2.2.0.25truefalse0203 - Disclosure - Accounting for the Impairment or Disposal of Long-Lived Assetstruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011
USD ($)
USD ($) / shares
$Jan-01-2011_Mar-31-2011http://www.sec.gov/CIK0000921112duration2011-01-01T00:00:002011-03-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2false0us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlockus-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 3 - us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock-->
<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 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 months ended
March 31, 2011 were $3.6 million as compared to $6.4 million for the same period in 2010.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Below is a summary of the results of operations for the properties held for sale and disposed of
through the respective disposition dates (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="72%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>March 31, 2011</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>March 31, 2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Revenues
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">9,495</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">11,265</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Operating expenses
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,896</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4,549</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest expense
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,391</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,390</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Depreciation and amortization
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,297</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,466</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Income before property dispositions
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,911</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,860</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>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">32 properties totaling 1.4 million square feet in the Company’s Lehigh/Central PA segment, 14
properties totaling 919,000 square feet in the Company’s segments within the South region, one
property totaling 62,000 square feet in a segment in the Company’s Northeast region and one
property totaling 552,000 square feet in a segment in the Company’s Central region were considered
to be held for sale as of March 31, 2011. These properties had an aggregate cost basis of $198.6 million as
of March 31, 2011 and are subject to contracts for sale for an aggregate of approximately $250
million. One held for sale property was sold subsequent to March 31, 2011 for proceeds of $23.7 million. The Company expects that the remaining properties will be sold during the three months ending
June 30, 2011.
</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 and held for sale (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 months ended March 31, 2011, the Company recognized impairment charges of $550,000
related to a property in the Central segment. This impairment was included in discontinued
operations in the Company’s statement operations. The Company determined this impairment through a
comparison of the aggregate future cash flows (including quoted offer prices) to be generated by
the property to the carrying value of the property. The Company has evaluated each of the
properties and land held for development and has determined that there are no additional valuation
adjustments necessary at March 31, 2011. During the three months ended March 31, 2010, the Company
did not recognize any impairments.
</div>
</div>
falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescribes an entity's accounting policy for recognizing and measuring the impairment of long-lived assets. An entity also may disclose its accounting policy for long-lived assets to be sold. This policy excludes goodwill and intangible assets.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 5
-Section CC
-Subsection 3
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 7-15, 26, 30-37
falsefalse3false0natruenanaNo definition available.falsetruefalsefalsefalsefalsefalsefalsefalsefalsehttp://libertyproperty.com/role/accountingforimpairmentordisposaloflonglivedassets1falsefalsefalse00falsefalsefalsefalsefalse2falsefalseUSDtruefalse{dei_LegalEntityAxis} : Limited Partnership [Member]
1/1/2011 - 3/31/2011
USD ($)
USD ($) / shares
$ThreeMonthsEnded_31Mar2011_Limited_Partnership_Memberhttp://www.sec.gov/CIK0000921112duration2011-01-01T00:00:002011-03-31T00:00:00falsefalseLIBERTY PROPERTY LIMITED PARTNERSHIPdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldilry_LimitedPartnershipMemberdei_LegalEntityAxisexplicitMemberUSDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$OthernaNo definition available.No authoritative reference available.falsefalse4false0us-gaap_ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlockus-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:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock-->
<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 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 months ended
March 31, 2011 were $3.6 million as compared to $6.4 million for the same period in 2010.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Below is a summary of the results of operations for the properties held for sale and disposed of
through the respective disposition dates (in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="72%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Three Months Ended</b></td>
<td> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>March 31, 2011</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>March 31, 2010</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Revenues
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">9,495</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">11,265</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Operating expenses
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,896</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4,549</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest expense
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,391</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,390</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Depreciation and amortization
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,297</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,466</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Income before property dispositions
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1,911</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1,860</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>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">32 properties totaling 1.4 million square feet in the Company’s Lehigh/Central PA segment, 14
properties totaling 919,000 square feet in the Company’s segments within the South region, one
property totaling 62,000 square feet in a segment in the Company’s Northeast region and one
property totaling 552,000 square feet in a segment in the Company’s Central region were considered
to be held for sale as of March 31, 2011. These properties had an aggregate cost basis of $198.6 million as
of March 31, 2011 and are subject to contracts for sale for an aggregate of approximately $250
million. One held for sale property was sold subsequent to March 31, 2011 for proceeds of $23.7 million. The Company expects that the remaining properties will be sold during the three months ending
June 30, 2011.
</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 and held for sale (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 months ended March 31, 2011, the Company recognized impairment charges of $550,000
related to a property in the Central segment. This impairment was included in discontinued
operations in the Company’s statement operations. The Company determined this impairment through a
comparison of the aggregate future cash flows (including quoted offer prices) to be generated by
the property to the carrying value of the property. 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 March 31, 2011. During the three months ended March 31, 2010, the Company
did not recognize any impairments.
</div>
</div>
falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescribes 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
falsefalse13Accounting for the Impairment or Disposal of Long-Lived AssetsUnKnownUnKnownUnKnownUnKnownfalsetrue