|
Consolidated Statements of Comprehensive Income (USD $)
Share data in Thousands, except Per Share data, unless otherwise specified
|
3 Months Ended |
|
Mar. 31, 2015
|
Mar. 31, 2014
|
| OPERATING REVENUE |
|
|
| Rental |
$ 148,585,000 |
$ 138,949,000 |
| Operating expense reimbursement |
58,316,000 |
58,681,000 |
| Total operating revenue |
206,901,000 |
197,630,000 |
| OPERATING EXPENSE |
|
|
| Rental property |
35,571,000 |
38,641,000 |
| Real estate taxes |
26,164,000 |
24,501,000 |
| General and administrative |
18,802,000 |
18,356,000 |
| Depreciation and amortization |
58,796,000 |
56,734,000 |
| Impairment - real estate assets |
15,739,000 |
0 |
| Total operating expenses |
155,072,000 |
138,232,000 |
| Operating income |
51,829,000 |
59,398,000 |
| OTHER INCOME (EXPENSE) |
|
|
| Other income |
6,371,000 |
2,439,000 |
| Interest expense |
(34,670,000) |
(39,207,000) |
| Total other income (expense) |
(28,299,000) |
(36,768,000) |
| Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures |
23,530,000 |
22,630,000 |
| Gain on property dispositions |
2,271,000 |
0 |
| Income taxes |
(845,000) |
(531,000) |
| Equity in earnings of unconsolidated joint ventures |
6,906,000 |
4,159,000 |
| Income from continuing operations |
31,862,000 |
26,258,000 |
| Discontinued operations (including net gain on property dispositions of $46,115 for the three months ended March 31, 2014) |
0 |
47,848,000 |
| Net income |
31,862,000 |
74,106,000 |
| Noncontrolling interest – operating partnership |
(853,000) |
(1,853,000) |
| Noncontrolling interest - consolidated joint ventures |
(58,000) |
(353,000) |
| Net income available to common shareholders |
30,951,000 |
71,900,000 |
| Comprehensive income attributable to common shareholders |
|
|
| Net income |
31,862,000 |
74,106,000 |
| Other comprehensive (loss) income - foreign currency translation |
(10,410,000) |
1,346,000 |
| Other comprehensive loss - derivative instruments |
(947,000) |
(511,000) |
| Other comprehensive (loss) income |
(11,357,000) |
835,000 |
| Total comprehensive income |
20,505,000 |
74,941,000 |
| Less: comprehensive income attributable to noncontrolling interest |
(648,000) |
(2,226,000) |
| Comprehensive income attributable to common shareholders |
19,857,000 |
72,715,000 |
| Weighted average number of common shares outstanding |
|
|
| Basic |
148,315 |
146,425 |
| Diluted |
149,031 |
147,095 |
| Amounts attributable to common shareholders |
|
|
| Income from continuing operations |
30,951,000 |
25,179,000 |
| Discontinued operations |
0 |
46,721,000 |
| Net income available to common shareholders |
30,951,000 |
71,900,000 |
| Liberty Property Limited Partnership [Member] |
|
|
| OPERATING REVENUE |
|
|
| Rental |
148,585,000 |
138,949,000 |
| Operating expense reimbursement |
58,316,000 |
58,681,000 |
| Total operating revenue |
206,901,000 |
197,630,000 |
| OPERATING EXPENSE |
|
|
| Rental property |
35,571,000 |
38,641,000 |
| Real estate taxes |
26,164,000 |
24,501,000 |
| General and administrative |
18,802,000 |
18,356,000 |
| Depreciation and amortization |
58,796,000 |
56,734,000 |
| Impairment - real estate assets |
15,739,000 |
0 |
| Total operating expenses |
155,072,000 |
138,232,000 |
| Operating income |
51,829,000 |
59,398,000 |
| OTHER INCOME (EXPENSE) |
|
|
| Other income |
6,371,000 |
2,439,000 |
| Interest expense |
(34,670,000) |
(39,207,000) |
| Total other income (expense) |
(28,299,000) |
(36,768,000) |
| Income before gain on property dispositions, income taxes and equity in earnings of unconsolidated joint ventures |
23,530,000 |
22,630,000 |
| Gain on property dispositions |
2,271,000 |
0 |
| Income taxes |
(845,000) |
(531,000) |
| Equity in earnings of unconsolidated joint ventures |
6,906,000 |
4,159,000 |
| Income from continuing operations |
31,862,000 |
26,258,000 |
| Discontinued operations (including net gain on property dispositions of $46,115 for the three months ended March 31, 2014) |
0 |
47,848,000 |
| Net income |
31,862,000 |
74,106,000 |
| Noncontrolling interest - consolidated joint ventures |
(58,000) |
(353,000) |
| Preferred unit distributions |
(118,000) |
(118,000) |
| Net income available to common shareholders |
31,686,000 |
73,635,000 |
| Comprehensive income attributable to common shareholders |
|
|
| Net income |
31,862,000 |
74,106,000 |
| Other comprehensive (loss) income - foreign currency translation |
(10,410,000) |
1,346,000 |
| Other comprehensive loss - derivative instruments |
(947,000) |
(511,000) |
| Other comprehensive (loss) income |
(11,357,000) |
835,000 |
| Total comprehensive income |
20,505,000 |
74,941,000 |
| Weighted average number of common shares outstanding |
|
|
| Basic |
151,856 |
149,981 |
| Diluted |
152,572 |
150,651 |
| Net income allocated to general partners |
30,951,000 |
71,900,000 |
| Net income allocated to limited partners |
853,000 |
1,853,000 |
| Amounts attributable to common shareholders |
|
|
| Income from continuing operations |
31,804,000 |
25,905,000 |
| Net income available to common shareholders |
$ 31,686,000 |
$ 73,635,000 |
| Common shares [Member] |
|
|
| Basic: |
|
|
| Income from continuing operations |
$ 0.21 |
$ 0.17 |
| Income from discontinued operations |
$ 0.00 |
$ 0.32 |
| Income per common share - basic |
$ 0.21 |
$ 0.49 |
| Diluted: |
|
|
| Income from continuing operations |
$ 0.21 |
$ 0.17 |
| Income from discontinued operations |
$ 0.00 |
$ 0.32 |
| Income per common share - diluted |
$ 0.21 |
$ 0.49 |
| Distributions per common share or unit |
$ 0.475 |
$ 0.475 |
| Common Units [Member] | Liberty Property Limited Partnership [Member] |
|
|
| Basic: |
|
|
| Income from continuing operations |
$ 0.21 |
$ 0.17 |
| Income from discontinued operations |
$ 0.00 |
$ 0.32 |
| Income per common share - basic |
$ 0.21 |
$ 0.49 |
| Diluted: |
|
|
| Income from continuing operations |
$ 0.21 |
$ 0.17 |
| Income from discontinued operations |
$ 0.00 |
$ 0.32 |
| Income per common share - diluted |
$ 0.21 |
$ 0.49 |
| Distributions per common share or unit |
$ 0.475 |
$ 0.475 |