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Section 1: 10-Q (10-Q)

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Table of Contents

 
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 September 30, 2019
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 class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common Shares of Beneficial Interest
 
BDN
 
NYSE
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 Trust
Yes
  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 Trust
Yes
  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 company
Emerging 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 Trust
Yes   
 No
Brandywine Operating Partnership, L.P.
Yes   
 No
A total of 176,194,918 Common Shares of Beneficial Interest, par value $0.01 per share of Brandywine Realty Trust, were outstanding as of October 18, 2019.


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EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q for the period ended September 30, 2019 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 September 30, 2019, owned a 99.4% interest in the Operating Partnership. The remaining 0.6% 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 result in the following benefits:
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 guaranteeing the debt obligations of the Operating Partnership. The Operating Partnership holds substantially all the assets of the Company and directly or indirectly holds the ownership interests in the Company’s Real Estate Ventures. 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.

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TABLE OF CONTENTS
 
Page
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Filing Format

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This combined Form 10-Q is being filed separately by Brandywine Realty Trust and Brandywine Operating Partnership, L.P.

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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)
 
September 30,
2019
 
December 31,
2018
ASSETS
 
 
 
Real estate investments:
 
 
 
Operating properties
$
3,995,228

 
$
3,951,719

Accumulated depreciation
(944,994
)
 
(885,407
)
Right of use asset - operating leases, net
21,828

 

Operating real estate investments, net
3,072,062

 
3,066,312

Construction-in-progress
151,232

 
150,263

Land held for development
92,189

 
86,401

Prepaid leasehold interests in land held for development, net
39,694

 
39,999

Total real estate investments, net
3,355,177

 
3,342,975

Assets held for sale, net
7,349

 
11,599

Cash and cash equivalents
29,925

 
22,842

Accounts receivable, net of allowance of $284 and $1,653 as of September 30, 2019 and December 31, 2018, respectively
13,872

 
16,394

Accrued rent receivable, net of allowance of $11,009 and $11,266 as of September 30, 2019 and December 31, 2018, respectively
168,960

 
165,243

Investment in Real Estate Ventures
127,759

 
169,100

Deferred costs, net
96,202

 
91,075

Intangible assets, net
95,798

 
131,348

Other assets
125,390

 
126,400

Total assets
$
4,020,432

 
$
4,076,976

LIABILITIES AND BENEFICIARIES' EQUITY
 
 
 
Mortgage notes payable, net
$
315,603

 
$
320,869

Unsecured credit facility
146,500

 
92,500

Unsecured term loan, net
248,430

 
248,042

Unsecured senior notes, net
1,367,722

 
1,366,635

Accounts payable and accrued expenses
119,790

 
125,696

Distributions payable
33,759

 
33,632

Deferred income, gains and rent
22,707

 
28,293

Acquired lease intangibles, net
24,050

 
31,783

Lease liability - operating leases
22,503

 

Other liabilities
16,931

 
18,498

Total liabilities
$
2,317,995

 
$
2,265,948

Commitments and contingencies (See Note 13)

 

Brandywine Realty Trust's Equity:
 
 
 
Common Shares of Brandywine Realty Trust's beneficial interest, $0.01 par value; shares authorized 400,000,000; 176,194,918 and 176,873,324 issued and outstanding as of September 30, 2019 and December 31, 2018, respectively
1,763

 
1,770

Additional paid-in-capital
3,189,350

 
3,200,312

Deferred compensation payable in common shares
16,216

 
14,021

Common shares in grantor trust, 1,105,542 and 977,120 issued and outstanding as of September 30, 2019 and December 31, 2018, respectively
(16,216
)
 
(14,021
)
Cumulative earnings
787,789

 
775,625

Accumulated other comprehensive income
(3,550
)
 
5,029

Cumulative distributions
(2,284,610
)
 
(2,183,909
)
Total Brandywine Realty Trust's equity
1,690,742

 
1,798,827

Noncontrolling interests
11,695

 
12,201

Total beneficiaries' equity
$
1,702,437

 
$
1,811,028

Total liabilities and beneficiaries' equity
$
4,020,432

 
$
4,076,976

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 September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenue
 
 
 
 
 
 
 
Rents
$
139,228

 
$
128,635

 
$
415,113

 
$
382,321

Third party management fees, labor reimbursement and leasing
4,938

 
4,944

 
14,041

 
17,531

Other
1,165

 
1,419

 
4,224

 
5,290

Total revenue
145,331

 
134,998

 
433,378

 
405,142

Operating expenses
 
 
 
 
 
 
 
Property operating expenses
38,358

 
37,852

 
116,542

 
115,109

Real estate taxes
15,247

 
12,433

 
47,119

 
37,272

Third party management expenses
2,469

 
2,612

 
7,035

 
9,605

Depreciation and amortization
55,627

 
44,141

 
158,738

 
131,631

General and administrative expenses
6,974

 
5,963

 
25,217

 
22,209

Provision for impairment

 
56,865

 

 
56,865

Total operating expenses
118,675

 
159,866

 
354,651

 
372,691

Gain on sale of real estate
 
 
 
 
 
 
 
Net gain (loss) on disposition of real estate
356

 

 
356

 
(35
)
Net gain on sale of undepreciated real estate
250

 

 
1,501

 
2,859

Total gain on sale of real estate
606

 

 
1,857

 
2,824

Operating income (loss)
27,262

 
(24,868
)
 
80,584

 
35,275

Other income (expense):
 
 
 
 
 
 
 
Interest income
558

 
1,220

 
1,636

 
2,564

Interest expense
(20,400
)
 
(19,257
)
 
(61,273
)
 
(58,091
)
Interest expense - amortization of deferred financing costs
(694
)
 
(618
)
 
(2,026
)
 
(1,872
)
Equity in (loss) income of Real Estate Ventures
(1,965
)
 
1

 
(4,814
)
 
(1,182
)
Net gain on real estate venture transactions
2,059

 

 
3,594

 
37,263

Net income (loss) before income taxes
6,820

 
(43,522
)
 
17,701

 
13,957

Income tax provision

 

 
(46
)
 
(158
)
Net income (loss)
6,820

 
(43,522
)
 
17,655

 
13,799

Net (income) loss attributable to noncontrolling interests
(48
)
 
342

 
(155
)
 
(162
)
Net income (loss) attributable to Brandywine Realty Trust
6,772

 
(43,180
)
 
17,500

 
13,637

Nonforfeitable dividends allocated to unvested restricted shareholders
(93
)
 
(80
)
 
(305
)
 
(280
)
Net income (loss) attributable to Common Shareholders of Brandywine Realty Trust
$
6,679

 
$
(43,260
)
 
$
17,195

 
$
13,357

 
 
 
 
 
 
 
 
Basic income (loss) per Common Share
$
0.04

 
$
(0.24
)
 
$
0.10

 
$
0.07

 
 
 
 
 
 
 
 
Diluted income (loss) per Common Share
$
0.04

 
$
(0.24
)
 
$
0.10

 
$
0.07

 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
176,195,244

 
178,602,622

 
176,066,507

 
178,515,993

Diluted weighted average shares outstanding
176,750,600

 
178,602,622

 
176,617,726

 
179,752,544

 
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 September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
6,820

 
$
(43,522
)
 
$
17,655

 
$
13,799

Comprehensive (loss) income:
 
 
 
 
 
 
 
Unrealized (loss) gain on derivative financial instruments
(1,586
)
 
734

 
(9,209
)
 
7,008

Amortization of interest rate contracts (1)
188

 
293

 
582

 
898

Comprehensive (loss) income:
(1,398
)
 
1,027

 
(8,627
)
 
7,906

Comprehensive income (loss)
5,422

 
(42,495
)
 
9,028

 
21,705

Comprehensive (income) loss attributable to noncontrolling interest
(40
)
 
333

 
(107
)
 
(228
)
Comprehensive income (loss) attributable to Brandywine Realty Trust
$
5,382

 
$
(42,162
)
 
$
8,921

 
$
21,477

(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 Shares
 
Number 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 Earnings
 
Accumulated Other
Comprehensive Income (Loss)
 
Cumulative Distributions
 
Noncontrolling Interests
 
Total
BALANCE, beginning of period
176,873,324

 
977,120

 
$
1,770

 
$
3,200,312

 
$
14,021

 
$
(14,021
)
 
$
775,625

 
$
5,029

 
$
(2,183,909
)
 
$
12,201

 
$
1,811,028

Cumulative effect of accounting change
 
 
 
 
 
 
 
 
 
 
 
 
(5,336
)
 
 
 
 
 
 
 
(5,336
)
Net income
 
 
 
 
 
 
 
 
 
 
 
 
4,523

 
 
 
 
 
60

 
4,583

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2,469
)
 
 
 
(14
)
 
(2,483
)
Repurchase and retirement of Common Shares of Beneficial Interest
(1,337,169
)
 
 
 
(13
)
 
(17,268
)
 
 
 
 
 
 
 
 
 
 
 
 
 
(17,281
)
Issuance of partnership interest in consolidated real estate ventures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
22

 
22

Share-based compensation activity
465,883

 
41,342

 
4

 
3,673

 
 
 
 
 
 
 
 
 
 
 
 
 
3,677

Share Issuance from/(to) Deferred Compensation Plan
(458
)
 
(5,920
)
 
 
 
 
 
619

 
(619
)
 
 
 
 
 
 
 
 
 

Reallocation of Noncontrolling interest
 
 
 
 
 
 
57

 
 
 
 
 
 
 
 
 
 
 
(57
)
 

Distributions declared ($0.19 per share)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(33,560
)
 
(187
)
 
(33,747
)
BALANCE, March 31, 2019
176,001,580

 
1,012,542

 
$
1,761

 
$
3,186,774

 
$
14,640

 
$
(14,640
)
 
$
774,812

 
$
2,560

 
$
(2,217,469
)
 
$
12,025

 
$
1,760,463

Net income
 
 
 
 
 
 
 
 
 
 
 
 
6,205

 
 
 
 
 
47

 
6,252

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(4,720
)
 
 
 
(26
)
 
(4,746
)
Issuance of partnership interest in consolidated real estate ventures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3

 
3

Redemption of LP Units
1,245

 
 
 
 
 
16

 
 
 
 
 
 
 
 
 
 
 
(16
)
 

Share-based compensation activity
94,150

 
 
 
2

 
1,449

 
 
 
 
 
 
 
 
 
 
 
 
 
1,451

Share Issuance from/(to) Deferred Compensation Plan
100,908

 
100,908

 
 
 
 
 
1,599

 
(1,599
)
 
 
 
 
 
 
 
 
 

Distributions declared ($0.19 per share)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(33,571
)
 
(187
)
 
(33,758
)
BALANCE, June 30, 2019
176,197,883

 
1,113,450

 
$
1,763

 
$
3,188,239

 
$
16,239

 
$
(16,239
)
 
$
781,017

 
$
(2,160
)
 
$
(2,251,040
)
 
$
11,846

 
$
1,729,665

Net income
 
 
 
 
 
 
 
 
 
 
 
 
6,772

 
 
 
 
 
48

 
6,820

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,390
)
 
 
 
(8
)
 
(1,398
)
Issuance of partnership interest in consolidated real estate ventures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2

 
2

Share-based compensation activity
 
 
 
 
 
 
1,105

 
 
 
 
 
 
 
 
 
 
 
 
 
1,105

Share Issuance from/(to) Deferred Compensation Plan
(2,965
)
 
(7,908
)
 
 
 
 
 
(23
)
 
23

 
 
 
 
 
 
 
 
 

Reallocation of Noncontrolling interest
 
 
 
 
 
 
6

 
 
 
 
 
 
 
 
 
 
 
(6
)
 

Distributions declared ($0.19 per share)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(33,570
)
 
(187
)
 
(33,757
)
BALANCE, September 30, 2019
176,194,918

 
1,105,542

 
$
1,763

 
$
3,189,350

 
$
16,216

 
$
(16,216
)
 
$
787,789

 
$
(3,550
)
 
$
(2,284,610
)
 
$
11,695

 
$
1,702,437

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 Shares
 
Number 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 Earnings
 
Accumulated Other
Comprehensive Income (Loss)
 
Cumulative Distributions
 
Noncontrolling Interests
 
Total
BALANCE, beginning of period
178,285,236

 
894,736

 
$
1,784

 
$
3,218,077

 
$
12,445

 
$
(12,445
)
 
$
641,093

 
$
2,399

 
$
(2,053,741
)
 
$
17,258

 
$
1,826,870

Net income
 
 
 
 
 
 
 
 
 
 
 
 
44,070

 
 
 
 
 
375

 
44,445

Other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4,966

 
 
 
42

 
5,008

Issuance of Common Shares of Beneficial Interest
23,311

 
 
 
 
 
416

 
 
 
 
 
 
 
 
 
 
 
 
 
416

Issuance of partnership interest in consolidated real estate ventures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15

 
15

Distributions from consolidated real estate ventures
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(54
)
 
(54
)
Share-based compensation activity
68,425

 
 
 
1

 
3,072

 
 
 
 
 
3

 
 
 
 
 
 
 
3,076

Share Issuance from/(to) Deferred Compensation Plan
66,830

 
53,856

 
 
 
 
 
1,061

 
(1,061
)
 
 
 
 
 
 
 
 
 

Share Choice Plan issuance
(1,285
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Reallocation of Noncontrolling interest
 
 
 
 
 
 
(5
)
 
 
 
 
 
 
 
 
 
 
 
5

 

Distributions declared ($0.18 per share)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(32,259
)
 
(266
)
 
(32,525
)
BALANCE, March 31, 2018
178,442,517

 
948,592

 
$
1,785

 
$
3,221,560

 
$
13,506

 
$
(13,506
)
 
$
685,166

 
$
7,365

 
$
(2,086,000
)
 
$
17,375

 
$
1,847,251

Net income
 
 
 
 
 
 
 
 
 
 
 
 
12,747