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Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Jun. 30, 2017
Jun. 30, 2016
OPERATING REVENUE        
Rental $ 124,969 $ 139,143 $ 248,350 $ 278,198
Operating expense reimbursement 39,902 47,511 80,402 98,597
Development service fee income 18,259 0 29,744 0
Total operating revenue 183,130 186,654 358,496 376,795
OPERATING EXPENSE        
Rental property 17,716 24,745 37,600 53,255
Real estate taxes 23,244 25,202 46,525 50,522
General and administrative 15,282 15,629 32,224 36,619
Depreciation and amortization 45,789 53,545 91,249 107,623
Development service fee expense 17,828 0 28,832 0
Total operating expenses 119,859 119,121 236,430 248,019
Operating income 63,271 67,533 122,066 128,776
OTHER INCOME (EXPENSE)        
Interest and other income 1,928 4,992 3,804 9,590
Interest expense (21,942) (30,131) (44,285) (61,543)
Total other income (expense) (20,014) (25,139) (40,481) (51,953)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 43,257 42,394 81,585 76,823
Gain on property dispositions 5,895 3,832 6,702 24,353
Income taxes (324) (752) (946) (1,553)
Equity in earnings of unconsolidated joint ventures 3,990 5,583 9,721 10,497
Income from continuing operations 52,818 51,057 97,062 110,120
Net income 52,818 51,057 97,062 110,120
Noncontrolling interest – operating partnership (1,350) (1,317) (2,499) (2,826)
Noncontrolling interest - consolidated joint ventures (57) (113) (120) (113)
Net income available to common shareholders 51,411 49,627 94,443 107,181
Comprehensive income attributable to common shareholders        
Net income 52,818 51,057 97,062 110,120
Other comprehensive income (loss) - foreign currency translation 7,503 (13,509) 10,680 (18,596)
Other comprehensive (loss) income - derivative instruments (38) (435) 275 (1,795)
Other comprehensive income (loss) 7,465 (13,944) 10,955 (20,391)
Total comprehensive income 60,283 37,113 108,017 89,729
Less: comprehensive income attributable to noncontrolling interest (1,582) (1,101) (2,875) (2,458)
Comprehensive income attributable to common shareholders $ 58,701 $ 36,012 $ 105,142 $ 87,271
Weighted average number of common shares outstanding        
Basic 146,688 145,995 146,602 146,002
Diluted 147,508 146,735 147,355 146,622
Amounts attributable to common shareholders        
Net income available to common shareholders $ 51,411 $ 49,627 $ 94,443 $ 107,181
Liberty Property Limited Partnership [Member]        
OPERATING REVENUE        
Rental 124,969 139,143 248,350 278,198
Operating expense reimbursement 39,902 47,511 80,402 98,597
Development service fee income 18,259 0 29,744 0
Total operating revenue 183,130 186,654 358,496 376,795
OPERATING EXPENSE        
Rental property 17,716 24,745 37,600 53,255
Real estate taxes 23,244 25,202 46,525 50,522
General and administrative 15,282 15,629 32,224 36,619
Depreciation and amortization 45,789 53,545 91,249 107,623
Development service fee expense 17,828 0 28,832 0
Total operating expenses 119,859 119,121 236,430 248,019
Operating income 63,271 67,533 122,066 128,776
OTHER INCOME (EXPENSE)        
Interest and other income 1,928 4,992 3,804 9,590
Interest expense (21,942) (30,131) (44,285) (61,543)
Total other income (expense) (20,014) (25,139) (40,481) (51,953)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 43,257 42,394 81,585 76,823
Gain on property dispositions 5,895 3,832 6,702 24,353
Income taxes (324) (752) (946) (1,553)
Equity in earnings of unconsolidated joint ventures 3,990 5,583 9,721 10,497
Net income 52,818 51,057 97,062 110,120
Noncontrolling interest - consolidated joint ventures (57) (113) (120) (113)
Preferred unit distributions (118) (118) (236) (236)
Net income available to common shareholders 52,643 50,826 96,706 109,771
Comprehensive income attributable to common shareholders        
Net income 52,818 51,057 97,062 110,120
Other comprehensive income (loss) - foreign currency translation 7,503 (13,509) 10,680 (18,596)
Other comprehensive (loss) income - derivative instruments (38) (435) 275 (1,795)
Other comprehensive income (loss) 7,465 (13,944) 10,955 (20,391)
Total comprehensive income $ 60,283 $ 37,113 $ 108,017 $ 89,729
Weighted average number of common shares outstanding        
Basic 150,216 149,534 150,130 149,541
Diluted 151,036 150,274 150,883 150,161
Net income allocated to general partners $ 51,411 $ 49,627 $ 94,443 $ 107,181
Net income allocated to limited partners 1,350 1,317 2,499 2,826
Amounts attributable to common shareholders        
Income from continuing operations 52,761 50,944 96,942 110,007
Net income available to common shareholders $ 52,643 $ 50,826 $ 96,706 $ 109,771
Common shares [Member]        
Basic:        
Income per common share - basic $ 0.35 $ 0.34 $ 0.64 $ 0.73
Diluted:        
Income per common share - diluted 0.35 0.34 0.64 0.73
Distributions per common share or unit 0.40 0.475 0.80 0.95
Common Units [Member] | Liberty Property Limited Partnership [Member]        
Basic:        
Income per common share - basic 0.35 0.34 0.64 0.73
Diluted:        
Income per common share - diluted 0.35 0.34 0.64 0.73
Distributions per common share or unit $ 0.40 $ 0.475 $ 0.80 $ 0.95