XML 22 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Jun. 30, 2012
OPERATING REVENUE        
Rental $ 124,883 $ 116,068 $ 247,658 $ 232,289
Operating expense reimbursement 53,221 48,426 105,134 97,169
Total operating revenue 178,104 164,494 352,792 329,458
OPERATING EXPENSE        
Rental property 32,985 30,369 64,533 59,906
Real estate taxes 21,776 19,740 42,900 39,651
General and administrative 16,491 14,589 36,321 31,781
Depreciation and amortization 44,907 39,821 89,524 80,187
Total operating expenses 116,159 104,519 233,278 211,525
Operating income 61,945 59,975 119,514 117,933
OTHER INCOME (EXPENSE)        
Interest and other income 2,371 2,265 4,993 4,715
Interest expense (32,003) (30,328) (63,729) (58,334)
Total other income (expense) (29,632) (28,063) (58,736) (53,619)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 32,313 31,912 60,778 64,314
Gain on property dispositions 3,071 335 4,871 858
Income taxes (660) (146) (1,151) (324)
Equity in earnings of unconsolidated joint ventures 1,566 769 3,323 1,685
Income from continuing operations 36,290 32,870 67,821 66,533
Discontinued operations (including net gain on property dispositions of $7,625 and $2,981 for the three months ended June 30, 2013 and 2012, respectively) 6,953 4,810 50,078 10,749
Net income 43,243 37,680 117,899 77,282
Noncontrolling interest – operating partnership (3,134) (3,569) (6,551) (6,082)
Preferred stock redemption premium (1,236)   (1,236)  
Net income available to common shareholders 40,109 34,111 111,348 71,200
Comprehensive income attributable to common shareholders        
Net income 43,243 37,680 117,899 77,282
Other comprehensive income (loss) 40 (1,515) (4,812) 802
Total comprehensive income 43,283 36,165 113,087 78,084
Less: comprehensive income attributable to noncontrolling interest (3,135) (3,522) (6,406) (6,108)
Comprehensive income attributable to common shareholders 40,148 32,643 106,681 71,976
Basic:        
Income from continuing operations $ 0.27 $ 0.25 $ 0.53 $ 0.52
Income from discontinued operations $ 0.06 $ 0.04 $ 0.40 $ 0.09
Income per common share - basic $ 0.33 $ 0.29 $ 0.93 $ 0.61
Diluted:        
Income from continuing operations $ 0.27 $ 0.25 $ 0.53 $ 0.52
Income from discontinued operations $ 0.06 $ 0.04 $ 0.40 $ 0.09
Income per common share - diluted $ 0.33 $ 0.29 $ 0.93 $ 0.61
Distributions per common share or unit $ 0.475 $ 0.475 $ 0.95 $ 0.95
Weighted average number of common shares outstanding        
Basic 120,081 116,683 119,416 116,359
Diluted 120,911 117,559 120,229 117,165
Amounts attributable to common shareholders        
Income from continuing operations 33,362 29,449 62,762 60,786
Discontinued operations 6,747 4,662 48,586 10,414
Net income available to common shareholders 40,109 34,111 111,348 71,200
Liberty Property Limited Partnership [Member]
       
OPERATING REVENUE        
Rental 124,883 116,068 247,658 232,289
Operating expense reimbursement 53,221 48,426 105,134 97,169
Total operating revenue 178,104 164,494 352,792 329,458
OPERATING EXPENSE        
Rental property 32,985 30,369 64,533 59,906
Real estate taxes 21,776 19,740 42,900 39,651
General and administrative 16,491 14,589 36,321 31,781
Depreciation and amortization 44,907 39,821 89,524 80,187
Total operating expenses 116,159 104,519 233,278 211,525
Operating income 61,945 59,975 119,514 117,933
OTHER INCOME (EXPENSE)        
Interest and other income 2,371 2,265 4,993 4,715
Interest expense (32,003) (30,328) (63,729) (58,334)
Total other income (expense) (29,632) (28,063) (58,736) (53,619)
Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 32,313 31,912 60,778 64,314
Gain on property dispositions 3,071 335 4,871 858
Income taxes (660) (146) (1,151) (324)
Equity in earnings of unconsolidated joint ventures 1,566 769 3,323 1,685
Income from continuing operations 36,290 32,870 67,821 66,533
Discontinued operations (including net gain on property dispositions of $7,625 and $2,981 for the three months ended June 30, 2013 and 2012, respectively) 6,953 4,810 50,078 10,749
Net income 43,243 37,680 117,899 77,282
Preferred unit distributions (672) (2,444) (1,883) (7,479)
Preferred stock redemption premium (1,236) (40) (1,236)  
Preferred stock redemption discount       3,689
Net income available to common shareholders 41,335 35,196 114,780 73,492
Comprehensive income attributable to common shareholders        
Net income 43,243 37,680 117,899 77,282
Other comprehensive income (loss) 40 (1,515) (4,812) 801
Total comprehensive income 43,283 36,165 113,087 78,083
Basic:        
Income from continuing operations $ 0.27 $ 0.25 $ 0.53 $ 0.52
Income from discontinued operations $ 0.06 $ 0.04 $ 0.40 $ 0.09
Income per common share - basic $ 0.33 $ 0.29 $ 0.93 $ 0.61
Diluted:        
Income from continuing operations $ 0.27 $ 0.25 $ 0.53 $ 0.52
Income from discontinued operations $ 0.06 $ 0.04 $ 0.40 $ 0.09
Income per common share - diluted $ 0.33 $ 0.29 $ 0.93 $ 0.61
Distributions per common share or unit $ 0.475 $ 0.475 $ 0.95 $ 0.95
Weighted average number of common shares outstanding        
Basic 123,795 120,450 123,130 120,147
Diluted 124,625 121,326 123,943 120,953
Net income allocated to general partners 40,109 34,111 111,348 71,200
Net income allocated to limited partners 3,134 3,569 6,551 6,082
Amounts attributable to common shareholders        
Income from continuing operations 36,290 32,870 67,821 66,533
Net income available to common shareholders $ 41,335 $ 35,196 $ 114,780 $ 73,492