

 

 

Other

(G)

 

 

Pro Forma

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rents

$

421,505

 

 

$

(2,694

)

 

$

(15,524

)

 

$

403,287

 

Tenant reimbursements

 

70,629

 

 

 

(2,105

)

 

 

(2,501

)

 

 

66,023

 

Termination fees

 

2,339

 

 

 

(35

)

 

 

(13

)

 

 

2,291

 

Third party management fees, labor reimbursement and leasing

 

26,674

 

 

 

-

 

 

 

444

 

 

 

27,118

 

Other

 

4,316

 

 

 

-

 

 

 

(229

)

 

 

4,087

 

Total revenue

 

525,463

 

 

 

(4,834

)

 

 

(17,823

)

 

 

502,806

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

152,926

 

 

 

(1,660

)

 

 

(8,020

)

 

 

143,246

 

Real estate taxes

 

46,252

 

 

 

(735

)

 

 

(1,141

)

 

 

44,376

 

Third party management expenses

 

10,270

 

 

 

-

 

 

 

-

 

 

 

10,270

 

Depreciation and amortization

 

189,676

 

 

 

(1,727

)

 

 

(3,590

)

 

 

184,359

 

General and administrative expenses

 

26,596

 

 

 

-

 

 

 

-

 

 

 

26,596

 

Provision for impairment

 

40,517

 

 

 

-

 

 

 

-

 

 

 

40,517

 

Total operating expenses

 

466,237

 

 

 

(4,122

)

 

 

(12,751

)

 

 

449,364

 

Operating income

 

59,226

 

 

 

(712

)

 

 

(5,072

)

 

 

53,442

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

1,236

 

 

 

-

 

 

 

-

 

 

 

1,236

 

Interest expense

 

(84,708

)

 

 

-

 

 

 

(380

)

 

 

(85,088

)

Interest expense - amortization of deferred financing costs

 

(2,696

)

 

 

-

 

 

 

(91

)

 

 

(2,787

)

Interest expense - financing obligation

 

(679

)

 

 

-

 

 

 

-

 

 

 

(679

)

Equity in loss of real estate ventures

 

(11,503

)

 

 

-

 

 

 

(2,005

)

 

 

(13,508

)

Net gain on disposition of real estate

 

116,983

 

 

 

-

 

 

 

-

 

 

 

116,983

 

Net gain on sale of undepreciated real estate

 

9,232

 

 

 

-

 

 

 

-

 

 

 

9,232

 

Net gain on real estate venture transactions

 

20,000

 

 

 

-

 

 

 

-

 

 

 

20,000

 

Loss on early extinguishment of debt

 

(66,590

)

 

 

-

 

 

 

-

 

 

 

(66,590

)

Net income

 

40,501

 

 

 

(712

)

 

 

(7,548

)

 

 

32,241

 

Net income attributable to non-controlling interests

 

(310

)

 

 

6

 

 

 

63

 

 

 

(241

)

Net income attributable to Brandywine Realty Trust

 

40,191

 

 

 

(706

)

 

 

(7,485

)

 

 

32,000

 

Distribution to preferred shareholders

 

(6,900

)

 

 

-

 

 

 

-

 

 

 

(6,900

)

Nonforfeitable dividends allocated to unvested restricted

   shareholders

 

(341

)

 

 

-

 

 

 

-

 

 

 

(341

)

Net income attributable to common shareholders of

   Brandywine Realty Trust

$

32,950

 

 

$

(706

)

 

$

(7,485

)

 

$

24,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

0.19

 

 

 

 

 

 

 

 

 

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

$

0.19

 

 

 

 

 

 

 

 

 

 

$

0.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

175,018,163

 

 

 

 

 

 

 

 

 

 

 

175,018,163

 

Diluted weighted average shares outstanding

 

176,010,814

 

 

 

 

 

 

 

 

 

 

 

176,010,814

 

 

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

 

 

 

3


Brandywine Operating Partnership, L.P.

Unaudited Pro Forma Consolidated Balance Sheet

As of December 31, 2016

(in thousands, except per share data)

 

As Reported (A)

 

 

Properties Held for Sale (B)

 

 

Concord Properties Sale (C)

 

 

Woodland Falls Properties Sale (D)

 

 

Reported as Pro Forma

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating properties

$

3,586,295

 

 

$

51,871

 

 

$

(51,871

)

 

$

(28,516

)

 

$

3,557,779

 

Accumulated depreciation

 

(852,476

)

 

 

(20,981

)

 

 

20,981

 

 

 

11,706

 

 

 

(840,770

)

Operating real estate investments, net

 

2,733,819

 

 

 

30,890

 

 

 

(30,890

)

 

 

(16,810

)

 

 

2,717,009

 

Construction-in-progress

 

297,462

 

 

 

-

 

 

 

-

 

 

 

(34

)

 

 

297,428

 

Land held for development

 

150,970

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

150,970

 

Total real estate investments, net

 

3,182,251

 

 

 

30,890

 

 

 

(30,890

)

 

 

(16,844

)

 

 

3,165,407

 

Assets held for sale, net

 

41,718

 

 

 

(30,890

)

 

 

-

 

 

 

-

 

 

 

10,828

 

Cash and cash equivalents

 

193,919

 

 

 

-

 

 

 

-

 

 

 

17,771

 

 

 

211,690

 

Accounts receivable, net

 

12,446

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

12,446

 

Accrued rent receivable, net

 

149,624

 

 

 

-

 

 

 

(506

)

 

 

(742

)

 

 

148,376

 

Investment in real estate ventures, equity method

 

281,331

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

281,331

 

Deferred costs, net

 

91,342

 

 

 

-

 

 

 

(513

)

 

 

(891

)

 

 

89,938

 

Intangible assets, net

 

72,478

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

72,478

 

Other assets

 

74,104

 

 

 

-

 

 

 

31,919

 

 

 

(47

)

 

 

105,976

 

Total assets

$

4,099,213

 

 

$

-

 

 

$

10

 

 

$

(753

)

 

$

4,098,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND BENEFICIARIES' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage notes payable, net

$

321,549

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

321,549

 

Unsecured term loans, net

 

248,099

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

248,099

 

Unsecured senior notes, net

 

1,443,464

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,443,464

 

Accounts payable and accrued expenses

 

103,404

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

103,404

 

Distributions payable

 

30,032

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

30,032

 

Deferred income, gains and rent

 

31,620

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

31,620

 

Acquired lease intangibles, net

 

18,119

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

18,119

 

Liabilities related to assets held for sale

 

81

 

 

 

(8

)

 

 

-

 

 

 

-

 

 

 

73

 

Other liabilities

 

19,408

 

 

 

8

 

 

 

-

 

 

 

-

 

 

 

19,416

 

Total liabilities

$

2,215,776

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

2,215,776

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redeemable limited partnership units at redemption value; 1,479,799 issued and outstanding

 

23,795

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

23,795

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.90% Series E-Linked Preferred Mirror Units; issued and outstanding- 4,000,000

 

96,850

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

96,850

 

General Partnership Capital; 175,140,760 units issued and outstanding

 

1,762,764

 

 

 

-

 

 

 

10

 

 

 

(753

)

 

 

1,762,021

 

Accumulated other comprehensive loss

 

(2,122

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,122

)

Total Brandywine Operating Partnership, L.P.'s equity

 

1,857,492

 

 

 

-

 

 

 

10

 

 

 

(753

)

 

 

1,856,749

 

Non-controlling interest - consolidated real estate ventures

 

2,150

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,150

 

Total partners' equity

 

1,859,642

 

 

 

-

 

 

 

10

 

 

 

(753

)

 

 

1,858,899