XML 60 R4.htm IDEA: XBRL DOCUMENT v3.2.0.727
Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
OPERATING REVENUE        
Rental $ 147,367 $ 139,377 $ 295,952 $ 278,326
Operating expense reimbursement 56,151 53,583 114,467 112,264
Total operating revenue 203,518 192,960 410,419 390,590
OPERATING EXPENSE        
Rental property 31,949 31,982 67,520 70,623
Real estate taxes 26,462 25,716 52,626 50,217
General and administrative 17,053 14,973 35,855 33,329
Depreciation and amortization 56,833 57,872 115,629 114,606
Impairment - real estate assets 1,036 0 16,775 0
Total operating expenses 133,333 130,543 288,405 268,775
Operating income 70,185 62,417 122,014 121,815
OTHER INCOME (EXPENSE)        
Other income 6,581 3,115 12,952 5,553
Interest expense (35,066) (38,470) (69,736) (77,677)
Total other income (expense) (28,485) (35,355) (56,784) (72,124)
Income before gain on property dispositions, income taxes and equity in (loss) earnings of unconsolidated joint ventures 41,700 27,062 65,230 49,691
Gain on property dispositions 1,249 1,897 3,520 1,898
Income taxes (1,169) (693) (2,014) (1,224)
Equity in (loss) earnings of unconsolidated joint ventures (5,254) 1,546 1,652 5,705
Income from continuing operations 36,526 29,812 68,388 56,070
Discontinued operations (including net gain on property dispositions of $139 for the three months ended June 30, 2014 and $46,254 for the six months ended June 30, 2014) 0 295 0 48,143
Net income 36,526 30,107 68,388 104,213
Noncontrolling interest – operating partnership (958) (821) (1,811) (2,674)
Noncontrolling interest - consolidated joint ventures (55) (37) (113) (390)
Net income available to common shareholders 35,513 29,249 66,464 101,149
Comprehensive income attributable to common shareholders        
Net income 36,526 30,107 68,388 104,213
Other comprehensive income - foreign currency translation 12,151 6,464 1,741 7,811
Other comprehensive income (loss) - derivative instruments 628 (1,145) (319) (1,656)
Other comprehensive income 12,779 5,319 1,422 6,155
Total comprehensive income 49,305 35,426 69,810 110,368
Less: comprehensive income attributable to noncontrolling interest (1,309) (983) (1,957) (3,209)
Comprehensive income attributable to common shareholders $ 47,996 $ 34,443 $ 67,853 $ 107,159
Weighted average number of common shares outstanding        
Basic 148,778 147,012 148,574 146,749
Diluted 149,454 147,774 149,247 147,444
Amounts attributable to common shareholders        
Income from continuing operations $ 35,513 $ 28,961 $ 66,464 $ 54,137
Discontinued operations 0 288 0 47,012
Net income available to common shareholders 35,513 29,249 66,464 101,149
Liberty Property Limited Partnership [Member]        
OPERATING REVENUE        
Rental 147,367 139,377 295,952 278,326
Operating expense reimbursement 56,151 53,583 114,467 112,264
Total operating revenue 203,518 192,960 410,419 390,590
OPERATING EXPENSE        
Rental property 31,949 31,982 67,520 70,623
Real estate taxes 26,462 25,716 52,626 50,217
General and administrative 17,053 14,973 35,855 33,329
Depreciation and amortization 56,833 57,872 115,629 114,606
Impairment - real estate assets 1,036 0 16,775 0
Total operating expenses 133,333 130,543 288,405 268,775
Operating income 70,185 62,417 122,014 121,815
OTHER INCOME (EXPENSE)        
Other income 6,581 3,115 12,952 5,553
Interest expense (35,066) (38,470) (69,736) (77,677)
Total other income (expense) (28,485) (35,355) (56,784) (72,124)
Income before gain on property dispositions, income taxes and equity in (loss) earnings of unconsolidated joint ventures 41,700 27,062 65,230 49,691
Gain on property dispositions 1,249 1,897 3,520 1,898
Income taxes (1,169) (693) (2,014) (1,224)
Equity in (loss) earnings of unconsolidated joint ventures (5,254) 1,546 1,652 5,705
Income from continuing operations 36,526 29,812 68,388 56,070
Discontinued operations (including net gain on property dispositions of $139 for the three months ended June 30, 2014 and $46,254 for the six months ended June 30, 2014) 0 295 0 48,143
Net income 36,526 30,107 68,388 104,213
Noncontrolling interest - consolidated joint ventures (55) (37) (113) (390)
Preferred unit distributions (118) (118) (236) (236)
Net income available to common shareholders 36,353 29,952 68,039 103,587
Comprehensive income attributable to common shareholders        
Net income 36,526 30,107 68,388 104,213
Other comprehensive income - foreign currency translation 12,151 6,464 1,741 7,811
Other comprehensive income (loss) - derivative instruments 628 (1,145) (319) (1,656)
Other comprehensive income 12,779 5,319 1,422 6,155
Total comprehensive income $ 49,305 $ 35,426 $ 69,810 $ 110,368
Weighted average number of common shares outstanding        
Basic 152,317 150,563 152,114 150,304
Diluted 152,993 151,325 152,787 150,999
Net income allocated to general partners $ 35,513 $ 29,249 $ 66,464 $ 101,149
Net income allocated to limited partners 958 821 1,811 2,674
Amounts attributable to common shareholders        
Income from continuing operations 36,471 29,775 68,275 55,680
Net income available to common shareholders $ 36,353 $ 29,952 $ 68,039 $ 103,587
Common shares [Member]        
Basic:        
Income from continuing operations $ 0.24 $ 0.20 $ 0.45 $ 0.37
Income from discontinued operations 0.00 0.00 0.00 0.32
Income per common share - basic 0.24 0.20 0.45 0.69
Diluted:        
Income from continuing operations 0.24 0.20 0.45 0.37
Income from discontinued operations 0.00 0.00 0.00 0.32
Income per common share - diluted 0.24 0.20 0.45 0.69
Distributions per common share or unit 0.475 0.475 0.95 0.95
Common Units [Member] | Liberty Property Limited Partnership [Member]        
Basic:        
Income from continuing operations 0.24 0.20 0.45 0.37
Income from discontinued operations 0.00 0.00 0.00 0.32
Income per common share - basic 0.24 0.20 0.45 0.69
Diluted:        
Income from continuing operations 0.24 0.20 0.45 0.37
Income from discontinued operations 0.00 0.00 0.00 0.32
Income per common share - diluted 0.24 0.20 0.45 0.69
Distributions per common share or unit $ 0.475 $ 0.475 $ 0.95 $ 0.95