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Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
REVENUE    
Rental revenue $ 156,886 $ 146,361
Development service fee income 864 26,352
Total revenue 157,750 172,713
EXPENSES    
Rental property 13,620 13,260
Real estate taxes 22,462 21,578
General and administrative 15,607 14,335
Leasing expense 3,208 2,812
Other operating expense 2,268 2,502
Interest expense 25,519 22,670
Depreciation and amortization 43,484 39,659
Development service fee expense 833 28,067
Impairment charges - real estate assets 99 0
Total expenses 127,100 144,883
OTHER INCOME (EXPENSE)    
Interest and other income 3,394 2,494
Gain on property dispositions 741 4,158
Equity in earnings of unconsolidated joint ventures 7,009 6,764
Income from continuing operations before income taxes 41,794 41,246
Income taxes (832) (528)
Income from continuing operations 40,962 40,718
Discontinued operations (including gain on sale net of impairments of $8.7 million on property dispositions for the three months ended March 31, 2019 and $90.0 million for the three months ended March 31, 2018) 14,786 103,007
Net income 55,748 143,725
Noncontrolling interest – operating partnership (1,374) (3,457)
Noncontrolling interest – consolidated joint ventures (44) (87)
Net income available to common shareholders 54,330 140,181
Comprehensive income attributable to common shareholders    
Net income 55,748 143,725
Other comprehensive income - foreign currency translation 5,376 7,932
Other comprehensive (loss) income - derivative instruments (1,854) 385
Other comprehensive income 3,522 8,317
Total comprehensive income 59,270 152,042
Less: comprehensive income attributable to noncontrolling interest (1,500) (3,738)
Comprehensive income attributable to common shareholders $ 57,770 $ 148,304
Weighted average number of common shares or units outstanding    
Basic (in shares) 147,559 147,060
Diluted (in shares) 148,540 147,873
Amounts attributable to common shareholders or unitholders    
Income from continuing operations $ 39,887 $ 39,574
Income from discontinued operations 14,443 100,607
Net income available to common shareholders or unitholders 54,330 140,181
Liberty Property Limited Partnership    
REVENUE    
Rental revenue 156,886 146,361
Development service fee income 864 26,352
Total revenue 157,750 172,713
EXPENSES    
Rental property 13,620 13,260
Real estate taxes 22,462 21,578
General and administrative 15,607 14,335
Leasing expense 3,208 2,812
Other operating expense 2,268 2,502
Interest expense 25,519 22,670
Depreciation and amortization 43,484 39,659
Development service fee expense 833 28,067
Impairment charges - real estate assets 99 0
Total expenses 127,100 144,883
OTHER INCOME (EXPENSE)    
Interest and other income 3,394 2,494
Gain on property dispositions 741 4,158
Equity in earnings of unconsolidated joint ventures 7,009 6,764
Income from continuing operations before income taxes 41,794 41,246
Income taxes (832) (528)
Income from continuing operations 40,962 40,718
Discontinued operations (including gain on sale net of impairments of $8.7 million on property dispositions for the three months ended March 31, 2019 and $90.0 million for the three months ended March 31, 2018) 14,786 103,007
Net income 55,748 143,725
Noncontrolling interest – operating partnership (44) (87)
Noncontrolling interest – consolidated joint ventures (84) (118)
Net income available to common shareholders 55,620 143,520
Comprehensive income attributable to common shareholders    
Net income 55,748 143,725
Other comprehensive income - foreign currency translation 5,376 7,932
Other comprehensive (loss) income - derivative instruments (1,854) 385
Other comprehensive income 3,522 8,317
Total comprehensive income $ 59,270 $ 152,042
Weighted average number of common shares or units outstanding    
Basic (in shares) 151,079 150,580
Diluted (in shares) 152,060 151,393
Net income allocated to general partners $ 54,330 $ 140,181
Net income allocated to limited partners 1,374 3,457
Amounts attributable to common shareholders or unitholders    
Income from continuing operations 40,918 40,631
Net income available to common shareholders or unitholders $ 55,620 $ 143,520
Common Units | Liberty Property Limited Partnership    
Basic:    
Income from continuing operations (in usd per share) $ 0.27 $ 0.27
Income from discontinued operations (in usd per share) 0.10 0.68
Income per common share or unit - basic (in usd per share) 0.37 0.95
Diluted:    
Income from continuing operations (in usd per share) 0.27 0.27
Income from discontinued operations (in usd per share) 0.10 0.68
Income per common share or unit - diluted (in usd per share) 0.37 0.95
Common shares    
Basic:    
Income from continuing operations (in usd per share) 0.27 0.27
Income from discontinued operations (in usd per share) 0.10 0.68
Income per common share or unit - basic (in usd per share) 0.37 0.95
Diluted:    
Income from continuing operations (in usd per share) 0.27 0.27
Income from discontinued operations (in usd per share) 0.10 0.68
Income per common share or unit - diluted (in usd per share) $ 0.37 $ 0.95