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Consolidated Statements of Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
OPERATING REVENUE        
Rental $ 139,377 $ 106,955 $ 278,311 $ 211,670
Operating expense reimbursement 53,582 44,069 112,263 86,480
Total operating revenue 192,959 151,024 390,574 298,150
OPERATING EXPENSE        
Rental property 31,928 26,684 70,489 51,913
Real estate taxes 25,716 18,906 50,217 36,863
General and administrative 14,973 16,455 33,334 36,248
Depreciation and amortization 57,872 37,527 114,606 74,748
Total operating expenses 130,489 99,572 268,646 199,772
Operating income 62,470 51,452 121,928 98,378
OTHER INCOME (EXPENSE)        
Other income 3,117 5,352 5,570 9,732
Interest expense (38,470) (28,133) (77,677) (55,872)
Total other income (expense) (35,353) (22,781) (72,107) (46,140)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 27,117 28,671 49,821 52,238
Gain on property dispositions 1,896 0 1,896 0
Income taxes (693) (660) (1,224) (1,151)
Equity in earnings of unconsolidated joint ventures 1,546 1,566 5,705 3,323
Income from continuing operations 29,866 29,577 56,198 54,410
Discontinued operations (including net gain on property dispositions of $140 and $7,658 for the quarters ended June 30, 2014 and 2013, respectively and $46,256 and $49,364 for the six month periods ended June 30, 2014 and 2013, respectively) 241 13,666 48,015 63,489
Net income 30,107 43,243 104,213 117,899
Noncontrolling interest – operating partnership (821) (3,134) (2,674) (6,551)
Noncontrolling interest - consolidated joint ventures (37) 0 (390) 0
Net income available to common shareholders 29,249 40,109 101,149 111,348
Comprehensive income attributable to common shareholders        
Net income 30,107 43,243 104,213 117,899
Other comprehensive income - foreign currency translation 6,464 40 7,811 (4,812)
Other comprehensive loss - change in net unrealized gain on derivative instruments (1,145) 0 (1,656) 0
Other comprehensive income 5,319 40 6,155 (4,812)
Total comprehensive income 35,426 43,283 110,368 113,087
Less: comprehensive income attributable to noncontrolling interest (983) (3,135) (3,209) (6,406)
Comprehensive income attributable to common shareholders 34,443 40,148 107,159 106,681
Basic:        
Income from continuing operations $ 0.20 $ 0.22 $ 0.37 $ 0.42
Income from discontinued operations $ 0.00 $ 0.11 $ 0.32 $ 0.51
Income per common share - basic $ 0.20 $ 0.33 $ 0.69 $ 0.93
Diluted:        
Income from continuing operations $ 0.20 $ 0.22 $ 0.37 $ 0.42
Income from discontinued operations $ 0.00 $ 0.11 $ 0.32 $ 0.51
Income per common share - diluted $ 0.20 $ 0.33 $ 0.69 $ 0.93
Distributions per common share or unit $ 0.475 $ 0.475 $ 0.95 $ 0.95
Weighted average number of common shares outstanding        
Basic 147,012 120,081 146,749 119,416
Diluted 147,774 120,911 147,444 120,229
Amounts attributable to common shareholders        
Income from continuing operations 29,014 26,848 54,262 49,751
Discontinued operations 235 13,261 46,887 61,597
Net income available to common shareholders 29,249 40,109 101,149 111,348
Liberty Property Limited Partnership [Member]
       
OPERATING REVENUE        
Rental 139,377 106,955 278,311 211,670
Operating expense reimbursement 53,582 44,069 112,263 86,480
Total operating revenue 192,959 151,024 390,574 298,150
OPERATING EXPENSE        
Rental property 31,928 26,684 70,489 51,913
Real estate taxes 25,716 18,906 50,217 36,863
General and administrative 14,973 16,455 33,334 36,248
Depreciation and amortization 57,872 37,527 114,606 74,748
Total operating expenses 130,489 99,572 268,646 199,772
Operating income 62,470 51,452 121,928 98,378
OTHER INCOME (EXPENSE)        
Other income 3,117 5,352 5,570 9,732
Interest expense (38,470) (28,133) (77,677) (55,872)
Total other income (expense) (35,353) (22,781) (72,107) (46,140)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 27,117 28,671 49,821 52,238
Gain on property dispositions 1,896 0 1,896 0
Income taxes (693) (660) (1,224) (1,151)
Equity in earnings of unconsolidated joint ventures 1,546 1,566 5,705 3,323
Income from continuing operations 29,866 29,577 56,198 54,410
Discontinued operations (including net gain on property dispositions of $140 and $7,658 for the quarters ended June 30, 2014 and 2013, respectively and $46,256 and $49,364 for the six month periods ended June 30, 2014 and 2013, respectively) 241 13,666 48,015 63,489
Net income 30,107 43,243 104,213 117,899
Noncontrolling interest - consolidated joint ventures (37) 0 (390) 0
Preferred unit distributions (118) (672) (236) (1,883)
Excess of preferred unit redemption over carrying amount 0 (1,236) 0 (1,236)
Net income available to common shareholders 29,952 41,335 103,587 114,780
Comprehensive income attributable to common shareholders        
Net income 30,107 43,243 104,213 117,899
Other comprehensive income - foreign currency translation 6,464 40 7,811 (4,812)
Other comprehensive loss - change in net unrealized gain on derivative instruments (1,145) 0 (1,656) 0
Other comprehensive income 5,319 40 6,155 (4,812)
Total comprehensive income 35,426 43,283 110,368 113,087
Basic:        
Income from continuing operations $ 0.20 $ 0.22 $ 0.37 $ 0.42
Income from discontinued operations $ 0.00 $ 0.11 $ 0.32 $ 0.51
Income per common share - basic $ 0.20 $ 0.33 $ 0.69 $ 0.93
Diluted:        
Income from continuing operations $ 0.20 $ 0.22 $ 0.37 $ 0.42
Income from discontinued operations $ 0.00 $ 0.11 $ 0.32 $ 0.51
Income per common share - diluted $ 0.20 $ 0.33 $ 0.69 $ 0.93
Distributions per common share or unit $ 0.475 $ 0.475 $ 0.95 $ 0.95
Weighted average number of common shares outstanding        
Basic 150,563 123,795 150,304 123,130
Diluted 151,325 124,625 150,999 123,943
Net income allocated to general partners 29,249 40,109 101,149 111,348
Net income allocated to limited partners 821 3,134 2,674 6,551
Amounts attributable to common shareholders        
Income from continuing operations 29,829 29,577 55,808 54,410
Net income available to common shareholders $ 29,952 $ 41,335 $ 103,587 $ 114,780