Income per Common Unit of the Operating Partnership

9 Months Ended

Sep. 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
	September 30, 2016					September 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	$	54,253	146,215	$	0.37	$	91,331	148,582	$	0.61
Dilutive shares for long-term compensation plans	—		892			—		594
Net income available to common shareholders - diluted	$	54,253	147,107	$	0.37	$	91,331	149,176	$	0.61
	For the Nine Months Ended					For the Nine Months Ended
	September 30, 2016					September 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	$	161,434	146,121	$	1.10	$	157,797	148,594	$	1.06
Dilutive shares for long-term compensation plans	—		667			—		626
Net income available to common shareholders - diluted	$	161,434	146,788	$	1.10	$	157,797	149,220	$	1.06

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, 2016 was 160,000 and 762,000, respectively, as compared to 2,260,000 and 1,528,000, respectively, for the same periods in 2015.

During the three and nine months ended September 30, 2016, 241,000 and 353,000 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 may 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 nine months ended September 30, 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 September 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
	September 30, 2016						September 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	$	55,677					$	93,637
Less: Preferred unit distributions	(118		)				(118		)
Income available to common unitholders - basic	$	55,559		149,751	$	0.37	$	93,519		152,121	$	0.61
Dilutive units for long-term compensation plans	—			892			—			594
Income available to common unitholders - diluted	$	55,559		150,643	$	0.37	$	93,519		152,715	$	0.61
	For the Nine Months Ended						For the Nine Months Ended
	September 30, 2016						September 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	$	165,684					$	161,914
Less: Preferred unit distributions	(354		)				(354		)
Income available to common unitholders - basic	165,330			149,659	$	1.10	161,560			152,134	$	1.06
Dilutive units for long-term compensation plans	—			667			—			626
Income available to common unitholders - diluted	$	165,330		150,326	$	1.10	$	161,560		152,760	$	1.06

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, 2016 was 160,000 and 762,000, respectively, as compared to 2,260,000 and 1,528,000, respectively, for the same periods in 2015.

During the three and nine months ended September 30, 2016, 241,000 and 353,000 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 may 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 nine months ended September 30, 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 September 30, 2016.