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Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
OPERATING REVENUE        
Rental $ 129,356,000 $ 140,697,000 $ 377,706,000 $ 418,896,000
Operating expense reimbursement 40,121,000 50,160,000 120,523,000 148,757,000
Development service fee income 24,176,000 0 53,920,000 0
Total operating revenue 193,653,000 190,857,000 552,149,000 567,653,000
OPERATING EXPENSE        
Rental property 18,941,000 26,496,000 56,541,000 79,752,000
Real estate taxes 23,258,000 25,968,000 69,783,000 76,490,000
General and administrative 11,910,000 15,379,000 43,949,000 51,888,000
Expensed pursuit costs 4,772,000 772,000 4,957,000 882,000
Depreciation and amortization 46,582,000 46,920,000 137,831,000 154,543,000
Development service fee expense 23,665,000 0 52,497,000 0
Impairment charges - real estate assets 9,650,000 0 9,650,000 0
Total operating expenses 138,778,000 115,535,000 375,208,000 363,555,000
Operating income 54,875,000 75,322,000 176,941,000 204,098,000
OTHER INCOME (EXPENSE)        
Interest and other income 1,781,000 3,153,000 5,585,000 12,743,000
Loss on debt extinguishment 0 (3,494,000) 0 (3,494,000)
Interest expense (23,060,000) (29,528,000) (67,345,000) (91,071,000)
Total other income (expense) (21,279,000) (29,869,000) (61,760,000) (81,822,000)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 33,596,000 45,453,000 115,181,000 122,276,000
Gain on property dispositions 23,840,000 1,318,000 30,542,000 25,671,000
Income taxes (582,000) (80,000) (1,528,000) (1,633,000)
Equity in earnings of unconsolidated joint ventures 4,305,000 9,043,000 14,026,000 19,540,000
Income from continuing operations 61,159,000 55,734,000 158,221,000 165,854,000
Net income 61,159,000 55,734,000 158,221,000 165,854,000
Noncontrolling interest – operating partnership (1,545,000) (1,424,000) (4,044,000) (4,250,000)
Noncontrolling interest - consolidated joint ventures (75,000) (57,000) (195,000) (170,000)
Net income available to common shareholders 59,539,000 54,253,000 153,982,000 161,434,000
Comprehensive income attributable to common shareholders        
Net income 61,159,000 55,734,000 158,221,000 165,854,000
Other comprehensive income (loss) - foreign currency translation 5,634,000 (4,407,000) 16,314,000 (23,003,000)
Other comprehensive income (loss) - derivative instruments 91,000 663,000 366,000 (1,132,000)
Other comprehensive income (loss) 5,725,000 (3,744,000) 16,680,000 (24,135,000)
Total comprehensive income 66,884,000 51,990,000 174,901,000 141,719,000
Less: comprehensive income attributable to noncontrolling interest (1,754,000) (1,393,000) (4,629,000) (3,851,000)
Comprehensive income attributable to common shareholders $ 65,130,000 $ 50,597,000 $ 170,272,000 $ 137,868,000
Weighted average number of common shares outstanding        
Basic 146,811 146,215 146,678 146,121
Diluted 147,596 147,107 147,430 146,788
Amounts attributable to common shareholders        
Net income available to common shareholders $ 59,539,000 $ 54,253,000 $ 153,982,000 $ 161,434,000
Liberty Property Limited Partnership [Member]        
OPERATING REVENUE        
Rental 129,356,000 140,697,000 377,706,000 418,896,000
Operating expense reimbursement 40,121,000 50,160,000 120,523,000 148,757,000
Development service fee income 24,176,000 0 53,920,000 0
Total operating revenue 193,653,000 190,857,000 552,149,000 567,653,000
OPERATING EXPENSE        
Rental property 18,941,000 26,496,000 56,541,000 79,752,000
Real estate taxes 23,258,000 25,968,000 69,783,000 76,490,000
General and administrative 11,910,000 15,379,000 43,949,000 51,888,000
Expensed pursuit costs 4,772,000 772,000 4,957,000 882,000
Depreciation and amortization 46,582,000 46,920,000 137,831,000 154,543,000
Development service fee expense 23,665,000 0 52,497,000 0
Impairment charges - real estate assets 9,650,000 0 9,650,000 0
Total operating expenses 138,778,000 115,535,000 375,208,000 363,555,000
Operating income 54,875,000 75,322,000 176,941,000 204,098,000
OTHER INCOME (EXPENSE)        
Interest and other income 1,781,000 3,153,000 5,585,000 12,743,000
Loss on debt extinguishment 0 (3,494,000) 0 (3,494,000)
Interest expense (23,060,000) (29,528,000) (67,345,000) (91,071,000)
Total other income (expense) (21,279,000) (29,869,000) (61,760,000) (81,822,000)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 33,596,000 45,453,000 115,181,000 122,276,000
Gain on property dispositions 23,840,000 1,318,000 30,542,000 25,671,000
Income taxes (582,000) (80,000) (1,528,000) (1,633,000)
Equity in earnings of unconsolidated joint ventures 4,305,000 9,043,000 14,026,000 19,540,000
Net income 61,159,000 55,734,000 158,221,000 165,854,000
Noncontrolling interest - consolidated joint ventures (75,000) (57,000) (195,000) (170,000)
Preferred unit distributions (118,000) (118,000) (354,000) (354,000)
Net income available to common shareholders 60,966,000 55,559,000 157,672,000 165,330,000
Comprehensive income attributable to common shareholders        
Net income 61,159,000 55,734,000 158,221,000 165,854,000
Other comprehensive income (loss) - foreign currency translation 5,634,000 (4,407,000) 16,314,000 (23,003,000)
Other comprehensive income (loss) - derivative instruments 91,000 663,000 366,000 (1,132,000)
Other comprehensive income (loss) 5,725,000 (3,744,000) 16,680,000 (24,135,000)
Total comprehensive income $ 66,884,000 $ 51,990,000 $ 174,901,000 $ 141,719,000
Weighted average number of common shares outstanding        
Basic 150,339 149,751 150,206 149,659
Diluted 151,124 150,643 150,958 150,326
Net income allocated to general partners $ 59,539,000 $ 54,253,000 $ 153,982,000 $ 161,434,000
Net income allocated to limited partners 1,545,000 1,424,000 4,044,000 4,250,000
Amounts attributable to common shareholders        
Income from continuing operations 61,084,000 55,677,000 158,026,000 165,684,000
Net income available to common shareholders $ 60,966,000 $ 55,559,000 $ 157,672,000 $ 165,330,000
Common shares [Member]        
Basic:        
Income per common share - basic $ 0.41 $ 0.37 $ 1.05 $ 1.10
Diluted:        
Income per common share - diluted 0.40 0.37 1.04 1.10
Distributions per common share or unit 0.40 0.475 1.20 1.425
Common Units [Member] | Liberty Property Limited Partnership [Member]        
Basic:        
Income per common share - basic 0.41 0.37 1.05 1.10
Diluted:        
Income per common share - diluted 0.40 0.37 1.04 1.10
Distributions per common share or unit $ 0.40 $ 0.475 $ 1.20 $ 1.425