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Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
OPERATING REVENUE      
Rental $ 486,195 $ 519,368 $ 561,434
Operating expense reimbursement 150,910 178,389 212,526
Development service fee income [1] 82,673 12,941 0
Total operating revenue 719,778 710,698 773,960
OPERATING EXPENSE      
Rental property 66,018 94,177 123,997
Real estate taxes 90,187 95,202 101,647
General and administrative 56,975 67,088 68,264
Expensed pursuit costs 5,066 1,016 605
Depreciation and amortization 175,137 196,705 217,864
Development service fee expense 85,805 12,165 0
Impairment - real estate assets 3,946 3,879 17,215
Total operating expense 483,134 470,232 529,592
Operating income 236,644 240,466 244,368
OTHER INCOME (EXPENSE)      
Interest and other income 7,778 13,817 23,758
Loss on debt extinguishment (49) (27,099) 0
Interest expense (88,857) (112,299) (133,557)
Total other income (expense) (81,128) (125,581) (109,799)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 155,516 114,885 134,569
Gain on property dispositions 100,387 219,270 100,314
Income taxes (1,992) (1,971) (2,673)
Equity in earnings of unconsolidated joint ventures 17,155 21,970 3,149
Income from continuing operations 271,066 354,154 235,359
Discontinued operations (including net gain on property dispositions of $14,578 for the year ended December 31, 2017) 18,979 11,991 10,565
Net income 290,045 366,145 245,924
Noncontrolling interest – operating partnership (7,224) (9,070) (6,192)
Noncontrolling interest – consolidated joint ventures (481) (258) (249)
Income available to common shareholders 282,340 356,817 239,483
Comprehensive income attributable to common shareholders      
Net income 290,045 366,145 245,924
Other comprehensive income (loss) - foreign currency translation 18,066 (34,744) (12,540)
Other comprehensive income (loss) - derivative instruments 605 410 (488)
Other comprehensive loss 18,671 (34,334) (13,028)
Total comprehensive income 308,716 331,811 232,896
Less: comprehensive income attributable to noncontrolling interest (8,142) (8,519) (6,135)
Comprehensive income attributable to common shareholders $ 300,574 $ 323,292 $ 226,761
Weighted average number of common shares outstanding      
Basic (shares) 146,742 146,204 148,243
Diluted (shares) 147,541 146,889 148,843
Amounts attributable to common shareholders      
Income from continuing operations $ 263,805 $ 345,108 $ 229,164
Discontinued operations 18,535 11,709 10,319
Income available to common shareholders $ 282,340 $ 356,817 $ 239,483
Common shares [Member]      
Basic:      
Income from continuing operations (USD per share/unit) $ 1.79 $ 2.36 $ 1.55
Income from discontinued operations (USD per share/unit) 0.13 0.08 0.07
Income per common share - basic (USD per share/unit) 1.92 2.44 1.62
Diluted:      
Income from continuing operations (USD per share/unit) 1.78 2.35 1.54
Income from discontinued operations (USD per share/unit) 0.13 0.08 0.07
Income per common share - diluted (USD per share/unit) $ 1.91 $ 2.43 $ 1.61
Liberty Property Limited Partnership [Member]      
OPERATING REVENUE      
Rental $ 486,195 $ 519,368 $ 561,434
Operating expense reimbursement 150,910 178,389 212,526
Development service fee income 82,673 12,941 0
Total operating revenue 719,778 710,698 773,960
OPERATING EXPENSE      
Rental property 66,018 94,177 123,997
Real estate taxes 90,187 95,202 101,647
General and administrative 56,975 67,088 68,264
Expensed pursuit costs 5,066 1,016 605
Depreciation and amortization 175,137 196,705 217,864
Development service fee expense 85,805 12,165 0
Impairment - real estate assets 3,946 3,879 17,215
Total operating expense 483,134 470,232 529,592
Operating income 236,644 240,466 244,368
OTHER INCOME (EXPENSE)      
Interest and other income 7,778 13,817 23,758
Loss on debt extinguishment (49) (27,099) 0
Interest expense (88,857) (112,299) (133,557)
Total other income (expense) (81,128) (125,581) (109,799)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 155,516 114,885 134,569
Gain on property dispositions 100,387 219,270 100,314
Income taxes (1,992) (1,971) (2,673)
Equity in earnings of unconsolidated joint ventures 17,155 21,970 3,149
Income from continuing operations 271,066 354,154 235,359
Discontinued operations (including net gain on property dispositions of $14,578 for the year ended December 31, 2017) 18,979 11,991 10,565
Net income 290,045 366,145 245,924
Noncontrolling interest – consolidated joint ventures (481) (258) (249)
Preferred unit distributions (472) (472) (472)
Income available to common shareholders 289,092 365,415 245,203
Comprehensive income attributable to common shareholders      
Net income 290,045 366,145 245,924
Other comprehensive income (loss) - foreign currency translation 18,066 (34,744) (12,540)
Other comprehensive income (loss) - derivative instruments 605 410 (488)
Other comprehensive loss 18,671 (34,334) (13,028)
Total comprehensive income $ 308,716 $ 331,811 $ 232,896
Weighted average number of common shares outstanding      
Basic (shares) 150,270 149,740 151,783
Diluted (shares) 151,069 150,425 152,383
Net Income Allocated to General Partners $ 282,340 $ 356,817 $ 239,483
Net Income Allocated to Limited Partners 7,224 9,070 6,192
Amounts attributable to common shareholders      
Income from continuing operations 270,585 353,896 235,110
Income available to common shareholders $ 289,092 $ 365,415 $ 245,203
Liberty Property Limited Partnership [Member] | Common units [Member]      
Basic:      
Income from continuing operations (USD per share/unit) $ 1.79 $ 2.36 $ 1.55
Income from discontinued operations (USD per share/unit) 0.13 0.08 0.07
Income per common share - basic (USD per share/unit) 1.92 2.44 1.62
Diluted:      
Income from continuing operations (USD per share/unit) 1.78 2.35 1.54
Income from discontinued operations (USD per share/unit) 0.13 0.08 0.07
Income per common share - diluted (USD per share/unit) $ 1.91 $ 2.43 $ 1.61
[1] (1) Prior to the fourth quarter of 2016, development service fee income had been classified as other income and development service fee expense had been classified as general and administrative expense. See Note 2.