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Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
OPERATING REVENUE    
Rental $ 125,203,000 $ 116,868,000
Operating expense reimbursement 38,610,000 37,413,000
Development service fee income 26,352,000 11,485,000
Total operating revenue 190,165,000 165,766,000
OPERATING EXPENSE    
Rental property 15,931,000 17,535,000
Real estate taxes 23,498,000 21,906,000
General and administrative 18,628,000 16,993,000
Expensed pursuit costs 324,000 32,000
Systems implementation expense 706,000 0
Depreciation and amortization 43,686,000 43,092,000
Development service fee expense 28,067,000 11,004,000
Total operating expenses 130,840,000 110,562,000
Operating income 59,325,000 55,204,000
OTHER INCOME (EXPENSE)    
Interest and other income 2,486,000 1,862,000
Interest expense (22,750,000) (21,634,000)
Total other income (expense) (20,264,000) (19,772,000)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 39,061,000 35,432,000
Gain on property dispositions 4,121,000 807,000
Income taxes (554,000) (622,000)
Equity in earnings of unconsolidated joint ventures 6,764,000 5,731,000
Income from continuing operations 49,392,000 41,348,000
Discontinued operations (including net gain on property dispositions of $90.0 million for the three months ended March 31, 2018) 94,333,000 2,896,000
Net income 143,725,000 44,244,000
Noncontrolling interest – operating partnership (3,457,000) (1,149,000)
Noncontrolling interest - consolidated joint ventures (87,000) (63,000)
Net income available to common shareholders 140,181,000 43,032,000
Comprehensive income attributable to common shareholders    
Net income 143,725,000 44,244,000
Other comprehensive income - foreign currency translation 7,932,000 3,177,000
Other comprehensive income - derivative instruments 385,000 313,000
Other comprehensive income 8,317,000 3,490,000
Total comprehensive income 152,042,000 47,734,000
Less: comprehensive income attributable to noncontrolling interest (3,738,000) (1,293,000)
Comprehensive income attributable to common shareholders $ 148,304,000 $ 46,441,000
Weighted average number of common shares outstanding    
Basic 147,060 146,471
Diluted 147,873 147,221
Amounts attributable to common shareholders    
Income from continuing operations net of noncontrolling interest $ 48,043,000 $ 40,204,000
Income from discontinued operations net of noncontrolling interest 92,138,000 2,828,000
Net income available to common shareholders 140,181,000 43,032,000
Liberty Property Limited Partnership [Member]    
OPERATING REVENUE    
Rental 125,203,000 116,868,000
Operating expense reimbursement 38,610,000 37,413,000
Development service fee income 26,352,000 11,485,000
Total operating revenue 190,165,000 165,766,000
OPERATING EXPENSE    
Rental property 15,931,000 17,535,000
Real estate taxes 23,498,000 21,906,000
General and administrative 18,628,000 16,993,000
Expensed pursuit costs 324,000 32,000
Systems implementation expense 706,000 0
Depreciation and amortization 43,686,000 43,092,000
Development service fee expense 28,067,000 11,004,000
Total operating expenses 130,840,000 110,562,000
Operating income 59,325,000 55,204,000
OTHER INCOME (EXPENSE)    
Interest and other income 2,486,000 1,862,000
Interest expense (22,750,000) (21,634,000)
Total other income (expense) (20,264,000) (19,772,000)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 39,061,000 35,432,000
Gain on property dispositions 4,121,000 807,000
Income taxes (554,000) (622,000)
Equity in earnings of unconsolidated joint ventures 6,764,000 5,731,000
Income from continuing operations 49,392,000 41,348,000
Discontinued operations (including net gain on property dispositions of $90.0 million for the three months ended March 31, 2018) 94,333,000 2,896,000
Net income 143,725,000 44,244,000
Noncontrolling interest - consolidated joint ventures (87,000) (63,000)
Preferred unit distributions (118,000) (118,000)
Net income available to common shareholders 143,520,000 44,063,000
Comprehensive income attributable to common shareholders    
Net income 143,725,000 44,244,000
Other comprehensive income - foreign currency translation 7,932,000 3,177,000
Other comprehensive income - derivative instruments 385,000 313,000
Other comprehensive income 8,317,000 3,490,000
Total comprehensive income $ 152,042,000 $ 47,734,000
Weighted average number of common shares outstanding    
Basic 150,580 150,000
Diluted 151,393 150,750
Net income allocated to general partners $ 140,181,000 $ 43,032,000
Net income allocated to limited partners 3,457,000 1,149,000
Amounts attributable to common shareholders    
Income from continuing operations net of noncontrolling interest 49,305,000 41,285,000
Net income available to common shareholders $ 143,520,000 $ 44,063,000
Common shares [Member]    
Basic:    
Income from continuing operations, per basic share $ 0.33 $ 0.27
Income from discontinued operations, per basic share 0.62 0.02
Income per common share - basic 0.95 0.29
Diluted:    
Income from continuing operations, per diluted share 0.33 0.27
Income from discontinued operations, per diluted share 0.62 0.02
Income per common share - diluted 0.95 0.29
Distributions per common share or unit 0.40 0.40
Common Units [Member] | Liberty Property Limited Partnership [Member]    
Basic:    
Income from continuing operations, per basic share 0.33 0.27
Income from discontinued operations, per basic share 0.62 0.02
Income per common share - basic 0.95 0.29
Diluted:    
Income from continuing operations, per diluted share 0.33 0.27
Income from discontinued operations, per diluted share 0.62 0.02
Income per common share - diluted 0.95 0.29
Distributions per common share or unit $ 0.40 $ 0.40