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Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
OPERATING REVENUE        
Rental $ 119,578,000 $ 111,721,000 $ 238,668,000 $ 222,567,000
Operating expense reimbursement 37,202,000 33,478,000 74,354,000 67,971,000
Development service fee income 19,824,000 18,259,000 46,176,000 29,744,000
Total operating revenue 176,604,000 163,458,000 359,198,000 320,282,000
OPERATING EXPENSE        
Rental property 15,029,000 13,358,000 30,318,000 28,961,000
Real estate taxes 22,605,000 20,729,000 44,958,000 41,558,000
General and administrative 11,659,000 15,203,000 30,285,000 32,196,000
Expensed pursuit costs 59,000 153,000 383,000 185,000
Systems implementation expense 1,469,000 15,000 2,175,000 15,000
Depreciation and amortization 42,708,000 41,682,000 84,781,000 83,162,000
Development service fee expense 79,808,000 17,828,000 107,875,000 28,832,000
Impairment charges - real estate assets 26,000,000 0 26,000,000 0
Total operating expenses 199,337,000 108,968,000 326,775,000 214,909,000
Operating (loss) income (22,733,000) 54,490,000 32,423,000 105,373,000
OTHER INCOME (EXPENSE)        
Interest and other income 2,663,000 1,908,000 5,142,000 3,761,000
Interest expense (21,779,000) (20,657,000) (43,645,000) (41,421,000)
Total other income (expense) (19,116,000) (18,749,000) (38,503,000) (37,660,000)
(Loss) income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures (41,849,000) 35,741,000 (6,080,000) 67,713,000
Gain on property dispositions 48,582,000 5,895,000 52,703,000 6,702,000
Income taxes (941,000) (324,000) (1,495,000) (946,000)
Equity in earnings of unconsolidated joint ventures 7,428,000 3,990,000 14,192,000 9,721,000
Income from continuing operations 13,220,000 45,302,000 59,320,000 83,190,000
Discontinued operations (including a net loss of $0.2 million and a net gain of $89.8 million on property dispositions for the three and six months ended June 30, 2018, respectively) 7,670,000 7,516,000 105,295,000 13,872,000
Net income 20,890,000 52,818,000 164,615,000 97,062,000
Noncontrolling interest – operating partnership (585,000) (1,350,000) (4,042,000) (2,499,000)
Noncontrolling interest - consolidated joint ventures (691,000) (57,000) (778,000) (120,000)
Net income available to common shareholders or unitholders 19,614,000 51,411,000 159,795,000 94,443,000
Comprehensive income attributable to common shareholders or unitholders        
Net income 20,890,000 52,818,000 164,615,000 97,062,000
Other comprehensive (loss) income - foreign currency translation (14,138,000) 7,503,000 (6,206,000) 10,680,000
Other comprehensive income (loss) - derivative instruments 102,000 (38,000) 487,000 275,000
Other comprehensive (loss) income (14,036,000) 7,465,000 (5,719,000) 10,955,000
Total comprehensive income 6,854,000 60,283,000 158,896,000 108,017,000
Less: comprehensive income attributable to noncontrolling interest (949,000) (1,582,000) (4,687,000) (2,875,000)
Comprehensive income attributable to common shareholders $ 5,905,000 $ 58,701,000 $ 154,209,000 $ 105,142,000
Weighted average number of common shares or units outstanding        
Basic 147,274 146,688 147,184 146,602
Diluted 148,333 147,508 148,104 147,355
Amounts attributable to common shareholders or unitholders        
Income from continuing operations $ 12,123,000 $ 44,071,000 $ 56,953,000 $ 80,896,000
Income from discontinued operations 7,491,000 7,340,000 102,842,000 13,547,000
Net income available to common shareholders or unitholders 19,614,000 51,411,000 159,795,000 94,443,000
Liberty Property Limited Partnership [Member]        
OPERATING REVENUE        
Rental 119,578,000 111,721,000 238,668,000 222,567,000
Operating expense reimbursement 37,202,000 33,478,000 74,354,000 67,971,000
Development service fee income 19,824,000 18,259,000 46,176,000 29,744,000
Total operating revenue 176,604,000 163,458,000 359,198,000 320,282,000
OPERATING EXPENSE        
Rental property 15,029,000 13,358,000 30,318,000 28,961,000
Real estate taxes 22,605,000 20,729,000 44,958,000 41,558,000
General and administrative 11,659,000 15,203,000 30,285,000 32,196,000
Expensed pursuit costs 59,000 153,000 383,000 185,000
Systems implementation expense 1,469,000 15,000 2,175,000 15,000
Depreciation and amortization 42,708,000 41,682,000 84,781,000 83,162,000
Development service fee expense 79,808,000 17,828,000 107,875,000 28,832,000
Impairment charges - real estate assets 26,000,000 0 26,000,000 0
Total operating expenses 199,337,000 108,968,000 326,775,000 214,909,000
Operating (loss) income (22,733,000) 54,490,000 32,423,000 105,373,000
OTHER INCOME (EXPENSE)        
Interest and other income 2,663,000 1,908,000 5,142,000 3,761,000
Interest expense (21,779,000) (20,657,000) (43,645,000) (41,421,000)
Total other income (expense) (19,116,000) (18,749,000) (38,503,000) (37,660,000)
(Loss) income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures (41,849,000) 35,741,000 (6,080,000) 67,713,000
Gain on property dispositions 48,582,000 5,895,000 52,703,000 6,702,000
Income taxes (941,000) (324,000) (1,495,000) (946,000)
Equity in earnings of unconsolidated joint ventures 7,428,000 3,990,000 14,192,000 9,721,000
Income from continuing operations 13,220,000 45,302,000 59,320,000 83,190,000
Discontinued operations (including a net loss of $0.2 million and a net gain of $89.8 million on property dispositions for the three and six months ended June 30, 2018, respectively) 7,670,000 7,516,000 105,295,000 13,872,000
Net income 20,890,000 52,818,000 164,615,000 97,062,000
Noncontrolling interest - consolidated joint ventures (691,000) (57,000) (778,000) (120,000)
Preferred unit distributions (118,000) (118,000) (236,000) (236,000)
Net income available to common shareholders or unitholders 20,081,000 52,643,000 163,601,000 96,706,000
Comprehensive income attributable to common shareholders or unitholders        
Net income 20,890,000 52,818,000 164,615,000 97,062,000
Other comprehensive (loss) income - foreign currency translation (14,138,000) 7,503,000 (6,206,000) 10,680,000
Other comprehensive income (loss) - derivative instruments 102,000 (38,000) 487,000 275,000
Other comprehensive (loss) income (14,036,000) 7,465,000 (5,719,000) 10,955,000
Total comprehensive income $ 6,854,000 $ 60,283,000 $ 158,896,000 $ 108,017,000
Weighted average number of common shares or units outstanding        
Basic 150,794 150,216 150,704 150,130
Diluted 151,853 151,036 151,624 150,883
Net income allocated to general partners $ 19,614,000 $ 51,411,000 $ 159,795,000 $ 94,443,000
Net income allocated to limited partners 585,000 1,350,000 4,042,000 2,499,000
Amounts attributable to common shareholders or unitholders        
Income from continuing operations 12,529,000 45,245,000 58,542,000 83,070,000
Net income available to common shareholders or unitholders $ 20,081,000 $ 52,643,000 $ 163,601,000 $ 96,706,000
Common shares [Member]        
Basic:        
Income from continuing operations $ 0.08 $ 0.30 $ 0.39 $ 0.55
Income from discontinued operations 0.05 0.05 0.70 0.09
Income per common share or unit - basic 0.13 0.35 1.09 0.64
Diluted:        
Income from continuing operations 0.08 0.30 0.39 0.55
Income from discontinued operations 0.05 0.05 0.69 0.09
Income per common share or unit - diluted 0.13 0.35 1.08 0.64
Distributions per common share or unit 0.40 0.40 0.80 0.80
Common Units [Member] | Liberty Property Limited Partnership [Member]        
Basic:        
Income from continuing operations 0.08 0.30 0.39 0.55
Income from discontinued operations 0.05 0.05 0.70 0.09
Income per common share or unit - basic 0.13 0.35 1.09 0.64
Diluted:        
Income from continuing operations 0.08 0.30 0.39 0.55
Income from discontinued operations 0.05 0.05 0.69 0.09
Income per common share or unit - diluted 0.13 0.35 1.08 0.64
Distributions per common share or unit $ 0.40 $ 0.40 $ 0.80 $ 0.80