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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________________________________
FORM 10-Q
__________________________________________________________
 
(Mark One)
 
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    
For the quarterly period ended June 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             
Commission file numbers: 1-13130 (Liberty Property Trust)
1-13132 (Liberty Property Limited Partnership) 
__________________________________________________________
LIBERTY PROPERTY TRUST
LIBERTY PROPERTY LIMITED PARTNERSHIP
(Exact name of registrants as specified in their governing documents)
__________________________________________________________
 
MARYLAND (Liberty Property Trust)
23-7768996
PENNSYLVANIA (Liberty Property Limited Partnership)
23-2766549
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification Number)
 
 
 
650 East Swedesford Road
 
Wayne,
Pennsylvania
19087
(Address of Principal Executive Offices)
(Zip Code)
 

Registrants’ Telephone Number, Including Area Code (610648-1700
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
__________________________________________________________
 

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, $0.001 par value
 
LPT
 
New York Stock Exchange

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve (12) months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past ninety (90) days.    Yes  x    No  o
 
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).    Yes  x    No  o
 
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). (Check one):
  
Large Accelerated Filer
x
Accelerated Filer
o
Non-Accelerated Filer
o 
Smaller Reporting Company
o
 
 
Emerging Growth Company
o
    
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.  o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  o    No  x
On July 30, 2019 148,426,042 Common Shares of Beneficial Interest, par value $0.001 per share, of Liberty Property Trust were outstanding.



Table of Contents

EXPLANATORY NOTE

This report combines the quarterly reports on Form 10-Q for the period ended June 30, 2019 of Liberty Property Trust and Liberty Property Limited Partnership. Unless stated otherwise or the context otherwise requires, references to the “Trust” mean Liberty Property Trust and its consolidated subsidiaries, and references to the “Operating Partnership” mean Liberty Property Limited Partnership and its consolidated subsidiaries. The terms the “Company,” “we,” “our” and “us” mean the Trust and the Operating Partnership, collectively.

The Trust is a self-administered and self-managed Maryland real estate investment trust (“REIT”). Substantially all of the Trust's assets are owned directly or indirectly, and substantially all of the Trust's operations are conducted directly or indirectly, by its subsidiary, the Operating Partnership, a Pennsylvania limited partnership.

The Trust is the sole general partner and also a limited partner of the Operating Partnership, owning 97.7% of the common equity of the Operating Partnership at June 30, 2019. The common units of limited partnership interest in the Operating Partnership (the “Common Units”), other than those owned by the Trust, are exchangeable on a one-for-one basis (subject to anti-dilution protections) for the Trust's common shares of beneficial interest, $0.001 par value per share (the “Common Shares”).

The financial results of the Operating Partnership are consolidated into the financial statements of the Trust. The Trust has no significant assets other than its investment in the Operating Partnership. The Trust and the Operating Partnership are managed and operated as one entity. The Trust and the Operating Partnership have the same managers.

The Trust's sole business purpose is to act as the general partner of the Operating Partnership. Net proceeds from equity issuances by the Trust are contributed to the Operating Partnership in exchange for partnership units. The Trust itself does not issue any indebtedness, but guarantees certain of the unsecured debt of the Operating Partnership.

We believe combining the quarterly reports on Form 10-Q of the Trust and the Operating Partnership into this single report results in the following benefits:
enhances investors' understanding of the Trust and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the Company's disclosure applies to both the Trust and the Operating Partnership; and
creates time and cost efficiencies through the preparation of one combined report instead of two separate reports.

To help investors understand the significant differences between the Trust and the Operating Partnership, this report presents the following separate sections for each of the Trust and the Operating Partnership:
consolidated financial statements;
the following notes to the consolidated financial statements;
Income per Common Share of the Trust and Income per Common Unit of the Operating Partnership;
Noncontrolling Interests of the Trust and Limited Partners' Equity and Noncontrolling Interest of the Operating Partnership

This report also includes separate Item 4. Controls and Procedures sections and separate Exhibit 31 and 32 certifications for each of the Trust 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 Trust and Operating Partnership are compliant with Rule 13a-15 and Rule 15d-15 of the Securities Exchange Act of 1934, as amended.





2


Table of Contents

Liberty Property Trust/Liberty Property Limited Partnership
Form 10-Q for the period ended June 30, 2019
 
Index
 
Page
 
 
 
PART I.
 
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
PART II.
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.

3


Table of Contents

Index
 
Page
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 
 
 
 
 
 
 
 
 
 
 
CERTIFICATION OF CEO OF LIBERTY PROPERTY TRUST REQUIRED BY RULE 13A-14(A)
 
 
 
 
 
CERTIFICATION OF CFO OF LIBERTY PROPERTY TRUST REQUIRED BY RULE 13A-14(A)
 
 
 
 
 
CERTIFICATION OF CEO OF LIBERTY PROPERTY TRUST, IN ITS CAPACITY AS THE GENERAL PARTNER OF LIBERTY PROPERTY LIMITED PARTNERSHIP, REQUIRED BY RULE 13A-14(A)
 
 
 
 
 
CERTIFICATION OF CFO OF LIBERTY PROPERTY TRUST, IN ITS CAPACITY AS THE GENERAL PARTNER OF LIBERTY PROPERTY LIMITED PARTNERSHIP, REQUIRED BY RULE 13A-14(A)
 
 
 
 
 
CERTIFICATION OF CEO OF LIBERTY PROPERTY TRUST REQUIRED BY RULE 13A-14(B)
 
 
 
 
 
CERTIFICATION OF CFO OF LIBERTY PROPERTY TRUST REQUIRED BY RULE 13A-14(B)
 
 
 
 
 
CERTIFICATION OF CEO OF LIBERTY PROPERTY TRUST, IN ITS CAPACITY AS THE GENERAL PARTNER OF LIBERTY PROPERTY LIMITED PARTNERSHIP, REQUIRED BY RULE 13A-14(B)
 
 
 
 
 
CERTIFICATION OF CFO OF LIBERTY PROPERTY TRUST, IN ITS CAPACITY AS THE GENERAL PARTNER OF LIBERTY PROPERTY LIMITED PARTNERSHIP, REQUIRED BY RULE 13A-14(B)
 
 
 
 
 
XBRL Instance Document
 
 
 
 
 
XBRL Taxonomy Extension Schema Document
 
 
 
 
 
XBRL Taxonomy Extension Calculation Linkbase Document
 
 
 
 
 
XBRL Taxonomy Extension Definition Linkbase Document
 
 
 
 
 
XBRL Extension Labels Linkbase
 
 
 
 
 
XBRL Taxonomy Extension Presentation Linkbase Document
 

4


Table of Contents

PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
CONSOLIDATED BALANCE SHEETS OF LIBERTY PROPERTY TRUST
(Unaudited and in thousands, except share and unit amounts)
 
 
June 30, 2019
 
December 31, 2018
ASSETS
 
 
 
Real estate:
 
 
 
Land and land improvements
$
1,339,483

 
$
1,236,514

Building and improvements
4,612,859

 
4,397,049

Less accumulated depreciation
(1,004,624
)
 
(941,299
)
Operating real estate
4,947,718

 
4,692,264

Development in progress
416,035

 
462,572

Land held for development
303,135

 
296,244

Net real estate
5,666,888

 
5,451,080

Cash and cash equivalents
21,039

 
84,923

Restricted cash
17,392

 
10,899

Accounts receivable
12,458

 
14,109

Deferred rent receivable
118,230

 
111,372

Deferred financing and leasing costs, net of accumulated amortization (June 30, 2019, $183,418; December 31, 2018, $165,553)
163,566

 
157,823

Investments in and advances to unconsolidated joint ventures
350,768

 
350,981

Assets held for sale
386,726

 
502,207

Right of use asset
17,931

 

Prepaid expenses and other assets
127,261

 
251,000

Total assets
$
6,882,259

 
$
6,934,394

LIABILITIES
 
 
 
Mortgage loans, net
$
351,493

 
$
395,202

Unsecured notes, net
2,632,881

 
2,285,698

Credit facilities
100,000

 
411,846

Accounts payable
46,405

 
62,943

Accrued interest
28,021

 
22,309

Dividend and distributions payable
62,241

 
60,560

Lease liabilities
18,617

 

Other liabilities
200,867

 
270,396

Liabilities held for sale
19,033

 
21,131

Total liabilities
3,459,558

 
3,530,085

Noncontrolling interest - operating partnership - 213,483 and 301,483 preferred units outstanding as of June 30, 2019 and December 31, 2018, respectively
5,337

 
7,537

EQUITY
 
 
 
Liberty Property Trust shareholders’ equity
 
 
 
Common shares of beneficial interest, $.001 par value, 283,987,000 shares authorized; 148,297,283 and 147,899,354 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
148

 
148

Additional paid-in capital
3,687,085

 
3,691,778

Accumulated other comprehensive loss
(57,674
)
 
(55,243
)
Distributions in excess of net income
(274,311
)
 
(306,822
)
Total Liberty Property Trust shareholders’ equity
3,355,248

 
3,329,861

Noncontrolling interest – operating partnership - 3,513,049 and 3,520,205 common units outstanding as of June 30, 2019 and December 31, 2018, respectively
61,839

 
61,471

Noncontrolling interest – consolidated joint ventures
277

 
5,440

Total equity
3,417,364

 
3,396,772

Total liabilities, noncontrolling interest - operating partnership and equity
$
6,882,259

 
$
6,934,394


See accompanying notes.

5


Table of Contents

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF LIBERTY PROPERTY TRUST
(Unaudited and in thousands, except per share amounts)
 
Three Months Ended
 
June 30, 2019
 
June 30, 2018
REVENUE
 
 
 
Rental revenue
$
160,359

 
$
146,107

Development service fee income
978

 
19,824

Total revenue
161,337

 
165,931

EXPENSES
 
 
 
Rental property
14,104

 
13,247

Real estate taxes
23,487

 
21,793

General and administrative
9,693

 
8,832

Leasing expense
3,318

 
2,767

Other operating expense
3,256

 
1,577

Interest expense
25,406

 
21,454

Depreciation and amortization
43,032

 
40,076

Development service fee expense
847

 
79,808

Impairment charges - real estate assets

 
26,000

Total expenses
123,143

 
215,554

 
 
 
 
Interest and other income
7,998

 
2,700

Gain on property dispositions
5,462

 
48,584

Equity in earnings of unconsolidated joint ventures
2,181

 
7,428

Income from continuing operations before income taxes
53,835

 
9,089

Income taxes
261

 
(911
)
Income from continuing operations
54,096

 
8,178

Discontinued operations (including gain on asset sales, net of impairments and debt extinguishment loss, of $41.2 million and a net loss, of $0.2 million for the three months ended June 30, 2019 and 2018, respectively)
48,239

 
12,712

Net income
102,335

 
20,890

Noncontrolling interest – operating partnership
(2,443
)
 
(585
)
Noncontrolling interest – consolidated joint ventures
(123
)
 
(691
)
Net income available to common shareholders
$
99,769

 
$
19,614

 
 
 
 
Net income
$
102,335

 
$
20,890

Other comprehensive loss - foreign currency translation
(5,894
)
 
(14,138
)
Other comprehensive (loss) income - derivative instruments
(116
)
 
102

Other comprehensive loss
(6,010
)
 
(14,036
)
Total comprehensive income
96,325

 
6,854

Less: comprehensive income attributable to noncontrolling interest
(2,427
)
 
(949
)
Comprehensive income attributable to common shareholders
$
93,898

 
$
5,905

Earnings per common share
 
 
 
Basic:
 
 
 
Income from continuing operations
$
0.36

 
$
0.05

Income from discontinued operations
0.32

 
0.08

Income per common share – basic
$
0.68

 
$
0.13

Diluted:
 
 
 
Income from continuing operations
$
0.35

 
$
0.05

Income from discontinued operations
0.32

 
0.08

Income per common share – diluted
$
0.67

 
$
0.13

Weighted average number of common shares outstanding
 
 
 
Basic
147,805

 
147,274

Diluted
148,668

 
148,333

Amounts attributable to common shareholders
 
 
 
Income from continuing operations
$
52,764

 
$
7,308

Discontinued operations
47,005

 
12,306

Net income available to common shareholders
$
99,769

 
$
19,614

See accompanying notes.

6


Table of Contents

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME OF LIBERTY PROPERTY TRUST
(Unaudited and in thousands, except per share amounts)
 
Six Months Ended
 
June 30, 2019
 
June 30, 2018
REVENUE
 
 
 
Rental revenue
$
316,732

 
$
291,482

Development service fee income
1,842

 
46,176

Total revenue
318,574

 
337,658

EXPENSES
 
 
 
Rental property
27,768

 
26,464

Real estate taxes
45,860

 
43,295

General and administrative
25,298

 
23,159

Leasing expense
6,526

 
5,579

Other operating expense
5,524

 
4,079

Interest expense
50,903

 
42,944

Depreciation and amortization
86,430

 
79,582

Development service fee expense
1,680

 
107,875

Impairment charges - real estate assets
99

 
26,000

Total expenses
250,088

 
358,977

 


 


Interest and other income
11,256

 
5,220

Gain on property dispositions
5,957

 
52,742

Equity in earnings of unconsolidated joint ventures
9,190

 
14,192

Income from continuing operations before income taxes
94,889

 
50,835

Income taxes
(571
)
 
(1,440
)
Income from continuing operations
94,318

 
49,395

Discontinued operations (including gain on asset sales, net of impairments and debt extinguishment loss, of $50.1 million and $89.8 million and for the six months ended June 30, 2019 and 2018, respectively)
63,766

 
115,220

Net income
158,084

 
164,615

Noncontrolling interest – operating partnership
(3,817
)
 
(4,042
)
Noncontrolling interest – consolidated joint ventures
(167
)
 
(778
)
Net income available to common shareholders
$
154,100

 
$
159,795

 
 
 
 
Net income
$
158,084

 
$
164,615

Other comprehensive loss - foreign currency translation
(518
)
 
(6,206
)
Other comprehensive (loss) income - derivative instruments
(1,970
)
 
487

Other comprehensive loss
(2,488
)
 
(5,719
)
Total comprehensive income
155,596

 
158,896

Less: comprehensive income attributable to noncontrolling interest
(3,927
)
 
(4,687
)
Comprehensive income attributable to common shareholders
$
151,669

 
$
154,209

Earnings per common share
 
 
 
Basic:
 
 
 
Income from continuing operations
$
0.62

 
$
0.33

Income from discontinued operations
0.42

 
0.76

Income per common share – basic
$
1.04

 
$
1.09

Diluted:
 
 
 
Income from continuing operations
$
0.62

 
$
0.32

Income from discontinued operations
0.42

 
0.76

Income per common share – diluted
$
1.04

 
$
1.08

Weighted average number of common shares outstanding
 
 
 
Basic
147,706

 
147,184

Diluted
148,606

 
148,104

Amounts attributable to common shareholders
 
 
 
Income from continuing operations
$
92,000

 
$
47,447

Discontinued operations
62,100

 
112,348

Net income available to common shareholders
$
154,100

 
$
159,795

See accompanying notes.



7


Table of Contents

CONSOLIDATED STATEMENTS OF EQUITY OF LIBERTY PROPERTY TRUST
(Unaudited and in thousands)

 
 
Three Months Ended June 30, 2019
 
 
NUMBER OF COMMON SHARES
 
COMMON SHARES OF
BENEFICIAL INTEREST
 
ADDITIONAL PAID-IN CAPITAL
 
ACCUMULATED OTHER COMPREHENSIVE LOSS
 
DISTRIBUTIONS IN EXCESS OF NET INCOME
 
TOTAL LIBERTY PROPERTY TRUST SHAREHOLDERS’
EQUITY
 
NONCONTROLLING INTEREST - OPERATING PARTNERSHIP
 
NONCONTROLLING INTEREST -
CONSOLIDATED
JOINT
VENTURES
 
TOTAL EQUITY
 
NONCONTROLLING INTEREST - OPERATING PARTNERSHIP (MEZZANINE)
Balance at April 1, 2019
 
148,258,042

 
$
148

 
$
3,697,783

 
$
(51,803
)
 
$
(313,279
)
 
$
3,332,849

 
$
61,280

 
$
4,684

 
$
3,398,813

 
$
5,337

Net proceeds from the issuance of common shares
 
32,085

 

 
1,090

 

 

 
1,090

 

 

 
1,090

 

Net income
 

 

 

 

 
99,769

 
99,769

 
2,359

 
123

 
102,251

 
84

Distributions
 

 

 

 

 
(60,801
)
 
(60,801
)
 
(1,536
)
 
(123
)
 
(62,460
)
 
(84
)
Share-based compensation net of shares related to tax withholdings
 

 

 
1,437

 

 

 
1,437

 

 

 
1,437

 

Other comprehensive loss - foreign currency translation
 

 

 

 
(5,758
)
 

 
(5,758
)
 
(136
)
 

 
(5,894
)
 

Other comprehensive loss - derivative instruments
 

 

 

 
(113
)
 

 
(113
)
 
(3
)
 

 
(116
)
 

Acquisition of noncontrolling interest
 

 

 
(13,350
)
 

 

 
(13,350
)
 

 
(4,407
)
 
(17,757
)
 

Redemption of noncontrolling interests – common units
 
7,156

 

 
125

 

 

 
125

 
(125
)
 

 

 

Balance at June 30, 2019
 
148,297,283


$
148

 
$
3,687,085

 
$
(57,674
)
 
$
(274,311
)
 
$
3,355,248

 
$
61,839

 
$
277

 
$
3,417,364

 
$
5,337


 
 
Three Months Ended June 30, 2018
 
 
NUMBER OF COMMON SHARES
 
COMMON SHARES OF
BENEFICIAL INTEREST
 
ADDITIONAL PAID-IN CAPITAL
 
ACCUMULATED OTHER COMPREHENSIVE LOSS
 
DISTRIBUTIONS IN EXCESS OF NET INCOME
 
TOTAL LIBERTY PROPERTY TRUST SHAREHOLDERS’
EQUITY
 
NONCONTROLLING INTEREST - OPERATING PARTNERSHIP
 
NONCONTROLLING INTEREST -
CONSOLIDATED
JOINT
VENTURES
 
TOTAL EQUITY
 
NONCONTROLLING INTEREST - OPERATING PARTNERSHIP (MEZZANINE)
Balance at April 1, 2018
 
147,773,141

 
$
148

 
$
3,683,660

 
$
(29,674
)
 
$
(468,883
)
 
$
3,185,251

 
$
58,186

 
$
4,851

 
$
3,248,288

 
$
7,537

Net proceeds from the issuance of common shares
 
23,477

 

 
1,260

 

 

 
1,260

 

 

 
1,260

 

Net income
 

 

 

 

 
19,614

 
19,614

 
467

 
691

 
20,772

 
118

Distributions
 

 

 

 

 
(59,117
)
 
(59,117
)
 
(1,408
)
 
(119
)
 
(60,644
)
 
(118
)
Share-based compensation net of shares related to tax withholdings
 

 

 
1,585

 

 

 
1,585

 

 

 
1,585

 

Other comprehensive loss - foreign currency translation
 

 

 

 
(13,809
)
 

 
(13,809
)
 
(329
)
 

 
(14,138
)
 

Other comprehensive income - derivative instruments
 

 

 

 
100

 

 
100

 
2

 

 
102

 

Balance at June 30, 2018
 
147,796,618

 
$
148

 
$
3,686,505

 
$
(43,383
)
 
$
(508,386
)
 
$
3,134,884

 
$
56,918

 
$
5,423

 
$
3,197,225

 
$
7,537




See accompanying notes.

8


Table of Contents

CONSOLIDATED STATEMENTS OF EQUITY OF LIBERTY PROPERTY TRUST
(Unaudited and in thousands)
 
 
Six Months Ended June 30, 2019
 
 
NUMBER OF COMMON SHARES
 
COMMON SHARES OF
BENEFICIAL INTEREST
 
ADDITIONAL PAID-IN CAPITAL
 
ACCUMULATED OTHER COMPREHENSIVE LOSS
 
DISTRIBUTIONS IN EXCESS OF NET INCOME
 
TOTAL LIBERTY PROPERTY TRUST SHAREHOLDERS’
EQUITY
 
NONCONTROLLING INTEREST - OPERATING PARTNERSHIP
 
NONCONTROLLING INTEREST -
CONSOLIDATED
JOINT
VENTURES
 
TOTAL EQUITY
 
NONCONTROLLING INTEREST - OPERATING PARTNERSHIP (MEZZANINE)
Balance at January 1, 2019
 
147,899,354

 
$
148

 
$
3,691,778

 
$
(55,243
)
 
$
(306,822
)
 
$
3,329,861

 
$
61,471

 
$
5,440

 
$
3,396,772

 
$
7,537

Net proceeds from the issuance of common shares
 
390,773

 

 
4,999

 

 

 
4,999

 

 

 
4,999

 

Net income
 

 

 

 

 
154,100

 
154,100

 
3,649

 
167

 
157,916

 
168

Distributions
 

 

 

 

 
(121,589
)
 
(121,589
)
 
(3,099
)
 
(167
)
 
(124,855
)
 
(168
)
Share-based compensation net of shares related to tax withholdings
 

 

 
3,533

 

 

 
3,533