Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Accounting Policies [Abstract]

Property Deprecation Schedule

The properties are recorded at cost and are depreciated using the straight line method over their estimated useful lives. The estimated useful lives are as follows:

Building and improvements	40 years (blended)
Capital improvements	15 - 20 years
Equipment	5 - 10 years
Tenant improvements	Term of the related lease

Fair Value of Mortgage Loans and Unsecured Notes

The following summarizes the fair value of the Company's mortgage loans and unsecured notes at December 31, 2015 and December 31, 2016 (in thousands):

	Mortgage Loans				Unsecured Notes
	Carrying Value		Fair Value		Carrying Value		Fair Value
As of December 31, 2015	$	307,908	$	306,334	$	2,580,108	$	2,616,395
As of December 31, 2016	$	276,650	$	286,684	$	2,280,286	$	2,340,762

Schedule of Adjustment to Previously Reported Consolidated Financial Statements

The tables below summarize the effect of the adjustment to previously reported consolidated financial statements as of December 31, 2015 and for the years ended December 31, 2015 and 2014.

Liberty Property Trust
Consolidated Balance Sheet (in thousands)		December 31, 2015
		As previously reported			Adjustment			As adjusted
Other liabilities		$	243,806		$	(20,307	)	$	223,499
	Total liabilities	3,540,145			(20,307		)	3,519,838
Accumulated other comprehensive loss		(17,893		)	(4,613		)	(22,506		)
Distributions in excess of net income		(698,954		)	24,266			(674,688		)
	Total Liberty Property Trust shareholders' equity	2,952,928			19,653			2,972,581
Noncontrolling interest - operating partnership		53,100			654			53,754
	Total equity	3,009,947			20,307			3,030,254

Liberty Property Limited Partnership
Consolidated Balance Sheet (in thousands)		December 31, 2015
		As previously reported		Adjustment			As adjusted
Other liabilities		$	243,806	$	(20,307	)	$	223,499
	Total liabilities	3,540,145		(20,307		)	3,519,838
General Partner's equity		2,952,928		19,653			2,972,581
Limited partners' equity		53,100		654			53,754
	Total owners' equity	3,009,947		20,307			3,030,254

Liberty Property Trust
Consolidated Statements of Comprehensive Income
(in thousands except per share amounts)		Year ended December 31, 2015									Year ended December 31, 2014
		As previously reported			Adjustment			As adjusted			As previously reported			Adjustment			As adjusted
Interest and other income		$	22,863		$	918		$	23,781		$	17,669		$	(69	)	$	17,600
	Total other income (expense)	(112,916		)	918			(111,998		)	(134,218		)	(69		)	(134,287		)
	Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures	144,216			918			145,134			123,088			(69		)	123,019
Income taxes		(3,233		)	560			(2,673		)	(2,967		)	377			(2,590		)
	Income from continuing operations	244,446			1,478			245,924			175,582			308			175,890
	Net income	244,446			1,478			245,924			224,163			308			224,471
	Noncontrolling interest - operating partnership	(6,158		)	(34		)	(6,192		)	(5,706		)	(7		)	(5,713		)
	Income available to common shareholders	238,039			1,444			239,483			217,910			301			218,211
Other comprehensive loss - foreign currency translation		(11,433		)	(1,107		)	(12,540		)	(14,415		)	(1,256		)	(15,671		)
	Other comprehensive loss	(11,921		)	(1,107		)	(13,028		)	(16,376		)	(1,256		)	(17,632		)
	Total comprehensive income	232,525			371			232,896			207,787			(948		)	206,839
	Less: comprehensive income attributable to noncontrolling interest	(6,127		)	(8		)	(6,135		)	(5,870		)	(8		)	(5,878		)
	Comprehensive income attributable to common shareholders	$	226,398		$	363		$	226,761		$	201,917		$	(956	)	$	200,961
	Income from continuing operations per common share - basic	$	1.61		$	0.01		$	1.62		$	1.16		$	—		$	1.16
	Income per common share - basic	$	1.61		$	0.01		$	1.62		$	1.48		$	—		$	1.48
	Income per common share - diluted	$	1.60		$	0.01		$	1.61		$	1.15		$	0.01		$	1.16
	Income per common share - diluted	$	1.60		$	0.01		$	1.61		$	1.47		$	0.01		$	1.48

Liberty Property Limited Partnership
Consolidated Statements of Comprehensive Income
(in thousands except per share amounts)		Year ended December 31, 2015									Year ended December 31, 2014
		As previously reported			Adjustment			As adjusted			As previously reported			Adjustment			As adjusted
Interest and other income		$	22,863		$	918		$	23,781		$	17,669		$	(69	)	$	17,600
	Total other income (expense)	(112,916		)	918			(111,998		)	(134,218		)	(69		)	(134,287		)
	Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures	144,216			918			145,134			123,088			(69		)	123,019
Income taxes		(3,233		)	560			(2,673		)	(2,967		)	377			(2,590		)
	Income from continuing operations	244,446			1,478			245,924			175,582			308			175,890
	Net income	244,446			1,478			245,924			224,163			308			224,471
	Income available to common unitholders	243,725			1,478			245,203			223,144			308			223,452
Other comprehensive loss - foreign currency translation		(11,433		)	(1,107		)	(12,540		)	(14,415		)	(1,256		)	(15,671		)
	Other comprehensive loss	(11,921		)	(1,107		)	(13,028		)	(16,376		)	(1,256		)	(17,632		)
	Total comprehensive income	232,525			371			232,896			207,787			(948		)	206,839
	Income from continuing operations per common unit - basic	$	1.61		$	0.01		$	1.62		$	1.16		$	—		$	1.16
	Income per common unit - basic	$	1.61		$	0.01		$	1.62		$	1.48		$	—		$	1.48
	Income per common unit - diluted	$	1.60		$	0.01		$	1.61		$	1.15		$	0.01		$	1.16
	Income per common share - diluted	$	1.60		$	0.01		$	1.61		$	1.47		$	0.01		$	1.48
	Net income allocated to general partners	$	238,039		$	1,444		$	239,483		$	217,910		$	301		$	218,211
	Net income allocated to limited partners	$	6,158		$	34		$	6,192		$	5,706		$	7		$	5,713

Liberty Property Trust
Consolidated Statements of Cash Flows (in thousands)
		Year ended December 31, 2015							Year ended December 31, 2014
		As previously reported		Adjustment			As adjusted		As previously reported			Adjustment			As adjusted
Net income		$	244,446	$	1,478		$	245,924	$	224,163		$	308		$	224,471
Changes in operating assets and liabilities:
	Other liabilities	9,296		(1,478		)	7,818		(20,040		)	(308		)	(20,348		)

Liberty Property Limited Partnership
Consolidated Statements of Cash Flows (in thousands)
		Year ended December 31, 2015							Year ended December 31, 2014
		As previously reported		Adjustment			As adjusted		As previously reported			Adjustment			As adjusted
Net income		$	244,446	$	1,478		$	245,924	$	224,163		$	308		$	224,471
Changes in operating assets and liabilities:
	Other liabilities	9,296		(1,478		)	7,818		(20,040		)	(308		)	(20,348		)

The Company also made changes to the January 1, 2014 balances in the Consolidated Statements of Equity as follows:

Liberty Property Trust
Consolidated Statements of Equity (in thousands)		January 1, 2014
		As previously reported			Adjustment			As adjusted
Accumulated other comprehensive income (loss)		$	9,742		$	(2,305	)	$	7,437
Distributions in excess of net income		(591,713		)	22,520			(569,193		)
	Total Liberty Property Trust shareholders' equity	3,035,844			20,215			3,056,059
Noncontrolling interest - operating partnership - common		56,713			668			57,381
	Total equity	3,096,179			20,883			3,117,062

Liberty Property Limited Partnership
Consolidated Statements of Equity (in thousands)		January 1, 2014
		As previously reported		Adjustment		As adjusted
General partner's equity		$	3,035,844	$	20,215	$	3,056,059
Limited partners' equity		56,713		668		57,381
	Total owners' equity	3,096,179		20,883		3,117,062

Previously, development service fee income relating to its unconsolidated joint ventures had been classified as other income and development service fee expense had been classified as general and administrative expense in amounts as follows:

	Nine months ended		Year ended December 31,
	September 30, 2016 (unaudited)		2015		2014
Other income	$	3,789	$	6,159	$	2,456
General and administrative expense	$	3,210	$	3,730	$	1,608