v3.10.0.1
Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
REVENUE      
Rental $ 480,389 $ 446,527 $ 495,067
Operating expense reimbursement 151,276 136,184 167,315
Development service fee income 73,224 82,673 12,941
Total revenue 704,889 665,384 675,323
EXPENSE      
Rental property 62,301 57,614 88,698
Real estate taxes 91,663 83,152 92,920
General and administrative 53,843 56,191 63,071
Other operating expense 11,994 6,167 5,017
Interest expense 89,630 84,238 105,127
Loss on debt extinguishment 0 49 27,099
Depreciation and amortization 169,717 162,700 191,448
Development service fee expense 134,825 85,805 12,165
Impairment - real estate assets 32,431 3,946 3,879
Total expense 646,404 539,862 589,424
Interest and other income 12,048 7,734 13,846
Gain on property dispositions 81,514 100,387 219,270
Income taxes (7,364) (1,992) (1,969)
Equity in earnings of unconsolidated joint ventures 21,382 17,155 21,970
Income from continuing operations 166,065 248,806 339,016
Discontinued operations (including net gain of $303.2 million and $14.6 million on property dispositions for the years ended December 31, 2018 and 2017, respectively) 326,538 41,239 27,129
Net income 492,603 290,045 366,145
Noncontrolling interest – operating partnership (11,886) (7,224) (9,070)
Noncontrolling interest – consolidated joint ventures (1,110) (481) (258)
Income available to common shareholders 479,607 282,340 356,817
Comprehensive income attributable to common shareholders      
Net income 492,603 290,045 366,145
Other comprehensive (loss) income - foreign currency translation (14,161) 18,066 (34,744)
Other comprehensive (loss) income - derivative instruments (3,700) 605 410
Other comprehensive (loss) income (17,861) 18,671 (34,334)
Total comprehensive income 474,742 308,716 331,811
Less: comprehensive income attributable to noncontrolling interest (12,581) (8,142) (8,519)
Comprehensive income attributable to common shareholders $ 462,161 $ 300,574 $ 323,292
Basic:      
Income from continuing operations (USD per share/unit) $ 1.09 $ 1.65 $ 2.26
Income from discontinued operations (USD per share/unit) 2.17 0.27 0.18
Income per common share - basic (USD per share/unit) 3.26 1.92 2.44
Diluted:      
Income from continuing operations (USD per share/unit) 1.09 1.64 2.25
Income from discontinued operations (USD per share/unit) 2.15 0.27 0.18
Income per common share - diluted (USD per share/unit) $ 3.24 $ 1.91 $ 2.43
Weighted average number of common shares outstanding      
Basic (shares) 147,275 146,742 146,204
Diluted (shares) 148,221 147,541 146,889
Amounts attributable to common shareholders      
Income from continuing operations $ 160,677 $ 242,066 $ 330,320
Discontinued operations 318,930 40,274 26,497
Income available to common shareholders 479,607 282,340 356,817
Liberty Property Limited Partnership      
REVENUE      
Rental 480,389 446,527 495,067
Operating expense reimbursement 151,276 136,184 167,315
Development service fee income 73,224 82,673 12,941
Total revenue 704,889 665,384 675,323
EXPENSE      
Rental property 62,301 57,614 88,698
Real estate taxes 91,663 83,152 92,920
General and administrative 53,843 56,191 63,071
Other operating expense 11,994 6,167 5,017
Interest expense 89,630 84,238 105,127
Loss on debt extinguishment 0 49 27,099
Depreciation and amortization 169,717 162,700 191,448
Development service fee expense 134,825 85,805 12,165
Impairment - real estate assets 32,431 3,946 3,879
Total expense 646,404 539,862 589,424
Interest and other income 12,048 7,734 13,846
Gain on property dispositions 81,514 100,387 219,270
Income taxes (7,364) (1,992) (1,969)
Equity in earnings of unconsolidated joint ventures 21,382 17,155 21,970
Income from continuing operations 166,065 248,806 339,016
Discontinued operations (including net gain of $303.2 million and $14.6 million on property dispositions for the years ended December 31, 2018 and 2017, respectively) 326,538 41,239 27,129
Net income 492,603 290,045 366,145
Noncontrolling interest – consolidated joint ventures (1,110) (481) (258)
Preferred unit distributions (472) (472) (472)
Income available to common shareholders 491,021 289,092 365,415
Comprehensive income attributable to common shareholders      
Net income 492,603 290,045 366,145
Other comprehensive (loss) income - foreign currency translation (14,161) 18,066 (34,744)
Other comprehensive (loss) income - derivative instruments (3,700) 605 410
Other comprehensive (loss) income (17,861) 18,671 (34,334)
Total comprehensive income $ 474,742 $ 308,716 $ 331,811
Basic:      
Income from continuing operations (USD per share/unit) $ 1.09 $ 1.65 $ 2.26
Income from discontinued operations (USD per share/unit) 2.17 0.27 0.18
Income per common share - basic (USD per share/unit) 3.26 1.92 2.44
Diluted:      
Income from continuing operations (USD per share/unit) 1.09 1.64 2.25
Income from discontinued operations (USD per share/unit) 2.15 0.27 0.18
Income per common share - diluted (USD per share/unit) $ 3.24 $ 1.91 $ 2.43
Weighted average number of common shares outstanding      
Basic (shares) 150,795 150,270 149,740
Diluted (shares) 151,741 151,069 150,425
Amounts attributable to common shareholders      
Income from continuing operations $ 164,955 $ 248,325 $ 338,758
Discontinued operations 326,538 41,239  
Income available to common shareholders 491,021 289,092 365,415
Net income allocated to general partners 479,607 282,340 356,817
Net income allocated to limited partners $ 11,886 $ 7,224 $ 9,070
Liberty Property Limited Partnership | Common units      
Basic:      
Income per common share - basic (USD per share/unit) $ 3.26 $ 1.92  
Diluted:      
Income per common share - diluted (USD per share/unit) $ 3.24 $ 1.91  

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