Income per Common Unit of the Operating Partnership

6 Months Ended

Jun. 30, 2016

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
	June 30, 2016					June 30, 2015
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Net income available to common shareholders - basic	$	49,627	145,995	$	0.34	$	35,513	148,778	$	0.24
Dilutive shares for long-term compensation plans	—		740			—		676
Net income available to common shareholders - diluted	$	49,627	146,735	$	0.34	$	35,513	149,454	$	0.24
	For the Six Months Ended					For the Six Months Ended
	June 30, 2016					June 30, 2015
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Net income available to common shareholders - basic	$	107,181	146,002	$	0.73	$	66,464	148,574	$	0.45
Dilutive shares for long-term compensation plans	—		620			—		673
Net income available to common shareholders - diluted	$	107,181	146,622	$	0.73	$	66,464	149,247	$	0.45

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 six months ended June 30, 2016 was 885,000 and 1,668,000, respectively, as compared to 1,528,000 and 1,448,000, respectively, for the same periods in 2015.

During the three and six months ended June 30, 2016, 97,000 and 112,000 common shares, respectively, were issued upon the exercise of options. During the year ended December 31, 2015, 65,000 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 months ended March 31, 2016, the Company purchased an aggregate of 1.4 million common shares for $40.9 million at an average price of $29.28 per share as part of the share repurchase plan. There were no such purchases during the three months ended June 30, 2016.

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
	June 30, 2016						June 30, 2015
	Income (Numerator)			Weighted Average Units (Denominator)	Per Unit		Income (Numerator)			Weighted Average Units (Denominator)	Per Unit
Income - net of noncontrolling interest - consolidated joint ventures	$	50,944					$	36,471
Less: Preferred unit distributions	(118		)				(118		)
Income available to common unitholders - basic	$	50,826		149,534	$	0.34	$	36,353		152,317	$	0.24
Dilutive units for long-term compensation plans	—			740			—			676
Income available to common unitholders - diluted	$	50,826		150,274	$	0.34	$	36,353		152,993	$	0.24
	For the Six Months Ended						For the Six Months Ended
	June 30, 2016						June 30, 2015
	Income (Numerator)			Weighted Average Units (Denominator)	Per Unit		Income (Numerator)			Weighted Average Units (Denominator)	Per Unit
Income - net of noncontrolling interest - consolidated joint ventures	$	110,007					$	68,275
Less: Preferred unit distributions	(236		)				(236		)
Income available to common unitholders - basic	109,771			149,541	$	0.73	68,039			152,114	$	0.45
Dilutive units for long-term compensation plans	—			620			—			673
Income available to common unitholders - diluted	$	109,771		150,161	$	0.73	$	68,039		152,787	$	0.45

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 six months ended June 30, 2016 was 885,000 and 1,668,000, respectively, as compared to 1,528,000 and 1,448,000, respectively, for the same periods in 2015.

During the three and six months ended June 30, 2016, 97,000 and 112,000 common units, respectively, were issued upon exercise of options. During the year ended December 31, 2015, 65,000 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 months ended March 31, 2016, the Company purchased an aggregate of 1.4 million common shares for $40.9 million at an average price of $29.28 per share 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. There were no such purchases during the three months ended June 30, 2016.