XML 61 R4.htm IDEA: XBRL DOCUMENT v3.3.0.814
Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
OPERATING REVENUE        
Rental $ 145,009,000 $ 143,294,000 $ 440,962,000 $ 421,620,000
Operating expense reimbursement 53,963,000 55,062,000 168,430,000 167,326,000
Total operating revenue 198,972,000 198,356,000 609,392,000 588,946,000
OPERATING EXPENSE        
Rental property 31,454,000 33,105,000 98,973,000 103,728,000
Real estate taxes 25,953,000 25,595,000 78,579,000 75,812,000
General and administrative 15,573,000 14,748,000 51,428,000 48,077,000
Depreciation and amortization 55,718,000 58,578,000 171,347,000 173,184,000
Impairment - real estate assets 0 0 16,775,000 0
Total operating expenses 128,698,000 132,026,000 417,102,000 400,801,000
Operating income 70,274,000 66,330,000 192,290,000 188,145,000
OTHER INCOME (EXPENSE)        
Other income 4,959,000 6,233,000 17,911,000 11,786,000
Interest expense (33,559,000) (37,958,000) (103,295,000) (115,635,000)
Total other income (expense) (28,600,000) (31,725,000) (85,384,000) (103,849,000)
Income before gain (loss) on property dispositions, income taxes and equity in (loss) earnings of unconsolidated joint ventures 41,674,000 34,605,000 106,906,000 84,296,000
Gain (loss) on property dispositions 53,467,000 (20,000) 56,987,000 1,878,000
Income taxes (599,000) (859,000) (2,613,000) (2,083,000)
Equity in (loss) earnings of unconsolidated joint ventures (847,000) 1,592,000 805,000 7,297,000
Income from continuing operations 93,695,000 35,318,000 162,085,000 91,388,000
Discontinued operations (including net gain on property dispositions of $38 for the three months ended September 30, 2014 and $46,292 for the nine months ended September 30, 2014) 0 133,000 0 48,276,000
Net income 93,695,000 35,451,000 162,085,000 139,664,000
Noncontrolling interest – operating partnership (2,306,000) (944,000) (4,117,000) (3,618,000)
Noncontrolling interest - consolidated joint ventures (58,000) (84,000) (171,000) (474,000)
Net income available to common shareholders 91,331,000 34,423,000 157,797,000 135,572,000
Comprehensive income attributable to common shareholders        
Net income 93,695,000 35,451,000 162,085,000 139,664,000
Other comprehensive loss - foreign currency translation (7,970,000) (13,000,000) (6,229,000) (5,189,000)
Other comprehensive (loss) income - derivative instruments (1,220,000) 666,000 (1,539,000) (990,000)
Other comprehensive loss (9,190,000) (12,334,000) (7,768,000) (6,179,000)
Total comprehensive income 84,505,000 23,117,000 154,317,000 133,485,000
Less: comprehensive income attributable to noncontrolling interest (2,148,000) (739,000) (4,105,000) (3,948,000)
Comprehensive income attributable to common shareholders $ 82,357,000 $ 22,378,000 $ 150,212,000 $ 129,537,000
Weighted average number of common shares outstanding        
Basic 148,582 147,422 148,594 146,987
Diluted 149,176 148,088 149,220 147,661
Amounts attributable to common shareholders        
Income from continuing operations $ 91,331,000 $ 34,293,000 $ 157,797,000 $ 88,430,000
Discontinued operations 0 130,000 0 47,142,000
Net income available to common shareholders 91,331,000 34,423,000 157,797,000 135,572,000
Liberty Property Limited Partnership [Member]        
OPERATING REVENUE        
Rental 145,009,000 143,294,000 440,962,000 421,620,000
Operating expense reimbursement 53,963,000 55,062,000 168,430,000 167,326,000
Total operating revenue 198,972,000 198,356,000 609,392,000 588,946,000
OPERATING EXPENSE        
Rental property 31,454,000 33,105,000 98,973,000 103,728,000
Real estate taxes 25,953,000 25,595,000 78,579,000 75,812,000
General and administrative 15,573,000 14,748,000 51,428,000 48,077,000
Depreciation and amortization 55,718,000 58,578,000 171,347,000 173,184,000
Impairment - real estate assets     16,775,000 0
Total operating expenses 128,698,000 132,026,000 417,102,000 400,801,000
Operating income 70,274,000 66,330,000 192,290,000 188,145,000
OTHER INCOME (EXPENSE)        
Other income 4,959,000 6,233,000 17,911,000 11,786,000
Interest expense (33,559,000) (37,958,000) (103,295,000) (115,635,000)
Total other income (expense) (28,600,000) (31,725,000) (85,384,000) (103,849,000)
Income before gain (loss) on property dispositions, income taxes and equity in (loss) earnings of unconsolidated joint ventures 41,674,000 34,605,000 106,906,000 84,296,000
Gain (loss) on property dispositions 53,467,000 (20,000) 56,987,000 1,878,000
Income taxes (599,000) (859,000) (2,613,000) (2,083,000)
Equity in (loss) earnings of unconsolidated joint ventures (847,000) 1,592,000 805,000 7,297,000
Income from continuing operations 93,695,000 35,318,000 162,085,000 91,388,000
Discontinued operations (including net gain on property dispositions of $38 for the three months ended September 30, 2014 and $46,292 for the nine months ended September 30, 2014) 0 133,000 0 48,276,000
Net income 93,695,000 35,451,000 162,085,000 139,664,000
Noncontrolling interest - consolidated joint ventures (58,000) (84,000) (171,000) (474,000)
Preferred unit distributions (118,000) (118,000) (354,000) (354,000)
Net income available to common shareholders 93,519,000 35,249,000 161,560,000 138,836,000
Comprehensive income attributable to common shareholders        
Net income 93,695,000 35,451,000 162,085,000 139,664,000
Other comprehensive loss - foreign currency translation (7,970,000) (13,000,000) (6,229,000) (5,189,000)
Other comprehensive (loss) income - derivative instruments (1,220,000) 666,000 (1,539,000) (990,000)
Other comprehensive loss (9,190,000) (12,334,000) (7,768,000) (6,179,000)
Total comprehensive income $ 84,505,000 $ 23,117,000 $ 154,317,000 $ 133,485,000
Weighted average number of common shares outstanding        
Basic 152,121 150,976 152,134 150,541
Diluted 152,715 151,642 152,760 151,215
Net income allocated to general partners $ 91,331,000 $ 34,423,000 $ 157,797,000 $ 135,572,000
Net income allocated to limited partners 2,306,000 944,000 4,117,000 3,618,000
Amounts attributable to common shareholders        
Income from continuing operations 93,637,000 35,234,000 161,914,000 90,914,000
Net income available to common shareholders $ 93,519,000 $ 35,249,000 $ 161,560,000 $ 138,836,000
Common shares [Member]        
Basic:        
Income from continuing operations $ 0.61 $ 0.23 $ 1.06 $ 0.60
Income from discontinued operations 0.00 0.00 0.00 0.32
Income per common share - basic 0.61 0.23 1.06 0.92
Diluted:        
Income from continuing operations 0.61 0.23 1.06 0.60
Income from discontinued operations 0.00 0.00 0.00 0.32
Income per common share - diluted 0.61 0.23 1.06 0.92
Distributions per common share or unit 0.475 0.475 1.425 1.425
Common Units [Member] | Liberty Property Limited Partnership [Member]        
Basic:        
Income from continuing operations 0.61 0.23 1.06 0.60
Income from discontinued operations 0.00 0.00 0.00 0.32
Income per common share - basic 0.61 0.23 1.06 0.92
Diluted:        
Income from continuing operations 0.61 0.23 1.06 0.60
Income from discontinued operations 0.00 0.00 0.00 0.32
Income per common share - diluted 0.61 0.23 1.06 0.92
Distributions per common share or unit $ 0.475 $ 0.475 $ 1.425 $ 1.425