v3.19.2
Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Noncontrolling Interest in Net Income (Loss) Operating Partnerships, Redeemable $ 2,443 $ 585 $ 3,817 $ 4,042
REVENUE        
Rental revenue 160,359 146,107 316,732 291,482
Development service fee income 978 19,824 1,842 46,176
Total revenue 161,337 165,931 318,574 337,658
EXPENSES        
Rental property 14,104 13,247 27,768 26,464
Real estate taxes 23,487 21,793 45,860 43,295
General and administrative 9,693 8,832 25,298 23,159
Leasing expense 3,318 2,767 6,526 5,579
Other Cost and Expense, Operating 3,256 1,577 5,524 4,079
Interest expense 25,406 21,454 50,903 42,944
Depreciation and amortization 43,032 40,076 86,430 79,582
Development service fee expense 847 79,808 1,680 107,875
Impairment charges - real estate assets 0 26,000 99 26,000
Total expenses 123,143 215,554 250,088 358,977
OTHER INCOME (EXPENSE)        
Interest and other income 7,998 2,700 11,256 5,220
Gain on property dispositions 5,462 48,584 5,957 52,742
Equity in earnings of unconsolidated joint ventures 2,181 7,428 9,190 14,192
Income from continuing operations before income taxes 53,835 9,089 94,889 50,835
Income taxes 261 (911) (571) (1,440)
Income from continuing operations 54,096 8,178 94,318 49,395
Income from discontinued operations 48,239 12,712 63,766 115,220
Net income 102,335 20,890 158,084 164,615
Noncontrolling interest - consolidated joint ventures (123) (691) (167) (778)
Net income available to common shareholders 99,769 19,614 154,100 159,795
Comprehensive income attributable to common shareholders        
Net income 102,335 20,890 158,084 164,615
Other comprehensive loss - foreign currency translation (5,894) (14,138) (518) (6,206)
Other comprehensive income (loss) - derivative instruments (116) 102 (1,970) 487
Other comprehensive income (6,010) (14,036) (2,488) (5,719)
Total comprehensive income 96,325 6,854 155,596 158,896
Less: comprehensive income attributable to noncontrolling interest (2,427) (949) (3,927) (4,687)
Comprehensive income attributable to parent $ 93,898 $ 5,905 $ 151,669 $ 154,209
Weighted average number of common shares or units outstanding        
Basic (in shares) 147,805 147,274 147,706 147,184
Diluted (in shares) 148,668 148,333 148,606 148,104
Amounts attributable to common shareholders or unitholders        
Income from continuing operations net of noncontrolling interest $ 52,764 $ 7,308 $ 92,000 $ 47,447
Income from discontinued operations 47,005 12,306 62,100 112,348
Net income available to common shareholders 99,769 19,614 154,100 159,795
Liberty Property Limited Partnership        
REVENUE        
Rental revenue 160,359 146,107 316,732 291,482
Development service fee income 978 19,824 1,842 46,176
Total revenue 161,337 165,931 318,574 337,658
EXPENSES        
Rental property 14,104 13,247 27,768 26,464
Real estate taxes 23,487 21,793 45,860 43,295
General and administrative 9,693 8,832 25,298 23,159
Leasing expense 3,318 2,767 6,526 5,579
Other Cost and Expense, Operating 3,256 1,577 5,524 4,079
Interest expense 25,406 21,454 50,903 42,944
Depreciation and amortization 43,032 40,076 86,430 79,582
Development service fee expense 847 79,808 1,680 107,875
Impairment charges - real estate assets 0 26,000 99 26,000
Total expenses 123,143 215,554 250,088 358,977
OTHER INCOME (EXPENSE)        
Interest and other income 7,998 2,700 11,256 5,220
Gain on property dispositions 5,462 48,584 5,957 52,742
Equity in earnings of unconsolidated joint ventures 2,181 7,428 9,190 14,192
Income from continuing operations before income taxes 53,835 9,089 94,889 50,835
Income taxes 261 (911) (571) (1,440)
Income from continuing operations 54,096 8,178 94,318 49,395
Income from discontinued operations 48,239 12,712 63,766 115,220
Net income 102,335 20,890 158,084 164,615
Noncontrolling interest - consolidated joint ventures (123) (691) (167) (778)
Preferred unit distributions 84 118 168 236
Net income available to common shareholders 102,128 20,081 157,749 163,601
Comprehensive income attributable to common shareholders        
Net income 102,335 20,890 158,084 164,615
Other comprehensive loss - foreign currency translation (5,894) (14,138) (518) (6,206)
Other comprehensive income (loss) - derivative instruments (116) 102 (1,970) 487
Other comprehensive income (6,010) (14,036) (2,488) (5,719)
Total comprehensive income $ 96,325 $ 6,854 $ 155,596 $ 158,896
Weighted average number of common shares or units outstanding        
Basic (in shares) 151,319 150,794 151,223 150,704
Diluted (in shares) 152,182 151,853 152,123 151,624
Amounts attributable to common shareholders or unitholders        
Income from continuing operations net of noncontrolling interest $ 54,093 $ 7,597 $ 94,338 $ 48,804
Income from discontinued operations 48,119 12,602 63,579 115,033
Net income available to common shareholders 102,128 20,081 157,749 163,601
Net income allocated to general partners 99,769 19,614 154,100 159,795
Net income allocated to limited partners $ 2,443 $ 585 $ 3,817 $ 4,042
Common Units | Liberty Property Limited Partnership        
Basic:        
Income from continuing operations (in usd per share) $ 0.36 $ 0.05 $ 0.62 $ 0.33
Income from discontinued operations (in usd per share) 0.32 0.08 0.42 0.76
Earnings Per Share, Basic 0.68 0.13 1.04 1.09
Diluted:        
Income from continuing operations (in usd per share) 0.35 0.05 0.62 0.32
Income from discontinued operations (in usd per share) 0.32 0.08 0.42 0.76
Earnings Per Share, Diluted 0.67 0.13 1.04 1.08
Common shares        
Basic:        
Income from continuing operations (in usd per share) 0.36 0.05 0.62 0.33
Income from discontinued operations (in usd per share) 0.32 0.08 0.42 0.76
Earnings Per Share, Basic 0.68 0.13 1.04 1.09
Diluted:        
Income from continuing operations (in usd per share) 0.35 0.05 0.62 0.32
Income from discontinued operations (in usd per share) 0.32 0.08 0.42 0.76
Earnings Per Share, Diluted $ 0.67 $ 0.13 $ 1.04 $ 1.08
Discontinued operations        
OTHER INCOME (EXPENSE)        
Income taxes $ (261) $ (30) $ (293) $ (55)
Income from discontinued operations 48,239 12,712 63,766 115,220
Noncontrolling interest - consolidated joint ventures (120) (110) (187) (187)
Amounts attributable to common shareholders or unitholders        
Income from discontinued operations $ 47,005 $ 12,306 $ 62,100 $ 112,348

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