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Consolidated Statements of Comprehensive Income (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
OPERATING REVENUE        
Rental $ 143,294 $ 110,260 $ 421,620 $ 321,932
Operating expense reimbursement 55,062 45,088 167,326 131,566
Total operating revenue 198,356 155,348 588,946 453,498
OPERATING EXPENSE        
Rental property 33,105 27,634 103,728 79,547
Real estate taxes 25,595 18,925 75,812 55,788
General and administrative 14,748 17,217 48,077 53,466
Depreciation and amortization 58,578 39,159 173,184 113,906
Total operating expenses 132,026 102,935 400,801 302,707
Operating income 66,330 52,413 188,145 150,791
OTHER INCOME (EXPENSE)        
Other income 6,230 4,512 11,785 14,269
Interest expense (37,958) (33,542) (115,635) (89,414)
Total other income (expense) (31,728) (29,030) (103,850) (75,145)
Income before (loss) gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 34,602 23,383 84,295 75,646
(Loss) gain on property dispositions (20) 0 1,879 0
Income taxes (859) (629) (2,083) (1,780)
Equity in earnings of unconsolidated joint ventures 1,592 650 7,297 3,973
Income from continuing operations 35,315 23,404 91,388 77,839
Discontinued operations (including net gain on property dispositions of $38 and $29 for the quarters ended September 30, 2014 and 2013, respectively and $46,291 and $49,367 for the nine month periods ended September 30, 2014 and 2013, respectively) 136 6,544 48,276 70,008
Net income 35,451 29,948 139,664 147,847
Noncontrolling interest – operating partnership (944) (843) (3,618) (7,394)
Noncontrolling interest - consolidated joint ventures (84) (406) (474) (406)
Net income available to common shareholders 34,423 28,699 135,572 140,047
Comprehensive income attributable to common shareholders        
Net income 35,451 29,948 139,664 147,847
Other comprehensive (loss) income - foreign currency translation (13,000) 4,927 (5,189) 115
Other comprehensive income (loss) - change in net unrealized gain on derivative instruments 666 0 (990) 0
Other comprehensive (loss) income (12,334) 4,927 (6,179) 115
Total comprehensive income 23,117 34,875 133,485 147,962
Less: comprehensive income attributable to noncontrolling interest (739) (1,370) (3,948) (7,777)
Comprehensive income attributable to common shareholders 22,378 33,505 129,537 140,185
Weighted average number of common shares outstanding        
Basic 147,422 135,628 146,987 124,889
Diluted 148,088 136,328 147,661 125,655
Amounts attributable to common shareholders        
Income from continuing operations 34,290 22,316 88,430 72,048
Discontinued operations 133 6,383 47,142 67,999
Net income available to common shareholders 34,423 28,699 135,572 140,047
Liberty Property Limited Partnership [Member]
       
OPERATING REVENUE        
Rental 143,294 110,260 421,620 321,932
Operating expense reimbursement 55,062 45,088 167,326 131,566
Total operating revenue 198,356 155,348 588,946 453,498
OPERATING EXPENSE        
Rental property 33,105 27,634 103,728 79,547
Real estate taxes 25,595 18,925 75,812 55,788
General and administrative 14,748 17,217 48,077 53,466
Depreciation and amortization 58,578 39,159 173,184 113,906
Total operating expenses 132,026 102,935 400,801 302,707
Operating income 66,330 52,413 188,145 150,791
OTHER INCOME (EXPENSE)        
Other income 6,230 4,512 11,785 14,269
Interest expense (37,958) (33,542) (115,635) (89,414)
Total other income (expense) (31,728) (29,030) (103,850) (75,145)
Income before (loss) gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures 34,602 23,383 84,295 75,646
(Loss) gain on property dispositions (20) 0 1,879 0
Income taxes (859) (629) (2,083) (1,780)
Equity in earnings of unconsolidated joint ventures 1,592 650 7,297 3,973
Income from continuing operations 35,315 23,404 91,388 77,839
Discontinued operations (including net gain on property dispositions of $38 and $29 for the quarters ended September 30, 2014 and 2013, respectively and $46,291 and $49,367 for the nine month periods ended September 30, 2014 and 2013, respectively) 136 6,544 48,276 70,008
Net income 35,451 29,948 139,664 147,847
Noncontrolling interest - consolidated joint ventures (84) (406) (474) (406)
Preferred unit distributions (118) (118) (354) (2,001)
Excess of preferred unit redemption over carrying amount     0 (1,236)
Net income available to common shareholders 35,249 29,424 138,836 144,204
Comprehensive income attributable to common shareholders        
Net income 35,451 29,948 139,664 147,847
Other comprehensive (loss) income - foreign currency translation (13,000) 4,927 (5,189) 115
Other comprehensive income (loss) - change in net unrealized gain on derivative instruments 666 0 (990) 0
Other comprehensive (loss) income (12,334) 4,927 (6,179) 115
Total comprehensive income 23,117 34,875 133,485 147,962
Weighted average number of common shares outstanding        
Basic 150,976 139,320 150,541 128,595
Diluted 151,642 140,020 151,215 129,361
Net income allocated to general partners 34,423 28,699 135,572 140,047
Net income allocated to limited partners 944 843 3,618 7,394
Amounts attributable to common shareholders        
Income from continuing operations 35,231 22,998 90,914 77,433
Net income available to common shareholders $ 35,249 $ 29,424 $ 138,836 $ 144,204
Common shares [Member]
       
Basic:        
Income from continuing operations $ 0.23 $ 0.16 $ 0.60 $ 0.58
Income from discontinued operations $ 0.00 $ 0.05 $ 0.32 $ 0.54
Income per common share - basic $ 0.23 $ 0.21 $ 0.92 $ 1.12
Diluted:        
Income from continuing operations $ 0.23 $ 0.16 $ 0.60 $ 0.57
Income from discontinued operations $ 0.00 $ 0.05 $ 0.32 $ 0.54
Income per common share - diluted $ 0.23 $ 0.21 $ 0.92 $ 1.11
Distributions per common share or unit $ 0.475 $ 0.475 $ 1.425 $ 1.425
Common Units [Member] | Liberty Property Limited Partnership [Member]
       
Basic:        
Income from continuing operations $ 0.23 $ 0.16 $ 0.60 $ 0.58
Income from discontinued operations $ 0.00 $ 0.05 $ 0.32 $ 0.54
Income per common share - basic $ 0.23 $ 0.21 $ 0.92 $ 1.12
Diluted:        
Income from continuing operations $ 0.23 $ 0.16 $ 0.60 $ 0.57
Income from discontinued operations $ 0.00 $ 0.05 $ 0.32 $ 0.54
Income per common share - diluted $ 0.23 $ 0.21 $ 0.92 $ 1.11
Distributions per common share or unit $ 0.475 $ 0.475 $ 1.425 $ 1.425