2.2.0.25truefalse0211 - Disclosure - Commitments and Contingenciestruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000921112duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2false0us-gaap_CommitmentsAndContingenciesDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 11 - us-gaap:CommitmentsAndContingenciesDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>11. COMMITMENTS AND CONTINGENCIES</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Environmental Matters</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Substantially all of the Properties and land were subject to Phase I Environmental Assessments and
when appropriate Phase II Environmental Assessments (collectively, the “Environmental Assessments”)
obtained in contemplation of their acquisition by the Company. The Environmental Assessments
consisted of, among other activities, a visual inspection of each Property and its neighborhood and
a check of pertinent public records. The Environmental Assessments did not reveal, nor is the
Company aware of, any non-compliance with environmental laws, environmental liability or other environmental claim that the Company believes would likely have a
material adverse effect on the Company.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Operating Ground Lease Agreements</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Future minimum rental payments under the terms of all non-cancelable operating ground leases under
which the Company is the lessee, as of December 31, 2010, are as follows (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="86%"> </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 nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>Year</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amount</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2011
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">290</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2012
</div></td>
<td> </td>
<td> </td>
<td align="right">294</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2013
</div></td>
<td> </td>
<td> </td>
<td align="right">297</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2014
</div></td>
<td> </td>
<td> </td>
<td align="right">294</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2015
</div></td>
<td> </td>
<td> </td>
<td align="right">291</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2016 through 2070
</div></td>
<td> </td>
<td> </td>
<td align="right">10,285</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: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">11,751</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>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Operating ground lease expense incurred by the Company during the years ended December 31,
2010, 2009 and 2008 amounted to $434,000, $460,000 and $486,000, respectively.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Legal Matters</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">As noted in previous filings, as a result of the Company’s acquisition of Republic Property Trust
in October, 2007 the Company was substituted as a party to certain ongoing litigation (the
“Republic Litigation”). The Republic Litigation has been settled, and the settlement has not had, and will not have,
a material impact on the Company's financial position and results of operations for any period.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">From time to time, the Company is a party to a variety of legal proceedings, claims and assessments
arising in the normal course of business. The Company regularly assesses the liabilities and
contingencies in connection with these matters based on the latest available information. For
those matters where it is probable that the Company has incurred or will incur a loss and the loss
or range of loss can be reasonably estimated, the estimated loss is accrued and charged to income
in the Company’s consolidated financial statements. In other cases, because of the uncertainties
related to both the probable outcome and amount or range of potential loss, a reasonable estimate
of liability, if any, cannot be made. The Company has reviewed the liabilities and contingencies
in connection with these matters. As of December 31, 2010, the Company believes that there are no
legal proceedings, claims or assessments that are expected to have a material adverse effect on the
Company’s business or financial statements.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Other</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is obligated to make additional capital contributions to unconsolidated joint ventures
of $4.1 million. The Company has not guaranteed any of the principal balance of the debt of the
unconsolidated joint ventures.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has guaranteed the interest payments under its mortgage loan for its unconsolidated
joint venture Blythe Valley JV Sarl for a maximum of $2.1 million.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has letter of credit obligations of $934,000 related to development requirements. The
Company believes that it is remote that there will be a draw upon these letter of credit
obligations.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is obligated to pay for tenant improvements not yet completed
for a maximum of $35.7 million.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company maintains cash and cash equivalents at financial institutions. The combined account
balances at each institution typically exceed FDIC insurance coverage and, as a result, there is a
concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.
The Company believes the risk is not significant.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
</div>
falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringIncludes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
falsefalse3false0natruenanaNo definition available.falsetruefalsefalsefalsefalsefalsefalsefalsefalsehttp://libertyproperty.com/role/commitmentsandcontingencies1falsefalsefalse00falsefalsefalsefalsefalse2falsefalseUSDtruefalse{dei_LegalEntityAxis} : LIBERTY PROPERTY LIMITED PARTNERSHIP
1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010_Limited_Partnership_Memberhttp://www.sec.gov/CIK0000921112duration2010-01-01T00:00:002010-12-31T00:00:00falsefalseLIBERTY PROPERTY LIMITED PARTNERSHIPdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldilry_LimitedPartnershipMemberdei_LegalEntityAxisexplicitMemberUSDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$OthernaNo definition available.No authoritative reference available.falsefalse4false0us-gaap_CommitmentsAndContingenciesDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 25 - us-gaap:CommitmentsAndContingenciesDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>9. COMMITMENTS AND CONTINGENCIES</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Environmental Matters</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Substantially all of the Properties and land were subject to Phase I Environmental Assessments and
when appropriate Phase II Environmental Assessments (collectively, the “Environmental Assessments”)
obtained in contemplation of their acquisition by the Company. The Environmental Assessments
consisted of, among other activities, a visual inspection of each Property and its neighborhood and
a check of pertinent public records. The Environmental Assessments did not reveal, nor is the
Company aware of, any non-compliance with environmental laws, environmental liability or other
environmental claim that the Company believes would likely have a material adverse effect on the
Company.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Operating Ground Lease Agreements</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Future minimum rental payments under the terms of all non-cancelable operating ground leases under
which the Company is the lessee, as of December 31, 2010, are as follows (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="86%"> </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 nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>Year</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Amount</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2011
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">290</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2012
</div></td>
<td> </td>
<td> </td>
<td align="right">294</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2013
</div></td>
<td> </td>
<td> </td>
<td align="right">297</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2014
</div></td>
<td> </td>
<td> </td>
<td align="right">294</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2015
</div></td>
<td> </td>
<td> </td>
<td align="right">291</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2016 through 2070
</div></td>
<td> </td>
<td> </td>
<td align="right">10,285</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">11,751</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>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Operating ground lease expense incurred by the Company during the years ended December 31,
2010, 2009 and 2008 amounted to $434,000, $460,000 and $486,000, respectively.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Legal Matters</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">As noted in previous filings, as a
result of the Company’s acquisition of Republic Property Trust
in October, 2007 the Company was substituted as a party to certain ongoing litigation (the
“Republic Litigation”). The Republic Litigation has been settled, and the settlement
has not had, and will not have, a material impact on the Company’s financial position and
results of operations for any period.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">From time to time, the Company is a party to a variety of legal proceedings, claims and assessments
arising in the normal course of business. The Company regularly assesses the liabilities and
contingencies in connection with these matters based on the latest available information. For
those matters where it is probable that the Company has incurred or will incur a loss and the loss
or range of loss can be reasonably estimated, the estimated loss is accrued and charged to income
in the Company’s consolidated financial statements. In other cases, because of the uncertainties
related to both the probable outcome and amount or range of potential loss, a reasonable estimate
of liability, if any, cannot be made. The Company has reviewed the liabilities and contingencies
in connection with these matters. As of December 31, 2010, the Company believes that there are no
legal proceedings, claims or assessments that are expected to have a material adverse effect on the
Company’s business or financial statements.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Other</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is obligated to make
additional capital contributions to unconsolidated joint ventures
of $4.1 million. The Company has not guaranteed any of the principal balance of the debt of
the unconsolidated joint ventures.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has guaranteed the
interest payments under its mortgage loan for its unconsolidated
joint venture Blythe Valley JV Sarl for a maximum of $2.1 million.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has letter of credit
obligations of $934,000 related to development requirements. The
Company believes that it is remote that there will be a draw upon these letter of credit
obligations.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is obligated to pay for
tenant improvements not yet completed for a maximum of $35.7 million.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company maintains cash and cash equivalents at financial institutions. The combined account
balances at each institution typically exceed FDIC insurance coverage and, as a result, there is a
concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.
The Company believes the risk is not significant.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
</div>
falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringIncludes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
falsefalse13Commitments and ContingenciesUnKnownUnKnownUnKnownUnKnownfalsetrue