v3.10.0.1
Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
OPERATING REVENUE        
Rental $ 120,775,000 $ 113,889,000 $ 357,185,000 $ 333,884,000
Operating expense reimbursement 37,453,000 33,522,000 110,729,000 100,161,000
Development service fee income 12,956,000 24,176,000 59,132,000 53,920,000
Total operating revenue 171,184,000 171,587,000 527,046,000 487,965,000
OPERATING EXPENSE        
Rental property 14,457,000 14,833,000 44,023,000 42,938,000
Real estate taxes 23,193,000 20,427,000 67,452,000 61,326,000
General and administrative 13,121,000 11,873,000 43,406,000 44,069,000
Expensed pursuit costs 1,292,000 4,772,000 1,675,000 4,957,000
Systems implementation expense 1,177,000 142,000 3,352,000 157,000
Depreciation and amortization 43,375,000 41,754,000 127,280,000 123,924,000
Development service fee expense 12,924,000 23,665,000 120,799,000 52,497,000
Impairment charges - real estate assets 0 3,936,000 26,000,000 3,936,000
Total operating expenses 109,539,000 121,402,000 433,987,000 333,804,000
Operating income 61,645,000 50,185,000 93,059,000 154,161,000
OTHER INCOME (EXPENSE)        
Interest and other income 3,433,000 1,734,000 8,568,000 5,487,000
Interest expense (23,274,000) (21,448,000) (66,582,000) (62,409,000)
Total other income (expense) (19,841,000) (19,714,000) (58,014,000) (56,922,000)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 41,804,000 30,471,000 35,045,000 97,239,000
Gain on property dispositions 2,002,000 23,840,000 54,705,000 30,542,000
Income taxes (472,000) (582,000) (1,967,000) (1,528,000)
Equity in earnings of unconsolidated joint ventures 6,766,000 4,305,000 20,958,000 14,026,000
Income from continuing operations 50,100,000 58,034,000 108,741,000 140,279,000
Discontinued operations (including a net gain of $94.9 million and a net gain of $184.7 million on property dispositions for the three and nine months ended September 30, 2018, respectively) 103,971,000 3,125,000 209,945,000 17,942,000
Net income 154,071,000 61,159,000 318,686,000 158,221,000
Noncontrolling interest – operating partnership (3,696,000) (1,545,000) (7,738,000) (4,044,000)
Noncontrolling interest - consolidated joint ventures (232,000) (75,000) (1,010,000) (195,000)
Net income available to common shareholders or unitholders 150,143,000 59,539,000 309,938,000 153,982,000
Comprehensive income attributable to common shareholders or unitholders        
Net income 154,071,000 61,159,000 318,686,000 158,221,000
Other comprehensive (loss) income - foreign currency translation (3,015,000) 5,634,000 (9,221,000) 16,314,000
Other comprehensive income - derivative instruments 6,000 91,000 493,000 366,000
Other comprehensive (loss) income (3,009,000) 5,725,000 (8,728,000) 16,680,000
Total comprehensive income 151,062,000 66,884,000 309,958,000 174,901,000
Less: comprehensive income attributable to noncontrolling interest (3,858,000) (1,754,000) (8,545,000) (4,629,000)
Comprehensive income attributable to common shareholders $ 147,204,000 $ 65,130,000 $ 301,413,000 $ 170,272,000
Weighted average number of common shares or units outstanding        
Basic 147,324 146,811 147,241 146,678
Diluted 148,271 147,596 148,160 147,430
Amounts attributable to common shareholders or unitholders        
Income from continuing operations $ 48,595,000 $ 56,487,000 $ 104,885,000 $ 136,460,000
Income from discontinued operations 101,548,000 3,052,000 205,053,000 17,522,000
Net income available to common shareholders or unitholders 150,143,000 59,539,000 309,938,000 153,982,000
Liberty Property Limited Partnership [Member]        
OPERATING REVENUE        
Rental 120,775,000 113,889,000 357,185,000 333,884,000
Operating expense reimbursement 37,453,000 33,522,000 110,729,000 100,161,000
Development service fee income 12,956,000 24,176,000 59,132,000 53,920,000
Total operating revenue 171,184,000 171,587,000 527,046,000 487,965,000
OPERATING EXPENSE        
Rental property 14,457,000 14,833,000 44,023,000 42,938,000
Real estate taxes 23,193,000 20,427,000 67,452,000 61,326,000
General and administrative 13,121,000 11,873,000 43,406,000 44,069,000
Expensed pursuit costs 1,292,000 4,772,000 1,675,000 4,957,000
Systems implementation expense 1,177,000 142,000 3,352,000 157,000
Depreciation and amortization 43,375,000 41,754,000 127,280,000 123,924,000
Development service fee expense 12,924,000 23,665,000 120,799,000 52,497,000
Impairment charges - real estate assets 0 3,936,000 26,000,000 3,936,000
Total operating expenses 109,539,000 121,402,000 433,987,000 333,804,000
Operating income 61,645,000 50,185,000 93,059,000 154,161,000
OTHER INCOME (EXPENSE)        
Interest and other income 3,433,000 1,734,000 8,568,000 5,487,000
Interest expense (23,274,000) (21,448,000) (66,582,000) (62,409,000)
Total other income (expense) (19,841,000) (19,714,000) (58,014,000) (56,922,000)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 41,804,000 30,471,000 35,045,000 97,239,000
Gain on property dispositions 2,002,000 23,840,000 54,705,000 30,542,000
Income taxes (472,000) (582,000) (1,967,000) (1,528,000)
Equity in earnings of unconsolidated joint ventures 6,766,000 4,305,000 20,958,000 14,026,000
Income from continuing operations 50,100,000 58,034,000 108,741,000 140,279,000
Discontinued operations (including a net gain of $94.9 million and a net gain of $184.7 million on property dispositions for the three and nine months ended September 30, 2018, respectively) 103,971,000 3,125,000 209,945,000 17,942,000
Net income 154,071,000 61,159,000 318,686,000 158,221,000
Noncontrolling interest - consolidated joint ventures (232,000) (75,000) (1,010,000) (195,000)
Preferred unit distributions (118,000) (118,000) (354,000) (354,000)
Net income available to common shareholders or unitholders 153,721,000 60,966,000 317,322,000 157,672,000
Comprehensive income attributable to common shareholders or unitholders        
Net income 154,071,000 61,159,000 318,686,000 158,221,000
Other comprehensive (loss) income - foreign currency translation (3,015,000) 5,634,000 (9,221,000) 16,314,000
Other comprehensive income - derivative instruments 6,000 91,000 493,000 366,000
Other comprehensive (loss) income (3,009,000) 5,725,000 (8,728,000) 16,680,000
Total comprehensive income $ 151,062,000 $ 66,884,000 $ 309,958,000 $ 174,901,000
Weighted average number of common shares or units outstanding        
Basic 150,844 150,339 150,761 150,206
Diluted 151,791 151,124 151,680 150,958
Net income allocated to general partners $ 150,143,000 $ 59,539,000 $ 309,938,000 $ 153,982,000
Net income allocated to limited partners 3,696,000 1,545,000 7,738,000 4,044,000
Amounts attributable to common shareholders or unitholders        
Income from continuing operations 49,868,000 57,959,000 107,731,000 140,084,000
Net income available to common shareholders or unitholders $ 153,721,000 $ 60,966,000 $ 317,322,000 $ 157,672,000
Common Units [Member] | Liberty Property Limited Partnership [Member]        
Basic:        
Income from continuing operations $ 0.33 $ 0.39 $ 0.71 $ 0.93
Income from discontinued operations 0.69 0.02 1.39 0.12
Income per common share or unit - basic 1.02 0.41 2.10 1.05
Diluted:        
Income from continuing operations 0.33 0.38 0.71 0.92
Income from discontinued operations 0.68 0.02 1.38 0.12
Income per common share or unit - diluted 1.01 0.40 2.09 1.04
Distributions per common share or unit 0.40 0.40 1.20 1.20
Common shares [Member]        
Basic:        
Income from continuing operations 0.33 0.39 0.71 0.93
Income from discontinued operations 0.69 0.02 1.39 0.12
Income per common share or unit - basic 1.02 0.41 2.10 1.05
Diluted:        
Income from continuing operations 0.33 0.38 0.71 0.92
Income from discontinued operations 0.68 0.02 1.38 0.12
Income per common share or unit - diluted 1.01 0.40 2.09 1.04
Distributions per common share or unit $ 0.40 $ 0.40 $ 1.20 $ 1.20

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