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Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data
12 Months Ended
Dec. 31, 2010
Dec. 31, 2009
Dec. 31, 2008
OPERATING REVENUE      
Rental $ 496,744 $ 488,812 $ 475,570
Operating expense reimbursement 212,412 210,230 209,267
Total operating revenue 709,156 699,042 684,837
OPERATING EXPENSE      
Rental property 145,025 138,314 137,743
Real estate taxes 81,060 81,800 79,252
General and administrative 52,794 51,241 54,541
Depreciation and amortization 163,135 160,877 159,355
Total operating expenses 442,014 432,232 430,891
Operating income 267,142 266,810 253,946
OTHER INCOME (EXPENSE)      
Interest and other income 9,992 11,420 13,331
Debt extinguishment gain   1,547 2,521
Interest expense (143,144) (142,745) (145,711)
Total other income (expense) (133,152) (129,778) (129,859)
Income before property dispositions, income taxes, equity in earnings of unconsolidated joint ventures and impairment charges 133,990 137,032 124,087
Gain on property dispositions 4,616 1,687 10,572
Income taxes (1,736) (494) (1,645)
Equity in earnings of unconsolidated joint ventures 2,296 2,161 2,805
Impairment charges - investment in unconsolidated joint ventures and other (378) (82,552)  
Impairment charges - goodwill   (15,700)  
Income from continuing operations 138,788 42,134 135,819
Discontinued operations (including net gain on property dispositions of $6,857, $17,859 and $23,519 for the years ended December 31, 2010, 2009 and 2008, respectively) 14,587 36,858 44,287
Net income 153,375 78,992 180,106
Noncontrolling interest - operating partnership (25,448) (23,125) (27,681)
Noncontrolling interest - consolidated joint ventures (165) 509 (483)
Net income available to common shareholders 127,762 56,376 151,942
Basic:      
Income from continuing operations $ 1.01 $ 0.19 $ 1.17
Income from discontinued operations $ 0.12 $ 0.33 $ 0.45
Income per common share - basic $ 1.13 $ 0.52 $ 1.62
Diluted:      
Income from continuing operations $ 1.00 $ 0.19 $ 1.17
Income from discontinued operations $ 0.12 $ 0.33 $ 0.45
Income per common share - diluted $ 1.12 $ 0.52 $ 1.62
Weighted average number of common shares outstanding      
Basic 112,924 107,550 93,615
Diluted 113,606 108,002 93,804
Amounts attributable to common shareholders      
Income from continuing operations 113,664 20,819 109,528
Discontinued operations 14,098 35,557 42,414
Net income available to common shareholders 127,762 56,376 151,942
LIBERTY PROPERTY LIMITED PARTNERSHIP
     
OPERATING REVENUE      
Rental 496,744 488,812 475,570
Operating expense reimbursement 212,412 210,230 209,267
Total operating revenue 709,156 699,042 684,837
OPERATING EXPENSE      
Rental property 145,025 138,314 137,743
Real estate taxes 81,060 81,800 79,252
General and administrative 52,794 51,241 54,541
Depreciation and amortization 163,135 160,877 159,355
Total operating expenses 442,014 432,232 430,891
Operating income 267,142 266,810 253,946
OTHER INCOME (EXPENSE)      
Interest and other income 9,992 11,420 13,331
Debt extinguishment gain   1,547 2,521
Interest expense (143,144) (142,745) (145,711)
Total other income (expense) (133,152) (129,778) (129,859)
Income before property dispositions, income taxes, equity in earnings of unconsolidated joint ventures and impairment charges 133,990 137,032 124,087
Gain on property dispositions 4,616 1,687 10,572
Income taxes (1,736) (494) (1,645)
Equity in earnings of unconsolidated joint ventures 2,296 2,161 2,805
Impairment charges - investment in unconsolidated joint ventures and other (378) (82,552)  
Impairment charges - goodwill   (15,700)  
Income from continuing operations 138,788 42,134 135,819
Discontinued operations (including net gain on property dispositions of $6,857, $17,859 and $23,519 for the years ended December 31, 2010, 2009 and 2008, respectively) 14,587 36,858 44,287
Net income 153,375 78,992 180,106
Noncontrolling interest - consolidated joint ventures (165) 509 (483)
Preferred unit distributions (21,012) (21,012) (21,012)
Net income available to common shareholders 132,198 58,489 158,611
Basic:      
Income from continuing operations $ 1.01 $ 0.19 $ 1.17
Income from discontinued operations $ 0.12 $ 0.33 $ 0.45
Income per common share - basic $ 1.13 $ 0.52 $ 1.62
Diluted:      
Income from continuing operations $ 1.00 $ 0.19 $ 1.17
Income from discontinued operations $ 0.12 $ 0.33 $ 0.45
Income per common share - diluted $ 1.12 $ 0.52 $ 1.62
Weighted average number of common shares outstanding      
Basic 116,871 111,568 97,805
Diluted 117,553 112,020 97,994
Amounts attributable to common shareholders      
Net income available to common shareholders 132,198 58,489 158,611
Net income allocated to general partners 127,762 56,376 151,942
Net income allocated to limited partners $ 25,448 $ 23,125 $ 27,681