Income per Common Unit of the Operating Partnership

9 Months Ended

Sep. 30, 2015

Earnings Per Unit, Basic and Diluted [Line Items]

Earnings Per Share [Text Block]

Income per Common Share of the Trust

The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts):

	For the Three Months Ended					For the Three Months Ended
	September 30, 2015					September 30, 2014
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Income from continuing operations net of noncontrolling interest - basic	$	91,331	148,582	$	0.61	$	34,293	147,422	$	0.23
Dilutive shares for long-term compensation plans	—		594			—		666
Income from continuing operations net of noncontrolling interest - diluted	$	91,331	149,176	$	0.61	$	34,293	148,088	$	0.23
Discontinued operations net of noncontrolling interest - basic	$	—	148,582	$	—	$	130	147,422	$	—
Dilutive shares for long-term compensation plans	—		594			—		666
Discontinued operations net of noncontrolling interest - diluted	$	—	149,176	$	—	$	130	148,088	$	—
Net income available to common shareholders - basic	$	91,331	148,582	$	0.61	$	34,423	147,422	$	0.23
Dilutive shares for long-term compensation plans	—		594			—		666
Net income available to common shareholders - diluted	$	91,331	149,176	$	0.61	$	34,423	148,088	$	0.23
	For the Nine Months Ended					For the Nine Months Ended
	September 30, 2015					September 30, 2014
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Income from continuing operations net of noncontrolling interest - basic	$	157,797	148,594	$	1.06	$	88,430	146,987	$	0.60
Dilutive shares for long-term compensation plans	—		626			—		674
Income from continuing operations net of noncontrolling interest - diluted	157,797		149,220	$	1.06	88,430		147,661	$	0.60
Discontinued operations net of noncontrolling interest - basic	—		148,594	$	—	47,142		146,987	$	0.32
Dilutive shares for long-term compensation plans	—		626			—		674
Discontinued operations net of noncontrolling interest - diluted	—		149,220	$	—	47,142		147,661	$	0.32
Net income available to common shareholders - basic	157,797		148,594	$	1.06	135,572		146,987	$	0.92
Dilutive shares for long-term compensation plans	—		626			—		674
Net income available to common shareholders - diluted	$	157,797	149,220	$	1.06	$	135,572	147,661	$	0.92

Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the periods as well as the dilutive effect of outstanding options. The amount of anti-dilutive options excluded from the computation of diluted income per common share for the three and nine months ended September 30, 2015 was 2,260,000 and 1,528,000, respectively, as compared to 1,183,000 and 850,000, respectively, for the same periods in 2014.

During the three and nine months ended September 30, 2015, 12,000 and 65,000 common shares, respectively, were issued upon the exercise of options. During the year ended December 31, 2014, 44,000 common shares were issued upon the exercise of options.

Share Repurchase

In August 2015, the Company’s Board of Trustees authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common shares. Purchases made pursuant to the program will be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements.

During the three and nine months ended September 30, 2015, the Company purchased an aggregate of 2,125,000 common shares for $65.5 million as part of the share repurchase plan.

Liberty Property Limited Partnership [Member]

Earnings Per Unit, Basic and Diluted [Line Items]

Earnings Per Share [Text Block]

Income per Common Unit of the Operating Partnership

The following table sets forth the computation of basic and diluted income per common unit of the Operating Partnership (in thousands, except per unit amounts):

	For the Three Months Ended						For the Three Months Ended
	September 30, 2015						September 30, 2014
	Income (Numerator)			Weighted Average Units (Denominator)	Per Unit		Income (Numerator)			Weighted Average Units (Denominator)	Per Unit
Income from continuing operations - net of noncontrolling interest - consolidated joint ventures	$	93,637					$	35,234
Less: Preferred unit distributions	(118		)				(118		)
Income from continuing operations available to common unitholders - basic	$	93,519		152,121	$	0.61	$	35,116		150,976	$	0.23
Dilutive units for long-term compensation plans	—			594			—			666
Income from continuing operations available to common unitholders - diluted	$	93,519		152,715	$	0.61	$	35,116		151,642	$	0.23
Income from discontinued operations - basic	$	—		152,121	$	—	$	133		150,976	$	—
Dilutive units for long-term compensation plans	—			594			—			666
Income from discontinued operations - diluted	$	—		152,715	$	—	$	133		151,642	$	—
Income available to common unitholders - basic	$	93,519		152,121	$	0.61	$	35,249		150,976	$	0.23
Dilutive units for long-term compensation plans	—			594			—			666
Income available to common unitholders - diluted	$	93,519		152,715	$	0.61	$	35,249		151,642	$	0.23

	For the Nine Months Ended						For the Nine Months Ended
	September 30, 2015						September 30, 2014
	Income (Numerator)			Weighted Average Units (Denominator)	Per Unit		Income (Numerator)			Weighted Average Units (Denominator)	Per Unit
Income from continuing operations net of noncontrolling interest - consolidated joint ventures	$	161,914					$	90,914
Less: Preferred unit distributions	(354		)				(354		)
Income from continuing operations available to common unitholders - basic	161,560			152,134	$	1.06	90,560			150,541	$	0.60
Dilutive units for long-term compensation plans	—			626			—			674
Income from continuing operations available to common unitholders - diluted	161,560			152,760	$	1.06	90,560			151,215	$	0.60
Income from discontinued operations - basic	—			152,134	$	—	48,276			150,541	$	0.32
Dilutive units for long-term compensation plans	—			626			—			674
Income from discontinued operations - diluted	—			152,760	$	—	48,276			151,215	$	0.32
Income available to common unitholders - basic	161,560			152,134	$	1.06	138,836			150,541	$	0.92
Dilutive units for long-term compensation plans	—			626			—			674
Income available to common unitholders - diluted	$	161,560		152,760	$	1.06	$	138,836		151,215	$	0.92

Dilutive units for long-term compensation plans represent the unvested common units outstanding during the periods as well as the dilutive effect of outstanding options. The amount of anti-dilutive options excluded from the computation of diluted income per common unit for the three and nine months ended September 30, 2015 was 2,260,000 and 1,528,000, respectively, as compared to 1,183,000 and 850,000, respectively, for the same periods in 2014.

During the three and nine months ended September 30, 2015, 12,000 and 65,000 common units, respectively, were issued upon exercise of options. During the year ended December 31, 2014, 44,000 common units were issued upon the exercise of options.

Share Repurchase

In August 2015, the Company’s Board of Trustees authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common units. Purchases made pursuant to the program will be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements.

During the three and nine months ended September 30, 2015, the Company purchased an aggregate of 2,125,000 common shares for $65.5 million as part of the share repurchase plan. In connection with these repurchases, an equal number of common units were repurchased by the Operating Partnership from the Trust.