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Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
OPERATING REVENUE      
Rental $ 543,410 $ 584,165 $ 568,346
Operating expense reimbursement 190,357 224,608 224,285
Development service fee income 12,941 0 0
Total operating revenue 746,708 808,773 792,631
OPERATING EXPENSE      
Rental property 102,481 132,702 138,124
Real estate taxes 99,793 105,410 101,814
General and administrative 68,198 68,710 63,327
Depreciation and amortization 205,090 226,575 231,943
Development service fee expense 12,165 0 0
Impairment - real estate assets 3,879 18,244 117
Total operating expense 491,606 551,641 535,325
Operating income 255,102 257,132 257,306
OTHER INCOME (EXPENSE)      
Interest and other income 13,950 23,781 17,600
Loss on debt extinguishment (27,099) 0 0
Interest expense (115,077) (135,779) (151,887)
Total other income (expense) (128,226) (111,998) (134,287)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 126,876 145,134 123,019
Gain on property dispositions 219,270 100,314 45,147
Income taxes (1,971) (2,673) (2,590)
Equity in earnings of unconsolidated joint ventures 21,970 3,149 10,314
Income from continuing operations 366,145 245,924 175,890
Discontinued operations (including net gain on property dispositions of $46,631 for the year ended December 31, 2014) 0 0 48,581
Net income 366,145 245,924 224,471
Noncontrolling interest – operating partnership (9,070) (6,192) (5,713)
Noncontrolling interest – consolidated joint ventures (258) (249) (547)
Income available to common shareholders 356,817 239,483 218,211
Comprehensive income attributable to common shareholders      
Net income 366,145 245,924 224,471
Other comprehensive (loss) income - foreign currency translation (34,744) (12,540) (15,671)
Other comprehensive income (loss) - derivative instruments 410 (488) (1,961)
Other comprehensive loss (34,334) (13,028) (17,632)
Total comprehensive income 331,811 232,896 206,839
Less: comprehensive income attributable to noncontrolling interest (8,519) (6,135) (5,878)
Comprehensive income attributable to common shareholders $ 323,292 $ 226,761 $ 200,961
Weighted average number of common shares outstanding      
Basic (shares) 146,204 148,243 147,216
Diluted (shares) 146,889 148,843 147,886
Amounts attributable to common shareholders      
Income from continuing operations $ 356,817 $ 239,483 $ 170,772
Discontinued operations 0 0 47,439
Net income available to common shareholders $ 356,817 $ 239,483 $ 218,211
Common shares [Member]      
Basic:      
Income from continuing operations (USD per share/unit) $ 2.44 $ 1.62 $ 1.16
Income from discontinued operations (USD per share/unit) 0.00 0.00 0.32
Income per common share - basic (USD per share/unit) 2.44 1.62 1.48
Diluted:      
Income from continuing operations (USD per share/unit) 2.43 1.61 1.16
Income from discontinued operations (USD per share/unit) 0.00 0.00 0.32
Income per common share - diluted (USD per share/unit) $ 2.43 $ 1.61 $ 1.48
Liberty Property Limited Partnership [Member]      
OPERATING REVENUE      
Rental $ 543,410 $ 584,165 $ 568,346
Operating expense reimbursement 190,357 224,608 224,285
Development service fee income 12,941 0 0
Total operating revenue 746,708 808,773 792,631
OPERATING EXPENSE      
Rental property 102,481 132,702 138,124
Real estate taxes 99,793 105,410 101,814
General and administrative 68,198 68,710 63,327
Depreciation and amortization 205,090 226,575 231,943
Development service fee expense 12,165 0 0
Impairment - real estate assets 3,879 18,244 117
Total operating expense 491,606 551,641 535,325
Operating income 255,102 257,132 257,306
OTHER INCOME (EXPENSE)      
Interest and other income 13,950 23,781 17,600
Loss on debt extinguishment (27,099) 0 0
Interest expense (115,077) (135,779) (151,887)
Total other income (expense) (128,226) (111,998) (134,287)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 126,876 145,134 123,019
Gain on property dispositions 219,270 100,314 45,147
Income taxes (1,971) (2,673) (2,590)
Equity in earnings of unconsolidated joint ventures 21,970 3,149 10,314
Income from continuing operations 366,145 245,924 175,890
Discontinued operations (including net gain on property dispositions of $46,631 for the year ended December 31, 2014) 0 0 48,581
Net income 366,145 245,924 224,471
Noncontrolling interest – consolidated joint ventures (258) (249) (547)
Preferred unit distributions (472) (472) (472)
Income available to common shareholders 365,415 245,203 223,452
Comprehensive income attributable to common shareholders      
Net income 366,145 245,924 224,471
Other comprehensive (loss) income - foreign currency translation (34,744) (12,540) (15,671)
Other comprehensive income (loss) - derivative instruments 410 (488) (1,961)
Other comprehensive loss (34,334) (13,028) (17,632)
Total comprehensive income $ 331,811 $ 232,896 $ 206,839
Weighted average number of common shares outstanding      
Basic (shares) 149,740 151,783 150,770
Diluted (shares) 150,425 152,383 151,440
Net Income Allocated to General Partners $ 356,817 $ 239,483 $ 218,211
Net Income Allocated to Limited Partners 9,070 6,192 5,713
Amounts attributable to common shareholders      
Income from continuing operations 365,887 245,675 175,343
Net income available to common shareholders $ 365,415 $ 245,203 $ 223,452
Liberty Property Limited Partnership [Member] | Common units [Member]      
Basic:      
Income from continuing operations (USD per share/unit) $ 2.44 $ 1.62 $ 1.16
Income from discontinued operations (USD per share/unit) 0.00 0.00 0.32
Income per common share - basic (USD per share/unit) 2.44 1.62 1.48
Diluted:      
Income from continuing operations (USD per share/unit) 2.43 1.61 1.16
Income from discontinued operations (USD per share/unit) 0.00 0.00 0.32
Income per common share - diluted (USD per share/unit) $ 2.43 $ 1.61 $ 1.48