Income per Common Unit of the Operating Partnership

9 Months Ended

Sep. 30, 2019

Earnings Per Unit, Basic and Diluted [Line Items]

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



	Three Months Ended					Three Months Ended
	September 30, 2019					September 30, 2018
	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	$	59,091	150,140	$	0.39	$	43,713	147,324	$	0.30
Dilutive shares for long-term compensation plans	—		839			—		947
Income from continuing operations net of noncontrolling interest - diluted	$	59,091	150,979	$	0.39	$	43,713	148,271	$	0.29
Discontinued operations net of noncontrolling interests - basic	$	41,273	150,140	$	0.28	$	106,430	147,324	$	0.72
Dilutive shares for long-term compensation plans	—		839			—		947
Discontinued operations net of noncontrolling interests - diluted	$	41,273	150,979	$	0.27	$	106,430	148,271	$	0.72
Net income available to common shareholders - basic	$	100,364	150,140	$	0.67	$	150,143	147,324	$	1.02
Dilutive shares for long-term compensation plans	—		839			—		947
Net income available to common shareholders - diluted	$	100,364	150,979	$	0.66	$	150,143	148,271	$	1.01

	Nine Months Ended					Nine Months Ended
	September 30, 2019					September 30, 2018
	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	$	151,150	148,532	$	1.02	$	91,051	147,241	$	0.62
Dilutive shares for long-term compensation plans	—		851			—		919
Income from continuing operations net of noncontrolling interest - diluted	$	151,150	149,383	$	1.01	$	91,051	148,160	$	0.61
Discontinued operations net of noncontrolling interests - basic	$	103,315	148,532	$	0.69	$	218,887	147,241	$	1.48
Dilutive shares for long-term compensation plans	—		851			—		919
Discontinued operations net of noncontrolling interests - diluted	$	103,315	149,383	$	0.69	$	218,887	148,160	$	1.48
Net income available to common shareholders - basic	$	254,465	148,532	$	1.71	$	309,938	147,241	$	2.10
Dilutive shares for long-term compensation plans	—		851			—		919
Net income available to common shareholders - diluted	$	254,465	149,383	$	1.70	$	309,938	148,160	$	2.09

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, 2019 or 2018.

During the three and nine months ended September 30, 2019, 251,000 and 374,000 common shares, respectively, were issued upon the exercise of options. During the year ended December 31, 2018, 151,000 common shares were issued upon the exercise of options.

Equity Offering

In September 2019, the Company completed the sale of 9.2 million common shares, at a price of $50.50 per share, for net proceeds of $447.9 million. The net proceeds from this issuance were used to fund the early redemption on October 12, 2019 of the Operating Partnership's $350 million 4.75% senior notes due October 2020, repay outstanding balances on the Company's revolving credit facilities and for general corporate purposes. In conjunction with such early redemption, the Company incurred charges of approximately $9.0 million.

Share Repurchase

The Company’s Board of Trustees had 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, 2019 or for the year ended December 31, 2018.

Liberty Property Limited Partnership

Earnings Per Unit, Basic and Diluted [Line Items]

Income per Common Share of the Trust

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):



	Three Months Ended						Three Months Ended
	September 30, 2019						September 30, 2018
	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	$	60,484					$	44,865
Less: Preferred unit distributions	(83		)				(118		)
Income from continuing operations available to common unitholders - basic	$	60,401		153,646	$	0.39	$	44,747		150,844	$	0.30
Dilutive units for long-term compensation plans	—			839			—			947
Income from continuing operations available to common unitholders - diluted	$	60,401		154,485	$	0.39	$	44,747		151,791	$	0.29
Income from discontinued operations net of noncontrolling interest consolidated joint venture - basic	$	42,189		153,646	$	0.28	$	108,974		150,844	$	0.72
Dilutive units for long-term compensation plans	—			839			—			947
Income from discontinued operations net of noncontrolling interest consolidated joint venture - basic	$	42,189		154,485	$	0.27	$	108,974		151,791	$	0.72
Income available to common unitholders - basic	$	102,590		153,646	$	0.67	$	153,721		150,844	$	1.02
Dilutive units for long-term compensation plans	—			839			—			947
Income available to common unitholders - diluted	$	102,590		154,485	$	0.66	$	153,721		151,791	$	1.01



	Nine Months Ended						Nine Months Ended
	September 30, 2019						September 30, 2018
	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	$	154,872					$	93,557
Less: Preferred unit distributions	(251		)				(354		)
Income from continuing operations available to common unitholders - basic	154,621			152,045	$	1.02	93,203			150,761	$	0.62
Dilutive units for long-term compensation plans	—			851			—			919
Income from continuing operations available to common unitholders - diluted	$	154,621		152,896	$	1.01	$	93,203		151,680	$	0.61
Income from discontinued operations net of noncontrolling interest consolidated joint venture - basic	$	105,719		152,045	$	0.69	$	224,119		150,761	$	1.48
Dilutive units for long-term compensation plans	—			851			—			919
Income from discontinued operations net of noncontrolling interest consolidated joint venture - basic	$	105,719		152,896	$	0.69	$	224,119		151,680	$	1.48
Net income available to common unitholders - basic	$	260,340		152,045	$	1.71	$	317,322		150,761	$	2.10
Dilutive units for long-term compensation plans	—			851			—			919
Net income available to common unitholders - diluted	$	260,340		152,896	$	1.70	$	317,322		151,680	$	2.09

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, 2019 or 2018.

During the three and nine months ended September 30, 2019, 251,000 and 374,000 common units, respectively, were issued upon exercise of options. During the year ended December 31, 2018, 151,000 common units were issued upon the exercise of options.

Equity Offering

In September 2019, the Company completed the sale of 9.2 million common units, at a price of $50.50 per share, for net proceeds of $447.9 million. The net proceeds from this issuance were used to fund the early redemption on October 12, 2019 of the Operating Partnership's $350 million 4.75% senior notes due October 2020, repay outstanding balances on the Company's revolving credit facilities and for general corporate purposes. In conjunction with such early redemption, the Company incurred charges of approximately $9.0 million.

Unit Repurchase

The Company’s Board of Trustees had 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, 2019 or for the year ended December 31, 2018.