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Consolidated Statements of Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
OPERATING REVENUE        
Rental $ 119,202 $ 116,193 $ 238,593 $ 230,718
Operating expense reimbursement 49,997 48,234 100,293 99,595
Total operating revenue 169,199 164,427 338,886 330,313
OPERATING EXPENSE        
Rental property 31,386 28,543 61,791 60,254
Real estate taxes 20,569 19,592 41,309 39,039
General and administrative 14,619 13,255 31,823 29,203
Depreciation and amortization 40,733 38,554 82,014 77,546
Total operating expenses 107,307 99,944 216,937 206,042
Operating income 61,892 64,483 121,949 124,271
OTHER INCOME (EXPENSE)        
Interest and other income 2,567 2,340 5,328 4,928
Interest expense (30,834) (29,358) (60,109) (62,200)
Total other income (expense) (28,267) (27,018) (54,781) (57,272)
Income before property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 33,625 37,465 67,168 66,999
Gain on property dispositions 335 302 858 1,463
Income taxes (146) (63) (324) (613)
Equity in earnings of unconsolidated joint ventures 769 1,109 1,685 1,643
Income from continuing operations 34,583 38,813 69,387 69,492
Discontinued operations 3,097 54,028 7,895 58,292
Net income 37,680 92,841 77,282 127,784
Noncontrolling interest – operating partnership (3,569) (8,120) (6,082) (14,355)
Noncontrolling interest - consolidated joint ventures 0 257 0 458
Preferred Stock Redemption Premium (40)      
Preferred Stock Redemption Discount     3,689  
Net income available to common shareholders 34,111 84,978 71,200 113,887
Comprehensive income attributable to common shareholders        
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 37,680 92,841 77,282 127,784
Other comprehensive income (1,515) 39 801 2,183
Comprehensive Income 36,165 92,880 78,083 129,967
Less: comprehensive income attributable to noncontrolling interest (3,522) (8,121) (6,108) (14,427)
Comprehensive income attributable to common shareholders 32,643 84,759 71,975 115,540
Basic:        
Income from continuing operations $ 0.26 $ 0.28 $ 0.54 $ 0.51
Income from discontinued operations $ 0.03 $ 0.46 $ 0.07 $ 0.49
Income per common share - basic $ 0.29 $ 0.74 $ 0.61 $ 1.00
Diluted:        
Income from continuing operations $ 0.26 $ 0.28 $ 0.54 $ 0.50
Income from discontinued operations $ 0.03 $ 0.46 $ 0.07 $ 0.49
Income per common share - diluted $ 0.29 $ 0.74 $ 0.61 $ 0.99
Common Stock, Dividends, Per Share, Declared $ 0.475 $ 0.475 $ 0.95 $ 0.95
Weighted average number of common shares outstanding        
Basic 116,683 114,623 116,359 114,285
Diluted 117,559 115,406 117,165 115,087
Amounts attributable to common shareholders        
Income from continuing operations 31,110 32,717 63,551 57,513
Discontinued operations 3,001 52,261 7,649 56,374
Net income available to common shareholders 34,111 84,978 71,200 113,887
Liberty Property Limited Partnership [Member]
       
OPERATING REVENUE        
Rental 119,202 116,193 238,593 230,718
Operating expense reimbursement 49,997 48,234 100,293 99,595
Total operating revenue 169,199 164,427 338,886 330,313
OPERATING EXPENSE        
Rental property 31,386 28,543 61,791 60,254
Real estate taxes 20,569 19,592 41,309 39,039
General and administrative 14,619 13,255 31,823 29,203
Depreciation and amortization 40,733 38,554 82,014 77,546
Total operating expenses 107,307 99,944 216,937 206,042
Operating income 61,892 64,483 121,949 124,271
OTHER INCOME (EXPENSE)        
Interest and other income 2,567 2,340 5,328 4,928
Interest expense (30,834) (29,358) (60,109) (62,200)
Total other income (expense) (28,267) (27,018) (54,781) (57,272)
Income before property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 33,625 37,465 67,168 66,999
Gain on property dispositions 335 302 858 1,463
Income taxes (146) (63) (324) (613)
Equity in earnings of unconsolidated joint ventures 769 1,109 1,685 1,643
Income from continuing operations 34,583 38,813 69,387 69,492
Discontinued operations 3,097 54,028 7,895 58,292
Net income 37,680 92,841 77,282 127,784
Noncontrolling interest - consolidated joint ventures 0 257 0 458
Preferred unit distributions (2,444) (5,253) (7,479) (10,506)
Preferred Stock Redemption Premium (40)      
Preferred Stock Redemption Discount   0 3,689 0
Net income available to common shareholders 35,196 87,845 73,492 117,736
Comprehensive income attributable to common shareholders        
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 37,680 92,841 77,282 127,784
Other comprehensive income (1,515) 39 801 2,183
Comprehensive Income 36,165 92,880 78,083 129,967
Basic:        
Income from continuing operations $ 0.26 $ 0.28 $ 0.54 $ 0.51
Income from discontinued operations $ 0.03 $ 0.46 $ 0.07 $ 0.49
Income per common share - basic $ 0.29 $ 0.74 $ 0.61 $ 1.00
Diluted:        
Income from continuing operations $ 0.26 $ 0.28 $ 0.54 $ 0.50
Income from discontinued operations $ 0.03 $ 0.46 $ 0.07 $ 0.49
Income per common share - diluted $ 0.29 $ 0.74   $ 0.99
Common Stock, Dividends, Per Share, Declared $ 0.475 $ 0.475 $ 0.95 $ 0.95
Weighted average number of common shares outstanding        
Basic 120,450 118,549 120,147 118,212
Diluted 121,326 119,332 120,953 119,014
Net Income (Loss) Allocated to General Partners 34,111 84,978 71,200 113,887
Net Income (Loss) Allocated to Limited Partners 3,569 8,120 6,082 14,355
Amounts attributable to common shareholders        
Income from continuing operations 34,583 39,070 69,387 69,950
Net income available to common shareholders $ 35,196 $ 87,845 $ 73,492 $ 117,736