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Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
REVENUE        
Rental revenue $ 162,912 $ 148,330 $ 479,644 $ 439,812
Development service fee income 257 12,956 2,099 59,132
Total revenue 163,169 161,286 481,743 498,944
EXPENSES        
Rental property 12,012 12,871 39,780 39,340
Real estate taxes 23,001 22,693 68,862 65,988
General and administrative 10,186 9,807 35,483 32,747
Leasing expense 3,082 2,610 9,608 8,189
Other Cost and Expense, Operating 3,166 3,169 8,690 7,467
Interest expense 25,791 23,133 76,644 66,189
Depreciation and amortization 43,972 41,004 130,402 120,586
Development service fee expense 168 12,924 1,848 120,799
Impairment charges - real estate assets     99 26,000
Total expenses 121,378 128,211 371,416 487,305
OTHER INCOME (EXPENSE)        
Interest and other income 2,630 3,474 13,887 8,737
Gain on property dispositions 15,168 2,002 21,125 54,705
Equity in earnings of unconsolidated joint ventures 1,776 6,766 10,966 20,958
Income from continuing operations before income taxes 61,365 45,317 156,305 96,039
Income taxes (878) (444) (1,449) (1,884)
Income from continuing operations 60,487 44,873 154,856 94,155
Income from discontinued operations 42,189 109,198 105,905 224,531
Net income 102,676 154,071 260,761 318,686
Noncontrolling interest - operating partnership (2,309) (3,696) (6,126) (7,738)
Noncontrolling interest - consolidated joint ventures (3) (232) (170) (1,010)
Net income available to common shareholders 100,364 150,143 254,465 309,938
Comprehensive income attributable to common shareholders        
Net income 102,676 154,071 260,761 318,686
Other comprehensive loss - foreign currency translation (7,056) (3,015) (7,574) (9,221)
Other comprehensive income (loss) - derivative instruments 83 6 (1,887) 493
Other comprehensive income (6,973) (3,009) (9,461) (8,728)
Total comprehensive income 95,703 151,062 251,300 309,958
Less: comprehensive income attributable to noncontrolling interest (2,463) (3,858) (6,390) (8,545)
Comprehensive income attributable to parent $ 93,240 $ 147,204 $ 244,910 $ 301,413
Weighted average number of common shares or units outstanding        
Basic (in shares) 150,140 147,324 148,532 147,241
Diluted (in shares) 150,979 148,271 149,383 148,160
Amounts attributable to common shareholders or unitholders        
Income from continuing operations net of noncontrolling interest $ 59,091 $ 43,713 $ 151,150 $ 91,051
Income from discontinued operations 41,273 106,430 103,315 218,887
Net income available to common shareholders 100,364 150,143 254,465 309,938
Liberty Property Limited Partnership        
REVENUE        
Rental revenue 162,912 148,330 479,644 439,812
Development service fee income 257 12,956 2,099 59,132
Total revenue 163,169 161,286 481,743 498,944
EXPENSES        
Rental property 12,012 12,871 39,780 39,340
Real estate taxes 23,001 22,693 68,862 65,988
General and administrative 10,186 9,807 35,483 32,747
Leasing expense 3,082 2,610 9,608 8,189
Other Cost and Expense, Operating 3,166 3,169 8,690 7,467
Interest expense 25,791 23,133 76,644 66,189
Depreciation and amortization 43,972 41,004 130,402 120,586
Development service fee expense 168 12,924 1,848 120,799
Impairment charges - real estate assets     99 26,000
Total expenses 121,378 128,211 371,416 487,305
OTHER INCOME (EXPENSE)        
Interest and other income 2,630 3,474 13,887 8,737
Gain on property dispositions 15,168 2,002 21,125 54,705
Equity in earnings of unconsolidated joint ventures 1,776 6,766 10,966 20,958
Income from continuing operations before income taxes 61,365 45,317 156,305 96,039
Income taxes (878) (444) (1,449) (1,884)
Income from continuing operations 60,487 44,873 154,856 94,155
Income from discontinued operations 42,189 109,198 105,905 224,531
Net income 102,676 154,071 260,761 318,686
Noncontrolling interest - consolidated joint ventures (3) (232) (170) (1,010)
Preferred unit distributions (83) (118) (251) (354)
Net income available to common shareholders 102,590 153,721 260,340 317,322
Comprehensive income attributable to common shareholders        
Net income 102,676 154,071 260,761 318,686
Other comprehensive loss - foreign currency translation (7,056) (3,015) (7,574) (9,221)
Other comprehensive income (loss) - derivative instruments 83 6 (1,887) 493
Other comprehensive income (6,973) (3,009) (9,461) (8,728)
Total comprehensive income $ 95,703 $ 151,062 $ 251,300 $ 309,958
Weighted average number of common shares or units outstanding        
Basic (in shares) 153,646 150,844 152,045 150,761
Diluted (in shares) 154,485 151,791 152,896 151,680
Amounts attributable to common shareholders or unitholders        
Income from continuing operations net of noncontrolling interest $ 60,484 $ 44,865 $ 154,872 $ 93,557
Income from discontinued operations 42,189 108,974 105,719 224,119
Net income available to common shareholders 102,590 153,721 260,340 317,322
Net income allocated to general partners 100,364 150,143 254,465 309,938
Net income allocated to limited partners $ 2,309 $ 3,696 $ 6,126 $ 7,738
Common Units | Liberty Property Limited Partnership        
Basic:        
Income from continuing operations (in usd per share) $ 0.39 $ 0.30 $ 1.02 $ 0.62
Income from discontinued operations (in usd per share) 0.28 0.72 0.69 1.48
Earnings Per Share, Basic 0.67 1.02 1.71 2.10
Diluted:        
Income from continuing operations (in usd per share) 0.39 0.29 1.01 0.61
Income from discontinued operations (in usd per share) 0.27 0.72 0.69 1.48
Earnings Per Share, Diluted 0.66 1.01 1.70 2.09
Common shares        
Basic:        
Income from continuing operations (in usd per share) 0.39 0.30 1.02 0.62
Income from discontinued operations (in usd per share) 0.28 0.72 0.69 1.48
Earnings Per Share, Basic 0.67 1.02 1.71 2.10
Diluted:        
Income from continuing operations (in usd per share) 0.39 0.29 1.01 0.61
Income from discontinued operations (in usd per share) 0.27 0.72 0.69 1.48
Earnings Per Share, Diluted $ 0.66 $ 1.01 $ 1.70 $ 2.09