Income per Common Unit of the Operating Partnership

9 Months Ended

Sep. 30, 2018

Earnings Per Unit, Basic and Diluted [Line Items]

Earnings Per Share [Text Block]

Income per Common Share of the Trust

The following table sets forth the computation of basic and diluted income per common share of the Trust (in thousands except per share amounts):

	For the Three Months Ended					For the Three Months Ended
	September 30, 2018					September 30, 2017
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Income from continuing operations net of noncontrolling interest - basic	$	48,595	147,324	$	0.33	$	56,487	146,811	$	0.39
Dilutive shares for long-term compensation plans	—		947			—		785
Income from continuing operations net of noncontrolling interest - diluted	$	48,595	148,271	$	0.33	$	56,487	147,596	$	0.38
Discontinued operations net of noncontrolling interest - basic	$	101,548	147,324	$	0.69	$	3,052	146,811	$	0.02
Dilutive shares for long-term compensation plans	—		947			—		785
Discontinued operations net of noncontrolling interest - diluted	$	101,548	148,271	$	0.68	$	3,052	147,596	$	0.02
Net income available to common shareholders - basic	$	150,143	147,324	$	1.02	$	59,539	146,811	$	0.41
Dilutive shares for long-term compensation plans	—		947			—		785
Net income available to common shareholders - diluted	$	150,143	148,271	$	1.01	$	59,539	147,596	$	0.40

	For the Nine Months Ended					For the Nine Months Ended
	September 30, 2018					September 30, 2017
	Income (Numerator)		Weighted Average Shares (Denominator)	Per Share		Income (Numerator)		Weighted Average Shares (Denominator)	Per Share
Income from continuing operations net of noncontrolling interest - basic	$	104,885	147,241	$	0.71	$	136,460	146,678	$	0.93
Dilutive shares for long-term compensation plans			919					752
Income from continuing operations net of noncontrolling interest - diluted	$	104,885	148,160	$	0.71	$	136,460	147,430	$	0.92
Discontinued operations net of noncontrolling interest - basic	$	205,053	147,241	$	1.39	$	17,522	146,678	$	0.12
Dilutive shares for long-term compensation plans			919					752
Discontinued operations net of noncontrolling interest - diluted	$	205,053	148,160	$	1.38	$	17,522	147,430	$	0.12
Net income available to common shareholders - basic	$	309,938	147,241	$	2.10	$	153,982	146,678	$	1.05
Dilutive shares for long-term compensation plans			919					752
Net income available to common shareholders - diluted	$	309,938	148,160	$	2.09	$	153,982	147,430	$	1.04

Dilutive shares for long-term compensation plans represent the unvested common shares outstanding during the periods as well as the dilutive effect of outstanding options. There were no anti-dilutive options excluded from the computation of diluted income per common share for the three and nine months ended September 30, 2018 and the same periods in 2017.

During the three and nine months ended September 30, 2018, 5,000 and 106,000 common shares, respectively, were issued upon the exercise of options. During the year ended December 31, 2017, 193,000 common shares were issued upon the exercise of options.

Share Repurchase

The Company’s Board of Trustees has authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common shares through September 28, 2019. Purchases made pursuant to the program may be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. There were no purchases under the plan during the three and nine months ended September 30, 2018.

Liberty Property Limited Partnership [Member]

Earnings Per Unit, Basic and Diluted [Line Items]

Earnings Per Share [Text Block]

Income per Common Unit of the Operating Partnership

The following table sets forth the computation of basic and diluted income per common unit of the Operating Partnership (in thousands, except per unit amounts):

	For the Three Months Ended						For the Three Months Ended
	September 30, 2018						September 30, 2017
	Income (Numerator)			Weighted Average Units (Denominator)	Per Unit		Income (Numerator)			Weighted Average Units (Denominator)	Per Unit
Income from continuing operations - net of noncontrolling interest - consolidated joint ventures	$	49,868					$	57,959
Less: Preferred unit distributions	(118		)				(118		)
Income from continuing operations available to common unitholders - basic	$	49,750		150,844	$	0.33	$	57,841		150,339	$	0.39
Dilutive units for long-term compensation plans	—			947			—			785

Income from continuing operations available to common unitholders - diluted	$	49,750		151,791	$	0.33	$	57,841		151,124	$	0.38
Income from discontinued operations - basic	$	103,971		150,844	$	0.69	$	3,125		150,339	$	0.02
Dilutive units for long-term compensation plans	—			947			—			785
Income from discontinued operations - diluted	$	103,971		151,791	$	0.68	$	3,125		151,124	$	0.02
Income available to common unitholders - basic	$	153,721		150,844	$	1.02	$	60,966		150,339	$	0.41
Dilutive units for long-term compensation plans	—			947			—			785
Income available to common unitholders - diluted	$	153,721		151,791	$	1.01	$	60,966		151,124	$	0.40
	For the Nine Months Ended						For the Nine Months Ended
	September 30, 2018						September 30, 2017
	Income (Numerator)			Weighted Average Units (Denominator)	Per Unit		Income (Numerator)			Weighted Average Units (Denominator)	Per Unit
Net income - net of noncontrolling interest - consolidated joint ventures	$	107,731					$	140,084
Less: Preferred unit distributions	(354		)				(354		)
Income from continuing operations available to common unitholders - basic	107,377			150,761	$	0.71	139,730			150,206	$	0.93
Dilutive units for long-term compensation plans	—			919			—			752
Income from continuing operations available to common unitholders - diluted	$	107,377		151,680	$	0.71	$	139,730		150,958	$	0.92
Income from discontinued operations - basic	$	209,945		150,761	$	1.39	$	17,942		150,206	$	0.12
Dilutive units for long-term compensation plans	—			919			—			752
Income from discontinued operations - diluted	$	209,945		151,680	$	1.38	$	17,942		150,958	$	0.12
Net income available to common unitholders - basic	$	317,322		150,761	$	2.10	$	157,672		150,206	$	1.05
Dilutive units for long-term compensation plans	—			919			—			752
Net income available to common unitholders - diluted	$	317,322		151,680	$	2.09	$	157,672		150,958	$	1.04

Dilutive units for long-term compensation plans represent the unvested common units outstanding during the periods as well as the dilutive effect of outstanding options. There were no anti-dilutive options excluded from the computation of diluted income per common unit for the three and nine months ended September 30, 2018 and the same periods in 2017.

During the three and nine months ended September 30, 2018, 5,000 and 106,000 common units, respectively, were issued upon exercise of options. During the year ended December 31, 2017, 193,000 common units were issued upon the exercise of options.

Unit Repurchase

The Company’s Board of Trustees has authorized a share repurchase plan under which the Company may purchase up to $250 million of the Company’s outstanding common units through September 28, 2019. Purchases made pursuant to the program may be made in either the open market or in privately negotiated transactions from time to time as permitted by securities laws and other legal requirements. There were no purchases under the plan during the three and nine months ended September 30, 2018.