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Consolidated Statements of Comprehensive Income - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
REVENUE      
Rental $ 453,467 $ 424,236 $ 476,122
Operating expense reimbursement 143,269 129,558 162,522
Development service fee income 73,224 82,673 12,941
Total revenue 669,960 636,467 651,585
EXPENSE      
Rental property 56,543 52,336 83,906
Real estate taxes 90,047 81,824 91,829
General and administrative 53,734 56,101 62,963
Other operating expense 11,994 6,167 5,017
Interest expense 87,642 82,180 102,958
Loss on debt extinguishment 0 49 27,099
Depreciation and amortization 161,881 156,085 185,778
Development service fee expense 134,825 85,805 12,165
Impairment - real estate assets 32,431 3,946 3,879
Total expense 629,097 524,493 575,594
Interest and other income 12,285 8,116 14,054
Gain on property dispositions 81,514 100,387 219,270
Income taxes (7,258) (1,893) (1,874)
Equity in earnings of unconsolidated joint ventures 21,382 17,155 21,970
Income from continuing operations 148,786 235,739 329,411
Discontinued operations (including net gain of $303.2 million and $14.6 million on property dispositions for the years ended December 31, 2018 and 2017, respectively) 343,817 54,306 36,734
Net income 492,603 290,045 366,145
Noncontrolling interest – operating partnership (11,886) (7,224) (9,070)
Noncontrolling interest – consolidated joint ventures (1,110) (481) (258)
Income available to common shareholders 479,607 282,340 356,817
Comprehensive income attributable to common shareholders      
Net income 492,603 290,045 366,145
Other comprehensive (loss) income - foreign currency translation (14,161) 18,066 (34,744)
Other comprehensive (loss) income - derivative instruments (3,700) 605 410
Other comprehensive (loss) income (17,861) 18,671 (34,334)
Total comprehensive income 474,742 308,716 331,811
Less: comprehensive income attributable to noncontrolling interest (12,581) (8,142) (8,519)
Comprehensive income attributable to common shareholders $ 462,161 $ 300,574 $ 323,292
Basic:      
Income from continuing operations (USD per share/unit) $ 0.98 $ 1.56 $ 2.20
Income from discontinued operations (USD per share/unit) 2.28 0.36 0.24
Income per common share - basic (USD per share/unit) 3.26 1.92 2.44
Diluted:      
Income from continuing operations (USD per share/unit) 0.97 1.55 2.19
Income from discontinued operations (USD per share/unit) 2.27 0.36 0.24
Income per common share - diluted (USD per share/unit) $ 3.24 $ 1.91 $ 2.43
Weighted average number of common shares outstanding      
Basic (shares) 147,275 146,742 146,204
Diluted (shares) 148,221 147,541 146,889
Amounts attributable to common shareholders      
Income from continuing operations $ 144,296 $ 229,816 $ 321,197
Discontinued operations 335,311 52,524 35,620
Income available to common shareholders 479,607 282,340 356,817
Liberty Property Limited Partnership      
REVENUE      
Rental 453,467 424,236 476,122
Operating expense reimbursement 143,269 129,558 162,522
Development service fee income 73,224 82,673 12,941
Total revenue 669,960 636,467 651,585
EXPENSE      
Rental property 56,543 52,336 83,906
Real estate taxes 90,047 81,824 91,829
General and administrative 53,734 56,101 62,963
Other operating expense 11,994 6,167 5,017
Interest expense 87,642 82,180 102,958
Loss on debt extinguishment 0 49 27,099
Depreciation and amortization 161,881 156,085 185,778
Development service fee expense 134,825 85,805 12,165
Impairment - real estate assets 32,431 3,946 3,879
Total expense 629,097 524,493 575,594
Interest and other income 12,285 8,116 14,054
Gain on property dispositions 81,514 100,387 219,270
Income taxes (7,258) (1,893) (1,874)
Equity in earnings of unconsolidated joint ventures 21,382 17,155 21,970
Income from continuing operations 148,786 235,739 329,411
Discontinued operations (including net gain of $303.2 million and $14.6 million on property dispositions for the years ended December 31, 2018 and 2017, respectively) 343,817 54,306 36,734
Net income 492,603 290,045 366,145
Noncontrolling interest – consolidated joint ventures (1,110) (481) (258)
Preferred unit distributions (472) (472) (472)
Income available to common shareholders 491,021 289,092 365,415
Comprehensive income attributable to common shareholders      
Net income 492,603 290,045 366,145
Other comprehensive (loss) income - foreign currency translation (14,161) 18,066 (34,744)
Other comprehensive (loss) income - derivative instruments (3,700) 605 410
Other comprehensive (loss) income (17,861) 18,671 (34,334)
Total comprehensive income $ 474,742 $ 308,716 $ 331,811
Basic:      
Income from continuing operations (USD per share/unit) $ 0.98 $ 1.56 $ 2.20
Income from discontinued operations (USD per share/unit) 2.28 0.36 0.24
Income per common share - basic (USD per share/unit) 3.26 1.92 2.44
Diluted:      
Income from continuing operations (USD per share/unit) 0.97 1.55 2.19
Income from discontinued operations (USD per share/unit) 2.27 0.36 0.24
Income per common share - diluted (USD per share/unit) $ 3.24 $ 1.91 $ 2.43
Weighted average number of common shares outstanding      
Basic (shares) 150,795 150,270 149,740
Diluted (shares) 151,741 151,069 150,425
Amounts attributable to common shareholders      
Income from continuing operations $ 148,171 $ 235,769 $ 329,411
Income available to common shareholders 491,021 289,092 365,415
Net income allocated to general partners 479,607 282,340 356,817
Net income allocated to limited partners $ 11,886 $ 7,224 $ 9,070