2.2.0.7 true Accounting for the Impairment or Disposal of Long-Lived Assets 0203 - Disclosure - Accounting for the Impairment or Disposal of Long-Lived Assets true false false false 1 USD false false USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 2 Accounting for the Impairment or Disposal of Long-Lived 2 us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false verboselabel false 1 false false false false 0 0   <div style="font-family: Helvetica,Arial,sans-serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><u><b>Note 3: Accounting for the Impairment or Disposal of Long-Lived Assets</b></u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The operating results and gain/(loss) on disposition of real estate for properties sold and held for sale are reflected in the condensed consolidated statements of operations as discontinued operations. Prior period financial statements have been adjusted for discontinued operations. The proceeds from dispositions of operating properties with no continuing involvement for the three and nine months ended September 30, 2010 were $3.2 million and $17.5 million, respectively, as compared to $61.0 million and $130.5 million, respectively, for the same periods in 2009. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Below is a summary of the results of operations for the properties held for sale and disposed of through the respective disposition dates (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three Months Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Nine Months Ended</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 30,</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff; padding-top: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">Revenues </div></td> <td> </td> <td align="left">$</td> <td align="right">738</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7,639</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,355</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">17,955</td> <td> </td> </tr> <tr valign="bottom" style="padding-top: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">Operating expenses </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(111</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,143</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(929</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,828</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff; padding-top: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">Interest expense </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(78</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(556</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(322</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,474</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="padding-top: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">Depreciation and amortization </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(69</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(667</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(374</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,937</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Income before property dispositions </div></td> <td> </td> <td align="left">$</td> <td align="right">480</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">5,273</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">730</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7,716</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">One property totaling 100,000 square feet in the Company’s Northeast segment, one property totaling 27,000 square feet in the Company’s Midwest segment, and one property totaling 50,000 square feet in the Company’s South segment are considered to be held for sale as of September 30, 2010. Two held for sale properties were sold subsequent to September 30, 2010 for proceeds of $2.7 million. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Interest expense is allocated to discontinued operations. The allocation of interest expense to discontinued operations was based on the ratio of net assets sold (without continuing involvement) to the sum of total net assets plus consolidated debt. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Asset Impairment</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">During the three and nine months ended September 30, 2010, the Company recognized impairment charges of $782,000 and $1.2 million, respectively. For the three months ended September 30, 2010, $443,000 in impairment related to a property in the Midwest segment, $201,000 related to a property in the South segment and $138,000 related to a portfolio of properties in the Philadelphia/D.C. segment. During the three and nine months ended September 30, 2009, the Company recognized impairment charges of $4.8 million and $9.3 million, respectively. For the three months ended September 30, 2009, $4.3 million in impairment related to a property in the Mid-Atlantic segment, $185,000 related to a property in the South segment and $300,000 related to a property in the Philadelphia/D.C. segment. For the nine months ended September 30, 2009, $1.1 million in impairment related to a property in the Northeast segment, $113,000 related to a parcel of land in the Northeast segment, $822,000 related to properties in the Midwest segment, $4.4 million related to properties in the Mid-Atlantic segment, $185,000 related to a property in the South segment and $2.7 million related to a property in the Philadelphia/D.C. segment. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">For the three months ended September 30, 2010, $443,000 in impairment related to properties sold was included in discontinued operations in the Company’s statement of operations and $339,000 was included in gain on property dispositions in the Company’s statement of operations. For the nine months ended September 30, 2010, $443,000 in impairment was included in discontinued operations in the Company’s statement of operations and $739,000 was included in gain (loss) on property dispositions in the Company’s statement of operations. For the three months ended September 30, 2009, $4.5 million in impairment related to properties sold was included in discontinued operations in the Company’s statement of operations and $300,000 was included in gain on property dispositions in the Company’s statement of operations. For the nine months ended September 30, 2009, $6.0 million in impairment related to properties sold was included in discontinued operations in the Company’s statement of operations and $3.3 million was included in gain (loss) on property dispositions in the Company’s statement of operations. The Company determined these impairments through a comparison of the aggregate future cash flows (including quoted offer prices) to be generated by the properties to the carrying value of the properties. The Company has evaluated each of the properties and land held for development and has determined that there are no additional valuation adjustments necessary at September 30, 2010. </div>   </div>  <div style="font-family: Helvetica,Arial,sans-serif; margin-left: 0in; "> </div> false false false us-types:textBlockItemType textblock Describes an entity's accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section CC -Subsection 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 7-15, 26, 30-37 false 3 LIBERTY PROPERTY LIMITED PARTNERSHIP 0 na true na na No definition available. false true false false false false false false false false false http://libertyproperty.com/role/sfasno144accountingforimpairmentordisposaloflonglivedassets false 1 false false false false 0 0 false false false false 2 USD true false false false LIBERTY PROPERTY LIMITED PARTNERSHIP dei_LegalEntityAxis xbrldi http://xbrl.org/2006/xbrldi lry_LimitedPartnershipMember dei_LegalEntityAxis explicitMember USD Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 USDEPS Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Shares Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ na No definition available. No authoritative reference available. false 4 Accounting for the Impairment or Disposal of Long-Lived 2 us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false verboselabel false 1 false false false false 0 0   <div style="font-family: Helvetica,Arial,sans-serif; margin-left: 0in; "> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><u><b>Note 3: Accounting for the Impairment or Disposal of Long-Lived Assets</b></u> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">The operating results and gain/(loss) on disposition of real estate for properties sold and held for sale are reflected in the condensed consolidated statements of operations as discontinued operations. Prior period financial statements have been adjusted for discontinued operations. The proceeds from dispositions of operating properties with no continuing involvement for the three and nine months ended September 30, 2010 were $3.2 million and $17.5 million, respectively, as compared to $61.0 million and $130.5 million, respectively, for the same periods in 2009. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Below is a summary of the results of operations for the properties held for sale and disposed of through the respective disposition dates (in thousands): </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="44%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="9%"> </td> <td width="1%"> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three Months Ended</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Nine Months Ended</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 30,</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2"><b>September 30,</b></td> <td> </td> </tr> <tr style="font-size: 10pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td> <td> </td> </tr>   <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff; padding-top: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">Revenues </div></td> <td> </td> <td align="left">$</td> <td align="right">738</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7,639</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">2,355</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">17,955</td> <td> </td> </tr> <tr valign="bottom" style="padding-top: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">Operating expenses </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(111</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(1,143</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(929</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(4,828</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff; padding-top: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">Interest expense </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(78</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(556</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(322</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,474</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="padding-top: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">Depreciation and amortization </div></td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(69</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(667</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(374</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="left"> </td> <td align="right">(2,937</td> <td nowrap="nowrap">)</td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Income before property dispositions </div></td> <td> </td> <td align="left">$</td> <td align="right">480</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">5,273</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">730</td> <td> </td> <td> </td> <td align="left">$</td> <td align="right">7,716</td> <td> </td> </tr> <tr style="font-size: 1px"> <td> <div style="margin-left:15px; text-indent:-15px">  </div></td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> <td> </td> <td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td> <td> </td> </tr>  </table> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">One property totaling 100,000 square feet in the Company’s Northeast segment, one property totaling 27,000 square feet in the Company’s Midwest segment, and one property totaling 50,000 square feet in the Company’s South segment are considered to be held for sale as of September 30, 2010. Two held for sale properties were sold subsequent to September 30, 2010 for proceeds of $2.7 million. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">Interest expense is allocated to discontinued operations. The allocation of interest expense to discontinued operations was based on the ratio of net assets sold (without continuing involvement) to the sum of total net assets plus consolidated debt. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Asset Impairment</b> </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">During the three and nine months ended September 30, 2010, the Company recognized impairment charges of $782,000 and $1.2 million, respectively. For the three months ended September 20, 2010, $443,000 in impairment related to a property in the Midwest segment, $201,000 related to a property in the South segment and $138,000 related to a portfolio of properties in the Philadelphia/D.C. segment. During the three and nine months ended September 30, 2009, the Company recognized impairment charges of $4.8 million and $9.3 million, respectively. For the three months ended September 30, 2009, $4.3 million in impairment related to a property in the Mid-Atlantic segment, $185,000 related to a property in the South segment and $300,000 related to a property in the Philadelphia/D.C. segment. For the nine months ended September 30, 2009, $1.1 million in impairment related to a property in the Northeast segment, $113,000 related to a parcel of land in the Northeast segment, $822,000 related to properties in the Midwest segment, $4.4 million related to properties in the Mid-Atlantic segment, $185,000 related to a property in the South segment and $2.7 million related to a property in the Philadelphia/D.C. segment. </div> <div align="justify" style="font-size: 10pt; margin-top: 10pt">For the three months ended September 30, 2010, $443,000 in impairment related to properties sold was included in discontinued operations in the Company’s statement of operations and $339,000 was included in gain on property dispositions in the Company’s statement of operations. For the nine months ended September 30, 2010, $443,000 in impairment was included in discontinued operations in the Company’s statement of operations and $739,000 was included in gain (loss) on property dispositions in the Company’s statement of operations. For the three months ended September 30, 2009, $4.5 million in impairment related to properties sold was included in discontinued operations in the Company’s statement of operations and $300,000 was included in gain on property dispositions in the Company’s statement of operations. For the nine months ended September 30, 2009, $6.0 million in impairment related to properties sold was included in discontinued operations in the Company’s statement of operations and $3.3 million was included in gain (loss) on property dispositions in the Company’s statement of operations. The Company determined these impairments through a comparison of the aggregate future cash flows (including quoted offer prices) to be generated by the properties to the carrying value of the properties. The Company has evaluated each of the properties and land held for development and has determined that there are no additional valuation adjustments necessary at September 30, 2010. </div>   </div>  <div style="font-family: Helvetica,Arial,sans-serif; margin-left: 0in; "> </div> false false false us-types:textBlockItemType textblock Describes an entity's accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section CC -Subsection 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 144 -Paragraph 7-15, 26, 30-37 false 1 3 false UnKnown UnKnown UnKnown false true